A new financial trade body that will merge and replace organisations such as the Council of Mortgage Lenders has appointed Bob Wigley as chairman.

The as yet unnamed entity will integrate the remits, skills and capabilities of the CML, the Asset Based Finance Association, the British Bankers’ Association, Financial Fraud Action UK, Payments UK and the UK Cards Association.

It will not include the Building Societies Association or the Intermediary Mortgage Lenders Association, which have opted to continue to be run separately.

Wrigley, formerly chairman of Merrill Lynch EMEA, will take up the new role next month and will oversee the appointment of a chief executive and integration of the existing trade associations.

He said: “I am honoured to be taking on this key role at such a critical time for the industry.

“Financial services make a considerable contribution to the UK economy and currently face a challenging environment.

“I aim to build a strong and effective body capable of speaking for the industry with one voice and working constructively with consumers, regulators and stakeholders.

“This new organisation aims to become an authoritative voice for the finance sector all around the UK, building on the expertise of its diverse membership.

“I look forward to leading and overseeing the new organisation and to meeting the challenges and significant opportunities that lie ahead.”