He will become UK Finance CEO in January, taking over from Bob Wigley who will continue as executive chair of UK Finance until Mr Postings takes up his role.

Mr Postings was UK chief executive for Bibby Financial Services from April 2012 and global chief executive of the firm September 2015 until he stepped down last month.

He has over 40 years’ experience in financial services and has held senior roles at Barclays, Lloyds TSB, Cattles PLC and TTT Moneycorp. He has been a non executive director of UK Finance since September 2018.

Mr Postings said: “I am pleased to be taking on this role at UK Finance at such an important time for the industry. The sector’s response to the Covid-19 pandemic has shown the vital role that finance must play in supporting consumers and businesses through this difficult economic situation.

“I am looking forward to working with members and colleagues to continue UK Finance’s commitment to building an even more customer-focused and innovative sector for the benefit of the UK economy as a whole.”

UK Finance executive chair Bob Wigley said: “I am delighted to announce David Postings appointment as UK Finance’s new chief executive. He will bring wide and deep experience of our sector and crucially at this time, a real understanding of the vital role our members play in supporting SMEs and consumers across the UK.

“I look forward to working with David in his new role and continuing to develop UK Finance as a world class representative organisation that delivers both for our members and their customers.”