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Topics: FSA| Money Advice Service
The Financial Services Authority has appointed a former chairman of the British Bankers Association as a non-executive director of the Money Advice Service board.
John Spence will join the MAS board with effect from 2 January 2012.
He brings significant experience from the banking sector. He is currently finance chair for Business in the Community and holds current non-executive directorships at Capital for Enterprise, as chair of the Audit Committee, HM Revenue & Customs, chair of Harlow Renaissance Limited and Spicer Haart Limited.
Previously Spence was the chair for the British Bankers Association Retail Banking Committee, and has held a variety of executive positions at Lloyds TSB.
Lord Turner, the FSA's chairman, said: "We are pleased that John has been appointed to the Money Advice Service Board as non-executive director. He brings with him extensive experience from the banking sector which will greatly benefit the Service."
Gerard Lemos, chairman of the Money Advice Service said:"John brings an invaluable blend of senior banking experience, together with finance and audit knowledge, which will be instrumental for our development of the Service and engagement with our stakeholders.
"I very much look forward to working with John in the busy year ahead, and beyond."
The Money Advice Service today revealed it is axing 60 job roles as part of a restructure, just eight months after it launched, while the CEO enjoys pay before benefits of £250,000 a year.
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The Joke Is On US
Yet more outlay on useless appointments. Now, if the idea was to teach MAS how to sell bad products to pensioners I could understand it. Another £100 on my MAS levy, I reckon.
Posted by: Alan Lakey
Another (B)anker
My God, yet another wasteful appointment on a guy who has probably never, ever 'advised' who this service is aimed at in the real world. I suppose when you are constantly labelled a joke it must become so much easier to live up to the expectations of the Nation and the FSA has proved to be successful in that venture, yet again. And of course, isn't it Sants who is going to the Bank when the new service takes over. I wonder if that will be as profligate. The whole group of people within this arena really do appear quite incestuous and should be broken up and kicked out to pasture.
Posted by: Richard
I disagree..
Who better ot show people how to act irresponsibly with their money, rack up huge debts whilst living beyond our means, then go running to Nanny for a bail out… only to repeat the mindless stupidity again… On think on this occasion John Spence is over qualified. Maybe the FSA should pay him an extra £100K for being such a prize for them. Now he ranks amongst the elite when it comes to overpaid waste’s of space… Do Turner and Sants feel threatened? You couldn’t make this up, and people wonder why the country and this industry is in such a state when we are governed by greedy idiots like this…
Posted by: paul
Money Advice Service
Another example of 'Jobs For The Boys'! This is becoming a merrygoround; Banker to FSA, soon to be followed by FSA bigshots to the Bank of England. You could not make this up, failed Bankers and failed regulators reaping the benefits of failure.
Posted by: Terry Humphreys
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Jobs for the boys?.......
So 60 lose their jobs after 8 months in post and we get another 'senior banker' who presumably has never, ever advised anyone about debt or personal finances. He may be 'qualified' to shuffle the paper and claim the expenses but in all likelihood has zero qualifications or experience in what the organisation is actually supposed to be doing. I guess that is fine when it isn't your money and accountability is non existent.
Posted by: BC