Mortgage News
IFA in nine-year bankruptcy order after taking commission for cancelled insurance policies
An independent financial adviser has been given a nine-year bankruptcy order after raking in several hundred thousand pounds of commission from insurance policies that would be cancelled.
Cardiff-based Marc Jones received payment for services he then failed to supply to his customers, according to the Insolvency Service.
At the point of bankruptcy, he had debts of more than £350,000.
Jones had received kick-backs on policies that he knew, or ought to have known, would be cancelled.
He worked as a self-employed IFA between January 2012 and October 2018. Then from 2018 to 2019 he worked on behalf of a financial institution selling various financial products.
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The secretary of state for business, energy and industrial strategy accepted a nine-year bankruptcy restrictions undertaking from Marc Jones, 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.
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.”