LONDON (Reuters) - New Bank of England Deputy Governor Charlotte Hogg can no longer be considered suitable for her role after she failed to declare a potential conflict of interest about her brother’s role at Barclays, a committee of lawmakers said on Tuesday.
Hogg said last week she had failed to tell the BoE about her brother’s employment at Barclays (BARC.L) which is overseen by the BoE.
“The Committee considers that her professional competence falls short of the very high standards required to fulfil the additional responsibilities of Deputy Governor for Markets and Banking,” the Treasury Committee of the lower house of parliament said in a report.
Hogg had misled the committee, albeit inadvertently, the report said.
“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. Had it known then what has since been disclosed, it would have taken a different view,” the report said.
The committee has no power to block Hogg’s appointment. Its recommendations will be considered by the BoE which had no immediate comment on the report from the Treasury Committee.
Hogg has worked at the central bank since July 2013 as its chief operating officer and was promoted to deputy governor for markets and banking earlier this year. She did not declare her brother’s role at Barclays until she submitted documentation to the Treasury Committee for its review of her appointment as deputy governor.
Reporting by Andy Bruce; Editing by William Schomberg