New open bank trustee says ‘no possibility of appeasement’ in OBIE’s future after bullying scandal
Charlotte Crosswell comes in with a hard line against the organization’s past failures.
Image source: Charlotte Crosswell / OBIE.
On Friday, Open Banking Administrator and President Charlotte Crosswell spoke out to “apologize sincerely” following the bullying scandal that engulfed the Open Banking Implementation Entity (OBIE) and led to the resignation of Imran Gulamhuseinwala.
Crosswell said with humility that the OBIE would be “committed to turning these learnings into effective and meaningful change” under his leadership.
The scandal was sparked by bullying allegations filed in a lawsuit last year, which led to an independent investigation led by OBIE’s non-executive director Alison White.
Earlier this month, the findings of the investigation were released, according to which the organization’s leadership had “allowed a culture of bullying and intimidation to prevail.”
Addressing the inquiry, Crosswell said: “Ms White’s observations and conclusions mean there is absolutely no room for complacency.”
“Under my leadership, we are committed to working to ensure that there is no recurrence of failures and shortcomings, historical or otherwise. Simply put, what happened was unacceptable and cannot happen again.
As we explored in our Crosswell profile last week, the new chairman and director is joining the OBIE at a precarious time, not only because of the investigation, but also because the Competition Authority and (CMA) is still deciding what role it will play in the future of open banking.
OBIE says Crosswell has been tasked with “leading the planned transition to future open banking deals” – but these future deals are still undecided.
Crosswell went on to note the uncertainty for the OBIE and the broader open banking sector, stating:
“With the CMA soon to announce the next steps towards the future governance model of open banking, we are at a key inflection point, and I hope this will give us more clarity and allow us to fully implement the type of leadership, governance and structure, alongside a united, diverse and inclusive culture, which is vital for a progressive and permanent organization.
Many hope that the CMA consultation will enable the OBIE to lead the charge into open finance and beyond; However, this decision is far from certain.