Ex-NatWest director Marion King chosen as new Open Banking Implementation Entity chair and trustee

By Oliver Smith on Tuesday 24 January 2023

Alternative LendingDigital BankingSavings and Investment

The OBIE has also appointed Sarah Beauvalle as a new independent director to its board.

Ex-NatWest director Marion King chosen as new Open Banking Implementation Entity chair and trustee
Image source: Marion King/OBIE.

With just days left until Charlotte Crosswell steps down as chair and trustee of the Open Banking Implementation Entity (OBIE) at the end of the month, the organisation this morning announced it has found a successor.

Marion King, a former director of payments at NatWest and president of MasterCard UK and Ireland, will take over as chair and trustee of the OBIE from 1 February.

Her key priorities will be both maintaining the existing implementation of open banking, as well as working with the Joint Regulatory Oversight Committee (JROC) as it decides the future direction open banking in the UK.

That future direction currently hangs in the balance, with AltFi exclusively revealing this morning that the JROC’s Strategic Working Group had found “limited agreement” between the retail banks, Third Party Providers (TPPs) and fintechs that form the UK’s open banking ecosystem.

“Open banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses,” said King on her appointment today.

“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.”

“We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”

As well as a new chair and trustee, the OBIE also appointed Sarah Beauvallet, the former chair of Moneyline, as a new independent board director and said it would appoint another independent board director shortly to replace Barbara Ridpath who steps down at the end of February.

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