The Competition & Markets Authority (‘CMA’) has, today, announced that Imran Gulamhuseinwala will become the new trustee for the Open Banking Implementation Entity (the ‘IE’).
Mr Gulamhuseinwala, who was awarded an OBE this year’s Honours List, is a London-based partner in EY’s financial services practice and its Global Head of Fintechs. He has been involved with the IE’s work through its stakeholder working groups and has been active in financial technology as both an investor and a start-up founder.
He succeeds Andrew Pinder CBE, who has passed away following a short illness.
Keith Ford, CEO of the IE, said: “We were immensely saddened, personally and professionally, to lose Andrew and profoundly grateful to have had the benefit of his experience and drive through the complex process of creating the IE and delivering the first of the CMA’s remedies. Our thoughts are with his friends and family.
“As I am sure Andrew would agree, Imran is a fine choice for Trustee. He is closely involved in the development of financial technology here in the UK and around the world and has a detailed understanding of the considerable challenge before the IE.”
At the direction of the CMA, the UK’s nine largest providers of bank accounts to personal and small and medium-sized enterprise (‘SME’) customers (collectively, the ‘CMA9’) were required to set up and fund the IE. The Trustee is nominated by the CMA and responsible to the CMA9. He oversees the IE and ensures that it is operating properly, effectively fulfilling the CMA remedies to schedule.
The CMA’s announcement of Mr Gulamhuseinwala’s appointment can be read <here>.
The IE was created in 2016 to fulfil some of the remedies the CMA set out following an investigation into UK retail banking. The full result of that inquiry can be found in the report ‘Retail Banking Market Investigation’ which was published on 9 August 2016 but, simply put, it required that the UK’s largest banks give the customer the ability to securely share their financial data with other companies. This will make engaging with the full range of financial services far easier for customers: from product comparison to effortlessly getting highly personalised advice, Open Banking is designed to give the customer real power.
It is created by a set of technologies and standards that the IE is charged with building and launching in January 2018. These will form the basis for the future development of retail financial services in the UK, opening the market up to new entrants and driving competition amongst incumbents.
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