British Bankers' Association
|Motto||The voice of banking|
|Legal status||Non-profit company|
|Purpose||Banking in the UK|
The British Bankers’ Association (BBA) is a trade association for the UK banking and financial services sector. Its members collectively provide a wide range of banking and financial services. The Association lobbies for its members and gives its view on the legislative and regulatory system for banking in the UK.
In November 2015 it was confirmed that the BBA would be merged with Payments UK, the Council of Mortgage Lenders, the UK Cards Association and the Asset Based Finance Association, following a review into financial trade bodies. The resulting organisation is due to begin operating in November 2016.
The BBA describes itself as the leading trade association for the UK banking sector with more than 230 member banks headquartered in over 50 countries with operations in 180 jurisdictions worldwide.
The BBA is a trade association owned and governed by its members.
The Board is the governing body of the Association, and it agrees major strategies and policies.
Member Segment Advisory Boards
Member Segment Advisory Boards provide a forum to inform the agenda of the BBA Board and policy committees. There is a Member Segment Advisory Board for the major retail banks, challenger banks, small banks, major international wholesale banks, foreign banks, private banks and wealth management, and custody banking.
The BBA has four high-level committees, representing retail policy, financial policy and risk, wholesale policy, and corporate policy.
Technical panels and working groups
Below its Board, Member Segment Advisory Boards and high-level committees, the BBA has a number of technical panels and working parties.
The BBA responds to the full range of issues affecting retail and wholesale banking and the wider financial services industry. As well as its interaction with current affairs, it works to form and reform lasting policy decisions.
Products and services
LIBOR is the primary benchmark for short-term interest rates. It indicates the average rate at which a leading bank can obtain unsecured funding for a given period in a given currency. It therefore represents the lowest real-world cost of unsecured funding in the London market. As such, LIBOR is one of the fundamental standards for global financial markets.
Prior to September, 2012, BBA LIBOR (the London Interbank Offered Rate) was calculated and published by Thomson Reuters on behalf of the BBA. In July 2012, it came out that LIBOR had been systematically rigged by Barclays for many years, leading to the LIBOR scandal. Paul Tucker, Deputy Governor of the Bank of England, compared the BBA LIBOR market to a "cesspit" of dishonesty. In September, 2012, it was decided that the BBA would be stripped of its role in LIBOR rate setting. Martin Wheatley said "the BBA acts as the lobby organisation for the same submitting banks that they nominally oversee, creating a conflict of interest that precludes strong and credible governance".
Events and training
In 2014 the BBA held 67 events attracting over 4,500 attendees. This included the Association’s annual conference and annual industry dinners, as well as a number of forums, briefings and training courses.
High street banking statistics
The BBA produces a monthly report on high street banking figures which is used by banks and by the media. This data informs the BBA Annual Abstract of Banking Statistics which is published each August.
Global Operational Loss Database (GOLD)
The BBA manages the Global Operational Loss Database (GOLD) for its members. GOLD is an important tool for managing operational risk.
In line with the UK Government’s drive to support UK business, the BBA is a committed participant in the Business Growth Fund.
The BBA is leading efforts to increase funding to small and medium-sized enterprises through the Better Business Finance campaign. The BBA collaborated with the British Chambers of Commerce to deliver 15 outreach events across the UK throughout 2011 in support of this initiative.
Better Business Finance is complemented by the website mentorsme, an online gateway through which small and medium businesses can connect with mentoring organisations and individuals working in their area.
The BBA has ongoing responsibility for a number of personal and business customer services. These include the website My Lost Account, a free service that helps customers trace their lost accounts and savings.
BBA Strategy 2013-2015
- Anthony Browne, Chief Executive
- Henrietta Royle, Chief Operating Officer
- Paul Chisnall, Executive Director – Financial Policy and Operations
- Simon Hills, Executive Director – Prudential Capital, Risk and Regulatory Relationships
- Eric Leenders, Executive Director – Retail
- Emily Walch, Executive Director – External Affairs
- Mike Conroy, Executive Director – Business Finance
- Keith Phillips, Executive Director – BBA Enterprises, Membership and Business Development
- Richard Woolhouse, Chief Economist and Head of Research
The BBA was founded in 1919. The Association was reconstituted in 1972, the same year it first accepted foreign banks. In 1975 responsibility for money transmission services moved to Association for Payment Clearing Services (APACS) (which became UK Payments Administration (UKPA) in 2009).
Presidents and Chairmen since 1972
- 1972–73 E.O. Faulkner (Later Sir Eric Faulkner)
- 1973–80 Lord O'Brien of Lothbury
- 1980–84 Sir Eric Faulkner
- 1984–91 Sir Jeremy Morse
- 1991–96 Sir Nicholas Goodison
- 1996–97 Sir Brian Pitman
- 1997–2002 Andrew R.F. Buxton CMG
- 2002–04 Sir George Mathewson CBE, LLD, FRSE
- 2004–06 Sir Peter Middleton GCB
- Banking Code
- Banking in the United Kingdom
- British Banking School
- Euro Banking Association
- Libor Scandal
- "Five City trade associations to merge". BBC News. 20 November 2015. Retrieved 22 November 2015.
- "Paul Tucker is innocent – all too innocent". 9 July 2012 – via The Guardian.
- Peston, Robert (28 September 2012). "Libor: The final humiliation for banks" – via www.bbc.co.uk.
- "mentorsme.co.uk - Britain's first online gateway for businesses looking for mentoring services".
- Wrenhill. "Lost Accounts".
- "BBA Brief - BBA".
- S Goff - Financial Times Retrieved 2012-07-10
- 12/06/2012 bba Retrieved 2012-07-10
- British Bankers' Association
- Business Growth Fund
- Better Business Finance
- My Lost Account
- BBA YouTube channel