The Monetary Companies Compensation Scheme has opened an investigation into two firms owned by the Tenet Group which fell into administration yesterday.
The FSCS says it has opened instances on TenetConnect Ltd and TenetConnect Companies and is funding and pension switch recommendation given by the companies.
Neither agency has but been declared as failed by the FSCS.
Pension switch recommendation given by the companies is one space the FSCS is investigating.
TenetConnect (FRN:149826) was a community for advisers offering recommendation on investments and different merchandise whereas TenetConnect Companies Ltd (FRN:150643) was a sister firm to the community.
Leeds-based father or mother firm Tenet Group Restricted went into administration yesterday though components of the group, lately topic to a number of promote offs, proceed to function. Directors Interpath Ltd have been appointed as Joint Directors of Tenet Group Restricted.
The directors have to date made 95 employees redundant out of a complete of 147. Remaining employees will help with dealing with shopper enquiries and sustaining the companies.
TenetConnect Ltd was straight authorised by the FCA and was a principal to 2 appointed representatives: Tenet & You Restricted and Tenet Monetary Companies Restricted.
The FSCS mentioned it was dealing with the failure of TenetConnect Ltd and TenetConnect Companies Ltd collectively, however as each have been authorised beneath their very own FRN there are two separate ‘failed agency’ pages on its web site. Each companies additionally used Tenet Community Companies as a buying and selling identify.
The FSCS mentioned in a press release on TenetConnect: “We’re conscious that quite a lot of prospects have been attributable to be contacted as a part of a previous enterprise evaluation into outlined profit pension switch recommendation. This recommendation was given to those prospects by appointed representatives who have been beneath the regulatory accountability of TenetConnect Ltd.
“These prospects could also be eligible to say compensation from FSCS. We’re working carefully with the Joint Directors to safe knowledge to assist us work by way of these potential claims with out prospects needing to contact us.
FSCS is just not open to claims towards TenetConnect Ltd whereas we get hold of, safe and organise the info offered about previous enterprise critiques, which in our expertise is prone to take a number of months.”
The FSCS has issued its customary warning to TenetConnect purchasers to be cautious of rip-off approaches whereas investigations are beneath method.
