The UK Financial Services Authority's key annual presentation, which is due to be held tomorrow, has been overshadowed by the shock resignation of the financial regulator's deputy chairman, following allegations that during his time as chief executive of HBOS he dismissed an employee who warned the bank was taking too many risks.

The allegations were made yesterday by Paul Moore, former head of group regulatory risk at HBOS until 2005, as part of his submission to the Treasury Committee investigating the UK banking crisis.