Mr Shearer agreed the settlement with Kevin Neal after he began a £9 million damages claim against Mr Neal and Suffolk Life, a pensions administrator, two years ago. Mr Neal and Suffolk Life have both disputed the allegations.

It was claimed that Mr Neal had offered dishonest and careless advice and that Suffolk Life breached fiduciary and regulatory duties, The Times reports.

A confidential settlement was agreed by both parties with no admission of liability by Kevin Neal.

However, the case returned to court last week, when Mr Shearer pressed his claim for the return of £100,000 from Mr Neal which was due under the terms of the settlement.