STM Group - arrests, inspectors, you couldn’t make it up - but what of STM Life?
We commented previously how offshore financial services businesses rarely make happy stock market investments and STM Group appears to be supporting that assessment perfectly. But it’s the STM Life business that looks really questionable to us!
STM Group Plc (AIM: STM) is a multi-jurisdictional financial services group with operations in the UK, Gibraltar, Malta, Jersey and Spain. It has developed a specialist 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 plc, which provides life insurance bonds which are ‘wrappers’ (not sweet!) in which a variety of investments, including investment funds, can be held. The Group entered the UK SIPP market in 2016 in response to the changing legislation that was impacting other parts of its…