British Bankers' Association
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| Abbreviation | BBA |
|---|---|
| Motto | The voice of banking |
| Formation | 1919 |
| Legal status | Non-profit company |
| Purpose | Banking in the UK |
| Location |
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Region served
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UK |
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Membership
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253 banks |
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Chief Executive
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Anthony Browne |
| Website | www |
The British Bankers’ Association (BBA) is a trade association for the UK banking and financial services sector. Its members collectively provide a wide range of banking and financial services. The Association lobbies for its members and gives its view on the legislative and regulatory system for banking in the UK.
In November 2015 it was confirmed that the BBA would be merged with Payments UK, the Council of Mortgage Lenders, the UK Cards Association and the Asset Based Finance Association, following a review into financial trade bodies. The resulting organisation is due to begin operating in 2017.
The BBA describes itself as the leading trade association for the UK banking sector with more than 230 member banks headquartered in over 50 countries with operations in 180 jurisdictions worldwide.
The BBA is a trade association owned and governed by its members.
The Board is the governing body of the Association, and it agrees major strategies and policies.
Member Segment Advisory Boards provide a forum to inform the agenda of the BBA Board and policy committees. There is a Member Segment Advisory Board for the major retail banks, challenger banks, small banks, major international wholesale banks, foreign banks, private banks and wealth management, and custody banking.
The BBA has four high-level committees, representing retail policy, financial policy and risk, wholesale policy, and corporate policy.
Below its Board, Member Segment Advisory Boards and high-level committees, the BBA has a number of technical panels and working parties.
The BBA responds to the full range of issues affecting retail and wholesale banking and the wider financial services industry. As well as its interaction with current affairs, it works to form and reform lasting policy decisions.
LIBOR is the primary benchmark for short-term interest rates. It indicates the average rate at which a leading bank can obtain unsecured funding for a given period in a given currency. It therefore represents the lowest real-world cost of unsecured funding in the London market. As such, LIBOR is one of the fundamental standards for global financial markets.
Prior to September, 2012, BBA LIBOR (the London Interbank Offered Rate) was calculated and published by Thomson Reuters on behalf of the BBA. In July 2012, it came out that LIBOR had been systematically rigged by Barclays for many years, leading to the LIBOR scandal. Paul Tucker, Deputy Governor of the Bank of England, compared the BBA LIBOR market to a "cesspit" of dishonesty. In September, 2012, it was decided that the BBA would be stripped of its role in LIBOR rate setting. Martin Wheatley said "the BBA acts as the lobby organisation for the same submitting banks that they nominally oversee, creating a conflict of interest that precludes strong and credible governance".
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Wikipedia