BoE Once Again Searching For New Deputy Governor

Charlotte Hogg, the Bank of England’s most senior female executive, resigned after criticism from lawmakers for failing to disclose that her brother works at Barclays Plc, a bank which the BOE regulates.

The resignation is an embarrassment for the BOE, which is now under pressure to show it’s learned from two potential conflict of interest issues in the past few years. Hogg, chief operating officer since 2013, took over as deputy governor for markets and banking at the start of this month, a role that includes responsibilities for bank supervision.

The resignation statement followed a report from Parliament’s Treasury Committee, led by Andrew Tyrie. It said that Hogg’s “professional competence falls short of the very high standards required to fulfill the additional responsibilities of Deputy Governor.”

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.