Tenet firms enter administration

The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either transferred to another network or became directly authorised. The FCA has assured customers that existing products are not affected by the administrations, although recent mortgage offers (through Tenet Mortgage Solutions that was itself an AR) that have not yet reached formal offer stage may be. The FCA also clarified that the joint administrators of the regulated firms, or where relevant the FOS, will write to customers with outstanding complaints to outline the next steps, and advised customers to check the FCA Register to see if their adviser had transferred to a new network or become directly authorised.

Emma Radmore