Bob Wigley has been appointed chairman of the super trade body integrating the Council of Mortgage Lenders, British Bankers Association and four other trade associations.
Wigley, who was chairman of Merrill Lynch EMEA between 2003 and 2009, will be charged with appointing a chief executive of the body and integrating the associations later this year.
He starts work on 1 March.
Wigley said: “I am honoured to be taking on this key role at such a critical time for the industry.
“Financial services make a considerable contribution to the UK economy and currently face a challenging environment. I aim to build a strong and effective body capable of speaking for the industry with one voice and working constructively with consumers, regulators and stakeholders.
“This new organisation aims to become an authoritative voice for the finance sector all around the UK, building on the expertise of its diverse membership. I look forward to leading and overseeing the new organisation and to meeting the challenges and significant opportunities that lie ahead.”
The other trade bodies involved are the Asset Based Finance Association, Financial Fraud Action UK, Payments UK and the UK Cards Association.
Wigley has a range of experience, as he was a member of the Court of the Bank of England between 2006 and 2009, he was on the Financial Services Authority’s Senior Practitioners Panel and was the FSA’s nominated representative on the Council of European Securities Regulators Market Consultation Panel.
In recent years Wigley has invested and chaired a number of fintech companies, while he was instrumental in the creation of financial and professional services body TheCityUK.
Peter Hill, chairman of the CML, said: “We are delighted that Bob has agreed to become chair of the new association, and believe that he will deliver the quality of leadership needed to take the new body forward.”
Noreen Doyle, chairman of the BBA, said: “I welcome the appointment of Bob as chair of the new financial services trade association.
“He brings a wealth of experience to the role and a strong track record of leadership. His appointment will continue to ensure the new trade association addresses the many opportunities and challenges the industry faces in supporting customers, businesses and the country as a whole.”