The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Thursday, December 15, 2011

Irony

IFAonline reports that 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. 

This is somewhat ironic, as per the MAS site:

"A wealth of information and advice If you’re looking for free, clear, unbiased money advice, you’re in the right place.

The Money Advice Service is here to help everyone manage their money better. We do this by giving clear, unbiased money advice to help people make informed choices. 

We believe that the right money advice can make a difference to people’s lives. And when people take steps to manage their money better, they can live better too.

The Money Advice Service is a free, independent service. We were set up by government and are funded by a levy on the financial services industry.

Because we’re not selling anything ourselves, or for anyone else, you can trust our advice."

Spence 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.