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| Sir James Crosby resigns from FSA | Sir James Crosby resigns from FSA |
| (10 minutes later) | |
| Sir James Crosby has resigned as deputy chairman of City watchdog, the Financial Services Authority (FSA). | Sir James Crosby has resigned as deputy chairman of City watchdog, the Financial Services Authority (FSA). |
| His departure follows criticism over his performance during his time as chief executive of bank HBOS, which he led from 2001 to 2006. | His departure follows criticism over his performance during his time as chief executive of bank HBOS, which he led from 2001 to 2006. |
| Paul Moore, the former head of risk at HBOS, said that Sir James fired him after he warned the bank had been expanding too fast. | Paul Moore, the former head of risk at HBOS, said that Sir James fired him after he warned the bank had been expanding too fast. |
| Sir James said there was "no substance to the allegations". | Sir James said there was "no substance to the allegations". |
| I... feel that the right course of action for the FSA is for me to resign from the FSA Board which I do with immediate effect Sir James Crosby Read Sir James Crosby's statement in full | I... feel that the right course of action for the FSA is for me to resign from the FSA Board which I do with immediate effect Sir James Crosby Read Sir James Crosby's statement in full |
| "I nonetheless feel that the right course of action for the FSA is for me to resign from the FSA board, which I do with immediate effect," he added. | "I nonetheless feel that the right course of action for the FSA is for me to resign from the FSA board, which I do with immediate effect," he added. |
| Sir James said in his statement that HBOS had "extensively investigated" Mr Moore's allegations, concluding that they "had no merit". | Sir James said in his statement that HBOS had "extensively investigated" Mr Moore's allegations, concluding that they "had no merit". |
| The Treasury told the BBC it was Sir James' personal decision to resign from the FSA. | The Treasury told the BBC it was Sir James' personal decision to resign from the FSA. |
| 'Right' decision | |
| Sir James had previously been an adviser to the Treasury. | |
| Speaking in Prime Minister's Questions, Gordon Brown said it was "right" that Sir James stepped down from the FSA. | |
| Referring to the allegations made by Mr Moore, Mr Brown said they had been independently investigated and were found "not to be substantiated". | |
| 'Summarily dismissed' | 'Summarily dismissed' |
| Mr Moore claimed he was "summarily dismissed" as the head of group regulatory risk at HBOS by Sir James. | Mr Moore claimed he was "summarily dismissed" as the head of group regulatory risk at HBOS by Sir James. |
| "He [Sir James] said I had lost the confidence of key executives and non-executives, but refused to explain why," said Mr Moore in a recent written submission to the Treasury Committee. | "He [Sir James] said I had lost the confidence of key executives and non-executives, but refused to explain why," said Mr Moore in a recent written submission to the Treasury Committee. |
| The bank says Mr Moore was made redundant following a restructuring and was replaced by a banker with 20 years' experience, who reported directly to the chief executive. | The bank says Mr Moore was made redundant following a restructuring and was replaced by a banker with 20 years' experience, who reported directly to the chief executive. |
| Mr Moore told the BBC earlier this week that he saw evidence of "negligence" and even "recklessness" during his time at the bank. | Mr Moore told the BBC earlier this week that he saw evidence of "negligence" and even "recklessness" during his time at the bank. |