The Council of Mortgage Lenders, British Bankers Association and Payments UK have voted in favour of a trade body merger.
The Council of Mortgage Lenders, British Bankers Association and Payments UK have voted in favour of a trade body merger.
The CML and BBA have urged their members to get on board, while Payments UK members voted to approve the move on 9 February.
The UK Cards Association and the Asset Based Finance Association boards have yet to make a decision on whether they will join the trio.
A BBA spokesman said: “The BBA board has unanimously agreed subject to further discussions and the approval of the wider membership, to integrate the BBA as part of a wholly new organisation as set out in the Financial Services Trade Associations Review.”
HSBC and Barclays will let their CML memberships run down at the end of the year.
A CML spokesman said: “If the recommendation is approved, the trade body landscape could look very different next year. But there will be no certainty about the future CML position until after both our members and the members of the other trade bodies have voted. At this stage, it is for individual members to decide what will happen.”
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.
The review was started in October 2014 with 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 and the Building Societies Association have ruled themselves out of joining the 'super trade body'.
A Payments UK spokesman said: “Payments UK members have voted at a general meeting to support the Financial Services Trade Association Review recommendation to create a new single financial services trade association.
"Delivering effective representation for the industry is at the heart of our organisation so we welcome our members’ decision.”
