A third party regulatory review into practices in parts of listed financial services firm STM Group is expected to be finalised in the coming days after being delayed by several months.
In a note to investors today (1 June) STM said it was still working with Deloitte, which is carrying out the review, and the Gibraltar Financial Services Commission in order to finalise it in due course.
The skilled person report, which is the equivalent to a Section 166 report under UK legislation, was initially expected to be finalised by 31 March.
STM is a multi-national company listed on the London Stock Exchange with offices in the UK, Malta, Jersey, Spain and Gibraltar.
The review in question concerns its Gibraltar-based entity, which came under fire for certain aspects of its business, including internal compliance, corporate governance and conflicts of interest.
The review also covers specific areas of the pensions and life assurance business, specifically in relation to take-on and monitoring procedures for intermediaries, as well as investments advised by intermediaries.
STM had initially fought off attempts by the Gibraltar regulator to investigate the business but conceded in january.
The group is home to UK-based Sipp and Ssas provider London & Colonial, which it acquired in 2016.
Alan Kentish, chief executive of STM Group, had been arrested in Gibraltar in October 2017 over allegations of a failure to disclose information over a tax dispute involving a client.
But he was later released without charge and an application for judicial review against the Royal Gibraltar Police was filed to the Supreme Court.
carmen.reichman@ft.com
