UK Finance takes over role of six industry associations

It will represent more than 300 companies in the UK providing credit, banking, markets and payment-related services.

Its members offer a wide range of financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses.

Its role will be to help its members build customer trust, facilitate industry-wide collaboration and innovation, and work with policy makers and regulators in the UK, EU and at a global level to ensure that the UK retains its position as a global leader in financial services.

The body will be led by CEO Stephen Jones, who has more than 30 years industry experience including roles at Santander, Barclays, Citigroup and Schroders.

Bob Wigley, who has held a number of senior positions in financial services and brings with him many years of relevant experience as EMEA Chairman of Merrill Lynch and as a member of the Court of the Bank of England, is the organisation’s chairman.

Jones said: “The UK’s finance and banking sector is undergoing an exciting transformation with innovation and technology revolutionising customer services. From tapping a card or mobile phone to make payments, securing a mortgage via video chat or using big data to combat financial crime, the boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focused.

“For the UK’s finance and banking sector, these changes present new opportunities and fresh challenges which require a coordinated voice to best support it going forward.

“UK Finance will be that fresh voice, 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.”

UK Finance’s board has been developed to ensure senior and fair representation across the industry, as well as reflecting the views of the six associations that make up its membership.

It will focus on issues of importance to retail, SME and wholesale customers including ethics, financial inclusion, financial fraud, crime, access to markets and diversity.

There will be a “significant overlap” of board members with the Banking Standards Board to support a close cooperation with its work to promote high standards across the industry.

Wigley said: “This high-profile board has been created to ensure that the interests of all our members are fairly represented and we really focus on the issues that not only our members but also their customers and broader society think are important.

“I look forward to working with the board and Stephen Jones to enhance the development of a vibrant, diverse and competitive financial services sector in the UK which consumers value and trust.”

UK Finance will operate from Angel Court, London.

The launch follows the UK Financial Services Trade Associations Review, published in November 2015.

Stephen Sklaroff, director general of the Finance & Leasing Association, said: “We wish UK Finance well on its first day of operation, and look forward to working with them to develop further the close relations we had with their predecessors.”

UK Finance website.

UK Finance Board Members