Category: Trustee

I warmly welcome today’s publication of the Joint Regulatory Oversight Committee’s (JROC’s) call for views on the design of the Future Entity for open banking.  

This report provides additional clarity on the Interim Entity, Future Entity and long-term regulatory framework for open banking. It also provides much-needed certainty to the market and will allow for continued investment in our world-leading ecosystem. 

Shared purpose and shared vision

Open Banking Limited (OBL) and the Interim Entity will deliver different capabilities and carry out different activities, but it is vital to note that there is a shared purpose and vision. The two organisations will work in close partnership to ensure we arrive at a future state that will maximise the benefits of open banking for the public good.

During this process, OBL and I have worked collaboratively with JROC members as they developed their approach and recommendations, providing our expertise, knowledge and insight on areas such governance, funding, and capabilities.  

Marion King, OBL Chair and Trustee

Call for views

This thoughtful and timely call for views will help us define the future of open banking in the UK. We will now consider the recommendations carefully and provide our feedback to JROC.

As OBL will play an integral part in the transition to a Future Entity, moving beyond the Order, I would welcome the views of ecosystem participants on relevant topics. For the benefit of the wider ecosystem, we will publish our full response. 

JROC has demonstrated its commitment to securing the long-term future of open banking and I encourage all stakeholders to respond to the call for views to ensure the continued delivery of innovative products and services and support the creation of a data-driven economy. 

You can read the full report here.

Open Banking Limited (OBL) welcomes the Joint Regulatory Oversight Committee’s (JROC) Report published on 17 April 2023. This Report provides a clear vision for the future of open banking and sets out the next steps that will ensure its continued growth and success.

OBL will now review the Report’s recommendations and actions and work with JROC and other relevant stakeholders to deliver these.

We will continue to protect and maintain the CMA’s Retail Banking Market Investigation Order and its ongoing requirements on the CMA9 (Allied Irish Bank; Bank of Ireland; Barclays; Danske; HSBC; Lloyds Banking Group; Nationwide; NatWest; Santander) as we move beyond the Order and transition to a future entity.

Open banking is a UK success story, with over 7 million users, a thriving ecosystem, and contributes over £4 billion to the UK economy. This Report, its recommendations, and associated actions will ensure that momentum is sustained as we unlock the full potential of open banking and the benefits it brings to our citizens.

Further updates will be provided as we develop our plans for delivery of this important work.

Open Banking Limited (OBL) has today announced that the number of consumers and SMEs actively using Open Banking powered services in the UK has reached 7 million for the first time.

User numbers are reported to the OBL by the CMA9, the banks and building society mandated under the CMA Order to implement Open Banking in the UK, and figures for January show that the combined figure tipped 7 million.

The upward trend comes just one month after the completion of the CMA Roadmap and the 5th anniversary of the Second Payment Services Directive (PSD2), which made Open Banking a regulatory requirement in the UK. 


Marion King, Chair and Trustee of OBL, said:

“Open Banking is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives. It is encouraging to see that 7 million people have been empowered to take advantage of the benefits of Open Banking.

“As we await key recommendations on the future vision for Open Banking from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of Open Banking are developed, promoted, and made available to millions more of our citizens.”

Henk Van Hulle, Chief Executive Officer of OBL, said:

“I am delighted that we have now reached 7 million active Open Banking users in the UK. It is significant that 1.2 million of these are first-time users. From access to cost-effective credit, building a regular savings habit or making more informed financial decisions – Open Banking is delivering the means for our citizens to improve their financial wellbeing.”

Notes to editors:

1. Open Banking Ltd (OBL) was set up by the CMA9 in September 2016 as required under the Competition & Markets Authority’s (CMA) Retail Banking Market Investigation Order 2017 to fulfil one of the remedies mandated by the CMA following a market investigation into UK retail banking.

2. The CMA’s investigation into the retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that open banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.

3. OBL’s role is to: 

• Enforce the obligations on the CMA9 under the CMA Order.

• Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking.

• Support regulated third party providers and banks and building societies to use the OBIE’s Open Banking Standards.

• Create security and messaging standards.

• Manage the OBIE’s Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking.

• Produce guidelines for participants in the Open Banking ecosystem.

