Mortgage News
Select Tenet Group entities go into administration with 95 redundancies
Interpath has been appointed as the joint administrator of Tenet Group Limited, with subsidiary firms Tenet Limited, Tenet Connect and Tenet Connect Services also impacted.
Ed Boyle, Howard Smith and Rob Spence have been brought on as joint administrators of Tenet Group, while Boyle and Spence will be the joint administrators of the subsidiary companies.
Tenet Mortgage Solutions and Tenet Compliance Service have ceased to trade, but have not entered into administration. Tenet Financial Services has also stopped regulated activity, but is not in administration.
TenetEmployee Benefit Solutions will continue to operate as normal.
The administration firm said that it employed approximately 147 staff across the UK at the time of the appointment of administrators.
The joint administrators say they have kept on 52 staff with the wind-down of the business and confirmed that 95 redundancies have been made today.
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They added that they will work with employees impacted over the next few days to offer support.
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.”
Interpath said that the group has “substantially wound down its operations” by selling various businesses and by transferring out of its network of independent financial advisers.
Earlier this year, LSL completed its acquisition of mortgage and protection advisory network TenetLime.
Financial advisers of TenetConnect and TenetConnect Services were moved to 2plan Wealth Management, the transfer of which has been ongoing for months, and national IFA practice Tenet & You was sold to My Pension Expert in May.
Administration impact on customers
Tenet Group’s website said that customers “should continue to liaise with their financial advisers, the vast majority of whom continue to operate as normal”.
Interpath said that financial advisers at Tenet Mortgage Solutions have had their employment terminated and cannot offer regulated advice to customers until they become registered again.
It added that customers with outstanding mortgage or insurance applications will be shortly contacted.
Tenet Financial Services financial advisers are also no longer approved and will not be able to give regulated advice until they are re-registered, which Interpath said could take a few months.
Customers with existing products with TenetConnect and TenetConnect Services will be unaffected by the administration of the entities.
Customers are encouraged to check the regulatory status of their financial adviser on the Financial Conduct Authority (FCA) register, and the Financial Services Compensation Scheme (FSCS) will be contacting customers directly.