Jan:Feb 2017 Credit Management magazine

CREDIT MANAGEMENT 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

JAN / FEB 2017 £10.00 

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CONTENTS 

JAN/FEB2017 

www.cicm.com 

REGULARS 

4 Editor’s column 

6 News 

12 CICMQ news 

28 Legal Matters - DWF 

30 International Trade 

48 HR Matters 

53 Forthcoming Events 

55 New members 

59 Cr£ditWho? directory 

63 Crossword 

XX 

25 

FEATURES 

13 FIT FOR PURPOSE 

What lies ahead within the consumer 

credit industry for 2017. Heather 

Greig-Smith takes a closer look 

16 DIRTY LAUNDRY 

Some perceive Anti Money Laundering 

as an expensive obligation. John 

Dobson argues that without it the risks 

could be far more costly 

19 ASK THE EXPERTS 

David Thornley FCICM answers a 

question on fraud and cyber crime 

and how to protect your business 

20 UNDER SIEGE 

Mobile Commerce is growing 

exponentially and so are the risks to 

those that shop using their mobiles. 

Javed Ahmed and Dr Mahmood Shah 

look at the solutions 

22 BIG IS BEST 

Big isn't always best in the world of 

data - Jay Inamdar explains more 

25 A BLAST IN TIME – Cover feature 

Sean Feast takes a tour of the 

Rolls-Royce factory and talks CICMQ 

with Sam Hall 

29 TRADE TALK 

2017 could be an interesting year for UK 

businesses – Lesley Batchelor assesses 

what might be to come 

32 COUNTRY FOCUS – India 

In the first part of a new country focus, 

Adam Bernstein explores India's economy 

and how businesses might take advantage 

of any business opportunities 

38 LEGAL MATTERS 

Peter Walker examines how freezing 

orders can be a draconian but necessary 

weapon in a credit professional's armoury 

42 PAYMENT TRENDS 

The latest monthly business-to-business 

payment performance statistics 

45 BUSINESS MANAGEMENT 

The first in a new series of business 

management columns from Neil Massa 

52 SOAPBOX CHALLENGE 

Credit professionals do not realise their 

true worth to their companies and it's 

driving Karen Young mad 

43 

19 

CICM GOVERNANCE 

PRESIDENT 

Stephen Baister FCICM 

CHIEF EXECUTIVE 

Philip King FCICM CdipAF MBA 

EXECUTIVE BOARD 

Laurie Beagle FCICM – Chair 

Glen Bullivant FCICM 

Sue Chapple FCICM 

Larry Coltman FCICM 

David Thornley FCICM(Grad) – Treasurer 

Pete Whitmore FCICM – Vice Chair 

ADVISORY COUNCIL 

Laurie Beagle FCICM 

Jason Braidwood FCICM(Grad) 

Glen Bullivant FCICM 

Sue Chapple FCICM 

Larry Coltman FCICM 

Kim Delaney MCICM 

Eleimon Gonis MCICM 

Victoria Herd FCICM(Grad) 

Christelle Madie MCICM(Grad) 

Debbie Nolan FCICM 

Bryony Pettifor FCICM(Grad) 

Allan Poole MCICM 

Phil Rice FCICM 

Charlie Robertson FCICM 

Chris Sanders FCICM 

Richard Seadon FCICM 

Shakti Tanda MCICM(Grad) 

David Thornley FCICM(Grad) 

Debra Weston FCICM 

Pete Whitmore FCICM 

The recognised standard 

www.cicm.com January / February 2017 3


CM 



the 

Editor’s 

column 

HORSES FOR COURSES 

I 

know they say that you should never 

kick an animal when it’s down, and the 

Financial Conduct Authority (FCA) has 

had its fair share of knockers over the 

past couple of years, but they have started 

to worry me again. No, that’s a lie. They’ve 

never actually given me any real confidence 

that they know what they’re doing. And it 

appears I am not the only one. 

Many voices within the consumer debt 

collection world expressed their concerns, 

both privately and in public, a few months 

ago that the authorisation process was taking 

too long, and that the long periods of radio 

silence before any engagement was to the 

disadvantage of everyone concerned. 

Those voices have now been joined 

by others in the advice sector, and Debt 

Management Companies (DMC) in particular 

that have been waiting for more than two 

years for their authorisation to be processed. 

Nick Pearson, CEO of The Debt Counsellors 

Charitable Trust, is one who has been 

especially vocal, and says that of the 

handful of DMCs that have successfully 

made it over the final jump, at least two of 

them (in respect of those who handle client 

money) only did so after going to appeal, 

thus trashing the FCA’s already withering 

reputation. 

But it was perhaps the recent nonsense 

over the Consumer Credit sourcebook 

(CONC) 8, and how a particular rule should 

be interpreted, that particularly left me 

reaching for the form guide. The arguments 

do not need to be rehearsed again here, and 

I believe there is now some agreement on 

the matter, but the fact that the FCA could 

not give any firm statement or steer from the 

outset on how the rule should be interpreted 

beggars belief. I think there is a simple 

explanation: they actually don’t know. They 

don’t appear to understand Debt Collection 

Agencies; they don’t appear to understand 

Debt Management Companies; and they don’t 

appear to understand much about the world of 

consumer credit at all. 

It has been suggested that the problems 

are one of resource. That is undoubtedly the 

case. I don’t know of many firms who ended 

the authorisation process with the same case 

officer they had at the start. But the general 

lack of clarity and guidance does not bode 

well for the monitoring stage that is yet to 

come, or give me the comfort of thinking it has 

the depth of knowledge that it so obviously 

needs. 

If this were a horse racing analogy, the 

FCA has already unseated its rider, and we’re 

only at the one furlong marker. I don’t hold out 

much hope that things will have improved by 

the water jump. 

CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099 

Publisher 

Chartered Institute of Credit Management 

The Water Mill 

Station Road 

South Luffenham 

OAKHAM 

LE15 8NB 

Telephone: 01780 722910 

Fax: 01780 721333 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 

Sean Feast 

Deputy Editor 

Alex Simmons 

Art Editor 

Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Tom Berger, Imogen Hart and Iona Yadallee 

Advertising 

Anthony Cave 

Telephone: 0203 603 7934 

Email: anthony.cave@cabbell.co.uk 

Printers 

Warners (Midlands) Plc 

2017 subscriptions 

UK: £90 per annum 

International: £115 per annum 

Single copies: £10.00 

View our digital version online at www.cicm.com Log on to the Members’ 

area, and click on the tab labelled ‘Credit Management magazine’ 

Credit Management is distributed to the entire UK and international CICM 

membership, as well as additional subscribers 

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this 

magazine do not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor 

reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit 

Management’ is a registered trade mark of the Chartered Institute of Credit Management. 

4 

January / February 2017 www.cicm.com 

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CMNEWS 

A 

round-up 

of news stories 

from the world 

of consumer and 

commercial 

credit. 

By By Sean Feast and Alex Simmons 

CICM WELCOMES NEW DUTY TO REPORT 

REGULATION AND RECOGNITION OF PPC 

Margot James MP 

THE CICM has welcomed draft 

regulations that will require large 

companies to publish details on their 

payment practices, and the recognition 

of the Prompt Payment Code (PPC) as 

the ‘gold standard’ in the fair treatment of 

suppliers. 

Philip King, Chief Executive of the 

CICM, believes that Government has 

clearly listened and responded to the need 

to change payment culture: “The Small 

Business Minister (Margot James MP) is to 

be applauded for engaging with and listening 

to organisations like the CICM and the 

Federation of Small Businesses in driving real 

change,” he said. 

“The new ‘Duty to Report’ will lead to 

much greater transparency and is clearly 

one of a suite of measures to improve 

payment practices, including the Prompt 

Payment Code, the appointment of a new 

Small Business Commissioner, and first and 

foremost, best-practice credit management.” 

The ‘Duty to Report’, which will come 

into force from April 2017 will require large 

companies and limited liability partnerships 

(LLPs) to publicly report twice yearly on their 

payment practices and performance, including 

the average time taken to pay supplier 

invoices. Government will publish guidance on 

how to comply with the duty to report shortly, 

to help large businesses prepare for the new 

reporting requirements. 

Philip says that he is encouraged by 

the Government’s commitment to lead by 

example, especially in relation to the Prompt 

Payment Code: “I am pleased to see that 

the Government is itself taking measures 

to ensure all strategic suppliers are signed 

up to the Code,” he added, “and this is an 

opportunity for other large businesses to take 

similar positive action to show they genuinely 

value the supply chain.” 

Philip admits that not all of the proposals 

in the draft regulation will be universally 

welcomed: “The requirement for firms to 

report at an individual company level, rather 

than at a ‘group’ level, will cause difficulties 

for some organisations, but at least there 

has been the opportunity for discussion and 

consultation.” 

The CICM administers the PPC on behalf 

of the Department for Business, Energy, and 

Industrial Strategy. 

FCA CALLS FOR INPUT ON HIGH-COST CREDIT 

AND OVERDRAFTS 

THE Financial Conduct Authority (FCA) 

is seeking evidence and feedback to 

further inform its work on high-cost 

credit, including a review of the payday 

loan price cap. 

Since taking over regulation of consumer 

credit in April 2014, the FCA has focused on 

products that it believes pose the highest 

risks to its consumer protection objective. 

One area of focus has been high-cost credit, 

which includes payday loans, home-collected 

credit, catalogue credit, some rent-to-own, 

pawn-broking, guarantor and logbook loans. 

Other credit products – such as motor finance, 

credit cards, overdrafts and some instalment 

lending – may be high-cost, particularly for 

less creditworthy customers or depending on 

how they are used. 

The call for input covers: high-cost 

products; overdrafts; the high-cost short-term 

credit (payday loan) price cap; and repeat and 

multiple high-cost short-term credit (HCSTC) 

borrowing. 

Andrew Bailey, Chief Executive of the 

FCA, says this is a significant moment for 

the Authority’s approach to consumer credit 

regulation: “As an organisation, we have 

already taken many steps to address the risk 

of consumer harm by putting in place new 

rules for high-cost short-term credit firms and 

taking action against non-compliance across 

all credit markets. 

“We have come up to the point of reviewing 

the cap on payday lending, making now the 

right time to take a broader view of the 

issues around high-cost credit, including 

unarranged overdrafts, and to consider 

whether our requirements remain 

appropriate.” 

The FCA has also worked closely with 

other bodies looking at related issues, 

including the CMA investigations on 

competition in the payday lending and retail 

banking markets, and the Law Commission’s 

review of the Bills of Sale Acts (the legal basis 

for logbook loans). 

The CICM is inviting members to respond 

to a survey available at cicm/fca-call-inputcontribution-valuable/ 

by 7 February to inform 

its response. 

fca.org.uk 

6 



PSR TAKES STEP TOWARDS 

WHOLESALE CHANGE 

THE Payment Systems Regulator (PSR) 

has proposed changes to the way payment 

systems infrastructure is procured and 

provided, the latest step in a series of 

developments that is bringing wholesale 

change to UK payments. 

In early 2016, the PSR unveiled the 

conclusions of its market review into the 

ownership and competitiveness of the 

infrastructure that supports three payment 

systems – Bacs, Faster Payments Service 

(FPS) and LINK. It found that there is no 

effective competition for the provision of 

central infrastructure for these three payment 

systems. 

The PSR identified the common ownership 

and control of both the payment systems 

and the infrastructure provider as a key 

concern. It also cited the need to adopt a 

common international messaging standard 

to encourage new entrants, and create 

a competitive procurement process that 

addresses consumer needs. 

Following these findings, the PSR 

published its infrastructure market review 

remedies consultation in which it has 

proposed two measures: mandating a 

competitive procurement process that will 

enable new infrastructure providers with 

different technology to enter the market 

and drive new and innovative products 

and services; and adopting a common 

international messaging standard for Bacs 

and FPS to lower barriers and encourage 

new entrants to the market. 

This package of measures will benefit all 

users of payment systems, from payment 

service providers to consumers, by creating 

a better choice of tailored payment services. 

As part of the publication, the PSR also 

announced that it will not, at this stage, 

be imposing the divestment remedy on 

VocaLink, the UK payments infrastructure 

provider. The PSR considers that the 

proposed acquisition of the company by 

MasterCard would address the ownership 

related competition problems it had identified 

in its final infrastructure market review. 

The MasterCard transaction is subject 

to merger approval by the Competition 

and Markets Authority. In the event that 

the proposed MasterCard acquisition 

of VocaLink does not receive regulatory 

approval, the PSR will pursue the divestment 

remedy. 

psr.org.uk 

CICM URGES FIRMS TO JOIN THE 

APPRENTICESHIP REVOLUTION 

WITH the Apprenticeship Levy set to go ahead 

in April 2017, the CICM is urging employers to 

get on board with employing apprentices and 

continuing their team’s professional training to 

further raise the profile of credit management 

as a career. 

By becoming fully involved with 

apprenticeships, those employers liable to 

pay the Levy, which is made up of an annual 

0.5 percent charge on payrolls exceeding 

£3 million, can draw down 100 percent of 

costs, while non-levied businesses can make 

significant long-term savings. 

The creation of an environment where 

the expectation that those working in credit 

management and collections are qualified 

would further enhance the image and 

influence of the profession. 

Debbie Tuckwood, the CICM’s Director 

of Education and Professional Development, 

says that under the new Trailblazer 

Apprenticeships, developed by employer 

groups with support from the CICM and 

CSA, there are no age limits to accessing 

funding: “From May 2017 the Government 

is fully funding individuals on the same or 

lower level apprenticeships if the programme 

provides substantially new skills. 

“This means that even university 

graduates would gain funding for the Level 3 

Advanced Credit Controller Apprenticeship, 

providing a funded fast track pathway to 

higher-level professional qualifications and 

Graduate Membership.” 

The Government’s changes to 

apprenticeships are an attempt to kick-start 

a ‘skills revolution’, and the intention is for 

over three million apprentices to have been 

created by 2020. 

“Further than this, and while favourable 

funding is in place, credit managers have 

the ability to qualify entire teams as well as 

recruit new and young talent in the form 

of apprentices. This does not require any 

changes to existing terms and conditions of 

employmen,” Debbie adds. “A community 

of highly trained and qualified professionals 

is sure to establish credit management 

and collections as the essential heart of a 

business.” 

NEWS IN BRIEF 

MOVING HOUSE 

BIBBY Financial Services (BFS) has moved 

its global headquarters to accommodate the 

business’s strategic growth plan over the 

coming years. BFS has relocated its central 

support teams to Pembroke House, Banbury 

Business Park – an office previously occupied 

by Vodafone. BFS claims to be the largest 

independent invoice finance provider in the 

UK and provides funding and foreign exchange 

services for businesses across the world. It has 

1,200 employees worldwide in more than 40 

offices in Europe, North America and Asia. 

bibbyfinancialservices.com 

INSURANCE OFFER 

PLATFORM Black has introduced credit 

insurance on its supply chain finance solutions 

to bolster its offering to funders and SMEs. 

The initiative has been developed in response 

to feedback from the funding community 

that wishes to deploy funds, but with the 

return of those funds becoming an increasing 

consideration. Platform Black has also 

introduced Fixed Pricing which means funders 

will be able to offer finance with full knowledge 

upfront of the return they will achieve. 

platformblack.com 

COOPERATION AGREEMENT 

THE FCA and the Hong Kong Monetary 

Authority (HKMA) have entered into a Cooperation 

Agreement to foster collaboration 

between the two regulatory authorities in 

promoting financial innovation. The two 

bodies will closely collaborate on a number of 

initiatives such as referrals of innovative firms, 

joint innovation projects, information exchange 

and experience sharing, to facilitate financial 

innovation in the UK and Hong Kong. 

fca.org.uk hkma.gov.hk 

WORTHY OF MERIT 

NOMINATIONS for the Meritorious Service 

Award are now open. The Award is granted as 

a rare recognition of an especially meritorious 

contribution to the Chartered Institute. If you 

would like to nominate a member, visit 

cicm.com/cicm-meritorious-award/ 

FINAL CALL 

OVER 100 entries were received from more 

than 70 companies for the 2017 CICM 

British Credit Awards. The shortlist has been 

announced and the last few seats are filling up 

fast for the dinner on 7 February at Lancaster 

London. To book one of the last remaining 

places contact Natasha Witter at Incisive Media 

at Natasha.Witter@incisivemedia.com or 0207 

316 9176. 

cicmbritishcreditawards.com 

PHOTO CAPTION WINNER 

THE winner of Credit Management December 

issue’s photo caption competition is Louise 

Burton, Credit Control Supervisor at ASSA 

ABLOY UK, with the following: ‘I will do 

anything to get a higher credit rating’. 

Congratulations to Louise; £50 worth of Amazon 

vouchers are in the post. 



BUSINESSES STARVED OF CASH 

SME food manufacturers now face waits of 55 

days (or nearly eight weeks) for their invoices 

to be paid, two-thirds longer than the 33 days 

(or nearly five weeks) their larger competitors 

wait, says the Asset Based Finance 

Association (ABFA). 

Payment delays for the UK’s small and 

medium food manufacturers (companies 

with an annual turnover under £25 million) 

have increased another four percent in the 

past year, the second year in succession that 

delays have increased. 

The ABFA points out that while payment 

delays have worsened for SMEs, they have 

improved for the largest food manufacturers 

(those companies with an annual turnover of 

over £500 million). In the past year, payment 

delays for the largest companies have 

improved by six percent falling to 33 days, 

from 35 days in the previous year. 

Without the bargaining power that their 

larger rivals hold, SME food manufacturers 

continue to face pressure as a result of 

supermarket price wars. The current situation 

for SME food manufacturers could be 

worsened further by Brexit as the fall in the 

value of sterling raises their import costs. 

Jeff Longhurst, Chief Executive Officer of 

the ABFA, says larger competitors are often 

more willing or able to place pressure on 

suppliers to abide by payment terms, whilst 

the value which many SMEs place on repeat 

business holds them back from doing so: 

“Payment delays can present a real threat 

to these businesses – they place pressure 

on cashflow and can end up significantly 

restricting their capacity to expand order 

books. Even when a business is thriving, it 

can take just a few unpaid invoices to create a 

major problem.” 

Meanwhile, the amount of alternative 

finance available under asset-based lending 

to UK businesses reached a record high of 

£4.3 billion, up 22 percent in 2016, says the 

ABFA. The value of finance available from 

stock alone increased from £2.4 billion to £2.9 

billion in just three months, while the amount 

of finance made available against plant and 

machinery reached £1.1 billion. 

The ABFA says the amount of lending 

made available against machinery, unsold 

stock, and similar hard assets has increased 

significantly in the last five years, rising 71 

percent from £2.5 billion in 2011. Now, 

from the £4.3 billion currently available, 

businesses have drawn down £1.2 billion in 

new finance. 

Elsewhere, over three quarters of SMEs 

have written off unpaid debts in the past 

year, according to new research by Amicus 

Commercial Finance. The average amount 

written off by UK SMEs in the last year is 

£11,708, representing just under £50 billion in 

written off debts, or £134 million every day. 

According to the study conducted among 

500 small businesses owners, mediumsized 

businesses with between 50 and 249 

employees are the worst affected by delayed 

payments with a quarter (24 percent) of 

invoices remaining unpaid after their debtor 

day period or not at all. Firms of this size lose 

an average of £33,750 a year through unpaid 

debts. 

One-in-five (18 percent) SMEs said they 

had lost contracts due to cashflow problems. 

abfa.org.uk 

TRADE 

CREDIT 

INSURANCE GUIDE 

November 2016 

abi.org.uk @BritishInsurers 

ATRADIUS WELCOMES 

LAUNCH OF NEW GUIDE 

ATRADIUS has welcomed steps taken by 

the Association of British Insurers (ABI) to 

raise awareness of the role of trade credit 

insurance. 

The new Trade Credit Insurance Guide 

aims to inform businesses of the vital role that 

credit insurers play in facilitating trade both 

domestically and overseas. The ABI reports 

that its members insured £300 billion of trade 

last year, protecting their businesses from 

the risks of non-payment. Publication of the 

guide is very timely with growing economic 

uncertainty in many of the major countries. 

Alun Sweeney, UK & Ireland Director at 

Atradius, says the world is changing and 

uncertainty across political and economic 

landscapes has come to be the new norm: “In 

this environment, robust risk management 

is more critical than ever and that is why it is 

important for businesses to be aware of the 

tools available to support them.” 

abi.org.uk 

THE long running saga regarding the Pre- 

Action Protocol (PAP) is at last rumbling to 

a close, following a meeting in December of 

the Civil Procedure Rule Committee (CPRC) 

attended by both Leigh Berkley and Robert 

Thompson representing the Credit Services 

Association (CSA) and the Civil Court Users 

Association (CCUA) respectively. 

PAP is now likely to be implemented 

next year and there will be no requirement 

for the original agreement to be sent at 

the Letter Before Action (LBA) stage. 

There will, however, be a requirement that 

creditors make it clear in the LBA itself 

that the customer has the right to ask 

for documentation, including the original 

agreement, although it was accepted that 

this should not be so prominent as to 

encourage spurious requests. It was similarly 

agreed that the new Standard Financial 

Statement will be used as part of the 

protocol. 

In a joint statement, Leigh and Robert 

said that they requested a sufficient 

implementation period for the necessary 

systems and process changes to be 

made by creditors. They both agreed that 

the discussions had been balanced and 

PAP SUCCESS FOR CREDIT 

INDUSTRY BODIES 

Leigh Berkley 

constructive: “The Committee was mindful 

of the future impact of the Online Court, and 

it is hoped that PAP will inform the approach 

to the introduction of the Online Court,” the 

statement stated. 

“The Committee also considered whether 

this PAP was called for at all, as unusually 

there has not been an agreed position among 

stakeholders. On balance, it was decided 

that it would prove helpful.” 

It is understood that the PAP will now be 

redrafted and sent back to the sub-committee 

before the Master of the Rolls decides 

whether and when it will be implemented. 

Further details will be disclosed in due 

course. 

csa-uk.com 

ccua.org.uk 

8 January / February 2017 www.cicm.com 


News in Numbers – provided by the Money Charity 

THE.news . IN 

NUMBERS 

90.2% 

Public 

SECTOR NET DEBT IS FORECAST TO 

HAVE PEAKED AT 90.2% OF GDP IN 

2017-18 

929,000 1 

18 to 24 

YEAR-OLDS IN ENGLAND WERE NOT IN 

EDUCATION, EMPLOYMENT OR TRAINING 

(NEET) 

£801 

million 

WRITTEN OFF BY UK BANKS AND 

BUILDING SOCIETIES BETWEEN JULY 

AND SEPTEMBER 

4,022 

DEBT 

PROBLEMS DEALT WITH 

BY CITIZENS ADVICE 

BUREAUX EVERY WORKING 

DAY 

264 

PEOPLE 

A DAY ARE DECLARED 

INSOLVENT OR BANKRUPT 

£2,294 

Trillion 

HOUSEHOLD DEBT IS 

PREDICTED TO REACH IN Q1 

2022 

£26,260 

AVERAGE 

WAGE INCLUDING BONUSES 

IN THE UK 

3.53 

average 

first time 

BUYER'S MORTGAGE TIMES 

THE AVERAGE WAGE 

BRIGHT SPARK 

CICM NEWS 

ARC OF A DRIVER 

ARC (Europe), the specialist debt collection agency 

(DCA), says it has become the first DCA in the UK to 

install the PureCloud Engage dialler and customer 

services technology to manage voice, email and web 

chat interactions to support thousands of inbound and 

outbound communications each day. The Cloud-based 

system, developed by the Interactive Intelligence Group 

(part of Genesys Telecommunications Laboratories), is 

feature rich with built-in speech recognition/analytics 

and the ability not only to be used for outbound calls, 

but also as an internal communication tool. It allows all 

of ARC’s communications to be managed from a single 

platform for the first time, using existing telephony. 

arceuropeltd.co.uk 

SUE Chapple, Executive Board Director of the CICM 

has been appointed as Strategic Account Director at 

Indesser (TDX/Equifax Group). Indesser was founded in 

2015 following a competitive tender process run by the 

Government. It is jointly owned by the Government and 

TDX Group, offering government departments a single 

route to use the private sector to recover debt. Sue was 

previously Head of Industrial and Commercial Revenue 

Management at EDF Energy. 

COURT CIRCULAR 

COURT Enforcement Services has appointed Joe 

Chapman as Enforcement Manager to maintain 

a high-level of customer service and collections 

performance. Joe joins Court Enforcement Services 

from one of the UK’s largest enforcement companies, 

where he worked as one of their on-street audit and 

fraud investigators for the last six years. He is also a 

certificated Enforcement Agent with significant onstreet 

experience. 

courtenforcementservices.co.uk 

PAYU APPOINTMENT 

PAYU has appointed Matthias Setzer 

as its Global Chief Commercial 

Officer (CCO). Matthias spent 

12 years with PayPal, latterly as 

its Senior Director of Strategic 

Partnerships and Business 

Development EMEA. Prior to 

that, Matthias worked for Lycos 

Europe and Bertelsmann. In 

his role as PayU CCO, Matthias 

will be based in Germany, 

responsible for leading PayU’s global 

sales and managing its business 

development and strategic 

partnerships. 

corporate.payu.com 


www.cicm.com January / February 2017 

9

CICM LENDS SUPPORT TO THAT 

WAS THE WEEK THAT IS! 