• Set out the process for managing disputes and complaints.

OBL spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

Charlotte Crosswell, Chair and Trustee of Open Banking Limited (OBL), has today published her End of Implementation Roadmap summary report, marking the conclusion of her mandate as Implementation Trustee.

The report details Charlotte’s Trustee recommendations to the Competition and Markets Authority (CMA) on how to maintain the ongoing requirements of the Retail Banking Market Investigation Order (the Order).

The report also contains her personal views on what the Joint Regulatory Oversight Committee (JROC) should consider regarding the design of the Future Entity and strategic roadmap.

Charlotte also outlines the progress OBL has made to prepare for transition, and the key priorities for the organisation over the coming weeks and months. This follows the end of the implementation phase of the Order.

The CMA will now consider the Trustee’s Order-related recommendations and provide feedback to OBL and the incoming Trustee, Marion King, as they continue their transition planning ahead of JROC’s recommendations.

In terms of next steps, the Strategic Working Group (SWG), which was formed to collate the views and input about the future direction of Open Banking of a wide range of industry stakeholders, is expected to provide and publish their final report to JROC shortly.

Meanwhile, JROC is expected to publicly set out its vision for the future of Open Banking by the end of the first quarter of 2023.


Charlotte Crosswell OBE, Chair and Trustee of OBIE, said:

“Open Banking has come a long way since the CMA’s Retail Banking Market Investigation in 2016. Today, more than 6.5 million consumers and SMEs in the UK have been empowered to use innovative Open Banking-enabled products to better manage their money. The UK fintech sector has successfully leveraged Open Banking technology, contributing to our leadership in innovation, and providing tangible benefits to consumers and SMEs. 

“Whilst significant progress has been made, there is still much more to do to optimise and deliver the full benefits of Open Banking within retail banking markets, and beyond. Marion King, OBL’s incoming Trustee, will now steer OBL through the next phase in its transition journey. I hope that my recommendations and personal views will be useful as the CMA and JROC decide how to ensure the many benefits of Open Banking is sustained and developed going forward.  

It has been an honour to act as Trustee through the completion of the Roadmap, and to engage across the wider ecosystem during this phase. I would like to thank the team at OBL for their hard work in reaching this milestone, as well as the banks and innovators who have helped to make Open Banking a reality. This combined effort and collaboration is delivering better outcomes for consumers and SMEs across the UK.”


Notes to editors:

1. Open Banking Ltd is the entity set up by the CMA9 as ordered by the CMA in 2016 to deliver open banking.  

2. OBL is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, NatWest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups. 

3. OBL’s role is to: 

• Enforce the obligations on the CMA9 under the CMA Order 

• The specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking 

• Support regulated third party providers and banks and building societies to use the Open Banking standards 

• Create security and messaging standards 

• Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking 

• Produce guidelines for participants in the open banking ecosystem 

• Set out the process for managing disputes and complaints 

OBIE spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

The Open Banking Implementation Entity (OBIE) has today announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1 February 2023.

Marion’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee, who steps down on 31 January following completion of her Trustee mandate.

Before joining the OBIE, Marion was Director of Payments at NatWest Group and President of MasterCard UK and Ireland. Prior to that she was the Chief Executive Officer of VocaLink – a specialist payments partner to banks, corporate partners and government departments.

Key priorities for Marion include the protection of the CMA Order and its ongoing requirements and working with stakeholders and the Joint Regulatory Oversight Committee, following their decisions on the future long-term regulatory framework for open banking in the UK.

The Chair and Trustee will continue to oversee corporate governance at the OBIE, CMA9 compliance with the CMA Order, as well as developing plans for the orderly transition from OBIE to a Future Entity that will be responsible for developing open banking beyond the scope of the Retail Banking Market Investigation Order 2017.

The OBIE has also appointed Sarah Beauvallet as the new Independent Non-Executive Director to the Board of Open Banking Limited (OBL) to provide further assurance to the Board as the OBIE prepares for transition to a Future Entity, joining 30 January 2023. The OBIE is currently in the process of appointing a third independent Non-Executive Director to succeed Barbara Ridpath who will leaving the board at the end of February 2023.

