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BoE's Carney says he "gets it" after conflict of interest case

Reuters  |  LONDON 

(Reuters) - of Governor Mark sought to show he understood the severity of a conflict of interest case that cost one of his deputies her job last week, but he also said the case should not inadvertently lead to tighter rules for bankers.

Carney, speaking at a conference on ethics and banking on Tuesday, said the would learn lessons from the "unfortunate events" that led to Charlotte announcing her resignation.

In an embarrassment for Carney, stood down as deputy governor for markets and banking and as the BoE's chief operating officer after failing to disclose that her brother worked for Barclays, a overseen by the

"For those who have questioned whether we 'get it', we do. We know this honest mistake was also a serious mistake - one that was compounded by the fact that Charlotte had overseen the development of our new code (of conduct)," said.

The had given a formal warning "in the strongest and most public of terms" and she waived her salary increase for this year, said. eventually decided to leave her job after lawmakers said she was not fit for the role.

The central has also launched a widespread review into its response to the case.

But the did not want the episode to lead to tougher de facto rules for the banking industry, said, stressing that "an honest mistake that is freely admitted" should not be an automatic firing offence.

"We must not let recent events inadvertently tighten perceived standards for the industry because that could have senior managers running scared, drive compliance underground and undermine our collective objectives," he said.

chief executives and chairmen had been concerned that Hogg's departure could lead to unintended consequences when he spoke to them after Hogg's resignation last week, said.

At the time of her resignation, made it clear he did not agree with the view of lawmakers that was unsuitable to continue in her role at the

has led a global push to reduce risk and improve standards in the banking industry in response to the global financial crisis of 2007-09.

(Reporting by Andy Bruce and William Schomberg, editing by David Milliken)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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BoE's Carney says he "gets it" after conflict of interest case

LONDON (Reuters) - Bank of England Governor Mark Carney sought to show he understood the severity of a conflict of interest case that cost one of his deputies her job last week, but he also said the case should not inadvertently lead to tighter rules for bankers.

(Reuters) - of Governor Mark sought to show he understood the severity of a conflict of interest case that cost one of his deputies her job last week, but he also said the case should not inadvertently lead to tighter rules for bankers.

Carney, speaking at a conference on ethics and banking on Tuesday, said the would learn lessons from the "unfortunate events" that led to Charlotte announcing her resignation.

In an embarrassment for Carney, stood down as deputy governor for markets and banking and as the BoE's chief operating officer after failing to disclose that her brother worked for Barclays, a overseen by the

"For those who have questioned whether we 'get it', we do. We know this honest mistake was also a serious mistake - one that was compounded by the fact that Charlotte had overseen the development of our new code (of conduct)," said.

The had given a formal warning "in the strongest and most public of terms" and she waived her salary increase for this year, said. eventually decided to leave her job after lawmakers said she was not fit for the role.

The central has also launched a widespread review into its response to the case.

But the did not want the episode to lead to tougher de facto rules for the banking industry, said, stressing that "an honest mistake that is freely admitted" should not be an automatic firing offence.

"We must not let recent events inadvertently tighten perceived standards for the industry because that could have senior managers running scared, drive compliance underground and undermine our collective objectives," he said.

chief executives and chairmen had been concerned that Hogg's departure could lead to unintended consequences when he spoke to them after Hogg's resignation last week, said.

At the time of her resignation, made it clear he did not agree with the view of lawmakers that was unsuitable to continue in her role at the

has led a global push to reduce risk and improve standards in the banking industry in response to the global financial crisis of 2007-09.

(Reporting by Andy Bruce and William Schomberg, editing by David Milliken)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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BoE's Carney says he "gets it" after conflict of interest case

(Reuters) - of Governor Mark sought to show he understood the severity of a conflict of interest case that cost one of his deputies her job last week, but he also said the case should not inadvertently lead to tighter rules for bankers.

Carney, speaking at a conference on ethics and banking on Tuesday, said the would learn lessons from the "unfortunate events" that led to Charlotte announcing her resignation.

In an embarrassment for Carney, stood down as deputy governor for markets and banking and as the BoE's chief operating officer after failing to disclose that her brother worked for Barclays, a overseen by the

"For those who have questioned whether we 'get it', we do. We know this honest mistake was also a serious mistake - one that was compounded by the fact that Charlotte had overseen the development of our new code (of conduct)," said.

The had given a formal warning "in the strongest and most public of terms" and she waived her salary increase for this year, said. eventually decided to leave her job after lawmakers said she was not fit for the role.

The central has also launched a widespread review into its response to the case.

But the did not want the episode to lead to tougher de facto rules for the banking industry, said, stressing that "an honest mistake that is freely admitted" should not be an automatic firing offence.

"We must not let recent events inadvertently tighten perceived standards for the industry because that could have senior managers running scared, drive compliance underground and undermine our collective objectives," he said.

chief executives and chairmen had been concerned that Hogg's departure could lead to unintended consequences when he spoke to them after Hogg's resignation last week, said.

At the time of her resignation, made it clear he did not agree with the view of lawmakers that was unsuitable to continue in her role at the

has led a global push to reduce risk and improve standards in the banking industry in response to the global financial crisis of 2007-09.

(Reporting by Andy Bruce and William Schomberg, editing by David Milliken)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22