Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1040920

Bank of England beefs up compliance after disclosure failure

The Bank of England is to beef up its screening of staff conflicts of interest.

 
Bank of England beefs up compliance after disclosure failure

The Bank of England is to beef up its screening of staff conflicts of interest after the author of its previous disclosure regime was herself forced to resign over failing to disclose her banker brother.

The creation of a dedicated conflicts officer, reporting directly to the governor of the bank, was among the recommendations of an internal post-mortem following the departure of former deputy governor Charlotte Hogg in March this year.

Hogg stepped down less than two weeks after taking the post, after MPs on the Treasury committee harshly criticised her failure to disclose her brother’s employment at Barclays.

Bank of England governor Mark Carney said: ‘The bank holds itself to the highest standards, which is why it is important to address any actual or perceived deficiencies in our approach to managing conflicts of interest.’

Previously regarded to a potential successor to Carney and a member of a family long at the heart of the British establishment, the Treasury committee directly criticised Hogg after finding she had not taken three separate opportunities to disclose the relationship with someone at a major regulated financial firm.

2 comments so far. Why not have your say?

Alan Tonks

Aug 10, 2017 at 17:27

"Bank of England governor Mark Carney said: ‘The bank holds itself to the highest standards,"

That is the biggest laugh of the century, except it isn't funny!!

report this

Truth Searcher 2

Aug 11, 2017 at 08:13

Yet another highly paid government employee on the books.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

What others are saying

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

The Accumulator: Santa rally still on the cards

by Daniel Grote on Dec 15, 2017 at 15:50

Sorry, this link is not
quite ready yet