A new financial trade body encompassing the Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association, has revealed its name.

It will be called UK Finance.

Last month Bob Wigley was announced as the chair of UK Finance, and will oversee the appointment of a chief executive of the new body and the integration of the existing trade associations before official launch in the summer.

Speaking at the time of his appointment, Wrigley, formerly chairman of Merrill Lynch EMEA, 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.”