The Government has appointed former HBOS head of intermediary business Grenville Turner as an adviser on housing policy.
Communities secretary Eric Pickles hired Turner, who left HBOS in February 2006 after 30 years with the bank and is currently Countrywide Group chief executive, as non-executive director to the Department for Communities and Local Government on £15,000 a year.
HBOS was forced into a merger with Lloyds Bank in September 2008 and the Government later bailed out Lloyds Banking Group taking a 42 per cent stake.
The parliamentary commission on banking standards report, An accident waiting to happen: The failure of HBOS, published last April, attacked its “higher risk, non-standard” and “excessively confident” mortgage lending.
Turner became Countrywide chief executive in January 2007 and has worked in banking and property for 38 years. Countrywide floated on the stock market in March last year, valued at £750m, with Turner reportedly making more than £10m.
Ahead of the IPO Countrywide was forced to set aside £25m to deal with claims for allegedly over-valued properties.
The DCLG board advises and supports ministers on the operational implications and effectiveness of policy proposals and helps to turn policy from ideas into actions and results.
He will alongside other non-executive directors Sara Weller, Stephen Hay and Nick Marham.
Permanent Secretary Sir Bob Kerslake says: “I am pleased to welcome Grenville as Non-Executive Director for the Department. He brings with him a wealth of knowledge and experience which will be an asset to the Department. We are looking forward to having him on board.”
Turner says: “I am looking forward to joining the DCLG board. I hope that my experience and knowledge of communities and the property sector will allow me to make a valuable contribution to the DCLG.
”I look forward to working with my colleagues on the board to enrich the debates within Government and regulators when devising policies and plans to ensure we create vibrant and cohesive places for people to live and work.”