Jaf wroteUnclick the "Images" button in the Compensate option box.
Thank you for the suggestion, but it didn't change anything. Image and bone is still moving independently of one another. I should mention I have tried all possible combinations of selecting/deselecting Bones, Images, Local, Parent, World, but with no luck.
I found that enabling "Pose" in setup mode makes it possible to move both the parent bone and it's children at the same time. This seems to be the solution to the problem? Hopefully I am not messing up something unknowingly.