Ex-Man Utd footballer sues his former SJP adviser over £750k unclear fees

Ex-Manchester United and former England footballer Chris Smalling is suing his former financial adviser, a St James’s Place (SJP) partner, with his lawyers alleging the firm did not fully disclose the charges he would be paying. 

Smalling, who now plays for Italian side Roma, is seeking more than £750,000 in damages from London-based Klipp Wealth Management (KWM). His legal team claims the defender paid this much in fees over eight years on bonds he invested in through KWM.

It is alleged Smalling was not made aware of the difficulties in exiting the products and that the bond wrappers he was recommended were unsuitable for his needs since the total charge for the investments over their expected 50-year lifespan could have amounted to £97.9m – nearly £2m per year. This figure includes investment growth and substantial contributions to the bonds over 50 years.