Independent director could not have paid, said committee

Dennis Lomas, the disgraced former Independent Insurance finance director, has had a £10,000 fine overturned on appeal.

The fine from the Institute of Chartered Accountants in England and Wales (ICAEW) was overturned by its appeal committee panel.

The statement by the committee chairman, Adrian Brunner, QC, said: “Plainly he has suffered financially considerably as a result of his conviction and it is not open for the sum of £10,000 to be sought from him at the present time. It remains in doubt as to when, if at all, a sum of that order could ever have been recovered from him.”

Independent Insurance went into provisional liquidation in June 2001. In 2007 Lomas was convicted of fraud in relation to the collapse of the company and was jailed for four years. He was stripped of ICAEW membership earlier this year.