Pressure is growing on the three senior HBOS bankers accused of a "colossal failure" over the bank's 2008 collapse.
One MP has also called for Sir James, described as the 'architect' of HBOS's downfall, to be stripped of his title.
The bank was forced to merge with Lloyds in early 2009 and received a £20.5bn taxpayer bailout.
It was one of the most high profile casualties of the UK's banking crisis, which precipitated a wider economic downturn.
Sir James, who served as chief executive at HBOS between 2001 and 2006, earlier resigned from an advisory position he held at London-based investment firm Bridgepoint.
Hit the link below to access the complete BBC News article: