LONDON — Charlotte Hogg’s future as Bank of England Deputy Governor is uncertain after reports that MPs won’t back her for the job.
Members of the Treasury Select Committee, which deals with domestic financial matters, are preparing a report that suggests she should not get the job, according to a report in the Financial Times.
The committee, which includes members from both main political parties, met last week to brew a response to news that some of Hogg’s testimony to the group in February was not accurate by her own admission.
But who is Charlotte Hogg?
Hogg, 46, started her career as a graduate trainee at the Bank of England in 1992. She left in 1994 for posts at consulting firm McKinsey & Co and investment bank Morgan Stanley.
Hogg rejoined the Bank of England 19 years later in 2013 as the organisation’s first chief operations office rafter being appointed by new governor Mark Carney to assist with modernising the central bank’s processes from Santander, where she was head of high street operations. In the role, Hogg was responsible for areas such as HR and IT.
Before Santander, Hogg spent three years as managing director of UK and Ireland for Experian, the credit scoring company, between 2008 and 2011.
Hogg, who was picked to take over from Minouche Shafik as the new Deputy Governor for Markets and Banking last month, did not formally declare her brother’s role at Barclays when she joined the central bank in 2013.
Hogg’s brother, Quintin, is a director in group strategy at Barclays, raising concerns about conflicts of interest. In her new role, Hogg will sit on the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee, and have an influential role in regulating banks.
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 has been touted as a potential successor to Governor Mark Carney, who is due to step down in 2018. In her new role, Hogg will be influential in regulating banks.
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.
How did MPs react?
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.”
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.”
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.”
Hogg was approved by the Committee at the time.
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