Marion King appointed as the new Chair and Trustee of the Open Banking Implementation Entity
The Open Banking Implementation Entity (OBIE) has today announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1 February 2023.
Marion’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee, who steps down on 31 January following completion of her Trustee mandate.
Before joining the OBIE, Marion was Director of Payments at NatWest Group and President of MasterCard UK and Ireland. Prior to that she was the Chief Executive Officer of VocaLink – a specialist payments partner to banks, corporate partners and government departments.
Key priorities for Marion include the protection of CMA Order and its ongoing requirements and working with stakeholders and the Joint Regulatory Oversight Committee, following their decisions on the future long-term regulatory framework for open banking in the UK.
The Chair and Trustee will continue to oversee corporate governance at the OBIE, CMA9 compliance with the CMA Order, 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.
The OBIE has also appointed Sarah Beauvallet as the new Independent Non-Executive Director to the Board of OBL to provide further assurance to the Board as OBIE prepares for transition to a Future Entity, joining 30 January 2023. The OBIE is currently in the process of appointing a third independent Non-Executive Director, to succeed Barbara Ridpath who will leaving the board at the end of February 2023.
Marion King said: “I am honoured to be appointed Chair and Trustee of the Open Banking Implementation Entity and 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.”
Charlotte 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. Whilst 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.”
Sarah Cardell, Chief Executive of the CMA said: “We are delighted that Marion has been appointed as Chair and Trustee of the OBIE. 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.
“We are also incredibly grateful to Charlotte for her important contribution in overseeing the significant governance changes at the OBIE, overseeing the substantive completion of the Open Banking Roadmap and starting to prepare the OBIE for transition. We wish her all the best in her new role as Chair of the Centre for Finance, Innovation and Technology.”
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