Former England football star Alan Shearer has won a multi-million-pound settlement after accusing his financial adviser of “careless” and “dishonest” advice.
Shearer launched the negligence claims against IFA Kevin Neal and provider Suffolk Life, which he also claimed had failed to uphold its regulatory duties, amid accusations that he had been “effectively swindled” over his pension funds.
Shearer’s legal team had cited his “limited knowledge or experience” of investing, but Neal maintained he had “acted in good faith at all times” and Shearer’s claims stemmed from “pure greed and ego.”
Neal had previously had a complaint against his firm regarding the sale of unregulated collective investments upheld at the Financial Ombudsman Service, and is no longer working as an adviser according to the FCA register.
The Match of the Day pundit was due to give evidence on Thursday 15 June, but the trio has now reached a confidential settlement over the claims, the Daily Mail reports.
While Shearer was originally suing for around £9m in damages, it is likely he will receive far less than this in the deal because part of his claim was against two now-defunct companies: Kevin Neal Associates and Kevin Neal Associates Wealth Management.
The two companies had claims against them settled for “an undisputed figure around £5m”, the head of Shearer’s legal team said, according to the Mail, but will only pay a fraction of that figure.
A Suffolk Life spokeswoman said in a statement: “Suffolk Life confirms that the case between it and Mr and Mrs Shearer has been settled on mutually satisfactory terms and with no admission of liability.”