The number of providers in the SIPP sector has fallen to its lowest level in nearly a decade due to a wave of mergers and takeovers, according to new data.

STM Group, the international financial services provider which owns Carey Pensions, has reported a 48% drop in profit before taxation for the year ended 31 December.

Options UK Personal Pensions (formerly Carey UK Pensions) has sought permission from the Supreme Court to appeal the recent judgment by the Court of Appeal in the long-running and pivotal Adams v Carey SIPP case.

STM Group, the international financial services provider which owns Carey Pensions, has delayed its 2020 results following discussions with its auditors after the recent shock Adams v Carey court judgment.