Terms of reference for the Open Banking lessons learned review
Published 23 November 2021
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Aims
To identify the lessons the CMA should learn from recent issues at OBIE in order to make recommendations for the CMA’s future approach to remedies resulting from Market Investigations.
Objectives
The review will not revisit the questions considered by Alison White’s report but will take the report into account in order to answer the questions below.
The review will address the following key questions to identify lessons learned for the CMA for future Market Investigation remedies:
- What weaknesses were there in the CMA’s design, implementation and monitoring of OBIE?
- What factors should the CMA consider when designing, implementing and monitoring remedies in Market Investigations in future, including in terms of scoping, timing, flexibility and allocation of resources and responsibility?
- What measures or processes would ensure that the governance of Market Investigation remedies is effective and appropriate, including where scope or timeframes change?
- What should be the process for CMA Executive and Board oversight of remedies when the Market Investigation Reference Group oversight ends?
- What if any further recommendations should be made for the future?
Timing
The review is to be completed within 6 months.
Outputs
The findings from the review will be reported to the CMA Board and published.
Approach
Kirstin Baker will lead the review independently of the Board and CMA Executive and will be provided with the necessary resources and information to do so, including support from a CMA team.