The Financial Services Compensation Scheme has paid out £3m in relation to the advice firm taken to court by former England football star Alan Shearer.
There have been a total of 40 claims upheld by the FSCS in respect of Kevin Neal Associates.
Half of these relate to investment bonds while nine relate to a self-invested personal pension.
Another six relate to unregulated collective investment schemes.
Meanwhile there are 14 claims still in progress with the largest number of these – four – also relating to investment bonds while two relate to Sipps and another two to unregulated collective schemes.
Last month Mr Shearer, 46, took his one-time financial adviser to court along with pension specialist Suffolk Life for £9m in damages.
Premier League goal record holder Mr Shearer claims Mr Neal was ‘careless’ and ‘dishonest’ in his management of the Match of The Day pundit’s pension investments, while Suffolk Life failed to abide by its regulatory duties.
The parties involved in the case settled shortly after the hearings began in the High Court.
The terms of the agreement between Mr Shearer and the defendants were confidential.
Mr Shearer, who comes from Newcastle-upon-Tyne, stopped playing in the top flight more than a decade ago after a football career spanning 18 years.
He made more than 600 appearances in top-level club football and won more than 60 England caps.
damian.fantato@ft.com
