LONDON (Reuters) - Former telecoms regulator Ed Richards has been appointed by 10 banks and building societies in Britain to head a review aimed at merging financial trade associations.
The banks want fewer trade associations in Britain to develop a stronger, more coherent voice in Brussels where European Union financial regulation is agreed.
"In this new role, Ed will assess responses, working closely with stakeholders across the industry to ensure a high level of representation and engagement, and intends to produce revised proposals by the summer," the 10 firms said in a statement.
"It is anticipated that the conclusions will begin to be implemented in 2016."
In January, the 10 financial firms told nine trade associations they should merge into a single body to strengthen lobbying and slash membership costs.
A single, federated trade association comprising an overall council would go a long way to effectively address current challenges, the banks said.
The plans have sparked pushback from some of the trade associations and Richards, who starts in May, will face pressure to scale back the plans.
"Ed will bring a fresh and independent perspective to the review and we are delighted to have someone of his calibre and experience in the policymaking world taking on this role," Antonio Simoes, chief executive of HSBC (LONDON:HSBA) UK, said on behalf of the 10 banks and mutual lenders.