THE Chartered Institute of Credit Management 

has confirmed its role as an official supporter 

for Credit Week, partnering the organisers, 

Credit Strategy, to deliver a range of 

supporting activities and resources throughout 

the event. 

In the week commencing 27 March, a 

series of parliamentary events, conferences, 

and debates will see MPs, CEOs, regulators 

and academic experts meet to discuss how 

to feed the UK’s demand for affordable 

credit, and how to protect consumers from 

problematic debt. It will also focus on the 

crucial role of commercial credit, and the 

part played by specialist insurers, information 

providers, and credit reference agencies in 

managing and mitigating risk. 

Some 1,500 leaders in credit are expected 

to attend events throughout the week - from 

banks and building societies, through to credit 

management companies, local and central 

government bodies, utility providers and credit 

reference agencies. 

Philip King, Chief Executive of the CICM 

will be chairing the Trade Credit stream at 

CICM 

IN BRIEF 

This month's briefing gives details of 

CICM in-company and open training 

days, the Vulnerability Workshop on 22 

February at CICM HQ, and the 9th Utility 

Week Consumer Debt Conference on 16 

March; CICM members can receive a 15 

percent discount on tickets. 

the Credit Summit on Thursday 30 March, 

and will also take part in the Parliamentary 

Reception on the opening Tuesday. 

“Credit managers are responsible for 

managing more than £4 trillion of trade 

debt each year, and with their professional 

status and national recognition continuing to 

grow, events like The Credit Week provide 

an excellent environment to bring the credit 

community together to discuss the challenges 

in a post-Brexit world,” Philip says. 

Mike Jeapes, head of production for 

the week, added: “This is a gathering of 

everyone involved in providing credit to 

people and small businesses in the UK. To 

put it into perspective - London Fashion 

Week represents an industry worth £26 billion 

per year (according to the British Fashion 

Council). Credit professionals lend more than 

that every month.” 

Discounts for CICM members wishing 

to attend the event are available. 

Full details of Credit Week, including 

individual events and agendas, can be found 

here creditweek.co.uk/. 

NOT IN THE NATIONAL INTEREST 

THE Scottish government has been accused 

of threatening the viability of small firms by 

not paying its bills on time, according to new 

figures produced by Scottish Labour that 

show more than a fifth of undisputed invoices 

are paid late. 

The revelation will prove embarrassing 

to Scottish ministers who have introduced 

new measures to tackle the problem of 

companies failing to settle bills on time. In 

an answer to a parliamentary question, SNP 

Finance Secretary Derek Mackay has now 

admitted that more than a fifth of undisputed 

invoices were not paid on time by the Scottish 

Government and the bodies which share its 

finance system. 

This could have a major knock-on effect for 

firms that need the cashflow to keep trading. 

The SNP Government’s Business Pledge 

scheme, designed to encourage the private 

sector towards ethical business practices, 

includes a prompt payment criteria. 

Labour’s Economy Spokesperson, Jackie 

HOIST ELEVATION 

JULIAN Winfield has been appointed the new 

Country Manager for Hoist Finance UK, the 

debt restructuring partner for international 

banks. He joined the business in 2014 as 

Chief Financial Officer (CFO). Julian has 

more than 20-years’ experience in financial 

services, insurance and retail, having started 

his career with Kwik Save and Argos. More 

recently he was the Finance Director for Shop 

Direct Group (Financial Services) and CFO at 

Paymentshield. He holds an MBA from the 

Alliance Manchester Business School (part of 

the University of Manchester). 

Baillie, says that the SNP Government 

should set a new target to have 100 percent 

of undisputed bills paid within five working 

days: “This would set good practice for 

business and make sure organisations on 

government contracts are getting their 

payments on time.” 

Scottish businessman Ken Lewandowski 

has been leading a campaign to persuade 

governments at Westminster and Holyrood to 

introduce legislation, leading to the Scottish 

government creating Project Bank Accounts 

for public sector contracts. They were 

designed to stop main contractors being 

paid by the government but holding back 

payments to sub-contractors. The money 

instead goes into the PBA and everyone is 

paid at the same time. 

He accused many big companies of using 

small firms as an overdraft facility, hanging 

on to thousands of pounds, sometimes for 

several months. 

scottishlabour.org.uk 

NEWS IN BRIEF 

SERVICE EXPANSION 

THE final batch of UK PMI survey data for 2016 

from IHS Markit and CIPS signalled that the 

dominant UK service sector expanded sharply 

in December, rounding off the strongest 

quarter of the year. The rate of expansion of 

activity accelerated for the third month running 

to the sharpest since July 2015, fuelled by 

stronger growth in new work. 

Employment rose at a pace unchanged from 

November’s seven-month high, and sentiment 

towards the 12-month outlook strengthened 

despite ongoing uncertainty regarding Brexit 

and European elections. The survey data 

also signalled that inflationary pressures in 

the sector remained substantial, with prices 

charged rising at the strongest rate since April 

2011. markiteconomics.com 

BOARD DIRECTOR 

JO Kenrick has been appointed as a new 

Independent Director has been appointed to 

the board of Bacs Payment Schemes (Bacs). 

She has already held senior non-executive 

leadership positions in a number of financial 

services firms, as well as executive roles in a 

wide range of high profile organisations from 

Homebase and B&Q to Camelot and Asda. Jo’s 

appointment to the main Bacs board comes as 

a result of the company’s governance review 

which identified the need to broaden the 

range of experience on the board. She will 

also become the first independent chair of 

the Current Account Switch Service Executive 

Committee, fulfilling one of Bacs’ undertakings 

to the Competition and Markets Authority 

(CMA) following its investigation into the 

personal current account market. 

bacs.co.uk 

NEW CHAP IN CHARGE 

CHAPS Co has appointed Tim Everest as its 

Chief Operating Officer (COO). He has been 

working as interim COO at CHAPS for the last 

14 months, where he has been responsible for 

operations, technology, change-management, 

security as well as integrating new scheme 

Participants. Tim has spent the last 25 years 

working in banking, with a particular focus on 

technology and change-management. Before 

joining CHAPS, he worked at Deutsche Bank 

and for many years at Lloyds Banking Group. 

chapsco.co.uk 

NEVER TOO LATE 

ALMOST half of the UK’s SMEs are being paid 

late, according to Bacs Payment Schemes 

(Bacs), with the average late payment debt now 

standing at £32,185 or £26.3 billion total across 

the 47 percent of SMEs that say customers and 

clients stray beyond agreed payment terms. 

Mike Hutchinson from Bacs says that adopting 

better invoicing practices and making payment 

terms absolutely explicit can help: “We would 

urge businesses to look at automated payments 

like Direct Debit to help reduce the time and 

money they are spending to recover late 

payments due to them.” 

bacs.co.uk 



INSOLVENCY 

RULE OF LAW 

David Kerr MCICM on the first new rules to affect insolvency law in 30 years 

IT’S all change from 6 April this year, when the 

Insolvency Rules 2016 take effect. This represents 

the first major overhaul of insolvency law in 

England and Wales in 30 years, and it brings some 

important new processes. Creditors need to become 

familiar with aspects of the new rules as they will affect 

their rights in most insolvency cases, including those 

already underway. Rule changes in Scotland will be 

implemented on a different timetable. 

Out go creditors’ meetings and in come other 

decision making processes, deemed consent and a host 

of other measures designed to bring the rules up-todate, 

streamline the statutory provisions and in theory 

aid creditor involvement, but which could catch out 

the unwary. Bear in mind that it is only the secondary 

legislation that is changing, so where provisions (such 

as those relating to creditors’ claims in bankruptcy) are 

contained in the primary legislation (Insolvency Act 

1986), the new Rules will not apply. Where the new rules 

do apply, they bite on all current cases as well as new 

ones commencing in April and beyond. 

VOTING 

An Insolvency Practitioner cannot convene a physical 

meeting of creditors unless requested to do so by 

ten percent of the creditors in a case (percentage by 

number or value) or by at least ten of the creditors. 

Where the IP writes to creditors with a proposal, other 

than in respect of fees, creditors will be deemed to have 

agreed unless ten percent (by value) object. So, if you 

fail to respond to these communications, be aware that 

you may effectively have consented. 

In bankruptcy and compulsory (court) winding-up 

cases, the Official Receiver will not ordinarily convene a 

meeting of creditors and may retain custody of the case 

unless 25 percent (by value) of the creditors require 

a meeting to be held to consider appointing an IP as 

trustee. 

There may be opportunities to engage through 

correspondence, electronic voting or other forms of 

virtual meeting. These may make it easier to take part. 

Final meetings in liquidation and bankruptcy have 

been abolished, though there will still be final reports. 

EMAIL AND OPT OUT 

IPs may use email for communications with creditors 

in new cases post-April, where you agree or are 

deemed to have agreed by virtue of having conducted 

email communications with the insolvent company or 

individual pre-insolvency. Look out too for emails or 

letters that advise creditors that future notices will be 

published on a website without any alert being sent. 

If you don’t want to receive future notices or emails 

from an IP in a particular case then you can opt out. 

CLAIMS 

Creditors with small claims (under £1,000) may be 

advised that their claims are deemed to be agreed 

without the need for any formal process. Where 

creditors receive such a notice, they should respond 

to inform the IP within the timeframe specified if they 

believe the amount shown is incorrect. 

These provisions will take some time to bed in, as 

IPs have to familiarise themselves with the new rules, 

and a number of organisations including the IPA will 

be providing training on the new rules. Creditors 

interested in learning about the new provisions may 

find more information on insolvency-practitioners. 

org.uk. 

David Kerr MCICM is the Chief Executive of the Insolvency 

Practitioners Association (IPA). 

Creditors need to become 

familiar with aspects of the 

new rules as they will affect 

their rights in most insolvency 

cases, including those already 

underway. Rule changes in 

Scotland will be implemented 

on a different timetable. 



CICMQ NEWS 

EMPHASISING THE 

TEAM’S IMPORTANCE 

INVESTMENT in a new ERP system that 

provides a suite of integrated applications 

to enhance the credit control function has 

been one of the Turner Group’s fundamental 

changes since its initial CICMQ accreditation 

in 2014. 

A privately-owned collection of 

autonomous companies, the Turner Group is 

engaged in the supply of generally powered 

equipment and provides a comprehensive 

support service. Its 2,000 employees are 

based throughout the world, and help the 

business to achieve a turnover in excess of 

£220 million. 

Group Credit Control Manager Caroline 

Currie MCICM says her department is now 

more conscious of adhering to compliance 

as a central aspect of its daily activities: “It 

can be easy to lose sight of this while getting 

on with the daily job of collecting cash,” she 

says. This is also why Caroline places great 

‘UNDERSTATED EXCELLENCE’ 

CICMQ re-accreditation has been announced 

for TrustFord, the trading name of Ford 

Retail, a part of the Ford Motor Group. 

The credit team has 27 employees and 

is led by Joanna Carnell ACICM, who 

manages the finances for TrustFord’s 65 

dealerships across the UK that sell new 

and second hand cars, motability and 

commercial vehicles, and offers servicing, 

repairs and MOTs. 

“The re-accreditation is a fantastic 

opportunity to be self-reflective, and its 

benefits are far reaching,” Joanna explains. 

“We make full use of the Best Practice 

CICMQ PRIDE FOR SONY DADC 

SONY DADC has achieved CICMQ 

accreditation. The company, which has a 

network of offices and facilities around the 

globe, is a disc and digital solution provider 

for the entertainment, education and 

information industries, offering optical media 

replication services, digital and physical 

supply chain solutions and software 

services. 

“I wanted to benchmark my department 

against the best credit teams in the country,” 

says Nick Head MCICM, Director of Credit 

and Collections at Sony DADC. “Success in 

emphasis on the team: “A significant amount 

of time is invested in recruiting and providing 

the best credit training possible to develop 

new members – ensuring the dynamic 

remains harmonious is vital.” 

This is why all of the team are at 

various stages of studying towards CICM 

assessments. “I believe supporting 

our employees through education and 

development is integral to our success, 

and this point is reinforced through reaccreditation,” 

Caroline adds. “It endorses 

our best practice efforts to our stakeholders, 

and it empowers the team to ensure they 

work at maximum capacity.” 

The Assessor’s report also picked up on 

the department’s effort towards recruiting 

the ‘right’ people: ‘With the right people in 

the roles, motivated and challenged and the 

advent of the major new system, we expect 

great things from this team.’ 

Network, and talking to others within the 

credit world has inspired several process 

improvements. 

“When going through the process, 

it’s important to have enthusiastic and 

positive employees with access to training 

and clear processes,” she adds. “CICMQ 

emphasises areas that you can approve 

and then provides the tools to make those 

improvements.” 

Explaining the success, the Assessor’s 

reported that the team has an ‘understated 

excellence’ and is held in ‘high regard for the 

support it offers to the business.’ 

gaining the accreditation reaffirms to me that 

we have solid business practices.” 

Jenny Oakley FCICM, CICMQ 

Assessor, describes Sony DADC’s team as 

‘professional and committed’ with a ‘quiet 

efficiency and confidence’. Currently 50 

percent of the department’s employees are 

CICM members. “At Sony DADC we like 

to innovate and improve the way of doing 

things, and the accreditation gives us the 

confidence and encouragement to continue 

this,” Nick adds. “As a team, there is a great 

sense of pride in our achievement.” 

SUPPORTING 

STRATEGY 

AB Agri, one of the first businesses to 

achieve the CICMQ accolade, has broken 

the four-time landmark with its most recent 

re-accreditation. 

The agricultural division of Associated 

British Foods has a 10-strong credit team 

based in Peterborough, which has, as 

Group Credit Manager Frank Anderson 

FCICM put it, become ‘internationalised.’ 

“The company has been running an 

acquisition strategy over the last year, and 

to support this we have added bilingual 

credit controllers and continue to crosstrain 

the existing team,” he explains. 

“We went through a major structural 

change in 2009, and have used the 

CICMQ process to internally benchmark 

our processes every other year,” Frank 

continues. 

“Rather than looking back at ‘the old 

days’ with rose-tinted spectacles, we 

maintain a forward looking and thinking 

team that has achieved, and continues to 

achieve, great success.” 

LEVELLING UP 

HAYS, the recruiting expert, has achieved 

CICMQ success with the Assessor praising 

the teams ‘buzz and enthusiasm’ as 

‘infectious.’ 

The recruiter’s UK business has a credit 

team of 66 employees, who manage the 

billing and collection of £1.8 billion per 

annum – no mean feat, as John Harrington, 

Finance Director at Hays UK & Ireland 

explains: 

“Any period of change can bring 

uncertainty, and so it was essential that we 

had the support from the entire department 

while going through the accreditation 

process. 

“Having achieved it, we are showing 

our commitment to upholding quality 

standards in credit,” he adds. “It 

will provide evidence to current and 

prospective clients of our quality standards 

and enhances our position as the employer 

of choice for credit professionals. 

“We have seven team members 

scheduled to begin studying with the CICM 

in January 2017,” John continues. 

This was something picked up in the 

Assessor’s report as a mechanism for 

continued improvement. It concluded that 

the team will be taken to the next level 

with professional training to reinforce the 

‘professional and committed’ team. 



CONSUMER CREDIT 

FIT FOR 

PURPOSE 

Heather Greig-Smith speaks to leaders within the consumer 

credit industry about the challenges of the year ahead. 

WHETHER you exited 2016 in a haze 

of optimism or believed the world 

was ending, it is undeniable that 

the year was eventful. We may have 

learnt that forecasting (like polling) is a fool’s 

errand, but let that not stop us from gazing into 

our crystal balls. 

Ironically for a country that has rejected 

membership of the EU, Europe is top of the 

list for 2017. For debt purchasers in particular, 

this agenda is central – most are now global 

businesses looking outside the UK for growth. 

Zach Lewy, founder and Group Chief 

Investment Officer at Arrow Global, points to 

PwC estimates that banks across Europe hold 

€2.3 trillion of non-core assets – divesting those 

is critical. “Europe has been over-reliant on bank 

deposit funding,” he says. “That’s the angle we are 

focusing on. Two-thirds of our business is helping 

banks in Europe sell or outsource these assets to 

institutional investors. 

“We’re not sure how much growth there is 

in the UK,” he continues. “Conversely, Europe’s 

banks have to get rid of assets and reform their 

We’re not sure how much growth there is 

in the UK, conversely, Europe’s banks 

have to get rid of assets and reform their 

financial systems. We want to be the 

leading platform in four or five countries, 

right in the glide path of this major trend of 

the next ten years. 

financial systems. We want to be the leading 

platform in four or five countries, right in the 

glide path of this major trend of the next ten 

years.” 

Peter Wallwork, Chief Executive of the 

Credit Services Association (CSA), points to the 

growing European focus on improving customer 

experience, something UK players have already 

experienced. “We’re seeing a wave of change,” 

he says. 

“The principle is beginning to unravel across 

Europe,” agrees Regional Director of Hoist 

Finance, Najib Nathoo. “More and more it may not 

be about local regulation, but competitive spirit 

that drives firms to do the right thing.” 

He points to various business models and 

a ‘land grab’ for European territory in which 

players paying goodwill may struggle to recoup 

value in the long-term. “Our vision is to be the 

debt restructuring partner of international banks 

and institutions,” he continues. “The different 

business models have different dynamics and it's 

a fascinating landscape.” 

Business growth is not limited to Europe, 

with several large players already owned by US 

firms and others expanding into Australia and 

Canada. 

DATA PROTECTION 

European General Data Protection Regulation 

(GDPR) looms, currently tabled for May 2018. 

The industry will need to start addressing 

this in 2017. The CSA is close to signing off a 

guidance document, and the CICM will shortly 

continues on page 14 > 



Technology is changing 

at a rapid pace and the 

collections industry is 

well placed to take direct 

advantage of this, to act not 

just more efficiently but 

also to the benefit of the 

customer journey. This is 

an industry that needs to 

keep ahead of the curve on 

changing technology - the 

way we collect now will 

change significantly over 

the next ten years. 

continued from page 13 

> 

be announcing resources and support for its 

members, on the regulation. 

“GDPR will come into play before we leave the 

EU and Brexit doesn’t mean it’s going to change,” 

Peter warns. “On day one the legislation will be 

just the same and if we want to continue to trade 

with Europe it’s going to stay pretty similar.” 

Yet the industry has time to deal with this and 

the end result is not likely to be unworkable. 

“There’s no point reacting too early,” says ARC 

Europe managing director Dewi Fox. “These 

things start as doom and gloom but have a habit 

of changing. We are nimble and can wait until 

there is clear guidance.” 

Meanwhile Zach Lewy suggests changes to 

accounting standards will have a material effect 

on the supply of portfolios, particularly IFRS 9, 

which creditors must implement by the start of 

2018. 

“Changes to accounting standards will affect 

bank balance sheets and appetites to lend. 

Banks will have to recognise lifetime losses of 

the loan at the point they make the loan, not as 

they happen. If they bank the loss upfront, that’s a 

massive incentive to move riskier lending out of 

the mainstream banks,” he says. 

That, together with much lower losses from UK 

lending in general will mean lower volumes in 

the UK market. As banks seek lower risk profiles, 

Zach says some borrowers may find themselves 

shut out of mainstream lending solutions. 

FCA POST AUTHORISATION 

Attention now turns to the focus the FCA will take 

in the coming year. In November its action against 

debt buyer Motormile for failing to conduct 

sufficient due diligence demonstrated that the 

regulator will bite. 

“We are warning our members that just 

because they have got through authorisation, 

that doesn’t mean they can relax. There will 

undoubtedly be focus on some of them simply 

because of the number of consumers they 

interact with,” Peter Wallwork adds. 

“The market may have felt that getting through 

the application was the challenge,” agrees Najib. 

“Our view is that day to day monitoring is the 

challenge. That may create some other bumps 

and bruises along the way.” 

This will be further amplified by the extension 

of the Senior Managers Regime and Certification 

Regime to consumer credit firms by 2018. 

The FCA’s thematic review on staff 

remuneration and incentives is also due to report 

early this year. Commentators hope that the 

report will find the collections industry advanced 

in this area – as it did when investigating early 

arrears in 2016. 

However, nothing is guaranteed, as John 

Ricketts, Commercial Director at Allied 

International Credit and Vice-President of the 

CSA, says: “It will have a direct bearing on how 



CONSUMER CREDIT 

Changes to accounting standards will affect 

bank balance sheets and appetites to lend. 

Banks will have to recognise lifetime losses of 

the loan at the point they make the loan, not as 

they happen. If they bank the loss upfront, that’s 

a massive incentive to move riskier lending out 

of the mainstream banks. 

originating creditors, debt buyers and DCAs 

reward and incentivise their staff.” 

Speaking towards the end of last year, Jonathan 

Davidson, FCA director of supervision, retail and 

authorisations, specifically flagged collections, 

saying there is not just the risk of mis-selling, 

when it comes to remuneration “but also of not 

exercising appropriate forbearance if staff are 

financially incentivised to collect from customers 

in arrears”. 

VULNERABILITY ISSUES 

Focus on customer circumstances and 

vulnerability will be an enduring theme in 2017. 

However, Peter Wallwork says the industry needs 

to demonstrate that it is taking action, not just 

conducting research. “Exemplary customer 

service is what is required, rather than trying to 

define it.” 

A further factor for the industry is the 

changing debt management firm environment, 

with the FCA targeting poor practices and 

numbers reducing. 

David Sheridan, Operations Direction at 

ARC Europe, suggests higher standards across 

collections may mean customers are happy 

dealing directly with their creditors. “Consumers 

can be more confident dealing directly than ten 

years ago. Customer experience is better.” 

The Money Advice Service’s new standard 

financial statement (SFS) will go live in March, by 

which time all collections agencies will need to 

have moved across to the new format. The longdebated 

Pre-Action Protocol for Debt Claims is 

also due for implementation – after compromise 

between all groups was finally reached. 

Plus trade body changes are afoot. The CSA 

will change presidents in February, with Ricketts 

likely to take the role as the board’s nominee 

to succeed Arrow’s Leigh Berkley. Leigh will 

represent the industry in Europe in the Federation 

of European National Collection Associations 

(FENCA) – where he will work on a pan-European 

code of practice for debt collection. 

The sector will also see the merger of five 

lender trade bodies, including the British 

Bankers’ Association and the Council of Mortgage 

Lenders, in the summer. 

A PLACE FOR ALL? 

For a time, the idea of being a profit-making 

collections business had to take a back seat: it 

was regulate or die. But in 

the post-FCA authorisation 

landscape, companies are now 

aiming to balance their profit-making 

needs with the high levels of customer 

service required. Collections businesses 

say creditors recognise this, and the comfort 

of their third party providers being FCA 

regulated is helping reduce stringent individual 

requirements. 

A key tool for making this happen is 

technology – the ongoing development of 

technological solutions for collections will be a 

theme in 2016. 

“We did a three-month assessment of the 

platform, infrastructure and telephony and 

decided to invest in a cloud-based platform,” 

says David Sheridan. “Self-service is very much 

part of how we see 2017 going – letting the 

customer make choices as to what they want to 

do.” 

The CSA board is also seeking a director to 

plug what John Ricketts says is a gap in expertise 

on technology. “Technology is changing at a 

rapid pace and the collections industry is well 

placed to take direct advantage of this, to act 

not just more efficiently but also to the benefit 

of the customer journey. This is an industry that 

needs to keep ahead of the curve on changing 

technology - the way we collect now will change 

significantly over the next ten years”. 

While that’s a trend that applies to large and 

small, what are the prospects for smaller players 

who survived the rising costs of compliance? 

David Sheridan believes the outlook is “more 

promising” than it has been, saying lenders may 

not use debt sale as the only answer. “Some 

creditors are starting to change their approach 

to recovery management – doing lifetime 

placement, perhaps fearing loss of control. The 

need for the DCA is very compelling at the 

moment,” he says. 

A note of optimism – let’s hope 2017 delivers. 

Higher standards across 

collections may mean 

customers are happy dealing 

directly with their creditors. 

Consumers can be more 

confident dealing directly 

than ten years ago. Customer 

experience is better. 



OPINION 

DIRTY LAUNDRY 

John Dobson looks at the question of AML Compliance and how automation is helping 

the credit manager to mitigate risk. 

I 

read frequently about the ever-increasing 

cost of regulation and specifically Anti 

Money Laundering (AML) compliance. 

I have to say AML compliance is only 

expensive when it’s not done right and it can 

become very, very expensive when it’s not 

done at all! 

