The Treasury Select Committee has delivered a scathing assessment of the professional competence of the Bank of England’s new Deputy Governor for Markets and Banking, Charlotte Hogg, after it emerged that she had broken the Bank’s internal code of conduct which she herself helped establish.
In a report published on Tuesday the TSC said: “The Committee considers that her professional competence falls short of the very high standards required to fulfil the additional responsibilities of Deputy Governor for Market and Banking.”
The conclusion is likely to put pressure on the Bank of England and the Treasury to reconsider her appointment.
Earlier this month it emerged that Ms Hogg, who joined the Bank in 2013 as Chief Operating Officer, had failed to formally register with the institution that her brother worked at Barclays.
This was in contravention of the Bank’s internal code, under which such potential conflicts of interest needed to be recorded.
The Chair of the Bank’s governing Court, Anthony described this as a “very serious breach” to the TSC.
Ms Hogg in her own earlier evidence to the TSC had said: “I am in compliance with all of our codes of conduct. I know because I helped to write them. I have discussed it with the company secretary.”
She later wrote to the committee to apologise for misleading them.