Last month, the former Newcastle and England striker agreed on an undisclosed settlement deal after launching a £9m court bid against Neal and his since-liquidated advice firm Kevin Neal Associates, based on accusations of having received negligent financial advice from the IFA.
Other people have come forward to denounce Neal’s conduct, previously described by the football player as “dishonest” and “careless”.
A document seen by International Adviser shows that out of a total of 74 claims against Neal, 40 have been upheld by the UK’s statutory investors compensation scheme, amounting to £3m in compensation.
These included six unregulated collective investment scheme claims and nine Sipp claims, with the majority (20) referring to investment bonds.
Out of the remaining 34 claims, 20 were rejected but 14 are still in progress, meaning the grand total paid so far in compensation might actually rise if the claimants are eligible.
Group action
The maximum compensation the FSCS can pay out for one claimant is £50,000.
However, in the case of Kevin Neal Associates, the FSCS has announced it has also accepted group claims “in which all the claimants in a group are eligible for £50,000 pay out in compensation and these group claims are categorised as one claim”, the document read.
