On 5 June 2024, the directors of TCL and TCSL placed the firms into administration. Ed Boyle and Robert Spence from Interpath Advisory (Interpath) were appointed as the joint administrators for both firms.
TCL and TCSL are authorised and regulated by the FCA. They used Tenet Network Services (TNS) and TenetConnect as trading names.
TCL and TCSL oversaw networks of financial advisers, who operated as appointed representatives (ARs). ARs are legally able to carry on regulated activity (like advising on investments) without being authorised by us because their conduct is the responsibility of an authorised firm (in this instance TCL and TCSL), known as ‘the principal’.
Both TCL and TCSL are subsidiaries of Tenet Group Limited, which has been winding down its operations.
Customers’ existing products (for example ISAs, pensions, existing mortgages and insurance products) are not affected by the administration of TCL and TCSL.
Recent mortgage offers, however, that have not yet reached the formal offer stage may be affected and more information is provided below.