345:
reiterated in a separate testimony at the commission his 'heartfelt apologies for what had happened at HBOS'. The two former chief executives’ grilling came as Andy
Haldane, the Bank of England’s executive director in charge of financial stability, said the impact of the banking crisis was 'as bad as a world war'.
259:
Crosby was further criticised when, following the takeover of HBOS by Lloyds, HBOS was responsible for annual losses of ÂŁ10 billion, in part due to write-downs made because Lloyds' accounting standards are much more conservative than those of HBOS. Conservative Shadow
Chancellor George Osborne said
344:
Fred
Goodwin, former chief executive of Royal Bank of Scotland, was stripped of his knighthood this year. The former HBOS manager also said he did not think he would be granted permission to run a bank again. His successor Andy Hornby, who was at the helm of HBOS when it nearly collapsed in 2008,
199:
2.12 When I was Head of Group
Regulatory Risk at HBOS, I certainly knew that the bank was going too fast (and told them), had a cultural indisposition to challenge (and told them) and was a serious risk to financial stability (what the FSA call "Maintaining Market Confidence") and
250:
says he understood was to protect the FSA from controversy. The FSA released a statement late on 11 February 2009 that it had concerns about HBOS before the Moore resignation, a statement which raises yet more questions about the regulation of HBOS. A central problem concerns
348:'If we are fortunate, the cost of the crisis will be paid for by our children. More likely it will still be being paid for by our grandchildren,' he told BBC Radio 4. 'There is every reason why the general public ought to be deeply upset by what has happened – and angry.'
41:
Crosby was knighted for services to the financial industry in 2006, but requested that the honour be rescinded in 2013 following the official report into the collapse of HBOS. His request was accepted and his knighthood was formally annulled on 11 June 2013.
236:(he wrote that it was "...his decision and his alone"). I sued HBOS for unfair dismissal under the whistle blowing legislation. Ironically, I was also the "Good Practice Manager" for whistle blowing purposes at HBOS but could hardly report my case to myself!
340:
Sir James was evasive on whether he would consider giving up his knighthood, saying that it was a 'huge honour' at the time but added: 'I am in no doubt that my reputation and achievement will never again be seen in the same light.'
255:
between board members of the FSA and the companies it is trying to regulate. However, Moore has received support from a former member of his team at HBOS, Anthony Smith, who on 17 February 2009, accused HBOS of "dumbing down".
213:
2.13 I told the Board they ought to slow down but was prevented from having this properly minuted by the CFO. I told them that their sales culture was significantly out of balance with their systems and
901:
427:
1009:
772:
193:
Moore was sacked by Crosby, with Moore quoted as saying that Crosby wrote "The decision (to sack Moore) was mine and mine alone." Moore related the key issues in his statement:
329:
On 3 December 2012 Crosby was required to appear before the
British Parliamentary Commission on Banking Standards over his role as Chief Executive during the Collapse of HBOS.
994:
1014:
83:
38:, of which he was Chief Executive until 2006. On 3 December 2012, Crosby was required to appear before Britain's Parliamentary Commission on Banking Standards.
919:
745:
260:
that the government's bank bailout money had been wiped out by the HBOS losses, saying that "HBOS bankers like James Crosby bear a heavy responsibility".
534:
139:
989:
650:
784:
905:
185:, relating to risky business practices. Moore had predicted that HBOS's rapid growth left it vulnerable to a large number of borrower
366:
134:
in July 2006. In April 2013, the
Parliamentary Commission on Banking Standards assigned some responsibility for the collapse of
352:'Whitehall’s honours forfeiture committee met in recent days and accepted Mr Crosby’s request for him to lose his knighthood.'
174:
722:
833:
298:
to head up a
Working Group of mortgage industry experts to advise the Government on how to improve the functioning of the
984:
276:, to lead the Government's Public Private Forum on Identity Management, a scheme designed to counter problems such as
118:. In early 2006 Crosby retired after seven years as chief executive leaving HBOS as the fourth largest bank in the
71:
923:
107:
55:
807:
538:
512:
103:
99:
27:
182:
159:
23:
628:
269:
999:
223:
2.14 I was told by the FSA, the
Chairman of the Audit Committee and others that I was doing a good job.
