On 5 June 2024 the directors appointed Ed Boyle, Howard Smith and Rob Spence of Interpath Ltd as Joint Administrators of Tenet Group Ltd. Ed Boyle and Rob Spence were also appointed as Joint Administrators of its subsidiary companies Tenet Ltd, TenetConnect Ltd and TenetConnect Services Ltd.
Tenet Mortgage Services Ltd and Tenet Financial Services Ltd have stopped trading but have not entered into administration.
TenetConnect Ltd was directly authorised by the FCA and was a principal firm to a number of appointed representatives. This means that TenetConnect Ltd was responsible for the regulated activities of the firms listed on the FCA register here during the relevant period.
Please note: FSCS is handling the failures of TenetConnect Ltd and TenetConnect Services Ltd (FRN 150643) together, but as both firms were authorised under their own FRN, there are two separate failed firm pages on our website. Both firms also used Tenet Network Services as a trading name.
Latest updates
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29 Aug, 2024
Last month, you should have received a letter or email from TenetConnect Ltd and Interpath, Tenet’s Joint Administrators. If you have not received this letter for any reason, a template copy of this Customer Creditor letter is available on the administration portal.
That letter explains that Tenet has identified that you may have been previously advised in relation to a defined benefit pension (sometimes known as a final salary pension) transfer, by one of the advisers who worked in Tenet’s network. As Tenet had responsibility for any advice given by members of their network, you may be eligible to claim compensation from FSCS if the advice was unsuitable.
To identify which customers may have an eligible claim for compensation, we continue to work closely with the Joint Administrators to secure and organise data from Tenet in order to provide us with information about your dealings with them. Once this stage is complete, we will provide a further update on how FSCS will be moving forward with customer’s claims.
FSCS is not open to claims against TenetConnect Ltd while our investigation progresses. There’s nothing you need to do at this stage. We can’t say when this process will be complete, but we’ll write to you if we need anything from you.
Please subscribe to updates through this page to be kept informed of any changes. We will provide our next update on this page by the end of October 2024.
Please be wary of scams. FSCS will never ask you for money to make a claim or receive compensation, as our service is free to use. If you are concerned about any contact you receive, please contact us directly using the details found on our website at www.fscs.org.uk/contact-us/
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05 Jun, 2024
We’re aware that a number of customers were due to be contacted as part of a past business review into defined benefit pension transfer advice. This advice was given to these customers by appointed representatives who were under the regulatory responsibility of TenetConnect Ltd.
These customers may be eligible to claim compensation from FSCS. We’re working closely with the Joint Administrators to secure data to help us work through these potential claims without customers needing to contact us.
FSCS is not open to claims against TenetConnect Ltd while we obtain, secure and organise the data provided about past business reviews, which in our experience is likely to take several months.
I received advice to transfer my defined benefit pension, what should I do?
If you received advice to transfer your defined benefit pension from Tenet or one of their appointed representatives you don’t need to take any action. The Joint Administrators will write to you directly in the coming weeks, and we will follow that with our own direct communication by email or post.
At the moment, we can’t say how long the full process will take, but you can subscribe to our updates using the purple box at the top right of this page to stay informed on how our work progresses.
I think I’m owed money for something other than a pension transfer; can I make a claim?
FSCS is not open to claims at this time. We're working closely with the Joint Administrators to identify customers who may have a claim for compensation and will contact those customers directly once we have their details.
Please subscribe to updates through this page to be kept informed of any changes.
We will provide our next update on this page by the end of August 2024.
Please be wary of scams. FSCS will never ask you for money to make a claim or receive compensation, as our service is free to use. If you are concerned about any contact you receive, please contact us directly using the details found on our website at www.fscs.org.uk/contact-us/.