A financial adviser who had debts of more than £300,000 after conducting the improper sale of insurance policies has been handed a nine-year bankruptcy order.
Marc Jones, 42, from Whitchurch in Cardiff, was found to have received commission payments totalling several hundred thousand pounds on the sale of insurance policies that he knew, or ought to have known, would be cancelled.
The Insolvency Service also found Jones had received payment for services that he then failed to supply to his customers.
As a result, at the point of bankruptcy Jones owed more than £350,000.
Jones was self-employed as an independent financial adviser from January 2012 until October 2018. From 2018 to 2019 he worked on behalf of a financial institution selling various financial products, the service noted.
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.”
