THE Bank of England is to appoint an officer to pinpoint potential conflicts of interest, as it moved to shore up its governance procedures following the resignation of deputy governor Charlotte Hogg.

The central bank said it would introduce a conflicts officer and develop a central system for capturing and reviewing data on relationships and conflicts in the wake of a review by the Bank’s non-executive directors.

It comes after officials were left red-faced in March when Hogg resigned just two weeks after she took up the post for failing to declare that her brother works for Barclays.

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Bank governor Mark Carney welcomed the review and said the findings would be implemented in full.

He said: “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.”

A scathing verdict in a report by MPs on the Treasury Select Committee found Hogg’s “professional competence falls short” of the standards required for the role after the conflict of interest breach.

The omission saw her fall foul of the code of conduct rules she helped to draw up at the Bank.