British Bankers' Association: What You Need to Know

The British Bankers' Association (BBA) is a trade association that represents the UK banking industry. It was formed in 1976 and is headquartered in London.

The BBA has a long history of promoting and supporting the UK banking sector. It has over 200 member banks, including some of the biggest names in the industry.

One of the key roles of the BBA is to provide a unified voice for the banking industry. This means that it represents the interests of its member banks in discussions with government and regulatory bodies.

The BBA also provides a range of services to its member banks, including training and networking opportunities.

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The BBA was founded in 1919 by the merger of two pre-existing bodies, the Central Association of Bankers and the Association of English Country Bankers.

The Central Association of Bankers was established in 1895 in London, at 34 St Clements Lane, while the Association of English Country Bankers was founded in 1874 and was one of the Central Association's founders.

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Until 1972, the BBA was only open to British domestic, colonial, and dominion banks, but it expanded its membership to all banks operating in the United Kingdom that year.

In 1975, the BBA transferred responsibility for money transmission services to the Association for Payment Clearing Services, which later became the UK Payments Administration in 2009.

The Committee of London Clearing Bankers, established in 1821 and later renamed the Committee of London and Scottish Bankers in 1985, was subsumed into the BBA in 1991.

The BBA has over 230 member banks, headquartered in more than 50 countries, with operations in 180 jurisdictions worldwide.

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The BBA Structure was designed to support its members and advance the interests of the banking industry. The association had a strong presence with over 230 members from more than 50 countries.

The BBA had a clear hierarchy, with a board at the top, followed by member segment advisory boards and high-level committees. These committees represented retail policy, financial policy and risk, wholesale policy, and corporate policy.

Below the board, the BBA also had technical panels and working parties that focused on specific areas of banking.

The BBA had a number of technical panels and working groups that helped to inform its policies and decisions.

These groups were established to provide a platform for BBA members to discuss and address specific issues within the financial services industry.

Below its board, member segment advisory boards and high-level committees, the BBA had a number of technical panels and working parties. These groups were responsible for providing expert advice and guidance on various topics, including banking practices and regulations.

The BBA's technical panels and working groups played a crucial role in shaping the organization's policies and initiatives. They helped to identify key issues and develop solutions that benefited BBA members and the wider financial services industry.

The BBA had a member segment advisory board for each of the following: major retail banks, challenger banks, small banks, major international wholesale banks, foreign banks, private banks and wealth management, and custody banking.

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The BBA has had its fair share of chairmen over the years. Stephen Green held the position from 2006 to 2010.

The chairmen of the BBA have been a mix of experienced professionals. Marcus Agius took over from 2010 to 2012.

Here's a list of the chairmen of the BBA:

Noreen Doyle has been the chairmen since 2015, and has been leading the BBA through a period of change.

The BBA Structure is quite interesting, and one of the key components is its high-level committees. The BBA had four high-level committees.

These committees represented different areas of focus for the organization. Retail policy, financial policy and risk, wholesale policy, and corporate policy were all covered by these committees.

Each committee played a crucial role in shaping the BBA's decisions and actions. The BBA's structure was designed to promote collaboration and coordination across different areas of expertise.

These committees helped the BBA to stay on top of the latest developments and trends in the industry. By having a strong committee structure, the BBA was able to make informed decisions that benefited its members and the industry as a whole.

The BBA's high-level committees were a key factor in its success. They helped the organization to navigate complex issues and make strategic decisions.

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The British Bankers' Association (BBA) had a significant role in the financial services industry. Its responsibilities included informing and educating members and the public about issues related to banking.

The BBA played a crucial part in helping consumers link back to dormant accounts through the MyLostAccount website. This service was a valuable resource for people who had lost track of their savings accounts.

The BBA was also responsible for establishing and operating the Global Operational Loss Database (GOLD). Launched in 2000, GOLD was a tool used by BBA members to manage operational risk.

Some of the key duties of the BBA can be summarized as follows:

The BBA had a significant impact on the financial services industry, and its legacy lives on through its successor organization, UK Finance.

The British Bankers' Association (BBA) played a significant role in setting the benchmark for short-term interest rates, known as the London Interbank Offered Rate (LIBOR). This rate was the average rate at which a leading bank could obtain unsecured funding for a given period in a given currency.

In 1986, the BBA created and administered LIBOR, which became a fundamental standard for global financial markets. However, in 2012, it was discovered that LIBOR had been systematically rigged by Barclays, leading to the LIBOR scandal.

The BBA was stripped of its role in LIBOR rate setting in September 2012, due to a conflict of interest that precluded strong and credible governance. Martin Wheatley said the BBA acts as the lobby organisation for the same submitting banks that they nominally oversee.

Prior to 2012, the BBA had been calculating and publishing LIBOR on behalf of the BBA, but the agency was found to be "careless" in its approach to policing LIBOR and put too much trust in a system that "did not have the right level of checks and balances in place".

Here are some key statistics about the BBA's involvement with LIBOR:

The British Bankers Association (BBA) has a complex relationship with politics. The BBA has close ties with the Conservatives, with Lord Green, the current trade minister, previously serving as the BBA's chairman until 2010.

The BBA's connections to the Conservative party are evident in the fact that outgoing BBA chief executive Angela Knight was previously economic secretary to the Treasury under John Major. Lady Noakes, a Conservative peer, also hosted the 2011 reception.

The BBA has also been able to influence policy through its relationships with government officials. In 2006, 2008, 2009, and 2010, the BBA persuaded former Treasury select committee chairman John McFall to host its annual parliamentary reception on the House of Lords terrace.

Here's a list of notable individuals with whom the BBA has had meetings that were not recorded on official public registers:

The BBA's lack of transparency is a major concern. The organization's member-only publication briefly went live on the internet, revealing meetings with government officials, including Rohan Silva, special adviser to the prime minister.

These meetings are not recorded on official public registers, making it difficult for the public to know what was discussed. This is particularly problematic, given the government's efforts to increase transparency in the lobbying industry.

The BBA's secrecy raises questions about its influence over policy. The organization met with officials acting for government ministers, including Giles Wilkes, Vince Cable's special adviser, and Norman Lamb, Nick Clegg's then chief political adviser.

This lack of transparency undermines the government's attempts to shine a light on the lobbying industry. As a result, many meetings where the BBA could exert influence over policy are happening under the radar, and the public is unlikely to ever know what was discussed.

The British Bankers' Association (BBA) has a history of close ties with the Conservative party. Lord Green, the current trade minister, was the BBA's chairman until September 2010.

Angela Knight, the outgoing BBA chief executive, previously served as economic secretary to the Treasury under John Major. Lady Noakes, a Conservative peer, hosted the 2011 reception.

The BBA has also managed to persuade Labour MP John McFall, now Lord McFall, to host its annual parliamentary reception on the House of Lords terrace in 2006, 2008, 2009, and 2010.

Here's a breakdown of the BBA's connections to the Conservative party:

The British Bankers' Association was a trade organization that represented the interests of banks and other financial institutions.

It was owned and overseen by its members, which means they had a direct say in how the organization was run.

The BBA was originally intended for British banks only, but it later opened up its membership to foreign banks operating on British soil.

This change allowed the BBA to better serve the needs of its members and stay competitive in the global market.

Among its responsibilities, the BBA lobbied for the industry and set the LIBOR rate before it was taken over by ICE Benchmark Association.

The BBA officially dissolved after it merged with four other organizations to form UK Finance in 2017.