UK Finance: the new helm of British banking

Yesterday was the first official day of operations at UK Finance. UK Finance is a new organisation that’s comprised of six lobby groups who have recently merged with the unified aim to combine their resources and have a bigger impact on the UK’s finance and banking services industry.

Bonafidee has been a member of the British Bankers’ Association (BBA) who along with the Council of Mortgage Lenders, Asset Based Finance Association, Payments UK, UK Cards Association, and Financial Fraud Action UK has now been absorbed by the new trade body marking the end for each of these entities. As a result, UK Finance will inherit the responsibilities previously undertaken by the groups to provide public data around consumer credit and the mortgage market.

Stephen Jones, CEO of private equity company Cerberus will be stepping down to lead UK Finance alongside the organisation’s Chair, former EMEA Chairman of Merrill Lynch, Bob Wigley. Other board members include CEO Paul Lynam of Secure Trust Bank, CEO John Jenkins of Amicus Finance, and Lloyds Banking Group director, Vim Maru.

“The boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focused”. Stephen Jones said: “UK Finance will be 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”.

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