Former City Minister Appointed to Open Banking Board
•February 9, 2026
0
Why It Matters
Glen’s regulatory expertise could accelerate the scaling of open banking, reinforcing the UK’s position as a global fintech leader and ensuring the sector delivers sustained economic value.
Key Takeaways
- •John Glen joins Open Banking Limited as non‑executive director
- •Appointment coincides with upcoming Long‑Term Regulatory Framework release
- •Glen brings Treasury and economic policy experience to fintech
- •OBL aims to scale open banking impact and competitiveness
- •Board addition signals stronger government‑industry collaboration in UK finance
Pulse Analysis
Open Banking Limited, launched in 2018 under the Competition and Markets Authority’s retail banking investigation, has become the backbone of the UK’s fintech ecosystem. By setting technical standards and overseeing data sharing protocols, OBL enables banks, challengers, and third‑party providers to deliver innovative services while safeguarding consumer data. The forthcoming Long‑Term Regulatory Framework and Payments Forward Plan aim to move beyond early adoption, focusing on scalability, security, and cross‑border interoperability, positioning the UK as a testbed for next‑generation financial products.
John Glen’s arrival on the OBL board brings a rare blend of high‑level Treasury experience and hands‑on knowledge of fiscal policy. Having served as Economic Secretary, Chief Secretary, and Paymaster General, Glen understands the delicate balance between regulation and market freedom. His insight is likely to shape the new regulatory framework, ensuring it addresses systemic risk without stifling innovation. Moreover, his current role as parliamentary private secretary to opposition leader Kemi Badenoch provides a direct conduit between legislative priorities and industry needs, potentially smoothing the path for policy implementation.
The broader implication for the UK financial services sector is significant. As open banking matures, it promises to deepen competition, lower costs, and unlock new revenue streams for both incumbents and challengers. Glen’s appointment signals a strategic push to embed governmental expertise within the fintech governance structure, reinforcing confidence among investors and international partners. If the LTRF succeeds in delivering measurable economic value, the UK could solidify its reputation as a world‑leading hub for open finance, attracting talent, capital, and innovative ventures for years to come.
Former city minister appointed to Open Banking board
Conservative MP and former city minister John Glen has been appointed to the board of Open Banking Limited (OBL), the organisation responsible for overseeing the standards of the financial technology.
Currently serving as the parliamentary private secretary to opposition leader Kemi Badenoch, Glen held several roles in the Treasury during the previous Conservative government including economic secretary to the Treasury, chief secretary to the Treasury and paymaster general.
Glen joins the board of OBL as a non-executive director ahead of the publication of its LongTerm Regulatory Framework (LTRF) and Payments Forward Plan, which will help define the next chapter for the implementation, regulation and innovation of open banking.
“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,” said Glen.
“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.”
OBL was launched in 2018 as a regulatory initiative instigated under the Competition and Markets Authority (CMA)’s retail banking market investigation order.
“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,” said Marion King, chair and trustee of OBL.
“Our primary role is to enable the ecosystem to come together and drive forward open innovation in a sustainable way that is aligned to the needs of consumers, businesses, and the wider economy. We look forward to drawing on John’s experience as we champion the sector and meaningfully build on the achievements of the past eight years.”
The post Former city minister appointed to Open Banking board appeared first on UKTN.
0
Comments
Want to join the conversation?
Loading comments...