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11/02/2009
Former HBOS Boss Steps Down From FSA
City watchdog boss Sir James Crosby has resigned from his high profile deputy chairman post.
Sir James, who helped head up the Financial Services Authority, has came under close scrutiny over his alleged failure to respond to risk warnings while Chief Executive of HBOS.
He was the bank's boss between 2001 and 2006.
According to former employee Paul Moore, Sir James did not respond to indicators suggesting the bank was expanding too fast.
Mr Moore was allegedly fired for raising the matter, a claim Sir James has rejected.
"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," Sir James said in a statement today.
Rejecting Mr Moore's comments, Sir James said the bank had "extensively investigated" the claims, adding they "had no merit".
Sir James advised the Treasury as part of his FSA role, the department has insisted the deputy chairman made a personal decision to step down.
(PR/JM)
Sir James, who helped head up the Financial Services Authority, has came under close scrutiny over his alleged failure to respond to risk warnings while Chief Executive of HBOS.
He was the bank's boss between 2001 and 2006.
According to former employee Paul Moore, Sir James did not respond to indicators suggesting the bank was expanding too fast.
Mr Moore was allegedly fired for raising the matter, a claim Sir James has rejected.
"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," Sir James said in a statement today.
Rejecting Mr Moore's comments, Sir James said the bank had "extensively investigated" the claims, adding they "had no merit".
Sir James advised the Treasury as part of his FSA role, the department has insisted the deputy chairman made a personal decision to step down.
(PR/JM)
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