A total of 95 job losses have been confirmed today – 5 June – by administrators as businesses within Leeds-headquartered Tenet Group are wound down.
Ed Boyle, Howard Smith and Rob Spence of Interpath Ltd were appointed as joint administrators of Tenet Group Ltd (TGL) and Ed Boyle and Rob Spence were appointed as joint administrators of the group’s subsidiary companies Tenet Ltd (TL), TenetConnect Ltd (TCL) and TenetConnect Services Ltd (TCSL) by the relevant companies’ directors.
Tenet Network Services and TenetConnect are both trading styles of TenetConnect Ltd and TenetConnect Services Ltd.
Tenet Mortgage Solutions Ltd and Tenet Compliance Services Ltd have ceased to trade but these entities have not entered into administration.
Tenet Financial Services Ltd 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) Ltd 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:
1) The sale of TenetLime Ltd, the mortgage and protection advisory network, to LSL Property Services plc on 2 February 2024;
2) The transfer of financial advisers of TCL and TCSL to 2plan Wealth Management Ltd, which has been ongoing in recent months; and
3) The sale of Tenet & You Ltd, a national IFA practice, to My Pension Expert Ltd on 28 May 2024.
The group employed 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, they have confirmed 95 redundancies.
Howard Smith, managing director at Interpath and joint administrator of Tenet Group Ltd, 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.”
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.
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.
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. Customers’ existing products (which may include for example, mortgages, ISAs, pensions and/or insurance) are unaffected by the administration of TCL or TCSL.
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 Ltd and/or Tenet Connect Services Ltd.
The FSCS will be contacting customers directly so they do not need to take any action at this time. FSCS has set up its own dedicated Tenet pages where the latest news regarding the administration will be made available. The web address is: www.fscs.org.uk/tenet