Anthony Mackintosh & Associates adviser Denzil Moraes says he discovered by chance that fund rebates had not been paid to his clients but says he has had no explanation from Lifetime despite repeated attempts to contact the platform.
Moraes says he has written to managing director Toby Strauss demanding that the matter is sorted out by the end of May. He says the mistakes are one of a number of issues he has with Lifetime.
Moraes says: “There are a lot of advisers out there who might not know what is going on. My concern is that if this goes on for an extended period of time, my clients could end up with no cash in their funds because it is not being replenished by the fund rebates.”
Strauss says: “We have a number of issues that we are working our way through at Lifetime and this is one of them. We apologise to affected customers and would like to reassure them that we are working hard to resolve them as quickly as possible.”