As per FCA register, another firm of advisors, Enduralife Ltd, left compliance network Tenet on 23 December 2022. Counting this, the total firms left Tenet Network in 2022 are 110. On the other hand, only four joined Tenet Network in 2022. This is very embarrassing for this infamous compliance network for financial advisors.
Enduralife Ltd joined TenetLime Ltd on 13 February 2013. Their relationship with Tenet Group was almost for 10 years. It is considered that the management of Tenet Group is extremely incompetent and unprofessional, and the long-standing firms of advisors are forced to leave Tenet Network in a great number. Even in 2021, 118 firms left Tenet Group and only 14 joined.
Tenet Group is going downhill very rapidly as their financial losses are growing fast and the long-standing established firms are leaving this nasty 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.