New UK trade association to cover trade-based financial crime

The UK finance and banking industry has a new trade association within which Financial Fraud Action (FFA) UK, the national agency concerned with trade-based and other financial crimes in the industry will operate.

UK Finance will also directly take over the operations of the British Bankers’ Association (BBA), Payments UK, Asset Based Finance Association (ABFA), Council of Mortgage Lenders (CML) and the UK Cards Association (UKCA).

Separate identity

The FFA will continue to operate as a separate brand under UK Finance while the other agencies have been dissolved and their activities taken over by the new organisation.

UK Finance is a result of recommendations following an independent review in 2015 into the efficiency and effectiveness of the UK’s financial services trade associations.

Representation

The new organisation represents around 300 companies providing credit, banking, markets and payment-related services to both domestic and international businesses.

It will represent the industry in discussions with global, European and UK policymakers and regulators.

UK Finance also aims to foster collaboration in the industry to develop new products and systems in an era when technological change is likely to significantly reshape the financial services sector.



Categories: Trade Based Financial crimes News