Alan Shearer’s former financial adviser breached order – judge
A former financial adviser embroiled in High Court litigation with ex-England footballer Alan Shearer has breached an order by failing to provide bank statements, a judge has said.
Deputy Master Henrietta Hill said Kevin Neal failed to make statements from Spanish and English accounts available.
She outlined her conclusions in a ruling after overseeing a recent High Court hearing, in London, at which Mr Neal was questioned about his finances.
Deputy Master Hill said Mr Neal’s general demeanour at the hearing also “adversely impacted” on her assessment of his credibility.
She said Mr Neal had been the “eponymous figure” behind two successive financial advisory practices: Kevin Neal Associates and Kevin Neal Associates Wealth Management.
“The firms appeared to target high net worth individuals and in particular professional sportspeople,” she said.
“They recommended investments which were supposedly secure and ‘uncorrelated’ but were in fact unregulated collective investment schemes for the purposes of the Financial Services and Markets Act 2000. Both firms are now insolvent.”
She decided that a High Court judge should now take charge of the litigation.
More than three years ago, television pundit Mr Shearer, 50, agreed a settlement with Mr Neal after claiming that he was given “negligent” advice and launching a £9 million damages claim.
Lawyers then told a judge who had begun overseeing a High Court trial in London in June 2017 that the terms of the settlement were confidential.
Shearer, who was a striker with Southampton, Blackburn and Newcastle, said Mr Neal owes money he was ordered to pay under the terms of the settlement.
Mr Neal told Deputy Master Hill that he owes around £200,000, but that he cannot pay.
Lawyers representing Mr Shearer suggested that it is “more a question of will not pay”.
Earlier this month, another judge, Master Richard Davison, made an order which will allow Mr Shearer to take money he is owed from a bank account belonging to Mr Neal.