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.
"We believe that our Options SIPP business is well insulated with extensive insurance protection. Carey will now need to sit with its advisers to consider what next steps to take whilst clearly abiding by the terms of the Order," adds Kentish.
Current stock price: 27.8 pence
Year-to-date change: 8.0% lower
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Stm Grp. (STM)