Sipp provider suspended from trading

Sipp provider suspended from trading

Self-invested personal pension (Sipp) provider STM Group has been suspended from trading on the London Stock Exchange’s Aim market.

The financial services company - which owns pension provider London & Colonial - said in a market notice today (13 November) that the suspension is pending a further announcement by the company.

On 30 October, the provider announced that its chief executive, Alan Kentish, had been arrested in Gibraltar over allegations of failure to disclose information over a tax dispute involving a client.

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The client has been involved in a dispute involving two countries, to do with transactions between 2008 and 2013, over their respective rights to the taxes correctly paid by him.

While the police have yet to conclude on the investigation, the advice received by Mr Kentish and by STM is that the allegations have no merit, the company said at the time.

Last October, STM completed the acquisition of London & Colonial, which had a Sipp business with approximately 2,000 members and a turnover of approximately £1m.

STM has administrative offices in the UK, Malta, Jersey, Spain and Gibraltar, with its head office based in Gibraltar.

However, it is currently reviewing the location of its head office, given its operational requirements.