We have all seen articles reporting the eye 

watering fines on some of the large banking 

institutions for non-compliance; some of the 

fines have been bigger than the GDP of some 

third-world nations. 

One of the major challenges with a peoplebased 

system, is that it relies on documents 

provided by the data subject, which is akin 

to self-certification and we all know what 

happened to lending in the ‘noughties’ where 

self-certification became the norm. 

An informal people-based approach is 

prone to error and mismanagement and 

when you link this to a process where there 

is no independent verification of information 

provided by the data subject, then you 

have all the ingredients for an excitable and 

possibly costly compliance situation. 

The foundation of sound KYC, AML and 

CDD compliance is a combination of deep 

and reliable data with broad coverage; when 

you combine this with automated flexible 

technology with an innovative and intuitive 

customer interface then you minimise your 

risk. 

The most reliable data available is Credit 

Reference Agency (CRA) data, which is 

collected from several hundred independent 

financial organisations on a daily basis. 

This makes it reliable, up-to-date and 

virtually impossible to forge a false identity. 

The majority of blind spots in this data are 

individuals who have limited or no credit 

history and these are likely to be retired 

or young individuals and high credit risk 

individuals. Supplementary data sources that 

are likely to cover many of these individual 

groups are the unedited Electoral Roll and 

negative credit information found in public 

records of county court judgements and 

bankruptcy. The CRAs also carry all of this 

data. Some of the more advanced systems 

are integrated with more than one CRA so you 

get the maximum depth and data coverage 

enabling the highest levels of ‘match and 

pass’ rates. 

Equally important is easy to use technology 

that checks customer details against all 

these databases and delivers a result in a 

matter of a few seconds. If this solution is 

more accurate, reliable, and cost effective to 

use than ‘supposedly free documents’, then 

every organisation should be using electronic 

verification. 

SANCTION AND PEPS 

The other major challenge is how do you 

check your customers against Sanctions 

and Politically Exposed Persons (PEPs)? The 

same principles apply here, i.e. good quality 

reliable data with deep coverage along with 

Equally important is easy to use technology that 

checks customer details against all these databases 

and delivers a result in a matter of a few seconds. If this 

solution is more accurate, reliable, and cost effective 

to use than ‘supposedly free documents’, then every 

organisation should be using electronic verification. 

automated systems that do most of the work 

for you. There are currently circa one million 

Sanction and PEP records spread across more 

than 1,100 worldwide watch-lists and with 

new records added and changes to existing 

records every day, to manage this verification 

on a manual basis is almost impossible. This 

is why some organisations have a compliance 

strategy of saying that they don’t deal with the 

type of people who would be on the Sanction 

and PEP lists (I’m not sure their Regulator 

would agree with them?). Other organisations 

take the view that they will only check HM 

Treasury Sanctions, which is a similar high risk 

strategy. 

Automation is a prerequisite in dealing 

with Sanction and PEP checks and any 

credible electronic verification system should 

check a comprehensive range of worldwide 

watch lists, have multiple entries for AKAs 

(aliases), along with biography, adverse 

media and photographic evidence, to enable 

both automated and manual Enhanced Due 

Diligence when a Sanction or PEP match is 

found. 

In addition, going forward, daily monitoring 

of existing customers against changes to 

Sanctions and PEP watch lists, effectively 

completes the circle and again should be done 

without any intervention from compliance 

staff, who should be there to deal with the 

exceptions and not the rule. 

In this modern day, technology providers 

can deliver individual AML checks in under 

three seconds and full business checks in 

under two minutes, without the need for any 

documents and all from a single platform 

provided by one supplier. 

So it may just be time that you went back 

out in to the market, to see what’s there and 

what you are missing out on. 

John Dobson is Chief Executive of Smart Search 



The recognised standard www.cicm.com January / February 2017 

17

THE RECOGNISED STANDARD 

CICM British Credit Awards 2017 

7 February • Lancaster London 

LESS THAN TWO WEEKS TO GO 

LAST CHANCE TO BOOK YOUR TABLE! 

To see who made the 2017 shortlist, 

please visit: 

www.cicmbritishcreditawards.com 

The countdown is on... there are now less 

than two weeks to go until this fantastic 

evening of networking and celebration 

of all the incredible achievements across 

the credit and collections community. 

BOOK YOUR TABLES TODAY AND 

JOIN US ON THE NIGHT WHERE 

ALL WINNERS WILL BE REVEALED. 

Table bookings 

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ASK THE EXPERTS 

UNMASKING 

FRAUD 

David Thornley FCICM provides his expert view and advice on 

how to prevent fraud and cyber crime. 

IN the olden days, thieves wore masks; they 

assailed their victims using the threat of 

violence; perhaps they would force entry into 

property and make off with ill-gotten gains. But 

in doing so, they would invariably assume the risk 

of discovery, capture and imprisonment. There is no 

such thing as an honest thief, but at least back then, 

the threat was clear, identifiable and for the most 

part, preventable. 

Nowadays, however, thieves operate from 

behind a phalanx of technology which affords them 

distance and anonymity from their victims. For this 

reason, most of us assume that the thieves (let us not 

call them ‘fraudsters’, for thieves is what they are) 

will always be one step ahead, always sheltered, 

always out of reach. Moreover, a street mugger or 

a house burglar can perform no more than one or 

two attempted robberies on a given day, but the 

technology the modern cyber-thief utilises affords 

him or her the opportunity to launch potentially 

thousands of simultaneous attacks; most of which 

yield nothing but a few will. 

For these reasons, cyber-theft is particularly 

insidious and particularly scary. It seems that in 

every hour of every day our security, our finances, 

our peace of mind and our very way of life is 

under threat and we have neither the know-how 

nor the equipment to do anything about it. This 

threat of course extends to our places of work, 

which in turn impacts on our livelihoods, and as 

credit professionals, it surely falls within our remit 

to protect our companies from such attacks to the 

fullest extent of our abilities. 

This is not easy. Threats come from a variety 

of sources and in numerous guises. Recently, one 

of our overseas customers received an email, 

purporting to be from me, which asked him to pay 

his next remittance to a different bank account. 

The customer – who I have known for many years, 

and with whom I am on cordial terms – was uneasy 

about the tone and phrasing of the email and 

accordingly called me for confirmation. Disaster 

averted, but it sent alarm bells ringing and 

caused me to launch an investigation to see if any 

other customers had been emailed with similar 

instructions. Thankfully none had. The matter was 

reported to the bank and the authorities, but as I 

write, I have no information as to the outcome. 

The instance I have just described is a fairly 

crude attempt at eliciting a theft and one which 

sensible precautions should prevent, but other, 

less obvious threats are harder to detect. The lastminute 

instruction to change a delivery address for 

example; or a customer sending in a ‘new driver’ to 

collect an order; or indeed a large, out of the blue 

enquiry from a potential customer. All these may 

be harmless and quite valid, but equally may well 

represent an attempt to defraud. 

My advice when encountering these, or one of 

any number of other, scenarios would be to take the 

time to check it out as thoroughly as possible, using 

every resource at your disposal. Be cautious, but 

not paranoid and insist that your company installs 

procedures to allow the breadth and scope to 

conduct the necessary checks. 

Finally, I urge you all to ‘skill up’; talk to experts 

on prevention, the police, or the banks. Read 

articles, take advice and increase awareness. The 

thief may be one step ahead, but it is incumbent 

upon all of us in the profession to do all we can to 

narrow the gap. 



FRAUD 

UNDER 

SIEGE 

Online businesses are facing new threats from fraudsters. 

Javed Ahmed and Dr Mahmood Shah look at ways to counter them. 

MOBILE Commerce (M-Commerce) 

has become a popular channel 

for customers and online retailers. It 

is referred to as an online purchase 

originating from a consumer-owned mobile 

device such as a smartphone, tablet, Kindle 

or similar device, using a mobile browser or 

application. The trend of shopping through 

mobile devices is increasing day-by-day, 

because of its ease of location and time. 

According to the survey reports published 

by IMRG and Kount, M-Commerce sales 

increased approximately 200 percent during 

2013 in the USA and 186 percent in the 

UK in 2014. Although M-Commerce has 

brought 24/7 shopping opportunities also 

poses some unique security challenges 

outlined below, which online retail 

organisations are making significant fraudrelated 

losses. 

The most common of the online frauds are 

identity-related frauds. Due to the propensity 

of frauds, through various channels of online 

business, identity fraud prevention tools 

used by retail organisations are ineffective for 

M-Commerce. 

The Mobile devices are more prone to 

the emerging identity theft methods such 

as malware, phishing, pharming, ad-jackers 

and denial of services. The personal details 

stolen through these fraud methods are used 

ultimately in online identity-related frauds. The 

fraud trends show that in the year 2012, these 

frauds increased up to a ratio of one in five 

cases in M-Commerce, while one in ten were 

non-M-Commerce. It shows that fraudsters 

are committing more identity frauds through 

M-Commerce and are continuously shifting 

away from E-Commerce. 

At present online retail organisations 

use various technologies for identity fraud 

prevention. These tools include 3D secure 

protocol, Address Verification Service (AVS)/ 

Card Verification Schemes (CVS), fraudulent 

screening, fraud scoring, credit history check, 

phone number verification, single and multiple 

merchant purchase history of customer, online 

wallets, PIN and passwords. Some other 

measures taken for identity fraud prevention 

are network communication security, 

encryption, SSL, online profile management, 

device recognition, online account analytics 

and online behaviour analysis. 

Although these tools may be effective 

for traditional E-Commerce transactions, 

M-Commerce contains unique characteristics 

such as touch screen, wireless network, 

limited bandwidth, limited memory space, 

wireless encryption schemes, operating 

systems and limited processing power. These 

characteristics of mobile devices may limit 

the effectiveness of the tools currently used 

for identity fraud prevention in M-Commerce. 

Therefore, businesses should re-evaluate 

the prevention technologies they deploy in 

the context of M-Commerce to highlight the 

deficiencies in this context. 

Javed Ahmed is a Research Student at 

University of Central Lancashire, and 

Dr Mahmood Shah is Senior Lecturer 

in E-business at School of Strategy and 

Leadership, Coventry University. 

WE SUGGEST ONLINE 

BUSINESSES SHOULD: 

Deploy intelligent fraud prevention tools 

and redesign the prevention systems 

to meet the emerging challenges to the 

online business industry 

Define parameters and thresholds 

accurately on the data set according to 

identity fraud in M-Commerce 

Separately manage the customers’ 

profiles in M-Commerce and 

E-Commerce, because M-Commerce has 

different characteristics 

Employ device intelligence rather than 

device recognition and identification in 

account analytics for M-Commerce 

Implement a strong authentication 

system such as built-in biometric 

techniques in M-Commerce. 

Install, enable and regularly update the 

security software for data protection 

against various online attacks (virus, 

malware, phishing, spyware, trojans, and 

ad-jackers) inside the network and on 

mobile applications 

When sending or receiving business or 

customer information over public Wi-Fi 

networks, implement additional security 

measures 

Inform customers to be careful before 

downloading and installing any 

application and also educate them to 

carefully manage the un-authorised 

physical access to mobile devices. 



While not out of pocket, I had to speak to both 

lenders, both CRAs that showed credit checks on 

my file that weren't mine, Action Fraud, Royal Mail 

(in case someone tried to redirect my mail) and 

then take out CIFAS protection. 

CASE STUDY 

Heather Greig-Smith, regular contributor to Credit Management 

and a recent victim of ID theft. 

ALARM bells went off when I received 

a welcome letter for an iPhone 7 and 

contract from Three Mobile. I called them 

and we established that a fraud was being 

conducted using my name, date of birth 

and address. The bank account used was 

not mine but they had used my credit 

history to secure the contract. When I 

checked all three CRA reports it became 

clear that someone had tried to do the 

same with BT Mobile on the same day but 

BT realised that it was fraud and cancelled 

it. Experian's Credit Expert alerted me that 

my details were being sold online. 

While not out of pocket, I had to speak to 

both lenders, both CRAs that showed credit 

checks on my file that weren't mine, Action 

Fraud, Royal Mail (in case someone tried to 

redirect my mail) and then take out CIFAS 

protection. It was caught quickly and I knew 

exactly what I needed to do but it still took 

a good while to sort out. 

From the customer perspective it is 

interesting. BT hadn’t alerted me that there 

was a fraud attempt, despite having a 

household account with them. My husband 

vaguely remembers an odd call with 

questions about a mobile application, but 

assumed it was a marketing call. It didn't 

actually highlight that the attempt had been 

made and was therefore on my credit file. 

Only when I received the Three Mobile 

contract and pulled the credit files did I see 

it – would have been helpful if it had written 

to warn me that the address and name was 

being used (it's my married name so is the 

same as the household bill). 

Although the process is fairly joined 

up and the various agencies and lenders 

communicate, I was waiting for responses 

from every organisation instead of there 

being one point of call. It was very time 

consuming, and I only had one fraud and 

one attempt to deal with – and I knew 

exactly what to do. If you had more than 

one and weren’t familiar with the system 

it would be more onerous. As it was it took 

me half a day initially to make all the calls I 

needed to. 

When you call a mobile phone provider/ 

lender there is no option on the automated 

menu for this issue. I settled for pressing 

random buttons until connected me to a 

customer service advisor and then had to 

speak to several people before I got the 

right person/team. Questions such as 'press 

one if you are an existing customer, press 

two if you'd like to join us' weren’t helpful. 

It is potentially expensive being a 

victim of fraud, even if the fraudster doesn’t 

get any of your money. Statutory credit 

reports are an option, but Experian and 

Equifax both charge £14.99 a month for 

their products. They do offer a month free 

but only the first time you use it and you 

have to remember to cancel. Noddle is 

free but one of my frauds was on Experian 

and one on Equifax so checking all three 

is essential. In the long run £15 a month 

is too much to keep paying. If it was £4.99 

a month I'd consider leaving it switched 

on indefinitely. I also paid £20 for CIFAS 

protection. Whether that was strictly 

necessary or not I don’t know. It lasts two 

years so I was happy to do it but for some 

consumers that might be prohibitive and it 

does feel a little like a tax on victims. 

I found the Noddle and Experian 

reports easiest to navigate but had a good 

service from all the agencies. Experian 

were particularly responsive. Once I 

reported the fraud to them they assigned 

an individual to deal with it, emailed 

me, called me and sorted it out. I was 

impressed with the level of service (is that 

where the £15 a month is going?!). I didn’t 

deal with Callcredit but the overall service 

from all of the lenders and reference 

agencies was really good. 

It took a little while for it to work 

through the system, but all of the false 

checks have been removed and Experian 

has put a password on my file for future 

lending. 

The bank account used was not mine 

but they had used my credit history to 

secure the contract. When I checked 

all three CRA reports it became clear 

that someone had tried to do the 

same with BT Mobile on the same day 

but BT realised that it was fraud and 

cancelled it. 



TECHNOLOGY 

BIG IS BEST 

Jay Inamdar looks at whether big data is simply a buzzword or 

whether businesses need to change the way they analyse it. 

WHAT is big data? The term big data 

is not new. In fact, it was coined in 

the early 90s to define sets of data 

too large for traditional software 

to manage efficiently. So why, all these years 

later, is big data at the heart of the next digital 

revolution in decision making, and why does 

it matter to collections teams and businesses 

everywhere? 

Simply put, we live in a world of evergrowing 

data. IBM estimated that by 2020 

there would be ‘more data than grains 

of sand on the earth’. It is quite rightly a 

staggering statistic. Data is accumulating at 

unprecedented rates and people, businesses 

and even governments are increasingly 

relying on the right tools to interpret the sea 

of information and make smarter decisions 

based on the facts revealed as a consequence 

of sophisticated data analysis. 

You may already have noticed other 

areas of your business utilising these tools: 

operational teams managing project delivery; 

logistics departments planning the most 

profitable routes to territories; or sales teams 

in identifying which leads are ready to yield 

more business. 

So why haven’t most collections teams 

benefited from the technology? The reality 

Bill Gates once said: ‘The first rule of any technology 

used in a business is that automation applied to an 

efficient operation will magnify the efficiency. The 

second is that automation applied to an inefficient 

operation will magnify the inefficiency’. If ever there 

were tools to enable you to discover what makes your 

business work, and what makes it stall – they are big 

data and business intelligence. 

is, the collections department is still seen by 

many arms of the business as being a reactive 

function late in the client to cash cycle. They 

view it as having limited scope to provide 

relevant information that could lead to more 

profitable sales, generate cash more quickly, 

and identify new opportunities for growth. 

BRIDGING GAPS 

No conversation on collections would be 

complete without discussion on the divide 

between sales and finance. While nearly 

everything that can be said here has been 

said previously, we would highlight two 

fundamentals in this narrative: 

• KPIs drive behaviour. If sales teams are only 

measured by sales won and not by other key 

metrics such as profitability, days taken to 

collect, bad debts etc. then there will always 

be a gap to bridge. 

• The divide between sales and finance exists 

primarily because each department only sees 

part of the picture. 

So where does data come into this and 

how does this help me? While soft-skills count 

for a lot in persuading, shaping and directing 

culture, the fact remains that ‘without data, 

you’re just another person with an opinion’. 

Yet, nothing will put business heads to sleep 

quite as fast as reams of spreadsheets and 

complex financial jargon. Rather than alienate 

other departments, you need to be speaking 

the same language. And that’s where business 

intelligence (BI) software comes in. Advances 

in technology mean those disjointed pieces 

of information, ever-growing in size and 

complexity, can be connected, simplified and 

visualised in an instant. These dashboard 

reporting tools paint the picture in your 

business, show the correlations between data 



focus their efforts to release more cash for the 

business. For collections teams, you can track 

cash forecasts and monitor the effectiveness 

of each member of your team. You can also 

learn from the performance of the consistent 

high achievers in their peer-group and what 

changes could be introduced to replicate 

those results elsewhere. 

The true beauty of BI beyond being able 

to easily visual large volumes of data is 

to use the statistics and analysis that can 

be produced from them to make smarter 

decisions as a business, and support the 

cases for change with the only detail that is 

totally free from any bias – data. 

MAGNIFIED EFFICIENCY 

Bill Gates once said: ‘The first rule of any 

technology used in a business is that 

automation applied to an efficient operation 

will magnify the efficiency. The second is that 

automation applied to an inefficient operation 

will magnify the inefficiency’. 

If ever there were tools to enable you to 

discover what makes your business work, 

and what makes it stall – they are big data 

and business intelligence. If you couple these 

with the AI tools now available, you will be 

greatly assisted in your analytical quest – and 

by an immensely intelligent and hard working 

assistant – who costs you nothing, but will 

empower you to understand your business 

much better and more thoroughly, so you can 

make smarter decisions. 

Information and analysis enables and 

changes the cultures that will directly benefit 

the bottom line. But don’t take our word for 

it – check the data. 

and highlight exactly where you can ease 

bottlenecks and increase productivity within 

the business. 

The right dashboard suites will save 

you countless hours. No more sleepless 

nights working those pivot tables and 

v-lookups, trying to manually find trends in 

the ocean of numbers only to find the data 

is no longer valid by the time you have it 

ready. With today’s BI you have everything 

you ever wanted to know and more at your 

fingertips. Now, at a click, you can drill down 

to see exactly what is happening within 

your collections department and see where 

your team can step in to add real value. 

For instance, BI tools let you highlight the 

clients that are impacting your bottom line 

by showing their payment trends, profit 

margins, sales volumes, and time taken, to 

resolve disputes and aged debt analysis – 

bringing total transparency and visibility to the 

business. Do you want to expose the high-risk 

clients who are a drain on administrative 

resources, time and profit? No problem. 

Do you need scorecards for departments, 

clients, collectors and sales teams to monitor 

their effectiveness in comparison with their 

sales and collections targets? Piece of cake. 

POWERING UP 

Ask yourself this, is it easier to change 

processes or change culture and behaviour? 

If process alone is the answer there is need 

for your collections teams. Behaviours are 

so difficult to shift within individuals precisely 

because the status quo becomes ingrained. 

If things have always been that way, what 

incentive is there for a person to change or 

undertake ‘extra work’ if they cannot see the 

direct benefit to them? 

This is where true BI software such 

as CreditForce Insights can support your 

business case for change. For non-finance 

teams, you can show them exactly where debt 

is sitting, which payment promises are being 

fulfilled or being missed, and where teams can 

CHECKLIST 

• Maintain a complete picture, in near 

real-time, and track the metrics that 

really matter 

• Categorise every customer by risk rating 

and performance 

• Scorecards for every department, 

territory, and collector 

• Dashboards personalised for every 

level of management – CFO, operations, 

billing, collections 

• Big data is the now. 

Jay Inamdar is Business Development 

Manager at CreditForce. 



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*PORE SINUMET 

A 

BLAST IN 

TIME 

Sean Feast spends the day with Sam Hall 

of Rolls-Royce talking about CICMQ, jet 

engine test beds, and Charlie George! 

THE alarm rings. It’s another early start, this 

time straight up the M1 to Derby for a meeting 

with Sam Hall, the Global Process Owner for 

Accounts Receivable at Rolls-Royce. 

We meet at Jubilee House, a stone’s throw away from 

the Pride Park stadium, the home of Derby County, 

and spend the first five minutes of what would prove to 

be an exceptionally entertaining and productive day 

taking about the merits of Charlie George! 

Derby, however, is famous for more than simply its 

football team. It is also home to one of the world’s most 

prestigious brands, Rolls-Royce. It seems somehow 

appropriate that Sam, a local man, ended up working 

for an aero engine manufacturer, given that as a boy 

he had always wanted to be a pilot. As it was, he joined 

Rolls-Royce in 1979 at the age of 16, straight from 

school: 

“An uncle had said to my mother that if I liked 

aeroplanes, then I should join Rolls-Royce because the 

apprenticeships were first class and in those days it 

was seen as a job for life. And so I became a ‘technical 

apprentice’ and was put into the drawing office to 

be trained as a draughtsman. I remember being 

disappointed on my first day that I didn’t get my hands 

on an engine.” 

YOUNG APPRENTICE 

Life was good for a young apprentice. Sam gained 

an HNC in Mechanical Engineering but admits to 

almost ‘coasting’. Despite being well paid, and in an 

interesting job, he wanted to get his hands dirty. And 

then came an opportunity at Rolls-Royce’s Hucknall site: 

“It was the company’s outdoor test facility and I became 

a performance engineer on the test beds initially on 

a six-month secondment. In the end, I was there for 

three years, gaining experience of new technology and 

product development and I enjoyed every moment. 

What’s not to like about firing up an RB211 jet engine to 

maximum thrust?” 

It was from the test beds that Sam’s career path 

took an unexpected twist. His manager moved to the 

Development and Experimental Department in Derby 

that had a Cost Engineering Team. The role of a Cost 

Engineer came available and Sam was encouraged to 

apply: “It meant that I was responsible for the budgeting 

and forecasting for the development and testing of the 

V2500 engine, an engine that had its problems at the 

time but has since proven to be one of the most reliable 

engines ever. This was my first step into management 

accounting without even realising it.” 

Very quickly however, Sam began to realise that 

he was surrounded by colleagues with professional 

accounting qualifications (most had the Chartered 

Institute of Management Accountants qualification) and 

decided to look into becoming qualified himself: “ I found 

out more from a senior manager who headed up the CIMA 

scheme within Rolls-Royce,” he explains. “I was accepted 

onto the course and spent four years of very hard work on 

day release to achieve my qualification.” 

FINANCIAL ACCOUNTING 

In acquiring knowledge of business, the economic 

environment and accountancy, Sam recognised that he 

had moved ‘to the other side’ and that it was a world 

full of possibilities. As a newly-qualified management 

accountant, Sam moved into Derby Finance Services 

which at the time was based in some old laboratory 

buildings on Rolls-Royce’s Elton Road site. 

There, he had a good mentor, who offered Sam a role 

as a Team Leader in the General Ledger section. 

“Derby Finance Services was, at the time, one of two 





> 

All images supplied by Rolls-Royce 

separate Finance Service sites (the other being in 

Bristol to serve Rolls-Royce’s Defence business). This 

was all pre-SAP days and we had many legacy systems 

for the various accounting and sub-ledgers and these 

were bespoke to Rolls-Royce. 

“Then in came a new Head of Finance Services, to 

make a step change and create a new Shared Services 

Centre in a single location.” 

He was tasked with leading a finance transformation 

which led to centralising all financial operations in 

Derby. “He introduced many exciting ideas”, Sam 

recalls. “I was retained and qualified much at the same 

time as the new Centre was opened and I was promoted 

to take on my first proper management role as Financial 

Accountant for Operations.” 

SUBSTANTIAL CHALLENGES 

Some of the initial challenges were substantial. The 

legacy systems were slow and cumbersome and it took 

three weeks to close the accounts each month. In late 

2000, the Head of the Finance Service Centre suggested 

that Sam should develop his people management 

experience and an opportunity was shortly becoming 

available in Accounts Receivable. “I was to work 

with the incumbent Business Process Owner as her 

Operations Manager and learn how to manage a team,” 

he says. 

