Hogg declared her brother’s position of director of group strategy at Barclays on a questionnaire for the Treasury Select Committee (TSC), which was reviewed in a hearing on 28 February, with Hogg present.
Responding to a question from the chair of the committee, Hogg said: “I have always declared, from the moment I joined the Bank, all of my potential conflicts of interest. I would be more than happy to discuss it with Mark [Carney] if he wants to. I am pretty sure he is aware of it.”
Hogg joined the Bank in July 2013. However, on 2 March, she wrote to the TSC to state that she had never formally declared her brother’s role.
Hogg resigned this morning, after the Treasury Select Committee published a report which said her failure to disclose the family connection on multiple occasions since joining the bank in 2013, caused a ‘very serious breach’.
Immediately after the release of the report, the Bank of England announced Hogg had decided to stand down.
In her resignation letter, Hogg said she was sorry for the mistake. She added: “I also, in the course of a long hearing, unintentionally misled the [Treasury Select] committee as to whether I had filed my brother’s job on the correct forms at the Bank. I would like to repeat my apologies for that, and to make clear that the responsibility for all those errors is mine alone.”
Andrew Tyrie (pictured) MP, chairman of the Treasury Committee, said: “This is a regrettable business with no winners. Ms Hogg has acted in the best interest of the institution for which she has been working. This is welcome.”
The Bank of England has promised a review into what lessons can be learnt from the incident to ensure adherence to its code of conduct at senior levels of the Bank.