A bank-backed review body has proposed merger of five financial services trade associations in the UK as they often duplicated lobbying efforts.
The Financial Services Trade Associations Review, launched last year by nine of Britain’s biggest lenders including HSBC, Lloyds Banking Group and Barclays along with building society Nationwide, proposed merging the British Bankers’ Association (BBA) with the Council of Mortgage Lenders, Payments UK, UK Cards Association, and the Asset Based Finance Association.
Review lead Ed Richards said: "There are real benefits from creating a more unified body to speak for this crucial area of the economy. A new trade association would be able to represent the industry more effectively because its voice would carry greater weight.
"Having a single point of contact will also be welcomed by policymakers and will reduce duplication of effort."
In addition, the review has also proposed the new group to become a close partner with UK Payments Administration and Financial Fraud Action UK.
According to estimates by the review body, the consolidated group would be able to lower trade association fees by up to 30%.
The new trade body is expected to be launched in May 2016 and be fully operational by November next year, subject to member votes.