Lord Dennis Stevenson

He resigned in 2008 after the forced rescue-merger of HBOS-Lloyds TSB. HE was knighted in 1997, and in 1999 was made a life peer: Lord Stevenson of Coddenham. He sits in the House of Lords as a Cross-bencher.

In March 17 2008, he accused the Financial Services Authority of being ‘paranoid’ about the health of HBOS, saying, ‘My soberly-considered view is that given the extraordinary external environment, HBOS in an admittedly uncertain and worrying world is in as secure a position as it could be.’

Despite Stevenson’s attempts to portray himself as a fringe player in the downfall of HBOS, saying he only worked there part-time, Parliament’s Banking Standards Commission report, issued in April 2013 pointed out that he was at the helm from ‘its birth to its death.’

The Report said: “Lord Stevenson has shown himself incapable of facing the realities of what placed the bank in jeopardy from that time until now”. And: “The corporate governance of HBOS at board level serves as a model for the future, but not in the way in which Lord Stevenson and other board members appear to see it. It represents a model of self-delusion, of the triumph of process over purpose”.

After leaving HBOS Stevenson worked for a private equity firm and he recently quit as a non-executive director. As a non-executive director of the global money transfer service Western Union, he earned more than £500,000 between 2008 and 2011 and earned 35,000 a year on the board of Economist Group.

Stevenson, who has gone public about his experiences of depression, is a campaigner for greater understanding and treatment of mental illness. He was the Founding Chair of MQ: Transforming Mental Health, a charity which supports research into mental health and is currently a trustee of Inter Mediate.

Help us include as many voices as possible.

Donate to PEP

Get the latest news from Promoting Economic Pluralism: