Crosby asks for knighthood to be removed Sir James Crosby has asked for his knighthood be removed after a scathing report from the Parliamentary Commission on Banking Standards into his role as chief executive of HBOS. He will also forgo nearly a third of his £580,000-a-year pension pot Sir James said on Tuesday he was also stepping down from his voluntary position as a trustee of Cancer Research UK, the charity. Shortly after I left HBOS, I received the enormous honour of a knighthood in recognition of my own, and many other people's, contribution to the creation of a company which was then widely regarded as a great success. "In view of what has happened subsequently to HBOS, I believe that it is right that I should now ask the appropriate authorities to take the necessary steps for its removal," Sir James said. He added that he was deeply sorry for what happened at HBOS and the "ensuing consequences for former colleagues, shareholders, taxpayers and society in general." Sir James made no mention of giving up his role as a non-executive at food services company Compass. The former HBOS chief resigned from an advisory position he held at London-based private equity firm Bridgepoint after the report from the Banking Standards Commission. Sir James said he would be discussing how the 30 per cent reduction in his pension would be implemented, and whether the amount waived should go to support "good causes, or benefit shareholders, with the pension scheme's employer and trustees."