July & August 2016 Credit Management magazine

CREDIT MANAGEMENT
CM
JULY / AUGUST 2016 £10.00
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
TOOTH
AND NAIL
SPEAKING OUT ABOUT
DIRECT DEBIT CLAWBACKS
www.cicm.com

Are you on the
right track to SUCCESS
End of the line
Knowledge
& skills
Enhanced
earnings
& career
potential
Still going
nowhere
Networking
CPD
Training
Can’t progress
Not qualified
No recognition
What next?
Get qualified
No support
Out of date
Lack of
Knowledege
Get CICM
magazine
Struggling
Going
nowhere
Become a
member
The recognised standard in credit management
Join online today
experience the benefits
www.cicm.com
+44 (0)1780 722900 | info@cicm.com
FLC

CONTENTS
JULY/
AUGUST 2016
www.cicm.com
REGULARS
4 Editor’s column
6 News - Feature special
30 International Trade
34 CICMQ
40 HR Matters
48 New members
59 Forthcoming Events
53 Branch News
59 Cr£ditWho? directory
63 Crossword
FEATURES
13 INSOLVENCY NEWS
David Kerr takes a look at the latest news
from the world of insolvency.
15 LEGAL HELP FOR CICM MEMBERS
Meet the CICM’s new legal partner DWF.
17 WHAT’S APP Feature special
Collections businesses could struggle to
win ‘likes’ on Facebook but should they be
developing new lines of communication with
customers? Heather Greig-Smith reports.
20 CLOUD BUSTING
Dylan Crowther considers the latest troubles
to hit the crowdfunding sector and wonders
whether recent failures are the tip of the
iceberg.
25 DIRECT ACTION Front cover feature
Sean Feast explores an issue with Direct
Debits that is costing British businesses
thousands of pounds through fraudulent
Indemnity Claims.
29 TRADE TALK
How are we ensuring future generations
have the skills needed to succeed on the
international stage? Lesley Batchelor FCICM
OBE discusses.
32 MAKE YOUR CASE
Collections Qualifications – how do they
compare? Sean Feast summarises the
three options in the debt collection space.
38 OPINION
Phil Davies gives his personal perspective
on American v European payment ‘wallet’
models.
42 PAYMENT TRENDS
The latest monthly business-to-business
payment performance statistics.
44 EDUCATION
JC Schoeman FCICM, Verizon EMEA Director
of Finance and Credit/Collections, explains
how the tailored CICM Level 2 Certificate .
programme has won success for both their .
people and business.
46 EDUCATION - GET QUALIFIED
Level 3 Advanced Credit Controller and
Debt Collection Specialist Apprenticeship
FAQs.
42
38
22 BENCH PRESS
Amir Ali MCICM provides the devil and the
detail following the meeting between the
CCUA and Lord Justice Briggs on proposed .
reforms.
6
CICM GOVERNANCE
PRESIDENT
Stephen Baister FCICM
CHIEF EXECUTIVE
Philip King FCICM CdipAF MBA
EXECUTIVE BOARD
Bryony Pettifor FCICM(Grad) - Chair
David Thornley FCICM(Grad)
Gerard Barron FCICM
Laurie Beagle FCICM – Vice Chair
Larry Coltman FCICM – Treasurer
Victoria Herd FCICM
ADVISORY COUNCIL
Laurie Beagle FCICM
Jason Braidwood FCICM(Grad) (Acting)
Glen Bullivant FCICM
Sue Chapple FCICM (Acting)
Larry Coltman FCICM
Kim Delaney MCICM
Eleimon Gonis MCICM
Victoria Herd FCICM(Grad)
Christelle Madie MCICM(Grad)
Debbie Nolan FCICM (Acting)
Bryony Pettifor FCICM(Grad)
Allan Poole MCICM
Charlie Robertson FCICM
Chris Sanders FCICM
Richard Seadon FCICM
Shakti Tanda MCICM(Grad)
David Thornley FCICM(Grad)
Debra Weston MCICM
Pete Whitmore FCICM
The recognised standard in credit management
www.cicm.com July / August 2016 3

