From today, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance.
UK Finance will represent over 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer a wide range of financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses.
Its role will be to help its 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 that the UK retains its position as a global leader in financial services.
UK Finance is led by CEO Stephen Jones who brings broad experience having worked in a wide range of roles in finance for nearly thirty years, including for Santander, Barclays, Citigroup and Schroders. Bob Wigley, who has held a number of senior positions in financial services and brings with him many years of relevant experience as EMEA Chairman of Merrill Lynch and as a member of the Court of the Bank of England, is the organisation’s Chair.
“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-focused,” says Stephen Jones, CEO of UK Finance.
“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 going forward. 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 to achieve the best outcomes for our members and their customers.”
UK Finance will take on activities previously carried out by:
- The Asset Based Finance Association (ABFA)
- British Bankers’ Association (BBA)
- The Council of Mortgage Lenders (CML)
- Financial Fraud Action UK (FFA UK)
- Payments UK
- The UK Cards Association (UKCA)