The new trade association, UK Finance, has appointed its first chief executive.

He is Stephen Jones, who has worked in a number of capacities for Santander, Barclays, Citigroup and Schroders.

The new trade body will launch this summer encompassing the Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.

Jones said: “I am excited to be joining UK Finance at this formative time, and believe that the expertise and reach of the constituent organisations will be deepened by coming together.

“We will serve our members by helping them build a more customer-focused and innovative finance and banking sector for the benefit of the UK economy as a whole.”

The move follows the appointment of Bob Wigley as chairman in March.

He said: “Stephen will bring drive and focus to the integration, and has the experience and vision to develop UK Finance into a world class organisation working on behalf of its members and millions of customers, small and large, across the financial services sector.

“I look forward to working together with Stephen and many other colleagues to achieve this.”