“But shortly after being appointed, the existing 

Business Process Owner left Rolls-Royce and I was 

promoted into the role. I now had the responsibility and 

exciting opportunity of implementing a new Accounts 

Receivable module into SAP in a process that I knew 

very little about!” 

It was, in Sam’s words, a very steep learning curve: 

“It was a larger team to manage than I had been used 

to and I made many mistakes along the way,” he admits. 

“Despite the challenges, we were successful, but we 

had to learn fast.” 

With the opening of the new SSC, Rolls-Royce 

began a concerted campaign to centralise all of its 

“But shortly after being appointed, the 

existing Business Process Owner left Rolls- 

Royce and I was promoted into the role. I 

now had the responsibility and exciting 

opportunity of implementing a new Accounts 

Receivable module into SAP in a process that 

I knew very little about!” 

transactional processes and migrating the UK entities 

(including Bristol, East Kilbride and Ansty) into a single 

centre. It then undertook a similar exercise for its 

subsidiary business Rolls-Royce Deutschland (a joint 

venture business between Rolls-Royce and BMW that 

developed the BR700 family of engines) and its Energy 

business (now part of Siemens) that included locations 

in Singapore, Canada and the US. 

GLOBAL ENVIRONMENT 

Rolls-Royce has created a Global Process environment, 

with standardised and centralised processes across 

the world. In addition to its’ UK centre, it has Finance 

Service Centres in Indianapolis and Singapore to 

service the needs of its North American and APAC 

businesses. It recently opened a new service centre 

in India and Sam, in his current role as Global Process 

Owner has oversight of all four service centres, 

reporting to the Head of the Global FSC who in turn 

reports to the Deputy CFO and Group Controller. 

To give some idea of its size, up to £1 billion of sales 

are collected by the UK FSC team in a typical month. 

The UK Accounts Receivables department comprises 

a team of around 40 people delivering a range of 

services from risk analysis and invoicing, through to 

debt reporting and collections: 

“AR used to be collections only, but over time 

we have evolved our services to include credit (for 

example credit vetting) as a result of our own internal 

process improvements. We are also expanding our 

billing capability with a vision of creating a centralised, 

co-located ‘billing to cash’ operation working as one 

team.” 

Sam says that he is currently looking at the potential 

of automation: “We are looking at what constitutes best 

practice in robotics and artificial intelligence and how 

much further we can automate our processes. Cash 

allocation, for example, is a very time-consuming task, 

and if it can be better automated then that frees up 

more time for our people to spend on collections or 

similar activities where we can demonstrate greater 

value.” 

PERFORMANCE BENCHMARKING 

An important part of Sam’s role is in benchmarking his 

team’s activities with other best-in-class organisations. 

It was with this in mind that he sought the Quality 

in Credit Management accreditation (CICMQ) from 

the CICM which was achieved in June of this year: 

“It started as a way of benchmarking the team,” he 

explains. 

“I went to a CICMQ best-practice event hosted 

by Veolia and met Brian Morgan and Chris Sanders 

who both impressed me with their passion for credit 

management. We thought we were doing good things 

but wanted an outside opinion and confirmation.” 

As well as obtaining the CICMQ accreditation, Sam 

is also a keen advocate of professional development 

and a number of the UK FSC team are now engaged 

with various levels of CICM qualification. In this he is 

ably supported by the Accounts Receivable Operations 

Manager, Stephanie Hayes MCICM. 

Before I depart for the day, Sam takes me across 

to the Rolls-Royce Heritage Centre. I admit to having 

a personal interest in wanting to go, having written a 

number of books on military aviation and being more 

than familiar with certain of the more famous Rolls- 

Royce ‘brands’ such as Merlin, Griffon and Pegasus that 

powered some of the greatest aircraft of their time. 

It’s also a chance for a gratuitous photo call of Sam 

standing in front of today’s massive Trent derivation 

before it is finally time to leave. I hope I’ll be invited 

again. 



Sam Hall 


27

LEGAL MATTERS 

HAPPY NEW YEAR FROM DWF 

ON behalf of DWF and our Debt Recovery 

team, I wish you all a very happy, healthy and 

prosperous new year. The team and I look 

forward to supporting you with your approach 

to legal debt recovery in 2017. I am sure 

you will agree the beginning of a new year 

is the ideal time to review and fine tune your 

approach. With this in mind, I would like to 

offer you a free DWF Credit Health Check*, a 

consultation with us to review your approach 

and provide you with some free advice on best 

practice to help you to address any issues you 

face and to make the most of your approach 

to debt recovery. 

My team and I are passionate about CICM, 

the credit profession and legal debt recovery, so 

I hope you will find our support and guidance 

helpful through our Corporate Legal Partnership 

with CICM. Please do let me know if you would 

like us to cover any particular legal topics or 

issues in future editions of our ‘Legal Matters’ 

page or via our webinars in association with 

CICM. Best wishes 

David Scottow FCICM, Senior Director and 

National Head of Recoveries at DWF 

DD + 44 01132616169 E david.scottow@dwf.law 

W www.dwf.law/recover 

*To take advantage of this offer please contact: Neil Jinks M + 44 (0)7740 179515 E neil.jinks@dwf.law 

David Scottow FCICM 

DWF EXPANDS IN SCOTLAND 

Neil Jinks FCICM IRRV 

THE DWF Debt Recovery team has 

become well-established to service our 

client base across England and Wales 

over the last decade. We are pleased to 

announce we have now extended our reach 

into Scotland with exciting plans to support 

CICM members both north and south of the 

border. 

The demands of our growing client base 

have led us to expand our debt recovery team 

in Scotland, based out of our new offices in 

the heart of the financial district in Glasgow. 

We see this as another step towards us 

creating a unique offering extending across 

all jurisdictions within the United Kingdom 

and beyond. We hope members will find 

it beneficial to work with a firm with debt 

recovery teams in England and Scotland with 

the potential to extend our services via our 

new office in Belfast and Dublin. 

Our aim is to offer members a ‘one stop 

shop’ across all of these jurisdictions in-house 

which will enable us to maintain high levels of 

service and compliance. We hope this will give 

our clients peace of mind that their matters 

are being dealt with all under one roof without 

the need to outsource to external agents in 

different jurisdictions with us maintaining full 

control at every stage. 

We have continued to invest in our 

sophisticated case management system 

covering both the English and Scottish court 

processes with the ability for our clients to 

have remote access to manage and monitor 

the process via our online facility, providing 

complete transparency. 

We envisage that providing a cross border 

service covering both jurisdictions will mean 

that we can be even more flexible with our 

pricing and be very competitive. We aim to 

keep the cost down by managing all of the 

work in-house without the need to instruct 

local agents on your behalf. 

Our operational team in Glasgow is led by 

Susan McGinlay, who has over 25 years of 

experience in legal debt recovery in Scotland, 

working with many large commercial clients 

and Registered Social Landlords. Susan’s 

expertise covers collecting commercial trade 

debts as well as undertaking recovery work 

in the retail and real estate sectors as well as 

across all other sectors. 

Susan is delighted to have become part of 

the DWF National Debt Recoveries team and is 

excited about serving our Scottish clients' debt 

recovery needs. 

DWF also continues to extend its reach 

across Europe and beyond with our merger 

with Heenan Paris in France following on from 

the establishment of DWF in Germany, Brussels 

and Dubai, which really gives us global reach 

and the ability to effectively manage your 

collections internationally. 

For more information about our services or 

to arrange a meeting, please contact: Neil Jinks 

M: +44 (0)7740 179515 E: neil.jinks@dwf.law 

Information provided by DWF is intended as a general 

discussion surrounding the topics covered and is for 

guidance purposes only. It does not constitute legal 

advice and should not be regarded as a substitute for 

taking legal advice. DWF is not responsible for any 

activity undertaken based on this information. 

 

Neil Jinks FCICM is a Director of the Debt 

Recovery team at DWF 

DD +44 (0)121 647 2524 E neil.jinks@dwf.law 

W www.dwf.law/recover 

AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF 

VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE. 

28 



TRADE TALK 

WHAT’S 

IN STORE? 

Lesley Batchelor FCICM looks at what could lay ahead in 2017 for international business. 

1THE continued saga of exiting the EU 

and the shape of the future trading 

relationships will become obvious, we 

hope. Theresa May is expected to trigger 

Article 50 and begin the formal process 

to leave the EU. Italy’s recent referendum 

has brought its support for the Union into 

question, as well as France and Germany 

who also both face elections in 2017. The 

increased economic pressures on all countries 

could result in new anti-EU governments that 

may want to follow the UK’s example. This 

could challenge the EU itself and the wider 

need for globalisation as countries determine 

whether to follow President Trump’s lead on 

protecting their home market. 

2THE US trade strategy outlined by Trump 

throughout 2016 was not always clear 

but ranged from refusing to sign the 

Trans Pacific Partnership (TPP) and leaving 

North American Free Trade Agreement 

(NAFTA), to setting prohibitive tariffs on 

imports from China and Mexico; although 

the legal status of some of his proposals, 

most notably the sizable tariffs on China and 

Mexico, would be acceptable according to 

World Trade Organisation (WTO) 

rules. His isolationist stance is 

being watched by the world 

and it remains to be seen how 

closely his rhetoric will match 

his actions on trade. Whatever 

he does, positive or negative, 

will affect countless American 

and international businesses. 

3TECHNICAL innovations in agile 

manufacturing and last-mile delivery 

continue to challenge the logistics of any 

export. The ability to create manufacturing 

parts or entire products with nothing 

more than a computer and a 3D printer 

gives companies far greater agility in their 

manufacturing efforts, offering opportunities 

for rapid innovation. Additionally, the use 

of drones assists in the delivery to final 

destination for B2C businesses focused on 

home delivery. Both technologies, as well as 

several others, are still in their infancy, so 2017 

could be a year of major breakthroughs. 

4THE mergers between major trade 

companies creating huge international 

corporations that are larger than most 

countries are expected to match 2016 activity. 

This will have a knock-on effect on businesses 

throughout the supply chain in the UK. 

5BLOCKCHAIN in trade finance could 

be a true game changer in the world 

of international trade, allowing buyers 

and suppliers to make online transactions 

accurately and securely without involving 

middlemen. While it has so far been used 

mainly for Bitcoin transactions, it has the 

potential to transform supply chains, and 

revolutionise trade finance. If corporations 

begin to use the technology more frequently 

throughout 2017, it could be the beginning of 

a new era of global trade transactions. 

6THE future (or lack thereof) of free 

trade agreements; 2016 was a big year 

for free trade agreements, with major 

developments in deals that have been in 

negotiations for years. 

7UNFORTUNATELY, the TPP, the 

12-member deal, officially signed by 

all parties on 4 February 2016 will go 

into force once ratified by all signatories 

by February 2018. However, incoming US 

President Donald Trump has said he will not 

ratify the TPP and has also threatened to 

tear up or renegotiate NAFTA, throwing the 

future of both free trade agreement (FTA) into 

question in 2017. 

8ALSO, the Transatlantic Trade and 

Investment Partnership (TTIP) in 

negotiations for almost a decade, this 

FTA between the US and EU has met fierce 

opposition from American and European 

citizens. The US considers the deal a 

companion to the TPP, and with the doubt 

surrounding that looks destined for the long 

grass. 

9THE growing world of e-commerce and 

‘drop shipping’. According to analysts, 

online sales will increase from $335 

billion in 2015 to over $523 billion in 2020, a 

rise of almost ten percent per year, though the 

current annual growth rate is actually closer 

to 14 percent. Brick and mortar retailers’ 

worlds have been rocked by the skyrocketing 

success of online shopping. E-commerce 

leaders are making strides in optimising their 

strategies and will continue to do so into 2017. 

AFTER a bad year for the shipping 

industry, 2017 promises to see 

10A strides into automated ‘smart 

ship’ technology. More than 90 percent 

of internationally traded commodities are 

transported over an ocean. There will be major 

increases in port capacity and changes to 

global shipping routes, however, opportunities 

abound for innovative shipping companies 

this year. 

Finally, the importance of professionalising 

international trade and the recognition of 

the skills needed will become increasingly 

important as the UK realises the complexity 

and diversity of world trade. The Institute 

is the only professional body representing 

international trade and importing and 

exporting that offers a full range of 

qualifications that ensure staff are ready to 

compete in this brave new world. 

export.org.uk/professional-qualifications 


www.cicm.com January / February 2017 

29

INTERNATIONAL 

TRADE 

MONTHLY ROUND-UP OF THE LATEST STORIES 

IN GLOBAL TRADE BY ANDREA KIRKBY. 

MEXICO'S BEEN TRUMPED 

POOR old Mexico. The economy was already 

slowing before the US election, but if Trump 

starts renegotiating North American Free 

Trade Agreement (NAFTA) or imposes capital 

controls, things could get a good deal worse. 

Mexico's not got what you'd call a 

diversified economy; 81 percent of exports 

go to the US, with the automotive, oil, 

electronics and machinery equipment all big 

exporting sectors that could end up being 

hit. At least the Government isn't too heavily 

indebted, and has been managing to push 

reforms through slowly but steadily. 

If you're exporting to Mexico, you'll 

already know the fall in the peso means 

your product is now more expensive in local 

terms. The central bank is one of very few in 

the world to have hiked interest rates several 

times in the last couple of years to defend the 

currency, and even that hasn't worked – so 

anyone dealing with Mexico really needs to 

hedge, insure, or get the right contract terms 

to ensure they don't suffer along with the 

peso. 

2016 – YEAR OF SURPRISES 

A reality TV star in the White House, the UK the world. Not only is the outlook bad, but it's 

leaving the EU, and Iceland getting to the also become more difficult to predict, with 

quarter final of Euro 2016 – who would have the WTO forecasting a range of outcomes for 

thought it? It's been a year of surprises. global trade growth between 1.8 percent and 

2017 doesn't look like 'business as usual' 3.1 percent – too wide to be much use! 

either, with elections coming up in France, the No wonder Trevor Williams of QBE, says 

Netherlands and Germany, and a potential that 'uncertainty' is the top trending hashtag 

hike in interest rates for the first time since for UK businesses, after Brexit! 

the credit crunch. All this with a background What does this mean for you? It puts 

of economic stagnation, increasing 

treasury functions in the spotlight more than 

protectionism, and a race to the bottom ever. Managing volatile currencies, keeping 

between devaluing currencies, and it's going track of tariffs and duties, reading the early 

to be a difficult year for exporters. 

warning signs of economies (and customers) 

Economic research looks downbeat: in distress, leveraging your receivables base 

Coface downgraded 23 sectors, and 

for best advantage – these are all going to 

upgraded only ten; Atradius started its 

be crucial differentiators between the export 

most recent round-up with the warning that winners and the also-rans. 

‘global trade growth is grinding to a halt’, and Welcome to the rollercoaster of 2017. 

insolvencies are forecast to increase around And as they say in California, ‘enjoy!’ 



NEWS IN BRIEF > 

ARE COMMODITIES ON THE TURN? 

IT'S early days yet, but commodities could 

be turning the corner. OPEC is trying to 

push oil prices towards $60, and might 

well succeed, while metals (except copper) 

and iron ore prices have firmed even 

though inventories are still high. Many large 

companies have cut back on investment, 

so there will be few big projects coming on 

stream in the next few years to increase 

supply, and all seems set for a modest 

rebound. 

That could mean commodity exporting 

economies like Russia and Brazil have turned 

THINK of pasta and perhaps you think of 

a Venetian canal with gondoliers, or a little 

Tuscan hilltown restaurant. You probably don't 

think of an industrial estate in Great Yarmouth. 

But Pasta Foods is doing great export 

business with its pasta and snack pellets 

(the basic potato starch shape for making 

cheesy, bacon, or pizza wotsits and other 

thingummies). 

I've been fascinated by some of the 

trivia about its market. Low salt snacks, for 

instance, sell particularly well in the Far East. 

And the company claims to have the world's 

biggest pasta machine. It now exports to more 

than 40 countries, and while it started with the 

snack pellets, it's now building up its pasta 

exports as well. 

Pasta Foods was one of the finalists in the 

Open to Export awards, won by Lick Frozen 

Yogurt – which has only been exporting just 

over a year. Lick is now aiming for market 

leadership in the Gulf Cooperation Council 

and South-East Asia, and it's given itself just 

three years to get there. That's ambition! 

INTEREST RATES HEADING UP? 

A snippet from the personal finance press 

got me thinking this month. Apparently, 

annuity rates rose 10 percent from August to 

November 2016. You might think that's nice 

for those about to retire – they'll get more for 

their money – but it's also an indication that 

bond markets are starting to come off the top, 

and interest rates are rising. 

Add to this the fact that the Fed has finally 

hiked rates – and more importantly predicted 

three further rises in 2017, more than 

expected. That's already pushed the dollar up, 

the corner. Good news too for Indonesia, for 

the Gulf states, and for Nigeria. 

But this silver lining has a cloud. 

Countries which import their primary raw 

materials and energy are going to see 

inflation take off, and manufacturers will find 

their feedstock costing them more. 

So here's another uncertainty to add to 

all the others. I rather wonder whether, with 

all the world looking at Trump and Brexit and 

the emergence of the 'alt-right', it's going to 

be commodity prices that will turn out to be 

the defining trend of 2017. 

PASTA FROM YARMOUTH AND 

LICKS FROM BRIGHTON 

and driven gold prices and bond prices 

down. True, the Fed has sometimes 

threatened hikes that haven't actually 

happened – but this time it does look as if the 

upwards movement is happening for real. 

If the Fed hike is followed by other 

central banks, it will put the squeeze on 

'zombie' companies everywhere. Watch out 

for customers with big debts and high debt 

service costs – they'll be the first to hurt. And 

keep a close eye on your dollar rates in the 

meantime. 

INDIAN OIL 

FINE Tubes headed out to Petrotech in New 

Delhi in December, showing off its highperformance 

products alongside US partner 

Superior Tube. It's already got its regulatory 

approval in place, and the trade exhibition 

gives it a great place to strut its stuff. 

But Fine Tubes isn't alone. More than 20 British 

companies are participating, with Scottish 

Development International in particular 

making a strong showing. With Indian PM 

Narendra Modi attending, and making a 

commitment in his keynote speech to ‘replace 

red tape with red carpet’ for foreign investors, 

Petrotech has gained profile as a key way in to 

a growing market. 

FRANKFURT 1, LONDON 0 

I'VE been waiting to see the dominoes fall 

and I think this could be the first one: UBS 

has decided to set up its European wealth 

management headquarters in Frankfurt. A 

deal London could have and perhaps should 

have won – before Brexit. 

While the Government talks about special 

Brexit conditions for financial services, 

without too many details, banks and 

investment houses are voting with their feet. 

Now UBS has made such a high-profile move, 

I suspect there will be more. Keep an eye on 

the city news to see what banks really think, 

as opposed to what their analysts say they do. 

CURRENCY UK 

FOR THE LATEST 

EXCHANGE RATES VISIT 

CURRENCYUK.CO.UK OR 

CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

HIGH LOW TREND 

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GBP/JPY 148.370 138.996 Down 



COUNTRY FOCUS 

MADE IN INDIA 

Ask the average man in the street to name something that reminds 

them of India and it’s a fair bet that Gandhi, tea and call centres will 

be mentioned. A nation formerly ruled by the British and a gem in our 

Imperial Crown, it’s steeped in history and importantly, for exporters 

at least, is now a huge market waiting to be tapped by exporters. 

Adam Bernstein takes a closer look. 

INDIA it is the world’s second largest country by 

population – 1.29 billion according to International 

Monetary Fund (IMF) estimates and importantly 

in terms of commerce, the world’s seventh largest 

economy ($2.3 trillion GDP) sitting just beneath France 

($2.4 trillion GDP). Its importance has grown now that 

China has slowed and Europe has stagnated. 

The Indian economy really ought to be on the 

agenda for every exporter. However, doing business in 

India is not as simple as it seems. Sure, the population 

generally speaks English and there’s a strong common 

heritage when it comes to the legal administrative 

systems, but exporters have to contend with a country 

spread over the world’s seventh largest by land mass 

(1.26 million square miles) that’s split into 29 different 

states and seven union territories. 

Each of the states is almost run as a separate country 

with its own language, cultural practices and etiquette. 

This makes good local research essential just as 

much as the engaging of a good local representative 

while networking to build key relationships. The 

UK Government suggests that many firms find that 

success comes from appointing a series of agents 

or distributors based on their local reach and 

knowledge. Of course, it goes without saying that firms 

should undertake due diligence before making any 

appointments of an agent or distributor. 

Other complications follow from the seven major 

religions, plus many minor variants, and six main ethnic 

groups – each has its own festivals and holidays which 

The European Commission considers 

India to currently be the fastest growing 

economy in the world and a strategic 

partner. To further this, the EU and India 

are presently negotiating a Free Trade 

Agreement, a process that started in 2007. 

can make life difficult for those wanting to do business 

in India. Planning around the calendar is key. 

The appeal for many though, will be the fact that 

India makes a superb springboard into Asian markets 

and, just as importantly, the incomes for many are rising 

rapidly. The population is young, mobile, concentrated 

in a number of large cities (according to the Times of 

India there are more than 50 with populations of more 

than one million – by 2030 this could rise to 68), and the 

workforce is skilled and low cost (compared to the UK 

at least). Just as noteworthy is the state of the country’s 

financial infrastructure – there’s a well organised 

network of banks and an organised capital market. 

HOMEGROWN PRIDE 

While India offers much potential, the country suffers 

from serious barriers to trade and investment in 

some sectors because of regulatory constraints, local 

sourcing requirements and import tariffs. Apple, for 

example, has been fighting an uphill and very public 

battle to open an official retail outlet (rather than 

premium reseller) and it is still mired in the woods. The 

sticking point is a government policy requiring at least 

30 percent of all products that are sold in foreign owned 

retail stores to be sourced locally – it’s all part of the 

‘Make in India’ programme. 

There are also issues linked to the protection of 

intellectual property and bureaucratic delays (it takes 

an average of 30 days just to get a business officially 

registered); the acquisition of land can be difficult; 

there’s a serious problem with bribery and corruption 

(UK firms must bear in mind the implications of 

breaching the Bribery Act 2010) – as Vikram Barhat 

writing on the BBC noted, ‘people won’t ask for payoffs, 

but that means that sometimes things just don’t 

move forwards’; and finding the right skills in the local 

workforce isn’t easy. 

Further, the country is renowned for the parlous state 

of its infrastructure – roads and rail (while the UK has 






COUNTRY FOCUS 


> 

2.9 road deaths per 100,000 population, India has 16.6 

per 100,000 population – to be fair, it’s not as bad as 

Libya’s 73.4 per 100,000); this means planning for poor 

distribution and logistics as much of India is very rural. 

Indeed, India has only 1,300 km of fast roads compared 

to 77,000 km in the US, and 112,000 km in China. India 

also doesn’t have any high-speed trains, most averaging 

under 100km/hour. There are also distinct extremes 

of weather to contend with – very hot summers and 

seriously wet monsoon seasons, both of which can affect 

business. 

BLOSSOMING ECONOMY 

Post-independence from the UK, India’s economy was 

riven with state interference and socialist – inspired 

policies which meant that for some 30 years, per capita 

income only rose by around one percent per year. 

However, since the mid-80’s the economy has been 

opened up and liberalised and is progressing well to 

being a free-market economy. 

The IMF reckons that following growth of 7.3 percent 

in 2014, India’s GDP grew by about 7.3 percent in 

2015 and it is forecasting growth of about 7.5 percent 

for 2016. Compare that to the UK’s Office for National 

Statistics (ONS) prediction of 2.2 percent growth for 

2016. 

To get to where it is, the country has removed the 

most of its trade barriers to improve the business 

environment. Example changes include reducing tariffs 

to an average of 13 percent in 2014/5 from an average of 

71 percent in 1993; removing of quantitative restrictions 

on imports in 2001; and opening up the economy to 

foreign businesses and allowing overseas investment in 

many sectors. 

India is now considered to have huge investment 

potential in areas including life sciences, manufacturing, 

energy and infrastructure. To illustrate the point, India 

has, the UK Government believes, the third largest 

biotech industry in the Asia Pacific region which is 

expected to be worth $100 billion by 2025. 

TRADING TERMS 

The European Commission considers India to currently 

be the fastest growing economy in the world and a 

strategic partner. To further this, the EU and India 

are presently negotiating a Free Trade Agreement, a 

process that started in 2007. Almost ten years on, the 

process is still ongoing and discussions are currently 

focused on issues that include improved market access 

for some goods and services, government procurement, 

investment protection rules, and sustainable 

development. Of course, how this will apply once Brexit 

fully happens is unknown. 

