Treasury-backed fintech body calls in open bank chief executive

A government-backed body set up to boost the country’s fintech sector has appointed industry magnate Charlotte Crosswell as its chair today, as it prepares to start operations following a £5.5m commitment from the Treasury last year.

The Center for Finance, Innovation and Technology (CFIT) announced this morning that Crosswell, who previously chaired fintech industry body Innovate Finance and the Open Banking Implementation Entity, will take on the role of the body’s first chair from January next year.

CFIT was one of the key recommendations from the landmark Kalifa Review of Fintech published in February last year, and will be tasked with coordinating the sector nationally and pushing forward with a coherent national strategy.

The Government has thrown its weight behind the new body, committing £5.5m of seed funding in last year’s Autumn Budget alongside the City of London Corporation.

Sir Ron Kalifa, who led the government-commissioned review of the sector, last year described the cash injection as the “unique piece of the puzzle” needed to deliver a full strategy for the sector. In a statement today, Kalifa hailed Crosswell’s appointment as another boost for the body’s development.

“Charlotte will be responsible for advancing its mission and driving the UK’s leadership as the global leader in financial innovation by seeking opportunities to accelerate and remove barriers to growing the fintech sector,” he said.

“CFIT will be focused on bringing together the best minds from the ecosystem to create better outcomes for consumers and SMEs across the UK.”

He added that she brings “deep experience” across financial services and policy that “gives me confidence in the next phase for CFIT.”

Kalifa has chaired a steering committee throughout this year to draw up priorities and goals for the body together with over 80 organisations. The body is said to have held two preliminary meetings with fintechs and industry bodies around the country, but is set to start its operations from next year.

However, questions have been raised in some corners of the industry about the appointment of a CFIT chief. The agency has been actively recruiting for the role for a few months, but has yet to make a deal.

In its statement today, the City of London Corporation said an executive would be appointed “in the coming months” to work alongside Crosswell.

Open bank headhunt

Crosswell’s appointment at CFIT is set to leave a gap in the Open Banking Implementation Entity as the rollout of open banking enters a key phase next year.

Sarah Cardell, interim head of the Competition and Markets Authority which has overseen open banking, said today that Crosswell had “led important efforts to strengthen the leadership, governance and working culture” of OBIE.

“As trustee, she has overseen significant progress by the CMA9 banks in meeting their obligations under the Retail Banking Market Investigation Order and this will enable the completion of the implementation phase of the Open Banking tool soon for the majority of CMA9 banks,” said Cardell.