As per FCA register, another 18 firms of advisors left the compliance network Tenet Group since the beginning of the year 2023. In 2022 also, a total of 110 firms of advisors left Tenet Group (TenetConnect Ltd and TenetLime Ltd). On the other hand, not even a single advisor joined Tenet Network in 2023 and only four joined in the whole year of 2022. This is very embarrassing for this infamous compliance network for financial advisors.
The names of the firms who left Tenet in 2023 are as follow:
- Colin Baldock left TenetConnect Ltd on 13 January 2023.
- Robinson Investment Solution Ltd left TenetConnect Ltd on 20 January 2023.
- The Financial Advice Service Ltd left TenetConnect Ltd on 30 January 2023.
- Ramzu Abu-Eda left TenetConnect Ltd on 24 March 2023.
- 313 Wealth Management Ltd left TenetConnect Ltd on 30 March 2023.
- Martin Randal left TenetConnect Ltd on 31 March 2023.
- Lumley Wealth Management Ltd left TenetConnect Ltd on 3 April 2023.
- Evolution Financial Planning Ltd left TenetConnect Ltd on 6 April 2023.
- Mark Robinson left TenetLime Ltd on 11 January 2023.
- Protection Financial Services Ltd left TenetLime Ltd on 27 February 2023.
- Sound Mortgages Ltd left TenetLime Ltd on 28 February 2023.
- Core Financial Solutions Ltd left TenetLime Ltd on 3 March 2023.
- Gianluca Bertolino left TenetLime Ltd on 29 March 2023.
- Happy Homes Mortgages Ltd left TenetLime Ltd on 30 March 2023.
- Wright Consultancy Services Ltd left TenetLime Ltd on 31 March 2023.
- JA Independent Mortgage Advisors Ltd left TenetLime Ltd on 31 March 2023.
- Andy Wilson Financial Services Ltd left TenetLime Ltd on 31 March 2023.
- Blair Cottrell left TenetLime Ltd on 5 April 2023.
| Month | No of Firms Left |
| January 2023 | 4 |
| February 2023 | 2 |
| March 2023 | 9 |
| April 2023 | 3 |
| Total | 18 |
Tenet Group is going downhill very rapidly as their financial losses are growing fast and the long-standing established firms are leaving this network almost every week. Tenet Group made a record loss of £21.6 million in the year ending 31 September 2021. This record loss slashed Tenet Group’s equity from £30 million to just over £9 million. As a result, the shareholders were forced to inject fresh equity in the company to save Tenet Group from FCA’s wrath. It is pertinent to note that the shareholders of Tenet Group never received any dividend in least last 15 years. Please see our blog detailing last 15 years’ worth of financial results of Tenet Group.
The Board of the Director has recently sacked Tenet Group’s CEO Mark Scanlon and CFO Martin Tyler. There are rumours that there will be many more senior managers and directors who are going to be sacked in coming days.