Most recently announce, the Bank of England’s current deputy governor Charlotte Hogg has submitted her resignation letter after allegations of exhibiting conflict of interest from her present position in the central bank.
Hogg recently took office as deputy governor for BoE last month and has been working with the central bank since 2013. Problems arose when the management found out that within the four years that Hogg has been working for the central bank, she somehow failed to inform that his brother works as a senior director at Barclays, a British bank that BoE regulates.
The failure to disclose Hogg’s connection with a relative at one of the banks Bank of England regulates posed a conflict of interest, seeing that there are possibilities of confidential information to be spread.
Indicated on Hogg’s resignation, she stated that, “I am very sorry for that mistake. It was an honest mistake: 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.”
Claiming that failure to disclose his brother’s position at Barclay’s as an honest mistake, Hogg assured that despite the delay in disclosing this information, she assures that within her employment under the central bank for the past four years, she did not share any sort of confidential information or misused them in any way, clearly stating that she did “not have any financial relationship” with his brother.
In addition to that, she also made clear that although she failed to comply entirely with the bank’s requirements, she was still committed to safeguarding delicate information the central bank holds, as well as the separation of a home and work life.
Ultimately, Hogg was forced to resign when pressured by a number of lawmakers, stating that the conflict of interest at hand cannot be overlooked. Several lawmakers made clear that due to this event, Hogg is no longer eligible to go through with her role on under the Bank of England.
Meanwhile, the central bank’s governor Mark Carney released a statement regarding Hogg’s allegations and resignation. “While I fully respect her decision in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England.”
Hogg’s resignation comes after news that the British Parliament has given UK Prime Minister Theresa May a go signal to trigger Article 50, and start with Brexit talks with the European Union.
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