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
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 www.stmgroupplc.com