Open Banking Limited (OBL), the standards setter for Open Banking, today announces the appointment of Sean Martin to its board as an Independent Non-Executive Director. 

Sean Martin is an experienced lawyer and non-executive director, with broad experience across both the public and private sectors. While in the government legal service, he acted as a government litigator and advised HM Treasury, the Department of Trade and Industry and Ministry of Defence.  

He joined the Financial Services Authority (FSA) in 2004 and served as General Counsel of the Financial Conduct Authority (FCA) and as a member of the FCA’s executive committee from 2013 to 2021. During this role, he led the FCA’s legal and regulatory work through a number of strategic transformations, including the transfer of consumer credit regulation from the Office of Fair Trading (OFT) to the FCA, Brexit preparations, and the regulator’s response to the Covid pandemic.   

His appointment comes at an important moment in the evolution of open banking, with secondary legislation anticipated this year that will establish powers for the FCA to oversee Open Banking, and enabling implementation of a Long‑Term Regulatory Framework (LTRF) to foster a sustainable, inclusive and innovative model fit for the future. The Future Entity (FE) will play a critical role in this, and OBL is ready to move forward with the industry-led design of the FE, building on the recent Industry Evaluation Recommendation Report by KPMG, and the broad industry support received to date. 

Recent independent economic analysis completed by EY and commissioned by OBL found that Open Banking has already delivered £8.3bn of value to the UK economy and is having a meaningful impact on people’s everyday lives. The ultimate prize is still significantly larger, with a potential annual benefit of £43bn at full maturity and adoption. The recent publication of the Government’s Smart Data Strategy and the FCA’s Open Finance Roadmap reinforce the ambition to expand the model into more use cases and sectors, widening the benefits of secure, trusted data sharing for consumers, businesses and the UK economy. 

This next phase will be critical, delivering the end-state that can unlock the full potential of Open Banking, alongside providing a stronger foundation to support the development and expansion of smart data through new schemes and sectors.    

The appointment of Sean Martin to the OBL board follows the addition of Rt Hon John Glen MP as an Independent Non-Executive Director in February. The remainder of OBL’s board consists of Marion King (Chair and Trustee), Henk Van Hulle (CEO), Jeremy Newman (Senior iNED) and Claudio Pollack (iNED). 

Speaking on his appointment, Sean Martin comments: “I am delighted to be joining the Board of Open Banking Limited at such a pivotal point in the evolution of Open Banking in the UK. The model has been proven, and the next phase will be critical in unlocking its full potential.  

With the transition to a Future Entity and the introduction of a long‑term regulatory framework, there is a real opportunity to put Open Banking on a sustainable, innovative footing that combines the regulatory vision with renewed commercial success. I look forward to working with the Trustee, Board, the executive team and the ecosystem as we work towards this future.” 

Marion King, Chair and Trustee of Open Banking Limited, adds: “Sean’s deep knowledge and experience of the regulatory landscape will be invaluable to the OBL Board, particularly as we progress with a smooth and effective transition to a future model with FCA oversight. 

“The Open Banking ecosystem is working towards a future model that combines commercial viability with the public good. We look forward to drawing on Sean’s experience as we collectively evolve with an industry-led model that is forward-looking, robust and regulator-ready.”