Corporate News

Appeal of Adams v Carey case

29 April 2021

STM Group Plc (AIM: STM), the cross-border financial services provider, announces that following the announcement made by the Company on 1 April 2021, its subsidiary company Options UK Personal Pensions LLP (formerly Carey UK Pensions LLP) ("Options") yesterday afternoon sought permission from the Supreme Court to appeal the recent judgment by the Court of Appeal in the long-standing Adams v Carey case. The original case was heard in March 2018 and relates to an investment made in 2012.

Options, and their advisers, consider that the Court of Appeal erred in law in its application of s.27 and s.28 of the Financial Services and Markets Act 2000, including in its consideration of what acts constituted the underlying relevant activities. The Court of Appeal's findings in that respect are of significant general public importance and broader application to the entire financial services industry.  These are issues which warrant consideration from the highest Court.


Alan Kentish, CEO of STM Group Plc, commented:

"It is a natural step for Options, having spoken with its advisers, to request leave to appeal to the Supreme Court. There are clearly some very significant factors here that will not only impact the SIPP market, but also the wider United Kingdom financial services market as a whole. It seems there could be significant unintended consequences flowing from the judgment. 

"There are real risks for firms and third parties who may have inadvertently stepped over an unclear regulatory line. This is a wholly undesirable outcome for providers and firms involved in the financial services sector and will drive up costs for consumers. The whole market needs more guidance on this issue, and we hope that this would be forthcoming as part of any appeal to the Supreme Court."


For further information, please contact:

STM Group Plc


Alan Kentish, Chief Executive Officer

Therese Neish, Chief Financial Officer

Via Walbrook PR




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


[email protected]


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 delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.

Today, STM has operations in UK, Gibraltar, Malta, Jersey and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in SIPPs, Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS). STM has two Gibraltar life assurance companies which provide 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


Options UK 
(part of STM Group Plc)
1st Floor Lakeside House
Shirwell Crescent
Furzton Lake
Milton Keynes


London & Colonial Services Limited
(part of STM Group Plc)
1st floor
21 Perrymount Road
Haywards Heath
West Sussex
RH16 3TP


PO Box 575
Montagu Pavilion
8-10 Queensway
GX11 1AA


San Gwakkin Building
Level 1
Triq is-Salib tal-Imriehel
Zone 4
Central Business District
Birkirkara, CBD4020


Edif. Sotovila
Plaza Mayor
P.N. de Guadiaro


Suite 315
5 Chancery Lane
London,EC4A 1BL


1st Floor,
Viking House,
St Paul’s Square, Ramsey,
Isle of Man,
IM8 1GB.

STM is a multi-jurisdictional financial services group listed on AIM, a market operated by the London Stock Exchange.
The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.

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STM Group companies are regulated where required in their host jurisdictions.

STM in the UK (London & Colonial and Options UK): Financial Conduct Authority - STM in Gibraltar: Gibraltar Financial Services Commission - STM in Malta: Malta Financial Services Authority - STM in Spain: Director General de Seguros, Fondos y Pensiones: STM Nummos, SL figura inscrita en el Registro Mercantil de Cádiz, Tomo 1612, Hoja 6697, Libro 0, Folio 14. CIF B-11301199.

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