The boards of the Council of Mortgage Lenders (CML), British Bankers’ Association (BBA) and Payments UK have all voted in favour of a trade body merger.

A government-backed review, led by former Ofcom chief executive Ed Richards, proposed a financial services trade body merger, in November 2015.

The three trade bodies will put their boards’ decisions to their membership over the coming months.

A spokesman for the BBA said: “The BBA board has unanimously agreed, subject to further discussions and the approval of the wider membership, to integrate the BBA as part of a wholly new organisation as set out in the Financial Services Trade Associations Review.”

In a statement, the CML said: “If the recommendation is approved, the trade body landscape could look very different next year.

“But there will be no certainty about the future CML position until after both our members and the members of the other trade bodies have voted. At this stage, it is for individual members to decide what will happen.”