CREDIT MANAGEMENT
CM
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
the
Editor’s
column
A FOOL AND HIS MONEY
DIRECT Debits have seemingly been
part of our banking lives forever, and
jolly good things they are too. They
help thousands of businesses make
and receive millions of payments safely,
securely and reliably every year. The facts
speak for themselves, and it would be a
foolish man who stood up and said anything
against them.
Having been a tremendous fan at school
of Feste in Twelfth Night, perhaps because
we shared a similar surname, allow me to
step forward and stick my head above the
parapet. There is an issue with Direct Debits,
specifically in relation to fraudulent Indemnity
Claims (see article on page 25), and it’s
causing CICM members more than a little
angst.
Now the good news is that Bacs is alive
to the problem, and goes to great lengths to
reassure credit managers that the percentage
of Direct Debits refunded through such claims
is a mere fraction of those collected. Mike
Hutchinson’s openness and transparency, and
the best advice he provides in helping credit
managers to minimise the chances of an
Indemnity Claim being raised, is encouraging.
Bacs also says that it is working with
paying banks to support them in identifying
inappropriate claims for refunds before
they even reach the stage of becoming an
Indemnity Claim. My attempts to engage with
the British Bankers Association (BBA) via
its press office proved less than successful,
which is a great pity since it is with the banks
that our members have the biggest issue and I
would have been delighted to have carried the
banks’ views.
Three quarters of CICM members who
responded to a recent survey said that
the banks had been singularly unhelpful in
resolving disputes involving fraudulent claims.
Does that mean that the banks simply don’t
care, or are they more bothered about blindly
following process rather than exploring their
part in helping to allow a fraud to take place?
That alone, I would have thought, was
worth a comment.
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
2016 subscriptions
UK: £85 per annum
Overseas: £110 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 July / August 2016 www.cicm.com
The recognised standard in credit management

The recognised standard in credit management
www.cicm.com July / August 2016 5

CMNEWS
A
round-up
of news stories
from the world
of consumer and
commercial
credit.
By Sean Feast and Alex Simmons
“With so much innovation
happening in payments at the
moment – it is very difficult
to predict which of these new
innovations will change the
face of the way we pay’’
DEBIT CARDS TO OVERTAKE
CASH PAYMENTS BY 2021
DEBIT cards are on track to take over
from cash in the next five years as the
UK’s most frequently used payment
method, according to a new report
from Payments UK.
The report, UK Payment Markets 2016,
reveals over 72,000 payments were made
every minute in the UK in 2015 by consumers
and businesses – totaling more than 38
billion payments. By 2025 this will go up to
79,044 payments every minute (or 42 billion
in the year), with increasing card usage
playing a major part.
Cash was still the most popular payment
method in 2015 accounting for roughly half
(45.1 percent) of all payments. However, it
is predicted that by 2025 notes and coins
will drop to just over one in four (27 percent)
payments. The tipping point for the most
popular payment method will be reached in
2021 when 14.5 billion debit card payments
are predicted, overtaking the forecast 13
billion cash payments for the first time.
Payments UK also forecasts another
landmark in 2025, when credit, debit and
charge cards will account for more than half
of all payments made (50.2 percent) – driven
in large part by the increasing popularity of
contactless cards.
Focusing solely on payments made by
consumers, the average UK adult made
20 card payments per month in 2015, of
which around one in 10 were contactless.
By 2025 individuals are predicted to use a
debit, credit or charge card virtually every
day (30 times per month) and almost half of
these transactions - 14 per month - will be
contactless. Further, many of these payments
may be made using a mobile phone, without
consumers needing to carry their plastic
cards with them.
Adrian Buckle, Chief Economist from
Payments UK, says technology, consumer
choices, business behaviour and market
developments are major factors in how we
choose to pay, and will have a major impact
on how things change over the next ten
years:
“With so much innovation happening
in payments at the moment – not just
from traditional payment providers but
increasingly from new players such as
retailers, FinTechs and other technology
providers – it is very difficult to predict
which of these new innovations will
change the face of the way we pay. How
their fortunes fare rests in the hands of
consumers and businesses but one or two
of them are bound to be big winners and
potentially losers in the next decade.”
There were 13 percent fewer cheques
written in 2015 compared to a year
earlier, but this still resulted in more than
546 million cheque payments in the
year, showing they are still valued as a
convenient and secure method of payment
by those who choose to use them. In value
terms, the CHAPS payment scheme, which
is used primarily for wholesale financial and
corporate treasury payments, accounted for
£68.4 trillion – or more than 90 percent of
the total value across all payment types.
6 July / August 2016 www.cicm.com
The recognised standard in credit management

