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CML members agree to trade body merger

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  • 07/04/2016
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CML members agree to trade body merger
Three-quarters of members at the Council of Mortgage Lenders (CML) have voted in favour of proposals to create a new trade association for financial services firms.

The vote is part of plans to create super trade-association merger which would also include the British Bankers’ Association (BBA), Payments UK and the UK Payments Administration (UKPA), to name a few.

The Financial Services Trade Association Review (FSTAR) is responsible for heading up the changes, and will make an announcement on the operational aspects of the merger once plans to integrate the trade bodies have been agreed upon by all members.

Ed Richards, former chief executive of Ofcom, led the review which began in October last year, with the intention of creating a ‘brand new’ organisation that is able to establish its own style and objectives.

Earlier this year, board members at the CML, BBA and Payments UK gave their vote of support of a new association.

However, some industry experts have warned that the proposals could come at the expense of a number of views and opinions being expressed, seeing diversity stifled.

The Building Societies Association and the Finance and Leasing Association have declined to be part of the proposed integration.

The CML said the decision is subject to a range of conditions being met, which include the final form and operating plans of the body.

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