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James Crosby, Former HBOS Chief Executive, Stripped Of Knighthood

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SIR JAMES CROSBY
James Crosby has been formally stripped of his knighthood | PA

Former HBOS chief executive James Crosby has been formally stripped of his knighthood at his own request following a scathing parliamentary report into the bank's collapse. The official announcement that the honour had been withdrawn from Crosby was reported in the London Gazette.

Crosby asked to have the honour removed after the Parliamentary Commission on Banking Standards claimed he was the ''architect of the strategy that set the course for disaster'' in his handling of the bank. The London Gazette, the official journal of record, said: "Letters Patent dated 11 June 2013 have passed the Great Seal of the Realm cancelling and annulling the Knighthood conferred upon James Robert Crosby on the 6 December 2006 as a Knight Bachelor."

Following the commission's report in April Crosby announced he would give up 30% of his £580,000-a-year pension and stood down from roles with catering firm Compass Group and private equity firm Bridgepoint. He was given a knighthood after leaving HBOS in 2006, but following the report said he believed ''it is right that I should now ask the appropriate authorities to take the necessary steps for its removal''.

Responding to the report in April he said it 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: "I am deeply sorry for what happened at HBOS.''

For a knighthood to be withdrawn, the Honours Forfeiture Committee has to make a recommendation to the Prime Minister, who then passes it on to the Queen for a decision.

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