Charlotte Hogg has apologised for not disclosing her brother’s position at Barclays
The Bank of England's (BoE) new deputy governor, Charlotte Hogg, has apologised for failing to disclose that her brother worked for Barclays, a potential conflict of interest, before she joined the central bank.
Hogg worked as the BoE's chief operating officer from July 2013. Last week, as she started her new role as deputy governor, the Treasury Select Committee questioned her on why she hadn't declared her brother's job as director of group strategy at Barclays, a major bank overseen by the BoE.
The chair of the BoE's supervisory body said Hogg's failure to inform him of her brother's role was "very serious" and a lawmaker said it raised major doubts about the BoE's internal procedures.
"I should have formally declared my brother's role when I first joined the bank. I did not do so and I take full responsibility for this oversight," Hogg said in a letter to Andrew Tyrie, chairman of the committee.
After today's oral evidence session, Tyrie said: "The committee now needs to digest the evidence it has heard today, some of which has been a surprise to a number of us. It will offer a view after a period of reflection."
Hogg said she had since discussed the matter with the chairman of the BoE's Court of Directors, Anthony Habgood, who said no conflict of interest arose during her time as chief operating officer.
Habgood told lawmakers Hogg's omissions were "a very serious breach" of the Bank's compliance rules.
But Habgood's deputy, Bradley Fried, said Hogg's errors did not amount to a "hanging offence" and should be considered in the context of her otherwise good performance at the BoE.
Hogg added she will write to the Monetary Policy Committee, Financial Policy Committee and Prudential Regulation Committee to detail her brother's role at Barclays.
"Further, I do not anticipate that an actual or potential conflict will arise in future," Hogg wrote.
Read more: Charlotte Hogg is named new deputy governor at Bank of England