Where am I? 
Home Better Business TCF
Categories: TCF
Topics: Money Advice Service| Lloyds TSB Bank plc| endowment mis-selling
John Spence, the newly-appointed non-executive director of the Money Advice Service (MAS), was in charge of managing risk at Lloyds TSB during the height of its endowment mis-selling scandal.
Spence, whose appointment to MAS was announced yesterday, was head of risk at Lloyds when it was fined £300m for mis-selling endowment policies and precipice bonds in 2003.
Lloyds was found to have sold the products inappropriately over the ten years preceding 2003.
Spence held a number of top positions at the bank during this decade.
Before becoming director of risk in 2003, Spence was director of retail distribution from 2001 to 2003.
He was director of branch networks from 2000 to 2001, and chief executive of Lloyds TSB Scotland from 1998 to 2000.
Prior to this Spence was head of business banking and then managing director of business banking at Lloyds.
MAS was criticised this week when it was revealed its chief executive was paid a salary of £250,000 whilst it made 60 members of staff redundant.
| Share | |
| Comment | MAS non-exec presided over £300m Lloyds mis-selling scandal |
More tcf news
Email alerts
Recommended reading
Categories
Topics
Comments
Laughable!
When MAS advertised recently for non exec directors they specified banking experience at a high level was desireable. They did not specify a clean record in banking.
Posted by: Green Eyed Monster
Just in time for Xmas.
Cancel Aladdin, Stop Cinderella; if you want a real pantomime what not book MAS?
Posted by: Harry Katz
This is what happens when no one is accountable
The whole issue of what these people are paid in the regulatory industry is just an absolute scandal, but as no one is accoutable or indeed can be held responsible they naturally abuse the system. How you can change it one can only guess as this Government and Mr Hoban seem to defend these extortionate salaries and hirings.
Posted by: Michael Fallas
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Client feedback is more than simply a way to validate what you do
Viewpoints
sponsored by
They spend a fortune
on the financial equivalent of John Major's 'Cones Hotline', pay a great wedge to its boss, hire a load of staff, ire a load of staff, and we pay for it. You could not make it up. Financial services are now regulated by a new Bourbon monarchy and it's high time we set up a very sharp and heavy guillotine.
Posted by: Neil F Liversidge