John Glen Joins Open Banking Limited As Non-Executive Director

During his time in government, Glen played a key role in shaping UK financial services policy, serving as Economic Secretary to the Treasury from 2018 to 2022. He also oversaw financial regulation and government relations with the FCA and PRA.

His appointment comes at a pivotal time for open banking, as the Long-Term Regulatory Framework (LTRF) and the Payments Forward Plan prepare to outline the next phase of growth, competition, and innovation.

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Industry momentum is increasing with the launch of the first commercial open banking scheme (cVRP) through the UK Payments Initiative and regulators exploring expansion into open finance. Together these developments highlight the UK’s ambition to lead globally in modern interoperable financial services.

Speaking on his appointment the Rt Hon John Glen MP, comments: “Open Banking is one of the UK’s most important achievements within financial services; strengthening competition, driving innovation, and giving consumers and businesses greater choice. As adoption grows the focus must now shift to scale an impact, ensuring that the framework can continue deliver meaningful economic value and retain long-term competitiveness for the UK.

“I am pleased to be joining Open Banking Limited at this important moment and to play a part in the next phase of open banking’s development. To build on the progress of the past eight years, industry, regulators, and government must work together, with Open Banking Limited at the centre, to ensure open banking delivers real impact and supports a competitive UK financial services sector.”

Since its launch in January 2018, open banking has progressed from a regulatory initiative introduced under the Competition and Markets Authority’s Retail Banking Market Investigation Order 2017 into a foundational element of the UK’s financial infrastructure, supporting innovation, competition and growth across payments, lending, money management and beyond.

As the ecosystem prepares for the transition to a Future Entity OBL continues to collaborate closely with industry, regulators and government to ensure a smooth and effective transfer of responsibilities. Its priorities remain maintaining trusted standards, ensuring continuity for users and firms and supporting the ecosystem through the next phase of open banking.

Building on eight years of progress, OBL is also in discussions with industry on facilitating collaboration to design a neutral, cost-effective, resilient, and industry-led Future Entity, aligned with the ambitions of government, regulators, and the wider ecosystem.

The remainder of Open Banking Limited’s board includes Marion King (Chair and Trustee), Henk Van Hulle (CEO), Jeremy Newman (Senior iNED), and Claudio Pollack (iNED).

Marion King, Chair and Trustee of Open Banking Limited, adds: “John brings an invaluable understanding of the financial services sector and regulatory landscape, alongside a deep appreciation of how industry and government can work together to deliver a globally competitive financial services ecosystem.

“Our primary role is to enable the ecosystem to come together and drive forward open innovation in a sustainable way that is aligned to the needs of consumers, businesses, and the wider economy. We look forward to drawing on John’s experience as we champion the sector and meaningfully build on the achievements of the past eight years.”