The Financial Reporting Council (FRC) has fined the former boss of failed Christmas savings company Farepak £65,000 over his conduct during its collapse.
The accountancy tribunal issued William Rollason - the previous chief executive of Farepak and parent company European Home Retail - with a severe reprimand, a fine of £15,000 and costs of £50,000 towards bringing the disciplinary action.
The sanctions stem from a settlement between him and the FRC last week, in which he accepted that he had acted recklessly and contrary to professional ethics. An independent tribunal then met yesterday (11 June) to decide on the sanctions.
FRC executive counsel Gavin Rees QC, said...