Another two firms left Tenent in December 2022. As per FCA register, MABWM Ltd and Sean Narey Financial Planing Limited, both firm left Tenet on 05 December 2022.

MABWM Ltd joined Tenet om 12 April 2018 and Sean Narey Financial Planing Limited joined Tenet Group on 07 July 2014. Both firms were attached with Tenet Network for many years but because of the unethical practices of Tenet Group, these firms have left Tenet Network.

There are 38 firms in total who left Tenet in 2022 and only 4 joined them in the same year.

The biggest reason behind leaving of so many well established firms are the imcompetency of the Tenet’s Group management and its unethical, unprofessional and treacherous practices.

In February 2019, Tenet signed an initial five-year contract with Intelliflo for the provision of Intelligent Office – now called Intelliflo Office (IO) – to its network of around 1,300 investment and mortgage advisers.

Following the launch of the new system in September 2019, Tenet struggled with issues which have continued over the past two and a half years.

Some adviser members, though, have been unhappy with the transition and have left, with more threatening to do so.

As per FCA register, only four new firms joined TenetConnect in 2022 and a total of 39 firms left TenetConnect in the same period. Similarly, 59 firms left TenetLime Ltd in 2022 whereas none joined them in the same period. It is believed that the reason of this is extremely negative reputation Tenet Group enjoys in the country. Their management is considered extremely incompetent and unprofessional.

Please check this article also.

Following is the list of main blogs about Tenet Network for the consumption of all relevant stakeholders.

Tenet to Cut Staff amid Network Closure: Navigating Challenges in the UK Real Estate Landscape

Another 18 Advisor Firms Left Compliance Network Tenet Group since January 2023“>Another 18 Advisor Firms Left Compliance Network Tenet Group since January 2023

Tenet Group sacked CEO Mark Scanlon and CFO Martin Tyler

Best Mortgage Networks / IFA Networks in 2022

How Many Advisor Firms Left Tenet Network in 2022

Tenet Group’s equity reduced to one third after record loss in 2021

Tenet Group Terminates Jim Ewing

Two More Advice Firms left Tenet Network in December 2022.

Tenet Group – Huge Losses – Ship is Sinking?

Tenet hires external advisor for possible sale

Tenet earmarks £13.7m redress for British Steel pension transfers

Tenet plagued by ‘relentless exodus’ of member firms

Court orders Tenet to compensate for AR’s fraud

Protect Line walks away from Tenet

Tenet Acquires Leeds-based IFA

Tenet Network terminates contratcts of low turnover advisers

Adviser network unveils ESG research platform

FCA

Companise House

Above is list of blogs tenet network.

Advice network Tenet Group has hired an external advisor to review the business. The review will consider a range of options, including a possible sale.

By Zachariah Sharif 06 Dec, 2022 at 07:44

Advice network Tenet has hired an external advisor to conduct a review of the business, which could lead to a possible sale.

Several industry sources have told Citywire New Model Adviser that Tenet is gearing up for a sale. In response, a spokesperson said the firm’s strategic business review would consider a wide range of options but that ‘no decisions have been made’.

The spokesperson said: ‘We are working with an external advisor to review and consider how we might adapt to a changing regulatory environment and market backdrop for the benefit of all our stakeholders. No decisions have been made and it remains business as usual for our members and their clients.’

It is understood this review could encompass a range of activities, from performance optimisation to ensuring the firm has the right expertise. It is being conducted to ensure the business delivers value for its stakeholders.

In October, Tenet revealed it had set aside £13.7m for redress over advice to members of the British Steel Pension Scheme. The compensation, part of the FCA’s redress scheme, is expected to be paid between December 2023 and February 2024.

In September, shareholders at Abrdn and Aegon recognised a £15m impairment in their Tenet shares.

Abrdn, Aviva and Aegon are Tenet’s largest shareholders. All have held equity in the network since 2011, but they largely take a hands-off approach.

