The FSCS is handling the failures of TenetConnect and TenetConnect Services together, as both firms used Tenet Network Services as a trading name.
The network arms of failed advice firm Tenet - TenetConnect (FRN: 149826) and TenetConnect Services (FRN 150643) - have now both been declared in default by the Financial Services Compensation Scheme, opening the door to compensation claims.
The FSCS can now pay out up to £85,000 per successful claim to clients who have lost money.
TenetConnect Ltd (formerly called Interdependence Ltd), and TenetConnect Services Ltd both traded as Tenet Network Services.
The FSCS says it is handling the failures of TenetConnect Ltd and TenetConnect Services Ltd together, but as both firms were authorised under their own FRN, there are two separate failed firm pages on its website. Both firms used Tenet Network Services as a trading name.
The Tenet Group entered administration in June 2024, with administrators Interpath Ltd called in on 5 June.
TenetConnect Ltd (TCL) 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.
The FSCS said it had gathered the information it needed from the administrators in December and would began to accept sample individual Tenet claims in early 2025.
The industry lifeboat took in a small number of claims in January to support a sample review to help inform its longer-term approach, and has now reopened the portal to online claims as its review is complete.
Fellow Tenet Group firms: Tenet Mortgage Services Ltd and Tenet Financial Services Ltd have stopped trading but have not entered into administration, the FSCS said.
Tenet had been steadily winding down its operations in 2024 and has sold off a number of its companies.
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.
