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The cautionary tale of Carey Pensions As Carey seeks another court appeal, the never-ending Sipp drama is becoming more painful than Brexit. When will it stop? By Michael Klimes 15 Image credit: Shutterstock There is no immediate resemblance between Brexit and an obscure court case involving a Sipp provider. One is a national psychodrama that will define the direction of the country for generations. The other is a niche legal dispute that attracts the interest of oddball pension journalists: the Carey Pensions court case. But take a closer look and unusual parallels start to em...

ROPS add over £10m of revenue, £3.6m Carey compensation estimate, STM reports STM Group today reported modest growth "on the back of an unprecedent year in terms of the global pandemic" with revenues of £24m (2019: £23.3m) in the year to 31 December 2020 and profit before other items of £3.6m (2019: £3.5m). It highlighted how its pension administration businesses continued to be "the life-blood of our group, and the corner stone to our profitability", while it also gave an estimate on potential claims following the appeal decision in the high profile Carey v Adams case.  Related articl...

  * Profit before other items is defined as revenue less operating expenses i.e. profit before taxation, finance income and costs, depreciation, amortisation, bargain purchase gain and gain on the call options ** Underlying statistics are net of certain transactions which do not form part of the regular operations of the business as further detailed in Table 2 below   · Stability of recurring revenue apparent through the Covid-19 virus · Focussed on keeping colleagues safe through working from home and following Governments' guidelines and maintainin...

Original Sipp ruling a ‘test case gone badly wrong’, QC says By Michael Klimes 2 nd March 2021 1:41 pm The original judgment in a landmark Sipp ruling has been described as a “test case gone badly wrong”. The remark was made by QC Gerard McMeel in a Court of Appeal hearing which started today. The hearing concerns the exact duties Sipp providers have to vet unregulated investments arising from introducers. Back in September the Court of Appeal granted Russell Adams permission to challenge a landmark Sipp ruling against Options UK Personal Pensions LLP. Opti...