Independent financial services and digital marketing group TFAS Enterprises has announced the acquisition and management buyout of Tenet Compliance Services (TCS).
The business will be rebranded TFAS Compliance Services.
Earlier this month, Tenet Group announced it would wind down its network. It said it had appointed administrator firm Interpath, which has made 95 redundancies.
The sale of TCS to TFAS is a “strategic move”, spearheaded by current and former senior members of Tenet Group.
The business said it will ensure the “seamless continuation” of TCS’s services to its customers while propelling the business into a “new era of growth and innovation”.
TFAS employs about 50 people. TCS will give the group an additional service to provide advice to those appointed representatives who want to become directly authorised.
TCS will be integrated into TFAS Wealth – a division of TFAS Enterprises, which is a current TCS client.
TFAS Enterprises and TCS said they are “strategically aligned” and believe in delivering “excellence to customers and producing great outcomes”.
TFAS Enterprises chief risk officer Karina Bowden will be made CEO designate of TFAS Compliance Services.
Meanwhile, current TCS director of client delivery Marjolaine Quirke will remain with the business as managing director designate of TFAS Compliance Services.
TFAS Enterprises group chief executive Jeff Lange said: “As a current client of Tenet Compliance Services, TFAS Wealth has experienced firsthand the exceptional quality and dedication of their team.
“This acquisition aligns perfectly with our strategy to provide important services to financial advisers and their customers. We are excited to see the continued success and growth of TCS under the dynamic leadership of TFAS Enterprises.”
Bowden said: “I am very excited to lead Tenet Compliance Services into a new growth phase. As a former director at Tenet, I am deeply familiar with the strengths and potential of TCS.
“Our team is committed to championing financial advice, maintaining the high standards our clients expect and to leveraging the innovative capabilities of TFAS Enterprises to drive our future growth.”
Quirke added: “Joining TFAS Enterprises marks an exciting new chapter for Tenet Compliance Services. With the backing of TFAS and the leadership of our experienced team, we are well-positioned to continue providing outstanding service and support to our clients.
“TFAS Wealth has been a long-standing client and we have always shared a commitment to excellence and innovation, qualities that will drive our success going forward.”
