A familiar face arrives to oversee the next steps of the OBIE.

Image source: Charlotte Crosswell.

News last week that Open Banking Administrator and Chairman Imran Gulamhuseinwala had resigned due to his mismanagement of the Open Banking Implementation Entity (OBIE) and allowed “a culture of intimidation and intimidation to prevail ”stunned the open banking sector.

But Gulamhuseinwala’s departure in the midst of such a difficult time for the OBIE prompts an obvious question, who will be his replacement?

The Competition and Markets Authority (CMA) was quick to put forward a familiar face, revealing that Charlotte Crosswell had been appointed replacement administrator of the OBIE.

Who is Charlotte Crosswell?

Crosswell is a familiar face to those in finance, having recently led the fintech member group Innovate Finance for just under four years.

The executive succeeded Lawrence Wintermeyer in 2017 as the organization’s third CEO and led its growing involvement in public policy, most notably as the co-secretariat of the government’s Kalifa review on UK fintech.

Crosswell also campaigned on behalf of alternative lenders during last year’s Covid pandemic to ensure their inclusion in government-backed emergency lending programs.

Prior to Innovate Finance, Crosswell spent more than a decade rising through the ranks on the London Stock Exchange and Nasdaq before becoming CEO of the Nasdaq derivatives trading market.

She then turned to fintech with several roles of strategic advisor and director of the board of directors before landing the first position at Innovate Finance.

In April, Crosswell stepped down as CEO of Innovate Finance and handed over the reins to Janine Hirt.

What will his new role be?

Perhaps the biggest question around Crosswell and the OBIE is what exactly his role will be.

The incoming administrator joins an organization at a crossroads, not only in the way it deals with and recovers from the damning report on the mismanagement of its senior management, but also at a crossroads on the very future of the ‘open banking.

With the recent addition of variable recurring payments, the OBIE completed the CMA’s mission to implement open banking.

Its future direction is unclear, although the competition regulator is nearing the end of its deliberation on who should keep and grow the bank open in the future.

Crosswell believes that OBIE is “in a strong position to successfully integrate open banking”; However, she is clearly aware that this decision is not up to her.

“I look forward to the announcement of the AMC consultation on the future governance of OBIE and hope this will give us greater clarity and allow us to fully implement the kind of leadership, governance, structure and culture that is important to an organization. “

Without a doubt, given the appointment of a new trustee by the CMA, the OBIE will continue to play a role in the history of open banking.

How much of a part we’ll have to wait and see.