9-Year Bankruptcy Order For Independent Financial Adviser
A lengthy Bankruptcy Order for an Independent Financial Adviser. Self-employed independent financial adviser, Marc Jones, 42, had debts over £300,000 after failing to provide services to customers.
Mr Jones was self-employed from January 2012 until October 2018 as an independent financial advisor. From 2018-2019 he worked on behalf of a financial institution selling various financial products.
Commission payments were received by Mr Jones totalling several hundred thousand pounds on the sale of insurance policies that he knew, or ought to have known, would be cancelled.
In addition, he received payment for services that he then failed to supply to his customers. As a result, at the point of bankruptcy, he owed over £350,000.
The Secretary of State for Business, Energy and Industrial Strategy accepted a nine-year bankruptcy restrictions undertaking from Marc Jones, which commenced from 21 February 2022.
As a result, he is under 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 the Court’s permission.
Insolvency Service Comment
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.
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