Open Banking Limited (OBL), the body responsible for setting open banking standards in the UK, has appointed the Rt Hon John Glen MP as an Independent Non-Executive Director.
The appointment comes at a critical juncture for the sector as it prepares for the transition to a permanent “Future Entity” and the implementation of a new long-term regulatory framework.
A strategic addition
Glen brings significant regulatory and policy experience to the board, having served as Economic Secretary to the Treasury (City Minister) from 2018 to 2022. During his tenure, he played a leading role in shaping the UK’s post-Brexit financial services strategy and managing relationships with regulators like the FCA and PRA.
His arrival coincides with increasing momentum in the sector, following the Financial Conduct Authority’s (FCA) recent call for the industry to unite behind a single proposal for the next phase of open banking.
John Glen MP commented on his new role: “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.”
Transitioning to the ‘Future Entity’
Since its launch in January 2018, open banking has grown significantly, now boasting more than 16.5 million user connections across the UK and contributing an estimated £4billion to the economy. Payments via open banking reached nearly 33 million in November 2025 alone.
As the ecosystem prepares to move away from the current OBL structure—originally instigated under the CMA’s Retail Banking Market Investigation Order 2017—the focus is on establishing a resilient, industry-led Future Entity. OBL is currently in discussions with the industry to facilitate collaboration on the design of this new body.
Marion King, chair and trustee of Open Banking Limited, welcomed Glen’s appointment: “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…”
Glen joins a board that includes Marion King (Chair), Henk Van Hulle (CEO), Jeremy Newman (Senior iNED), and Claudio Pollack (iNED).
