Trade association UK Finance launched to represent banking and finance industry

Lloyds Bank in Norwich, as a new trade body for the UK banking and finance sector is launched.

Lloyds Bank in Norwich, as a new trade body for the UK banking and finance sector is launched. Picture: ANTONY KELLY - Credit: Archant

A major new voice for finance and banking has been launched as the industry is 'revolutionised' by high-tech developments.

Trade association UK Finance will represent more than 300 firms in the UK providing credit, banking, markets and payment-related services.

The new body will take on many activities previously carried out by six industry bodies – the Asset Based Finance Association (ABFA), the British Bankers' Association (BBA), the Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA UK), Payments UK and the UK Cards Association.

Based in the City of London, its role is to help build customer trust, enable industry-wide collaboration and innovation, and work with policy makers and regulators in the UK and abroad 'to ensure that the UK retains its position as a global leader in financial services'.

Stephen Jones, chief executive of UK Finance, whose previous industry experience includes working for Santander, Barclays, Citigroup and Schroders, 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.'

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He added: '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.'

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