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
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI