A new trade body that will merge six existing organisations has nominated a chairman to lead the group.
The British Bankers Association, Payments UK, Financial Fraud Action UK, the Asset Based Finance Association and the UK Cards Association and the Council of Mortgage Lenders, are set to be replaced by a mega-trade body currently under the working name ‘New TA’.
New TA has appointed former Merrill Lynch EMEA chairman Bob Wigley as chairman.
He takes up his new role on 1 March.
Wigley will oversee the appointment of the chief executive and the integration of the existing trade associations later in 2017.
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 trade body is currently working on picking a permanent 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.
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 Building Societies Association and the Intermediary Mortgage Lenders Association have ruled themselves out of the merger.
CML Chair Peter Hill says: “We are delighted that Bob has agreed to become chair of the new association, and believe that he will deliver the quality of leadership needed to take the new body forward.”
BBA Chair Noreen Doyle says: “I welcome the appointment of Bob as chair of the new financial services trade association. He brings a wealth of experience to the role and a strong track record of leadership.”
FFA UK Chair Alex Grant said: “The establishment of New TA creates an exciting opportunity to combat financial fraud and crime in one place. The financial fraud community looks forward to working with Bob as he provides the leadership needed to make this vision a success.”