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The end of the CML? Another big bank backs trade body merger

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Barclays has become the second bank to leave the Council of Mortgage Lenders.

Both Barclays and HSBC have come out in favour of a proposed mega-merger of trade bodies, despite the fact Council of Mortgage Lenders members are not due to vote on the issue until March. The vote is on a one member, one vote basis.

A Barclays spokesman says: “We can confirm Barclays will remain a member of the CML during 2016 and will participate fully.

“We support the creation of a new trade association which will better serve all providers in the financial services sector and most importantly, our customers. A strong mortgage voice is critical within any new association.”

The proposed merger would consolidate the CML, the British Bankers’ Association, Payments UK, the UK Cards Association and the Asset Based Finance Association, although the Building Societies Association and the Intermediary Mortgage Lenders Association have already ruled themselves out.

The merger was first suggested in an independent review in the summer 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, 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 CML represents around 95 per cent of UK mortgage lenders.

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