MAS non-exec presided over £300m Lloyds mis-selling scandal

clock

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on TCF

TCF

Chris Davies: Are you still treating customers fairly?

Build a constructive culture

Chris Davies
clock 14 May 2018 • 4 min read
TCF

IFA submits portfolios for independent verification; gets top marks

An independent advisory business is set to submit its investment portfolios for regular scrutiny after independent tests were carried out on a trio of live client cases.

Scott Sinclair
clock 04 August 2015 •
TCF

Why client-centric TCF culture should be at the heart of every advice firm

Why client-centric TCF culture should be at the heart of every firm

Jon Everill
clock 06 May 2015 •