The Bank of England has created a new position to identify conflicts of interest following the recent resignation of deputy governor Charlotte Hogg.
The Bank today said it would be appointing a conflicts officer “with overall executive responsibility for conflict identification and management”.
The announcement comes after a review of the current set-up following the resignation of Hogg, who failed to declare her brother’s management role at Barclays.
The conclusion of the review was welcomed by the Treasury select committee, which ramped up pressure on Hogg at the time.
The committee’s new chair, Nicky Morgan, said: “As the Treasury committee concluded in the last parliament, the circumstances surrounding Charlotte Hogg’s resignation exposed a number of shortcomings in the way that the Bank manages conflicts of interest. It is right that the Bank commissioned a review to examine these.
“I expect that the committee will want to hear from the court of directors to discuss the lessons that have been learned, and how they intend to implement the review’s recommendations.
“I also expect the committee to hold an appointment hearing for Ms Hogg’s replacement, Sir David Ramsden, at an early opportunity.”