Charlotte Hogg, the Bank of England’s most senior female executive, resigned after criticism from lawmakers for failing to disclose that her brother works at Barclays Plc, a bank which the BOE regulates.
The resignation is an embarrassment for the BOE, which is now under pressure to show it’s learned from two potential conflict of interest issues in the past few years. Hogg, chief operating officer since 2013, took over as Deputy Governor for markets and banking at the start of this month, a role that includes responsibilities for bank supervision.
The resignation statement followed a report from Parliament’s Treasury Committee, led by Andrew Tyrie. It said that Hogg’s “professional competence falls short of the very high standards required to fulfill the additional responsibilities of Deputy Governor.”
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