Bank of England deputy governor Charlotte Hogg resigns

Bank of England deputy governor Charlotte Hogg resigns

Bank of England deputy governor Charlotte Hogg resigns

"While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign", governor Mark Carney said in a statement.

In her resignation letter to Mr Carney and Mr Habgood, dated 13 March, Ms Hogg said that she had first offered her resignation the previous week but felt she should now "insist".

Her brother Quintin Hogg is a director at Barclays, and Ms Hogg revealed this month that she failed to report this when she was hired as COO, a role that oversaw compliance at the central bank.

She tendered her resignation as deputy governor of markets and banking on Monday (12 March).

The MPs said that Ms Hogg had not deliberately concealed her brother's role, nor was any conflict of interest likely to have arisen in the past.

John Mann, a lawmaker who sits on the Treasury Committee, tweeted on Sunday that "Pressure on Charlotte Hogg to resign as Bank of England no 2 is increasing not diminishing".

Last week the Treasury Committee seized on comments from Hogg that she was compliant with the Bank's codes of conduct because "I helped to write them" as evidence of a culture of complacency inside the Bank.

"Since Charlotte joined the Bank nearly four years ago, she has transformed its management and operations".

The letter continued: "As I have said, I am very sorry for that mistake".

But she was right to go and her dignified resignation letter lucidly articulates why.

While being questioned about her promotion by MPs, she told them of her brother's role at Barclays.

"We will do everything we can to honour her work for the people of the United Kingdom by building on her contributions".

Andrew Tyrie, chairman of the Treasury Committee, said: "This is a regrettable business with no winners". MPs thought otherwise and said Hogg's conclusion was a "serious error of judgement".

But a few days later it came to light that the first time she had mentioned her brother worked for Barclays was when filling out a questionnaire in preparation for her Treasury committee hearing.

"It is also welcome that the Bank has responded immediately by announcing an internal review".

Earlier on Tuesday, a committee of lawmakers said Hogg could no longer be considered suitable for her role.

The Court has also commissioned a review which will look at the lessons from Hogg's case, evaluate whether the proposed changes are adequate, and consider what else the Bank can do to ensure compliance with the Code in the future.

Senior management responsibility for bank-wide risk management moves from the chief operating officer to deputy governor for prudential regulation Sam Woods, in his capacity as chair of the executive risk committee. But there is clearly more to do.

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