New super trade body launches for UK financial services

UK Finance will represent more than 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses.

In a launch statement, the new association said its role will be to help 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 the UK retains its position as a “global leader in financial services”.

The new association brings together the Asset Based Finance Association; the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and The UK Cards Association.

UK Finance is led by chief executive Stephen Jones who has worked in finance for nearly 30 years including for Santander, Barclays, Citigroup and Schroders.

Bob Wigley, who has held a number of senior positions in financial services, having been EMEA chairman of Merrill Lynch and a member of the Court of the Bank of England, is the organisation’s chair.

Jones said: “The UK’s finance and banking sector is undergoing an exciting transformation with innovation and technology revolutionising customer services. From tapping a card or mobile phone to make payments, securing a mortgage via video chat or using big data to combat financial crime, the boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focussed.

“For the UK’s finance and banking sector, these changes present new opportunities and fresh challenges which require a coordinated voice to best support it. 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 organisations.”

UK Finance said its board will focus on issues of importance to retail, SME and wholesale customers including ethics, financial inclusion, financial fraud, crime, access to markets and diversity.

The board will also try to ensure the consumer voice is heard with the inclusion of a “a strong, independent consumer champion”. There will also be overlap of board members with the Banking Standards Board.

UK Finance will operate from Angel Court in the City of London.