STM Group, the international SIPP and financial services provider, has seen a £400,000 hit to revenue this year as SIPP business slowed, the firm reported in a trading update today.

STM Group, the cross-border financial services provider and creator of the International SIPP, has completed its takeover of troubled SIPP provider Carey Pensions.

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.