Goodwin stripped of Knighthood
01 February 2012 at 11:51
The former chief executive of the Royal Bank of Scotland has been stripped of his Knighthood following an investigation led by the Financial Services Authority (FSA) that showed failings at the bank significantly contributed to the 2008 recession.
The Cabinet Office announced yesterday (January 31st) that Sir Fred Goodwin would return to Mr after it was decided it was no longer appropriate for him to be recognised for “services to banking”.
The RBS takeover of Dutch bank ABN Amro has largely been blamed for significant losses that resulted in the taxpayer dishing out £45.5 billion to save RBS.
According to the Cabinet Office, such failings at RBS, which occurred under Mr Goodwin’s leadership, “triggered the worst recession in the UK since the Second World War”.
The Treasury Select Committee was also involved in the investigation by the FSA that determined RBS senior management had made “poor decisions”.
Head of the FSA] Hector Sants recently spoke out to defend the regulator’s handling of the RBS scandal.
He maintained that the watchdog had no jurisdiction to obstruct the acquisition of ANB Amro.
Posted by Claire Robin