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.

International Sipp provider STM Group hopes relocating will allow it to be more “UK centric”, the firm’s interim results have revealed.

International financial services group STM is planning to expand its senior staff as the firm seeks to grow through acquisition.

A skilled persons review has called for a raft of compliance and governance improvements at cross border financial services group STM which saw its chief executive arrested in Gibraltar last year.