So, is Derek Conway still a Conservative?

In the Bexley Mercury this week, Derek Conway says:

"As a matter of accuracy I am no longer a Conservative MP therefore the Conservative Party has no influence over my position"

Now I don't want to dwell on this, but the wording "I am no longer a Conservative MP" is interesting. My question is: "Is Derek Conway still a member of the Conservative Party?"
In the Lib Dems we suspend people for "bringing the party into disrepute" while internal investigations and any appeals take place. Wouldn't this be an appropriate action for the Conservatives in this case?