The British Bankers Association (BBA) serves as the representative body for the largest international banking cluster worldwide. This principal trade association for the British banking sector comprises over 200 member banks, with headquarters in the U.K. and more than 50 other countries, operating in over 180 jurisdictions globally. Remarkably, 80% of all systemically important banks worldwide hold membership with the BBA, making it the authoritative voice of UK banking.
The BBA possesses the most extensive and comprehensive policy resources for banks operating within the UK, advocating for its members not only to the UK government but also across Europe and internationally. In addition to its impressive membership, the BBA’s network includes over 80 leading professional and financial services organizations worldwide.
Collectively, BBA members manage over £7 trillion in British bank assets, employ nearly half a million people across the country, and contribute more than £60 billion annually to the British economy. Furthermore, these members lend over £150 billion to UK-based businesses.
The British Bankers Association is committed to promoting initiatives and policies that benefit both banks and the broader public. Its work is guided by three primary priorities: assisting customers, which includes both businesses and consumers; fostering growth by supporting the UK as a global financial center; and enhancing industry standards on both ethical and professional levels.
The BBA operates with two strategic aims. The first is to promote a superior and continually improving banking sector for the UK. This is achieved by collaborating with banks and other stakeholders to build trust in the banking industry, raise standards, encourage growth, and support customers. The BBA aims to foster public understanding and appreciation of the crucial role banks play in the economy and the advantages of hosting an internationally significant banking sector.
A key aspect of this aim is to highlight the substantial improvements the sector has undergone since the global financial crisis. The BBA aspires to be recognized as an agent of positive change that creates a better banking industry for both its members and non-members. It strives to be a trusted partner of banking regulators and the government, actively influencing international and national debates on banking issues.
The second strategic aim is to be a world-class trade association for the banking industry. As the principal trade association for the most significant sector of the British economy and the leading banking cluster globally, the BBA aims to be best in class in its operations.
Before September 2012, the BBA compiled and published the LIBOR (London Interbank Offered Rate), the most important interest rate globally. However, following the Barclays scandal, which revealed the bank’s consistent manipulation of the rate over several years, the BBA’s role in managing the rate was terminated due to a perceived conflict of interest.
Currently, the BBA organizes various training and events across the UK, including training classes, briefings, forums, annual industry dinners, and conferences. Additionally, it publishes a monthly report covering high street banking figures, which is used in the Annual Abstract of Banking Statistics produced every August. The BBA also runs the GOLD (Global Operational Loss Database) for its members, serving as a valuable tool in managing operational risk.
In summary, the British Bankers Association is a pivotal organization that represents and advocates for the interests of the UK banking sector, promoting growth, enhancing standards, and fostering a better understanding of the industry’s role in the economy.
