Managers at Tenet Compliance Services (TCS) have bought the company after the parent business, Tenet Group, went into administration.

 
Tenet Compliance Services (TCS) will be rebranded as TFAS Compliance Services after being bought in a Management Buy Out with support from TFAS Enterprises, a long term client. 
 
TFAS employs 50 staff and is an independent operation.
 
Tenet Group Limited went into administration earlier this month although parts of the group, which was recently subject to several sell offs, continued to operate. Administrators Interpath made 95 group staff redundant out of a total of 147.

TCS did not go into administration and continued to operate.

 
 
TCS will be merged into TFAS Wealth which provides regulated financial services such as retirement planning, ISAs and income protection. 
 
TFAS Wealth has worked with TCS for some time so both are familiar with each other’s operation, TCS said.
 
TCS said the transaction would provide continuity to TCS’ existing clients.
 
As part of the deal Karina Bowden, a former Tenet director, will become CEO of TFAS Compliance Services. She was previously at Fairstone, Rathbones. Marjolaine Quirke from TCS also joins the business.
 
Jeff Lange, group CEO of TFAS Enterprises, said: “As a current client of Tenet Compliance Services, TFAS Wealth has experienced firsthand the exceptional quality and dedication of their team.
 
“This acquisition aligns perfectly with our strategy to provide important services to financial advisers and their customers. We are excited to see the continued success and growth of TCS under the dynamic leadership of TFAS Enterprises.”

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