The firm posted a £21.3m loss before tax in its financial statements for the 12 months to September 2021, compared with a £4.1m loss in 2020. This was partly due to the £13.7m British Steel compensation and a £10.3m impairment charge relating to ‘historical acquisition activity’ within the network.

The firm saw its revenue drop from £160m in 2020, to £157m last year. In September, the firm’s shareholders agreed to buy a further £14m of equity in the business. Tenet said this support from its shareholders would enable it to meet its 2023 regulatory capital requirements.

Source: citywire.com

By Katey Pigden 4^th August 2021 8:47 am

Life Insurance broker Protect Line, has walked away from the Tenet Network to become directly authorised, Money Marketing has learned.

Tenet said it was sorry to see the firm leave but wishes it “every success for the future”.

The exit has sparked concern among some advisers about Tenet’s position.

Poole-based Protection Line became an authorised representative of Tenet in August 2015, having previously worked with Sesame.

It has decided to go it alone after a strong performance last year. Protection Line recently hinted at the move when it announced the appointment of Pedro Coimbra Fernandes as chief financial officer.

In May, the insurance broker said it grew revenues by 13% in 2020 to £20.4m, while its headcount had reached 270.

Protect Line was established in 2010 by husband and wife team, David and Jo Brewer. It now operates from offices in Bournemouth and London.

The firm confirmed to Money Marketing it has become directly authorised and has left Tenet.

The Financial Conduct Authority’s register also shows it received authorisation on 30 July. Protect Line currently trades under six names, according to the regulator’s register.

In addition to Protect Line, it also lists Compare the Quote, Quick Quote Expert, Quote for Dads, Quote for Mums and Protect Line Ltd.

Records on the FCA website also show Protect Line is no longer registered as an appointed representative for Tenet, as of 30 July.

While Tenet highlighted Protection Line’s growth made sense for it to become directly authorised, some advisers have suggested the departure will be a blow for Tenet.

A spokesperson for Tenet told Money Marketing: “Protect Line has grown and achieved great success under our network”.

But several advisers have hinted the exit seems a continuation of the “exodus” the company has witnessed.

The firm has previously faced a backlash from disgruntled advisers who experienced problems as a result of the technology migration to Intelliflo’s Intelligent Office (IO).

Some advisers have gone as far as to question whether Tenet’s network model is working and whether it plans to change strategy to become a national.

The spokesperson added: “Last year we simplified the business to focus on our core businesses to ensure we are well-positioned to continue to be the UK’s largest network supporting independent financial advice. We now have three core lines of business: Tenet Network Services (which incorporates the financial advice and the mortgage and protection advisers), Tenet Compliance Services and Tenet&You.

“In 2019, we divested Sinfonia Asset Management to Tatton Asset Management Plc and transferred the group’s white label platform to Hubwise as part of this strategy.”

Tenet&You, is the group’s practice buyout programme. Tenet said it can support advisers into retirement and gives their clients continuity.

Tenet added that it has received positive feedback from members about the switch to IO,

which took place in September 2019.

The firm outlined the cloud based technology enabled advisers to “work remotely and service their clients seamlessly from home during the pandemic”.

“We’re seeing excellent levels of customer usage with the IO system now embedded across the business, with all members using the system and some 95% of network members now successfully using the wider capability of the system.

“More than a third of our members are making use of value-added components such as the personal finance portal and in-built video conferencing to communicate securely with their clients as well as the valuation functionality,” the firm told Money Marketing.

Tenet pointed to its strong capital and liquidity positions, “comprising of cash and cash equivalents of £27.5m and regulatory cover of 262%”, in response to suggestions from some advisers that the company is in a bad position.

The spokesperson added: “We have ambitious plans to grow all three core businesses and are on track to invest £10m on IO over the next few years.”

Around a further £1.5m was spent on the firm’s in-house technology in the last year to ensure it has a strong platform for future growth.

