The trade body’s membership voted 94% in favour of consolidation, which will see the BBA merge with the Council of Mortgage Lenders, Payments UK and UK Cards Association.
Anthony Browne, chief executive of the BBA, said: “It is right that our members get effective representation and value for money from their trade associations.
“We look forward to working with the other trade associations and to providing a world class service for our members across the banking sector.”
The vote comes in response to the proposals set out by the Financial Services Trade Associations Review which examined the effectiveness and efficiency of the various financial services trade associations.
It’s objective is to strengthen representation of UK financial services as the industry undergoes significant change while also being plagued by persistent low levels of customer trust.
Plans for the new trade association will now be taken forward by the board of the super body.
