Updated governance arrangements for Open Banking
The Competition and Markets Authority (CMA) has published updated governance arrangements for Open Banking.
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Last year the CMA published an independent report following an investigation into allegations relating to the Open Banking Implementation Entity (OBIE), and its former leadership. The report concluded that the OBIE had not been properly managed and a lack of appropriate corporate governance was a direct contributor.
The CMA – following consultation with OBIE and the nine banks who fund OBIE (CMA9) – has amended the Agreed arrangements setting out the composition, governance, budget and funding arrangements for OBIE, taking into account the Report’s recommendations to set out a stronger and more effective governance framework for the OBIE.
The changes provide further clarity on the respective roles and responsibilities of the CMA, Trustee of OBIE and the CMA9 as regards the governance of OBIE as set out in the 2017 Retail Banking Market Investigation Order, and to ensure that appropriate processes and mechanisms are in place for the fulfilment of these roles.
For more information, visit related content:
- Update: Governance of Open Banking (5.11.21)
- Open Banking Limited independent investigation report (1.10.21)
- Press release: Update on Open Banking (1.10.21)