Open Banking Implementation Entity announces search for new Chair and Trustee
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.
During her tenure, Charlotte has overseen and delivered significant governance, culture and management changes, which have been essential in ensuring that the OBIE is fit for purpose and ready for transition to the next phase for Open Banking.
“It has been an honour to serve as the trustee and chair of the OBIE since October 2021,” Crosswell said. “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.”
Crosswell is committed to carrying out her trustee duties, including the completion of the implementation roadmap, the delivery of a Transition Report to the Competition and Markets Authority (CMA) and preparing the organisation for transition to a Future Entity.
Henk Van Hulle, CEO of the OBIE, said: “Charlotte’s tireless work, dedication and experience have been invaluable as the OBIE prepares for transition post implementation.
“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.”
Sarah Cardell, interim CEO 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.”
The CMA will commence a search for the next chair and trustee in the coming weeks. They will be appointed on 1 February 2023.
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. Other 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 (JROC)’s decisions on the future long-term regulatory framework for Open Banking in the UK.
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.
Meanwhile, Crosswell has been named as the first chair of the Centre for Finance, Innovation and Technology (CFIT). She will start in her new role in January.
“I’m looking forward to working across the country to advance fintech growth and support scaling of financial innovation. We have an incredible opportunity to drive forward better outcomes for consumers and SMEs, and capitalise on the considerable progress that has already been made in the UK,” she said in a LinkedIn post.