BBA members vote for association merger

The BBA will merge with the Council of Mortgage Lenders, Payments UK and UK Cards Association after 94% of members voted in support of the proposal to consolidate. 

The vote followed an independent report by the Financial Services Trade Associations Review, which sets out to determine the efficiency of the financial services environment in order to strengthen representation of the domestic industry. 

The review, led by Ed Richards, drew input from a committee of major UK banks and a building society. Plans for the new trade body will be executed by the interim main body of the new trade association.

Anthony Browne, BBA CEO, said: “It is right that our members get effective representation and value for money from their trade associations. The BBA membership has voted 94% in favour of consolidating the BBA as part of a new Financial Services Trade Association.

“We look forward to working with the other trade associations and to providing a world-class service for our members across the banking sector.”

This merger follows claims that such a consolidation would have a negative effect on the voices of smaller, niche firms. 

The BBA is the leading trade association in the UK banking market, boasting 200 member firms based in over 50 countries with operations in 180 jurisdictions worldwide