Page last updated at 13:47 GMT, Saturday, 28 February 2009

Call to strip title from Sir Fred

Sir Fred Goodwin
Sir Fred Goodwin has refused to hand back any of his pension

A Scottish MP is calling for the former chief executive of the Royal Bank of Scotland, Sir Fred Goodwin, to be stripped of his knighthood.

Jim Sheridan, Labour MP for Paisley and Renfrewshire North, has also asked the Metropolitan Police to investigate the activities of senior bankers.

His call comes as the row continues over Sir Fred's 16m pension fund.

Prime Minister Gordon Brown has launched a stinging attack on the role of the banks in sparking a recession.

Mr Sheridan told BBC Scotland: "I think Sir Fred should hand over his pension and if he had a grain of morality he would do that.

"We should be looking to take the knighthood off him because I think people would have some difficulty referring to him as Sir Fred given what he's done."

'Morally wrong'

Mr Sheridan also called for a review looking at remuneration for bankers and chief executives.

Jim Sheridan
Jim Sheridan wants the police to investigate senior bankers' activities

"There is something morally wrong with people taking excessive bonuses, dividends or pensions at the same time that people in the industry are losing their jobs as a direct consequence of the activities of these people," he said.

Mr Sheridan explained why he had contacted the police.

"I think there is no other profession in this country that causes as much disruption as the banking system without the police holding an investigation," he said.

"I think it's only right and proper that the police has access to all the transactions to make sure what has happened is either down to bad judgement or incompetence.

"Any bonuses and payments should be suspended until the police have carried out that investigation."

Sir Fred was given his knighthood for services to banking in the Queen's Birthday Honours list in June 2004.

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