CICM NEWS
COMPLAINTS AGAINST PAY DAY
LENDERS ON THE RISE
COMPLAINTS made against Pay Day
Lenders have risen sharply, according
to the latest figures from the Financial
Ombudsman Service (FOS).
In statistics published at the end of May,
and covering the period March 2015 – March
2016, complaints rose from 1,157 to 3,216,
an increase of 178 percent.
By way of context, however, the volume
of complaints was a mere fraction of the
340,899 new cases handled by FOS of which
more than half (188,712) related to the everpresent
PPI.
Complaints against consumer credit
products, hire purchase agreements, and
motor insurance all rose, as did the volume
of cases relating to credit reference agencies
and, perhaps somewhat surprisingly, debt
counselling services.
In contrast, complaints made against
debt collectors have fallen from 843 to 707
over the last 12 months, a drop of 16 percent,
as firms continue to give even greater
priority to identifying and understanding all
expressions of dissatisfaction and resolving
issues at source.
The fall was welcomed by the President of
the Credit Services Association (CSA), Leigh
Berkley: “Our members today have better
systems for recording and analysing the root
causes of complaints and this is having a
direct impact not only in improving levels
of customer satisfaction but also on the
number of complaints that are elevated to the
financial ombudsman.”
Within the high street banking fraternity,
complaints against current accounts rose
by 66 percent from 35,344 to 58,724, the
vast majority of those complaints focused
on packaged accounts. Complaints against
investment products fell in nearly all areas,
the only serious blip being ISAs where
complaints rose by more than a quarter (28
percent).
Pet and livestock insurance, a perennial
favourite, continued to draw negative attention,
complaints rising by 38 percent from 790 to
1,089 cases.
FOS says that a significant proportion of the
complaints received about banking and credit
involved people in financial difficulties: ’It was
clear that many of these situations would have
been less distressing, or avoided altogether, if
financial businesses and their customers had
had open, honest conversations at a far earlier
stage,’ the report states.
“Our members today have better systems for
recording and analysing the root causes of
complaints and this is having a direct impact not
only in improving levels of customer satisfaction but
also on the number of complaints that are elevated
to the ombudsman.”
NEW VULNERABILITY GUIDANCE
A new guide for advice agencies on treating
clients in vulnerable situations fairly has
been launched by the Money Advice Trust
and other advice sector organisations. The
guide builds on the charity’s existing 12-
step guidance for creditors on vulnerability,
and aims to help all advice agencies better
support their advisers in this area.
The move comes at a time of renewed
focus on the issue in the wake of the FCA’s
Occasional Paper and the report of the
British Bankers’ Association’s Vulnerability
Taskforce, chaired by Money Advice Trust’s
Chief Executive Joanna Elson OBE.
The publication, entitled Vulnerability:
a guide for advice agencies – 12 steps
for treating clients in vulnerable situations
fairly, was written by vulnerability experts
Chris Fitch and Colin Trend, and funded
by the Money Advice Trust. The guide has
the support of StepChange Debt Charity,
Christians Against Poverty, the Money
Advice Service, Toynbee Hall, Money Advice
Scotland, Advice UK, DEMSA and the
Financial Ombudsman Service.
A recent survey conducted by the
Money and Mental Health Policy Institute
highlighted the need for advice agencies to
improve the way they advised clients with
mental health problems.
The survey, which examined the
experiences of nearly a thousand clients
and covered both the fee-charging and free
advice sector, found that: 40 percent were
not asked for their consent for the adviser
to record details about their mental health
problems; 41 percent said that advisers
did not ask questions about how these
mental health problems were affecting their
financial situation; and 35 percent did not
feel their mental health problem was taken
into account, despite telling the advice
organisation about it.
“We know that debt and money advisers
need more support in this area. The launch
of this new guide for advice agencies,
which builds on the Trust’s existing 12-step
guidance for creditors, aims to help bridge
that gap,” Joanna says.
The recognised standard in credit management
www.cicm.com July / August 2016 7

