Tenet steps in to rescue Merchant House advisers

Network Tenet has stepped in to save 70 advisers at Merchant House Financial Services, which entered administration last night.

Merchant House Financial Services entered administration due to accumulating debt which it could not pay.

All 70 Merchant House advisers will move over to Aspire Financial Management, an appointed representative of Tenet.

Tenet has also acquired certain assets from Merchant House, and will take some of its staff.

Merchant House Financial Services was formed in 2011 after Merchant House acquired assets and took on advisers from collapsed network Clarkson Hill which also entered administration.

Keith Richards (pictured), Tenet group distribution and development director, said: 'Our primary focus was always looking to protect the interest of the end consumer and the advisers. We're sorry it has come to this situation but we're pleased to be in a more positive situation to step in and resolve this especially as the advisers were impacted from the previous administration of Clarkson Hill.

'The initial reaction from the advisers so far has been extremely positive as it has created a lot more certainty because they were reading the news of the delisting of Merchant Capital so it clearly caused them a lot of concern.'

Richards said the advisers were currently going through the reauthorisation process and he expected most would be reauthorised within a week.