“We now have a dedicated technology support team and software development capability to better support our members. In an increasingly digital world, we need to create a more modern customer experience for the member firms.”

An industry insider said: “It’s an increasingly digital world and you can’t grow without technology, the change might be painful for some, but you need to embrace new tech opportunities.”

By Katey Pigden 4^th August 2021 8:47 am

By Momodou Musa Touray 5^th August 2021 4:17 pm

Tenet has acquired Yorkshire-based wealth management company Astute Financial Advisers.

The deal is part of Tenet’s growth strategy as it expands its advice arm Tenet&You.

The acquisition adds more than £100m in assets under management.

Astute Financial Advisers will continue to trade under its own brand as a subsidiary of Tenet&You.

Astute’s directors, Chris Hawkins and Marshall Bickler, will remain as advisers to assist in the ongoing development of the business.

Astute has been a longstanding member of the Tenet Network Services and the sale has been made as part of the directors’ succession planning.

Tenet&You managing director Helen Ball said: “This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m+ of assets under management.”

Astute Directors Chris Hawkins and Marshall Bickler added: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business. The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations. We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients.”

Earlier in the week Life Insurance broker Protect Line walked away from the Tenet network to become directly authorised.

The exit sparked concern among some advisers about Tenet’s position.

By Momodou Musa Touray 5^th August 2021 4:17 pm

Tenet Network appointed representative (ARs) advisers who are not writing enough new business are being released / terminated from the advice network as part of a new ‘quality drive’.

Tenet is introducing tougher measures for new and existing ARs, and those that cannot meet these standards – including a new turnover threshold – are being let go.

The firms being let go are unable to meet new quality standards, have such low business levels that they are not viable for Tenet Network Services to service appropriately, or have other business interests and are not fully engaged in their advice business.

The firms being released from the network have been informed and it is understood most of the advisers have been given around four months’ notice.

Tenet said it is in discussions with the firms about alternative options. It is understood these include going directly authorised or self-employed, joining another member firm, or introducer arrangements into Tenet’s in-house national advice arm, Tenet&You.

Tenet said it has introduced the quality drive in response to the FCA’s new AR regime and Consumer Duty regulation.

The move is similar to a productivity drive undertaken by rival Quilter over the past few years, which resulted in 141 advisers leaving Quilter’s network in the first six months of last year.

Tenet refused to confirm how many firms in total have been affected, but said it is a ‘small number’ and that the move is ‘in line with industry peers’. The business also refused to confirm what constitutes ‘low turnover’ or what the average turnover of firms being released from the network is when asked by Citywire New Model Adviser.

Tenet has already seen a number of advisers leave in recent months: 19 firms across its financial adviser arms, Tenet Connect and Tenet Connect Services, have left the network since January, according to the FCA Register. Tenet currently has 448 ARs, comprising 243 across its financial adviser arms and 205 in its mortgage adviser arm Tenet Lime, according to the FCA Register.

It is considered that the Tenet Network is a worst mortgage network in the UK.

Exceprts from By Laura Purkess24 May, 2022

Source: Tenet cuts low turnover advisers from network in ‘quality drive’ – Citywire

UK financial adviser support group Tenet Network has launched research platform ESG Compass.

It will enable advisers to cut through the complexity of ESG propositions and make recommendations to their clients based on researched information.

The portal gives advisers access to a suite of ESG funds, managed portfolio services, and mortgage research, all subject to due diligence, objective analysis, and regular re-evaluation.

Furthermore, advisers can conduct focused ESG searches according to criteria such as ESG style, product type, risk level, and cost.

ESG Compass will be available to both Tenet Compliance Service’s directly authorised advisers and the wider market, with Tenet Network Services members also getting access to research as part of their existing panel research. Tenet is giving free lifetime access to anyone who signs up to ESG Compass before the end of this year.

Mark Scanlon, chief executive at Tenet, said: “Rightly, ESG has become an essential consideration for investors seeking a positive impact and healthy returns.

