Lib Dems call on Chancellor to sack FSA head

Cable spoke out following last week's Treasury Select Committee report, which concluded that the FSA was guilty of "systematic failure" over Northern Rock. The report recommends that the regulator be given new powers for handing failing banks, together with responsibility for a new Deposit Protection Fund. "The Government should be firing the chair of the FSA, not giving this failed regulator more responsibility," he said. "Immediately after being reappointed as Governor, Mervyn King is being undermined because powers are being shifted elsewhere." Cable accused Darling of being focused...