A BBA spokesman said:
“It is right that our members get effective representation and value for money from their trade associations. The BBA Board has unanimously agreed, subject to further discussions and the approval of the wider membership, to integrate the BBA as part of a wholly new organisation as set out in the Financial Services Trade Associations Review.”
The CML's members will vote on the board’s recommendation in March.
A CML spokesperson confirmed:
“There is a recommendation from the trade body reviewer that the CML and other associations should cease their independent structures and amalgamate into a new representative body. The trade bodies’ memberships are currently making decisions on this, and our members will vote on the proposal in March.
“If the recommendation is approved, the trade body landscape could look very different next year. But there will be no certainty about the future CML position until after both our members and the members of the other trade bodies have voted. At this stage, it is for individual members to decide what will happen.
“In the meantime, all our members have assured us that they remain fully committed to, and engaged with, the CML’s work during 2016, and we are grateful both for their support and their ongoing commitment to business as usual in terms of our work during this period of uncertainty.”
The CML said that its objectives will be to ensure that any change in trade body structure would represent an improvement for mortgage lenders; that it would be effective in terms of its services to members; that it would maintain the market coverage that the CML currently has; and that it would be able to act and speak on behalf of a unified industry.
Last month, Barclays confirmed its support for the proposed merger. Following the announcement that HSBC will leave the CML at the end of this year, Barclays confirmed that it would remain a member during 2016, but supported the creation of a new trade association.
A Barclays spokesperson said:
“We can confirm Barclays will remain a member of the CML during 2016 and will participate fully.
“We support the creation of a new trade association which will better serve all providers in the financial services sector and most importantly, our customers. A strong mortgage voice is critical within any new association.”
