After a year in the position, Simon Broadley resigned as managing director of the advice network Tenet&You. Currently, he serves as the chief commercial officer for the Furness Building Society.
Late last year, Broadley quit Tenet&You, the appointed representative of the Tenet company. He has also resigned from his seat on the Association of Mortgage Intermediaries’ board of directors.
He was previously the managing director of Tenet Mortgage Solutions and TenetLime, the mortgage and protection divisions of the network.
A spokeswoman for Tenet stated, ‘We would want to thank Simon for his contributions over the past three years, during which we streamlined the business, made more investments in technology to support advisers, and expanded our brands. We wish him the best in the future.
Citywire New Model Adviser reported in December that Tenet had appointed an external advisor to evaluate the business, including the possibility of a sale.
In 2022, a fifth of Tenet’s appointed representatives departed the network. Tenet stated at the time that this was part of a “quality drive,” removing companies that did not write enough business or whose primary focus was not advise.
In its financial results for the year ending October 2021, Tenet reported a £21.3 million loss before taxes, compared to a £4.1 million loss in 2020. This was partially attributable to the £13.7 million set aside as potential compensation for members of the British Steel Pension Scheme and a £10.3 million impairment charge related to “past acquisition activity” within the network.
Tenet Group – Huge Losses – Ship is Sinking? – Tenet Network
FCA