Ex England ace Chris Smalling sues advisors for £750k after ‘not telling him about huge fees and charges’
FORMER England ace Chris Smalling is suing his wealth managers for £750,000 claiming they did not tell him about fees and charges which could have cost £97.7million.
The ex-Manchester United defender, now playing for Italian club Roma, said he was advised in 2015 to invest £80,000 a month in bonds.
According to his legal documents, in 2015, when still playing for the Red Devils, he met a representative from KWM at his home in Manchester to talk about how he could build up investments which would fund his luxury lifestyle after retiring from football.
Smalling claims that he wanted to know how much the charges would be, to have a contract that would be easily ended if he was unhappy.
The representative recommended investment bonds and said he would ask the firm to waive any initial charges, according to documents submitted to the High Court.
Smalling claims he was then sent details of the plan which included investing a third of his income, keeping a third, and putting the rest towards his mortgage.
He claims he wanted to withdraw the investment in 2021 but was then told for the first time, if he did it would be taxed at 45 per cent.
Smalling, 34, — married to former Page 3 girl Sam Cooke — also says he was not advised fees and charges could add up to twice the amount he would invest over the 50-year life of the bond.
The dad of one wants the return of £750,000 in charges he said he paid up to October 2023.
KWM Wealth’s lawyers told The Sun they will defend his High Court claim on the basis it is “without foundation.”
Smalling was signed to Roma from Man Utd on a £18 million deal in 2020 – and now takes home an annual salary of £3.1 million.