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STM moves from Gibraltar to UK after ‘unexpected challenges’

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STM moves from Gibraltar to UK after ‘unexpected challenges’

International pension provider STM is relocating its head office from Gibraltar to the UK as the firm’s chief executive has reflected on recent ‘unexpected challenges’.

In a market update, STM, which has a UK and international Sipp, said it expects to record a pre-tax profit of £3.8 million for the year ending 31 December 2017.

The AIM-listed firm also said following a review it has decided to relocate its head office out of Gibraltar to the UK this month.

The group’s chief executive Alan Kentish said this move follows recent challenges for the business.

‘With the UK budget instantly curtailing most of our new ROPS (Recognised Overseas Pension Scheme) business in March and the exceptional circumstances of the fourth quarter, 2017 has certainly brought its unexpected challenges.'

In October STM’s chief executive Kentish was arrested by police in Gibraltar over allegations he failed to disclose information about a client involved in a tax dispute with two countries. Kentish was later released without charge.

Separate to that investigation STM agreed with the Gibraltar financial regulator to appoint Deloitte to carry out a skilled person review of the firm’s pensions and life assurance business earlier this month. This agreement followed the Gibraltar regulator calling for its own inspectors to investigate compliance and governance concerns at the firm at the end of 2017.

STM also owns UK-based Sipp provider London & Colonial. The skilled person review will focus on the Gibraltar-based business rather than the London operations. 

 

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