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Adviser angry at Lifetime over missing rebates

An adviser has hit out at Lifetime’s wrap for failing to pay fund rebates to six of his clients since last July.

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.”

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  1. Lifetime should communicate with their customers much more carefully to let them know this sort of a problem had occurred. This information is important. Surely if this is one of a number of problems and was only brought to the attention of the people concerned after a “by chance” observation from a vigilant advisor then there are significant communications issues that need to be addressed by Mr Strauss and his team? I would hope this issue is taken seriously and it’s potential impact on business credibility is noted given their lack of willingness to contact Mr Moraes.

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