James Crosby, the former chief executive of failed lender HBOS, has resigned from his position on the advisory board of European private equity group Bridgepoint, following damning criticism of the mortgage lender's management from a British parliamentary commission.

The resignation comes shortly after the committee of lawmakers recommended that UK regulators should consider banning Crosby and two other former HBOS executives from working in the financial sector because of their role in the collapse of the lender.