While the EU/India negotiations plod on, it’s 

certainly worth highlighting that the UK and India 

are closely linked in bilateral trade which, in 2014, 

according to a November 2015 ONS report, was valued 

at £19.1 billion. Broken down, official figures suggest 

that in 2014 the UK exported goods worth £6.6 billion 

and services valued at £2.2 billion to India. 

UK Government data notes that the UK exports 

much to India including non-ferrous metals (mainly 

silver), non-metallic mineral manufactures (mainly 

gems and jewellery), power generating machinery 

and equipment, metalliferous ores and metal scrap, 

general industrial machinery and equipment, electrical 

machinery and appliances, professional, scientific and 

controlling instruments and apparatus, and transport 

equipment and machinery specialised for particular 

industries. 

When looking at services exports, the UK is strong 

in travel and transport, business services such as 

consulting and publishing, and financial services. 

The UK’s investments in the country represent 

around nine percent of India’s foreign investment 

inflow – the main areas of interest are chemicals, 

pharmaceuticals and services sectors. 



www.portfoliocreditcontrol.com 

oc 

re o 

THE 

CREDIT CONTROL 

RECRUITMENT 

SPECIALISTS 

We know Credit Control and we also understand 

what makes agood Credit Controller and the 

correct skills to succeed in this industry. 

If you are planning to recruit on atemporary 

or permanent basis please get in touch with the 

Credit Control recruitment specialists on 

0207 650 3199 

OR CONTACT US AT 

recruitment@portfoliocreditcontrol.com 

We look forward tohearing from you. 


www. portfoliocreditcontrol.com 


Supported by 

Tue Mar 28 

Wed Mar 29 

Wed Mar 29 

Thu Mar 30 

Thu Mar 30 

Parliamentary Reception 

CDSP: European NPL 

C-Suite Dinners: 

European Credit & Risk 

Credit Summit 

Credit 500 Gala Dinner 

How do I get involved? 

Visit creditweek.co.uk 

Call 020 7940 4835 

Follow Twitter hashtag #creditweek 

Sponsorship enquiries call 020 7940 4812 

At the end of March this year 

Credit Strategy will be hosting 

Credit Week. We’ll be bringing 

the European credit industry into London 

for a week of conferences, meetings, 

networking events and parties in 

Westminster, with the UK’s biggest credit 

conference – the Credit Summit – at its 

centre. What you may not be aware of 

are the further events that make up 

Credit Week. 

Kicking off the events will be the 

Parliamentary Reception. Held within the 

Houses of Parliament, we’ll be hosting 

the most influential lenders, regulators, 

debt purchasers, debt collection 

agencies, credit scoring experts, trade 

associations and all the major 

stakeholders involved in financial 

inclusion, debtor protection and 

customer treatment. 

MPs who set the regulatory tone for 

the financial services sector will also be 

present. These include those from the All 

Party Parliamentary Groups on 

Alternative Lending and Insurance & 

Financial Services, with the chair of the 

APPG on Alternative Lending, Julian 

Knight MP, sharing his thoughts with a 

brief address. This will be one of the best 

opportunities for the government to 

understand the realities of customer 

treatment and financial inclusion efforts 

‘on the front line’, as well as the lending 

industry’s opportunity to put their 

thoughts to those driving policy change. 

Wednesday will see Credit Week take 

on a more European flavour. As an 

expansion to our CDSP (Collections, 

Debt Sale & Purchase) portfolio of 

conferences we’ll be launching the 

CDSP: European NPL conference during 

the day, and our series of C-Suite 

Dinners: European Credit & Risk in the 

evening. In this area, attention is turning 

to cross-border deals as evidenced by 

the recent Intrum Justitia, Lindorff and 

1st Credit deals. 

As well as opportunities for UK-based 

NPL servicers in southern and central 

Europe, European asset servicers are 



coming to the realisation that they need 

to partner with or acquire UK holdings 

that have a demonstrable track record in 

TCF compliance if they wish to work with 

UK lenders. With the Bank of Greece; the 

CFO of ICCREA Banca; the MD of HSH 

Nordbank, the head of Italian NPL at 

BNP Paribas and more speaking at 

CDSP: European NPL, and an exclusive 

gathering of c-level execs from the major 

lenders in the evening, this is a great 

opportunity to place yourself in the 

middle of deals being struck. 

Credit Strategy has been lucky to work 

with the CICM throughout all of the 

Credit Week project, benefiting from 

their role as event supporters. As part of 


“MPs who set the regulatory tone for the 

fi nancial services sector will also be present” 

this year’s Credit Summit the CICM will 

be facilitating the Trade Credit stream, 

which will explore the mechanics behind 

successful dispute resolution, and how 

the credit management landscape is 

panning out across Europe. 

This will be alongside the streams 

focussed on the Alternative Lending and 

Utilities & Telecoms sectors, as well as 

programming focussed on credit risk, 

collections and compliance professionals. 

We will also be hosting a networking 

breakfast for the current members of the 

Credit 100 and a Credit Strategy 

Boardroom, a chance for c-level execs at 

lending firms to sanity check their ideas 

and gauge thinking amongst their peers 

in a closed discussion. 

Rounding off Credit Week will be the 

Credit 500 Gala Dinner. We’ll be 

recognising the achievements of the 

current Credit 100 and unveiling the 

following year’s most influential members 

of the credit industry, the new Credit 500. 

Mike Jeapes, Head of Conference 

Production, Credit Strategy. 


LEGAL MATTERS 

OUT OF THE 

BIG FREEZE 

A freezing order is an expensive, perhaps draconian, means 

of protecting assets that may be needed to pay a potential 

judgment debt. Peter Walker explains. 

we forbear dispute’, appealed 

Edmund Waller plaintively in his 

optimistically titled ‘Divine Love’. But 

‘COULD 

there is no love between disputing 

litigants, and sometimes a claimant looks 

for a temporary remedy such as a freezing 

order. Credit professionals may be grateful for 

such an order, which aims to preserve assets 

should, for example, a defendant lose a case 

and have to pay up. The remedy can restrict 

the use of those assets, so judges have to 

consider the situation carefully. In a recent 

case, Holyoake v Candy [2016] 3 WLR 357, 

in the Chancery Division, Nugee J discovered 

that the disputants were making serious 

allegations against each other, and he looked 

for a novel solution. 

His job, however, was not to decide the 

dispute itself, but to make sure that the 

defendants retained enough assets to meet 

a future judgment should one be awarded 

against them. He would have to rule on 

whether to grant a temporary remedy or 

injunction, if it was appropriate or possible in 

the circumstances. The final decision would 

be made in other courts on the assumption 

that the litigants wanted to take their dispute 

further. 

At this stage some newspapers were 

very interested in the case – there was an 

associated celebrity. On 11 April, 2016, Daily 

Mail Online pointed out that the wife of one 

of the defendants, Nicholas Candy, describe 

by the Mail as a ‘property tycoon’, is Holly 

Vallance. The newspaper described her as an 

‘actress and popstar’. It also highlighted the 

various accusations made by the claimants 

and mentioned various assets including a 

yacht. These ingredients in a law case is 

bound to interest the press, but the task of 

Nugee J was to decide whether property had 

to be protected, possibly by a freezing order, 

until another court could resolve the dispute 

probably in February 2017. That dispute arose 

from the claim for damages for what the 

claimants alleged to be an ‘unlawful means 

conspiracy’. They also wanted relief under 

‘section 140(a)(b)’ of the Consumer Credit 

Act 1974 – I guess that they mean sections 

140A and 140B relating to unfair relationships 

between creditors and debtors. 

A more important provision for the moment 

is section 17 of the Senior Courts Act 1981. 

This section sets out the powers of the High 

Court relating to the powers of that Court 

with respect to injunctions and receivers. 

It may, for example, grant an injunction ‘in 

all cases in which it appears to the court 

to be just and convenient to do so (s37(1)). 

Furthermore, ‘any such order may be made 

either unconditionally or on such terms and 

conditions as the court thinks just’ (s37(2)). 

The following subsection explains the 

wide powers of the court in relation to 

interlocutory injunctions, i.e. one which is 

granted with the purpose of keeping matters 

as they are until a decision is given on the 

merits of the case itself. 

Nugee J indeed confirmed that it would 

be inappropriate at the least to express any 

comment or any view on the merits of the 

rival claims and counterclaims. The claimants 

valued their claims in excess of £132 million, 

although the original transactions included a 

loan of just £12 million, and an alleged loss 

of £37 million on a property transaction. The 

defendants filed a lengthy defence. 

COURT POWERS 

In the interim period until another court could 

sort out the merits or otherwise of the parties’ 

positions, the claimant wanted to ensure 

that the defendants’ assets were available 

to pay damages, if any. One solution could 

have been a freezing order, but the claimants 

proposed a novel solution. They described 

it as a ‘notification order’. The transactions 

affected by the order would be assets equal or 

above the value of £1 million. The defendants 

could not dispose, deal with, or otherwise 

engage in transactions of such assets without 

giving the claimants’ solicitors seven days’ 

written notice. If they attempted to do so, the 

claimants could then apply to the court for a 

draconian freezing order. 

This was novel, so Nugee J had to 

decide whether he had the power to grant a 

notification order. It would be a freestanding 

notification order in that it was not ancillary, or 

auxiliary, to another order, such as a freezing 



Credit professionals may be grateful for 

such an order, which aims to preserve assets 

should, for example, a defendant lose a case 

and have to pay up. The remedy can restrict 

the use of those assets, so judges have to 

consider the situation carefully. 

injunction. Section 37 of the Senior Courts Act 

1981 seems to answer the question. 

That would be simple, but Nugee J could 

grant such an injunction subject to some 

reservations. He referred to the decision of 

Millett J, also in the Chancery Division, in 

Maclaine Watson & Co Ltd v International Tin 

Council (No 2) 1 WLR 1711. The claimants 

wanted to enforce a judgment, which included 

an order for an officer of the defendant to 

attend court. His purpose would be to give 

evidence as to the location, etc., of the 

defendant’s assets within the UK. 

Millett J granted the order for reasons 

including the policy of the court within limits 

to prevent a defendant from concealing assets 

within the jurisdiction. There was no ancillary 

Mareva, or freezing, injunction, but he decided 

that was no bar to the remedy. 

But Nugee J consequently noted that, 

although he had wide powers as a result of 

section 378, an applicant for an injunction 

must have a legal right to protect. In Day 

v Brownrigg [1878] 10 ChD 294 the owner 

of a house named Ashford Lodge could 

not prevent a neighbour from changing the 

name of his smaller house also to be Ashford 

Lodge. James LJ said, ‘The court can only 

interfere where there is an invasion of a legal 

or equitable right.’ 

That is a traditional view, valid in most 

cases, but a freezing order is different. Nugee 

J talked about ‘the threat to dispose of an 

asset’ as amounting to ‘the breach of the 

claimant’s substantive rights.’ A defendant 

had an obligation not to dissipate assets to 

leave a potential judgment debt unsatisfied. 

Nugee J thought that section 37 gave the 

court the power to grant a stand-alone 

injunction in certain circumstances. 

Judges have to consider, for example, 

established principles in relation to interim 

injunctions such as freezing orders and the 

like. There is the threshold test, so Nugee J 

had to decide what this meant. He referred 

to various judgments and concluded that the 

claimants had to show a ‘a good arguable 

case’. There were examples in other areas 

of law, such as, in Canada Trust Co v 

Stolzenberg (No 2) [1998] 1 WLR 547, service 

out of the jurisdiction. He emphasised that 

at the interlocutory stage the test must not 

become a trial of the underlying issues. The 

claimants should merely show that it ‘has 

a much better argument on the material 

available.’ 

Nugee J though that this and other 

similar rules chimed with his own ‘instinctive 

inclination. He added that it was not 

necessary to show a better chance than 50 

percent of success: a case capable of serious 

argument was all that was needed. This case 

passed that threshold. 

RISK OF DISSIPATION 

But that was not all, and Nugee J had to 

decide whether there was a risk of dissipation 

of the defendants’ assets. He turned to the 

New Law Journal which reported on O’Regan 

v Lambic Productions Ltd [1989] NLJ 1378 in 

the High Court. The claimant and defendant 

had shared an office, but disagreed on the 

terms when they parted company. The note 

to the case observed that the court needed 

‘objective facts’ ‘from which it could infer 

that the defendant is likely to move his 

assets abroad or dissipate them within the 

jurisdiction.’ 

Nugee J accordingly reviewed the facts 

in the present case. There was, for example, 

the defendants’ use of offshore, and perhaps 

complex, corporate structures, but he observed 

that people in these circumstances ‘may do so 

for entirely proper and bona fide reasons.’ 

He then considered the nature of the 

defendants’ assets, which included real 

property. Although it would take a long time to 

sell such assets, if the companies owning them 

could simply sell their shares instead. 

The position as to some properties in Regents 

Park was more complicated, and Nugee J 

referred to an article in Daily Mail Online. The 

wife of one of the defendants was now the 

owner of one of them for use as a family home. 

In these and other circumstances Nugee J 

thought that there was a prima facie effect of 

removing an asset. 

The Daily Mail Online, perhaps now 

important reading for judges, had also reported 

a complicated purchase of a yacht. In the 

circumstances, and without accusing one of 

the defendants of improper conduct, Nugee J 

thought that there was ‘more than a negligible 

risk that the defendant might not have any 

assets to meet a judgment against him. 

For this and other reasons there was a 

risk of dissipation, and he granted the stand 

alone notification injunction, which could, if 

necessary, result in a freezing order. This interim 

remedy is useful for credit professionals, whose 

companies are in complicated litigation, and 

where there is a risk that their opponents may 

dissipate assets needed to meet potential 

judgment debts. 



LAW CONFERENCE 

A GREAT SUCCESS 

CICM LAW CONFERENCE 2016 

CICM's Corporate Legal Partner, DWF LLP, hosted the CICM Law 

Conference 2016, an essential legal update for CICM members at its 

offices in the Walkie Talkie Building in the heart of the City of London. 

THE event was hosted by Neil Jinks, 

Client Development Director of the 

DWF Recoveries team and David 

Scottow, Senior Director and National 

Head of Recoveries at DWF, who also chaired 

proceedings. Both David and Neil are Fellows 

of CICM and have many years of experience in 

managing the legal debt recovery process and 

supporting CICM and its members. 

The conference brought together high 

profile speakers from leading law firm DWF, 

as insolvency experts and other professionals 

who explained how the legal landscape has 

changed over the last 12 months as well as 

changes to regulations that have an impact on 

credit managers. 

The theme for the conference was the 

‘Legal Life of a Credit Manager’. 

David welcomed the members attending 

and gave an introduction, based on his career 

in debt recovery spanning more than 40 

years. Having worked in industry as a credit 

professional, as well as in the accountancy 

and legal professions, David has seen the 

legal debt recovery process evolve from 

various perspectives. 

Colin Sanders MCICM, of CICM Corporate 

Partner, Graydon UK then presented on the 

importance of knowing your debtor and 

provided delegates with tips to avoid incurring 

bad debts as a result of fraud. 

He was followed by Jeffersen Gledhill, 

Legal and Operations Manager of DWF, who 

has more than ten years of experience in 

the law and legal practice relating to debt 

recovery. He presented ‘To sue or not to sue’ 

and gave delegates an overview of the whole 

process and covered best practice in the 

pre-action stage right through to enforcement 

proceedings and beyond. 

James Perry, Solicitor and Technical 

Director of DWF who has more than ten years 

of post-qualification experience, followed with 

a presentation on ‘Litigating to trial’ covering 

the Briggs reforms, the safety of using a 

solicitor versus a DIY approach and all other 

aspects to consider in preparing for trial. 

Alan J Smith MCICM, Director of HCE 

Group, gave an overview of the High Court 

enforcement process covering what you can 

expect from an HCEO, the various stages 

of the process and a review of the recent 

reforms. 

Michael Javaherian of LPC Law and 

colleague covered advocacy skills and court 

attendances and even conducted a mock 

county court hearing for delegates to observe. 

Michael Locke of Begbies Traynor 

covered ‘Death and Debt’ from an insolvency 

perspective and demonstrated what steps 

could be taken when dealing with an insolvent 

estate and the rights of creditors, for example, 

when dealing with a difficult executor. 

Heather Morris, Solicitor of the DWF 

Business Restructuring team covered ‘The 

changing face of insolvency’ and focused on 

recent and proposed changes to insolvency 

before reaching the conclusion that yes 

insolvency can still be a useful tool, but it must 

be targeted at the right debtors, otherwise 

it can become costly, time consuming and 

disproportionate. 

The conference ended with a question 

and answer session and a summary by David 

Scottow. Delegates showed great interest and 

enthusiasm and raised many questions, and 

feedback has been excellent. 

If you would be interested in attending the 

CICM Law Conference in 2017, please register 

your interest with Becki Sharpe at CICM 

Becki.Sharpe@cicm.com. 

Author: Neil Jinks FCICM 



BE ONE CLICK AWAY 

FROM OUR WEBSITE 

How to set up a great one click link to the CICM website on 

your mobile phone. Follow these four simple steps... 

Step 1 Step 2 Step 3 Step 4 

Go to cicm.com > Click highlighted icon at bottom of screen > Click add to Home screen icon 

> Click add icon at top right of screen > CICM icon will appear on your screen 

Step 1 Step 2 Step 3 Step 4 

Open cicm.com in Google Chrome browser > Tap Menu button > Tap add shortcut to Home screen 

> Icon will appear on your screen. Menu button on other Android devices may be displayed differently. 

THE RECOGNISED STANDARD IN CREDIT MANAGEMENT 

T: +44 (0)1780 722900 | WWW.CICM.COM 

54 The recognised January standard / February 2017 www.cicm.com 

www.cicm.com The January recognised / February standard 2017 41

PAYMENT TRENDS 

1 0 0 1 2 3 4 5 6 7 8 

Region 

6 5 4 3 2 1 0 

+0.5 

+3.6 

+2.6 

+2.6 

+1.6 

+5.5 

+2.0 

+2.7 

+4.6 

+3.4 

+2.9 

etting Worse 

Scotland 

+0.5 

North West +3.6 

Getting Worse 

Region 

0 1 2 3 4 5 6 7 8 

Getting Better 

Scotland 

North West 

Yorkshire +2.6 & Humberside 

Yorkshire & Humberside 

West Midlands +2.6 West Midlands 

+1.6 East Midlands 

East Midlands 

+5.5 East Anglia 

East Anglia 

+2.0 Wales 

Wales 

+2.7 South West 

South West +4.6 South East 

South East +3.4 London 

London +2.9 Northern Ireland 

Northern 

Ireland 

17.8 DBT 

Northern 

Ireland 

17.8 DBT 

Scotland 

Scotland 

16.1 DBT 

16.1 DBT 

Wales 

17.5 DBT 

North West Yorkshire & 

17.2 Humberside 

DBT 

North West Yorkshire 14.1 & 

DBT 

17.2 Humberside 

DBT 

14.1 DBT 

East 

Midlands 

Wales 

17.5 DBT 

West 

Midlands 

17.3 DBT 

15.6 DBT 

West East 

Midlands Midlands 

17.3 DBT 

South West 

16.9 DBT 

London 

18.1 DBT 

East Anglia 

16.4 DBT 

South East 

TWO STEPS 

South West 

17.3 DBT 

16.9 DBT 

Top Five Prompter Payers 

Bottom Five Poorer Payers 


Region Dec 16 Change on Nov 16 


FORWARD AND THEN… 

Yorkshire & Humberside 14.1 +2.6 

London Business 18.1 Professional+3.4 

IT & Comms 

Real Estate 

Getting Worse 

from Home 

& Scientific 

East Midlands 15.6 +1.6 Bottom Five Northern Poorer Ireland Payers 17.8 +2.9 +7.3 +6.6 

Scotland 16.1 +0.5 

Wales +9.7 17.5 +8.2 


+2.0 

East Anglia 16.4 +5.5 

West Midlands 17.3 +2.6 

Dec 16 Change on Nov 16 


South West 16.9 +2.7 

South East 17.3 +4.6 

London Business 18.1 Professional+3.4 

IT & Comms 

Getting Worse 

from Home 

& Scientific 

15.6 +1.6 

Northern Ireland 17.8 +2.9 +7.3 +6.6 

Jason Braidwood FCICM(Grad), Head of Sales 

16.1 +0.5 

Wales +9.7Ledger Consultancy 

17.5 +8.2 at Creditsafe Business 

+2.0 

Solutions, analyses the latest monthly business to business payment performance. 

er Payers 


Northern Ireland 

side 14.1 +2.6 

16.4 +5.5 

16.9 +2.7 

AFTER an encouraging late Summer 

and Autumn where month after month 

saw improving scores in our analysis 

of trade payment across the UK, the 

end of the year appears to have brought about 

a reality check with disappointing results all 

round. In fact, if we look at where we ended 

up at the end of December we actually 

can’t find any sector or region showing an 

improvement on where they were in October, 

when we last completed our analysis. 

However, before you all abandon your 

‘Dry January’ resolutions and reach for a stiff 

drink it is worth noting that we’re nowhere 

near the depths reached back in May, and 

have ended 2016 roughly where we were a 

year ago. In addition, if we take a look at the 

year as a whole, we should take comfort that 



our averages across 2016 are certainly ahead 

of both 2015 and 2014, and it’s also fair to 

say that the differential between sectors and 

regions appears less wide. The positive trend 

that emerged through the Autumn should not 

be forgotten and the important thing now is to 

make sure that we get back to that average 

and try to improve matters rather than let the 

moves of the last two months turn into a trend 

that takes us back to square one. 

I think sometimes it can be easy to let 

ourselves get talked down by waves of bad 

news and I certainly don’t want to contribute 

to that. Undoubtedly, we are going to be living 

through a year of macro-economic uncertainty 

as the whole Brexit saga develops. I do think, 

however, that as credit professionals we can 

all play our own part in keeping the economy 

Region 

15.6 DBT 

London 

18.1 DBT 

East Anglia 

16.4 DBT 

South East 

17.3 DBT 

Real Estate 

strong by promoting a positive payment 

culture that maintains healthy cashflows for 

British businesses and thereby allows them to 

thrive. 

INDUSTRY SECTORS 

In recent months I’ve started this part of 

our review with a look at the Retail sector, 

and have been pleased to be able to report 

steadily improving payment performances that 

have perhaps reflected growing consumer 

confidence. Indeed, back in October, Retail 

even featured in our Top Five table of prompter 

paying sectors for probably the first time. The 

Christmas season is a key time for Retail, 

and unlike last year it seems to have taken a 

step back this time around with a day beyond 

terms (DBT) score of just over 17 days, nearly 

25 20 

20 15 

15 10 

10 

5 

0 

25 

5 

0 



tland 

+1.6 East Midlands 

Wales 

th d West 

17.5 DBT 

+5.5 East Anglia 

shire & Humberside 

+2.0 Wales 

t Midlands 

+2.7 South West South West 

Midlands 

16.9 DBT 

+4.6 South East 

Anglia 

+3.4 London 

es 

+2.9 Northern Ireland 

th West 


Bottom Five Getting Poorer Worse Payers 

1 2 3 4 5 6 7 8 

Education 13.7 +4.9 

Construction 14.0 +1.2 

Hospitality 15.6 +3.1 

ing Better 

Public Administration 15.9 +0.1 

Water & Waste 15.9 +6.6 

tland 

rth West seven days worse than October 2016 and 

four worse than December 2015. After a 

kshire & Humberside 

strong and improving performance in the late 

st Midlands 

Summer and Autumn it is disappointing to see 

the good work undone so swiftly, and it will 

t Midlandsbe interesting to see if this is turned around in 

Q1 2017. 

t Anglia 

Away from Retail we’ve seen a steady state 

les 

th West 

th East 

don 

of affairs in Construction that has surprisingly 

found itself in our Top Five largely due to 

poor performances elsewhere. Despite a few 

ups and downs the sector has ended the 

year roughly where it has been throughout 

2016. While in absolute terms an average in 

rthern Ireland the region of 14 DBT may be no cause for 

celebration it is certainly much better than the 

scores of well over 20 that this traditionally 

poorly paying industry was recording on a 

regular basis 18 months ago. 

