Multi-jurisdictional financial services group, STM Group has announced that the third party regulatory review into the working practices of certain aspects of the company’s various Gibraltar businesses, is now expected “to be finalised in the coming days”.
STM Group plc – a multi-national company listed on the London Stock Exchange with offices in the UK, Malta, Jersey, Spain and Gibraltar – had expected that the report would have been finalised by 31 March.
In a statement on its website earlier today (1 June) STM said it was still working with Deloitte, which is carrying out the review, and the Gibraltar Financial Services Commission in order to finalise the ‘skilled person report’ which is similar to a Section 166 report under UK legislation).
The STM statement said that it advises that “further to the update provided on 4 May 2018, the respective Gibraltar regulated entities are still working collaboratively with Deloitte and the Gibraltar Financial Services Commission in order to finalise the third-party review (a Skilled Person Review) being carried out under Section 7 of the Financial Services (Information Gathering and Co-operation) Act 2013, on certain aspects of the various Gibraltar businesses (the “Report”).
“Deloitte are expected to finalise their report in the coming days, on receipt of the respective management responses from the various Gibraltar businesses.
The statement concluded that a fuller update will be provided “as soon as the finished report is delivered to the respective parties”.
The review concerns STM’s Gibraltar-based entity, relating to certain aspects of its business, including internal compliance, corporate governance and conflicts of interest. It also cover areas of the pensions and life assurance business, specifically in relation to take-on and monitoring procedures for intermediaries, as well as investments advised by intermediaries.
As reported, Alan Kentish, pictured left, chief executive of STM Group, was arrested in Gibraltar in October 2017 over disclosure allegations over a tax dispute involving a client, although he was later released without charge.