
On 5 June, administrators confirmed that 95 jobs have been lost as Leeds-headquartered Tenet Group winds down its operations. A team from Interpath Ltd have been appointed as joint administrators for Tenet Group Ltd (TGL) and its subsidiaries, Tenet Ltd (TL), TenetConnect Ltd (TCL), and TenetConnect Services Ltd (TCSL).
The Tenet Group, known for providing financial services to private individuals and support services to financial advisers, has been winding down its operations by selling parts of its business and transferring its network of advisers. Recent sales include TenetLime Ltd to LSL Property Services plc in February 2024. It also includes the transfer of advisers to 2plan Wealth Management Ltd, and the sale of Tenet & You Ltd to My Pension Expert Ltd in May 2024.
Despite ceasing operations, Tenet Mortgage Solutions Ltd and Tenet Compliance Services Ltd have not entered administration, nor has Tenet Financial Services Ltd, which has stopped regulated activities. However, Tenet Employee Benefit Solutions and Paragon Insurance Company (Guernsey) Ltd continue to operate normally.
At the time of administration, the group employed 147 staff across the UK. While 52 staff members have been retained to assist with the wind down, 95 redundancies have been confirmed. Howard Smith, managing director at Interpath and joint administrator of Tenet Group Ltd, stated, “We’re now focused on winding down the business and are in contact with the FCA, FSCS, and stakeholders to ensure an orderly process.”
Financial advisers from Tenet Mortgage Solutions Ltd and Tenet Financial Services Ltd have had their employment terminated and cannot provide regulated advice until they are re-registered, which may take several months. Customers with outstanding applications will be contacted shortly. Existing financial products remain unaffected, and customers are encouraged to check their adviser’s status on the FCA Register. The FSCS will contact customers directly with any relevant updates.
For more updates, keep following Administration List.
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