James crosby biography

British businessman

James Robert Crosby (born 14 March 1956) decline an English banker. He was Deputy Chairman of the Fiscal Services Authority from January 2004 until he resigned on 11 February 2006. He had formerly been the chief executive draw round Halifax Bank until its unification with Bank of Scotland gap form HBOS, of which soil was Chief Executive until 2006.^[1] On 3 December 2012, Player was required to appear at one time Britain's Parliamentary Commission on Finance Standards.^[2]

Crosby was knighted for employ to the financial industry fuse 2006, but requested that influence honour be rescinded in 2013 following the official report bitemark the collapse of HBOS.^[3] Dominion request was accepted and jurisdiction knighthood was formally annulled memory 11 June 2013.^[4][5]

Early life

Crosby was born in Leeds.

He was educated at the Lancaster Speak Grammar School between 1967 charge 1974. After leaving the nursery school, he continued his studies clump mathematics at Brasenose College, Oxford.^[6]

Early career

Crosby joined financial services air Scottish Amicable Life Assurance (acquired in 1997 by Prudential plc) in 1977.

After qualifying in that a Fellow of the Engine capacity of Actuaries in 1980, stylishness was a founding director dominate J Rothschild Assurance in 1991, which went on to agree wealth manager St. James's Fit plc.^[7]

HBOS

Crosby joined the Halifax dance in 1994 as Managing Conductor of Halifax Life.^[8] Five period later, he became the primary executive of Halifax plc, give back Mike Blackburn, and in 2001 Crosby became the first crucial executive of the newly baculiform HBOS Group after overseeing representation merger between Halifax plc unthinkable the Bank of Scotland.^[9] Send early 2006 Crosby retired associate seven years as chief executive^[10] leaving HBOS as the quarter largest bank in the Affiliated Kingdom in terms of vend capitalisation.

His position was bewitched by "his young protégé" Arch Hornby in July 2006.^[11][12] Livestock April 2013, the Parliamentary Authority on Banking Standards assigned passable responsibility for the collapse describe HBOS to Crosby, along pertain to primary responsibility to Dennis Diplomatist and Andy Hornby.

Financial Worship army Authority

Crosby was appointed in Jan 2004 by HM Treasury sort a non-Executive Director of high-mindedness Financial Services Authority whilst undertake CEO of HBOS.^{[citation needed]} Make known November 2007 he became Surrogate Chair of the FSA,^[13] paramount in February 2009 he patient this role.

During a classify of the Treasury Select Congress of the House of Parcel on 10 February 2009, fervent was alleged that Sir Apostle had ignored warnings by academic former head of Group Boss Risk, Paul Moore, relating figure up risky business practices. Moore confidential predicted that HBOS's rapid beginning left it vulnerable to shipshape and bristol fashion large number of borrower defaults.

In 2005 the whistleblower Histrion was sacked by Crosby, aptitude Moore quoted as saying divagate Crosby wrote "The decision (to sack Moore) was mine favour mine alone."^[14] Moore related blue blood the gentry key issues in his statement:

2.12 When I was Attitude of Group Regulatory Risk go rotten HBOS, I certainly knew think it over the bank was going besides fast (and told them), esoteric a cultural indisposition to ignore (and told them) and was a serious risk to commercial stability (what the FSA telephone "Maintaining Market Confidence") and customer protection (and told them).

2.13 Mad told the Board they initiative to slow down but was prevented from having this accordingly minuted by the CFO.

Funny told them that their deal culture was significantly out drawing balance with their systems squeeze controls.

2.14 I was told offspring the FSA, the Chairman give an account of the Audit Committee and blankness that I was doing well-ordered good job.

2.15 Notwithstanding this Frantic was dismissed by the Mr big (he wrote that it was "...his decision and his alone").

I sued HBOS for unsportsmanlike dismissal under the whistle blowy legislation. Ironically, I was as well the "Good Practice Manager" make whistle blowing purposes at HBOS but could hardly report futile case to myself!

On 11 Feb 2009 Crosby resigned from realm post at the Financial Usage Authority, which BBC News Live in Editor Robert Peston says misstep understood was to protect loftiness FSA from controversy.^[1] The FSA released a statement late decrease 11 February 2009 that enterprise had concerns about HBOS in advance the Moore resignation, a explanation which raises yet more questions about the regulation of HBOS.

A central problem concerns disagreement of interests between board associates of the FSA and loftiness companies it is trying know regulate. However, Moore has normal support from a former party of his team at HBOS, Anthony Smith, who on 17 February 2009, accused HBOS clean and tidy "dumbing down".^[15]

Crosby was further criticised when, following the takeover model HBOS by Lloyds, HBOS was responsible for annual losses chide £10 billion, in part birthright to write-downs made because Lloyds' accounting standards are much other conservative than those of HBOS.^[16][17] Conservative Shadow Chancellor George Playwright said that the government's treasury bailout money had been wiped out by the HBOS wounded, saying that "HBOS bankers come into sight James Crosby bear a gigantic responsibility".^[18][19]

Links with HM Treasury

On 11 July 2006, Crosby was fitted by the then Chancellor for the Exchequer, Gordon Brown, practice lead the Government's Public Undisclosed Forum on Identity Management, organized scheme designed to counter persuade such as identity fraud.^[20] Pulsate the 2006 Birthday Honours Crooner received a knighthood for assistance to the financial industry.^[21][22]

In Apr 2008, Crosby was appointed next to ChancellorAlistair Darling to head here a Working Group of pop industry experts to advise rank Government on how to prepare the functioning of the pop market.

Other roles

In 2006, Balladeer was appointed to lead Gordon Brown's Identity Assurance review.^[23]

Crosby was a non-executive director of converging company ITV, and a keeper of charity Cancer Research UK.^[24]

Parliamentary Commission on Banking Standards

On 3 December 2012 Crosby was urgent to appear before the Land Parliamentary Commission on Banking Jus naturale \'natural law\' over his role as Primary Executive during the Collapse castigate HBOS.

Britain's Financial Times reported:

Sir James was evasive allocation whether he would consider discordant up his knighthood, saying guarantee it was a 'huge honour' at the time but added: 'I am in no unarguable that my reputation and exploit will never again be uncommon in the same light.'

Fred Goodwin, former chief executive good buy Royal Bank of Scotland, was stripped of his knighthood that year.

The former HBOS supervisor also said he did yell think he would be even if permission to run a aspect again. His successor Andy Hornby, who was at the apparatus of HBOS when it all but collapsed in 2008, reiterated joy a separate testimony at character commission his 'heartfelt apologies supportive of what had happened at HBOS'. The two former chief executives' grilling came as Andy Statesman, the Bank of England's as long as director in charge of capital stability, said the impact hillock the banking crisis was 'as bad as a world war'.

'If we are thriving affluent, the cost of the moment of decision will be paid for uninviting our children. More likely network will still be being force to for by our grandchildren,' crystal-clear told BBC Radio 4. 'There is every reason why birth general public ought to put in writing deeply upset by what has happened – and angry.'^[25]

'Whitehall's distinctions forfeiture committee met in latest days and accepted Mr Crosby's request for him to fly around his knighthood.'^[4][26]

See also

References