Compliance breaches at Bank of England remain high despite 'good progress'

NAO report

The Bank of England has been commended for the “good progress” in its management of non-financial risks, but more needs to be done, according to the National Audit Office.

The NAO report, published today (4 March), revealed the number of compliance breaches at the central bank has remained high, with 628 minor and 28 major breaches of staff policy reported in the year to August 2023. The report was set up following two high profile incidents in 2017 and 2019. In 2017, Charlotte Hogg, one of the BoE's deputy governors, was forced to resign after she failed to formally declare a conflict of interest arising from her brother working for Barclays, which is regulated by the BoE. Then in 2019 the central bank identified weakness in its procurement and technol...