Imran Gulamhuseinwala has been appointed as the new Implementation Trustee for the CMA’s Open Banking remedies.
Mr Gulamhuseinwala, who was awarded an OBE in the New Year’s Honours list for his contribution to the financial services sector, is a London-based Partner for EY and leads its Global FinTech practice. He will be seconded from EY to Open Banking.
He will head Open Banking, the organisation that the major banks were ordered to create and fund by the Competition and Markets Authority (CMA) to develop the common technical standards underpinning open banking.
Mr Gulamhuseinwala, who was nominated for the role by the CMA, replaces Andrew Pinder who sadly passed away earlier this week after stepping down from the role.
Alasdair Smith, who chaired the CMA’s market investigation into retail banking that led to the Open Banking remedy, paid tribute to Andrew Pinder’s achievements and welcomed Imran Gulamhuseinwala on board. He said:
It is very sad news to hear about Andrew, who had done a great job in successfully steering the project through its very challenging first phase and getting it off to a strong start.
We now wish Imran well as he leads the project into the next phase, which will transform retail banking in Britain and bring substantial benefits to consumers and the economy.
Imran has worked in financial services for 18 years. He joined EY in 2014 and now leads its dedicated FinTech practice globally. He spent 8 years investing in the sector, and is also the co-founder of CommuterClub, a FinTech 50 start-up which helps commuters to access savings for annual travel season tickets. At EY, Imran has worked closely with government, regulators and industry bodies to drive the FinTech agenda, leading studies for both UK Trade & Investment and HM Treasury to measure the size and growth of the FinTech sector in the UK and develop a strategy for future growth. Imran has a Masters in Engineering from Cambridge University and is a CFA charter holder.