City regulator resigns after furore

Sir James Crosby has resigned as deputy chairman of the Financial Services Authority (FSA) in Britain, following allegations that he sacked a senior risk manager at HBOS, a bank Crosby headed, who raised concerns over the risk exposure of the bank.

Sir James, who led HBOS from 2001 to 2006, joined the City watchdog in March last year and was given responsibility for chairing a group that was examining how to boost confidence in Britain's crumbling mortgage market - a role that earned him the m