IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively.
The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management.
They were disqualified for taking assets from an insolvent company.
The firm had been incorporated to take over the business interests of their previous company, Kevin Neal Associated Limited, which went into liquidation in 2013.
Retired English footballer Alan Shearer won a multi-million-pound settlement against Kevin Neal 12 months ago, after accusing him of and taking advantage of his lack of investment knowledge, as well as “careless” and “dishonest” pension advice.
By May 2014, six Financial Ombudsman Service decisions totalling more than £500,000 had gone against the Neals’ firm.
The Insolvency Service says that despite knowing KNAWM was insolvent and due to enter liquidation, two cars worth £22,120 and funds of £55,000 were still transferred to associate parties in May and June 2014.
These transactions were found to be to “the unreasonable risk and ultimate detriment of other creditors.”
The Neals’ disqualifications are effective from 31 May.
Insolvency Service chief investigator Mark Bruce says: “Mr and Mrs Neal plainly acted to improve their position, once the partnership was insolvent, while failing to honour either the prior decisions of the FOS or the protections put in by the FCA to stop such actions.”
He adds: “Such conduct will invariably lead to disqualification. This is a particularly blatant example of common misconduct.”