Cardiff IFA handed 9-year bankruptcy order

Marc Jones, an IFA from Cardiff, has undertaken nine years of bankruptcy restrictions after failing to provide services to customers.

At the point of bankruptcy he owed over £350,000.

Mr Jones worked as a self-employed IFA between January 2012 and October 2018.

From 2018 to 2019 he worked on behalf of an unnamed financial institution selling various financial products.

During that time he received commission payments totaling several hundred thousand pounds on the sale of insurance policies that the Insolvency Service said he knew would be cancelled.

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He also received payment for services that he then failed to supply to his customers.

The nine-year bankruptcy undertaking commenced on 21 February.

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.”

Mr Jones is now 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.

Mr Jones was born on 30 July 1979, with a last known address in Whitchurch, Cardiff.

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Cardiff IFA handed 9-year bankruptcy order