The Supreme Court has denied STM Group permission to appeal in the landmark Adams vs Carey case, effectively ending the long-running saga which questioned provider responsibility when accepting investments into a SIPP.

STM Group, the international financial services provider which owns SIPP firm Carey Pensions, has reported a drop in revenue and profit for the first six months of the year.

STM Group, the international financial services provider which owns Carey Pensions (now known as Options), is to make its chief operating officer Peter Marr redundant in the second half of the year as it downsizes its executive team.

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.