BOE Tightens Up Its Conflicts Procedures After Hogg Controversy
- Carney says any percieved deficiencies must be addressed
- Bank to appoint executive to manage issues, improve processes
Charlotte Hogg, chief operating officer of the Bank of England, poses for a photograph following an interview inside the central bank's offices in London, U.K., on March 23, 2015.
The Bank of England will strengthen its conflict-of-interest checks as part of its response to the controversy surrounding the resignation of former Deputy Governor Charlotte Hogg after just weeks in the role.
Clarity about conflict-approval processes will be improved after a review found ambiguities in BOE policies as well as shortcomings in its systems that heightened the risk of inadvertent non-disclosure by its staff. The central bank will also appoint one of its senior executives as a Conflicts Officer to take responsibility for updating procedures and plugging gaps.