Open Banking Limited strengthens board with appointment of John Glen MP

Source: Open Banking Limited / WA Comms

Open Banking Limited (OBL), the standards setter for Open Banking, today announces the appointment of the Rt Hon John Glen MP to its board as an independent non-executive director.

While in government, Glen played a leading role in shaping UK financial services policy having served as economic secretary to the treasury from 2018 to 2022. Glen was also responsible for financial regulations and managing relationships with the FCA and PRA on behalf of the government.

His appointment comes at an important moment for the future of Open Banking, with the upcoming publication of the Long Term Regulatory Framework (LTRF) and the Payments Forward Plan setting out the next chapter for growth, competition and innovation. Momentum is also building across the ecosystem – from the launch of the first commercial Open Banking scheme (cVRP, from the UK Payments Initiative), to regulators actively considering how the model can expand into Open Finance. Together these developments signal a major step forward in the UK’s ambition to lead the world in modern, interoperable financial services.

Since its launch in January 2018, Open Banking has evolved from a regulatory initiative, instigated under the Competition and Markets Authority’s Retail Banking Market Investigation Order 2017, into a core part of the UK’s financial infrastructure, underpinning innovation, competition and growth across payments, lending, money management and beyond.

As the ecosystem prepares for the transition to a Future Entity, OBL continues to work closely with industry, regulators and government to support a smooth and effective transition of responsibilities. The focus remains on maintaining trusted standards, ensuring continuity for users and firms, and helping the ecosystem organise effectively for the next phase of Open Banking.

As part of this, and building on the success of the past eight years, OBL is in discussions with industry about its facilitating industry collaboration on the design of a neutral, cost-effective, resilient and industry-led Future Entity – powering Government, regulators’ and industry’s ambitions for the next phase of Open Banking.

The remainder of Open Banking Limited’s board consists of Marion King (chair and trustee), Henk Van Hulle (chief executive officer), Jeremy Newman (senior independent non-executive director) and Claudio Pollack (independent non-executive director).

Speaking on his appointment, the Rt Hon John Glen MP, comments: “Open Banking is one of the UK’s most important achievements within financial services; strengthening competition, driving innovation, and giving consumers and businesses greater choice. As adoption grows the focus must now shift to scale and impact, ensuring that the framework can continue to deliver meaningful economic value and retain long-term competitiveness for the UK.

“I am pleased to be joining Open Banking Limited at this important moment and to play a part in the next phase of Open Banking’s development. To build on the progress of the past eight years, industry, regulators, and government must work together, with Open Banking Limited at the centre, to ensure Open Banking delivers real impact and supports a competitive UK financial services sector.”

Marion King, chair and trustee of Open Banking Limited, adds: “John brings an invaluable understanding of the financial services sector and regulatory landscape, alongside a deep appreciation of how industry and government can work together to deliver a globally competitive financial services ecosystem.

“Our primary role is to enable the ecosystem to come together and drive forward open innovation in a sustainable way that is aligned to the needs of consumers, businesses, and the wider economy. We look forward to drawing on John’s experience as we champion the sector and meaningfully build on the achievements of the past eight years.”

Further reading: Open Banking Limited marks eight years of Open Banking in the UK