Bank of England's Practices ‘Years Out of Date,’ Lawmakers Say

(Bloomberg) -- Some of the Bank of England’s working practices appear “years out of date,” according to a panel of U.K. lawmakers.

The claim was made in a report published Wednesday by Parliament’s Public Accounts Committee following its first examination of the central bank. The cross-party panel looked at issues raised by the National Audit Office last year, including complex job titles and non-compliant purchases by staff. It also considered issues of diversity, and what it considered out-dated leadership.

“Our initial engagement has, in some respects, been a glimpse into the past, with ways of working appearing years out of date,” the lawmakers said. “The bank lacks a clear vision of the significant changes needed to modernize its ways of working.”

The panel criticized the BOE for failing to enforce its own compliance rules, and asked for clarity by June on how it would improve staff diversity and update working practices. It also suggested officials consider how to best use its property portfolio -- including its London headquarters and suburban sports facility -- and think harder about establishing a more prominent office outside of the capital.

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