Bankruptcy

Financial adviser banned from nine-year bankruptcy order

A British independent financial adviser has been banned under a nine-year bankruptcy order, the Insolvency Service said in a statement on April 4.

Marc Jones, 42, from Cardiff, was self-employed as a self-employed financial adviser from January 2012 to October 2018. From 2018 to 2019 he worked on behalf of a financial institution selling various financial products.

Jones received commission payments totaling several hundred thousand pounds on the sale of insurance policies that he knew or should have known would be void.

Additionally, he received payments for services that he subsequently failed to provide to his clients. As a result, at the time of bankruptcy he owed over £350,000.

The Secretary of State for Business, Energy and Industrial Strategy has accepted a nine-year bankruptcy restraint undertaking from Marc Jones, which begins February 21, 2022.

As a result, he is subject to a number of restrictions, including not being able to borrow more than £500 without disclosing his bankrupt status, and he cannot act as a company director without permission from the court.

Alan Draycott, the Insolvency Service’s deputy receiver, said: “Marc Jones has benefited several hundred thousand pounds from his behavior and that is why he has received such a lengthy ban.”