MPs to grill Bank of England officials over conflicts

Huge concerns still surround the Hogg fiasco at the Bank of England
Huge concerns still surround the Hogg fiasco at the Bank of England

Bank of England officials could be quizzed by MPs over new governance standards after deputy governor Charlotte Hogg was forced to resign for failing to declare her brother worked for Barclays.

Nicky Morgan, chair of the influential Treasury Select Committee, has hinted the Bank’s Court of Directors will be asked to give evidence on the lessons learned from the embarrassing saga, which saw Ms Hogg step down just two weeks into her post.

It comes after the Bank announced on Wednesday it would appoint a conflicts officer to pinpoint potential conflicts of interest after identifying “shortcomings” as part of in-depth review.

She said: “As the Treasury Committee concluded in the last Parliament, the circumstances surrounding Charlotte Hogg’s resignation exposed a number of shortcomings in the way that the Bank manages conflicts of interest.

“It is right that the Bank commissioned a review to examine these.

“I expect that the Committee will want to hear from the Court of Directors to discuss the lessons that have been learned, and how they intend to implement the review’s recommendations.

“I also expect the Committee to hold an appointment hearing for Ms Hogg’s replacement, Sir David Ramsden, at an early opportunity.”

The review into conflicts of interests procedures was carried out by the Bank’s non-executive directors in conjunction with lawyers at Herbert Smith Freehills.

It is understood a Bank executive will take on the conflicts officer position as an additional responsibility and is not expected to be paid extra money for the role.