26:
from
January 2004 until he resigned on 11 February 2006. He had previously been the chief executive of
162:
whilst still CEO of HBOS. In
November 2007 he became Deputy Chair of the FSA, and in February 2009 he
102:
bank in 1994 as Managing Director of Halifax Life. Five years later, he became the chief executive of
178:
170:
59:
1004:
498:
979:
881:
177:
on 10 February 2009, it was alleged that Sir James had ignored warnings by its former head of
456:
281:
242:
On 11 February 2009 Crosby resigned from his post at the Financial Services Authority, which
123:
58:
between 1967 and 1974. After leaving the school, he continued his studies in mathematics at
974:
476:
252:
87:
79:
8:
920:"Cancer Research UK : Sir James Crosby joins Cancer Research UK's Governing Council"
201:
886:
461:
318:
676:
605:
186:
295:
115:
31:
859:
699:
582:
560:
497:. Complete Alphabetical List of the Resident Members of the University of Oxford.
388:
654:
285:
837:
310:
In 2006, Crosby was appointed to lead Gordon Brown's Identity Assurance review.
834:"Chancellor appoints Sir James Crosby to lead Public Private Forum on Identity"
277:
119:
75:
968:
299:
247:
190:
273:
127:
110:, and in 2001 Crosby became the first chief executive of the newly formed
361:
155:
143:
131:
22:(born 14 March 1956) is an English banker. He was Deputy Chairman of the
428:"Ex-HBOS chief Sir James Crosby gives up knighthood and part of pension"
292:
780:
163:
314:
324:
114:
Group after overseeing the merger between Halifax plc and the
51:
922:. Info.cancerresearchuk.org. 31 January 2008. Archived from
135:
111:
35:
313:
Crosby was a non-executive director of television company
243:
233:
1010:
British chief executives of financial services companies
771:
Hosking, Patrick; Webster, Philip (14 February 2009).
902:"Challenges and opportunities in identity assurance"
677:"Politics | Text: HBOS whistleblower statement"
651:"Changes to the Financial Services Authority Board"
583:"Business | HBOS chief executive to step down"
477:"Ex-HBOS chief James Crosby stripped of knighthood"
860:"Business | Easyjet founder Stelios knighted"
268:On 11 July 2006, Crosby was appointed by the then
995:People educated at Lancaster Royal Grammar School
232:2.15 Notwithstanding this I was dismissed by the
1015:People stripped of a British Commonwealth honour
966:
138:to Crosby, along with primary responsibility to
86:in 1991, which went on to become wealth manager
149:
78:) in 1977. After qualifying as a Fellow of the
770:
561:"BUSINESS | BoS and Halifax agree merger"
325:Parliamentary Commission on Banking Standards
626:
603:
836:. HM Treasury. 11 July 2006. Archived from
890:(1st supplement). 17 June 2006. p. 1.
515:. London: Financial News. 11 February 2009
720:
263:
70:Crosby joined financial services company
880:
455:
288:for services to the financial industry.
154:Crosby was appointed in January 2004 by
425:
367:2008 United Kingdom bank rescue package
291:In April 2008, Crosby was appointed by
126:. His position was taken by "his young
82:in 1980, he was a founding director of
967:
743:
697:
383:
381:
805:
698:Reuben, Anthony (17 February 2009).
451:
449:
990:Alumni of Brasenose College, Oxford
629:"Andy Hornby: HBOS chief executive"
389:"Sir James Crosby resigns from FSA"
158:as a non-Executive Director of the
13:
744:Arnott, Sarah (14 February 2009).
426:Osborne, Alistair (9 April 2013).
378:
14:
1026:
700:"HBOS risk control 'dumbed down'"
604:Jill Treanor (11 February 2009).
446:
806:Peev, Gerri (14 February 2009).
72:Scottish Amicable Life Assurance
950:
938:
912:
894:
874:
852:
826:
799:
764:
737:
714:
691:
669:
643:
620:
597:
575:
65:
627:Jill Treanor (29 April 2008).
553:
527:
505:
487:
469:
465:. 11 June 2013. p. 11479.
419:
407:
305:
56:Lancaster Royal Grammar School
1:
653:. HM Treasury. Archived from
537:. Hbosplc.com. Archived from
513:"Profile of Sir James Crosby"
372:
45:
679:. BBC News. 10 February 2009
160:Financial Services Authority
150:Financial Services Authority
24:Financial Services Authority
7:
355:
317:, and a trustee of charity
270:Chancellor of the Exchequer
10:
1031:
585:. BBC News. 5 January 2006
985:Businesspeople from Leeds
723:"Lloyds and HBOS Humbled"
171:Treasury Select Committee
60:Brasenose College, Oxford
54:. He was educated at the
862:. BBC News. 16 June 2006
631:. London: guardian.co.uk
608:. London: guardian.co.uk
169:During a session of the
535:"Halifax Annual Report"
499:Oxford University Press
395:. BBC. 11 February 2009
93:
563:. BBC News. 4 May 2001
350:
264:Links with HM Treasury
84:J Rothschild Assurance
30:until its merger with
908:on 10 September 2008.
