Shamed former HBOS chief executive Sir James Crosby has announced he wants to be stripped of his knighthood after being highlighted in a damning parliamentary report last week for his role in the UK bank’s collapse.
Crosby, pictured, his successor as chief executive Andy Hornby and former HBOS chairman Lord Stevenson were told their “toxic” mistakes had directly led to the banks £20bn taxpayer-funded bailout.
He stepped down as an advisor to private equity firm Bridgepoint on Friday following publication of the report “An Accident Waiting to Happen”, which said weaknesses of group risk in HBOS were “a matter of design, not accident”, adding that Crosby was “architect of the strategy that set the course for disaster”.
It is not known whether Crosby’s exit was his own decision or that of Bridgepoint. A spokesman for the firm said the firm’s only comment was “following a discussion with Sir James, he has resigned from the Advisory Board this morning”.
Crosby said today he was “deeply sorry” about what happened at HBOS and added that it was right that the appropriate authorities took the necessary steps to remove the knighthood he was awarded after leaving the bank in 2006.
The parliamentary commission also asked the FSA to consider banning Crosby from holding a position at any regulated entity in the financial sector in the wake of HBOS’ collapse, rather than having his Approved Persons status simply lapse.
Crosby was a member of Bridgepoint’s European Advisory Board. He is also a fellow of the Faculty of Actuaries, a non-executive director of Misys and a senior independent director of Compass Group.
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