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Former HBOS chief under pressure to give up pension Former HBOS chief under pressure to give up pension
(6 months later)
The former banker fingered last week for a "colossal failure" of management that led to a taxpayer bailout of one of Britain's largest banks is facing mounting calls from members of parliament to hand back part of his £20m pension pot.The former banker fingered last week for a "colossal failure" of management that led to a taxpayer bailout of one of Britain's largest banks is facing mounting calls from members of parliament to hand back part of his £20m pension pot.
Sir James Crosby, the former chief executive of HBOS, is being pressured from both sides of the House of Commons to voluntarily reduce the pension he draws from the bank, which is thought to pay him more than £570,000 a year.Sir James Crosby, the former chief executive of HBOS, is being pressured from both sides of the House of Commons to voluntarily reduce the pension he draws from the bank, which is thought to pay him more than £570,000 a year.
John Mann and Brooks Newmark, respectively Labour and Conservative members of the Treasury select committee, as well as the Liberal Democrat peer Lord Oakeshott, were quoted in the Times (paywall) calling for Crosby to rescind a portion of his pension. Newmark told the paper: "Morally, given that he screwed up and following the opprobrium that has been directed at him, he shouldn't be entitled to it."John Mann and Brooks Newmark, respectively Labour and Conservative members of the Treasury select committee, as well as the Liberal Democrat peer Lord Oakeshott, were quoted in the Times (paywall) calling for Crosby to rescind a portion of his pension. Newmark told the paper: "Morally, given that he screwed up and following the opprobrium that has been directed at him, he shouldn't be entitled to it."
Mann also drew parallels to the case of Fred Goodwin, the head of Royal Bank of Scotland when it needed to be bailed out by the UK taxpayer, who had his pension cut and knighthood withdrawn.Mann also drew parallels to the case of Fred Goodwin, the head of Royal Bank of Scotland when it needed to be bailed out by the UK taxpayer, who had his pension cut and knighthood withdrawn.
Mann said: "In terms of his title there is a precedent with Fred Goodwin and there needs to be consistency. That should include handing a proportion of his pension back as well. In the real world, he has cost taxpayers a lot of money."Mann said: "In terms of his title there is a precedent with Fred Goodwin and there needs to be consistency. That should include handing a proportion of his pension back as well. In the real world, he has cost taxpayers a lot of money."
HBOS was rescued by Lloyds in September 2008, but such was the state of the former's finances that the combined group subsequently needed a £20bn bailout from the UK taxpayer.HBOS was rescued by Lloyds in September 2008, but such was the state of the former's finances that the combined group subsequently needed a £20bn bailout from the UK taxpayer.
Last week the parliamentary commission on banking standards blamed Crosby along with his successor as chief executive, Andy Hornby, and the former chairman, Lord Stevenson, for the bank's collapse. Meanwhile, the business secretary, Vince Cable, has asked civil servants to consider whether the trio deserve to be disqualified as directors.Last week the parliamentary commission on banking standards blamed Crosby along with his successor as chief executive, Andy Hornby, and the former chairman, Lord Stevenson, for the bank's collapse. Meanwhile, the business secretary, Vince Cable, has asked civil servants to consider whether the trio deserve to be disqualified as directors.
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