Sir James Crosby, the disgraced former chief executive of HBOS, could lose his last remaining job when it comes under the scrutiny of the Financial Conduct Authority (FCA) next year.
Crosby became chairman of online car finance group Moneybarn last July. He stepped down from all of his other positions last week in the wake of a damning report into the failure of HBOS in 2008.
His role at West Sussex-based Moneybarn will be examined by the FCA next April when it takes over regulation of all consumer loan groups, the Daily Mail reports.
A spokesman for the FCA confirmed that Moneybarn's chairman would have to be approved as ‘fit and proper'.
There have been widespread demands for Crosby - along with his successor Andy Hornby and former HBOS former chairman Lord Stevenson - to be prevented from working in finance.
Moneybarn, a privately owned business, offers loans for buying cars and promotes itself as being suitable for people with poor credit ratings, a personal bankruptcy or County Court Judgments.
The company is currently registered with the Office of Fair Trading, although under its rules chairmen do not need its approval.
But under the reorganisation of financial watchdogs, the regulation of consumer credit will pass to the FCA and a decision will have to be made on Crosby's suitability for the post.
Following a Parliamentary report that accused the HBOS trio of ‘catastrophic failures of management', Crosby made a public statement of regret and said he would ask for his knighthood to be removed.
He also offered to surrender 30% of his pension, cutting his annual entitlement to just over £400,000.
In addition he stepped down as a director at finance group Bridgepoint and as a non-executive director at contract catering company Compass.
A spokesman for Crosby said he would not be commenting. A spokeswoman for Moneybarn said: ‘James remains our chairman.'
Hornby has also come under pressure over his £240,000 HBOS pension. He has declined to comment.
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