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Article continues belowArticle continues belowArticle continues below<script type="application/json" data-placement="fcplayer-semantic">{"type":"fcplayer-semantic","data":{"embedCode":"//cdn.fcp.codes/embed-code-template/embed-code-template.js#SEMANTIC_5704afb8-c10b-4ba5-9cb4-d7fb6098ef90"}}</script><ul><li>Smalling suing his former financial advisors</li><li>Wanted to pull out of financial agreement</li><li>Demands £750,000 of his investment returned</li></ul>

Explained: Why former Man Utd star Chris Smalling is suing his former financial advisors

Premier League

Ipswich

Manchester United

Serie A

SSC Napoli

Roma

According to <a href="https://www.thesun.co.uk/sport/27128442/chris-smalling-sues-wealth-managers/" target="_blank">The Sun</a>, Smalling met with a representative from KWM Wealth Ltd at his Manchester home in 2015 while he was playing with the Red Devils. The 34-year-old claimed he was told to put £80,000 into bonds each month. Smalling first inquired about the cost of terminating his contract with KWM and leaving the company if he wasn't satisfied before deciding to do so. Citing records filed with the High Court, the report says that the representative assured Smalling that he would request the firm to drop any initial charges in order to allay his fears. Smalling allegedly received a financial plan after that, which suggested that he save one third of his earnings, invest the other third, and put the other third towards mortgages.

WHAT HAPPENED?

Smalling learned for the first time in 2021 that he would incur a 45 percent tax if he attempted to withdraw his investment. Smalling claimed he was not informed that the fees and charges would total twice the amount of money he would invest during the bond's 50-year tenure, an amount racking up to £97.7 million ($123m). Consequently, in January 2024, Smalling launched a lawsuit against KWM Wealth Ltd, demanding the reimbursement of £750,000 in expenses that he claimed to have paid until October 2023.

THE EXPLANATION

KWM Wealth are ready to fight the Roma defender's claim in court and will not back down as they believe the claim is "without foundation," as they indicated to The Sun. Smalling will also fight the court case as he looks to fight to gather back the £750,000 that he paid until October 2023.

DID YOU KNOW?

On the field, Smalling will next be in action with Roma under Daniele De Rossi when they take on Lazio on Saturday, April 6 at Stadio Olimpico as they look to close the gap to Bologna for the last Champions League spot.

WHAT NEXT FOR SMALLING?

Explained: Why former Man Utd star Chris Smalling is suing his former financial advisors | Goal.com English Qatar

Former Manchester United defender Chris Smalling is suing his former financial advisors for £750,000 ($947,000).