View more on these topics

Carey Pensions sale gets FCA approval

Aim listed pensions provider STM Group says it has completed the acquisition of embattled Sipp provider Carey Pensions following FCA approval.

In October 2018 STM said it would pay up to £400,000 to acquire Carey Administration Holdings, which owns 70 per cent of Carey Pensions and 80 per cent of Carey Corporate Pensions, subject to regulatory approval.

An update from STM this morning says the watchdog has granted permission for the acquisition to be completed.

The minority shareholdings of both Carey Pensions UK and Carey Corporate Pensions UK are owned by Christine Hallett, who continues as managing director of the Carey Pensions businesses.

STM Group chief executive Alan Kentish says: “We are delighted that Christine and her teams are joining the STM Group. The two UK focused pensions businesses give us some really exciting options for our growth strategy.

“I have no doubt that the support and stability of STM will allow the Carey Pensions businesses to flourish; they have solid product offerings and a loyal and professional intermediary base.”

Although the deal has been completed Carey Pensions is currently waiting for a crucial court ruling over allegations it missold a Sipp to a client.

During a High Court hearing in March last year Carey Pensions claimed it did not break conduct of business rules when it set up a Sipp for a client.

In the case, lorry driver Russell Adams alleges Carey Pensions missold him a Sipp in February 2012, when he was paid an inducement of £4,000 into his savings account to encourage him to put money into rental scheme Store First.

The case is seen as a pivotal ruling on whether Sipp providers should take responsibility for unsuitable investments.

STM says it has secured indemnities and significant existing professional indemnity insurance cover from Carey, and believes its exposure to the court ruling and any other historic industry issues to be minimal.

Carey Pensions managing director Christine Hallett says: “We are delighted that the acquisition has now finally been completed. STM’s vision for the UK market, both in terms of Sipps and workplace solutions, as well as their support and resources, makes STM the perfect partner for us to be able to further grow successful and profitable businesses.”


Carey Pensions up for sale as losses grow

Carey Pensions has put itself up for sale as it reports losses for the second year in a row. According to its annual accounts published last week losses have risen due to a number of legal cases relating to some historic business that is now being wound down. In 2016 the embattled Sipp provider recorded […]


What future for pension tax relief?

A maze of complex caps and exemptions has fuelled calls for change, but could reform prove too costly? The combined weight of varying forms of tax relief on pension savings is an undeniable burden on the government. In fact, figures indicate that ministers gave up just under £40bn in pension tax reliefs in 2016 and […]

Argentina & the IMF

Thomas Smith, Co-Head of Emerging Market Equities, Neptune An interview with Reza Moghadam, who spent more than twenty years at the IMF, where he shares his views on Argentina’s negotiations with the IMF… Investment risksThe value of an investment and any income from it can fall as well as rise as a result of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm