The independent financial adviser network, Tenet Group and three of its subsidiary groups have gone into administration.
It is understood that 95 employees have been made redundant, with the Financial Services compensation Scheme (FCSC) looking at potential claims against the business.
In an online announcement Tenet group said that Ed Boyle, Rob Spence, and Howard Smith of Interpath had been appointed as joint administrators of Tenet Group. They will also act as joint administrators of Tenet Ltd, TenetConnect td, and TenetConnect Services.
The group clarified that while Tenet Mortgage Solutions and Tenet Compliance Services have ceased trading, these entities have not been placed into administration. Similarly, Tenet Financial Services has stopped conducting regulated activities but has not been placed into administration.
However the group said that Tenet Employee Benefit Solutions, a non-regulated service within TFSL, continues to operate as normal.
The group has wound down its operations over the past year, selling off many parts of the business. This includes its network of IFAs and its mortgage and protection advisory network. Last summer, Tenet disposed of its appointed representative (AR) groups in deals with LSL and The Openwork Partnership following a strategic review.
