But firm says acquisition pipeline is ‘active’ and will be ‘pillar for future growth’
Cross-border financial services provider STM Group has set aside £3.6m ($5m, €4.1m) for potential claims following the outcome of the Adams v Carey Pensions case.
In its annual report for the year ending 31 December 2020, the firm said there could be a group of claims featuring similar characteristics to the one Adams brought before the UK courts.
STM estimates that the value of these claims will be around £3.6m, which will be fully covered by its professional indemnity insurance (PII).
PI insurance
STM said in the annual report: “The group recognises that the UK Sipp industry is becoming more litigious over non-performing assets. Whilst the group does not provide financial or investment advice to its customers, and therefore believes it is not responsible for the performance of the investments, the group occasionally receives complaints in respect to these matters as well as othe