TenetConnect Limited (TCL) and TenetConnect Services Limited (TCSL) enter administration

As of 31 March 2024, TCL and TCSL (both of which traded as TNS and TenetConnect) closed to new business. Most advisers transferred to a different network or became directly authorised by us.  

If you have an investment, savings product, pension, mortgage or any other financial product arranged by an advisor within the TCL and TCSL’s networks, they are unaffected by TCL and TCSL entering administration. 

Even though TCL and TCSL are in administration they remain responsible for the advice and services that you received. 

You may be most familiar with the name of your advisor who was an AR of TCL or TCSL, rather than the name of TCL or TCSL. 

You can find the list of ARs that have been registered with either TCL or TCSL on the Financial Services Register. 

In either case, select ‘Who is this firm connected to?’ under the Content column followed by ‘Appointed representatives and agents’.

Your adviser may have already confirmed their new regulatory status to you. If not, you should check this with your adviser, or check the FS Register[1].

T&Y was sold to My Pension Expert Limited on 28 May 2024.

TCL and TCSL remain responsible for the advice and services that you received from T&Y up to the date of the transfer, 28 May 2024.

TMS stopped trading on 5 June 2024. It was a subsidiary of Tenet Group Limited but an AR of Openwork Limited since 21 March 2024.

If you received advice from your adviser in relation to a mortgage application after 21 March 2024, Openwork Limited will write to you about this. You can get in touch with Openwork Limited via:

• telephone: 01793 567877
• email: [email protected] 
• their website: www.theopenworkpartnership.com[2]

If you received mortgage advice before 21 March 2024, TCL acted as principal to TMS during that time. TCL remain responsible for this advice, and you’ll receive a letter from the joint administrators, Interpath, in due course.  

You can contact the joint administrators via the firms’ details below: 

• website: tenet.co.uk/contact[3]
• telephone: 0113 239 0011 (Monday to Friday 9am to 3.30pm) 
• writing to: Customer relations, 5 Lister Hill, Horsforth, Leeds LS18 5AZ 

TFS stopped trading on 5 June 2024. Upon entering administration, both TCL and TCSL ended the AR status of TFS. 

The advisers who were registered with TFS can no longer provide regulated financial advice to customers until they get an appropriate regulatory status (such as being authorised by us). 

You can find out if your adviser has a current regulatory status by checking the FS Register[1]. 

If your adviser was previously at TFS, itself an AR of TCL and TCSL, then TCL or TCSL remain responsible for the advice and services that you received from your adviser, but only for the period that they were registered with TCL or TCSL.

TCS provided unregulated compliance services to independent financial advisers. It stopped trading on 5 June 2024.

TLL was sold to LSL Property Services Group in February 2024 and no longer forms part of the Tenet Group Limited.  

The FSCS [4]is the compensation scheme for customers of UK authorised financial services firms. It’s a free service designed to protect you if a firm goes out of business or stops trading and can’t pay any claims against it. Find out more about the FSCS eligibility criteria and compensation limits[5].

Interpath, the joint administrators, are aware of customers who were due to be contacted as part of a review of advice given in relation to transfers out of defined benefit pension schemes. This advice was provided by ARs of both TCL and TCSL. 

The FSCS is working with the joint administrators so they can work through these potential claims without you needing to contact the FSCS yourself. Whilst this work is ongoing the FSCS will not be open to any claims against TCL or TCSL and this may take several months. However, if you’re facing immediate financial hardship, you should contact the FSCS[6] as soon as possible. The FSCS can pay compensation up to a limit of £85,000 for claims relating to investment business. 

Your adviser may have been able to get a new regulatory status, which you can check on the FS Register[4]. 

If your adviser hasn’t been able to get a new regulatory status, or you’re looking for advice from a new adviser, then there are independent sources that can provide guidance on seeking financial advice.

Check MoneyHelper for free impartial help on financial advice[6].

If you’ve made a complaint against TCL or TCSL, you may have a claim as a creditor. However, as TCL and TCSL have gone into administration, they don’t have sufficient funds to pay in full any compensation to customers where compensation is due. 

This includes: 

• customers waiting for a response to their complaint
• customers who have received a final response letter from TCL or TCSL with an offer of compensation but haven’t returned it
• customers who have taken their complaint to the Financial Ombudsman Service (FOS)

The joint administrators will work with the FSCS and will be writing to you to explain the next steps.

If you’ve already referred a complaint to the FOS, you don’t need to take any action at the moment. The FOS will contact you in due course regarding the next steps.

Your investments and/or money aren’t held by either TCL or TCSL. 

You can contact your adviser to discuss your investments as normal. 

You can contact the joint administrators via the firm details with any concerns or questions via: 

• website: tenet.co.uk/contact[3]
• telephone: 0113 239 0011 (Monday to Friday 9am to 3.30pm) 
• writing to: Customer relations, 5 Lister Hill, Horsforth, Leeds LS18 5AZ 

You don’t need to use a CMC to make a claim against either firm. It’s free and simple to do it yourself. A CMC can make a complaint for you, but you’ll have to pay a fee[7].

A CMC may approach you offering to help you bring a claim. You should proceed with caution if you are approached by one of these companies. 

If you are considering using a CMC[8], we suggest you first discuss this with the joint administrators using the contact details provided above. 

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from any of the Tenet Group Limited entities, or the joint administrators, or by another third party in relation to this matter, please end the call and contact the joint administrators via the firms’ details below:

• website: tenet.co.uk/contact[9]
• telephone: 0113 239 0011 (Monday to Friday 9am to 3.30pm) 
• writing to: Customer relations, 5 Lister Hill, Horsforth, Leeds LS18 5AZ 

Find out how to protect yourself[10] from the most common types of scams, our pages also provide advice on how to avoid investment and pension scams.

TCL and TCSL are still authorised by us and remain subject to our supervisory oversight and rules. 

The joint administrators are officers of the Court and need to comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England & Wales (ICAEW). 

We’re working closely with the joint administrators.