MAS non-exec presided over £300m Lloyds 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 ...