The influential Treasury Select Committee delivered a devastating verdict on Charlotte Hogg for breaching conduct rules in a report this morning.
It comes weeks after Ms Hogg apologised to the committee for not formally disclosing that her brother, Quintin, was Barclays' group strategy director, which could conflict with her work on the Prudential Regulation Committee (PRC).
The MPs said newly appointed Ms Hogg failed 'over a period of nearly four years to comply with the Code of Conduct, despite numerous procedural reminders and opportunities to do so'.
Ms Hogg had not declared the family link on a number of occasions since joining the Bank as chief operating officer in 2013.
But Ms Hogg, who has been touted as a possible successor to Bank governor Mark Carney, told the Treasury Committee at a hearing that she always declared areas of conflicts of interests and was compliant with all of the Bank's codes of conduct because she helped to write them.
It prompted committee member John Mann to demand she steps down, saying that Ms Hogg 'has either lied to Parliament or she is grossly incompetent'.
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