Scandal-ridden City broker cut from David Cameron’s controversial resignation honours list
Former Tory party treasurer Michael Spencer has lost out on an honour over ethical concerns
A LEADING City broker embroiled in the Libor fixing scandal was scrubbed from David Cameron's resignation honour list because he didn't pass the "sniff test", sources claimed last night.
The former PM has twice attempted to get Michael Spencer, the former Tory party treasurer between 2006-10, in to the House of Lords - most recently in 2013.
But last night sources claimed he had been blocked due to ethical concerns over the banking scandal.
Friends of Mr Spencer claimed it was unfair because he had raised around £70 million for the Tory party and cash for charity.
RELATED STORIES
His firm ICAP paid out £55m in a settlement with the FCA in Britain and the US equivalent over the Libor scandal which saw traders accused of manipulating the borrowing rates.
Last night Lib Dem leader Tim Farron urged Theresa May to bring in an independent panel to award honours.
He said: “I am not for one minute questioning Mr Spencer, but I am questioning the judgement of leading Conservative politicians who clearly don't care how this might look.
“My criticism is not of individuals but of a system.
“Mr Spencer is chief executive of a spread betting firm, Icap, which was fined £55m for its role in the Libor-rigging scandal.
“I also note that in 2010 Mr Spencer agreed to pay a £4.7m tax bill after taking part in a scheme that allowed him to avoid millions of pounds in tax for nearly a decade."