Emma BondThe CMA has published its findings following an investigation into allegations at the Open Banking Implementation Entity (OBIE).
The OBIE was set up in 2017 to implement Open Banking, enabling consumers and SMEs to securely share their bank and credit card transaction data with third parties who then provide time and money-saving applications and services.
Alison White was appointed to lead the independent investigation following a complaint setting out a number of allegations relating to the OBIE, the Implementation Trustee and certain current and former senior members of staff. The investigation, which included investigation into, and findings of, a culture of bullying and harrassment, to which lack of appropriate corporate governance contributed directly, concluded that the CMA (and the nine retail banks who helped to establish the OBIE) share the responsibility of not having put stronger governance mechanisms in place at the outset and for neglecting to monitor governance issues throughout the programme. Many personnel changes have resulted from the investigation.