CICM NEWS
NEW 90-DAY MORATORIUM WILL
SERIOUSLY IMPACT CREDITORS
THE move to a new model similar to
Chapter 11 for UK businesses heading
towards insolvency could have serious
consequences for creditors, cashflow
and thousands of small businesses within the
supply chain.
And while new Government proposals
do not seek to support failing businesses
without any hope of recovery, the ability to
distinguish the ‘good’ from the ‘bad’ will
be almost impossible to determine and the
system open to abuse.
The warning comes from Philip King,
Chief Executive of the Chartered Institute of
Credit Management (CICM) in response to a
review of the corporate insolvency framework
being undertaken by Insolvency Service (IS).
A central plank of the IS’ proposals is
the creation of a new moratorium, which will
provide companies with ‘…an opportunity
to consider the best approach for rescuing
the business whilst free from enforcement
and legal action by creditors. The proposed
moratorium would last for three months, with
the possibility of an extension if needed.’
Philip says this shift towards a US-style
Chapter 11 is fraught with danger, and
that the Government’s promise that ‘…a
moratorium is not intended to allow failing
businesses merely to buy time with creditors
when in practice there is no realistic prospect
of a rescue or compromise being reached…’
may ring hollow to credit professionals:
“Viewed positively, this is a 90-day window
for a company to work with a supervisor to
turn the business around, save jobs, and
secure a long-term future,” he says.
“Looked at another way, it is 90 days
in which the less scrupulous can fritter
away assets whilst being ‘untouchable’, to
the serious detriment of creditors and the
stability of the supply chain.”
Philip is also concerned about the
proposed extension of firms that can be
defined as ‘essential’ suppliers: “Again
while we understand the logic of preventing
‘ransom’ payments or changes to terms,
the flip side is that a wider number of firms
may later be caught out should the business
ultimately fail.”
In the foreword to the consultation,
the Rt Hon Sajid Javid, Secretary of State
Department for Business, Innovation and
Skills states: ‘Whether it’s a kitchen-table
start-up or massive multi-national, nobody
ever wants to see a company in trouble.
But, sometimes, insolvency is unavoidable.
And should the worst happen to a business,
we have a duty to give it the best possible
chance to restructure its debts and return to
profitability while protecting its employees
and creditors’.
“Whereas it is difficult not to agree with
the Secretary of State’s ambition, it is naïve
to think that the system will not be open
to further abuse by unscrupulous directors
without adequate or appropriate oversight,”
Philip concludes. “The challenge will be in
ensuring that such oversight is rigorously
monitored and the process sufficiently
transparent.”
See David Kerr’s column on page 12.
NEW CHAIRMAN AT HCEOA
THE Group Director of self-named bailiffs
company, Andrew Wilson & Co, has been
appointed the new Chairman of the High Court
Enforcement Officers Association (HCEOA).
Andrew Wilson takes the helm following a
unanimous vote held by fellow Board Members
at the Association’s AGM.
Andrew has been given the job of Chairman
in recognition of his service on the HCEOA
Board of Directors since 2004 and for his
contribution to the Association as Vice
Chairman for the last six years.
As Chairman of the HCEOA, Andrew’s
primary role will be to develop more work
for High Court Enforcement Officers (HCEO)
by encouraging the Government to remove
the artificial barriers preventing HCEOs from
enforcing Consumer Credit Act judgments.
“I am looking forward to a busy few years,
helping to drive the profession of HCEOs
forward and expanding our market in line with
the demands of our customers,” Andrew says.
Having worked in civil enforcement for
many years, Andrew brings a great deal of
experience to his new role. He helped develop
the business of Andrew Wilson & Co in 2000,
as part of the Cerberus Group of companies,
in anticipation of the industry’s shift from
Sheriffs to High Court Enforcement Officers in
2004. Prior to this, he was a solicitor in private
practice and Under Sheriff of Lancashire.
Amir Ali, Chairman of the Civil Court Users
Association (CCUA), says this is a welcome and
long overdue appointment: “Andrew has been a
leader in his field for many years and I am sure
he will make a positive impact on the future of
High Court Enforcement.”
“I am looking forward to
a busy few years, helping
to drive the profession
of HCEOs forward and
expanding our market in
line with the demands of
our customers.”
8 July / August 2016 www.cicm.com
The recognised standard in credit management

