CML members approve trade body merger

Sarah Davidson

April 7, 2016

Three quarters of Council of Mortgage Lenders’ members have voted in favour of the proposal to form part of the new proposed trade association for financial services firms.

This will incorporate the activities currently undertaken by the CML, the British Bankers’ Association, Payments UK and the UK Cards Association.

A statement from the CML said: “The decision is subject to a range of conditions being met in terms of the final form and operating plans of the body.

“Once the members of all the trade bodies have completed their own decision-making processes, if all the trade bodies agree on the proposal to amalgamate, the Financial Services Trade Association Review team will in due course make further announcements on the operational aspects of the integration.”

The Financial Services Trade Association Review, which was conducted by ex-Ofcom chief executive Ed Richards, recommended for the CML and BBA to form a super body in November last year.

The review began in October 2014 and involved Barclays, Clydesdale Bank & Yorkshire Bank, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland, Santander, TSB and Virgin Money.

The Intermediary Mortgage Lenders Association, Association of Mortgage Intermediaries and the Building Societies Association all ruled themselves out of joining the super trade body.

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