CML members vote in favour of trade body merger
Members of the Council of Mortgage Lenders have voted in favour of a new trade association for financial services firms; incorporating the CML, the British Bankers' Association, Payments UK, and the UK Cards Association.
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75% of CML members voted in favour of the proposal.
In a statement, the CML said that the decision is "subject to a range of conditions being met, in terms of the final form and operating plans of the body".
Once the members of all the trade bodies have completed their own decision-making processes, if all the trade bodies agree on the proposal to amalgamate, the Financial Services Trade Association Review team will in due course make further announcements on the operational aspects of the integration.
In February, the BBA unanimously agreed to the creation of a new trade body.
A BBA spokesman said:
“It is right that our members get effective representation and value for money from their trade associations. 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.”
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