“However, finding and researching ESG propositions in a saturated market remains complex and time-consuming for advisers. Our new digital platform gives advisers confidence in meeting their clients’ ESG requirements by enabling them to research a range of ESG propositions.”

Tenet Network has lost a High Court case after a judge ruled the network was in fact liable for the unregulated activities of one of its appointed representatives.

Mr Justice Ouseley ruled in favour of the Financial Ombudsman Service after Tenet Network sought to overturn a decision where it had ruled against the network.

The case centred around advice given by Alok Dhanda, a convicted fraudster who was recently release from prison after serving more than two years for defrauding 37 people of some £2.9m.

An ombudsman had ruled in favour of two of his clients that it would be “fair and reasonable” for Tenet to compensate them for the losses Dhanda caused. But the network disagreed, claiming that while he was carrying out unregulated activity he in effect ceased to be one of its appointed representatives.

Mr Justice Ouseley said the central issue how closely the regulated and unregulated advice Dhanda provided were entwined, and whether or not a “bright or smudgy line” could or should be drawn between them.

He ultimately rejected Tenet’s claims that there was a “bright line” between the regulated advice Dhanda provided to the couple to sell a Friends Life policy and the unregulated activity of advising to purchase property in Goa and loan of of the money to him.

Mr Justice Ouseley said: “It is plainly artificial to draw such a distinction where, on the facts, an adviser specifically recommends that a regulated investment should be sold because an alternative unregulated investment is preferable, but would not have made such a recommendation when no such preferable alternative existed.

“It would mean, for example, that regulated advice by an appointed representative to sell a specified investment specifically in order to make an unwise unregulated investment, or to put it into a Ponzi-fraud operated by such an IFA, would fall outside the scope of the compulsory jurisdiction over the principal.”

He acknowledged there were cases when a recommendation to sell a regulated investment might be made and “some time later” the proceeds are placed in an unregulated investment but he rejected the idea of ruling out a link between the advice to buy and sell in all circumstances.

Mr Justice Ouseley added that the same reasoning led him to believe that when Dhanda was advising his clients to invest in Goan property he was still an appointed representative of Tenet under the Financial Services and Markets Act.

He said: “The fact that Dhanda had no actual authority, express or implied, to act as he did on Tenet’s behalf, nor was he held out by Tenet as having such authority, does not answer the […] issue.

“The fact that Dhanda’s acts were fraudulent does not take them outside the scope of statute.”

Dhanda was jailed at Newcastle Crown Court in 2014 and has now been banned by the Financial Conduct Authority from carrying out any regulated activity in January.

His victims were collectively deceived over a period of seven years while he was an appointed representative of TenetConnect for all but the last two months of his career as a financial adviser.

The court heard how Dhanda convinced victims they were buying property in India but he actually spent their investments on gambling, holidays and an extravagant lifestyle.

On top of this, Dhanda went to his victims, who saw him as a personal friend, for loans claiming he had fallen on hard times, the court heard.

A former client told FTAdviser that Dhanda’s office was decorated with pictures of him playing golf with former England manager Sir Bobby Robson as well as photographs of himself with Newcastle United players.

When Dhanda’s house and business address were searched by police, officers found a large stash of money totalling £11,000 and papers regarding his business which they took away to examine.

During the search a briefcase full of condoms was also found.

The clients which brought their case to the High Court were John and Frances Thorpe, who took their case to the Financial Ombudsman Service after losing around £65,000 from their life savings.

Dhanda had advised them to sell a Friends Life policy, bonds and Isas and to send £55,000 to him to invest in a property in Goa, and smaller sums for him to use as a business-related loan.

The money was never spent on the property in Goa and the Thorpes are among 20 others who later complained to Tenet without receiving redress before turning to the Financial Ombudsman Service.

Mar 14 2018

By Damian Fantato

[email protected]