Cardiff-based independent financial adviser Marc Jones has been handed a nine-year bankruptcy order from The Insolvency Service.
Jones was a self-employed IFA between January 2012 and October 2018. He then started working on behalf of an unnamed financial institution selling various products until 2019.
The Insolvency Service said that he received commission payments totalling “several hundred thousand pounds” on the sale of life insurance policies which “he knew, or ought to have known, would be cancelled”.
Additionally, he received payments for services that were never provided to his customers. As a result, Jones owed over £350,000 ($461,540, €420,000) at the point of bankruptcy.
The secretary of state for business, energy and industrial strategy accepted a nine-year bankruptcy restrictions undertaking for Jones, which came into force from 21 February 2022.
This means that Jones is now unable to borrow more than £500 without disclosing his bankruptcy status, and cannot act as a company director without the court’s permission, among other restrictions.
Alan Draycott, deputy official receiver at the Insolvency Service, said: “Marc Jones benefitted by several hundred thousand pounds through his behaviour and that is why he has received such a lengthy ban.”
