"Addressing the Review’s recommendations will give everyone who works at the Bank greater clarity on what is expected"
The review was commissioned by Court after it emerged earlier this year that Charlotte Hogg had failed to disclose that her brother works for Barclays bank. She subsequently resigned from her post as Deputy Governor of the Bank of England just thirteen days into the role.
As recommended by the Review, the Bank will designate a Conflicts Officer with overall executive responsibility for conflict identification and management.
Over the coming weeks the Bank will consider other organisational and technology changes recommended in the Review, including the provision of a centralised system for capturing and reviewing data on relationships and potential conflicts.
The 2017 update of the Bank’s Code of Conduct, due in the Autumn, also aims to update and clarify requirements, including for notification of personal relationships as recommended by the Review.
In a statement, the Bank says it has also been working closely with HM Treasury to ensure that conflict checks for new appointees are carried out effectively.
Governor Mark Carney said: “I welcome this review and its recommendations, which will be implemented in full. The Bank holds itself to the highest standards, which is why it is important to address any actual or perceived deficiencies in our approach to managing conflicts of interest. In addition to ensuring that we meet best practice, addressing the Review’s recommendations will give everyone who works at the Bank greater clarity on what is expected, and will help reassure all of those to whom we are accountable that we have an effective and robust approach to conflicts management.”
