May 10, 2022 Open Banking appoints Elemental as part of Governance focus
Open Banking, the entity set up by the UK’s largest retail banking organisations, has appointed Elemental CoSec to provide governance support to its board and committees.
In 2016 the CMA investigated the UK’s retail banking market and one of the recommendations made to produce more favourable consumer outcomes was open banking. As a result, the Open Banking Implementation Entity (OBIE) was set up, funded by the CMA9 (Allied Irish, Bank of Ireland, Barclays, Danske, HSBC, Lloyds, Nationwide, Natwest and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third-party providers, and consumer groups enabling customers to share account information securely across providers.
Elemental has been tasked with providing board and committee meeting support and maintaining the statutory registers throughout the year. Elemental’s appointment comes following a renewed focus on corporate governance after an independent report commissioned by the CMA highlighted several areas for improvement.
Elemental has been working closely with the newly appointed General Counsel, Theresa Casey, who is one of several new senior hires in key leadership positions. Sharing her experiences of working with Elemental, Ms Casey said: “Elemental are very easy to work with, flexible and available when needed. Their work is always of a high standard, and they work with us to ensure that we get exactly what we need.”
Nick Lindsay, Director of Corporate Services and Governance said: “Open Banking is a unique organisation and poses some very specific governance challenges. It has been a pleasure supporting the board so far and I look forward to continuing into the future”.
Elemental advises several clients in the financial services sector including iFAST (previously BFC bank), Mode Global Holdings, GT Bank, The Bank of London, Bank of Baroda (UK), GB Bank and industry body Innovate Finance.
Elemental is an integrated professional services firm offering joined-up support across governance, company secretarial, and accounting. Elemental partners with boards, law firms and in-house legal and accounting teams. They have represented over 1,600 clients from over 100 countries. Elemental advises a number of boards and committees of listed companies on implementing governance frameworks and best practices.
For more information visit: www.elementalcosec.com