Charlotte Hogg (pictured) has resigned as deputy governor of the Bank of England.
This comes after MPs on the Treasury select committee issued a critical report citing her failure to disclose a potential conflict of interest called into question her competence for the job on 2 March.
Following that Bank of England governor Mark Carney issued Hogg with a verbal warning after her admission.
In a hearing in February, Hogg told the Treasury select committee that she had disclosed to the Bank that her brother Quintin Hogg is a director at Barclays.
This hearing led to Hogg having to write to the committee to admit she had not made the disclosure, as MPs announced she “fell short of the very high standards” required.
Carney has said: “While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England.”
In her resignation letter, Hogg has apologised for not declaring her brother’s role.
She said: “It was an honest mistake: I have made no secret of my brother’s job – indeed it was I who informed the Treasury Select Committee of it, before my hearing.
“But I fully accept it was a mistake, made worse by the fact that my involvement in drafting the policy made it incumbent on me to get all my own declarations absolutely right. I also, in the course of a long hearing, unintentionally misled the 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 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.
“It is also welcome that the Bank has responded immediately by announcing an internal review.
“The Bank’s governance is already in much better shape than it was a few years ago. It is something to which the Governor and Court has been committed for some time. But there is clearly more to do.
“The Treasury Committee will be examining the conclusions of this work in due course.”