Last checked at 8 Jul 2015 10:15
8 July 2015
STM Group Plc
("STM" or "the Group")
STM Jersey Acquittal & JFSC Public Statement
STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, provides the following update with respect to STM Fiduciaire, the Group's Jersey division.
As announced on the 29 June, STM Jersey and its former employee were found not guilty and acquitted of all criminal charges brought by the Attorney General in Jersey relating to a criminal investigation into its obligations to file one specific suspicious activity report. The investigation related to matters pertaining in 2011. The acquittal brings the criminal prosecution to a conclusion.
In 2012 a separate regulatory investigation was conducted by the Jersey Financial Services Commission into STM Jersey's systems and controls.
The Jersey Financial Services Commission ("JFSC"), has now released a statement, which was agreed between STM Fiduciaire Ltd and the JFSC in 2012 and was agreed between the parties would be issued upon a determination that no court case would be brought or the conclusion of any court case brought by the Attorney General against a former employee. STM understands the statement agreed between STM Fiduciaire Ltd and the JFSC relates to the conclusion of the regulatory investigation in 2012.
The JFSC's public statement recognises STM Ficuciaire's full cooperation in the investigation and highlights the 'robust action' taken by STM Fiduciaire to remediate its position. A number of shortcomings were identified during the investigation in relation to corporate governance and compliance, principally in relation to STM Jersey's handling of internal suspicious activity reports. The JFSC's public statement sets out the shortcomings together with the jointly agreed remediation programme.
STM took a number of positive steps at the time of the investigation in 2012 and subsequently to strengthen management and compliance within the business. STM also put in place a jointly agreed remediation programme, which has now been successfully completed, to rectify the issues identified in the investigation at that time. STM Fiduciaire and the JFSC as the Regulator have an open and constructive ongoing relationship.
For further information, please contact:
STM Group Plc | www.stmgroupplc.com |
Colin Porter, Chief Executive Officer colin.porter@stmgroupplc.com | Tel: +350 200 42686
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Therese Neish, Chief Financial Officer therese.neish@stmgroupplc.com | Tel: +350 200 42686
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finnCap | www.finncap.com |
Matt Goode / Christopher Raggett / Emily Watts Corporate Finance Mia Gardner - Corporate Broking | Tel: +44 (0) 20 7220 0500 |
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Walbrook PR | www.walbrookpr.com |
Tom Cooper / Paul Vann | Tel: +44 (0) 20 7933 8780 |
| Mob: +44 (0) 797 122 1972 |
| tom.cooper@walbrookpr.com |
Notes to editors:
STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.
Today, STM has operations in Gibraltar, Spain, Jersey, Malta and Cyprus. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS) and Employer Funded Retirement Benefit Schemes (EFRBS).
Further information on STM Group can be found at www.stmgroupplc.com