Tenet bailing-out adviser firms abandoned by banks

clock

Tenet is stepping in to bail-out adviser firms that have been let down by "unsympathetic or unwilling" banks.

The network has revealed it has provided more than £1m in financial support to its adviser firms. It says although the majority has been awarded for business development or to help fund acquisition opportunities, short-term help with cash-flow problems has also been made available where banks have been unsympathetic or unwilling to assist. It also notes that analysts have predicted the ‘big five' banks will report collective interim profits of around £8.5bn, but says despite such an impressive upturn, their flow of lending to small businesses shows no sign of a parallel improvement. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Majority of un-advised with stock investments have no financial plan

Majority of un-advised with stock investments have no financial plan

‘Many are realising the need for expert financial support in later life’

Hope Coumbe
clock 12 June 2024 • 1 min read
Financial wellbeing — what are advisers and planners measuring?

Financial wellbeing — what are advisers and planners measuring?

'Money should be our servant, and not our master'

Chris Budd
clock 12 June 2024 • 3 min read
Targeted support could lift 5 million people out of advice gap

Targeted support could lift 5 million people out of advice gap

‘Targeted support could move the dial and present business opportunities’

Isabel Baxter
clock 12 June 2024 • 1 min read