CMA: open banking entity failed to end bullying

An independent investigation set up by the Autorité de la concurrence et des marchés (CMA) revealed that the Open Banking Implementation Entity (OBIE) had poor governance and continued to intimidate and intimidate the personal, writes Reuters.

The OBIE survey was launched a year ago, examining corporate governance, late delivery of accounts, conflict management, purchasing, value for money and personnel issues, and l The investigation found that “the inaction and failures of the OBIE leadership allowed a culture of intimidation and intimidation to prevail,” a CMA statement said.

In addition, the investigation found that there had been a failure to “properly manage conflicts of interest within the organization, and although it found no evidence that this was exploited at for private purposes, there was an unacceptable risk that she did so. . “

The OBIE was promulgated in 2017 under the orders of the CMA by the nine largest UK lenders. The idea was to share transaction data with new entrants and also to promote competing services in order to have a more democratic way of doing business, rather than letting the same handful of banks dominate everything.

But the CMA report now indicates that the group’s leader, Imran Gulamhuseinwala, had oversized power and not enough checks and balances, failing to ensure that the OBIE was well managed.

The conclusion of the investigation was that the CMA and the retail banks that created the OBIE should accept responsibility for the failures, as well as “study lessons” on how the effort failed.

In August, the CMA also expressed concern over NVIDIA’s planned acquisition of British chip designer Arm, suspecting that competition could be affected.

Read more: UK CMA Reports Competition Concerns Over Arm’s Acquisition by Chipmaker NVIDIA

The CMA said a combined entity would end up hurting competition – NVIDIA’s rivals would have access to Arm’s intellectual property, which is currently used by competitors who make semiconductor chips and other things in the industry. same kind.

Competitors, according to the CMA, may have less access to these technologies if the acquisition continues, and competition in games, the Internet of Things, self-driving cars and more could be compromised.

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