Underfire Ex_HBOS Chief Returns Knighthood

Underfire Ex-HBOS Chief Returns Knighthood.

Over the last few days, former banking chiefs of the failed Halifax Bank of Scotland (HBOS) have been under pressure from the Treasury and the Banking Commissionconcerning their failures, their lack of culpability and their honours.

The Banking Services Commission demanded that they be banned by financial regulators from ever being able to take senior posts in the financial industry again.

Sir James Crosby, one of the former HBOS bosses, has confirmed that he will return his knighthood, give up 30% of his £580,000 per year pension and has also resigned as non-executive director of Compass Group.

Our view
Fair play to him. For too long many senior executives in both high consumer detriment risk financial groups, their auditors and the financial services regulators have got away with good jobs, good pay and not been accountable for their professional errors.

We welcome the move by Mr Crosby as it sets a standard for others to follow.