BoE has ‘more to do’ after compliance breaches

UK audit office says more than 40% of staff still did not feel free to raise concerns in 2023

Bank of England
Bank of England
Photo: Juno Snowdon Photography

The UK’s central bank knows it needs to go further in developing its compliance culture after two high-profile breaches and issues identified in staff surveys, a report by the country’s National Audit Office (NAO) says.

The report, published today (March 4), highlights how the Bank of England (BoE) sought to make changes following the breaches, but was only partially successful.

The first, in 2017, involved newly promoted deputy governor Charlotte Hogg failing to declare a conflict of interest and

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