Marion King said:

“I am honoured to be appointed Chair and Trustee of the Open Banking Implementation Entity and I am looking forward to leading the OBIE into the next phase of its crucial work.

“Open banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses. I am looking forward to seeing even more users adopt and take advantage of products that will help them better manage, move, and make more of their money.

“We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”

Charlotte Crosswell OBE said:

“It has been an honour to help deliver the final completion of the CMA Roadmap and witness the opportunities for open banking and the tangible benefits it has delivered to over 6.5 million users. Marion brings a wealth of experience that will add real value to OBIE’s ongoing work. She will champion the OBIE’s mission and be a strong advocate for the future success of open banking.

“This is an important role and Marion joins the OBIE at a time of challenge but also opportunity. Whilst significant progress has been made in the past five years, there is still more to do to optimise and deliver the full benefits of open banking. As the UK looks to future possibilities that open banking holds, it is vital that momentum is not lost.”

Sarah Cardell, Chief Executive of the CMA, said:

“We are delighted that Marion has been appointed as Chair and Trustee of the OBIE. Marion’s considerable experience in financial services in a number of leadership roles will be critical to the continued growth of open banking.

“We look forward to working closely with her as the OBIE prepares for the transition to a future entity that will drive open banking forward and maintain the UK’s international competitiveness and leadership in the field.

“We are also incredibly grateful to Charlotte for her important contribution in overseeing the significant governance changes at the OBIE, overseeing the substantive completion of the Open Banking Roadmap and starting to prepare the OBIE for transition. We wish her all the best in her new role as Chair of the Centre for Finance, Innovation and Technology.”

Notes to editors:

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 CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

OBIE spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

The Open Banking Implementation Entity (OBIE) is pleased that the Competition and Markets Authority (CMA) has announced the completion of the Roadmap. This marks a pivotal milestone that has benefited businesses, consumers and the wider UK fintech sector. As it prepares to transition to the future entity, the OBIE now looks to the Joint Regulatory Oversight Committee (JROC) and their upcoming recommendations in relation to the design of the future entity and the vision for open banking. 

Following a requirement by the CMA in 2016 to deliver open banking, the OBIE was created by the nine largest current account providers in Great Britain and Northern Ireland (the CMA9). Since then, the OBIE has played a key role in the successful implementation of open banking in the UK. 

Open banking has transformed the payments and data landscape, enabling customers and small businesses to leverage their current account information securely with third party providers, who use that data to tailor their apps and services to peoples’ specific financial circumstances. 

The UK’s approach in mandating and enforcing a single standard has allowed UK fintechs to overcome challenges much faster than other European and competitor jurisdictions. In this time, the UK has created a thriving and collaborative ecosystem. There are now 246 regulated third-party providers in the UK compared to 338 in the whole European Economic Areai.  

Against the backdrop of a challenging economic environment – the COVID-19 pandemic and, more recently, cost of living rises – open banking has improved consumers and businesses financial resilience. The ecosystem has allowed for consumers and small businesses to reap these technological advances at a time of need.  

The number of users has shown strong growth over the last five years, and there are now: 

Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field. This will enable new services that consumers and businesses value and trust, and which support sustainable economic growth. JROC is determined to ensure that the benefits of open banking are fully realised and momentum is sustained. 

Charlotte Crosswell OBE, Chair and Trustee of OBIE, said: “The completion of the CMA’s Roadmap is the result of a concerted effort and partnership between the OBIE, CMA9, the wider ecosystem, regulators and government. Through this close collaboration, the tangible benefits of open banking-powered products are being delivered to over 6.5 million users. 

“As we look back over the last five years, our thriving ecosystem should be immensely proud of the financial innovation and benefits they have delivered to consumers and businesses. Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks.” 

Sarah Cardell, Chief Executive of the CMA, said: “This update is an important milestone. The majority of banks have completed the Roadmap, and so open banking moves into a new phase.  

“The OBIE’s work is vital to the ongoing success of open banking, and we look forward to continuing to work closely with the FCA, PSR and HM Treasury to help deliver the future arrangements for open banking.” 

Henk Van Hulle, Chief Executive Officer of OBIE, said: “Over the past five years, open banking has evolved from concept to an everyday tool used by over 6.5 million people. Not only has it helped consumers improve the way they manage, move and make the most of their money, but open banking has also supported increased productivity and cost savings for businesses.  

