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.
"There are real risks for firms and third parties who may have inadvertently stepped over an unclear regulatory line. This is a wholly undesirable outcome for providers and firms involved in the financial services sector and will drive up costs for consumers. The whole market needs more guidance on this issue, and we hope that this would be forthcoming as part of any appeal to the Supreme Court."
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Stm Grp. (STM)