UK Finance Launches

London - 3 July 2017

  • • New trade body representing over 300 firms in the UK providing credit, banking, markets and payment-related services

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

  • • UK Finance will be led by CEO Stephen Jones

  • • UK Finance Board comprised of senior industry representatives led by UK Finance Chair Bob Wigley


From today, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance.

UK Finance 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.

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. 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.

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 will Chair UK Finance’s Board which has been developed to ensure senior and fair representation across the industry, as well as reflecting the previous six associations’ views. It will focus on issues of importance to retail, SME and wholesale customers including ethics, financial inclusion, financial fraud, crime, access to markets and diversity.

UK Finance’s Board will also ensure the consumer voice is represented via the inclusion of a strong, independent consumer champion while significant overlap of board members with the Banking Standards Board will support a close cooperation with its work to promote high standards across the industry.

Bob Wigley, Chair of UK Finance, said: “This high profile Board has been created to ensure that the interests of all our members are fairly represented and we really focus on the issues that not only our members but also their customers and broader society think are important. I look forward to working with the Board and Stephen Jones to enhance the development of a vibrant, diverse and competitive financial services sector in the UK which consumers value and trust.” 

UK Finance will take on activities previously carried out by:

  • • The Asset Based Finance Association (ABFA)

  • • British Bankers’ Association (BBA)

  • • The Council of Mortgage Lenders (CML)

  • • Financial Fraud Action UK (FFA UK)

  • • Payments UK

  • • The UK Cards Association (UKCA)

UK Finance will operate from Angel Court in the City of London, EC2.

The Board will comprise:

UK Finance Chair – Bob Wigley

Bob Wigley was appointed as Chair of UK Finance in March 2017. He spent his banking career with Morgan Grenfell and Merrill Lynch and was EMEA Chairman of Merrill Lynch between 2003 and 2009. Between 2006 and 2009 he was a member of the Court of the Bank of England. He is a past member of the Takeover Panel, the FSA’s Senior Practitioners Panel and was the FSA’s nominated representative on the Council of European Securities Regulators Market Consultation Panel. He led a group of industry Chairman and Chief Executives to author a report on the competitiveness of London as a global financial centre “London, Winning in the Decade Ahead” and chaired the Green Investment Bank Commission. Since leaving banking, he has chaired and invested in a number of Fintech companies. He was instrumental in the creation of TheCityUK and has been on its advisory board since its formation.

UK Finance CEO – Stephen Jones

Stephen Jones was appointed CEO of UK Finance in April 2017. He has spent nearly thirty years working in financial services including with Santander, Barclays, Citigroup and Schroders. He was Santander UK’s Chief Financial Officer and a member of the Santander UK Board until October 2015. He joined the company in November 2011. Whilst working for Santander UK, he served as a member of the Advisory Council of TheCityUK and the Practitioners’ Panel of the Financial Conduct Authority.

Leading on Asset Based Finance – John Jenkins, CEO, Amicus Finance

John Jenkins is CEO of Amicus Finance Plc, having joined in 2014 to build and grow the specialist lender and lead it through the bank authorisation process. Prior to that John spent eight years running GE Capital’s UK business moving there following a long career at Lloyds Banking group. He also sits on the board of a number of Fintech businesses.

Leading on Cards and Unsecured Lending and Ring Fenced Banks – Ashok Vaswani, CEO, Barclays UK

Ashok Vaswani was appointed CEO of Barclays UK in 2016 having joined Barclays in 2010. He has held a number of senior roles in Barclays including managing its credit card business across the UK, Europe and the Nordics, and CEO of Barclays Africa. Prior to Barclays, Ashok was a partner at Brysam Global Partners, following 20 years with Citgroup, where he held a number of positions including CEO of the Global Consumer Bank in Asia Pacific.

Leading on Challenger Banks and SME customer interests – Paul Lynam, CEO, Secure Trust Bank

Paul Lynam was appointed CEO of Secure Trust in 2010, having spent 22 years working for NatWest and RBS including his most recent role as Managing Director of Banking for RBS/NatWest’s SME banking business across the UK.

Leading on Commercial Banking – Ian Stuart, CEO, HSBC UK

Ian Stuart was appointed in early 2017 to run HSBC’s ring-fenced operations as the first CEO of HSBC UK. Ian was previously Head of Commercial Banking for HSBC in the UK and held senior positions in Barclays.

Leading on Consumer Interests and Financial Inclusion – Joanna Elson OBE, CEO Money Advice Trust

Joanna is CEO of the Money Advice Trust – the charity which runs National Debtline and Business Debtline. She has worked in financial services and in Parliament, and is a trustee of the Friends Provident Foundation. In 2010 Joanna was awarded an OBE for services to people in debt.‎

Leading on Diversity – Jayne-Anne Gadhia, CEO, Virgin Money 

Jayne-Anne Gadhia was one of the founders of Virgin Direct in 1995 and became CEO of Virgin Money in 2007. In 2015, she led a government review focused on the representation of women in the financial services industry and in 2016 was appointed as the government’s Women in Finance Champion. She is a trustee of Business in the Community, the Tate Gallery, and non-exec Director of the Dumfries House Trust.