“As we mark this milestone, it is important to note there is still more to do to build on these strong foundations so we can continue to build the best environment for open banking to reach its full potential.” 

Notes to editors:

  1. Open Banking Ltd was set up by the CMA9 in September 2016 as required under the Competition & Markets Authority’s (CMA) Retail Banking Market Investigation Order 2017 to fulfil one of the remedies mandated by the CMA following a market investigation into UK retail banking.
  2. The CMA’s investigation into the retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that open banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.
  3. Third Party Providers (TPPs) are organisations or natural persons that use APIs developed to Standards to access customer’s accounts, in order to provide account information services and/or to initiate payments. Third Party Providers are either/both Payment Initiation Service Providers (PISPs) and/or Account Information Service Providers (AISPs).
  4. The OBIE is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups.
  5. OBIE’s role is to:
    • Enforce the obligations on the CMA9 under the CMA Order
    • Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking
    • Support regulated third party providers and banks and building societies to use the Open Banking Standards
    • Create security and messaging standards
    • Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking
    • Produce guidelines for participants in the open banking ecosystem
    • Set out the process for managing disputes and complaints
  6. Fundamental to the UK’s success in open banking has been the OBIE’s technical standards and delivery of a back-end infrastructure that guarantees the performance of the open banking technology. This, coupled with the collaboration between new and established financial services providers who have developed open banking-enabled products and services, has created a thriving ecosystem.
  7. Consumers and businesses can use the Open Banking App Store to explore which open banking-enabled products are right for them.
  8. Joint Regulatory Oversight Committee: https://www.fca.org.uk/firms/future-open-banking-joint-regulatory-oversight-committee.
  9. Payment Systems Regulator (PSR): The future oversight of open banking – Joint Regulatory Oversight Committee https://www.psr.org.uk/our-work/joint-regulatory-oversight-committee/.
  10. The revised Payment Services Directive (PSD2) and the transition to stronger payments security: https://www.ecb.europa.eu/paym/intro/mip-online/2018/html/1803_revisedpsd.en.html.

OBIE spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

Open Banking Limited (OBL) has today announced that Charlotte Crosswell OBE, Chair and Trustee of the Open Banking Implementation Entity (OBIE), will step down from her role on 31 January 2023 when her contract expires.

The CMA will commence a search for the next Chair and Trustee in the coming weeks. They will be appointed and take up their new contract on 1 February 2023.

Charlotte has overseen and delivered significant governance, culture and management changes at the OBIE during her tenure. These changes have been essential in ensuring that the OBIE is fit for purpose and ready for transition to the next phase for Open Banking. Charlotte is committed to carrying out her Trustee duties, including the completion of the implementation Roadmap, the delivery of a Transition Report to the CMA, and preparing the organisation for transition to a Future Entity.

Key priorities for the next Chair and Trustee will include the protection of ongoing CMA Order requirements and the consideration and potential implementation of the Joint Regulatory Oversight Committee’s decisions on the future long-term regulatory framework for Open Banking in the UK.

The CMA intends to launch the recruitment process for a new Chair and Trustee of OBL as soon as possible. The Chair and Trustee will continue to oversee corporate governance at the OBIE, as well as planning for the transition from OBIE to a Future Entity that will be responsible for developing Open Banking beyond the scope of the Retail Banking Market Investigation Order 2017. The OBIE also intend to appoint an additional Non-Executive Director to the Board of OBL to provide further assurance to the Board as OBIE prepares for transition to a Future Entity. The OBIE intends to launch the recruitment process for the NED shortly.

The OBIE will also make a number of changes to its operational management structure, as we move beyond the implementation phase, to support the organisation through the transition.

Charlotte Crosswell OBE, Trustee and Chair of the OBIE said: “It has been an honour to serve as the Trustee and Chair of the OBIE since October 2021 and I wish my successor well as they take on the role.

“The past few years have been an exceptionally exciting period for Open Banking in the UK. I am proud of what the OBIE team, the wider ecosystem, and other stakeholders have achieved, delivering on the promise of Open Banking, and creating a world leading framework and thriving sector for the benefit of our citizens.

