March 7, 2017 / 10:59 AM / 3 years ago

Bank of England's Hogg says failed to declare conflict of interest

LONDON, March 7 (Reuters) - New Bank of England Deputy Governor Charlotte Hogg said she had failed to declare correctly to the central bank a potential conflict of interest due to her brother’s employment at Barclays, a major bank which is overseen by the BoE.

Hogg has worked at the central bank since July 2013 as its chief operating officer, but did not declare her brother’s role in Barclays’ strategy office until she submitted documentation to a parliamentary committee reviewing her appointment this year as deputy governor for banking.

“I should have formally declared my brother’s role when I first joined the Bank. I did not do so and I take full responsibility for this oversight,” Hogg said in a letter to the committee released on Tuesday.

Hogg said the chairman of the BoE’s Court of Directors - the central bank’s internal supervisory body - had concluded that no conflict of interest arose during her service as chief operating officer.

But she said she would ask the BoE’s Monetary Policy Committee, Financial Policy Committee and Prudential Regulation Committee, on which she now sits to review if further steps were needed to manage the potential conflict of interest. (Reporting by David Milliken; Editing by William Schomberg)

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