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 have also been appointed as joint administrators of subsidiaries Tenet Ltd, TenetConnect Ltd and TenetConnect Services Ltd.
Tenet Mortgage Services Ltd and Tenet Financial Services Ltd have ceased trading but have not been placed into administration.
TenetConnect Services Ltd was directly authorized by the FCA and was a lead firm to a number of appointed agents.
The UK Financial Services Compensation Scheme (FSCS) is aware that some customers were to be contacted as part of a previous business review for advice on transferring defined benefit pensions. This advice was given to these customers by appointed representatives who were under the regulatory responsibility of TenetConnect Services Ltd.
These customers may be entitled to compensation from the FSCS. The Scheme is working closely with Joint Administrators to secure data to help it deal with these potential claims without customers having to contact the FSCS.
The FSCS is not open to claims against TenetConnect Services Ltd while it receives, secures and organizes the data provided in relation to previous business assessments, which in the FSCS’s experience is likely to take several months.
- I have been advised to transfer my defined benefit pension, what should I do?
If you received advice about transferring your defined benefit pension from Tenet or one of its appointed representatives, you do not need to take any action. The Joint Administrators will write to you directly in the coming weeks and the FSCS will follow this with their own direct communication by email or post.
- I think they owe me money for something other than a pension transfer. can i make a claim
The 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 these customers directly once it receives their details.
Please be careful with scams. The FSCS will never ask you for money to make a claim or receive compensation as their service is free to use. If you are concerned about any contact you receive, please contact the FSCS directly using the details on their website at www.fscs.org.uk/contact-us/.