The Open Banking Implementation Entity (OBIE) has appointed Marion King as its new chair and trustee. She succeeds Charlotte Crosswell who steps down at the end of this month.
The Competition and Markets Authority (CMA) set up OBIE in 2016 to deliver open banking. There are now over 6.5 million active users of open banking-enabled products in the UK.
The body is funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander).
Crosswell revealed she was leaving in November to take on the chair role at the newly-established Centre for Finance, Innovation and Technology (CFIT). Her plans are to “increase the global scale and impact of the UK fintech sector”.
King’s appointment follows a “robust recruitment process” says the CMA. Before joining the OBIE, she was director of payments at NatWest Group and president of MasterCard UK and Ireland. King was also previously CEO of VocaLink – a payments partner to banks, corporate partners and government departments.
The OBIE has also appointed Sarah Beauvallet as the new independent non-executive director (NED) to the board and is looking for a third independent NED to succeed Barbara Ridpath who will leave at the end of February.
Sarah Cardell, chief executive of the CMA, commented: “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.”
Next steps for King
Key priorities for King include the protection of CMA Order and its ongoing requirements and working with stakeholders and the Joint Regulatory Oversight Committee, following the decisions on the future long-term regulatory framework for open banking in the UK.
The Chair and Trustee will also continue to oversee corporate governance at the OBIE, 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.
King says: “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.”
Meanwhile, 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. While 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.”
CFIT was established following recommendations from the Kalifa review.