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FSCS investigating Tenet Group claims

The Financial Services Compensation Scheme has confirmed that it is investigating claims into Tenet Group after the company and three subsidiaries went into administration and closed down other parts of the business.

The firm appointed administrators Ed Boyle, Howard Smith, and Rob Spence of Interpath on June 5th. The trio will manage Tenet Group, while Boyle and Spence will be joint administrators of subsidiaries Tenet Ltd, TenetConnect, and TenetConnect Services.

These developments come nearly 12 months after other parts of the business were closed and sold.

The FSCS is handling the failures of TenetConnect Services and TenetConnect, both of whom traded as Tenet Network Services, together. The lifeboat fund also confirmed it is aware of several customers who received potentially unsuitable pension transfer advice from TenetConnect, saying: “We’re aware that a number of customers were due to be contacted as part of a past business review into defined benefit pension transfer advice. These customers may be eligible to claim compensation.”

At present, the FSCS is not accepting claims against TenetConnect Services and said it is unlikely to do so for several months until it has compiled, organised, and investigated data provided from and about the firm.

Move sees some advisers become unregulated

Another subsidiary of Tenet Group, Tenet Financial Services, has now ceased performing regulated activities, but along with Tenet Mortgage Solutions and Tenet Compliance Services, it has not been placed into administration.

However, the move does mean that appointed representatives of Tenet Financial Services are no longer approved and must re-register before recommencing providing regulated advice.

Other Tenet brands continue to trade and operate as usual.

How to claim compensation if you received pension transfer advice from TenetConnect

If you received unsuitable pension transfer advice from TenetConnect, you may be able to claim compensation.

As the FSCS is now dealing with claims against the firm, compensation will be capped at £85,000.

While that may not recoup all your losses, this is still a significant sum that could help put your retirement plans back on track.

Contact us now for a free, no-obligation review of your pension transfer advice, and take the first steps to getting your money back!

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