Barclays backs trade body merger

Following the announcement that HSBC will leave the CML at the end of this year, Barclays confirmed that it would remain a member during 2016, but supported the creation of a new trade association.

A Barclays spokesperson said:

“We can confirm Barclays will remain a member of the CML during 2016 and will participate fully.

“We support the creation of a new trade association which will better serve all providers in the financial services sector and most importantly, our customers. A strong mortgage voice is critical within any new association.”

In the first quarter of 2016 CML members will decide by vote on whether the CML should become part of the proposed new structure.

Ed Richards, who leads the Financial Services Trade Associations Review, 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.

“However, it’s important that the new association is organised along devolved lines. We need to make sure specialist expertise is preserved and a diverse membership is properly represented while still gaining the advantages from having a bigger organisation.”