Twelve Premier League footballers are pursuing their financial advisers for total losses of £14m after being advised to invest in unregulated collective investment schemes.
Claims management firm Rebus Investment Solutions is representing the footballers and says over 200 players have invested over £1bn in Ucis funds in total over the last 15 years.
The largest single investment in Ucis by a footballer was £12m, says the claims firm.
Rebus says the footballers were all advised by different advisers and believes they were not made aware of the risks involved in the schemes. The claims firm also points the finger at the footballers’ agents for taking payments from advisers for signing players up to certain schemes.
Rebus head of client relations Martin Taylor says the cases it is seeing of premiership and ex-premiership footballers who were missold Ucis are likely to be the “tip of the iceberg.”
He says: “What is clear from the data we have collated is premiership footballers have invested in these schemes on a huge scale over the past 15 years.
“Yet, in many cases, players were not made fully aware of the risks involved or the potential costs. Many professional advisers have not fulfilled their obligations when recommending these and, if that is proved to be the case, investors have a right to claim compensation. We are urging any footballers who believe they were missold to come forward.”
Evolve Financial Planning director Jason Witcombe says: “Footballers are a very easy target to sell to because they earn such crazy amounts of money, which probably attracts the wrong type of people. Given the question mark over whether agents were taking backhanders from advisers, I would not be surprised to hear if there were instances of misselling.”
Top 8 clubs by player investment: