UK to merge 5 trade groups to boost financial services power, cut costs

LONDON, Nov 20 (Reuters) - Five British financial services trade associations, including the British Bankers' Association (BBA) and Payments UK, are set to merge following a review of how to strengthen their lobbying efforts and cut membership costs.

Britain's banks proposed earlier this year merging nine associations and set up a panel to review options, which on Friday proposed bringing together five bodies and creating close ties with two more.

The review group proposed initially merging the BBA, Payments UK, the Council of Mortgage Lenders and the UK Cards Association and adding the Asset Based Finance Association shortly after. (Reporting by Steve Slater, editing by Anjuli Davies)