New Association for UK Banking & Finance
As of the 3rd July the finance and banking industry operating in the UK is represented by a new trade association, UK Finance.
UK Finance will represent over 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer a wide range of financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses.
According to its website, Its role will be to help its members build customer trust, facilitate industry-wide collaboration and innovation, and work with policy makers and regulators in the UK, EU and at a global level to ensure that the UK retains its position as a global leader in financial services.
UK Finance is led by CEO Stephen Jones who has nearly thirty years financial experience, including with Santander, Barclays, Citigroup and Schroders. Bob Wigley, formerly EMEA Chairman of Merrill Lynch, and a member of the Court of the Bank of England, is the organisation’s Chair.
Wigley will Chair UK Finance’s Board which has been developed to ensure senior and fair representation across the industry, as well as reflecting the previous six associations’ views. It will focus on issues of importance to retail, SME and wholesale customers including ethics, financial inclusion, financial fraud, crime, access to markets and diversity.
UK Finance’s Board will also ensure the consumer voice is represented via the inclusion of a strong, independent consumer champion while significant overlap of board members with the Banking Standards Board will support a close cooperation with its work to promote high standards across the industry.
UK Finance will take on activities previously carried out by:
The Asset Based Finance Association (ABFA)
British Bankers’ Association (BBA)
The Council of Mortgage Lenders (CML)
Financial Fraud Action UK (FFA UK)
The UK Cards Association (UKCA)
UK Finance will operate from Angel Court in the City of London