9-year bankruptcy order for independent Cardiff financial adviser
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.
In addition, he received payments for services which 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, Deputy Official Receiver in the Insolvency Service, said:
Marc Jones benefited from several hundreds of thousands of pounds thanks to his behavior and that is why he received such a long ban.
Notes to Editors
Marc Jones is from Cardiff and his date of birth is July 1979.
Details of Marc Jones’ engagement are available on the Individual insolvency register
Bankruptcy restrictions vary widely. The effects are the same whether you are subject to a bankruptcy restraining order or a recognizance. Advice on the main legal consequences arising from a bankruptcy restraining order or undertaking.
Information about the work of the insolvency service and how to complain about financial misconduct.
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