The Financial Services Trade Associations Review, led by nine UK banks and headed up ex-Ofcom chief executive Ed Richards, said the CML and BBA should join Payments UK, the UK Card Association and later the Asset Based Finance Association to cut costs and pool together expertise from the bodies.
The review said member fees could be cut by 30% and £32.6m could be saved over 25 years, while through savings the super trade body could pay for its own restructure within three years and seven months.
Should the trade bodies make a decision by the end of February the new trade association could be launched in May 2016 and be fully operational by November 2016.
The review was formed in October 2014 with Barclays, Clydesdale Bank & Yorkshire Bank, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland, Santander, TSB and Virgin Money
Ed Richards, independent chair of the Financial Services Trade Associations Review, who was writing a foreword for the review, said: “I am confident the way forward we propose is one that would lead to the creation of a truly world class trade association.
“It would be equipped with a stronger voice for the industry whilst also delivering an enhanced service and improved value for money for members.
“I believe that it is time now to move to a clear in-principle decision about the future.”
The review said the Intermediary Mortgage Lenders Association, Building Societies Association and the Finance & Leasing Association have all made it clear they do not want to be part of a super trade body.
It added: “The primary case for integration remains improved effectiveness.
“However, we have considered the business case for change and believe that our recommendation would provide a cost-saving for members.”
