The Open Banking Implementation Entity (OBIE) has announced that it’s looking to appoint an independent Non-Executive Director (iNED) to its Board.
As mentioned in the announcement, Open Banking enables consumers and SMEs to share their bank account details in a secure manner with trusted third-parties or intermediaries who can then use this information “to help them save time and money by finding better products to suit their needs.”
As noted in the update:
“In order to implement Open Banking, the Competition and Markets Authority required the nine largest current account providers in Britain and Northern Ireland to create and fund an implementation entity – known as the Open Banking Implementation Entity. The implementation phase is expected to conclude in 2022.”
The OBIE are currently seeking a second iNED to “further strengthen the governance of the organization,” the announcement confirmed.
The individual will be “expected to work closely with the Chair, and recently appointed iNED to provide them with support and to provide independent scrutiny and constructive challenge to the functioning of the OBIE,” the update added.
This individual will “need to have significant experience in corporate governance, as well as change management.” They will need to “provide effective leadership alongside the Chair, during a time of significant change,” the announcement noted.
As stated in a release, this will be “a hands-on role with an anticipated time commitment of approximately 3-4 days/month.” The role is expected to have “a duration of approximately 6 months.” But the length of term may be “extended beyond this,” the update clarified while noting that the role is “remunerated at 45,000 per annum.”
Applications in the form of a CV or requests for further information should be “sent to our search partners, Moloney Search at OBIE@moloneysearch.com.” the update noted.
The closing date is “midday on 19 November 2021.” Open Banking is “committed to diversity and equality and is an equal opportunities employer,” the announcement noted.
As previously reported, the Open Banking Implementation Entity (OBIE) is the entity “set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.”
The OBIE is “governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups.”
The OBIE’s role is to:
- Enforce the obligations on the CMA 9 under the CMA Order
- Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking
- Support regulated third party providers and banks and building societies to use the OBIE’s Open Banking Standards
- Create security and messaging standards
- Manage the OBIE’s open banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking
- Produce guidelines for participants in the open banking ecosystem
- Set out the process for managing disputes and complaints