Prime Minister John Key says it is too soon to make a decision on whether former Cabinet Minister Sir Douglas Graham's knighthood should be stripped from him.
Calls for Sir Douglas to lose his knighthood came after the Court of Appeal recently found the sentence of community service, handed down last year, was "manifestly inadequate" and Sir Douglas and three other former Lombard Finance directors could have faced prison.
The Court of Appeal is now considering home detention for the quartet, and attention has turned back to whether he should lose his knighthood.
Mr Key said he sought advice from the Cabinet office over the weekend, along with reading the Court of Appeal judgement.
"Bluntly what the advice tells you is that it's my decision and there are a number of factors to take into consideration, I'll do that when all of the appeal processes are exhausted.