Independent Insurance FD wins appeal against £10,000 fine

Dennis Lomas, former finance director of the collapsed insurer Independent Insurance, has overturned a £10,000 fine imposed by the ICAEW.

Lomas was convicted of fraud in relation to Independent in 2007 and in January this year he was stripped of ICAEW membership and fined.

His appeal, which was heard in April, was only against the fine. He still faces costs of £2,786.

Lomas was sentenced to four year’s in prison but is expected to be released later this year. He was also subject to a confiscation order amounting to £470,000.

A statement from the ICAEW's appeal committee 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 it doubt as to when, if at all, a sum of that order could have been recovered from him.'