Six financial trade bodies to merge as UK Finance

A new financial trade body, set to launch this summer, will merge six associations together under the new name UK Finance.

Six financial trade bodies to merge as UK Finance

The unanimous decision for the name was made yesterday (March 23) by the interim main board of the new association.

UK Finance will integrate the remits, skills and capabilities of: The Asset Based Finance Association (ABFA), the British Bankers’ Association (BBA), the Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA UK), Payments UK and the UK Cards Association (UKCA).

Last month Bob Wigley was announced as the chair of UK Finance, and started his role on March 1.

He will oversee the appointment of the chief executive and the integration of the existing trade associations.

Eric Leenders, managing director of retail and commercial banking at BBA, said: “The BBA membership has voted overwhelmingly in favour of a merger, so we see this as a significant, positive milestone.”