Open Banking Limited publishes Trustee End of Implementation Roadmap summary report

31 January 2023
press release

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:, 020 7297 5965