John Glen joins Open Banking Limited as Non-Executive Director

Open Banking Limited (OBL), the UK’s open banking standards body, has appointed the Rt Hon John Glen MP as an Independent Non-Executive Director, strengthening its board at a pivotal stage in the evolution of the country’s open banking framework.

Glen brings significant policy and regulatory experience, having served as Economic Secretary to the Treasury between 2018 and 2022. In that role, he oversaw financial services policy and was responsible for financial regulation, including managing the government’s relationship with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The appointment comes as the UK prepares for the publication of the Long-Term Regulatory Framework (LTRF) and the Payments Forward Plan, both of which are expected to shape the next phase of growth, competition and innovation in open banking. The ecosystem is also entering a new phase of commercialisation, marked by the launch of the first commercial open banking scheme for variable recurring payments (cVRP) under the UK Payments Initiative, and increasing regulatory consideration of expansion into broader open finance models.

Since its launch in January 2018 under the Competition and Markets Authority’s Retail Banking Market Investigation Order 2017, open banking has developed from a regulatory intervention aimed at increasing retail banking competition into a foundational layer of the UK’s financial services infrastructure. It now underpins services across payments, lending, and personal financial management, and is widely regarded as a key component of the UK’s digital financial strategy.

OBL is currently supporting the transition to a new industry-led “Future Entity” that will assume responsibility for maintaining and developing the open banking framework. The organisation is working with regulators, government and industry participants to design a neutral, cost-effective and resilient structure capable of sustaining long-term innovation and interoperability.

Marion King, Chair and Trustee of OBL, said Glen’s experience would be valuable as the organisation navigates structural and regulatory changes. “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,” she said.