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Bank of England "gets" concerns around standards after Hogg resignation - Carney
March 21, 2017 / 10:33 AM / 9 months ago

Bank of England "gets" concerns around standards after Hogg resignation - Carney

LONDON, March 21 (Reuters) - Bank of England Governor Mark Carney said on Tuesday he fully understood concerns about the BoE’s standards of accountability, after deputy governor Charlotte Hogg resigned for failing to disclose a potential conflict of interest.

Hogg, one of Governor Mark Carney’s most trusted lieutenants, stepped down last week following criticism by lawmakers who said the episode raised “wider concerns” about accountability at the British central bank.

Speaking in London on ethics and banking, Carney said the BoE would learn lessons from the “unfortunate events”.

“For those who have questioned whether we ‘get it’, we do. We know this honest mistake was also a serious mistake – one that was compounded by the fact that Charlotte Hogg had overseen the development of our new Code (of conduct).”

Carney said he fully respected the judgment of lawmakers who said Hogg was no longer suitable for the role of deputy governor for markets and banking.

He added that the BoE had planned a tougher response to Hogg’s failings than would have been expected in the private sector. (Reporting by Andy Bruce; Editing by Robin Pomeroy)

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