29 January 2016
STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, announces that pursuant to Rule 17 of the AIM Rules for Companies, it has been informed by Alan Kentish, a Director of the Company, that he has been subject to an administrative measur-e by the Malta Financial Services Authority ("MFSA") in relation to his role as a Non-Executive Director of a Gibraltar based insurance company (the "Insurance Company"). The Insurance Company was a client of STM's insurance management division, but was not related to the STM Group in any other way. The administrative measure relates to the late notification to the MFSA of an investigation by the Gibraltar Financial Services Commission (the "GFSC") of certain matters relating to the Insurance Company (the "Investigation").
The Investigation by the GFSC related to the statistical methodology used by the Board of the Insurance Company to set the insurance technical reserves of the Insurance Company during the period from 2007 to 2009. The GFSC formed the view that there were some failings by the directors of the Insurance Company, but concluded that Alan Kentish remained a fit and proper person. The Investigation closed in May 2014. Alan Kentish advised the MFSA of the outcome of the Investigation in June 2014.
Owing to the deemed late notification of the Investigation, Alan Kentish has been directed by the MFSA not to hold any directorship, senior managerial and, or executive roles within the two STM group subsidiary companies regulated by the MFSA for a period of one year. Mr Kentish had resigned from these two STM group companies in July 2015, prior to the direction from the MFSA, as part of his role within STM to focus on product and business development for the Group.
Alan Kentish has initiated appeal procedures in Malta against the MFSA, arguing that there was no requirement to disclose the Investigation given its outcome and that in any event disclosure of the Investigation had been submitted within a reasonable time, as required by the legislation
Commenting on the reprimand, Colin Porter, CEO of STM, said:
"The MFSA is following its normal procedure in monitoring regulated entities under its jurisdiction and in making its administrative measures and penalties public. The Investigation was not related to any STM Group company and the Board notes that there was no finding by the GFSC that Alan Kentish was not a fit and proper person."
For further information, please contact:
|STM Group PLC||www.stmgroupplc.com|
|Colin Porter, Chief Executive Officer||Tel: + 350 200 42686|
|Alan Kentish, Product & Business Development Director||Tel: + 350 200 42686|
|Therese Neish, Chief Financial Officer||Tel: + 350 200 42686|
|finnCap||Tel: +44 (0) 20 7220 0500|
|Matt Goode / Christopher Raggett / Emily Watts
|Mia Gardner - Corporate Broking|
|Walbrook PR||Tel: +44 (0) 20 7933 8780|
|Tom Cooper / Paul Vann||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 www.stmgroupplc.com