Ed Boyle, Howard Smith and Rob Spence of Interpath Ltd were appointed as Joint Administrators of Tenet Group Limited (“TGL”) and Ed Boyle and Rob Spence were appointed as Joint Administrators of its subsidiary companies Tenet Limited (“TL”), TenetConnect Ltd (“TCL”) and TenetConnect Services Ltd (“TCSL”) (collectively “the Group”) by the relevant companies’ directors on 5 June 2024.
Tenet Network Services and TenetConnect are both trading styles of TenetConnect Ltd and TenetConnect Services Ltd.
Tenet Mortgage Solutions Ltd and Tenet Compliance Services Limited have ceased to trade but these entities have not entered into administration.
Tenet Financial Services Limited (“TFSL”) has ceased to conduct regulated activities and it has also not been placed into administration.
Tenet Employee Benefit Solutions, a non-unregulated service within Tenet Financial Services Ltd, and Paragon Insurance Company (Guernsey) Limited continue to operate as normal.
Companies within the Tenet Group provided a range of financial services to private individuals, as well as providing support services and facilities to firms of financial advisers.
In the recent past, the Group has substantially wound down its operations by selling various businesses within the Group, and also by the transfer out of its network of independent financial advisers. This included:
3) The sale of Tenet & You Limited, a national IFA practice, to My Pension Expert Limited on 28 May 2024.
The Group is headquartered in Leeds and employed approximately 147 staff across the UK at the date of the appointment of the administrators.
While the Joint Administrators have retained 52 staff to assist them while they manage the wind down of the businesses, it is with regret that they confirm 95 redundancies today. The Joint Administrators will be working with the employees affected over the coming days to provide them with any and all support they need.
Howard Smith, Managing Director at Interpath and Joint Administrator of Tenet Group Limited, said:
"We're now focused on winding down the business and we are in contact with the FCA, FSCS and stakeholders to ensure an orderly process.”
Impact on customers
Tenet Mortgage Solutions Limited
Financial advisers of Tenet Mortgage Solutions Ltd, have had their employment by Tenet Mortgage Solutions Ltd terminated and therefore are no longer able to provide regulated advice to customers until they become reregistered.
Customers who have outstanding mortgage or insurance applications will shortly be contacted.
Tenet Financial Services Limited
Financial advisers of Tenet Financial Services Ltd are no longer approved and therefore will be unable to provide regulated advice to customers until they are reregistered which may take a number of months.
Customers will be able to check on the new regulatory status of their financial adviser by visiting the FCA Register: https://register.fca.org.uk/s/.
Details on how to do this are included in the FAQs on the Tenet website.
Further guidance can also be found for consumers on the consumer page at the following link: https://www.fca.org.uk/consumers.
TCL and TCSL provided a range of financial services to private individuals through their appointed representatives, as well as providing support services and facilities to firms of financial advisers.
Customers may only have dealt with their financial adviser rather than directly with TCL or TCSL. For the avoidance of doubt, customers’ existing products (which may include for example, mortgages, ISAs, pensions and / or insurance) are unaffected by the administration of TCL or TCSL.
Customer complaints against Tenet Connect Limited and / or Tenet Connect Services Limited
Customers may be able to claim with the Financial Services Compensation Scheme (FSCS) should they have concerns about the suitability of advice they received from an appointed representative of Tenet Connect Limited and / or Tenet Connect Services Limited. FSCS will be contacting customers directly so they do not need to take any action at this time.
FSCS is the compensation scheme for customers of UK authorised financial services firms. It may be able to protect consumers when authorised financial services firms fail or stop trading (subject to eligibility criteria). If a customer’s claim is upheld as eligible under the FSCS’ rules, they may receive compensation from FSCS up to the maximum limit of £85,000.
FSCS has set up its own dedicated Tenet pages where the latest news regarding the administration will be made available and where you can subscribe to receive updates. The web address is: www.fscs.org.uk/tenet.
