The British Bankers Association turns out to be the members’ representative for the biggest international banking cluster in the world. This main trade association for the British banking sector boasts over 200 member banks headquartered in both the U.K. and more than 50 other countries that run operations in over 180 jurisdictions around the globe. As such fully 80% of all the systemically critical banks on earth carry membership with the BBA. This is the voice of UK banking.
The BBA claims the greatest and most comprehensive policy resources for those banks operating in the UK. They represent membership not only to the government of the U.K., but also throughout Europe and globally. Besides this impressive membership roster, their network also is comprised of more than 80 of the foremost professional and financial services organizations in the world.
The BBA’s members collectively manage over £7 trillion (British pounds) of British bank assets. The members employ almost half a million people throughout the country. Their contributions to the British economy every year are more than £60 billion. Members loan in excess of £150 billion out to business based in the U.K.
The British Bankers Association works to encourage both initiatives and policies that promote the interests of not only banks but also the overall public. They have three principal priorities in their work. The first is to help out customers. This includes both businesses and consumers. The second is to encourage growth. By this they intend to support Britain as the world’s global financial center. Finally they are interested in improving standards in the industry on both an ethical and professional level.
The BBA works with two strategic aims in mind. The first is to encourage a superior and improving banking sector for the overall U.K. They do this by working alongside banks and other beneficiaries to increase trust in the banking industry, by raising standards, by encouraging growth, and by assisting customers. They promise to facilitate public approval and overall awareness of the important position banks play in the economy. They are also aspiring to build appreciation for the advantages of hosting an internationally critical banking sector.
Chief among their public relations tasks are to encourage acknowledgement of the substantial improvements the sector has gone through since the global financial crisis. The BBA’s goal is to be understood as an agent of positive change that makes a better banking industry by its non members and members alike. They strive to be a trusted partner of both banking regulators and the government. They also take the initiative to impact international and national debates on banking issues.
Their second strategic aim is to be the banking industry’s trade association that is world class. They are the principal trade association for the foremost sector of the British economy as well as the main trade group for the foremost banking cluster in the world. This is why they aim to be best in class in their operations.
Before September in 2012, the BBA both compiled and published the LIBOR London Interbank Offered Rate, the most important interest rate in the world. They lost their role in managing the rate after the Barclays scandal erupted that showed the bank had been consistently manipulating the rate for a number of years. As lobby organization for the rate submitting banks, the Bank of England decided the BBA’s conflict of interest was too great.
Nowadays the BBA puts on training and events throughout Britain. These include training classes, briefings, and forums besides their annual industry dinners and conferences. They also publish a monthly report that covers figures on high street banking. This is used in their Annual Abstract of Banking Statistics that they produce every August. BBA furthermore runs the GOLD Global Operational Loss Database for members. This serves as a helpful tool in helping to manage risk from operations.