UK Finance Launches

Law firm Irwin Mitchell has advised the Council of Mortgage Lenders in relation to its integration into a new UK-wide trade association for the finance and banking industry which launches this week.

In addition to the Council of Mortgage Lenders, UK Finance will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, Financial Fraud Action UK, Payments UK and The UK Cards Association.

The new organisation will represent over 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer a wide range of financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses.

Its role will be to help its members build customer trust, facilitate industry-wide collaboration and innovation, and work with policy makers and regulators in the UK, EU and at a global level to ensure that the UK retains its position as a global leader in financial services.

James Paton-Philip, Corporate partner at Irwin Mitchell, led the legal team which advised the Council of Mortgage Lenders on the amalgamation, supported by Banking partner, Sarah Naylor, and other members of the team at Irwin Mitchell who advised the Council of Mortgage Lenders on constitutional matters in the lead up to it.

Expert Opinion

“We are very pleased to have guided the Council of Mortgage Lenders through such a significant transaction within what has become an ever-evolving industry.” James Paton-Philip - Partner

UK Finance is led by CEO Stephen Jones who brings broad experience having worked in a wide range of roles in finance for nearly thirty years, including for Santander, Barclays, Citigroup and Schroders.

Stephen Jones, CEO of UK Finance, 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.

“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.”

Bob Wigley, who has held a number of senior positions in financial services and brings with him many years of relevant experience as EMEA Chairman of Merrill Lynch and as a member of the Court of the Bank of England, is the organisation’s Chair.