09/04/2013 12:40 BST | Updated 10/04/2013 04:24 BST

Sir James Crosby, Former HBOS Chief Executive, Asks For His Knighthood To Be Revoked

The former boss of HBOS has asked for his knighthood to be revoked because of the bank's scandalous collapse.

Sir James Crosby, who was the Chief Executive, said he would also forgo 30% of his £580,000-a-year pension.

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He is also stepping down as a trustee of Cancer Research UK.

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It comes after a scathing report into the bank's collapse, which slated three executives for their 'colossal failure'.

The Parliamentary Commission on Banking Standards pointed the finger at former chief executives Crosby and Andy Hornby, as well as former chairman Lord Stevenson.

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Crosby, who stepped down from his role with private equity firm Bridgepoint on Friday, said he was "deeply sorry" for what happened at HBOS and the "ensuing consequences" for the bailed-out bank's staff, shareholders and taxpayers.

The bank's former boss was given a knighthood after leaving HBOS in 2006, but said he believed "it is right that I should now ask the appropriate authorities to take the necessary steps for its removal".

Former Royal Bank of Scotland boss Sir Fred Goodwin was stripped of his knighthood last year for his role in the bank's near-collapse in 2008.