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BOE Governor Mark Carney stood pat on how he handled the scandal surrounding deputy leader Charlotte Hogg, saying she should not have quit her post because of failing to divulge her brother's work at Barclays.
Carney said their response had been more rigid than would have been awaited from banks under their umbrella. The BOE head had delivered his address before chiefs of major financial institutions to tell them they should not be promoted to fire employees for committing similar mistakes.
Carney added they issued Hogg formal warning and that there some repercussions for the actions. Although she could not forego a bonus, she did not accept her salary hike this year.
Last week, Hogg left the BOE after the Treasury select panel released a paper discussing she was not able to inform them that her brother, Quintin Hogg, used to assume a post for the bank that is under the central bank's supervision.
Hogg, who was promoted March 1, had initially told legislators the central bank knew about his brother's job. She then admitted she was not able to disclose a likely conflict of interest, violating the policies she helped to create.
