On 10 June 2016, members of the British Banking Association (the BBA) voted to consolidate with the Council of Mortgage Lenders (the CML), Payments UK and the UK Cards Association to form a new trade association. The BBA has 200 member banks headquartered in over 50 countries spanning 180 jurisdictions.
This vote in favour of consolidation follows the Financial Services Trade Associations Review, which aims to improve and bolster the representation of the UK financial services industry. The Financial Trade Associations Review was introduced by a steering committee of a number of banks and building societies in response to low levels of consumer trust in the banking sector and the introduction of new and diverse entrants to the industry.
Plans for the new trade association will now be taken forward by the Interim Main Board of the new trade association.