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Whistleblower’s Claims Bring Down Top FSA Regulator

Global Glimpses | February 11, 2009

The banking crisis has taken the scalp of a high-profile City of London regulator. Sir James Crosby resigned as deputy chairman of the Financial Services Authority after a whistleblower claimed he ignored warnings about poor risk management and internal control in his previous job, as chief executive of HBOS, the state-rescued U.K bank.

Paul Moore, the bank’s former Head of Group Regulatory Risk, told a parliamentary committee investigating the banking crisis that he had warned Crosby and other board members about problems brewing in the bank, but was ignored. Crosby—personally—then sacked him, he claims.

In his written evidence to the House of Commons Treasury Select Committee, Moore sets out in detail his concern that HBOS’s retail division was dominated by a sales culture and was growing faster...

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