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Tenet reaction

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 07. June 2024

Interested to talk to mortgage brokers about Tenet Group and certain subsidaries being put into administration. 

  • Was it a surprise? 
  • What impact may it have on the wider mortgage distribution landscape?

3 responses from the Newspage community

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Editor
Justin Moy
Managing Director at EHF Mortgages
The AR part of the business was moved out over 12 months ago, to Openwork, so the effect of the announcement is minimal to those businesses who were part of this network. Other networks show strength in numbers at the moment, so distribution channels will be unaffected in the short term.
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Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
Whilst there were signs all was not right at Tenet, its complete collapse into administration was a surprise and a real shame for all the people effected within the group and associated firms. It may be a sign that there is further contraction in the network and firm space within the industry.
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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
Tenent’s collapse is a big surprise for the industry. Consolidation and smaller insolvencies were expected in a challenging market, but Tenet’s proposition was vast with many clients now looking for another home. Smaller IFAs, focused on excellent client outcomes should be in a great position to pick up the cream of the crop and with demand expected to pick up int he second half of the year, Mather & Murray Financial will be looking for opportunities.