BoE’s Hogg steps down af­ter crit­i­cism

New Straits Times - - Business World -

LON­DON: Charlotte Hogg re­signed as Bank of Eng­land (BoE) deputy gover­nor af­ter crit­i­cism from law­mak­ers for fail­ing to dis­close that her brother works for a bank she would help to reg­u­late.

The res­ig­na­tion is an em­bar­rass­ment for the BoE and puts it un­der pres­sure to show it’s learned from two po­ten­tial con­flict of in­ter­est is­sues in the past few years.

The state­ment fol­lowed a re­port from Par­lia­ment’s Trea­sury Com­mit­tee that said Hogg’s “pro­fes­sional com­pe­tence falls short of the very high stan­dards re­quired to ful­fil the re­spon­si­bil­i­ties of deputy gover­nor”.

She re­vealed ear­lier this month that she had failed to re­port that her brother Quintin worked for Bar­clays Plc when she was hired as chief op­er­at­ing of­fi­cer.

She also didn’t men­tion it in her ap­pli­ca­tion for deputy gover­nor, and it only came to light af­ter her ap­point­ment, in a ques­tion­naire she com­pleted for law­mak­ers.

The is­sue was made worse by the fact that she told a hear­ing on Fe­bru­ary 28 that she had al­ways de­clared po­ten­tial is­sues. Bloomberg

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