The group has been winding down operations by selling parts of the business - including TenetLime and Tenet & You - in recent months, as well as transferring advisers from TenetConnect and TenetConnect Services to 2plan Wealth Management.
TGL and subsidiary companies Tenet Limited, Tenet Connect, and TenetConnect Services have had administrators from Interpath appointed. Tenet Mortgage Solutions and Tenet Compliance Servces have ceased to trade, although these have not been entered into administration.
Tenet Employee Benefit Solutions, a non-unregulated service within Tenet Financial Services, and Paragon Insurance Company (Guernsey) continue to operate as normal.
As a result, financial advisers of Tenet Financial Services are no longer approved and therefore will be unable to provide regulated advice to customers until they are reregistered which may take a number of months.
While the joint administrators have retained 52 staff to assist them in winding down the businesses, the firm says it will confirm 95 redundancies today.
Howard Smith, Managing Director at Interpath and Joint Administrator of Tenet Group, said: "We're now focused on winding down the business and we are in contact with the FCA, FSCS and stakeholders to ensure an orderly process.”
