BoE's Hogg Resigns Over Failure To Declare Conflict Of Interest
March 14 2017 - 4:26AM
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Bank of England's Charlotte Hogg offered her resignation after
lawmakers sharply criticized her for not disclosing about her
brother's job in Barclays Plc.
The Treasury Select Committee remarked in a report, published
Tuesday, that Hogg's "professional competence falls short of the
very high standards required to fulfill the additional
responsibilities of Deputy Governor for Markets and Banking".
Hogg voluntarily offered her resignation on Monday, admitting
the mistake in declaring the conflict of interest.
She acknowledged in a letter on March 3 that she formally
disclosed her brother's position as Director, Group Strategy at
Barclays for the first time only in a response to a questionnaire
from the lawmakers for appointment scrutiny.
"I have made no secret of my brother's job - indeed it was I who
informed the Treasury Select Committee of it, before my hearing,"
she said in her resignation letter addressed to BoE Governor Mark
Carney and Anthony Habgood, the chair of the bank's governing
court.
"I have not shared confidential information or misused it in any
way."
"I do not have any financial relationship with my brother and I
am utterly committed to the safeguarding of confidential
information and the separation of a home and work life," she
wrote.
Hogg became the first chief operating officer of the BoE in 2013
and took charge as Deputy Governor for Markets and Banking on March
1.
Governor Carney expressed deep regret that Hogg has chosen to
resign from the bank.
"The Bank of England today is stronger, more diverse, secure and
effective in large part because of Charlotte Hogg," Carney said in
a response letter to Hogg's resignation.
"We will do everything we can to honor her work for the people
of the United Kingdom by building on her contributions."
Hogg, a member of one of Britain's influential political
families, would have been in charge of the central bank's asset
purchases in her role as the deputy governor. Her resignation comes
at a crucial juncture as the country's prepares to trigger its exit
from the European Union at the end of March.
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