International SIPP provider STM Group has predicted it will boost profits this year despite a number of setbacks.

The SIPP sector is facing up to a growing threat from ‘ambulance chasers’ – litigation claims firms trying to encourage clients to make complaints.

Police have ended their investigation into STM chief executive Alan Kentish, who was arrested in Gibraltar in October 2017, with no further action.

STM, owner of UK SIPP provider London & Colonial, is to acquire the majority of rival SIPP firm Carey Pensions for £400,000 as Carey prepares to tackle a major court case.