BBA to merge with three trade associations to create major industry body
Four UK trade association merge to create a major industry body to represent the UK financial services players
British Bankers Association (BBA) has secured the go-ahead from its members to merge with three other UK-based trade associations: Council of Mortgage Lenders (CML), Payments UK and UK Cards Association.
The new trade association will be have a broader representation of the financial services industry.
Anthony Browne, CEO of BBA, comments that it is only right that financial institutions “get effective representation and value for money from their trade associations.”
This move comes in response to the proposed consolidation set out by The Financial Services Trade Associations Review, an independent review into the effectiveness and efficiency of the financial services trade association landscape.
BBA explains that the review, led by Ed Richards CBE, “was set up by a steering committee of major UK banks and a building society to consider the wide range of existing trade associations at a time of significant change in financial services, persistent low levels of customer trust, and new and diverse entrants to the industry”.
Consolidation is the way forward, it has been decided.
