The head of the UK’s open banking oversight organisation is stepping down after an investigation found a culture of bullying, intimidation and poor governance at the body.

The Open Banking Implementation Entity is a temporary group established by the UK’s nine largest banks to manage the rollout of open banking regulation. The body and its trustee Imran Gulamhuseinwala were jointly accused of fostering a toxic workplace environment in a complaint to the Competition and Markets Authority last year.