The Competition and Markets Authority’s (CMA) today published all of the responses it received (60) to its recent consultation on the future oversight of the open banking remedies, including the submission presented by the OBIE’s Implementation Trustee, Imran Gulamhuseinwala OBE.

The Trustee’s full written response to the Consultation can be accessed here.

Imran Gulamhuseinwala said: “We are at a critical juncture in the journey of Open Banking in the UK, with the CMA set to decide the future path that journey will take in the coming weeks. I am proud of what we have achieved thus far, with the infrastructure largely built and adoption and innovation picking up pace. But we now must look to the future.

The UK has long led the world in the field of financial innovation and we have a golden opportunity for Open Banking to evolve to the next logical phase, Open Finance – opening up new products and opportunities for citizens and businesses alike. My response provides the CMA with a forward-looking and positive plan to bank what we have achieved and to prepare us for what comes next.”

The consultation, which ran from the 5 to the 29 March 2021, sought “stakeholder views on what arrangements it would be appropriate to put in place to ensure the effective oversight and governance of the CMA’s open banking remedies” following the completion of the OBIE’s existing implementation Roadmap, and to generate insight from the ecosystem on an appropriate transition process towards a future governance model.

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About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to: