The new financial trade association representing a ‘mega-merger’ of six bodies in the finance industry has been named as ‘UK Finance – Representing UK Finance and Banking’.
The name for the new body comes a year after it was announced that the Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association would all be merged under one body.
The title for the body was was decided on unanimously by the Interim Main Board.
Last month Bob Wigley was announced as the chair of what would subsequently be named UK Finance, and took up his role on 1 March. Wigley will oversee the appointment of the chief executive of the new body and the integration of the existing trade associations. UK Finance is set to launch in the summer of 2017.
The merger was suggested following an independent review in 2015 which resulted in a report called The Financial Services Trade Associations Review. It suggested the move could deliver efficiency savings of £32.6m over 25 years.
The review was launched in 2014 by nine major UK retail banks and a building society: Barclays, Clydesdale Bank & Yorkshire, Bank, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander, TSB, Virgin Money. At the time the lenders said they wanted to review the current trade body setup because they wished to cut costs and avoid duplication of work.
The Intermediary Mortgage Lenders Association, the Building Societies Association and the Finance & Leasing Association will not form part of the new body and will remain independent.