Sector 


Getting Worse 

Business 

from Home 

+9.7 

West 

Midlands 

17.3 DBT 

th etting East Better 

16 


don London Business 18.1 Professional 

etting Worse 

+3.4 

from Home 

& Scientific 

thern Ireland Northern Ireland 17.8 +2.9 

Wales +9.7 17.5 +8.2 +2.0 



sional 

ntific 

.2 

Bottom Five Five Poorer Poorer Payers +9.7 Payers 

IT & Comms 

+7.3 

v 16 Sector Dec 16 Change on Nov 16 

Professional and Scientific 22.1 +8.2 

Business from Home 22.0 +9.7 

International Bodies 21.9 +2.9 

Business Admin & Support 19.3 +4.0 

Health & Social 19.0 +2.1 

Top Five Prompter Payers Payers 

Sector Dec 16 Change on Nov 16 

Sector 

Professional 

& Scientific 

+8.2 

15.6 DBT 

London 

18.1 DBT 

East Anglia 

16.4 DBT 

South East 

17.3 DBT 

IT & Comms 

+7.3 

Real Estate 

+6.6 

Water & Waste 

+6.6 

Real Estate 

+6.6 

Northern 

Ireland 

17.8 DBT 


Wales 

17.5 DBT 

Water & Waste 

+6.6 

North West 

17.2 DBT 

Yorkshire & 

Humberside 

14.1 DBT 

IT & Comms 

Real Estate 

Water & Waste 

Top 

Sector +7.3 Five Five Prompter Prompter +6.6 Payers Payers+6.6 

them 

Bottom 

back up 

Five 

to their 

Poorer 

scores 

Payers 

of earlier in the 


Summer), we must never forget how important 



the Service sectors are to the economy as a 

Service sectors are to 

Yorkshire & Humberside 14.1 +2.6 Getting Worse London Business 18.1 Professional+3.4 

IT & Comms 

Real Estate 

Water & Waste 

whole and it is disappointing 

from Home 

to see 

& Scientific 

Business the economy as a whole 

East Midlands 15.6 +1.6 

Northern Ireland 17.8 +2.9 

Admin and Support +7.3 +6.6 +6.6 

Scotland 16.1 +0.5 

Wales +9.7 

along with Business 

17.5 +8.2 +2.0 


From Home and IT and Comms back up 

East Anglia 16.4 +5.5 


on our ‘Walls of Shame’ when it comes to 

South West 16.9 +2.7 


Business 

IT & Comms 

Real Estate 

Water & Waste 

Getting Worse 

either poor payment overall or for worsening 

from Home 

Professional 

& Scientific 

+8.2 

Although we always try to look in a bit 

more detail at the traditional heavyweights of 

Construction, Manufacturing and Transport 

(which have seen increases that have taken 

performance. +7.3 +6.6 +6.6 

On a slightly more encouraging note the 

Public Sector appears to be doing its best 

to maintain its good standing with both 

Education and Public Administration keeping 

their places in our Top Five from last time 

around, although perhaps we should add a 

note of caution as Health and Social has made 

a rare appearance in the Bottom Five as well. 

While many of the businesses in this sector 

are not public, they are of course largely 

dependent on public money and contracts 

and delays in payment can easily work their 

way back up along the payment chain. 

West 

Midlands 

17.3 DBT 

South West 

16.9 DBT 

Sector Dec 16 Change on Nov 16 

Professional and Scientific 22.1 +8.2 

Business from Home 22.0 +9.7 

International Bodies 21.9 +2.9 

Business Admin & Support 19.3 +4.0 

Health & Social 19.0 +2.1 

REGIONS 

It is interesting that we have seen a very 

similar pattern across the regions and nations 

of the UK with average increases of around 

three days in nearly all areas. There also 

seems to have been a coming together across 

the country as well without some of the usual 

differentials that we have been used to seeing, 

with some regions well over 20 DBT while 

others are below ten. 

Once again we need to start our regional 

analysis by looking at London, which now 

finds itself back on top of the pile as the 

slowest paying region with an increase of 

nearly three and half days, putting it up to 

just over 18 DBT on average. While this is 

regrettable given the improvements we’d 

seen in the second half of the year, it is still 

better than the performance we were seeing 

at the beginning of 2016. London’s poor 

performance has managed to save Northern 

East 

Midlands 

15.6 DBT 

London 

18.1 DBT 

East Anglia 

16.4 DBT 

South East 

17.3 DBT 

We must never forget 

how important the 

and it is disappointing 

to see Business Admin 

and Support along with 

Business From Home and 

IT and Comms back up on 

our ‘Walls of Shame’ when 

it comes to either poor 

payment overall or for 

worsening performance. 

Ireland the ignominy of coming bottom, but 

even though the province has seen a small 

worsening, along with much of the rest of the 

country, the last few months have seen some 

its best results in the last two to three years. 

With the shrinking differential between 

regions it seems a bit harsh to be too critical 

of Wales, the West Midlands and the South 

East which are all just about half a day away 

from appearing in the Top Five rather than 

the Bottom Five. So, on a brighter note it’s 

a happy return to old times as we welcome 

Yorkshire and Humberside back to the top of 

the league of fastest paying region. It might 

not be quite as prestigious as Hull’s elevation 

to become the UK’s City of Culture but it’s 

a good start for 2017. It has undoubtedly 

been helped by the surprising jump in 

delayed payments seen in East Anglia, which 

has pushed them off the top. The other 

encouraging note is a better performance 

from Scotland, which saw an improvement in 

November balanced by hardly any change in 

December and a resulting leap up the charts. 

Indeed, Scotland, like Northern Ireland, had a 

strong end to 2016 and remains well ahead of 

its average position over the last two years. 

As I wrote last month, compared to the rest 

of the world our average scores and payment 

culture still lag a long way behind other 

countries and as we move into 2017 I can only 

hope that we can regain some of Autumn’s 

momentum and help turn this around. Sadly, 

I think we all have colleagues who still believe 

it is somehow acceptable to treat our own 

suppliers in a way they would never expect 

customers to behave. If I could have one New 

Year’s wish it would be to put a few others 

into our own shoes for a spell so they could 

perhaps appreciate the impact of payment 

delays on us all. 


Top Five Prompter Payers 



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OPINION 

BEEN THERE, 

DONE THAT? 

In the first in a new series, Neil Massa provides not just another 

article on time management! 

THERE has been a great deal written 

about how to be more productive in our 

working lives but the majority of these 

articles tend to concentrate on tips and 

quick fixes that we probably all realise seldom 

lead to a lasting improvement or significant 

increase in productivity. 

Been there? That’s why I thought I would 

try tackling this subject in a slightly different 

way. I’m not saying that the tips or quick 

fixes suggested by others are not useful, they 

frequently are, but with any problem (like ‘not 

having enough hours in the day to get things 

done’) there’s a root cause, and if we don’t 

understand this, the problem will persist. 

The problem is that people generally don’t 

understand the wider context within which 

these tips or quick fixes sit. 

So I’d like to start with a few 

simple questions: 

• How long does it take you to do your job? 

• Why are people more productive on 

their last working day before they go on 

holiday? 

• How long on average does it take you to 

do your e-mails every day? 

• What are the six main reasons why ‘To 

do’ lists aren’t a particularly effective 

productivity tool? 

• What’s the difference between being 

busy, being organised, and being 

productive? 

It takes me just under two and a half hours 

to answer these five questions and explain 

how to sustainably improve your personal 

productivity by approximately 15 percent, but 

we don’t have that time or space available in 

this article. So, where should we start? 

Quite frankly it doesn’t matter. What does 

matter is you start somewhere (otherwise 

nothing is likely to change) and my suggestion 

would be with the question which interests 

you the most. Why? Two main reasons. The 

first is if you are interested you’ll be motivated, 

and the second is that ‘your productivity’ is 

the result of a collection of things all of 

which are connected; and when you begin to 

understand the connections you can solve the 

puzzle. 

This is the reason why the tips and quick 

fixes recommended by others rarely create a 

sustainable change in productivity, because 

they don’t ask you to examine the wider 

‘system’ into which these ideas fit. 

So, my future articles, should they be well 

received, will be written as a guide to help you 

understand the collection of things which help 

us to be productive and how they are related. 

To this end I would welcome a word or two 

from you after reading this to firstly encourage 

me to continue writing these articles and 

secondly to share the questions you would 

like answered next. 

Your first action, therefore? Select one of 

the questions opposite and either ponder it 

yourself for three or four minutes, or discuss it 

with colleagues over a coffee. 

Neil Massa is a director of Smarter Not Harder 

– neilmassa@snh.training 

I’m not saying that the tips 

or quick fixes suggested 

by others are not useful, 

they frequently are, but 

with any problem (like 

‘not having enough hours 

in the day to get things 

done’) there’s a root cause, 

and if we don’t understand 

this, the problem will 

persist. 



PROMOTIONAL FEATURE 

LEARNING PARTNERSHIP 

BRINGS SUCCESS 

Dee Weston FCICM, Credit Manager at Avnet Technology Solutions, explains three steps 

to meeting challenges and achieving CICM Centre of Excellence recognition. 

AVNET Technology Solutions (Avnet) 

is a global solutions specialist with 

an unmatched portfolio of software, 

services and hardware from the 

world’s most innovative companies. The 

company is part of Avnet Inc., a Fortune 

500 company with headquarters in Phoenix, 

Arizona, USA. The credit management team is 

based in Bracknell. 

THE CHALLENGE 

In March 2010, Avnet Inc., announced its 

intent to acquire Bell Microproducts. On 

completion of the acquisition in July the same 

year, the newly combined credit team faced 

the challenge of how to bring together two 

different approaches to credit management 

while continuing to meet customer 

expectations. At this point the combined team 

included only a small percentage of CICM 

qualified personnel. Team development was 

at the heart of Credit Manager Dee Weston’s 

strategy to establishing a consolidated, best 

practice team. 

THE SOLUTION 

STEP 1 Consolidation and CICM Learning 

Partnership 

The first step was to organise the team into 

risk and collections and resolve duplication 

issues that arose from the combined ledger. 

The next was to organise a central database 

that would act as a repository for information 

that could be referenced and built on. Dee 

believed then that the team had an excellent 

starting point on which to build best practice. 

Not only did we achieve CICMQ status in 2013; we 

successfully completed our renewal in 2015 with no 

referral – an amazing achievement thanks to the team. In 

addition, Avnet received further recognition at the CICM 

awards, winning Credit Controller of the Year 2015. 

“As individual team members established 

themselves in respective roles, we wanted to 

keep the momentum going and build on the 

team’s combined knowledge and expertise. 

A CICM Learning Partnership supported this 

objective. We believe that providing support 

for ongoing development through the CICM 

programme was a way to encourage and 

recognise those keen to progress, at the 

same time creating as a truly professional 

Avnet credit team,’’ she explains. 

“Avnet fully funded the programme 

and gave support for the training to be 

completed during working hours to create 

the best possible learning environment. As 

the number of Avnet employees joining the 

programme increased, the training, which 

initially had been undertaken at a nearby 

college, was brought to Avnet’s office and 

managed as an in-house training course. 

The support from Avnet and the credit 

team’s commitment to self-development 

has continued since the programme began 

in 2010. Not only do we have more team 

members qualifying, there are also a good 

number achieving Level 5.” 



CICM Learning 

Partnerships 

LOOKING TO SUPPORT YOUR TEAM’S 

PERSONAL DEVELOPMENT? 

WANT TO BUILD THE QUALIFICATIONS 

AND STATUS OF YOUR TEAM? 

Partner with CICM – the industry-recognised 

professional body in credit management and 

collections to access specialist education support. 

Contact CICM to set up a CICM Learning Partnership. 

Free application. Discounts off CICM services 

Pathway to CICMQ and Centre of Excellence 

accreditation. 

Email: Julie.dalton@cicm.com or visit www.cicm.com 

for more information. 

STEP 2 CICMQ accreditation 

In early 2013, the Avnet credit team applied 

for CICMQ status. “The submission process 

for this prestigious recognition involved the 

whole team and served as a reminder of 

the effort, work and commitment made by 

everyone during the previous three years – 

the stakes were high,” Dee explains. “The 

discovery day was greeted with trepidation 

and excitement – quickly followed by the 

reality of the work that was required. 

“Tasks were assigned and the team 

was challenged to question all policies and 

processes. Using the knowledge they had 

gained, the team prepared process charts and 

documents, wrote policies, and demonstrated 

their credit skills. Throughout this process the 

team shone, and the progress they had made 

over the previous three years to become a 

confident, knowledgeable and experienced 

team was apparent. 

“Not only did we achieve CICMQ status 

in 2013; we successfully completed our 

renewal in 2015 with no referral – an amazing 

achievement thanks to the team. In addition, 

Avnet received further recognition at the CICM 

awards, winning Credit Controller of the Year 

2015 and being highly recommended for 

Credit Professional of the Year 2015.” 

Avnet continues to grow 

At the beginning of 2016, the Avnet credit 

team was again successful in achieving 

CICMQ status. Subsequent activities included 

hosting a CICMQ event in its Bracknell office. 

“Next on the agenda was a promise made 

four years previously at the CICM Education 

Conference, to pursue Centre of Excellence 

status,” Dee adds. 

STEP 3 Centre of Excellence 

“We considered achieving Centre of 

Excellence to be the icing on the cake. 

We had already achieved fantastic CICM 

recognition and results but would this be 

enough to qualify? Key areas for consideration 

included demonstrating ongoing learning and 

personal development in CICM qualifications 

and maintaining continuous professional 

development (CPD); consistent delivery and 

sharing of best practice; acting with integrity; 

awareness of compliance; and finally, having 

visibility within the CICMQ community through 

hosting, or participating at, events.” 

In April 2016, CICM awarded Avnet the 

Centre of Excellence status. “We are the first 

technology company, and the third overall 

company, to be awarded this prestigious 

status in the UK,” she continues. “This is an 

award which the Avnet credit team is very 

proud to hold, knowing that it has taken work, 

commitment and time to achieve. They say 

patience is a virtue, and we believe we have 

been rewarded.” 

Author: Debbie Tuckwood 

Avnet credit team achieving CICMQ status 2016 

IN BRIEF : 

THE CUSTOMER 

Credit team for a global technology 

solutions specialist based in 

Bracknell that is part of Avnet 

Inc., a Fortune 500 company with 

headquarters in Arizona, USA 

THE CHALLENGE 

To integrate processes while 

continuing to meet customer 

expectations following acquisition 

of Bell Microproducts. 

THE SOLUTION 

Established a central database, 

restructured roles and learning 

partnership. Having consolidated 

team and set up a central 

database, worked with CICM to 

train and qualify team, and achieve 

CICMQ and Centre of Excellence 

status. 

THE OUTCOME 

Outstanding results and highly 

skilled and motivated team. 

Recognition at British Credit 

Awards and as a CICM Centre of 

Excellence. 


47

HR MATTERS 

HR ROUNDUP 

Gareth Edwards summarises two recent high profile-cases 

and reports on Macmillan’s cancer discrimination survey. 

IN Rush Hair v Gibson Forbes & Anor, the High Court 

upheld restrictive covenants preventing competition 

in a geographical area and the solicitation of 

employees for a period of two years. 

In 2008 a limited company owned and controlled by 

Ms Gibson-Forbes took a franchise agreement with Rush 

Hair. Under the agreement, Gibson-Forbes' company 

opened and operated a Rush Hair salon in Windsor. 

Gibson-Forbes was successful and opened two further 

Rush Hair franchised salons in Maidenhead and Egham, 

both operated by a second company that she controlled. 

In 2015 Rush Hair agreed with Gibson-Forbes to buy 

the shares in the two companies operating the salons in 

Windsor, Egham and Maidenhead. The parties entered 

a share purchase agreement (SPA) which contained 

restrictive covenants preventing Gibson-Forbes from 

soliciting named members of staff and opening a 

competing business within two miles of the existing 

salons for two years. 

The restrictions applied to Gibson-Forbes herself, 

not any limited company she may operate through. They 

also applied for two years. Restrictions contained in 

employment contracts rarely exceed 12 months. 

Gibson-Forbes set up a competing business and hired 

staff in breach of the restrictions. The competing business 

was operated by a limited company, not Gibson-Forbes 

herself. Rush Hair issued legal proceedings. 

The High Court decided that the restrictions were 

enforceable. In terms of the two-year period, the court 

made it clear that a less rigorous approach applies 

to restrictions contained in a SPA when compared to 

restrictions in a contract of employment. 

In terms of the restriction only applying to Gibson- 

Forbes, and not any limited company she operated 

through, the court noted that Gibson-Forbes was well 

known to operate her businesses via limited companies 

and the restriction would have no real commercial 

application if given a narrow interpretation. 

CANCER DISCRIMINATION 

A survey, published by Macmillan Cancer Support, 

has revealed that 18 percent of people diagnosed with 

cancer believe that they experience discrimination upon 

their return to work. 

The survey of 1,009 cancer patients also identified 

several other points. Namely that 14 percent of those 

diagnosed with cancer give up work or are made 

redundant; that 15 percent said they returned to work 

before they felt ready to do so; and a number of patients 

said they felt guilty for taking time off for medical 

treatment. 

The survey seems to indicate that employers are not 

offering the right support and reasonable adjustments 

to employees who have suffered or are suffering with 

cancer. 

Employers are required to make reasonable 

adjustments where there is a provision, criteria or 

practice which places a disabled employee at a 

substantial disadvantage compared to those who are 

not disabled. The duty also extends to adjustments to 

physical features of the workplace and the provision of 

auxiliary aids. 

Examples of reasonable adjustments that may be 

relevant in these circumstances include allowing the 

employee to have a phased return to work and offering 

flexible working to allow the employee time to attend 

medical appointments. 

FOLLOWING IN UBER'S FOOTSTEPS 

Following the decision in the recent Uber case, where 

two of its drivers successfully argued they were workers 

and were therefore entitled to workers’ rights, it seems 

delivery riders for Deliveroo may soon follow the same 

route. 

Deliveroo provides a service that delivers restaurant 

food to a location of the customer's choice, be it their 

home or their office. To deliver the food, Deliveroo uses 

'riders' who are classed as self-employed, meaning that 

they do not currently have any of the rights afforded to 

workers or employees such as paid holiday and sick 

pay. The riders only receive payment for the deliveries 

they make and therefore do not get paid for waiting 

time. 

The Independent Workers Union of Great Britain 

(IWGB) has asked Deliveroo for recognition to allow the 

union to engage in collective bargaining and negotiate 

certain conditions, including pay for the riders. 

However, in the UK, collective bargaining does not 

apply to independent contractors, only workers. 

As such, IWGB has threatened to bring legal 

proceedings against Deliveroo, which will decide 

whether the riders are workers, if Deliveroo refuses the 

request for Union recognition. 

When an employment tribunal is considering the 

employment status of an individual, it will have regard 

to the day-to-day reality of the work being undertaken 

and may seek to disregard any label given to the 

individual by the employer. 

The decision in the Uber case is likely to encourage 

thousands of those working in the gig economy to seek 

worker status and enhance their rights to entitlements 

such as the minimum wage and paid holiday. 

Gareth Edwards is a partner in the employment team 

at Veale Wasbrough Vizards. gedwards@vwv.co.uk. 





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50 




For further information and to discuss the opportunities of entering into a Corporate 

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Sanders Consulting is a niche consulting firm 

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We provide people and process focussed 

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Begbies Traynor is the UK’s leading Corporate 

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graydon.co.uk 



SOAPBOX CHALLENGE 

KNOWING 

YOUR WORTH 

SOAPBOX 

challenge 

Karen Young is disappointed with credit professionals not knowing their 

market worth. 

I 

recently met with a young credit professional 

who, when asked what their salary expectations 

were, didn’t have the faintest idea what they 

thought prospective employers should be 

paying them. This isn’t the first time my questions 

about salary have been met with puzzled 

expressions. Equally, I have regular discussions 

with employers who want to hire very experienced 

and highly skilled credit professionals but are 

unrealistic about how much they can pay them – 

Champagne tastes on a lemonade budget so to 

speak. 

Each year, key industry spokespeople talk of 

how the demand for credit professionals shows no 

sign of diminishing. Everybody knows how demand 

drives competitive salaries. If you want the top 

talent in your team then you need to be offering 

competitive salaries and if you are that top talent 

you need to know what you should be negotiating 

for. Quite frankly, there is no excuse for not knowing 

what you’re worth as a credit professional, or if 

you’re a hiring manager knowing what you should 

be paying your team. I appreciate that, as a nation, 

we are not always comfortable talking about our 

salaries or asking for pay rises. However, there is a 

huge disadvantage for credit professionals in not 

knowing the market rate. 

Good salaries will very rarely fall in our laps. 

Knowing the market is the number one rule when 

negotiating a starting salary. Credit professionals 

should research the market to understand what 

employers are offering others at their level of 

experience and location. There are lots of ways you 

can find out your value. Use online salary guides, 

like the one we produce, and search for similar jobs 

advertised online to help you gauge your potential 

earnings. Don’t forget that recruiters can offer 

advice, I receive emails and phone calls regularly 

from senior credit professionals asking what the 

market rate is for certain positions, many of whom I 

have worked with for several years. There’s nothing 

wrong with checking in with a recruiter to find 

out what the market is doing. If you’ve been with 

your employer for a long time your salary might 

have fallen behind market rate – there’s no harm in 

checking that you’re getting what you’re worth. 

Likewise, as a hiring manager, being in the dark 

on what you should be paying your team could see 

you lose out to your competitors in the fight for 

talent. You will also miss the chance of hiring the 

best credit professionals because of not keeping 

up to date with the numbers. If you know you are 

offering a salary at market rate then don’t be shy 

about mentioning this during the interview process. 

Time and time again hiring mangers fall short 

when it comes to selling their role to prospective 

employees. The company is fantastic, you’re 

offering a decent salary and a competitive benefits 

package and know there are career development 

opportunities within the role – so tell them. Ask 

one of your best team members to meet with the 

candidate so they can hear how good it is to work 

for you first hand. If your company nurtures its 

people and recognises their top talent than you 

should be highlighting this as much as possible. As 

the demand for credit professionals remains high, 

it is the employers who can demonstrate that they 

pay market or above market rate and demonstrate 

career development opportunities, who stand the 

best chance of attracting top talent to their credit 

team. 

We should all look to gain meaning, confidence 

and satisfaction from our work, but of course, salary 

matters. Ultimately, the only person who can fight 

for the salary you deserve is you. So don’t stay in 

the dark, go and find out what you and your team 

are worth. 

Karen Young is Director at Hays Credit Management. 

52 January / February 2017 www.cicm. 


FORTHCOMING EVENTS 

Full list of events can be found on our website: www.cicm.com/events 

CICM EVENTS 

1 FEBRUARY 

CICM WEST MIDLANDS BRANCH – ANNUAL 

GENERAL MEETING AND QUIZ 

BIRMINGHAM 

The CICM West Midlands Branch is pleased to invite you 

to its forthcoming Annual general Meeting and Quiz Night. 

Full details to follow. Time: AGM 18:15 Quiz and buffet at 

18:30 

CONTACT : To book, email westmidlandsbranch@cicm.com 

VENUE : BODEGA BAR & CANTINA, 12 BENNETTS HILL, 

BIRMINGHAM B2 5RS 

7 FEBRUARY 

CICM BRITISH CREDIT AWARDS 2017 

LONDON 

Now in its 5th year the event continues to grow and 2017 

will once again, see the credit industry's leading figures 

gather to celebrate the very best performers. The annual 

CICM British Credit Awards is the recognised standard 

in the credit and collections industry and it's always 

a fabulous, glittering occasion. So make sure you get 

your entries in early, book your tables early, and join us 

for a fabulous night of celebration, entertainment and 

networking 

CONTACT : Table Booking Enquiries: Natasha Witter - 

Delegate Sales Executive T: 0207 316 9176 

E: Natasha.Witter@incisivemedia.com 

VENUE : LANCASTER LONDON HOTEL, LANCASTER 

TERRACE, LONDON, W2 2TY 

13 FEBRUARY 

CICM NORTH EAST BRANCH – ANNUAL 

GENERAL MEETING 

NEWCASTLE 

The North East England Branch is holding an AGM at 18.15 

The venue is to be confirmed – Newcastle City centre 

(Further details will be communicated via the CICM website 

(Branch events) as soon as possible. 

The AGM will be preceded by our Guest Speaker 

Adrian Storrie (Chartered Accountant and former IP) of 

adelearning, who will present on (tbc…) 

CONTACT : Please email northeastbranch@cicm.com to 

register your interest! 

VENUE : TBC 

15 FEBRUARY 

CICM THAMES VALLEY BRANCH – ANNUAL 

GENERAL MEETING AND PRESENTATIONS 

READING 

Join us for breakfast with views over Sonning Golf Course 

Following refreshments and the formal business of the 

AGM (including the election of the branch committee**) 

CONTACT : Number will be limited, so book early by email 

to thamesvalleybranch@cicm.com 

VENUE : SONNING GOLF CLUB, DUFFIELD ROAD, 

READING, RG4 6GJ 

16 FEBRUARY 

CICM BEST PRACTICE AND NETWORKING 

EVENT 

BRACKNELL 

Details to be conformed 

CONTACT : TBC 

VENUE : TBC 

23 FEBRUARY 

CICM EAST MIDLANDS BRANCH – BREAKFAST 

BRIEFING (2 CPD HOURS) 

COALVILLE 

Breakfast will be served at 08:00, presentations at 08:30, 

approximate finish 11:00. 

LAST YEAR’S EVENT PROVED VERY POPULAR, SO BOOK 

YOUR PLACES EARLY! 

