Trade bodies for high-cost short-term credit sector to merge

The associations aim to merge and decide on a new name for the single body in the coming weeks.

Jason Wassell, chief executive of the BCCA, will become chief executive of the merged associations and will lead both organisations until that point is reached.

In a statement the BCCA said it’s time for a change in sector representation, adding: “The short-term lending sector has changed radically over the last few years in areas such as regulation and lending culture.

“Through this merger, we believe that we can better represent the entire sector, from new start-ups to the market leaders.”

The CFA has been representing short-term lenders since 2008. Whilst the BCCA has been running since 1994 it was initially started by firms offering cheque cashing facilities, but has been expanded as its members developed their business models.

The BCCA is currently a trade association for alternative lenders including short-term lenders, guarantor lenders and credit brokers.