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 Services Ltd was directly authorised by the FCA and was a principal firm to a number of appointed representatives.
The UK Financial Services Compensation Scheme (FSCS) is 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 Services Ltd.
These customers may be eligible to claim compensation from FSCS. The Scheme is working closely with the Joint Administrators to secure data to help it work through these potential claims without customers needing to contact FSCS.
FSCS is not open to claims against TenetConnect Services Ltd while it obtains, secures and organises the data provided about past business reviews, which in FSCS’s 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 FSCS will follow that with its own direct communication by email or post.
- 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. It is working closely with the Joint Administrators to identify customers who may have a claim for compensation and will contact those customers directly once it has their details.
Please be wary of scams. FSCS will never ask you for money to make a claim or receive compensation, as its service is free to use. If you are concerned about any contact you receive, please contact FSCS directly using the details found on its website at www.fscs.org.uk/contact-us/.
