Investments  

Tenet advisers threaten to leave over back office chaos

A representative of Tenet said: "There has been a minimum of one communication a week from Tent to advisers, via email. Plus there is an extranet and a dedicated email address for people who want to highlight issues."

The spokesperson also said: "There was extensive consultation and collaboration with a number of member working groups, existing IO users and many of the ‘plugin’ software providers which operate on IO.

"The payment system was extensively tested, like all other parts of the system. However, with 25 years’ worth of data to transfer, we always envisaged a period after launch when we’d have to work on that data to get the matching to previous levels.

"This work continues as a priority and we have seen positive improvements."

david.thorpe@ft.com

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