In December 2014 Mr Merrien a director of a local insurance broker was fined £200,000 by the GFSC – the maximum financial punishment within their power.
Since December 2014, Mr Merrien is now serving a custodial sentence. Furthermore, he has no material income and no substantial assets from which he would able to satisfy a financial penalty, and there is no prospect that he would be in a position to do so within the foreseeable future.
With this in mind on 30 August 2016, the Commission decided that, in the particular circumstances of this case, it was not appropriate to impose any financial penalty on Mr Merrien and as a consequence, the GFSC has published an amended Public Statement.
This revised statement on the following link:
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