338:
282:2006 Birthday Honours
253:conflict of interests
246:News Business Editor
179:Group Regulatory Risk
124:market capitalisation
74:(acquired in 1997 by
495:Michaelmas Term 1974
80:Faculty of Actuaries
945:The Financial Times
926:on 15 February 2009
840:on 21 February 2009
541:on 15 February 2009
501:. 1974. p. 25.
432:The Daily Telegraph
284:Crosby received a
202:consumer protection
50:Crosby was born in
20:James Robert Crosby
16:British businessman
887:The London Gazette
657:on 13 October 2008
462:The London Gazette
319:Cancer Research UK
98:Crosby joined the
1000:British actuaries
746:"ÂŁ10billion loss"
88:St. James's Place
1022:
960:
954:
948:
942:
936:
935:
933:
931:
916:
910:
909:
904:. Archived from
898:
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845:
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783:. Archived from
777:The Times Online
768:
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741:
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606:"HBOS architect"
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296:Alastair Darling
204:(and told them).
175:House of Commons
140:Dennis Stevenson
116:Bank of Scotland
32:Bank of Scotland
1030:
1029:
1025:
1024:
1023:
1021:
1020:
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1005:English bankers
965:
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947:4 December 2012
943:
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808:"Shares plunge"
804:
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750:The Independent
742:
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721:Robert Peston.
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483:. 11 June 2013.
475:
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416:4 December 2012
414:Financial Times
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334:Financial Times
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17:
12:
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787:on 14 May 2011
763:
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189:. In 2005 the
151:
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120:United Kingdom
108:Mike Blackburn
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76:Prudential plc
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15:
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959:11 June 2013
956:
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928:. Retrieved
924:the original
914:
906:the original
896:
885:
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864:. Retrieved
854:
842:. Retrieved
838:the original
828:
816:. Retrieved
812:The Scotsman
811:
801:
789:. Retrieved
785:the original
776:
766:
754:. Retrieved
749:
739:
727:. Retrieved
716:
704:. Retrieved
693:
681:. Retrieved
671:
659:. Retrieved
655:the original
645:
633:. Retrieved
622:
610:. Retrieved
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587:. Retrieved
577:
565:. Retrieved
555:
543:. Retrieved
539:the original
529:
517:. Retrieved
507:
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436:. Retrieved
434:. London, UK
431:
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397:. Retrieved
392:
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343:
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274:Gordon Brown
267:
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168:
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122:in terms of
106:, replacing
97:
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66:Early career
49:
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28:Halifax Bank
19:
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975:1956 births
930:18 February
882:"No. 58014"
866:18 February
844:18 February
818:18 February
814:. Edinburgh
791:18 February
756:18 February
729:18 February
706:18 February
683:18 February
635:15 February
612:15 February
589:18 February
567:18 February
545:18 February
457:"No. 60531"
399:11 February
362:Andy Hornby
306:Other roles
166:this role.
156:HM Treasury
144:Andy Hornby
132:Andy Hornby
104:Halifax plc
969:Categories
779:. London:
702:. BBC News
373:References
336:reported:
332:Britain's
293:Chancellor
286:knighthood
183:Paul Moore
46:Early life
781:The Times
280:. In the
214:controls.
773:"Crosby"
752:. London
481:BBC News
393:BBC News
356:See also
302:market.
300:mortgage
187:defaults
164:resigned
34:to form
661:12 June
519:5 April
438:9 April
173:of the
128:protégé
100:Halifax
725:. BBC
90:plc.
52:Leeds
932:2009
868:2009
846:2009
820:2009
793:2009
758:2009
731:2009
708:2009
685:2009
663:2009
637:2009
614:2009
591:2009
569:2009
547:2009
521:2013
440:2013
401:2009
142:and
136:HBOS
112:HBOS
94:HBOS
36:HBOS
315:ITV
244:BBC
234:CEO
971::
884:.
810:.
775:.
748:.
479:.
459:.
448:^
430:.
391:.
380:^
321:.
272:,
181:,
146:.
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870:.
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639:.
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593:.
571:.
549:.
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442:.
403:.
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