THE deputy governor of the Bank of England has quit barely two weeks after she was promoted following a critical report from MPs that questioned her suitability for the role.

A Treasury Select Committee report said Charlotte Hogg’s “professional competence falls short of the very high standards required to fulfil the additional responsibilities of deputy governor for markets and banking”, and came after she failed to disclose that her brother works for Barclays, which is regulated by the Bank of England.

MPs only have an advisory role, but their response pressured Hogg to resign from the bank, which she joined four years ago as its first chief operating officer. She was also responsible for drafting the code of conduct that led to her downfall.

Hogg told the committee of her brother’s role during questioning about her promotion, but she had not previously declared his position. The bank’s code of conduct requires that such connections must be declared. The report published yesterday said she “fell short of the very high standards” required, and that MPs had “set aside” its approval of her appointment.

Hogg will still take part in this week’s monetary policy committee meeting, which sets interest rates – the first and last time she will do so. Less than an hour after the committee released its report, the bank announced that Hogg had resigned.

Governor Mark Carney 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. We will do everything we can to honour her work for the people of the United Kingdom by building on her contributions.

“Since Charlotte joined the bank almost four years ago, she has transformed its management and operations.

“Drawing on her extensive private sector experience and her unrelenting commitment to excellence, she has led a broad range of initiatives to build a more open and inclusive institution, to overhaul our IT systems, and to change fundamentally how the bank develops, manages and rewards its dedicated public servants.

“Along the way, she has inspired countless colleagues at the bank and attracted a new cohort of professionals to it. The combination of Charlotte’s unique skills and drive were exceptionally well suited to lead similar transformations of our markets and banking responsibilities, particularly given the growing importance of FinTech, operational excellence and the management of cyber risk.”

In a resignation letter, Hogg said she was very sorry for not declaring that her brother is a project manager in the strategy unit of Barclays’ investment bank, and added that she had offered to resign last week.

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.”

John Mann, an MP on the Treasury Select Committee, told BBC Radio 5 live it was “appropriate” that Hogg had resigned.

“She wrote the code of conduct for the Bank of England which says: ‘Do you have a family member working in the banking industry, ie a brother or sister?’” he said. “It’s an explicit set of standards that she wrote and didn’t comply with and that made her position totally untenable. The question for Mark Carney is why the set of standards wasn’t being adhered to.”