- Chair/Trustee for Open Banking
- Chair, Trustee, Non Executive Director, Payments, Banking & Regulation
About Our Client
In 2016, the Competition and Markets Authority (CMA) published the findings of its investigation into the UK retail banking market. The report found that older, larger banks did not have to compete hard enough to gain customers' business, while newer banks find it difficult to access the market and grow. One of the remedies designed to tackle this problem was the development of Open Banking through the establishment of an Open Banking Implementation Entity (OBIE).
Open Banking enables consumers and small and medium-sized businesses to share their data securely with trusted third parties who are then able to provide them with applications and services which save time and money
As the implementation phase of the CMA's Opening Banking remedy approaches completion, the current OBIE will transition into a Future Entity tasked with further developing Open Banking in the UK.
We are now seeking a new Chair/Trustee who will be responsible for overseeing OBIE until such time as a Future Entity is established. During this period, the Chair/Trustee will oversee the OBIE as it continues to monitor the ongoing requirements of the CMA's Retail Banking Market Investigation 2017 Order, plans for and executes a smooth and timely transition to a future state, working collaboratively with key stakeholders (including the CMA, the 'CMA9' banks subject to the Order, fintechs and the sector regulators (the FCA and the PSR) among others).
The Chair/Trustee will be expected to work closely with the NEDs of OBL and to provide independent scrutiny and oversight of the decisions made by the executives in running the organisation, and with other Board members, including the CEO.
The OBL Board will be composed of the Chair/Trustee, a minimum of 2 NEDs and a CEO. The Chair/Trustee will be required to serve as an observer on the OBL Board's sub-committees - such as the Financial Audit and Risk Assurance Committee and the Remuneration and Nomination Committee and may also be asked to join other Board committees as needed.
 OBIE was established as a limited company, Open Banking Limited (OBL).
 CMA9 refers to the nine largest current account providers in Great Britain and Northern Ireland who were ordered by the CMA to create and pay for an OBIE to agree, consult upon, implement, maintain and make widely available, without charge, open and common banking standards (the Open Banking remedy).
The Successful Applicant
- An ability to provide effective leadership of the Board, develop consensus and empower challenge, and to drive forward a clear strategic vision during a time of significant change.
- Excellent analytical skills, judgement and sound decision-making are required, and the ability to ensure compliance with robust governance arrangements.
- Awareness, knowledge and understanding of the strategic context in which Open Banking was established and the business and markets in which Open Banking operates and into which it may develop.
- Good understanding of how complex organisations operate.
- Experience of change management and transition to a new corporate entity or reorganisation of an existing entity and the orderly resolution of a company's affairs.
- An ability to work with numerous stakeholders in a political environment and resolve complex issues to ensure OBL's orderly transition to a future state.
- A strong commitment to equal opportunities and diversity.The ability to inspire dedication, pace and innovation, ensuring the development, sustainability and high performance of the Board as a whole and of individual members.
- Excellent influencing and communication skills, including the ability to command trust and confidence at all levels, engage successfully with external audiences and build relationships with regulators and stakeholders.
What's on Offer
Highly competitive day rate.
Time commitment and duration
We envisage that the role will require a time commitment of 2-3 days a week. The duration of the role will be an initial period of 12 months, subject to renewal on a three-month rolling basis by OBL and the CMA9 (in agreement with the CMA) until transition to the future state.
The successful candidate must be available to start on or before 1 February 2023.