STM Jersey Acquittal & JFSC Public Statement

STM Jersey Acquittal & JFSC Public Statement

08 July 2015

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 Fiduciaire'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:

Colin Porter, Chief Executive Officer Tel: + 350 200 42686
Therese Neish, Chief Financial Officer Tel: +350 200 42686
Matt Goode / Christopher Raggett / Emily Watts - Corporate Finance Tel: +44 (0) 20 7220 0500
Mia Gardner - Corporate Broking  
Walbrook PR
Tom Cooper / Paul Vann Tel: +44 (0) 117 985 8989
  Mob: +44 (0) 797 122 1972


Notes to editors:

STM is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and in the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.

Today, STM has trading operations in Gibraltar, Malta, Jersey, and Spain. It has also recently opened satellite offices in South East Asia, the Middle East, and South Africa. The Group continues to expand through the development of additional products and services that its ever-more sophisticated clients demand.

STM has, for example, a dedicated international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non-UK Pension Schemes (QNUPS); it also has a Gibraltar Life Insurance Company, STM Life Assurance PCC PLC, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.

Further information on STM Group can be found at


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