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Ex-HBOS chief Sir James Crosby to return knighthood

9 April 2013 Last updated at 22:49 BST

Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed.

He will also forgo 30% of his £580,000-a-year pension following last week's critical report into the bank's collapse during the financial crisis.

Sir James served as chief executive at HBOS between 2001 and 2006.

Hugh Pym reports.