Adams V Carey Update
21 September 2020
STM Group Plc (AIM:STM), the cross-border financial services provider, announces that as expected, the Court of Appeal has granted Mr Adams permission to appeal the Adams v Carey judgement. The Court previously had found wholly in favour of Carey Pensions LLP ("Carey") (now "Options UK Personal Pensions" or "Options") on all submitted claims. The Court is expected to consider the case in early 2021.
Alan Kentish, CEO of STM Group Plc commented:
"From Options' point of view, the decision to grant permission for the appeal is disappointing. Clearly, the Appeal will be something that is of interest to the whole of the UK financial services market that transacts 'execution only' business, not just the pension industry. The original judgement was detailed and well considered, so we continue to believe that it was the correct decision and will be upheld following the appeal."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information, please contact:
|STM Group Plc|
|Alan Kentish, Chief Executive Officer
Therese Neish, Chief Financial Officer
Tel: Via Walbrook
|Matt Goode / Emily Watts- Corporate Finance
Tim Redfern / Richard Chambers - ECM
|Tel: +44 (0) 20 7220 0500|
|Tom Cooper / Paul Vann||Tel: +44 (0) 20 7933 8780|
|Mob: +44 (0) 797 122 1972|
Notes to editors:
STM is a multi-jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.
Today, the Group has operations in the UK, Gibraltar, Malta, Jersey and Spain. STM has developed a range of pension products for UK nationals and internationally domiciled clients and has two Gibraltar Life Assurance Companies which provide life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
STM's growth strategy is focussed on both organic initiatives and strategic acquisitions.
Further information on STM Group can be found at www.stmgroupplc.com