PensionsAug 13 2021

Sipp provider makes savings as it bids for growth

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Sipp provider makes savings as it bids for growth
ByAmy Austin

The parent company of Options Pensions, formerly known as Carey Pensions, has shaken up its executive team to make savings as it moves to push up revenues.

According to a trading update, STM Group is reducing the number of executives it has from three to two, with the current role of chief operating officer being made redundant during the second half of 2021. 

Pete Marr, the existing COO, has agreed to step down in the fourth quarter of 2021.

The savings made from the shake-up will be invested in business development, including the new role of group director of business development strategy. 

This will be a non-board role to ensure that strategy for new business and product initiatives are implemented across the business.

The company has also hired Nicole Coll to join in October as chief financial officer.

She was previously chief of finance and operations at Bank and Clients.

STM Group stated: “Over the last couple of years, we have invested in, and significantly improved the structure, control and governance of the group, and this coupled with the sale of the corporate and trustee services businesses has allowed us to review and challenge our existing operating model.”

In its latest full results, published back in May, STM set aside £3.6m to deal with possible future claims following the recent outcome of the long-running Adams v Carey case.

The company came to this figure by considering a cohort of claims which may be deemed to have similar characteristics to Adams' claim. 

It said it was difficult to assess exactly how much the company could have to pay out on claims based on the Adams v Carey case because the Court of Appeal has not yet determined the appropriate redress payable to Adams.

In the Court of Appeal’s decision earlier this year (April 1) judges overturned a previous High Court ruling and sided with Adams, who had lost money after investing in high risk unregulated investment Store First via his Sipp.

But STM Group has since sought permission from the Supreme Court to appeal this decision.

Elsewhere, the group reported revenues of £24m with profit before other items of £3.6m.

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