“I would like to thank all my colleagues at the OBIE and in the financial services sector that we have worked closely with over the past year. I will continue to support their work and will keep championing Open Banking and the potential it brings to consumers and businesses alike.”

Henk Van Hulle, Chief Executive Officer of the OBIE said: “Charlotte’s tireless work, dedication and experience have been invaluable as the OBIE prepares for transition post-implementation. She has led the OBIE with passion and care and will leave the organisation well-prepared for the next phase of Open Banking.

“Charlotte will soon complete her mandate, moving us beyond implementation and into the interim state. I will work closely with the CMA as they start the search for her successor and will assist in ensuring there is a smooth handover.

“I will also be making further operational and management changes to prepare the OBIE for transition and will work closely with the CMA and JROC to deliver on our responsibilities as an organisation.

“On behalf of myself, and the whole of the OBIE, I would like to offer Charlotte our sincere thanks and gratitude for what she has delivered and wish her the best for her next challenge.”

Sarah Cardell, Interim Chief Executive of the CMA said: “I want to thank Charlotte for all her work as Open Banking Implementation Trustee and as Chair of Open Banking Limited. As Chair of OBL, she led important efforts to strengthen the management, governance and workplace culture of the organisation. As Trustee, she has overseen significant progress by the CMA9 banks in meeting their obligations under the Retail Banking Market Investigation Order, and this will enable the implementation phase of the Open Banking remedy to be completed shortly for the majority of the CMA9 banks.”

Notes to Editors

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

About the Open Banking Implementation Entity (OBIE)

Open Banking Ltd is the entity set up by the CMA9 as ordered by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Implementation Entity (OBIE).

The OBIE is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, NatWest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups.

The OBIE’s role is to:

The Joint Regulatory Oversight Committee is considering the future of Open Banking in the UK as we move beyond the CMA Order. There will be a staged transition in the governance of Open Banking, summarised as follows:

It’s an exciting time for open banking as the government and regulators, through the Joint Regulatory Oversight Committee (JROC), decide the next phase for open banking following the completion of the roadmap implementation.

We’re very fortunate in the UK to have benefited from a competition-focused regulatory environment which has delivered a vibrant open banking ecosystem that is now being exported to around 80 countries across the world.

The next phase will be exciting as JROC looks at how to build on the success of open banking, and the Financial Conduct Authority and others examine how the UK moves towards and delivers open finance.

What we saw in the publication of the Kalifa review in February 2021, was a desire to move towards open finance and an open data environment that’s going to deliver great things for consumers and small businesses. And that’s the most important thing – we must make progress for the benefit of consumers and our small businesses, and deliver for competition and transparency in financial services.

Expanding open banking to other sectors

The inclusion of the Smart Data legislation in the Queen’s Speech brings us one step closer to expanding the benefits of open banking to other sectors of the economy and we are all looking forward to what is going to come from that.

The inclusion of the Smart Data legislation in the Queen’s Speech brings us one step closer to expanding the benefits of open banking to other sectors of the economy.

Charlotte Crosswell, Chair and Trustee, OBIE

JROC is consulting with industry and others to decide what comes next for open banking and laying the groundwork around open finance or a smart data environment, where people can share their data with a trusted third party and in turn receive a better financial services and outcomes for them. That’s the most important thing we should be focusing on.

Charlotte Crosswell, Chair and Trustee, OBIE

Update from Charlotte Crosswell, Chair and Trustee, Open Banking Implementation Entity (OBIE)

This week I joined UK business leaders at the annual Conservative Party Conference, during which the Prime Minister outlined the government’s plan to transform the UK into an aspiration nation. The government reaffirmed its commitment to boost business-led growth and investment and “growth, growth, growth” was the key theme of the Prime Minister’s inaugural speech.

Over the three-day conference I had the pleasure to address the ‘Trade, exports and the path to Global Britain’ panel organised by Centre for Policy Studies and the City of London Corporation.  We discussed how open banking will play an important role in the government’s pro-growth agenda, helping consumers and businesses manage the increase in the cost of living.

Consumers and small businesses are already reaping the rewards of open banking, helping them to keep on top of expenditure and daily budgeting, cut card-processing costs, and shop around for better financial products and services – it is a true British success story.

