UK Banking Groups Complete Long-in-Works Megamerger
A new association called UK Finance is the result of the merger of six separate organizations, including the British Bankers' Association. The new group will represent broad interests in the country's financial system.
As the British economy gets shaken up by Brexit, the United Kingdom’s financial apparatus is getting a revamp of its own.
On Monday a new trade group, UK Finance, opened its doors, representing a sizable merger in the country’s association sector. Six organizations came together to form the new group: the British Bankers’ Association, the Asset Based Finance Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK, and the UK Cards Association.
The merger, which has been in the works in one form or another since at least 2014, was recommended after a long-term review of the banking industry led by former Ofcom chief executive Ed Richards.
The new mega-organization, which represents numerous banking interests, is intended to ensure that the country’s financial systems are streamlined on issues that could affect the industry’s future. In comments to the Press Association, UK Finance CEO Stephen Jones said the country’s financial and banking systems are “undergoing an exciting transformation with innovation and technology revolutionizing customer services,” adding that the growing need for technology necessitated a fresh voice.
“UK Finance will be that fresh voice: representing credit, banking, markets, and payment-related services across the UK and bringing together the expertise and reach of the constituent organizations to achieve the best outcomes for our members and their customers,” said Jones, who has nearly three decades of experience in the financial sector.
The organization will engage in a number of activities, including lobbying and distributing industry data to the public, City A.M. reported.