CML members approve trade body’s merger plans

Members of the Council of Mortgage Lenders have approved plans to merge the body with other financial services bodies.

75% of CML members voted in favour of the plans which would see a new trade body formed, incorporating the British Bankers Association, Payments UK, the UK Card Association and Asset Based Finance Association.

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 make further announcements on the operational aspects of the integration.

Several of the UK’s biggest banks including HSBC, Lloyds and Barclays have previously spoken in favour of the merger.

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