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Tenet defends onerous compliance checks

Tenet has defended its rigorous file-checking regime after members raised concerns about the way compliance checks are carried out.

In October, Money Marketing reported advisers’ frustration at onerous file-checking and compliance procedures enforced by the network. Since then, advisers say the situation has improved. 

Speaking at Tenet’s annual conference in London last week, chief executive Martin Greenwood said the firm was still committing significant resources to file-checking.

Greenwood said: “The concern is the process followed cannot always be evidenced form the quality of the file, thus the FCA’s concern about conduct risk cannot be addressed. 

“It is to negate this issue that we have put so much effort and time into trying to address file quality. It is an enormous issue for the group and one which attracts significant cost. However, it is clearly in everyone’s interest that we get it right first time every time and therefore we will continue to focus on these issues.”

Greenwood also reiterated frustrations at the lack of an industry long-stop, and says the Tenet-backed petition calling for a long stop has reached 4500 signatures. If it reaches 10,000 signatures, the Government’s petitions committee can recommend an inquiry or seek a response from the relevant minister.

He said the firm was open to making further acquisitions, after it acquired advisers following the collapse of Honister Capital in 2012.

He said: “Scale is important so we will continue to try and grow the brands organically but we will also consider the possibility of growing through acquisition.”

The network last week reported a £300,000 profit for the year to September 2013. 

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