Leading on England outside London, Scotland, Wales and Northern Ireland - David Duffy, CEO, CYBG

David was appointed CEO of Clydesdale and Yorkshire Banks in June 2015, before the demerger and IPO of CYBG PLC in 2016. He was previously CEO of Allied Irish Banks, CEO of Standard Bank International and the Head of Global Wholesale Banking Network of ING Group. He has also held various senior positions with Goldman Sachs International including Head of Human Resources Europe.

Leading on Ethics – Clare Woodman, Global COO, Morgan Stanley Institutional Securities Group

Clare Woodman is Global COO for Morgan Stanley’s Institutional Securities Group. She is a Trustee of the Morgan Stanley International Foundation, a sponsor of the firm’s Womens’ Business Alliance and a member of the Institutional Securities Global Diversity Council. Clare joined Morgan Stanley in 2002 having previously been a lawyer with Clifford Chance. Clare is a Non-Executive Director of Euroclear, The Banking Standards Board, TheCityUK, the Global Financial Markets Association and the Association for Financial Markets in Europe.

Leading on Fintech – Peter Smith, Co-Founder & CEO, Blockchain

Peter Smith is the Co-Founder and Chief Executive Officer of Blockchain, one of the UK’s few potential Unicorn fintech businesses. Under his leadership, Blockchain was named a 2016 Technology Pioneer by the World Economic Forum and has become the leader in digital currency and distributed ledger technology globally.

Leading on Foreign Banks – Paul Gallagher, Chief Risk Officer, UK, Nordics & Greece, ABN AMRO

Paul Gallagher is Chief Risk Officer UK, Nordics & Greece for ABN AMRO, having previously been Country Executive for the UK. He joined ABN AMRO in 2012, after holding a number of leadership roles in Corporate, Investment, Commercial banking and Risk management at BNP Paribas, Barclays and Lloyds Bank. He has considerable international banking experience after working in a number of overseas locations.

Leading on Fraud and Financial Crime Detection and Prevention – Tracey McDermott CBE, Head of Corporate, Public and Regulatory Affairs, Standard Chartered

Tracey McDermott joined the Global Management Team of Standard Chartered in 2017 as Group Head of Corporate, Public and Regulatory Affairs.  She spent the previous 15 years in UK financial services regulation most recently as Acting Chief Executive of the Financial Conduct Authority and a member of the Financial Policy Committee and a Non-Executive Director of the PRA from September 2015 until June 2016.  She has extensive experience of financial crime prevention and prosecution and of operating with multiple stakeholders in public/private partnerships to tackle industry challenges.

Leading on Mortgage Businesses – Peter Hill, CEO, Leeds Building Society

Peter Hill was appointed CEO of Leeds Building Society in 2011. Peter has nearly 40 years’ experience in retail financial services and entered the mutual sector in 2001.

Leading on Mutuals – Joe Garner, CEO, Nationwide Building Society

Joe Garner became CEO of Nationwide Building Society in 2016. He previously held senior positions in financial services at HSBC, telecommunications at BT, consumer goods at Procter and Gamble and retailing at Dixons. He was a Non-Executive Director of the Financial Ombudsman Service from 2007-2010.

Leading on Payments Businesses and Digital Innovation – Ron Kalifa, Vice Chairman and Executive Director, Worldpay

Ron Kalifa was appointed as Worldpay’s Vice Chairman and Executive Director in 2013, having previously been CEO of the organisation for over 10 years. Prior to joining Worldpay, Ron held senior executive roles within RBS and NatWest and has substantial experience of the cards business. He sits on the boards of Transport for London, Visa Europe and QIWI PLC.

Leading on Professional Services – Miles Celic, CEO, TheCityUK

Miles Celic joined TheCityUK as Chief Executive Officer in September 2016. He began his career in broadcasting with the BBC and others. He moved on to work in the UK parliament, where he focused on foreign affairs and defence issues. He subsequently worked in a number of leading reputation management and public policy consultancies, including an arm of Omnicom. In 2007 he joined HSBC's policy function. Miles moved to Prudential in 2009 as Director of Group Public Affairs & Policy and became Director of Group Strategic Communications in 2013.

Leading on Retail Banking, Vim Maru – Group Director, Customer Products and Marketing, Lloyds Banking Group

Vim Maru is Group Director of Customer Products and Marketing at Lloyds. He joined Lloyds Banking Group in 2011. He has previously worked at Santander UK and Abbey National. He is also a Director of Scottish Widows and served as a Board Director of VISA Europe.

Leading on Specialist Banks – Mark Sismey-Durrant, CEO, Hampshire Trust Bank

Mark Sismey-Durrant was appointed CEO of Hampshire Trust Bank in 2012. He previously held senior positions across the industry including being CEO of both Sun Bank and Heritable Bank.

Leading on Wholesale Banking – James Bardrick, UK CEO, Citigroup

James Bardrick was appointed CEO of Citigroup in the UK in 2014. He has held numerous senior positions across Citigroup since he joined in 1987 and was most recently Co-Head of Corporate and Investment Banking for Europe, Middle East and Africa. James is a member of TheCityUK Advisory Council, sits on the PRA Practitioner Panel and is also a Director of the Banking Standards Board.

Leading on Private Banking – appointment to be made shortly

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