UK Finance is a large trade association, one that works within the UK banking and financial services sector. It was formed back in July of 2017, as a merger between a number of other associations. This merger brought together the British Bankers’ Association, Payments UK and The Council of Mortgage Lenders among others. Hundreds of firms are represented by UK Finance, all of which have something to do with banking and finance in some way. This includes those that offer services related to providing credit, banking, markets and payments.
What Does The Council of Mortgage Lenders Have to Do With UK Finance?
The Council of Mortgage Lenders is an industry body that represents mortgage lenders in the UK, including banks and building societies, and it’s a big part of UK Finance. The Council of Mortgage Lenders represents the majority of the UK’s mortgage lending, which is why it’s such a key player within UK Finance. It’s safe to say that with The Council of Mortgage Lenders, UK Finance is a vital part of the banking and financial services sector.
What Does UK Finance Do That’s So Important?
As it represents more than 250 firms across the banking and financial industry, UK Finance is hugely important in a lot of ways. The association works hard to boost competitiveness, offer support and encourage innovation within the finance industry as a whole. Rather than having to worry about the often complicated industry, members can relax knowing that a safe and secure space is being promoted by experts.
The main role of UK Finance is to campaign and lobby for its members, keeping their best interests in mind at all times. It provides an insight into the often complex legislative and regulatory side of the banking system and finance industry, which in turn gives members a reliable source of help and advice whenever they need it. Rather than having to manage unclear guidelines and navigate the industry without direction, UK Finance offers guidance.
UK Finance is also the governing body for all mortgage lenders that require a Professional Consultants Certificate, a certificate that acts as a guarantee of building assurance to release a mortgage. With a Professional Consultants Certificate acting as a warranty, buyers and mortgage lenders can relax knowing that strict standards have been met and the property can be relied upon. This is something that UK Finance oversees.
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