Pensions administrations business is behind a growth in recurring revenues at the STM Group and a slight increase in underlying revenue for the first half of 2020, however profits for the group have fallen.

STM Group has acquired Berkeley Burke (Financial Services) and Berkeley Burke Employee Benefit Consultants, which provide administration and consultancy services to SSAS and international businesses, in a deal worth up to £2.9m.

The FSCS yesterday (1 April) declared Berkeley Burke SIPP Administration Ltd a failed firm and opened the door to claims that could eventually top £150m.

The UK’s Self Invested Personal Pensions (SIPP) industry has recently been shaken by the outcome of the Berkeley Burke case in relation to SIPP investments.

The Financial Services Compensation Scheme (FSCS) is now open to claims against Berkeley Burke SIPP Administration Limited (BBSAL).

A ruling against a Sipp operator which sparked fears of a precedent being set and a rise in claims will be reviewed by The Financial Ombudsman Service.