Tenet’s wholly owned appointed representative, Aspire Financial Management Ltd (AFML), has finalised the acquisition of the client bank of Furness Financial Advisers Ltd (FFAL), the financial advice business of the Furness Building Society.

FFAL has been an appointed representative of TenetConnect for 16 years and remains a subsidiary of Furness Building Society.

After an “extensive” review the mutual took the decision to focus its activity on its core business of savings, mortgages and insurance.

Mike O’Brien, managing director for TenetConnect, said: “Aspire was successful in securing the business and we are delighted that we were able to complete the transaction. Because of our long-standing relationship with FFAL we are ideally placed to continue with the provision of the same quality of advice and customer service.

“This deal could provide a template for any future acquisitions.”

Sue Heron, Furness Building Society marketing & sales director, added: “After an extensive review, which put our customers’ needs at the forefront of our minds, we took the decision to transfer our financial advice operations to Aspire Financial Management Ltd.

“Tenet Group is a long established and reputable firm that is well known to the Society and, equally importantly, already has a good knowledge of FFAL’s activities. Therefore it made perfect sense for us to take this route.”