Charlotte Crosswell stepping down as Open Banking trustee in 2023 to join Centre for Finance, Innovation and Technology

In a surprise announcement this morning, the UK’s Open Banking Implementation Entity (OBIE) revealed that its chair and trustee Charlotte Crosswell OBE will step down on 31 January 2023 after just 16 months in post.

Crosswell will instead take on the chair role at the newly-established Centre for Finance,Innovation and Technology (CFIT), an organisation created on the advice of the Kalifa Review of UK fintech to “coordinate targeted fintech policies that aim to scale the sector”.

So far the CFIT is being kickstarted with £5.5m in seed funding from The City of London Corporation and HM Treasury, with Crosswell due to appoint an executive team and start planning CFIT’s first programmes of work in early 2023.

Crosswell only joined the OBIE as chair and trustee in October 2021, taking over the reigns from former boss Imran Gulamhuseinwala who resigned after a bullying scandal came to light.

While she has worked to overhaul the OBIE’s governance, culture and management, the organisation is currently on-hold awaiting the decisions of the Joint Regulatory Oversight Committee around the future strategic direction of open banking in the UK.

“I am honoured to take on the position of the first Chair of the CFIT and increase the global scale and impact of the UK fintech sector,” said Crosswell on her upcoming appointment at CFIT.

“We have a unique opportunity to capitalise on the considerable progress that has already been made between industry, government and regulators to support this exciting sector, and ensure that its impact is felt up and down the country.”

The OBIE explained that the Competition And Markets Authority will immediately launch a recruitment process for a new chair and trustee, with an additional non-executive director also due to be appointed.