Members of British Bankers Association (BBA) have voted for the merger of the organisation with three other trade bodies to form a new trade association for the UK’s finance sector.

The plan, which was backed by 94% of BBA’s members, will involve the BBA consolidating with the Council of Mortgage Lenders, Payments UK and The UK Cards Association.

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The proposed merger had been set out by an independent review into the effectiveness of the financial services trade association landscape.

The review was set up by a steering committee of major UK banks and a building society, and was headed by former CEO of media regulator Ofcom Ed Richards.

The BBA said that the aim of the review was to assess "the wide range of existing trade associations at a time of significant change in financial services, persistent low levels of customer trust, and new and diverse entrants to the industry."

The review suggested that the consolidation would lead to cost savings. It also proposed taking a £15.5m loan for funding the implementation of the new group that would be repayable within three years owing to the expected cost savings.

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BBA CEO Anthony Browne said: "It is right that our members get effective representation and value for money from their trade associations. The BBA membership has voted 94 per cent in favour of consolidating the BBA as part of a new Financial Services Trade Association.

"We look forward to working with the other trade associations and to providing a world class service for our members across the banking sector."

Plans for consolidated trade body will be taken forward by the interim main board of the new trade association.