Once you turn into the head office there will be signs 

pointing you in the direction of the car parking allocated 

for this event. You must reverse park your car due to 

health and safety and then head to the main entrance of 

the building where you will be greeted at reception. Please 

arrive with enough time to be registered and given a health 

and safety briefing at reception before the 08:00 start 

(allow 15/20 minutes if possible). 

CONTACT : E: eastmidlandsbranch@cicm.com 

VENUE : AGGREGATE INDUSTRIES, BARDON MILL, 

COALVILLE, LE67 1TL 

22 MARCH 

CICM LONDON BRANCH – ANNUAL GENERAL 

MEETING 

LONDON 

Details to follow 

CONTACT : Details to follow 

VENUE : TBC 

TRAINING DAYS 

2 FEBRUARY 

NEGOTIATING AND INFLUENCING SKILLS 

VENUE : LONDON 

6 FEBRUARY 

CICM WEBINAR - CREDIT MANAGEMENT IN A NUTSHELL 

VENUE : ONLINE 

21 FEBRUARY 

ESSENTIAL TELEPHONE COLLECTION TECHNIQUES 


22 FEBRUARY 

INTRODUCTION TO CREDIT RISK ASSESSMENT 


23 FEBRUARY 

CREDIT RISK ANALYSIS 


23 FEBRUARY 

DEVELOP YOUR CREDIT CONTROL SKILLS 


8 MARCH 

COLLECTING WITH CONFIDENCE 


8 MARCH 

WORKING WITH COMPANY ACCOUNTS 


16 MARCH 

ADVANCED CREDIT RISK 


16 MARCH 

DEBT RECOVERY THROUGH THE COURTS 


OTHER EVENTS 

31 JANUARY 

3RD ANTI-MONEY LAUNDERING, FINANCIAL 

CRIME AND SANCTIONS FORUM 

LONDON 

The Premier Event for Financial Crime and Sanctions 

Professionals. 

CONTACT : https://finance.knect365.com/aml-financialcrime-and-sanctions-forum/ 

VENUE : TBC 

9 FEBRUARY 

FORUMS INTERNATIONAL – SENIOR 

MANAGEMENT CREDIT FORUM (SMF) 

STRATFORD UPON AVON 

Senior Management Credit Forum (SMF) 

CONTACT : Email smf@forumsinternational.co.uk 

VENUE : STRATFORD MANOR, STRATFORD UPON AVON 

16 FEBRUARY 

FORUMS INTERNATIONAL – 

PHARMACEUTICALS & MEDICAL DEVICES 

CREDIT FORUM (PMF) 

STRATFORD UPON AVON 

CONTACT : Email pmf@forumsinternational.co.uk 

VENUE : STRATFORD MANOR, STRATFORD UPON AVON 

22 FEBRUARY 

FORUMS INTERNATIONAL – EXPORT/ 

INTERNATIONAL CREDIT FORUM (ECF & ICF) 

LONDON 

CONTACT : Email ecf@forumsinternational.co.uk 

VENUE : MARSH, LONDON 

9-10 MARCH 

FORUMS INTERNATIONAL – INTERNATIONAL 

TELECOMS RISK FORUM (ITRF) 

POLAND 

CONTACT : Email: itrf@forumsinternational.co.uk 

VENUE : WARSAW, POLAND 

15 MARCH 

FORUMS INTERNATIONAL – FRAUD AND 

CYBERCRIME FORUM (FCF) 

BIRMINGHAM 

CONTACT : Email: darren.hodder@fraudconsulting.co.uk 

VENUE : BIRMINGHAM 

16 MARCH 

9TH UTILITY WEEK CONSUMER DEBT 

CONFERENCE 

BIRMINGHAM 

The 9th Utility Week Consumer Debt Conference is taking 

place on 16 March 2017. This event, chaired by CICM 

Chief Executive Philip King, will address developing 

approaches in debt strategies in the utilities sector, driven 

by fresh technology, regulation and mounting competition. 

Experts will also give insight into the next hurdles they face 

as they continue the mission to eliminate bad 

debt. Confirmed speakers include: British Gas, Ofgem, 

Ofwat, First Utility, Npower and Southern Water amongst 

others. 

Please note that CICM members are entitled to a 

15 percent discount on registration fees. Quote the 

promotional code PARTNER15 during online registration to 

benefit from this rate. 

CONTACT : To register, visit http://events.utilityweek.co.uk/ 

debt/ 

VENUE : HOLIDAY INN BIRMINGHAM, CITY CENTRE, 

SMALLBROOK QUEENSWAY, BIRMINGHAM, B5 4EW 

16 MARCH 

FORUMS INTERNATIONAL – BUSINESS & 

OFFICE SUPPLIES CREDIT FORUM (BSF) 

LONDON 

CONTACT : Email: bsf@forumsinternational.co.uk 

VENUE : MOORE STEPHENS, 150 ALDERSGATE, LONDON, 

www.cicm.com EC1A January 4AB / February 2017 53

View our digital version online at www.cicm.com 

Log on to the Members’ area, and click on the tab labelled 

‘Credit Management magazine’ 

Just another great reason to be a member 

CREDIT MANAGEMENT IS DISTRIBUTED TO THE ENTIRE UK AND INTERNATIONAL 

CICM MEMBERSHIP, AS WELL AS ADDITIONAL SUBSCRIBERS 


www.cicm.com | +44 (0)1780 722901 | editorial@cicm.com

NEW CICM MEMBERS 

THE INSTITUTE WELCOMES NEW MEMBERS WHO HAVE RECENTLY JOINED 

MEMBER BY EXAM 

NAME 

COMPANY 

MEMBER 

NAME 

COMPANY 

Lianne Lavelle 

Simon Shewry 

ASSOCIATE 

NAME 

Mark Harris 

Julie Tait 

TalkTalk Business 

Yarlington Housing Group 

COMPANY 

Oxford University Press 

Insolvency Support Services 

Ruben Agius 

Ramim Ahsan 

Francis Baiden 

Alan Barwick 

Emma Beasley 

Gordon Cook 

Andrew Holgate 

Naveed Iqbal 

Robert Newman 

Mark Robertson 

Bruce Wills 

Asclepius (Part of ICS Group) 

HSBC 

International Bank (Liberia) Limited 

Baxi Heating UK Ltd 

Wincor Nixdorf LTD 

EDF Energy 

Assetz Capital Ltd 

Merrill Corporation Ltd 

Carter Collins & Myer 

Themis Global Limited 

Global Business Finance 

AFFILIATE 

NAME COMPANY NAME COMPANY 

Shivani Aggarwal 

Abimbola Ajayi 

Clare Aldrich 

John Alexander 

Diane Baker 

Lorna Barry 

Tansy Basford 

Lyutisya Bezhenar 

Parvinder Bhogal 

Judith Bickel 

Casey Blackmore 

Courtney Bornet 

Sophie Boyle 

Nicolien Braithwaite 

Sharon Brimfield 

Samantha Brown 

David Christie 

Deborah Clark 

Rachael Clark 

Emma Coxall 

Jamie Crilly 

Paul Daniels 

Hollie Dare 

Gareth Davies 

Annie Davis 

Nicola Deakin 

Samantha Dean 

Elizabeth Debnam 

Kenneth Dee 

Alexandra Denny 

Annette Devlin 

Niluka Dias 

Laura Dickinson 

Christopher Dilworth 

James Drake 

Daniel Edwards 

Dana Elliment 

Amelia Farnaby 

Michael Foulkes 

David Freeland 

Rufat Gafarov 

Luke Garbutt 

Laura Gardner 

Haydn Garnett 

Erica Geldart 

Linda Gerrie 

Paul Godfrey 

Alicja Goldyn 

Jacqueline Graham 

Janette Gurrell 

Dominic Harben 

Michael Harrison 

Christopher Hart 

Barry Harte 

Janice Holmes 

Laura House 

Richard Howram 

Laurice Hunn 

Cona Jackson 

Janice Jackson 

Phil Johnson 

Bereket Kahsay 

Vincent Kanema 

Carmen Kavanagh 

Andrew Kay 

Jordan Kilford 

Naftoli Klein 

Stephen Knowles 

BCA Partner Finance 

Standard Chartered Bank Ltd 

Direct Collection Bailiffs Ltd 

DPD Group 

Advanced Colour Coatings 

StepChange Debt Charity 

Mazars LLP 

Discovery net work 

Number 5 Chambers 

Hyde Housing Association 

Hyde Housing Association 

Menzies Distribution Ltd 

Stage Electrics Partnership Ltd 

Santander Consumer (UK) plc 

npower Ltd 

HB Clark & Co (Successors) Ltd 

Task Enforement Ltd 

Halifax Vogel Group Limited 

The Sheriffs Office 

QAI Services LTD (Quadrant Building) 


CJL Debt Recovery Ltd 

ABB Ltd 

Stage Electrics Partnership Ltd 

Hire Station Ltd 

Smiths News 



DPD Group 

Hunter Boot Ltd 

SC Johnson Eurafne Ltd 



Argos 

E.ON UK 

Chandlers Limited 

NG Bailey Ltd 


Colliers International 

Azerfon 


Valor Hospitality Europe Limited 


DPD Group 

Turner & Co (Glasgow) Ltd 

Plymouth Life Centre 

Gain Theory Ltd 

E.ON UK 

RSK Plc 

SIG UK Exteriors 


Total Produce UK Ltd 

Arkadin SAS 


Vospers Motor House Ltd 


Hardware Group 




Grosvenor Casino 

Great Bowerly Limited 


DPD Group 

Bristow & Sutor 

Rachel Labas 

Robert Lander 

Anita Lightfoot 

Michael Line 

Yvonne Linton 

Christopher Logue 

David Loyden 

Maria Lunden 

Kirsten Mace 

Lauren Manley 

Gurdeep Mann 

Laurentiu Manolescu 

Megan Massey 

Julie Mayoh 

Gunita Mazina 

Scott McEwan 

Jasmine Meynen 

Mohammed Miah 

Agnieszka Milka 

Angela Molloy 

Chelsea Molton 

Bradley Moore 

Luke Mulhall 

Kieran Murphy 

Sandra Mustoe 

Christian Okopskyj 

Roy Ortiz 

Jade Owen 

Kali Page 

Benjamin Palmer 

Amrat Patel 

Stephen Pearson 

Matthew Pearson 

John Pegg 

Nigel Perry 

Jade Preugschat 

Bianca Preugschat 

John Punter 

Anwar Qurayshi 

Mahendra Ramasawmy 

Ben Ratchford 

William Rees 

Rosemary Rees 

Bianca Reeves 

Charlotte Reynard 

Elliott Richards 

Chelsie Roberts 

Shelon Roberts 

Andrew Robinson 

John Roney 

Eleonora Rossi 

Andzejs Rumjancevs 

Phillip Ryan 

Mahmoud Sabry 

Christopher Samworth 

Laurie Sayers 

Simone Scarlett-Lindo 

Chanel Scholan 

Stephanie Scutt 

Ahsan Shaffi 

Jitesh Sharda 

Karl Shaw 

Michael Shaw 

Morgan Sheldon 

Devan Simmons 

Amarjit Singh 

Michael Smith 

Mitchell Starr 

Sheffield Council 


Pelham Leather Goods Ltd 

Empire Recovery Services Ltd 


BIP Solutions Limited 


Wolverine Europe Ltd 

Gilbarco Veeder-Root 



Opus Energy Ltd 


AJ Recruitment 

Bridgewater Support Solutions Ltd 

Oodle Finance 



Box Telematics Ltd 

DPD Group 



Anglia Ruskin University 

University Of Gloucestershire 

Hermon Hodge Ltd 

Imperial College London 

EH Smith Builders Merchants Ltd 

DPD Group 


Intu Properties plc 

E.ON UK 



N J P 

DPD Group 

DPD Group 


Arthur J Gallagher 

Cantifix Ltd 

G2 Recruitment Solutions Ltd 

Supergroup plc 

Peri Ltd 


Bridgewater Support Solutions Ltd 

Trust Ford Parts 

Provident Financial Management Services Ltd 


Clarendon Engineering Supplies Ltd 

CJL Debt Recovery Ltd 


Virgin Mobile KSA 

OPP Ltd 

SystemsAccountants Ltd 

Harvey & Brockless 


DPD Group 




Lion Baliffs Limited 

VPS UK Ltd 


GKM Group Ltd 



DON’T MISS YOUR 

NEXT BIG CAREER 

MOVE IN CREDIT 

GROUP REVENUE AND 

COLLECTIONS MANAGER 

INFLUENCE COMMERCIAL DELIVERY 

Bolton, £33,700-£41,800 + benefits + bonus 

This highly reputable organisation seeks an exceptional 

manager to lead a large team and manage revenue, 

invoicing and credit control activities. As well as ensuring 

prompt payment and adherence to the group credit 

policy, you will manage the special pricing team and 

help drive through key technology projects. Your ability 

to build relationships and influence people will help you 

work effectively with finance business partners, sales and 

customers alike, whilst your established leadership skills will 

ensure you motivate the team. You will be CICM and/or AAT 

qualified and relish working in a commercial environment 

to drive and deliver best practice. Ref: 2916308 

Contact Hayley Massie-Warhurst on 01942 303 990 

or email hayley.massie-warhurst@hays.com 

SENIOR CREDIT CONTROLLER 

TAKE YOUR NEXT STEP 

London, up to £26,000 + benefits 

Based in the heart of London, this newly emerging 

IT business is going from strength to strength and 

is looking to add a credit controller to its expanding 

finance team. With a strong emphasis on debt 

management strategies, the role focuses on maximising 

collections whilst building long-lasting relationships with 

clients. You will also maintain the accounts receivable 

function including the collection of outstanding debt, 

processing and posting all incoming receipts and 

reconciling and allocating cash. This is a great chance 

for you to take the next step in your career and join 

a successful, growing company. Ref: 2401328 

Contact Joshua Brown on 020 3465 0020 

or email joshua.brown4@hays.com 

CREDIT SUPERVISOR 

DELIVER BEST PRACTICE 

Bradford/Leeds, £30,000-£35,000 + benefits 

+ CICM study 

A major global manufacturer within a niche industry 

sector is seeking a credit supervisor to lead its EMEA 

credit team of five. You will be responsible for all 

aspects of credit management including monitoring and 

developing processes and procedures, ensuring deadlines 

and targets are met and providing training, coaching, 

appraisals, reporting and analysis. To be successful, you 

will be an experienced credit supervisor, ideally with 

international experience including multicurrency and 

be CICM qualified or studying towards. Ref: 2923200 

Contact Catherine Hill on 0113 200 3735 

or email catherine.hill@hays.com 

CREDIT CONTROLLER 

DEVELOP STRONG PARTNERSHIPS 

East Barnet, up to £26,000 

This market-leading, expanding company has been 

established for over 25 years and enjoyed 20% growth 

each year over the last 2-3 years. This role will focus 

on maximising the profitability of collections whilst 

maintaining customer loyalty and satisfaction. You will be 

responsible for your own ledger of clients and autonomy 

to collect overdue payments, allocate payments, run 

weekly sales invoicing and deal with queries. This is a 

fantastic opportunity to develop your career in a full credit 

cycle job and additional benefits include BUPA, annual pay 

reviews and staff discounts in modern offices with ample 

parking and a cafe onsite. Ref: 2786701 

Contact Emily Oakes on 020 3818 7043 

or email emily.oakes@hays.com 

hays.co.uk/creditcontrol 



CREDIT CONTROLLERS 

MANAGE YOUR OWN LEDGER 

Coalville, up to £24,000 

With an annual turnover of £1.5 billion, one of the world’s 

leading companies in the building materials sector is 

looking for two experienced and CICM qualified credit 

controllers to join its team of 35. Responsible for your 

own ledger with over 1,000 live accounts, invoice values 

range from £10 to £120,000 at any one time. To be 

considered, you will be target driven and able to work 

in a large open plan office. This is a fantastic opportunity 

where you are rewarded for your efforts. You will be 

joining a rapidly growing company with plenty of room 

for progression. Ref: 2917570 

Contact Jaimini Tailor on 0116 251 1818 

or email jaimini.tailor@hays.com 


MAKE AN IMPACT 

Birmingham, £21,000 

Based in Oldbury, this growing manufacturing and 

distribution company has acquired a new business earlier 

this year. Subsequently, the workload of this company 

has dramatically increased and therefore requires an 

additional head within its credit control team. This 

temporary-to-permanent role will initially include closing 

down the ledger of the newly acquired business, posting 

and allocating cash onto the Sage system and chasing 

customers across 70 live accounts before the transfer 

to its new system, Aria. The value of your ledger will be 

approximately £1 million. This is a fantastic opportunity 

to join a successful and developing company within a 

busy and friendly accounts team. Ref: 2922908 

Contact Hollie Wildman on 0121 212 1814 

or email hollie.wildman@hays.com 


JOIN AN EXPANDING COMPANY 

Paisley, £22,000-£24,000 

Working exclusively with Hays, this company 

is looking for a credit controller to join on a 

temporary-to-permanent basis. Joining a busy 

accounts receivable function, you will maintain 

a high volume, low value ledger. Duties will include 

proactively chasing debt, allocations, postings, 

reconciliations and all associated tasks. When the role 

is made permanent, you will also be given supervisory 

responsibilities. To be successful, you will be a credit 

controller with a pro-active and diligent approach 

who can lead by example. Ref: 2910641 

Contact Linda Brownlee on 0141 212 3666 

or email linda.brownlee@hays.com 

LEGAL CREDIT CONTROLLER 

MAXIMISE CASH COLLECTION 

Guildford, £competitive 

This leading Surrey based firm requires a legal credit 

controller who is looking to readdress their work-life 

balance and lose the daily commute to London. Working 

in a sole charge capacity, you will take full responsibility 

for collecting due payments and ensure the firm’s cash 

flow remains healthy. Working closely with fee earners 

who are based in several locations across the South 

East and London, you will resolve queries and ensure 

that disputes are dealt with in a timely fashion. This 

exciting role will utilise your excellent communication, 

organisation and negotiation skills. Ref: 2910594 

Contact Natascha Whitehead on 07770 786 433 

or email natascha.whitehead@hays.com 

This is just a small selection of 

the many opportunities we have 

available for credit professionals. 

To find out more email hayscicm@hays.com 

or visit us online. 



PROGRESS WITH CONTINUING 

PROFESSIONAL DEVELOPMENT (CPD) 

The CICM Continuing Professional Development (CPD) 

programme offers the tools to develop and achieve in your 

credit management career. Undertaking CPD provides a focused 

training and development plan that can be constantly reviewed 

and updated. The benefits are reflected in your ongoing personal 

achievement, experience and growth as a professional. 

CPD also offers benefit to your employer, the ability to manage 

your own self-development demonstrates a key strength and 

highlights the potential of linking learning to actions and theory 

to practice. 

Get started today, visit www.cicm.com to download your 

Development Plan and Progress Record. 

BUILD SKILLS DEVELOPMENT 

THEORY THROUGH QUALIFICATIONS 

UP TO DATE KNOWLEDGE AND INFORMATION 

NETWORKING 

www.cicm.com 

CPD 

CPD 

10 

10 



Cr£ditWho? 

CICM Directory of Services 

FOR INFORMATION, 

OPTIONS AND PRICING 

PLEASE EMAIL: 

anthony.cave@cabbell.co.uk 

COLLECTIONS 

Controlaccount PLC 

Compass House, Waterside 

Hanbury Road, Bromsgrove 

B60 4FD 

T: 01527 549522 (Sales dept) 

E: sales@controlaccount.com 

W:www.controlaccount.com 

Controlaccount has over 30 years of Credit Management and 

Debt Recovery experience, helping National and International 

SMEs and blue chip organisations, across a wide range of sectors. 

We provide a fast, proactive collection service on a no-collection, 

no-fee basis, and for some clients a zero cost option, 

utilising the late payment act to fund collection procedures. Our 

trained collectors take into account your need to recover debts, 

whilst maintaining your reputation and preserving customer relationships. 

If we can’t recover your outstanding debts through our 

collection process, then our service won’t cost you a penny; and 

with our additional in-house legal & Trace service as well as our 

credit reporting and corporate monitoring services we are ready 

to help you every step of the way. 

Blaser Mills LLP 

Rapid House 

40 Oxford Road, High Wycombe, 

Buckinghamshire. HP11 2EE 

T: 01494 478660/478661 

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen 

gpb@blasermills.co.uk 

W: www.blasermills.co.uk 

Established in 1888, leading multi-disciplinary law firm Blaser 

Mills specialises in services for businesses and individuals. 

The Firm has particular expertise in Dispute Resolution and 

Debt Recovery working with experienced credit managers and 

finance directors providing solutions to both contested and 

uncontested claims. 

Blaser Mills provides an experienced team including CICM 

qualified legal representatives and the Firm is cited in the 

Legal 500 law directory based on quality of work and strong 

client feedback. 

Offices in Aylesbury, London (Central), London (Harrow), Old 

Amersham, Rickmansworth, Staines-on-Thames. 

Think Inspire and Create Ltd 

T: 0844 414 6056 

E: info@thinkinspireandcreate.com 

W: www.thinkinspireandcreate.com 

Think Inspire and Create Ltd - No Ordinary Consultancy 

The newly-launched consultancy offers an inspired service that 

supports businesses and encourages their people to embrace 

change. If you want to drive forward sustainable change in your 

business, Think, Inspire and Create Ltd can optimise the way you 

deliver your strategy. 

Using a unique Think, Create and Inspire ethos the team works with 

businesses, embedding cross-skilled consultants within companies, 

to facilitate creative thinking, set goals and find enduring solutions 

to challenges. 

Think, Inspire and Create Ltd is committed to sharing its passion and 

experience in the following areas: 

• Credit management • Performance management • Operational 

design & Management • People Engagement • Process Change 

Management • System design and deployment • Organisation 

design. 

Our vision is to make sure that the changes you create are sustainable 

and enduring. Find out more www.thinkinspireandcreate.com 

COURT ENFORCEMENT SERVICES 

Premium Collections Limited 

Office 3, Caidan House Business Centre, Canal Road, 

Timperley, Altrincham, Cheshire, WA14 1TD 

T: 0161 962 4695. 

F: 0333 121 3843 

E: enquiries@premiumcollections.co.uk 

W: www.premiumcollections.co.uk 

Premium Collections Limited has the credit management solution 

to suit you. Operating on a national and international basis we 

can tailor a package of products and services to meet your 

requirements. Staffed by dedicated professionals with over 60 

years combined experience of handling virtually every type of 

debt issue, the company was formed in December 2002 and 

is owned by our Managing Director, Paul Daine FCICM. Paul’s 

particular areas of expertise are the motor finance, insurance 

and international debt collection sectors. Services include B2B 

collections, B2C collections, international collections, absconder 

tracing, asset repossessions, status reporting and litigation 

support. 

INTERNATIONAL COLLECTIONS 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, Old Portsmouth 

Road, Guildford, Surrey GU3 1LR 

T: +44(0)1483 457500 E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

Lovetts has been recovering debts for 30 years! When you 

want the right expertise to recover overdue debts why not use a 

specialist? Lovetts’ only line of business is the recovery of 

business debts and any resulting commercial litigation. 

We provide: 

• Letters Before Action, prompting positive outcomes in more than 

80 percent of cases • Overseas Pre-litigation collections with 

multi-lingual capabilities • 24/7 access to our online debt 

management system ‘CaseManager’ 

Don’t just take our word for it, here’s recent customer feedback: 

“...All our service expectations have been exceeded...” 

“...The online system is particularly useful and is extremely easy 

to use... “...Lovetts has a recognisable brand that generates 

successful results...” 

CONSULTANCY 

Court Enforcement Services 

Wayne Whitford – Director 

M: +44 (0)7834 748 183 

T : +44 (0)1992 663 399 

E : wayne@courtneforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

High Court Enforcement that will Empower You! 

We help law firms and in-house debt recovery and legal teams to 

enforce CCJs by transferring them up to the High Court. Setting us 

apart in the industry, our unique and Award Winning Field Agent 

App helps to provide information in real time and transparency, 

empowering our clients when they work with us. 

• Free Transfer up process of CCJ’s to High Court 

• Exceptional Recovery Rates 

• Individual Client Attention and Tailored Solutions 

• Real Time Client Access to Cases 

CREDIT INFORMATION 

M.A.H. INTERNATIONAL CORPORATION 

Breitenweg 6, 6370 Stans, Switzerland 

Ms. Melina Schuler – Business Development Manager 

T: ++41 41 618 30 54 

F: ++41 41 620 90 26 

E: m.schuler@mah-international.com 

W: www.mah-international.com 

M.A.H. is a global leader in Export Debt Collection & Trade 

Dispute Resolution Services. Our head office is located 

in Stans, our group law office in Zurich. We specialise in 

resolving cross-border cases swiftly and amicably (99 

percent of our cases are settled out of court). 

We have recovered payments from 112 countries on all five 

continents for exporters and other B2B customers of all sizes 

in all industries. We rank as first choice among international 

export companies, export credit insurers, and governmental 

organisations. 

