Originally slated to reach a conclusion at the end of March, an STM spokesman told International Adviser that the skilled person report had experienced “delays in co-ordinating the respective parties”.
Led by STM’s auditors Deloitte, the report was the result of a deal with the Gibraltar Financial Services Commission (GFSC), which originally had wanted to appoint inspectors.
The regulator had felt the inspectors’ extra powers were needed to uncover the extent of suspected compliance failings in STM’s subsidiaries.
However, STM took the GFSC to court to block the move before both parties agreed to the skilled person review in January.
STM said it was working “collaboratively” with Deloitte and the GFSC in order “to finalise the third-party review”.
“A further announcement will be made as appropriate, once the report has been finalised, which is now expected to be by the end of this month.”
The scope of the report includes:
- the effectiveness and oversight of the companies’ internal compliance function;
- corporate governance and controls; and,
- the pensions and life assurance business relating to take-on and monitoring procedures for intermediaries, clients and investments advised by intermediaries.
