Mps Want Action For Footballers Who Lost Millions

Three parliamentarians are calling for an investigation into nan lawsuit of a group of erstwhile Premier League players who opportunity they were victims of "financial abuse".

Danny Murphy, Brian Deane and Rod Wallace are portion of nan V11 run group, which comprises 11 footballers who invested pinch Kingsbridge Asset Management successful nan 1990s and 2000s.

The players mislaid tens of millions of pounds and immoderate now beryllium millions successful tax.

Lord Mann, Alex Sobel MP and Sarah Bool MP said nan lawsuit was "a nonaccomplishment of regulation, accountability and work of care".

They were speaking successful consequence to nan BBC documentary Football's Financial Shame: The Story of nan V11, which aired connected Tuesday.

David McKee and Kevin McMenamin, who ran Kingsbridge, person denied immoderate wrongdoing.

They told nan BBC: "At each times Kingsbridge advised successful bully religion and group retired nan risks and opportunities some earlier and aft immoderate finance was agreed."

Up to 200 footballers whitethorn person been affected, pinch immoderate losing their homes and being made bankrupt.

"This was not a lawsuit of greed aliases bad decisions," said nan cross-party parliamentarians.

"These men did what we inquire of everyone - they saved for their futures, trusted regulated professionals and followed proposal they believed was sound.

"We judge that these victims person been grounded by not only their advisers but besides nan financial services sector, by regulatory and rule enforcement bodies, by HMRC, and by nan shot industry."

City of London Police opened an investigation successful 2018.

Two years later it was closed, pinch nan unit concluding location was "insufficient grounds to support a realistic imaginable of conviction".

No charges were brought against Kingsbridge staff.

Lord Mann, Sobel and Bool person called for "a thorough investigation into nan behaviour of each advisers and schemes involved" and "a adjacent and timely solution to nan decade-long taxation dispute".

Bool said she wants "to spot a leniency package put successful spot by HMRC" for nan V11 group.

In a connection HMRC said: "We person a work to cod taxation erstwhile it is legally due.

"We recognise that dealing pinch an enquiry and a ample taxation liability tin beryllium stressful and we are perfectly committed to identifying and supporting customers who request other help."