Our mission is to ensure that all creditors receive full payment 

for products or services sold out of the UK without expensive, 

stressful, and lengthy litigation. 

Contact us to benefit from our personalised, full-package, 

No Collection – No Fee services, provided by our qualified 

multilingual global negotiators, collection attorneys, and 

affiliate local partner law firms in 65 countries. 

Sanders Consulting Associates Ltd 

T: +44(0)1525 720226 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Sanders Consulting is an independent niche consulting firm 

specialising in leadership and performance improvement in all 

aspects of the order to cash process. Chris Sanders FCICM, the 

principal, is well known in the industry with a wealth of experience 

in operational credit management, billing, change and business 

process improvement. A sought after speaker with cross industry 

international experience in the business-to-business and businessto-consumer 

markets, his innovative and enthusiastic approach 

delivers pragmatic people and process lead solutions and significant 

working capital improvements to clients. Sanders Consulting are 

proud to manage CICMQ on behalf of and under the supervision 

of the CICM. 

CoCredo Limited 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790 600 

E: helpdesk@cocredo.com 

W: www.cocredo.co.uk 

We provide live online company credit reports and related business 

information within the UK and overseas. We have direct feeds from 

Dun & Bradstreet, Companies House and other premium providers. 

We provide business information on over 256 million companies 

across 221 countries. Our information is updated over 500,000 

times per day and we have some excellent tracking mechanisms 

which provide proactive daily monitoring of changes in the global 

information on record. We can offer a wealth of additional services 

including XML Integration, D.N.A portfolio management, CoData 

marketing information, Companies House documents, Consumer 

and Director Searches. We pride ourselves in delivering award 

winning customer service, offering you unrivalled support and 

analysis to protect your business. 



Cr£ditWho? 




PLEASE EMAIL: 


Company Watch 

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

What would happen if one of your key customers failed? Do 

you rely on company information that is up to 18 months’ old? 

Company Watch provides a credit management system that’s 

predicted around 90 percent of company failures. Not only 

that, our interactive system allows you to input more up-to-date 

accounts, and to stress-test company financials to generate an 

instantly updated analysis of a company’s financial health. With 

a portfolio and email alert system, and a user interface showing 

5-year trends along with everything you need to know at a 

glance, Company Watch is an invaluable resource in the credit 

management process. 

CREDIT INFORMATION 

Graydon UK 

66 College Road, 2nd Floor, 

Hygeia Building, Harrow, 

Middlesex, HA1 1BE 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

Graydon UK is a specialist in Credit Risk Management and 

Intelligence, providing access to business information on over 

100 million entities across more than 190 countries. Its mission 

is to convert vast amounts of data from diverse data sources into 

invaluable information. Based on this, it generates economic, 

financial and commercial insights that help its customers make 

better business decisions and ultimately gain competitive advantage. 

Graydon is owned by Atradius, Coface and Euler Hermes, Europe's 

leading credit insurance organisations. It offers a comprehensive 

network of offices and partners worldwide to ensure a seamless 

service. 

EFCIS Limited t/as ICBA UK 

Specialist Trade Credit Insurance Broker 

The Office, Mill House Farm, Mill Street, Hastingwood, 

Essex, CM17 9JF 

T: 01279 437662 

E: amoylan@efcis.com 

W: www.efcis.com 

EFCIS Limited - Trade Credit Insurance, Debt Collection, Dispute 

Resolution and Legal action for small/medium & multinational 

businesses. EFCIS secures limits for clients where the financials 

alone do not support the full limit. We are tenacious when 

negotiating settlement of claims, securing full payment for claims 

and proactively working with our clients in claims avoidance. 

We are the industry’s only Broker to develop policy compliance 

software to ensure client’s maximum benefit and protection 

from the policy. We believe that a well-managed ledger supports 

business growth within increased profit and an improved return 

on investment. 

CREDIT MANAGEMENT SOFTWARE 

Creditsafe Business Solutions 

Bryn House, Caerphilly Business Park, Van Rd, 

Caerphilly, CF83 3GG 

T: 0292 088 6500. 

E: ukinfo@creditsafeuk.com 

W: www.creditsafeuk.com 

Creditsafe is Europe’s most used supplier of credit & business 

intelligence. Creditsafe have helped over 60,000 customers 

across Europe and the USA with a range of products which 

includes our UK, European and International Company Credit 

Reports, which reach over 129 countries and 90m companies; 

customer and supplier Risk Tracker and our 3D Ledger product 

which has captured over 35 million Trade Payment Data 

Experiences since its launch in 2012. All of which will help 

companies manage their exposure to risk, make informed 

decisions in relation to credit limits whilst looking at how you 

can identify gaps within your sales ledger to prioritise collections 

and leverage sales. 

Top Service Ltd 

2&3 Regents Court, Farmoor Lane, Redditch, 

Worcestershire, B98 0SD 

T: 0152 750 3990. 

E: enquiries@top-service.co.uk 

W: www.top-service.co.uk 

Top Service is the only credit reference and debt recovery 

agency to specialise in the UK construction sector. Top Service 

customers benefit from sector specific information, detailed 

payment history intelligence and realtime trade references in 

addition to standard credit information. There are currently 

3,000 construction sector companies subscribing to the service, 

ranging from multi-national organisations to small family firms. 

The company prides itself on high levels of customer service 

and does not tie its customers into restrictive contracts. Top 

Service offers a 25 percent discount to all CICM Members as 

well as four free credit checks of your choice. 

BUREAU VAN DIJK 

Northburgh House, 

10 Northburgh Street, 

London, 

EC1V 0PP 

T: +44 (0)20 7549 5000 

E: bvd@bvdinfo.com 

W: www.bvdinfo.com 

We specialise in company information with extensive company 

coverage, financial risk metrics and comprehensive corporate 

structures. 

Our information helps you make better quality decisions. 

•Assess financial risk and corporate stability 

•Get insight on the financial health of individual companies and across 

your portfolio 

•Manage your data more efficiently 

Our Credit Catalyst combines our international, standardised financial 

data with a bespoke credit platform, so you can work more efficiently, 

make better quality decisions and spot risk quickly. 

•Comprehensive coverage of companies across the globe 

•Standardised reports so you can benchmark and compare companies 

•Financial strength indicators from a range of providers 

CREDIT INSURANCE 

Arthur J. Gallagher 

Insurance Brokers Limited 

7 Floor, Temple Point, 1 Temple Row 

Birmingham B2 5LG 

T: 0121 203 3127 

W: www.ajginternational.com 

With the risk of default by customers still a major threat to UK and 

Global companies there has never been a better time to consider 

trade credit insurance. Arthur J. Gallagher’s Credit and Surety team, 

which now includes the 2014 – CICM award winning ‘broker of 

the year’ team, has considerable experience and market influence 

and recognises the unique nature of the credit insurance market. 

Our team of experienced professionals deal with a wide range of 

businesses, from SME to large corporate and global risks. Please 

contact us to discuss how a specifically tailored trade credit solution 

can benefit your business 

Innovation Software 

Innovation Software, Innovation House, 

New Road, Rochester, Kent, ME1 1BG. 

T: +44 (0)1634 812300 

E: jay.inamdar@innovationsoftware.uk.com 

W: www.creditforceglobal.com 

Innovation Software are the authors of CreditForce, the leading 

Collections and Working Capital Management Systems. Our solutions are 

used in over 26 countries and by over 20 percent of the Top 100 Global 

Law Firms. 

Our solutions have optimised Accounts Receivables processes for over 

20 years and power Business Intelligence, with functionality to: 

• improve cash flow • reduce DSO • control risk 

• automate cash allocation • speed up query resolution 

• improve customer relationship management 

• automatically generate intelligent workflows and tasks 

• manage the entire end-to-end collections cycle. 

Fully integrated with over 40 leading ERP and Accounting systems, 

including SAP, Oracle, Microsoft Dynamics and product partners with 

Thomson Reuters Elite we can deliver on either your own computing 

infrastructure or through Microsoft Azure’s award winning and secure 

cloud service.CreditForce remains the choice solution for world class 

businesses. 

Book a demonstration by calling T: +44 (0)1634 812 300 or visit 

www.creditforceglobal.com for more information. 

Co-pilot Limited 

73 Flask Walk, London, NW3 1ET 

T: +44(0) 20 7813 2182 

E: info@co-pilot.co.uk W: www.co-pilot.co.uk 

Credit Managers who manage large or multiple ledgers have come to 

realise that they need to use specialist software to achieve or maintain 

performance improvement – be that risk, collections or both. 

For many Credit Managers a key question is where to start. How do 

you examine and evaluate the options? How and when do you start the 

budgeting process? What are the steps? 

Co-pilot has advised on credit management software for a number of 

years. We have good knowledge of the available solutions, what’s good, 

how they work and what type of solution best fits given situations. We 

combine this with considerable experience of credit management Best 

Practice so that you can pull everything together into one place and 

achieve a flexible and sustainable position going forward. 

We work with you through a structured evaluation process which is 

designed to enable you to have a clear view of what you can achieve 

going forward, what is practicable, the business case implications, 

the preferred supplier(s) and what the implementation process would 

sensibly look like (in our opinion, there is no such thing as “Plug and 

play”). 

60 



Cr£ditWho? 




PLEASE EMAIL: 


Prof. Schumann GmbH 

innovative information systems 

Weender Landstr. 23, 37130 Göttingen, Germany 

T: +49 551 38315 0 F: +49 551 38315 20 

E: info@prof-schumann.de W: www.prof-schumann.de 

Our Credit Application Manager (CAM) is a leading credit risk 

management solution for major corporations, as well as insurance, 

factoring and leasing companies. In their daily work, CAM allows 

credit and sales managers to call up all the available information 

about a customer or risk in a few seconds for decision support: realtime 

data from wherever they are. CAM keeps an eye on customers 

whose payment behaviour stands out or who have overdue invoices! 

CAM provides an up-to-date forecast of customers’ payments. 

Additionally, CAM has automated interfaces for connecting to 

leading suppliers of company credit data, payment record pools and 

commercial credit insurers. The system is characterised by its great 

flexibility. We have years of experience in consulting and software 

support for accounts receivable management. 

Safe Computing Limited 

20, Freeschool Lane, Leicester, LE1 4FY 

T: 0844 583 2134 

E: info@safecomputing.co.uk 

W: www.safe-financials.co.uk 

Designed to manage your customer credit accounts effectively, 

Safe Credit Control enables your credit management team to: 

• Improve cash flow 

• Reduce debtor days 

• Increase customer service 

• Cut the cost of cash collection 

• Eliminate manual processes 

• Speed up the query resolution process 

Safe’s unique approach is centred on changing the perception 

of the credit control function from a series of reactive processes 

to proactive ones. Credit controllers are traditionally regarded 

as an essential element in business to chase late payments 

and respond to customer queries. Safe Credit Control has taken 

the concepts of customer relationship management (CRM) and 

applied it to the credit control function, providing a softer, 

service orientated team of customer service representatives. 

Credica Ltd 

Building 168, Maxell Avenue, Harwell Oxford, 

Oxon. OX11 0QT 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 

Our highly configurable and extremely cost effective Collections and 

Query Management System has been designed with three goals in 

mind: 

• To improve your cashflow 

• To reduce your cost to collect 

• To provide meaningful analysis of your business 

Evolving over 15 years and driven by the input of 1000s of Credit 

Professionals across the UK and Europe, our system is successfully 

providing significant and measurable benefits for our diverse 

portfolio of clients. 

We would love to hear from you if you feel you would benefit from 

our ‘no nonsense’ and human approach to computer software. 

STA International 

3rd Floor, Colman House, 

King Street , Maidstone , ME14 1DN 

T: +44(0)844 324 0660. 

E: enquiries@staonline.com 

W: http://www.stainternational.com 

GETTING BUSINESS PAID 

STA is an award winning B2B and B2C debt collection, confidential 

credit control and tracing supplier. ISO9001 quality accredited, and 

with the CSAs Collector Accreditation Initiative, duty-of-care is as 

important to us as it is to you. Specialising in international debt, in the 

past 12 months we’ve collected from 146 countries worldwide. “Your 

Debts Online” gives you transparent access to our collection success 

and detailed management information, keeping you in control of your 

account. We look forward to getting your business paid. 

Tinubu Square UK 

Holland House, 

4 Bury Street, London 

EC3A 5AW 

T: +44 (0)207 469 2577 

E: uksales@tinubu.com 

W: www.tinubu.com 

Tinubu Square offers companies across the world the appropriate 

SaaS platform solutions and services to significantly reduce their 

exposure to risk, and their financial, operational and technical 

costs. Easy to implement, our solutions provide an accurate 

picture of a customers’ financial health through the entire 

order-to-cash cycle, improve cash flow, and facilitate control 

of risk across the organization whether group-wide or locally. 

Founded in 2000, Tinubu Square is an award winning expert in 

the trade credit insurance industry, with offices in Paris, London, 

New York, Montreal and Singapore. Some of the largest 

multinational corporations, credit insurers and receivables 

financing organizations depend on Tinubu to provide them with the 

means to drive greater trade credit risk efficiency. 

Data Interconnect Ltd 

Unit 7, Radcot Estate, 7 Park Rd, Faringdon, 

Oxfordshire. SN7 7BP 

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Data Interconnect provides integrated e-billing and collection 

solutions via its document delivery web portal, WebSend. By 

providing improved Customer Experience and Customer Satisfaction, 

with enhanced levels of communication between both parties, we 

can substantially speed up your collection processes. 

Rimilia 

Corbett House, Westonhall Road, Bromsgrove, B60 4AL 

T: +44 (0)1527 872123 

E: enquiries@rimilia.com 

W: www.rimilia.com 

Rimilia excels in the design, development and implementation of 

Intelligent Finance Solutions that drive value from existing manually 

intensive finance processes associated with accounts receivable, 

cash allocation, credit management, bank reconciliation and cash 

forecasting. Based in the heart of the UK, our operations extend to 

Europe, USA and Asia. Experienced in the field of technology and 

accounting, our approach to business revolves around integrity 

and enabling organisations to unlock their full potential though 

innovation. Rimilia is proud to be a leading innovative supplier of 

finance solutions that make a positive change to the blue chip clients 

it supplies. 

FINANCIAL PR 

Gravity London 

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB 

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com 

W: www.gravitylondon.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the best 

in its field. It has a particular expertise in the credit sector, building 

long-term relationships with some of the industry’s best-known 

brands working on often challenging briefs. As the partner agency 

for the Credit Services Association (CSA) for the past 13 years, 

and the Chartered Institute of Credit Management since 2006, it 

understands the key issues affecting the credit industry and what 

works and what doesn’t in supporting its clients in the media and 

beyond. 

INSOLVENCY 

STRIPES SOLICITORS LIMITED 

St George’s House, 56 Peter Street, Manchester, M2 3NQ 

W: www.stripes-solicitors.co.uk 

T: 0161 832 5000 

95% success rate in disputed litigation 

cases over several decades 

Stripes technical excellence, tenacity and commercial insight has 

led to this 95 percent success rate over several decades. We have 

been particularly recommended as a leading law firm by the Legal 

500 in the litigious field for representing clients with significant and 

complex issues. 

Our specialist commercial debt recovery and insolvency team work 

with businesses ranging from SMEs to larger PLCs recovering 

business debts on a no cost or fixed fee basis and often 

recovering debts within days. We aim to understand your business 

and tailor our services to suit your requirements. Our online service 

provides you with 24/7 access to manage your account, to upload 

new debtor cases and to generate new legal instructions. 



Cr£ditWho? 




PLEASE EMAIL: 


INSOLVENCY 

Begbies Traynor Group plc 

340 Deansgate, Manchester, M3 4LY. 

T: 0161 837 1700 F: 08432181728 

E: michael.locke@Begbies-Traynor.com 

W: www.begbies-traynorgroup.com 

Begbies Traynor is the UK’s leading independent Corporate 

Rescue and Recovery practice, handling more than 1000 cases 

per year. We offer a bespoke solution for credit professionals, that 

is used by many of the UK’s leading companies. Benefits of this 

system include; 

• Access to a bespoke online case management system 

• UK coverage at creditors meetings; 

• Assistance with retention of title claims; 

• Proactive monitoring of dividend prospects 

• Advice on antecedent transactions; 

• A dedicated relationship manager to assist with your insolvency 

portfolio and answer any queries. 

LEGAL MATTERS 

DWF LLP 

Neil Jinks FCICM – Director 

M: +44 (0)7740 179 515 

T: +44 (0)121 516 7462 

E: neil.jinks@dwf.law 

W: www.dwf.law/recover 

Described by market commentators as “blazing a trail”, DWF is one 

of the UK’s largest legal businesses with an award-winning reputation 

for client service excellence and effective operational management. 

Named by the Financial Times as one of Europe’s most innovative 

law firms and independently ranked first of all top 20 law firms for 

quality of legal advice and joint first of all national law firms for service 

delivery and responsiveness. DWF offers a full range of cost effective 

debt recovery solutions including pre-legal collections, debt litigation, 

enforcement, insolvency proceedings and ancillary services including 

tracing, process serving, debtor profiling and consultancy. 

PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London 

SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

American Express is working in partnership with the CICM and is 

a globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

•Accelerate cashflow 

•Improved DSO 

•Offer extended terms to customers 

•Provide an additional line of bank independent credit to drive 

growth 

•Reduce risk 

•Create competitive advantage with your customers 

As experts in the field of payments and with a global reach, 

American Express is working with credit managers to drive growth 

within businesses of all sectors. By creating an additional lever 

to help support supplier/client relationships American Express is 

proud to be an innovator in the business payments space. 

PROFESSIONAL BODIES 

Chartered Institute of 

Credit Management (CICM) 

The Water Mill, Station Road, South Luffenham, 

OAKHAM, LE15 8NB 

T: 01780 722910 E: info@cicm.com 

W: www.cicm.com 

The Chartered Institute of Credit Management (CICM) is Europe’s 

largest credit management organisation. The trusted leader 

in expertise for all credit matters, it represents the profession 

across trade, consumer, and export credit, and all credit-related 

services. Formed over 70 years ago, it is the only such organisation 

accredited by Ofqual and it offers a comprehensive 

range of services and bespoke solutions for the credit professional 

(www.cicm.com) as well as services and advice for the 

wider business community (www.creditmanagement.org.uk). 

CICMos (CICM Online Services) 

WWW.CICM.COM 

T: 01780 722 907. 

E: training@cicm.com 

W: www.cicmos.com 

CICMOS has been designed to help busy credit managers by 

providing them with a suite of online tools to support and 

quickly develop their teams. The virtual learning centre is an 

open platform system, accessed via the website, which is 

easy to use, modular and each module is completely optional, 

which means the system can be tailored to suit specific 

requirements and time constraints. This wide ranging system 

is more than just a training tool it is easy to set up and use 

and can be accessed securely via the CICMOS website for a 

low annual subscription. 

RECRUITMENT 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

Portfolio Credit Control, New Liverpool House, 

15 Eldon Street, London, EC2M 7LD 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

Portfolio Credit Control, solely specialises in the recruitment of 

permanent, temporary and contract Credit Control, Accounts 

Receivable and Collections staff. Part of an award winning 

recruiter we speak to and meet credit controllers all day everyday 

understanding their skills and backgrounds to provide you with tried 

and tested credit control professionals. We have achieved enormous 

growth because we offer a uniquely specialist approach to our 

clients, with a commitment to service delivery that exceeds your 

expectations every single time. 

Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

it. Whatever your needs, we have temporary, permanent and 

contract based opportunities to find your ideal role. Our candidate 

registration process is unrivalled, including face-to-face screening 

interviews and a credit control skills test developed exclusively 

for Hays by the CICM. We offer CICM members a priority service 

and can provide advice across a wide spectrum of job search and 

recruitment issues. 

ANTI MONEY LAUNDERING 

THE ONLY AML RESOURCE YOU NEED 

SmartSearch 

Harman House, Station Road, 

Guiseley, Leeds, LS20 8BX 

T: 01132387660 

F: 0113 238 7669 

E: info@smartsearchuk.com 

W: www.smartsearchuk.com 

KYC, AML and CDD all rely on a combination of deep data with 

broad coverage, highly automated flexible technology with an 

innovative and intuitive customer interface. Key features include 

automatic Worldwide Sanction & PEP checking, Daily Monitoring, 

Automated Enhanced Due Diligence and pro-active customer 

management. Choose SmartSearch as your benchmark. 

ATTENTION 

PRODUCT AND 

SERVICE PROVIDERS 

You can connect with them all now by 

having a listing in CreditWho. 

For just £1,247 + VAT per annum: 

- your business will be listed in Credit 

Management magazine, which goes out to 

all our members and subscribers and has an 

estimated readership of over 25,000. 

TO BOOK YOUR LISTING 

IN CREDITWHO CONTACT: 

ANTHONY CAVE 

ON 020 3603 7934 

For even greater exposure to our 

membership and a closer association with 

CICM, why not enquire about becoming a 

Corporate Partner. 

To find out more contact Peter 

Collinson (07584 993548). 

CICM Corporate Partners now get 

CreditWho included. 

62 



MONTHLY PRIZE CROSSWORD 

CREDIT CONUNDRUM 

FOR ALL EMAIL ENTRIES FOR THE CROSSWORD PLEASE EMAIL: ANDREW.MORRIS@CICM.COM 

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved - CROSSWORD NBR 1&2 

NAME .................................................................................................................................... 

ADDRESS .............................................................................................................................. 

............................................................................................................................................... 

POST CODE .................................. TELEPHONE NUMBER ..................................................... 

The CICM is registered with the UK’s Information 

Commissioner under the Data Protection Act 1998 

(the "Act"). All the data contained on this form, is 

held and processed electronically in accordance 

with the Act. 

The Institute holds and processes your personal 

data in order to give you the full benefits of being 

a member and for administrative purposes. 

We might from time to time notify you by post or 

email of details of CICM events or other similar 

CICM services or products which we think 

September be of interest to you. If you do not wish 

to receive such notification please tick here q 

If you subsequently decide that you do not wish 

to receive such notifications please email the 

Institute at unsubscribe@cicm.com or write to the 

Data Controller at the address given below. 

The Data Protection Act gives you the right at any 

time to see a copy of all the data that we hold 

about you. If you would like a copy, please send a 

letter requesting this information together with a 

cheque for £10 payable to : 

The Chartered Institute of Credit Management 

to: Data Controller, CICM, The Water Mill, 

Station Road, South Luffenham, OAKHAM, 

LE15 8NB. 

£20 CROSSWORD PRIZE 

THERE WILL BE THREE PRIZES OF £20 EACH FOR 

THE FIRST THREE NAMES DRAWN EVERY MONTH 

ACROSS: 

1. Killer whale 

5. Remedies 

10. Parasitic insect 

14. Brought into existence 

15. Unlocks 

16. Incline 

17. Castrate 

19. Nile bird 

20. A type of evergreen tree 

21. Comment to the audience 

22. Love intensely 

23. Accost 

25. Radiolocation 

27. Indian bread 

28. Hitting the books 

31. Bird poop 

34. Backsides 

35. Petroleum 

36. Makes a mistake 

DOWN: 

1. Complies 

2. Juliet's love 

3. Creep 

4. Autonomic nervous system 

5. Child of an aunt 

6. Lit to a higher degree 

7. Absorb written material 

8. Amuse 

9. South southeast 

10. Last workday 

11. Difficult 

12. Arab chieftain 

13. Church alcove 

18. Chocolate source 

22. Contributes 

24. Hotels 

26. Emanation 

28. Twilled fabric 

29. 3 times 3 

37. Weekday 

38. Roman moon goddess 

39. Bro or sis 

40. Set straight 

41. Drugged 

42. Coccyx 

44. Arrive (abbrev.) 

45. Anagram of "Islet" 

46. Smiled contemptuously 

50. Big 

52. Subarctic coniferous forests 

54. French for "Water" 

55. Nanny 

56. Rovings 

58. Encircle 

59. Coral island 

60. Blowgun missile 

61. Articulates 

62. Segments of DNA 

63. Beers 

30. Happy 

31. A feat 

32. Murres 

33. Despotic 

34. Reestablish 

37. A flat mass of ice 

38. Wisdom 

40. Competent 

41. Gloomy, in poetry 

43. Lamps 

44. Cherubim 

46. Move furtively 

47. Kidney-related 

48. Tidal bore 

49. Cleans 

50. Falls behind 

51. Dogfish 

53. Soon 

56. Move from side to side 

57. Actress Lupino 

CLOSING DATE: 9 FEBRUARY 

CROSSWORD WINNERS FOR DECEMBER: 

Irene Staniford (ACICM), D.H.Feder (FCICM), Tony John (FCICM) 

For the chance of winning £20, forward your completed solution to: 

Art Editor, Andrew Morris, Chartered Institute of Credit Management, 

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB. 



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Jan:Feb 2017 Credit Management magazine

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