Bank lobbying group launches as 'fresh voice' for the City

Written by Rod Muir on 3 July 2017 in News

UK Finance has been created by the merger of six separate lobby groups.

A new bank lobbying group has launched to represent over 300 British firms providing credit, banking, markets and payments services.

UK Finance has been created by the merger of six separate lobby groups and will represent over 300 British firms providing credit, banking, markets and payments services.

The British Bankers’ Association, the Council of Mortgage Lenders, the Asset-Based Finance Association, Financial Fraud Action UK, Payments UK and the UK Cards Association are all being will be absorbed by the new body. The decision to merge the six lobby groups was taken at the end of 2015.

Stephen Jones, chief executive of UK Finance, said: “The boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focused. For the UK’s finance and banking sector, these changes present new opportunities and fresh challenges which require a coordinated voice to best support it going forward. UK Finance will be that fresh voice.”

Jones is the former finance director of Santander. He stepped down from US private equity giant Cerberus to head the group.

The group’s chair Bob Wigley, a City grandee who was formerly Europe, Middle East and Africa chairman of Merrill Lynch and an ex-member of the Court of the Bank of England.

Board members include Standard Chartered banker and former head of enforcement Financial Conduct Authority chief, Tracey McDermott.

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