Open Banking Limited (OBL), the standards setter for open banking, has appointed the Rt Hon John Glen MP to its board as an Independent Non-Executive Director as the ecosystem prepares for the transition to a new “Future Entity”. Glen previously served as the UK’s Economic Secretary to the Treasury from 2018 to 2022, with responsibility for financial regulation and managing government relationships with the Financial Conduct Authority and Prudential Regulation Authority, and played a key role in the UK’s post-Brexit financial services strategy. OBL said it is working with industry, regulators and government to support a smooth transition of responsibilities, including discussions with industry on facilitating collaboration to design a neutral, cost-effective, resilient and industry-led Future Entity; it also cited forthcoming publications of the Long-Term Regulatory Framework and the Payments Forward Plan, the launch of commercial variable recurring payments (cVRP) by the UK Payments Initiative, and ongoing consideration of expansion into open finance. OBL reported more than 16.5 million live UK user connections supported by 145 authorised third-party providers, an estimated GBP 4 billion contribution to the UK economy and nearly 5,000 skilled digital jobs since launch, and nearly 33 million open banking payments in November 2025.
Open Banking Limited 2026-02-09
United Kingdom's Open Banking Limited appoints Rt Hon John Glen MP as independent non-executive director
Open Banking Limited has appointed Rt Hon John Glen MP as an Independent Non-Executive Director to its board as it transitions to a new "Future Entity." The organization is collaborating with industry, regulators, and government to ensure a smooth transition, with forthcoming publications and initiatives such as the Long-Term Regulatory Framework and the UK Payments Initiative's launch of commercial variable recurring payments.