A former finance director of Cattles, the sub-prime lender, has been kicked out of ICAS, the Scottish institute, for at least eight years, following a Financial Reporting Council tribunal today.

James Corr, who was FD at the troubled group between August 2007 and February 2009, had previously been fined £400,000 and barred from holding any FSA-regulated position following an investigation by the financial watchdog in 2012, the FRC tribunal heard.

Today's ruling followed a three-year investigation into Cattle's financial statements for 2007 and 2008. The tribunal heard how the FSA had ruled that Corr had 'engaged in market abuse and to have been knowingly concerned in serious breaches of the listing rules'. The FSA considered Corr was not 'a fit and proper person as his conducted demonstrated a lack of integrity'.

The tribunal added that any application for readmission to ICAS after the eight-year period should not necessarily be approved automatically, but be considered 'on its merits'. However, the tribunal chose not to impose a financial penalty in light of the FSA fine.

A second tribunal is scheduled to take place tomorrow (Tuesday 19 February) to hear charges against ICAEW member Peter Miller, who was the FD of Welcome Financial Services, a subsidiary of Cattles.

An FRC investigation into PwC, the former auditor of Cattles, is ongoing. The Big Four firm is also facing a law suit from Cattles itself, which delisted in 2009 following the discovery of a £850m accounting black hole.