Stm Grp. Share News (STM)

STM Group's Jersey division has been cleared following an investigation into its compliance procedures in 2012.The financial services company's Fiducaire branch was investigated in April regarding the failing of its compliance procedures and the risk to clients.It was concluded that STM Group had acted swiftly to correct the issues identified and that clients' interests were therefore protected.The Attorney General for the states of Jersey had expressed intentions to prosecute a former STM Fiducaire employee and warned that STM Group would be jointly charged as a defendant due to its position as employer at the time of the offence.However, the wealth manager has since been acquitted of all charges and found not guilty, meaning no professional or financial sanctions will be pursued."STM Jersey has always fully cooperated with the Attorney General and was confident of its conduct, so this is a pleasing outcome," said chief executive Colin Porter.As of 1200 BST, STM Group was trading 3.5% higher at 45p.