Conservative MP and former city minister John Glen has been appointed to the board of Open Banking Limited (OBL), the organisation responsible for overseeing the standards of the financial technology.
Currently serving as the parliamentary private secretary to opposition leader Kemi Badenoch, Glen held several roles in the Treasury during the previous Conservative government including economic secretary to the Treasury, chief secretary to the Treasury and paymaster general.
Glen joins the board of OBL as a non-executive director ahead of the publication of its LongTerm Regulatory Framework (LTRF) and Payments Forward Plan, which will help define the next chapter for the implementation, regulation and innovation of open banking.
“Open Banking is one of the UK’s most important achievements within financial services; strengthening competition, driving innovation, and giving consumers and businesses greater choice,” said Glen.
“As adoption grows the focus must now shift to scale an impact, ensuring that the framework can continue deliver meaningful economic value and retain long-term competitiveness for the UK.”
OBL was launched in 2018 as a regulatory initiative instigated under the Competition and Markets Authority (CMA)’s retail banking market investigation order.
“John brings an invaluable understanding of the financial services sector and regulatory landscape, alongside a deep appreciation of how industry and government can work together to deliver a globally competitive financial services ecosystem,” said Marion King, chair and trustee of OBL.
“Our primary role is to enable the ecosystem to come together and drive forward open innovation in a sustainable way that is aligned to the needs of consumers, businesses, and the wider economy. We look forward to drawing on John’s experience as we champion the sector and meaningfully build on the achievements of the past eight years.”
