The Financial Services Compensation Scheme has declared failed advice firm TenetConnect Services Ltd (FRN: 150643), formerly The M & E Network Ltd trading as Future Fin, in default.
It made the declaration on 6 October because it said a valid claim has been made against the firm.
The FSCS can now pay out up to £85,000 per successful claim to clients who have lost money.
The FSCS said: “We’ll continue to assess the claims we’ve received on an individual basis and will pay compensation to customers with valid claims.”
The Tenet Group entered administration in June 2024. 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.
TenetConnect Ltd was directly authorised by the FCA and was a principal to a number of appointed representatives. TenetConnect Ltd was responsible for the regulated activities of its AR firms listed on the FCA register.
Tenet Mortgage Services Ltd and Tenet Financial Services Ltd have stopped trading but have not entered into administration.
Tenet had been steadily winding down its operations in 2024 and has sold off a number of its companies. The group faced waning fortunes and several changes of leadership in its last years.
TenetLime Limited, a mortgage and protection advisory network, was sold to LSL Property Services plc in February 2024.
Financial advisers at TCL and TCSL were transferred to 2plan Wealth Management Limited and Tenet & You Limited, a national IFA practice, was sold to My Pension Expert Limited in May 2024.
FSCS is handling the failures of TenetConnect Services Ltd and TenetConnect Ltd (FRN 149826) together. Both firms also used Tenet Network Services as a trading name.
Tenet's network arm was declared in default in March.
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