The Council of Mortgage Lenders’ (CML) members have voted in favour of the proposal to form part of the new proposed trade association for financial services firms.
The new body will incorporate 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.
The CML said the 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.