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Lifetime stays under wraps after FundsHub closes

Lifetime is criticising JP Morgan after its planned November launch was delayed by the closure of FundsHub.

The wrap project, owned by Norwich Union and Millfield, was set to use FundsHub as its IT solution provider until JP Morgan sent out letters last month announcing that it would close.

Lifetime says the closure has taken it by surprise as it had been told the operation had a long-term future. FSA approval for the Lifetime portfolio was granted last month.

Lifetime chief executive Jeremy Bradburne says the future of the wrap would have been in doubt if it had not been for IT provider DST, which has been brought in to deal with FundsHub&#39s collapse.

Bradburne says: “We would not have expected JP Morgan to act in this way. It is very unprofessional. They told us that everything was going to be OK. We are having to pursue our own options but a good relationship with JP Morgan has been destroyed because of the way they have behaved.”

A JP Morgan spokeswoman says: “As far as we are aware, we have contacted all our clients.”

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