But there is more that can be done. In the context of international trade for example, open banking has the potential of becoming a key asset in digital trade negotiations.

If history has anything to show, it is that – especially as far as British financial services are concerned – innovation is always part of the solution. 

Difficult economic times bring with it unique conditions which allow innovators to think and move more freely to create rapid, impactful change. The UK is nothing if not innovative and historically, it has demonstrated its ability to react agilely to a crisis so that it can be turned into an advantage and emerge stronger than ever.

One example of this was the 1866, economic downturn known as The Panic. In this instance the Bank of England acted counterintuitively and instead of tightening up on lending, it actually increased it, assisting the stricken market, but put in place an elaborate system that maintained the quality of the bills. This was thinking out of the box at its best and resulted in the pound being established as a world currency.

The Bank of England’s actions in 1866 are characteristic of our national identity.  At the heart of our most successful innovations is the need to solve problems and make our lives easier, but they are also driven by the intensely human desire to help, to connect with other people, and be part of the solution when the going gets tough.  That is why British innovation can continue to play a leading role and our most valuable currency is digital technology.

The opportunities that lie ahead in digital trade are ones we cannot afford to miss. If the UK is to thrive as an independent trading nation after leaving the EU, the government must do everything in its power to support a dynamic, innovative, and growing economy and be ambitious in scaling and export. Open banking can play an important role in helping our economy to grow and it is both dynamic and innovative.

There are now as many as 80 nations with open banking programmes, in consultation, design or implementation, and many of these have been inspired by the UK’s success . As with many parts of our fintech sector, we are particularly good at exporting thought leadership but do not always monetize it.

Imitation is the sincerest form of flattery, as we know. Our position as global leader in the open banking sector represents a real opportunity in digital trade and demand is increasing for UK expertise to share the ingredients which have made the implementation of our trusted open banking framework so successful.

With more than 6 million active users, currently rising by a million every six months, it is a framework which works for consumers and small businesses alike and has transformed the way that they leverage their financial data, take control of their finances and access better products and services. 

There are many factors to this success. Largely, it is down to an unmatched blend of world class talent, progressive regulation and a strong client base. It was also thoughtfully implemented. The Open Banking Implementation Entity (OBIE), mandated by the Competition and Markets Authority (CMA) in 2016, played an important role in making sure open banking was a success in the UK.  As an organisation, the use of an implementation entity was unique to this country, and it has done much to establish trust and allow third party providers to overcome challenges much faster than other European countries. 

One of the primary catalysts for this was the Kalifa Review, which signalled the UK’s high ambitions and recommended convening opportunities to unblock regulatory obstacles. The result is that the open banking model in Britain is the fruit of successful collaboration between the government and the private sector, with seed funding from HM Treasury. 

So, what is the future?

As we look ahead, one the biggest challenges the open banking sector faces is to ensure that the momentum is not lost. It would be a missed opportunity if the UK were not to leverage its current status as a world leader in the sector by not promoting its innovative leading fintechs as well as its own open banking model across jurisdictions and set the tone for the future of digital trade. 

In recent years, the government has supported the fintech sector by establishing ‘fintech bridges’ with other countries, to reduce regulatory barriers and support international expansion in a post-Brexit world. Whilst these have been an important step in the promotion of digital trade with other global jurisdictions, there is more that can be done to harness the full potential of the sector. 

The government should support our advanced UK open banking firms by facilitating access to other jurisdictions and markets and identifying trade opportunities that our Trade Missions can help promote. 

The UK has an open banking product and standard that is tried, tested and ready to go. It can and should be included as a key asset in future trade negotiations and the UK can offer the skills and expertise to build it in other jurisdictions. 

Because solid framework construction and trust lie at the root of our success. The ancient Romans were noted for their achievements in construction, and many of their arches are still standing to this day, having survived 2,000 years. To guarantee the quality of their constructions the Romans had an interesting practice. When they finished building an arch, the engineer in charge was expected to stand beneath it when the scaffolding was removed. If the arch didn’t hold, he was the first to know!

This is why the potential of what we have built in the UK is enormous. 

We at the OBIE are confident that our bridges are secure and if other jurisdictions are happy to learn from us, and continue to build connecting bridges, we will happily stand beneath them!  

