LONDON — Bank of England Deputy Governor Charlotte Hogg drew criticism from MPs after failing to disclose her that her brother worked at Barclays.
Hogg, who was picked to take over from Minouche Shafik as the new Deputy Governor for Markets and Banking last month, said she did not formally declare her brother’s role at Barclays when she joined the central bank in 2013.
Her testimony to MPs on the Treasury Select Committee, who grilled her about the role on Feb. 28, “was not accurate” as a result of the “oversight,” Hogg said in a letter to the committee chairman, Andrew Tyrie.
Hogg joined the Bank of England as chief operating officer in 2013 and has been touted as a potential successor to Governor Mark Carney, who is due to step down in 2018. Hogg’s brother, Quintin, is a director in group strategy at Barclays.
Hogg offered her “sincere apologies” for the oversight, which has raised questions about the potential for conflicts of interests in her role as one of the UK’s most senior financial regulators.
Both Conservative and Labour MPs criticised Hogg for slip. Labour MP John Mann said: “It is simply incredible that such a senior person at the Bank of England has behaved in such in this manner,” he said. “This is simply a question about standards in public life and in this regard she has failed and must resign.”
He also tweeted about it:
Bradley Fried, deputy chair of the central bank’s Court of Directors, defended Hogg, saying: “I definitely don’t believe it’s a hanging offence. It’s terribly unfortunate. It warrants grumpiness.”
Conservative MP Jacob Rees-Mogg, a long-standing critic of Carney, said according to a report in The Telegraph: “I’ve moved on from being concerned about Ms Hogg’s error to being concerned about the Bank’s reaction — and that the Bank’s reaction has been pretty un-rigorous. It’s taking bland assurances and passing them on to us.”
Hogg, who’s appointment was approved by the Committee, will sit on the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee, and the Court of the Bank of England.
Fireworks begin to smoulder at Treasury Committee hearing with Bank ofEngland and Charlotte Hogg scandal.
— John Mann (@JohnMannMP) March 7, 2017