Following a complaint relating to the Open Banking Implementation Entity (OBIE), an independent investigation identified a number of problems with its leadership and found that a lack of appropriate corporate governance contributed directly to these issues.
The CMA has now published the terms of reference for a review of the lessons that can be learnt from the recent issues at the OBIE. Although the review will not revisit the questions considered in the investigation report, it will address the following key questions:
- what weaknesses were there in the CMA’s design, implementation and monitoring of OBIE?
- what factors should the CMA consider when designing, implementing and monitoring remedies in Market Investigations in future, including in terms of scoping, timing, flexibility and allocation of resources and responsibility?
- what measures or processes would ensure that the governance of Market Investigation remedies is effective and appropriate, including where scope or timeframes change?
- what should be the process for CMA Executive and Board oversight of remedies when the Market Investigation Reference Group oversight ends?
- what if any further recommendations should be made for the future?
The review is to be completed within 6 months.