UK Finance association to oversee banking industry tech revolution

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A major new voice for finance and banking has been launched, as the industry is "revolutionised" by high-tech developments.

Trade association UK Finance will represent more than 300 firms in the UK providing credit, banking, markets and payment-related services.

The new body will take on many activities previously carried out by six industry bodies - the Asset Based Finance Association (ABFA), the British Bankers' Association (BBA), the Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA UK), Payments UK and the UK Cards Association.

Based in the City of London, its role is to help build customer trust, enable industry-wide collaboration and innovation, and work with policy makers and regulators in the UK and abroad "to ensure that the UK retains its position as a global leader in financial services".

Stephen Jones, chief executive of UK Finance, whose previous industry experience includes working for Santander, Barclays, Citigroup and Schroders, said: "The UK's finance and banking sector is undergoing an exciting transformation with innovation and technology revolutionising customer services; from tapping a card or mobile phone to make payments, securing a mortgage via video chat or using big data to combat financial crime, the boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focused."

He continued: "For the UK's finance and banking sector, these changes present new opportunities and fresh challenges which require a coordinated voice to best support it going forward.

"UK Finance will be that fresh voice: representing credit, banking, markets and payment-related services across the UK and bringing together the expertise and reach of the constituent organisations to achieve the best outcomes for our members and their customers."