Financial services and SIPP group STM, the owner of the London & Colonial and Options SIPP businesses, has sold some of its Gibraltar-based businesses for just over £3m.

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

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

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.