Bank of England deputy Charlotte Hogg resigns her post

  • Bank of England deputy Charlotte Hogg resigns her post

Bank of England deputy Charlotte Hogg resigns her post

Charlotte Hogg was appointed to the post at the beginning of March but failed to declare that her brother worked as director of strategy for Barclays Bank, a breach of the code of conduct.

Mr Carney believed that a verbal warning was sufficient and rejected Ms Hogg's offer to resign last week.

Ms Hogg has been under pressure since admitting that she had failed for almost four years to inform the bank that her brother was a senior executive at Barclays, even though she was partly responsible for drawing up the bank's code of conduct. She will also vote at this week's interest-rate meeting, her first as a policy maker.

However she says as public servants her integrity can not be called into question and that "being sorry is not enough".

In addition, she had failed to comply with the Code of Conduct, in declaring family links to institutions, "despite numerous procedural reminders and opportunities to do so" over a four-year period.

Former chancellor George Osborne has taken time out from his newly-established portfolio career to wade into the debate about Charlotte Hogg, the now ex-Bank of England deputy governor for markets and banking.

Head of compliance reports to the general counsel - who in turn reports to the governor - and the chair of the audit and risk committee, who is tasked with ensuring the independence of the Bank's compliance function.

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"Since Charlotte joined the Bank nearly four years ago, she has transformed its management and operations".

"However, I recognise that being sorry is not enough". Ms Hogg has acted in the best interest of the institution for which she has been working. "In its Report on March 2, the Committee concluded that Ms Hogg had the professional competence necessary to fulfil the role of Deputy Governor for Markets and Banking".

"I have made no secret of my brother's job - indeed it was I who informed the Treasury Select Committee, before my hearing".

Andrew Tyrie MP, chairman of the Treasury select committee, said: "This is a regrettable business with no winners". Second, she had been responsible for drafting and implementing the code, which was meant to show the Bank would adhere to standards of corporate governance at least as high as the institutions it was overseeing.

A Bank of England wag tells us Hogg and Osborne never met formally - although "I'm sure she may have run into him". MPs thought otherwise and said Hogg's conclusion was a "serious error of judgement". The panel said the episode raises wider concerns over the governance of the 322-year-old central bank, which faces multiple policy challenges as the United Kingdom heads toward its departure from the European Union.

A competent candidate for deputy governor, one of the most senior regulatory positions in the City, would have acknowledged the potential for conflicts and set out a clear procedure for managing it.