New UK trade body to combat financial fraud and crime in one place

A new UK trade body is shaping up that will merge six existing organisations, some of which are already involved in tackling trade-based financial crime.

The British Bankers Association, Payments UK, Financial Fraud Action UK (FFA), the Asset Based Finance Association, the UK Cards Association and the Council of Mortgage Lenders, are set to be replaced by one mega-trade body.

Leadership roles

Currently under the working name ‘New TA’, the new body has appointed former Merrill Lynch EMEA chairman, Bob Wigley, as its chairman.

Wigley, who started in his new role on 1 March 2017, will oversee the appointment of the chief executive and the integration of the existing trade associations later in the year.

Effective voice

The new body aims to be a strong and effective body capable of speaking for the industry with one voice and working constructively with regulators and stakeholders.

The trade body is currently working on picking a permanent name, setting up IT systems and human resources functions as well as finding a headquarters.

Bank backing

The merger was first suggested in an independent review in 2015 after pressure from several major UK banks, including Barclays, HSBC and Lloyds Banking Group. They wanted to review the current trade body setup because they wished to cut costs and avoid duplication of work.

One supporter of the merged trade body is chairman of FFA, Alex Grant, who said its establishment “creates an exciting opportunity to combat financial fraud and crime in one place.”

Categories: Trade Based Financial crimes News

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