Banking veteran Andrew Pinder has stepped into a new role today, joining CMA as an Implementation Trustee, helping oversee a new project and banking segment for the group, Finance Magnates has learned.
In his new role, he will be managing the delivery and execution of the industry-wide project, thereby delivering secure and transparent options for customers. This initiative will also allow customers to be able to compare multiple banking deals. The appointment also follows on the heels of a broader industry-wide trend that has seen a fresh look at how financial services are conducted.
Mr. Pinder’s appointment as Implementation Trustee will also help facilitate the delivery of a new open banking API standard, as outlined by the Competition and Markets Authority (CMA). The CMA had previously required that an implementation entity be created and funded by the nine leading banks in the UK. As such, these lenders have been required by the CMA to deliver the first stage of the project by the end of March 2017, with an additional phase targeting a 2018 date.
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Mr. Pinder currently works as a Non-Executive Director at Nominet, the registry for UK domain names, a position he has held since July 2015. Additionally, he also holds a Chairmanship at Market Operator Services Ltd (MOSL), part of a lengthy career of senior consulting roles, dating back to 1987, according to information made public on his Linkedin profile.
According to Mr. Pinder, in a recent statement on the appointment: “We are fortunate in this country to have a thriving financial services sector, encompassing well-established brands with illustrious histories, through to nimble FinTechs with the potential to shake things up.”
“Open Banking has the potential to harness technology to deliver a win-win by enabling providers of all shapes and sizes to create dramatically improved products that are more competitive, intuitive, personalised, convenient and integrated. I am greatly looking forward to leading the work that can make this happen.”
“This will be a challenging project, which will be crucial to successfully reforming the retail banking industry. We are therefore delighted that Andrew Pinder, with his enormous expertise in delivering major projects for Government and regulators, will be in charge of driving the process forward,” explained Bill Roberts, Assistant Director, Remedies, Business and Financial Analysis at the CMA.