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Bank of England beefs up compliance after disclosure failure

Bank of England beefs up compliance after disclosure failure

by David Campbell Aug 10, 2017 at 09:05

The Bank of England is to beef up its screening of staff conflicts of interest after the author of its previous disclosure regime was herself forced to resign over failing to disclose her banker brother.

The creation of a dedicated conflicts officer, reporting directly to the governor of the bank, was among the recommendations of an internal post-mortem following the departure of former deputy governor Charlotte Hogg in March this year.

Hogg stepped down less than two weeks after taking the post, after MPs on the Treasury committee harshly criticised her failure to disclose her brother’s employment at Barclays.

Bank of England governor Mark Carney said: ‘The bank holds itself to the highest standards, which is why it is important to address any actual or perceived deficiencies in our approach to managing conflicts of interest.’

Previously regarded to a potential successor to Carney and a member of a family long at the heart of the British establishment, the Treasury committee directly criticised Hogg after finding she had not taken three separate opportunities to disclose the relationship with someone at a major regulated financial firm.

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Comments  (2)

  • Alan Tonks: 

    "Bank of England governor Mark Carney said: ‘The bank holds itself to the highest standards,"

    That is the biggest laugh of the century, except it isn't funny!!

    17:27 on 10 August 2017

  • Truth Searcher 2: 

    Yet another highly paid government employee on the books.

    08:13 on 11 August 2017

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