STM Group said today (12 August) it has restructured its board while also reporting trading in line with its expectations in the six months to 30 June 2021. The.
ROPS add over £10m of revenue, £3.6m Carey compensation estimate, STM reports
STM Group today reported modest growth on the back of an unprecedent year in terms of the global pandemic with revenues of £24m (2019: £23.3m) in the year to 31 December 2020 and profit before other items of £3.6m (2019: £3.5m).
It highlighted how its pension administration businesses continued to be the life-blood of our group, and the corner stone to our profitability , while it also gave an estimate on potential claims following the appeal decision in the high profile Carey v Adams case.
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Administration of its ROPS products, carried out in Malta and Gibraltar and split 75% and 25% respectively, continued to be its largest revenue generator accounting for £10.1m (2019: £10.1m).
STM sells Jersey trust and services arm to Guernsey firm
STM Group, the cross-border financial services provider, has sold its Jersey based trust and company services businesses to privately-owned Guernsey-headquartered Imperium Group for a cash consideration of £1.40m.
The sale completes its strategy to focus on its core activities of pension administration and life assurance, STM announced today (10 May).
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The sale proceeds will further contribute towards funding organic growth opportunities and build on cash resources for further M&A activity, it said, while for Imperium it would be a clear statement of its intentions to have a solid business platform in Jersey as well .
IN BRIEF: STM unit eyes Supreme Court permission to appeal verdict
Thu, 29th Apr 2021 20:27
STM Group PLC - Isle of Man-registered cross-border financial services provider - Says subsidiary company Options UK Personal Pensions LLP - formerly Carey UK Pensions LLP - on Wednesday afternoon sought permission from the Supreme Court to appeal the recent judgment by the Court of Appeal in the long-standing Adams v Carey case. The original case was heard in March 2018 and relates to an investment made in 2012.
Chief Executive Officer Alan Kentish commented: It is a natural step for Options, having spoken with its advisers, to request leave to appeal to the Supreme Court. There are clearly some very significant factors here that will not only impact the SIPP market, but also the wider United Kingdom financial services market as a whole. It seems there could be significant unintended consequences flowing from the judgment.
IN BRIEF: STM Group disappointed by Carey Pensions losing appeal
Thu, 1st Apr 2021 22:03
STM Group - Isle of Man-registered cross-border financial services provider - Notes Court of Appeal has voted in favour of Russell Adams and against self-invested personal pension operator Options Personal Pensions, formerly known as Carey Pensions, in long-running legal dispute. STM acquired Carey Pensions in 2019. Clearly the overall Judgment is disappointing from our point of view, but it has helped to provide clarity in relation to our undertakings and obligations to COBS and, in particular, that the scope of COBS must be considered through the lens of the individual contractual arrangements with customers. This remains welcome guidance for both STM as well as the SIPP and more general Financial Services industry as a whole, says Chief Executive Officer Alan Kentish.