Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

BoE's Hogg resigns over failure to flag conflict of interest

Tuesday, March 14, 2017 - 01:06

Bank of England Deputy Governor Charlotte Hogg has resigned for failing to declare a potential conflict of interest about her brother's role at a leading bank which had prompted a fierce rebuke from lawmakers. David Pollard reports.

▲ Hide Transcript

View Transcript

Bank of England Deputy Governor Charlotte Hogg resigning just weeks into her new role. Standing down after failing to declare a potential conflict of interest about her brother's role at leading bank Barclays. Hogg joined the BoE in 2013 as chief operating officer, and expanded her position to become deputy governor for markets and banking on March 1st. She had been widely tipped to eventually succeed Governor Mark Carney, and would have been the first ever female boss of the bank. However, while being questioned about her promotion by MPs, she revealed her brother's job. The discovery prompted a fierce rebuke from lawmakers. The Bank said on Tuesday (March 14) Hogg stepped down voluntarily. Carney expressing his deep regret at her decision, but stating he fully respects it. Earlier in the day, a committee of lawmakers said Hogg could no longer be considered suitable for her role. Saying "her professional competence falls short of the very high standards required" to fill the position. Hogg has said she didn't share confidential information or misuse it any way.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

BoE's Hogg resigns over failure to flag conflict of interest

Tuesday, March 14, 2017 - 01:06