By Mark Kleinman, City Editor
Sir Nigel Wicks is to step down as chairman of the British Bankers' Association (BBA) following a three-year term in which it surrendered oversight of interbank borrowing rates following the Libor rate-rigging scandal.
Sky News has learnt that Sir Nigel, a former aide to Margaret Thatcher, informed the BBA board earlier this week that he would not seek an extension to, or renewal, of his term when it expires towards the end of next year.
The BBA's nominations committee is expected to begin a search for his successor shortly.
Sir Nigel's replacement will join the lobbying group just months after a General Election campaign which is expected to feature pledges for a renewed crackdown on the banking industry.
In this week's Autumn Statement, George Osborne, the Chancellor, unveiled plans for a £4bn tax raid on big lenders by restricting the losses that banks can use to offset against tax liabilities.
Ed Miliband, the Labour leader, has pledged to create several new high street players from the existing banking sector if his party wins in May, while the industry also faces a multitude of other regulatory reforms.
The BBA is also undertaking a project to examine whether it should combine with some of the other trade associations serving the banking sector.
The recruitment of Sir Nigel in October 2012 was regarded as a coup for the banking sector.
A former chair of the Committee on Standards in Public Life, he also served as a non-executive director of Morgan Stanley Bank International Limited, chairman of the Scrutiny Committee of the Actuarial Profession and chairman of the Advisory Group of the City of London office in Brussels.
Sir Nigel also had a distinguished career in the civil service, working as second permanent secretary to the Treasury.
As chairman of the BBA, he played an important role in aiding the transition of responsibility for overseeing the Libor benchmark following recommendations that it should be transferred to an independent third party.
Sir Nigel replaced Marcus Agius, who resigned as chairman of both Barclays and the trade body days after the bank was fined nearly £300m for attempting to manipulate benchmark borrowing rates.
He was the first BBA chairman for many years not to be drawn from the pool of grandees who chair Britain's big high street banks.
Prior to Mr Agius, the BBA chairmanship was held by Lord Green, the former trade minister who at the time chaired HSBC.
The BBA's board is said to be open-minded about whether Sir Nigel's successor should be drawn from the industry.
The BBA declined to comment.
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