CML members vote in favour of trade body merger
Published: 7 April 2016
Members of the Council of Mortgage Lenders have voted in favour of the proposal to form part of the new proposed trade association for financial services firms; incorporating the activities currently undertaken by the CML, the British Bankers' Association, Payments UK, and the UK Cards Association. 75% of CML members voted in favour of the proposal.
This decision is subject to a range of conditions being met, in terms of the final form and operating plans of the body. Once the members of all the trade bodies have completed their own decision-making processes, if all the trade bodies agree on the proposal to amalgamate, the Financial Services Trade Association Review team will in due course make further announcements on the operational aspects of the integration.
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.