FSA in eye of storm over HBOS

Sir James Crosby, the deputy chairman of the Financial Services Authority (FSA), has stepped down from the post after allegations about his conduct while chief executive of HBOS between 2001 and 2006. In his resignation statement, Sir James denied the allegations put by Paul Moore, former head of group regulatory risk at HBOS, that he was sacked by Sir James after raising concerns about the amount of risk carried by the bank, which was rescued from collapse last year by Lloyds TSB.