The Open Banking Implementation Entity (OBIE) has appointed Barbara Ridpath as an independent non-executive director and is in the process of recruiting a chief executive.
Ridpath brings professional, financial and regulatory experience including roles at J.P. Morgan and ratings agency S&P. She is currently a non-executive director at Paragon Bank and chair of the Ethical Investment Advisory Group.
The appointment will support the wider reforms led by chair and trustee Charlotte Crosswell to improve corporate governance, provide independent oversight and transparency, stronger policies and controls, as well as support employee values, culture and well-being.
Furthermore, in consultation with the CMA and CMA9, the OBIE has initiated an open recruitment process to appoint a chief executive to help the organisation deliver the transformation required by the independent investigation’s recommendations and help ensure a smooth transition to the future governance arrangements for open banking.
With the future governance of open banking in the UK to be determined in early 2022, the chief executive role will be initially filled on a 12-month fixed term basis.
The chief executive will report to Crosswell and will primarily focus on strong leadership, change management, driving greater awareness and understanding of the benefits of open banking to consumers and small- and medium-sized enterprises (SMEs).
“I’m delighted to welcome Barbara to the OBIE as non-executive director,” said Crosswell.
“Her professional experience, particularly around regulatory reform, will significantly strengthen corporate governance, as we continue to address the findings and recommendations in Alison White’s independent report.”
“I am very pleased to join OBIE,” said Ridpath.
“The development of open banking is in the interest of consumers and SMEs, as well as demonstrating the UK’s leadership in the future of financial innovation.
“My experience lends itself well to providing strong governance support to Charlotte on the Open Banking Limited board, but also helping the OBIE as it transitions.”
Ridpath’s appointment follows OBIE hiring Jeremy Newman as a non-executive director in November.
Following a high-profile bullying scandal, the OBIE chair Charlotte Crosswell has said that taking action now is important to “secure and build on the significant achievements that have been made in open banking”.