Athletes, particularly those in professional sports, are prime targets for fraud and mis-selling for several reasons.

The combination of these factors makes professional athletes attractive targets for fraudsters, emphasising the need for robust protections and informed decision-making.

High Earnings: Professional athletes, particularly footballers, often earn substantial incomes, making them attractive targets for financial fraudsters looking to exploit their wealth.

Young Age and Inexperience: Many athletes start earning significant sums at a young age and may lack the financial knowledge to manage their wealth effectively, leaving them vulnerable to unscrupulous advisors.

Trust in Advisors: Athletes often place great trust in their advisors, who may take advantage of this trust to mis-sell products or services for personal gain, often without the athlete fully understanding the risks involved.

Retirement Vulnerability: Upon retirement, athletes may face financial instability due to a lack of long-term financial planning, making them more susceptible to fraudulent schemes that promise quick returns or financial security.

Complicated Pensions and Early Withdrawal Provisions: Athletes' pensions are often more complicated due to the specific provisions allowing for early withdrawal. This complexity can make them more vulnerable to schemes promising early access to their pension funds or higher returns, which are often fraudulent.

Earning Potential and Retirement Planning: Unlike many other professions, athletes earn the majority of their income at a young age. Their careers can be short-lived, and their earning potential often dramatically reduces after retirement. This creates a need to maximise their earnings and secure their financial future early on, making them susceptible to schemes that promise quick and high returns on investments.

Focus on Career and Delegation of Off-Pitch Activities: Achieving success at a high level in sports requires athletes to dedicate themselves fully to their training and performance. As a result, they must trust a team of advisors to manage their off-pitch activities, including their finances. This dependence on others can be exploited by rogue advisors who mismanage or fraudulently divert their funds.

Many retired athletes find themselves in financial crises due to mismanagement and fraud during their careers. The transition from high earnings to retirement often reveals the extent of the financial damage caused by rogue advisors. This crisis is characterised by:

• Loss of Life Savings: Retired professionals often discover that their life savings have been depleted due to mis-sold investments or fraudulent schemes.

• Lack of Financial Security: Many retired athletes struggle to maintain financial security, leading to stress and a reduced quality of life.

• Legal Battles: Some athletes face prolonged legal battles to recover lost funds, which can be both costly and emotionally draining.

• Pension Losses: A significant number of athletes have fallen victim to pension fraud, where their retirement funds were mismanaged or siphoned off into illegitimate schemes, leaving them without the financial support they were counting on in retirement.

Another significant issue affecting many retired sports professionals is involvement in film investment schemes. Professional athletes were often targeted by advisors to invest in these schemes as legitimate tax-efficient investments, promoted by the government at that time. The schemes were later deemed by HMRC to be tax avoidance strategies. As a result, many athletes who invested in these schemes now face enormous tax bills, compounded by interest and penalties.

While it is fair that some investors who benefited from these schemes should pay the appropriate taxes, there are also cases where players were defrauded and did not benefit at all. These players were often misled about the nature of the schemes.

Mis-selling of these schemes has also been widespread. Many athletes were lured into these schemes by professional advisors they trusted on false pretences, only find themselves facing significant tax liabilities without having benefited from the investment (in some cases only incurring losses.

HMRC's extremely aggressive approach to recovering taxes from these schemes under the Advance Payment Notice scheme has execcerabated the problem with many facing demand for payment within 90 days upfront and without a right of appeal. There are reports of settlements being entered into and then revoked, inconsistent treatment and behaviours inconsistent with HMRC's Charter. There have been numerous suicide attempts and hospitalisations.

The financial fallout has been catastrophic, with some players losing everything, leading to cases of homelessness and severe financial distress in some tragic cases. It is crucial that cases of fraud are treated differently, recognising the athletes who have been classified as fraud victims are treated fairly and appropriately rather than as tax avoiders.

We are dedicated to supporting and campaigning on behalf of athletes affected by fraud and mis-selling through various initiatives:

Advocacy for Historic Victims:

We are campaigning for legal reforms and compensation for athletes who have been victims of fraud and mis-selling. This includes lobbying for changes in the law to better protect victims and seeking justice for those affected.

Support Services:

We are campaigning for comprehensive support services to help athletes navigate legal processes, recover lost funds, deal with tax liabilities and rebuild their financial security. This includes legal representation, financial advice, and emotional support.

Prevention Activities:

To prevent future cases of fraud, we aim to run educational programs and workshops for athletes. These initiatives will aim to improve financial literacy, raise awareness about common scams, and promote the importance of independent checks and process.

IFA Protection Initiatives:

We focus on safeguarding athletes' pensions by providing education and seeking the implementation of policies that ensure stricter oversight of financial advisors operating in sport.

Campaigning for Fair Tax Treatment:

We are advocating for changes in tax laws to ensure that athletes who are victims of fraud do not face unfair tax charges. Current tax laws can compound the financial misery of those who have already been defrauded, and we are pushing for reforms that recognise their victim status.

Industry Trust Fund:

We are calling on the sports industry to establish a trust fund to assist athletes facing financial distress, insolvency, or homelessness due to fraud. This fund would provide a safety net for those in need and demonstrate the industry's commitment to protecting its members.