Tory treasurer still in line for peerage despite Libor scandal

FORMER Tory treasurer Michael Spencer’s hopes of getting his peerage are still alive after it emerged his name has not been definitively rejected.

Sources revealed the Lords Appointments Commission had said they were unable to approve the gong, recommended by David Cameron, at this time over concerns about his firm’s role in the Libor scandal.

But they told him that if he manages to clear his name, the way would be open for him to get the honour in future years.

In that case, Mr Spencer’s hopes would depend on Theresa May being as willing to put him forward as Mr Cameron has been.

Mr Spencer is chief executive of Icap, one of the world’s largest brokers, which was fined £11million by the European Commission over allegations it helped Libor interest rate rigging.

He has always denied wrongdoing, and his firm has appealed against the fine. If he succeeds, it means his name could be cleared in the eyes of the appointments commission.

Earlier this week, close friends of Mr Spencer told the Mail that he is upset at being turned down – saying that he himself had done nothing wrong over Libor.

One said he feels the gongs have been given to a load of PR men and that he has been singled out, even though he behaved totally properly during the Libor scandal. Mr Spencer is also said to feel he could have been very useful to the Government in the Lords as he is one of the most experienced voices in the City.