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Bank of England to tighten own conflict of interest rules

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Bank of England to tighten own conflict of interest rules

The Bank of England is overhauling its safeguards against conflicts of interest among its staff, following the recent resignation of a top official who failed to disclose that her brother worked at Barclays Plc.

Charlotte Hogg stepped down as deputy governor of markets and banking after it emerged that her brother worked at the bank when she was appointed to the position. Barclays is regulated by the BoE.

A review by the central bank showed that it did not follow its own official processes to warn against conflicts of interest when Hogg was hired in 2013.

The bank said it will appoint a conflicts officer, who will be responsible for conflict identification and management. It also recommended clarifying requirements for the disclosure of personal relationships.

In addition, the review proposed the creation of a centralized system for capturing and reviewing data on relationships and potential conflicts. The BoE will consider the review in the coming weeks.