UK Finance is a new trade association formed in July 2017 to represent the finance and banking industry operating in the UK.
UK Finance’s role is to help members to build customer trust, facilitate appropriate industry-wide collaboration, and work constructively with policy makers and regulators in the UK, EU and at a global level on financial services regulation, at all times seeking to ensure that the UK retains its position as a global leader in financial services.
The organisation brings together most of the activities formerly undertaken by the Asset Based Finance Association, the British Bankers’ Association – two of the BFG’s original partner organisations – as well as those of the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. UK Finance represents around 300 firms in the UK providing credit, banking, markets and payments-related services.
Bringing together the commercial banking industry and the invoice finance and asset based lending industry – both banks and non-banks – has created an organisation with a wide-ranging perspective on the financing of UK businesses of all sizes.
The Standards Framework and independent Complaints Process established by the ABFA remains in place, covering those finance providers that were ABFA Members.
The Better Business Finance initiative established by the BBA also remains in place, providing impartial information and support to business and entrepreneurs looking to develop and grow.