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

Mr Kentish was held by Royal Gibraltar Police over allegedly failing to disclose under the Proceeds of Crime Act 2015.

The arrest came approximately two years after SIPP provider STM Group Plc, which owns UK-based London and Colonial, itself filed two Suspicious Activity Reports to the Royal Gibraltar Police during a tax dispute with a client.

Today the firm revealed that Mr Kentish and an unnamed Gibraltar-based colleague, who was also arrested, had been cleared.

A statement read: “STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to provide an update on the announcement dated 30 October 2017 in respect of the arrest of Alan Kentish and one of his Gibraltar based colleagues by the Royal Gibraltar Police (RGP).

“Alan Kentish and his colleague have now been formally advised that the investigation into matters described in the announcement have been completed and no further action will be taken.

“No charges were ever made against the individuals.”

The firm, which always backed Mr Kentish, describes itself as a cross-border financial services provider which offers a range of services to HNW individuals including SIPPs and QNUPs.