View more on these topics

New financial trade body elects chairman

Home-House-Paper-Chain-700x450.jpg

New TA, the proposed new trade body that will replace the Council of Mortgage Lenders and five other such associations, has appointed Bob Wigley as chairman.

Previously Wigley was Merrill Lynch EMEA chairman. He takes up his new role on 1 March.

Wigley will oversee the appointment of the chief executive and the integration of the existing trade associations later in 2017.

The new trade body will consist of the Council of Mortgage Lenders, British Bankers Association, Payments UK, Financial Fraud Action UK, the Asset Based Finance Association and the UK Cards Association.

The trade body is also working on picking a new name, setting up IT systems, human resources functions and finding a headquarters.

The merger was first suggested in an independent review in 2015 after pressure from 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 and 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 Building Societies Association and the Intermediary Mortgage Lenders Association have ruled themselves out of the merger.

Wigley says: “I am honoured to be taking on this key role at such a critical time for the industry.

“Financial services make a considerable contribution to the UK economy and currently face a challenging environment. I aim to build a strong and effective body capable of speaking for the industry with one voice and working constructively with consumers, regulators and stakeholders.”

CML Chair Peter Hill says: “We are delighted that Bob has agreed to become chair of the new association, and believe that he will deliver the quality of leadership needed to take the new body forward.”

BBA Chair Noreen Doyle says: “I welcome the appointment of Bob as chair of the new financial services trade association. He brings a wealth of experience to the role and a strong track record of leadership.”

FFA UK Chair Alex Grant said: “The establishment of New TA creates an exciting opportunity to combat financial fraud and crime in one place. The financial fraud community looks forward to working with Bob as he provides the leadership needed to make this vision a success.”

Recommended

Merge-Mergers-700.jpg

Trade body merger set for mid-2017 after delays

A financial trade body megamerger is set for mid-2017 after delays caused by trying to find a chairman, Mortgage Strategy understands. The market was expecting an announcement on the new chairman of the trade body, provisionally called Newta, by the end of last year. Mortgage Strategy understands there has been a delay in part due […]

Board-Room-Meeting-Room-Business-700.png

Bank bosses lined up to lead new trade body

A new lending trade body has been set up and appointed its board following votes from existing trade associations to merge. Last week a company called Newta Limited was set up, according to Companies House documents. ‘Newta’ stands for ‘new trade association’ and is not a permanent name, according to a spokesman. The company’s officers […]

Board-Room-Meeting-Room-Business-700.png

BBA members vote for trade body merger

Members of the British Bankers’ Association have voted for the organisation to merge with three other bodies to form a new trade association. The BBA will now join the Council of Mortgage Lenders, Payments UK and UK Cards Association in the new trade body. Around 94 per cent per cent of the BBA’s voting membership […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]

Qatar cover image - thumbnail

White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.

Newsletter

News and expert analysis straight to your inbox

Sign up