An adviser is being asked to pay £155,000 by his former network, after an ex-client had his claim upheld for advice that took place 28 years ago.
The adviser, who wished to remain anonymous, will be appearing in front of a court this week, as the liquidators of the Tenet network look to recoup the funds for a claim paid out in 2022.
The adviser was an appointed representative of the M&E Network between 1995 and 2010, which later became known as Tenet.
The advice in question was given in 1997 in relation to a pension transfer.
In 2022 the client brought a complaint about the transfer advice to Tenet via a claims management company.
In May 2022, Tenet gave its decision and did not uphold the complaint, citing that it could not find evidence to support the allegations made against the adviser.
It has been almost two years of worry, sleepless nights, and a not inconsiderable sum for legal advice
But following the network’s decision, the CMC lodged a complaint with Fos against Tenet, stating the advice provided by the network was not in the client’s best interests and caused a financial loss.
In December 2022, the Ombudsman upheld the complaint, stating Tenet had not acted fairly.
Within Fos’ response, seen by FT Adviser, the ombudsman highlighted that the advice in question took place more than six years ago; however, it did not find any indication the complaint was brought “too late”.
What is the guideline on time-barring?
Currently if a complaint is brought to Fos more than six years after the event happened, it follows the FCA’s “6+3 time-bar rule” to decide if it can look into it.
It was revealed by FT Adviser earlier this year that the government is looking to introduce an absolute time limit for bringing cases to the Fos of 10 years — something advisers have long campaigned for.
In this instance, however, as a result of Fos’ decision, Tenet paid the client £155,000, which it is attempting to recoup from the adviser.
Tenet Group and three of its subsidiary companies went into liquidation in June 2024, a year after the network shut down and ARs were moved to Openwork as part of a deal.
In March 2025, Tenet Group was declared in default by the FSCS after receiving 77 claims relating to general investment, pensions, home finance and insurance advice.
Worry and sleepless nights
According to the adviser, he was first contacted by Tenet in 2023 asking for £25,000 in connection with the compensation paid by this time.
He said at no point when the complaint was brought forward did Tenet contact him about the advice.
In January 2024, Tenet contacted the adviser again, with the amount having changed to more than £30,000 as Tenet had forgotten to include the fee for the firm who performed the loss calculation.
According to the adviser, once Tenet went into liquidation, the payment made by Tenet’s PI insurer was also added to the claim, taking the claim to £155,000.
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He told FT Adviser: “So far it has been almost two years of worry, sleepless nights, and a not inconsiderable sum for legal advice to fight a complaint that is clearly outside the FCA prescribed timeline that the Fos claim to follow.”
The Fos said it could not comment on individual cases.
Generally, the ombudsman would not investigate a complaint if it is more than six years since the event, and the person complaining took more than three years to complain from the point they knew (or reasonably should have known) there was a problem.
However, it is understood there are some exceptions to this rule – for instance, with longer-term products such as pensions.
But even then, the complainant needs to bring it to the service within three years of when they knew or reasonably should have known there was an issue.
The Tenet liquidators did not wish to comment.
alina.khan@ft.com
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