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Ex-HBOS chief exec James Crosby gives up knighthood

Sir James Crosby

Former HBOS chief executive Sir James Crosby is giving up his knighthood and 30 per cent of his pension pot after a damning parliamentary report into the bank’s collapse.

A parliamentary commission on banking standards report, published last week, called for Crosby, ex-chief executive Andy Hornby and chairman Lord Stevenson to be banned from working in financial services.

Crosby was HBOS chief executive from its creation in 2001 folowing the merger of Halifax and Bank of Scotland to 2006. He was also FSA deputy chairman from 2007 to 2009.

According to ITV News, Crosby today said: “Shortly after I left HBOS, I received the enormous honour of a knighthood in recognition of my own – and many other people’s – contribution to the creation of a company which was then widely regarded as a great success.

“In view of what has happened subsequently to HBOS, I believe that it is right that I should now ask the appropriate authorities to take the necessary steps for its removal.”

Last week, Crosby resigned as a consultant to private equity firm Bridgepoint.

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. A man of honour (and there are precious few of them around), but was this necessary?

    When bestowing honours one would have thought that the right amount of due diligence is undertaken.

    This smacks yet again of sanction by hindsight. How many others in all walks can be found wanting if we are to be wise after the event?
    This man didn’t do anything criminal. He may have been incompetent and careless, but is that now a crime? Anyway I thought that was what regulation was for – to prevent the incompetent making a pig’s ear of things. In which case what of Lord Turner? Sir Hector? Indeed what of Lord Myners? His old firm went down the tubes – why don’t we blame him for that? What of that complete incompetent Earl Haig who was responsible for the death of millions in WW1?

  2. Harry – I see your point as you could say Winston or Bariness Thatcher or Oliver Cromwell etc. This is a loss of ho our during his lifetime however and he has publicly now accepted rather than contested as such he has a chance to get a new knighthood. Now there is a challenge. Sir Crosby the twice Knighted better than the undeserved

  3. Agree with you on this one – Well done Harry !

    Met Crosby years ago at Scot Amic – a social climbing twit ? absolutely ! Nowhere near as smart as he would have you believe (remind you of any others ? – thought so !!) but at least this appears to show he has a few morals. Cant see the likes of Sants/Turner and all the other ancillary know nothing ‘hangers on’ ever doing the same. Its a bloody shame that its not what you know its who you know but hey that’ll never change.

    Still no tears from me he’s hardly skint is he !!!

  4. Ivan McCullough 10th April 2013 at 9:15 am

    Now lets hear the call for Hector Saints to be stripped of his.

    It’s a complete joke he got a knighthood for being the head of the FSA while all this was going on !!!

  5. Sants should do likewise.
    He is more culpable than crosby.

  6. Roman Duzinkewycz 10th April 2013 at 9:37 am

    At last, someone who appears to be doing the right thing – over to you Mr Sants.

  7. I’m with you Mr McCullough (10 Apr 2013 9:15 am), but please continue – Hector Saints to be stripped of his…..what exactly?

    Also, whilst I’m at the keyboard and forgive me if this seems like a silly question but, are all these individuals, currently in the news for all the wrong reasons, the Sirs, the Lords, the Lord knows…are they Level 4 Qualified? They may not be providing financial advice to a private or corporate body but they do, after all, (and I use the term loosely) work in the financial industry. How qualified are they?

  8. Well done Mr Crosby – a man of some honour and for that you may stand next to Mr Baldwin.

    The second of the green bottles has fallen – now if the rest would jump/fall/be pushed then we may start to clean up the sty a little bit more each time one goes.

    Be afraid Hector, be very afraid.

  9. Just another reason to abolish this award, it has been de-valued so much over the past few years, it seems its just handed out to friends and friends of friends or as a sweetener to aid your compliance.

    ” If your not good enough without it, you will never be good enough with it”

  10. When Hector got his knighthood I wrote to my MPO who eventually wrote back saying he has sent my letter to the Treasury, that was on the 27th January. so far no response. My MP is John hayes who has just been appointed as a special adviser to No 10. so much for open accountable Government. By the time I get a reply Hector will have retired. If this is typical of MPs whjat is the point.
    Nice to see him retire but will he be repaying some the huge bonuses he undoubtedly was paid?

  11. So far today I have been doing work that the FCA should be doing themselves. I sat J07 this morning in Gillingham, one of a total of 4, that’s 4 people sitting CII exams of which two of us were sitting J07. As a reminde that is Supervision in a Regulated Einvironment and practically everything that comes up in it, the FSA appear NOT to have been doing and some of it the CII/PFS is failing to do to.
    That might of course be becuase unlike IFAs who have had to sit comulsory papers on “ethics”, the FSA staff did not have to AND despite the fact I have chosen to to J07 as it’s sensible when you manage staff and want to develop your business that I suspect a large number of now FCA staff are NOT being required to demonstrate an understanding of the issues covered in J07.
    Hey wouldn’t it be good if J07 was made comulsory for those in supervisory roles and lets start at the TOP and work our way down to be fair this time!
    Step forward Sir Hector the undeserved and show us your J’s….. whoar…. what haven’t you got any? I am sorry a degree in philosophy just will not crack it at Barclays you know, especially if you weant to be HEAD of compliance and not just a minion.

  12. Whoops that was only half the story as this afternoon I spent time tracking down a pension unlocking company and now know whose offices they are working out of and as the FCA are probably to busy changing their headed pape I put Trading Standards on to it before contacting the FCA. At least with trading standards I might see something the the papers/get feedback unlike FCA who just say thank you and we can’t tell you what or when we have done ANYTHING.
    Next call was from a marketing company to introduce to me an IFA who will then advise (for free) whether I should transfer my pensions and once I decide to, the pension company will then refer me back to this chap to consider investing in one of his products including LAND. I wonder which continent that’s on? Just waiting for him to email me with all the details including the IFA he “uses the most”. allr ecorded using todays wonderful technology. Total time spent on CLIENTS today….. 1 1/5 hours, total time doing the FCAs job…… not finished yet.

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