Acting with integrity

The Bank’s approach to managing conflicts of interest.

The Bank’s ability to achieve its mission relies on public trust. The Bank is committed to promoting the highest standards of integrity and high ethical standards within the organisation; this commitment is essential to maintaining that trust. This page summarises the Bank’s approach to managing conflicts of interest.

Our Code

Our Code is the Bank’s Code of Conduct and encompasses the Bank’s key conduct policies. The Code sets out four overarching principles: (1) acting with integrity, demonstrating impartiality, (2) being open and accountable, (3) being safe and secure and, (4) creating a diverse, inclusive and empowering culture, which are integral to our mission. The principles and requirements set out in Our Code are underpinned by detailed policies which set out how we should approach certain situations, including what we need to report, seek approval for or declare to the Bank. Our Code, and the relevant staff policies concerning issues of integrity, are available at the links below.

Statutory codes on conflicts of interest

In addition to the specific conflict of interest policies set out in Our Code, the Bank is required to maintain codes of practice describing how members of the Bank’s statutory committees comply with conflict of interest requirements. The codes, which are approved by the Government, set out the process of identifying potential or actual conflicts, the procedures for declaring and managing conflicts.

Register of interests

In the interests of transparency, the Bank maintains a public register of interests for its most senior officials. This register includes members of the Bank’s Court of Directors and statutory policy committees, the Monetary Policy Committee (MPC), the Financial Policy Committee (FPC), the Prudential Regulation Committee (PRC) and the Financial Market Infrastructure Committee (FMIC).

Relevant financial and non-financial interests must be managed in line with Our Code and relevant conflict of interest policies. For example, there are strict requirements around personal financial transactions (under which certain transactions are prohibited and advance approval must be sought for others). Where a committee member’s interests may pose an actual or potential conflict, steps are taken to avoid or manage the conflict, which may include their recusal from issues and decisions (and not receiving relevant papers).

Members are responsible for keeping their individual entry in the register up to date, and must notify the Secretary of the Bank promptly when there are any changes to their interests. In addition, the Secretary will ask members to update their entries on the register every three months. For further detail see the notes that accompany the register.

This page was last updated 05 April 2024