201503 CM March

NEITHER GONE NOR FORGOTTEN
PROGRESS towards new General Data
Protection regulation continues, with a
more modern view of data protection
thinking being proposed.
As a regulation and not a directive,
there is scope for individual EU nations to
interpret the new rules in their own way,
but 12 months on, and there are still areas
of concern for parts of the credit and
collections community, especially around
the concept of ‘the right to be forgotten’.
Arguments continue as regards whether
individuals can be ‘forgotten’, or whether
the right to ‘delete’ certain records should
not apply in cases where the data controller
can prove overriding legitimate grounds
to process. Similarly there are disputes in
respect to automated profiling, and whether
sufficient safeguards can prevent the need
for human intervention.
THE National Association of Commercial
Finance Brokers (NACFB) has appointed
Paul Goodman as its new chairman for the
next two years.
The election took place as part of the
Association’s first board meeting of the
year, and Paul says he is delighted to be
taking up this new role. Paul, Managing
Director of Goodman Corporate Finance,
says he is keen for the NACFB to focus
on its core principles, particularly around
continuing to raise standards: “I also want
to adopt a more collaborative approach
THE latest figures from the IMRG
Capgemini e-Retail Sales Index reveal that
£104 billion was spent online in 2014, the
first time annual spending has exceeded
the £100bn barrier. The Index grew 14
percent on 2013. For 2015, IMRG and
Capgemini forecast it will record a further
12 percent growth, with total e-retail sales
estimated to be worth £116 billion by year
end.
The Christmas shopping period as a
whole, defined as the eight weeks between
2 November and 27 December, saw UK
shoppers spend £21.6 billion on gifts and
bargains, equating to a solid 13 percent
growth on the same period last year.
However, e-retail during December
recorded just five percent year-on-year
growth – the lowest ever in the Index for
this period, as the discounting around
Black Friday focused huge volumes of
sales activity on the final week of November
(w/c 23 November). According to separate
figures from Experian and IMRG, an
estimated £810 million was spent online on
In modernising the existing regime,
legislators are proposing an increase in
the maximum fines that can be imposed
for a serious breach to 100 million or
five percent of a company’s global
turnover (this is in comparison to the UK
maximum fine currently of £500,000). For
multinational companies, it is proposed
that a regulator’s decision in one country
will be biding across multiple jurisdictions.
Other proposals include a mandatory
breach notice, privacy risk assessments
prior to the launch of any new products,
and closer management of third-party
vendors. Credit firms are being urged
to maintain a close dialogue with their
MEPs and relevant trade association and
speak with a consistent voice so that
the implications of new regulation is fully
understood.
NACFB APPOINTS NEW CHAIRMAN
between all our members and patrons to
enrich those relationships.
“A lead role with the FCA is clearly very
high on the agenda for my term of office,
as is working with members and patrons to
encourage new blood into our industry.”
Adam Tyler, Chief Executive of NACFB,
says Paul has extensive experience within
the industry: “He is well placed to offer
strong leadership through what will no
doubt be another challenging year for the
NACFB and commercial finance brokers."
nacfb.org
ONLINE SALES EXCEED £100 BILLION
Black Friday 2014, the biggest ever day for
UK online sales. The Index figures show that
the greatest concentration of sales during
the Christmas period (17 percent) took
place during the week of Black Friday.
imrg.org experian.co.uk
NEWS IN BRIEF
TECHNICAL BRIEFING
The CICM Technical Committee is working
hard on a number of projects to support
the Chartered Institute and its members in
several areas, including the Prompt Payment
Code with the Chief Executive co-chairing
a meeting of the new Advisory Board, and
attending a round table at Downing Street,
in early February. The Committee is also
looking at Government plans to change the
limits for bankruptcy creditor petitions and
Debt Recovery Orders that come into effect
in October 2015, and the formation of a pool
of business people to consider proposed
pre-pack transactions.
Other areas of interest and scrutiny
include: the publication by the HMRC of a
summary of responses to its consultation
about VAT invoicing and accounting
arrangements, to which the Chartered
Institute had responded and Guidance is to
follow; the review by the Civil Procedure Rule
Committee (CPRC) of the Ministry of Justice
into the Pre-Action Protocols on Debt Claims;
and the Lending Standards Board’s plan to
review the Lending Code, and how the CICM
should respond.
The Chartered Institute is also responding
to consultations regarding: The Money
Advice Service on views and comments
on the Standard Financial Statement; The
Joint Insolvency Committee on the revised
Statement of Insolvency Practice 16; and
the Department for Business Innovation
and Skills on two consultations - the duty
to report on payment practices and policies
and the Nullification of Ban on Invoice
Assignment Clauses.
NEWS IN BRIEF
GROWING MEMBERS
THE number of people applying for
membership and membership upgrades
to the CICM has seen a marked increase
since the start of the year. “Members could
add to the progress we're already seeing by
encouraging peers and colleagues to engage
with the CICM credit community,” says Philip
King, Chief Executive of the CICM.
LEADERSHIP TEAM
The Payment Systems Regulator, the
economic regulator for the UK’s £75 trillion
payments industry, has appointed three
heads of department to help lead the new
organisation. The new appointments are:
Carole Begent as Head of Legal; Mark
Falcon as Head of Regulatory Policy
and Strategy; and Louise Buckley as
Head of Stakeholder Engagement and
Communications. fca.org.uk/psr
The recognised standard in credit management www.cicm.com March 2015 7