A UK judge has ruled that the former financial adviser of ex-footballer Alan Shearer breached an order by failing to provide bank statement, according to media reports.
During a virtual high court hearing, deputy master Henrietta Hill said Kevin Neal failed to make statements from Spanish and English accounts available.
Shearer and Neal previously agreed a settlement deal in 2017, under which the IFA to pay the former Newcastle United and Blackburn Rovers striker £100,000 ($133,605, €112,215) and £11,000 in costs.
Earlier this month, judge master Richard Davison made an order allowing Shearer to take money from an account belonging to Neal.
According to reports, Neal said he was not able pay the money, but Shearer’s representatives suggested it was “more a question of will not pay” than could not pay.
Questioned finances
Deputy master Hill outlined her conclusions after overseeing a recent High Court hearing, in London, at which Neal’s was questioned about his finances.
She reportedly said Neal’s general demeanour at the hearing also “adversely impacted” on her assessment of his credibility and concluded that a High Court judge should now take charge of the litigation.
More than three years ago, Shearer agreed a settlement with Neal and self-invested personal pension (Sipp) provider Suffolk Life claiming he “lost millions” after getting “negligent” pension advice.
The ex-footballer complained about investment advice he was given for a £4m pension. The terms of the settlement were confidential.
Banning
In May 2018, Neal was banned from holding a directorship for sneaking £76,000 out of his insolvent advice firm.
Neal and his wife Cheryl ran the now-defunct Kevin Neal Associates Wealth Management (KNAWM).
The company had been incorporated to take over the wealth management business of a previous firm, Kevin Neal Associates Limited, of which Shearer was a client and which went into compulsory liquidation on 1 July 2013.
By May 2014, at least six decisions by the Financial Ombudsman Service (FOS), totalling £573,274, had gone against Kevin Neal Associates Limited and KNAWM.
The firm’s previous insurer refused to settle the claims and the Financial Conduct Authority (FCA) had altered KNAWM’s permissions to ensure that it did not transfer away assets without its permission.
Despite this, between May and June 2014, KNAWM transferred £55,000 and two cars worth £22,120 to associated parties.
Both Neal and his wife were banned from being directors, the husband for six years and Cheryl Neal for four years.
