Spencer had previously been chief control officer for HSBC’s retail banking and wealth management business, while he has also worked as chief financial officer for Marks and Spencer Financial Services.
Dame Denise Holt, chair of Marks and Spencer Bank, noted that this is a key time for business, having transitioned into becoming a full service bank last year with the launch of Marks and Spencer Bank mortgages.
Spencer added: “I’ve shopped at Marks and Spencer my whole life, from the suit I purchased for my first job interview, to the Christmas meal we prepare every year and, having started my career in financial services with Marks and Spencer, I’m a huge advocate of the brand.
“I truly understand the high standards our customers have come to know and expect from Marks and Spencer and Marks and Spencer Bank.”
Earlier this month data from the FCA revealed that Marks and Spencer Bank made it into the top five most-complained about lenders, with Al Rayan Bank the only other active lender to do so.