A merger of bodies in the financial sector has taken a step closer after members of the Council of Mortgage Lenders voted in favour of the proposal.

The new trade association would include the CML, British Bankers’ Association, Payments UK and the UK Cards Association.

The Building Societies Association and the Finance and Leasing Association have declined to be part of the new ‘super-trade’ body.

Three-quarters (75%) of CML members voted in favour of the proposal.