Tenet boss fires back at slurs and rival networks

Speaking at the Tenet Group annual conference in Windsor yesterday, Greenwood acknowledged the challenges the company faces - including redundancies - but claimed it was still in a healthy position.

"In many cases, and ours was one, these actions do not mean an organisation is in trouble but point to the fact that things can be done better or more effectively or are perhaps a response to external forces.

"Of course any such change for a company of our size is picked up by our friends from the press and given a negative slant. Moreover, our competitors try to use the information against us."

Greenwood then proceeded to outline what he said were the difficulties faced by its rivals.

He said network Sesame was barely breaking even and is only now investing in technology and readiness for RDR, while support services provider had stopped recruiting.

He said Aegon-owned national IFA Positive Solutions had lost some 350 adviser partners and continued to record financial losses, while the same also applied to Honister, which he said was in "rescue talks".

Greenwood also said Lighthouse was loss-making and highlighted redundancies announced at Aegon-owned advisory business Origen as further evidence of his rivals' woes.

One of the challenges Tenet faced recently, he added, has been the search for a new CEO. Greenwood has ruled himself out of the running for the job.

Although he admitted he was "surprised" the position had not yet been filled, he said the process was "drawing to a conclusion" and that there would be an announcement "soon".