Monday, January 23, 2023 8:53 p.m
Former Natwest and Mastercard exec Marion King takes over from outgoing chief Charlotte Crosswell
The physique charged with overseeing the rollout of open banking within the UK has appointed a former Natwest and Mastercard govt as its new chairman, Metropolis AM can completely reveal, because the regime enters the following part of implementation.
Marion King, former director of funds at Natwest Group and president of Mastercard UK and Eire, will take up the position of chairman and trustee of the Open Banking Implementation Entity (OBIE) on the finish of this month as outgoing head Charlotte Crosswell strikes to a place on the government-sponsored Middle for Finance, Innovation and Know-how.
Open banking was launched in 2018 to drive innovation by opening up clients’ banking knowledge to trusted “third occasion suppliers”. Its rollout has been touted by a lot of the fintech sector as essential to boosting innovation within the UK.
King’s appointment to the much-seen position comes weeks after the primary part of open banking implementation within the UK was deemed “considerably full” by the Competitors and Markets Authority, 5 years after it was first rolled out within the UK.
In an announcement shared to Metropolis AM, the OBIE mentioned King would now be tasked with overseeing main banks’ compliance with the regulators’ open banking order and the company’s company governance.
“Open banking is successful story within the UK and exemplifies the perfect in innovation and entrepreneurship within the UK, benefiting over 6.5 million customers and small companies. I stay up for seeing much more customers undertake and use merchandise that assist them higher handle their cash, transfer it round and earn extra,” King mentioned in an announcement.
“We can’t afford to be complacent and have to work with and help the ecosystem, policymakers and regulators to make sure the UK stays internationally aggressive and modern.”
Her appointment comes as questions linger over the way forward for the OBIE, with the physique set to get replaced by a brand new entity but to be decided by regulators.
The pace of progress in open banking has additionally come below hearth from some quarters. A gaggle of fintech firms, together with Sensible and Monzo, criticized regulators in December, claiming that the “integrity and potential” of the UK regime was in danger.
The OBIE has confronted a collection of controversies since its inception, with King’s predecessor Crosswell introduced in to deal with a bunch of allegations of bullying, sexism and racism.
The success of open banking has cracked the code for extra know-how innovation within the UK
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