The chair of the body that was set up to deliver open banking in the UK has resigned as an investigation into sexist and racist behavior concluded that the agency allowed “a culture of bullying and intimidation to prevail.”
Imran Gulamhuseinwala tendered his resignation as trustee and chair of the Open Banking Implementation Entity (OBIE), as part of a package of remedies meant to address poor culture and governance at the entity, according to the Competition and Markets Authority (CMA) on Friday, October 1. The CMA ordered nine UK banks and building societies to set up the OBIE in 2017, to encourage big banks to share customer information with startups and fintechs, and address a lack of competition in the financial sector.
The scathing report – conducted by Alison White, who has worked on a number of boards and is a non-executive director for the Office of the Secretary of State for Wales – said that the number of people who described the working environment as “toxic” was “overwhelming,” and concluded that there were “too few checks and balances,” as well as failures in the way the body managed complaints.
It concluded that sexist comments were “tolerated” at the entity’s office and that bullying “may have been racially motivated”. It also found workers also “feared they would lose their roles if they raised concerns.”
The review was originally launched in September 2020 after a whistleblower contacted the CMA with a number of allegations aimed at the entity’s senior staff. Nearly 50 people were interviewed as part of the investigation, conducted by law firm Mishcon de Reya, with more than half of the interviewees raising serious concerns about the way the OBIE was run.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Vista and Blackstone in Advanced Talks to Acquire Smartsheet in $8 Billion Deal
Sep 17, 2024 by
CPI
Ursula von der Leyen Appoints Spanish Minister to Key Role in European Commission
Sep 17, 2024 by
CPI
US Judge Dismisses Antitrust Lawsuit Against Bayer, Corteva, and Syngenta
Sep 17, 2024 by
CPI
YouTube CEO Argues Google’s Innovation, Not Monopoly, Drove Ad Tech Success
Sep 16, 2024 by
CPI
Samsung, Xiaomi Among Smartphone Brands Allegedly Involved in eCommerce Collusion In India
Sep 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández