Chris Smalling is said to be suing his wealth managers for £750,000 after claiming they failed to tell him about fees and charges which could have cost £97.7million.
Smalling reportedly met with a representation from KWM Wealth Ltd at his home in Manchester while playing for the Red Devils in 2015 – according to The Sun.
The 34-year-old, who signed for Roma in 2020 after spending the 2019-20 campaign on loan at the Serie A side, said he was advised to invest £80,000 a month in bonds.
It is claimed that Smalling was subsequently sent a financial plan, which reportedly advised him to invest a third of his income, keep a third, and put the rest towards his mortgage.
Smalling was left fuming in 2021 when he was told, for the first time, that he would be taxed 45 per cent if he tried to withdraw his investment.
Smalling said he was not told the fees and charges would add up to twice the amount he would invest over the 50-year life of the bond.
As a result, Smalling filed a lawsuit against KWM Wealth Ltd in January 2024, requesting the return of £750,000 in charges he said he paid up to October 2023.
The case is still ongoing, but KWM’s lawyers – DAC Beachcroft – reportedly told The Sun they will defend his High Court claim on the basis it is ‘without foundation.’
While Smalling’s lawyers – Thomas Mansfield Solicitors Limited – will continue to push for the the return of £750,000 in charges.
Smalling – who left Manchester United to sign for Roma in an £18million deal in 2020 – is reportedly taking home around £3.1m a year.
