Marion King, a former director of Payments at Natwest Group and president of Mastercard UK and Ireland, takes on the role of chair and trustee of the Open Banking Implementation Entity (OBIE) at the end of this month
Marion King takes over as outgoing chief Charlotte Crosswell moves into a position at the government-backed Centre for Finance, Innovation and Technology
King’s appointment comes after the first phase of open banking implementation in the UK was deemed “substantially complete” by the Competition and Markets Authority
In a statemen, the OBIE said that King would now be charged with overseeing big banks’ compliance with the regulators’ open banking order and corporate governance of the body.
What does this mean?
King commented, “Open Banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5m 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.”