Financial services and SIPP group STM, the owner of the London & Colonial and Options SIPP businesses, has sold some of its Gibraltar-based businesses for just over £3m.

International pensions group STM, which bought troubled SIPP firm Carey Pensions last year, is planning further acquisitions in the SIPP and pensions sector as its focuses on the UK.

Carey Pensions, the SIPP firm bought out last year after being hit by a major court case, has been relaunched under a new name, Options.

The Pensions Regulator (TPR) has approved the Carey Workplace Pension Trust as an approved Master Trust for the continuing acceptance of auto-enrolment contributions from the UK market.