We hope that as we continue along the road to a post-Covid recovery, looking for new economic growth opportunities, the government will show the same level of confidence and ambition in the huge potential of digital trade.

Charlotte Crosswell, Chair and Trustee, Open Banking Implementation Entity (OBIE)

The Open Banking Implementation Entity (OBIE) has today announced the appointment of Theresa Casey as General Counsel to strengthen the senior leadership team.

Ms Casey is a highly qualified General Counsel, with strong corporate governance, transformation, and financial services experience, most recently as General Counsel and Company Secretary at N Brown Group Plc. 

This latest senior hire follows a number of key leadership appointments in recent months.

In February, Henk Van Hulle was appointed as the organisation’s first Chief Executive Officer. The creation of this new position was part of a package of changes to deliver a management framework and strong, effective governance for the OBIE.

Towards the end of 2021, two independent non-executive directors, Barbara Ridpath, and Jeremy Newman, were appointed to the OBIE Board. Since joining the OBIE, their considerable experience and expertise has already played a positive and impactful role in strengthening the organisation’s governance, while also providing independent oversight and scrutiny.

Significant work has also been underway to review the OBIE’s HR agenda, corporate governance, conflicts of interest, culture and values, and procurement processes. In January 2021, the OBIE appointed a new People and HR Director, Debbie Lombard, to lead on developing HR practices and workplace culture, and ensure these are understood and adopted across the organisation.

The appointments to the senior leadership team follow changes introduced since the publication of the Alison White Report. Further to the report’s release, the OBIE moved quickly to appoint PA Consulting to provide recommendations on where action was needed.

Amongst the key recommendations of this analysis was to ensure the provision of leadership and senior-level appointments, in order to assess, address and action the issues identified in the report.  Furthermore, the HR, culture and people agenda, organisational structure, corporate governance and conflicts of interest were reviewed. Much of this work is already in train and being completed at pace, and will be subject to continuous review.

Charlotte Crosswell, who was appointed as Chair and Trustee of the OBIE in October 2021, welcomed Ms Casey’s appointment. She said: “I am delighted to welcome Theresa as the OBIE’s new General Counsel and believe her experience will further strengthen the leadership of the OBIE. This completes the additions to our senior team and will be critical in embedding and driving forward the significant changes we have made to our governance, management, processes, and policies, alongside our workplace practices and culture. When I joined the OBIE, I promised to listen, learn and act, and this remains my focus, as well as ensuring that the progress we have made to date, keeps advancing.”

Henk Van Hulle, CEO of the OBIE said: “Completing the appointments to our senior leadership team strengthens the OBIE’s governance as we prepare for our next phase and the imminent CMA decision on the future arrangements for open banking. We are privileged to have a very talented team at the OBIE, and I thank them, past and present, for all of their hard work to establish open banking in the UK and bring its benefits to over 5 million consumers and small businesses.”

Ms Casey said: “I am pleased to be joining the OBIE at this time and I am committed to working with the Board and CEO, and the rest of the management team to ensure the OBIE of today, and whatever new entity we transition to, remains a culturally progressive, inclusive, organisation with strong governance and is truly fit for the next stage.”

About Us

Open Banking Ltd is the entity set up by the CMA9 as ordered by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Implementation Entity (OBIE).

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

The OBIE’s role is to:

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

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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For further information, please contact: press@openbanking.org.uk

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:

The Financial Conduct Authority (FCA) has published industry feedback from its Open Finance call for input from December 2019.

Responding to the findings, Imran Gulamhuseinwala OBE, Trustee, Open Banking Implementation Entity said:

“Both today’s report from the FCA and the recent Kalifa Review clearly highlight the transformation and the benefits that open banking is bringing across financial services.

“More than three million consumers and SMEs are using open banking enabled apps. That’s not only boosting competition and innovation, but it means that customers are getting better deals and more suitable products.

“The success of open banking is reflected in the strength of the UK’s FinTech sector. The UK has more open banking third party providers than the whole of the EU combined. That’s something not only to celebrate, but crucial in understanding how we maintain momentum and pave the way for open finance and Smart Data.”

 

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For further information, please contact: press@openbanking.org.uk

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: