LONDON (Alliance News) - Financial services company STM Group PLC on Wednesday said the case against its STM Fiducaire arm in Jersey has now come to a close and said the Jersey Financial Services Commission has released a statement on its probe.
STM's Jersey business was cleared by an investigation, by the The Jersey Financial Services Commission, launched earlier this year related to compliance procedures in the division in 2012 at the end of June.
The commission has now released a statement on STM's full cooperation with the investigation and said STM Fiducaire had taken "robust action" to repair its position. It identified a range of shortcomings on corporate governance and compliance during the investigation, primarily related to STM Jersey's handling of internal suspicious activity reports.
STM has taken steps to remedy the situation since 2012, it said, and has taken steps to strengthen management and compliance in the business.
STM shares were up 1.6% to 46.205 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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