Superintendent Gerry Richardson was shot after chasing down a gang member following a jewellery heist.
On 23 August 1971, Richardson assisted in a car chase of a gang of five armed robbers who had attacked a jeweler's shop in Blackpool.
As the gang split up and attempted to escape on foot, he and PC Carl Walker, who also later won the George Cross, chased one of the raiders, Frederick Joseph Sewell (known as 'Fat' Fred'), down a dead-end alleyway.
Sewell shot Walker in the thigh before Richardson tackled the gunman and attempted to persuade him to surrender his weapon. However, Richardson was shot twice in the stomach at point-blank range and died of his injuries later that day at Blackpool's Victoria Hospital.
A nationwide manhunt was launched for Sewell in what became one of the most notorious murders of the age.
His funeral was attended by around 100,000 members of the public.
Richardson was buried in Layton Cemetery were today, he's being remembered, by the laying of flowers on his grave at Layton Cemetery.
Police paid respect to the officer and immortalised him by naming the street where the new Lancashire Constabulary West Division HQ is based, 'Gerry Richardson Way.'
Chief Inspector for Fylde and Wyre Chris Hardy is a trustee on the Gerry Richardson Memorial Trust. He said:
"When we opened the station around 14 months ago, it was an absolute simple decision for us to approach Lancashire police to ask if we could have the road Gerry Richardson way named after Gerry which of course they agreed to and fully supported."