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| Version 2 | Version 3 |
|---|---|
| Ex-HBOS chief Sir James Crosby asks to return knighthood | Ex-HBOS chief Sir James Crosby asks to return knighthood |
| (about 1 hour later) | |
| Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed. | Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed. |
| He will also forgo 30% of his £580,000-a-year pension following last week's critical report into the bank's collapse during the financial crisis. | He will also forgo 30% of his £580,000-a-year pension following last week's critical report into the bank's collapse during the financial crisis. |
| Sir James served as chief executive at HBOS between 2001 and 2006. | Sir James served as chief executive at HBOS between 2001 and 2006. |
| In the Banking Standards Commission report, Sir James was described the "architect" of the strategy that led to HBOS' downfall. | In the Banking Standards Commission report, Sir James was described the "architect" of the strategy that led to HBOS' downfall. |
| His request will now be considered by a Whitehall honours committee. | His request will now be considered by a Whitehall honours committee. |
| 'Deeply sorry' | 'Deeply sorry' |
| Sir James said that the Banking Commission report "made for very chastening reading". | Sir James said that the Banking Commission report "made for very chastening reading". |
| He added: "Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened. | He added: "Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened. |
| "I would therefore like to repeat today what I said when I appeared in public before the commission in December; namely that I am deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general. | "I would therefore like to repeat today what I said when I appeared in public before the commission in December; namely that I am deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general. |
| "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." | |
| Sir James spent 12 years at Halifax and HBOS during a 30-year career in financial services. | |
| He was also the deputy chairman of the City regulator, the Financial Services Authority from 2007 to 2009 - the height of the financial crisis. | |
| He said that during his careers he had "both contributed to and built up a substantial pension entitlement". | |
| Sir James said he had decided to forgo 30% of his gross pension entitlement payable to him during the rest of his lifetime. | Sir James said he had decided to forgo 30% of his gross pension entitlement payable to him during the rest of his lifetime. |
| Pension reduced | |
| His current annual pension payment amounts to about £580,000 a year, meaning he will waive around £174,000 a year. | His current annual pension payment amounts to about £580,000 a year, meaning he will waive around £174,000 a year. |
| "I will be discussing how this reduction is implemented, and whether the amount waived should go to support good causes, or benefit shareholders, with the pension scheme's employer and trustees." | "I will be discussing how this reduction is implemented, and whether the amount waived should go to support good causes, or benefit shareholders, with the pension scheme's employer and trustees." |
| Following the publication of the Banking Commission's report last week, Sir James resigned from an advisory position he held at London-based private equity firm Bridgepoint. | Following the publication of the Banking Commission's report last week, Sir James resigned from an advisory position he held at London-based private equity firm Bridgepoint. |
| He now says he will also stand down from his voluntary position as a trustee of Cancer Research UK. | He now says he will also stand down from his voluntary position as a trustee of Cancer Research UK. |
| In a statement the chairman of Cancer Research UK, Michael Pragnell, said he "fully respected James's decision" and thanked him for his "active support". | |
| Sir James is also a senior non-executive director of the catering giant Compass Group. He made no comment regarding his future in this role. | |
| In its report, the Banking Commission recommended that Sir James, along with two other HBOS executives Andy Hornby and Lord Stevenson, should be banned from taking new jobs in financial services. | |
| Speaking to the BBC, Pat McFadden MP, a member of the commission, welcomed Sir James's announcement. | |
| "I think it's some belated recognition on Sir James Crosby's part of his leading role in a very irresponsible and ultimately calamitous strategy for this bank," he said. | |
| There is no precedent of an individual asking for the removal of a knighthood. Any annulment must be approved by the honours committee. | |
| Fred Goodwin, the former chief executive of Royal Bank of Scotland, was stripped of his knighthood in 2012 after leading the bank to near-collapse in 2008, and an eventual multi-billion pound government bailout. |