Video: George Osborne: RBS under chief executive Fred Goodwin symbolised 'everything that went wrong' with British economy Government officials confirmed the award has been "cancelled and annulled" because the bank's former chief executive had "brought the honours system into disrepute." The Forfeiture Committee met last week to consider the issue. Its recommendation to strip Mr Goodwin of the honour was conferred to the Queen by Prime Minister David Cameron, the Cabinet Office said. Chancellor George Osborne said: "I think we've got a special case here of the Royal Bank of Scotland symbolising everything that went wrong in the British economy over the last decade.