UK Finance, the new trade lobby being established for banks and consumer lenders, has recruited a former Barclays and Schroders executive who rose to become the chief financial officer of Santander UK, as its inaugural CEO.

Stephen Jones, who is currently advising the US investment fund Cerberus Capital and sits on the board of several of its finance sector portfolio companies, will take up his new role in the coming weeks, ahead of the organisation's formal launch in July.