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UK OBIE Banking tech chief faces claims of bullying

The Telegraph | Simon Foy | Sep 17, 2021

Irman Gulamhuseinwala OBIE - UK OBIE Banking tech chief faces claims of bullyingThe competition regulator is probing a slew of allegations of bullying, sexism and intimidation against the head of the unit it set up to deliver a tech revolution in Britain’s banking sector.

Directors at the Competition and Markets Authority are examining an independent inquiry into claims against Imran Gulamhuseinwala, the trustee of the Open Banking Implementation Entity (OBIE).

The initiative, championed by George Osborne, chancellor at the time, was established with industry funding in 2016 to boost innovation and fintech start-ups by encouraging big banks to share customer information.

Now as many as 49 witnesses have alleged that a culture of bullying, intimidation and sexism exists at the OBIE. They cited incidents where Mr Gulamhuseinwala and other managers allegedly swore and shouted at colleagues.

Andrea Coscelli, chief executive of the CMA, is leading an emergency board committee alongside non-executive Jonathan Scott, a former senior partner at the City law firm Herbert Smith Freehills. They have been tasked with deciding the “appropriate action to take”, according to documents seen by The Sunday Telegraph.

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It comes after the regulator last year hired the City law firm Mishcon de Reya to investigate an “extremely serious” allegation of bullying made against Mr Gulamhuseinwala, who was paid £500,000 in 2019. Dozens of witnesses came forward and the inquiry dragged on for 10 months. The final report is said to run to about 350 pages.

A CMA spokesman said it had “decided an independent investigation was needed in response to serious allegations about the OBIE. The CMA has received the findings of this investigation and is finalising the appropriate next steps.”

The regulator conducted its own internal investigation into claims of ­misconduct. Its provisional report, which The Telegraph has seen, found there was “no compelling evidence” Mr Gulamhuseinwala failed in his duty to ensure the organisation was “properly managed”. He remains the trustee of the OBIE and denies the allegations.

However, the CMA’s internal report added that “the position was inconclusive in relation to gender balance and the organisational culture that prevailed at the time of the events giving rise to the complaint”.

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It also included comments attributed to 19 former OBIE contractors.

One said: “In the case of one individual, he openly and aggressively shouted at women, invading their personal space and threatening them. Multiple complaints from different women led to no action and he remained in post for several months until he was ready to launch his own business.”

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NCFA Jan 2018 resize - UK OBIE Banking tech chief faces claims of bullying The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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