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.

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

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