Former England football captain Alan Shearer is suing a financial adviser to the tune of £6million, over claims that he was mis-sold pensions. The 46 year old former Newcastle United striker, is understood to have invested pension cash in an offshore fund incorporated in the British Virgin Islands after taking advice from former insurance salesman Kevin Neal.
However documentation shows that Neal is alleged to have made false statements about the Fortress Fund, claiming that the fund did not invest in such high risk products. As a result, insurers took the decision to remove his professional indemnity, which then left his clients with no protection.
However 58 year old deal, who is facing being struck off from the financial profession, claims that Mr Shearer has not lost any money and that the investments he has made will “come good”. Since retiring from the game itself, Mr Shearer has worked as a football pundit on BBC’s Match of the Day. He was first introduced to Neal by his mate and former team mate Rob Lee. Neal has sent text messages to newspaper reporters, saying that Mr Shearer’s legal action is spurious while Mr Shearer himself and Mr Lee, who was a business associate of Neal’s have not commented.
Mr Shearer became the most expensive football player in the world in 1996 to come back to Newcastle United. The club paid a whopping £15million transfer fee to get the player back to St James’ Park. While it was a record amount at the time, it has since been dwarfed by other huge transfer fees for talented players around the globe. At the time though, Mr Shearer was dubbed the world’s first nine figure footballer.
He has recently signed a new contract to remain as a pundit on Match of the Day until 2020, having become a familiar face on the show.