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.

Wigley, who was previously Merrill Lynch EMEA chairman, takes up his new role on 1st March 2017, and will oversee the appointment of the chief executive and the integration of the existing trade associations later in 2017.

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 new 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. 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.”

The Chairs of the CML, BBA, and FFA have all welcomed Wigley’s appointment.

https://www.mortgagestrategy.co.uk/new-financial-trade-body-elects-chairman/