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Former RBS boss Fred Goodwin loses knighthood Former RBS boss Fred Goodwin stripped of knighthood
(40 minutes later)
Former Royal Bank of Scotland chief executive Fred Goodwin has lost his knighthood.  
Mr Goodwin, who was heavily criticised over his role in the bank's near collapse in 2008, was given the honour by the Labour government in 2004. Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed.
He has had his title cancelled and annulled by the Queen, following advice provided by Whitehall officials. Mr Goodwin, who was heavily criticised over his role in the bank's near-collapse in 2008, was given the honour by the Labour government in 2004.
In the past, honours have only been taken away from people convicted of a serious crime or struck off. The Queen cancelled and annulled the title following Whitehall advice.
Mr Goodwin oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to RBS having to be bailed out to the tune of £45bn by taxpayers. Prime Minister David Cameron said it was the "right decision". In the past, only convicted criminals or people struck off of professional bodies have had knighthoods taken away.
He oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to RBS having to be bailed out to the tune of £45bn by taxpayers.
'Exceptional case''Exceptional case'
There has been a growing clamour for Mr Goodwin to be stripped of his honour, following thousands of job losses at RBS and in the banking industry since then and its impact on the wider economy. There had been a growing clamour for Mr Goodwin to be stripped of his honour, following thousands of job losses at RBS and in the banking industry since then and its impact on the wider economy.
Discussing the removal of the knighthood, a Cabinet Office spokesman said: "The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case." After the removal of the knighthood, a Cabinet Office spokesman said: "The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."
Sir Fred Goodwin is now just Fred Goodwin.
There may well be plaudits for a decision to remove the knighthood from Mr Goodwin, a man many see as the symbol of the financial crisis.
But this could be tricky - there's a sense that other people with knighthoods could run into difficulty.
Plenty may be wondering whether the committee will now start working through every banker with a knighthood who has since faced criticism for decisions they took in the past.
He added: "Both the Financial Services Authority and the Treasury select committee have investigated the reasons for this failure and its consequences.He added: "Both the Financial Services Authority and the Treasury select committee have investigated the reasons for this failure and its consequences.
"They are clear that the failure of RBS played an important role in the financial crisis of 2008/9 which, together with other macroeconomic factors, triggered the worst recession in the UK since the Second World War and imposed significant direct costs on British taxpayers and businesses."They are clear that the failure of RBS played an important role in the financial crisis of 2008/9 which, together with other macroeconomic factors, triggered the worst recession in the UK since the Second World War and imposed significant direct costs on British taxpayers and businesses.
"Fred Goodwin was the dominant decision-maker at RBS at the time. In reaching this decision, it was recognised that widespread concern about Fred Goodwin's decisions meant that the retention of a Knighthood for 'services to banking' could not be sustained.""Fred Goodwin was the dominant decision-maker at RBS at the time. In reaching this decision, it was recognised that widespread concern about Fred Goodwin's decisions meant that the retention of a Knighthood for 'services to banking' could not be sustained."
In 2009, Mr Goodwin told a committee of MPs he "could not be more sorry" for what had happened at RBS. 'Token gesture'
The BBC's business editor Robert Peston said Mr Goodwin was in a "class of his own" in terms of the risks that he took at RBS - reflected in the size of the bailout required to rescue the company.
In 2009, Mr Goodwin told a committee of MPs he "could not be more sorry" for what had happened.
Labour leader Ed Miliband and Prime Minister David Cameron have both pressed for the knighthood to be removed.Labour leader Ed Miliband and Prime Minister David Cameron have both pressed for the knighthood to be removed.
the Unite union welcomed the decision, with senior official David Fleming saying it was "a token gesture...but one which will be well received by the thousands of workers who lost their jobs during his rule".
The forfeiture committee - whose members include the cabinet secretary, the top civil servant at the Home Office, the top lawyer at the Treasury and the top official in the Scottish government - made the decision to recommend he lose the honour.The forfeiture committee - whose members include the cabinet secretary, the top civil servant at the Home Office, the top lawyer at the Treasury and the top official in the Scottish government - made the decision to recommend he lose the honour.
The Queen has the sole authority to rescind a knighthood, after taking advice.The Queen has the sole authority to rescind a knighthood, after taking advice.