NEWS IN BRIEF
SOLAR CLOTH COMPANY IN
CROWDFUNDING CALAMITY
ADMINISTRATORS have been appointed
at Solar Cloth Company in Cambridge in
news that has sent shockwaves through the
crowdfunding community.
The business, which made a light, flexible
solar ‘cloth’ that could be placed on nonload-bearing
roofs, had raised £967,130
on Crowdcube, an equity crowdfunding
platform, in January 2015. The funding had
been provided by 392 individual investors, all
of who now look set to lose their money.
Luke Lang, a co-founder of Crowdcube,
is reported as saying: “It is important that
this is viewed in context: (up to) 70 per cent
of early stage businesses fail, according
to the Financial Conduct Authority. Our
investors are aware of this risk and it is worth
highlighting in this instance that 72 per cent
of the investment in the company came
from experienced investors who had selfcertified
as sophisticated or high-net-worth
investors.”
But critics, among them Philip King,
Chief Executive of the CICM, point out that
this means more than a quarter of investors
were neither experienced nor necessarily
HHF AGREES NEW FACILITY
WITH BRITISH BUSINESS BANK
HENRY Howard Finance (HHF) has agreed a
£51 million asset finance facility with the British
Business Bank. The facility, which is 50 percent
guaranteed by the European Investment Fund,
will allow it to extend its asset finance funding
to a larger portfolio of smaller UK businesses.
Henry Howard, backed by investor Cabot
Square Capital, says it is the first South Walesbased
lender to become a partner of the British
Business Bank. It has been providing finance
wealthy: “Crowdfunding is an innovative
and exciting part of the alternative finance
landscape we have seen emerge in recent
years, and can deliver vital funds to small
businesses, and particularly start-ups.
The downside, however, is that investors
with little or no knowledge run the risk of
investing in businesses or ventures of which
they have similarly little or no knowledge,”
he says.
Philip highlights the need for greater
responsibility for the ideas and projections
that are offered: “The company’s directors
apparently said a sale for ‘£100 million in
three years’ time’ was on the cards, that the
company had a multimillion-pound ‘revenue
pipeline’, and that contracts had been
signed with local authorities, leading retailers
and transport hubs to use its products.
Something somewhere down the line clearly
didn’t add up.”
This failure comes just three months
after the collapse of Rebus Group, a claims
management business that secured more
than £800,000 from investors on Crowdcube
in June 2015.
to small businesses for over 20 years and last
year it saw its lending grow to more than £70
million from £40 million.
One firm benefitting from HHF’s asset
finance solution is Caldicot Fleet Maintenance
Recovery, which has tripled in size over five
years following the purchase of a number of
new vehicles made possible by HHF’s support.
It now has 50 heavy and light recovery
vehicles up from just six trucks in 2011.
FALSE CLAIMS
BACS Payment Schemes Limited (Bacs)
is in talks with paying banks to resolve an
issue with nefarious Indemnity Claims that
are impacting almost a quarter of the credit
management community.
Mike Hutchinson, Head of Marketing for
Bacs, told Credit Management: “Regardless
of how small the proportion, it is important for
Bacs to make sure any Indemnity Claims are
legitimate. To that end, we are working with
paying banks to support them in identifying
inappropriate claims for refunds before
they even reach the stage of becoming an
Indemnity Claim.”
In a survey conducted by the CICM in
December 2015, it was discovered that 24
percent of British businesses have suffered
financial loss as the result of invalid clawbacks
using the Direct Debit Indemnity scheme.
Of those who had been defrauded, more
than one in ten (12 percent) had suffered a loss
greater than £50,000. More than three quarters
(78 percent) said that the banks had not been
helpful in helping to resolve their issue.
See article on page 25.
RAISING A DRAM
IAN Macleod Distillers has secured a £60
million asset-based lending package to
fund further expansion. The funding has
been provided by a syndicate of banks led
by the Royal Bank of Scotland’s assetbased
lending team and Bank of Scotland.
As the world’s 10th largest Scotch Whisky
company, the business currently produces
and sells over 15 million bottles of spirits
every year. It has a turnover of £60.5 million
and employs 111 people across its two
distilleries in Glengoyne and Tamdhu, and
head office in Broxburn.
The recognised standard in credit management
www.cicm.com July / August 2016 9

CICM NEWS
GLOBAL FACTORING VOLUME
REACHES ALL TIME HIGH
THE number of businesses using
factoring worldwide reached an alltime
high of 2,373 billion in 2015, up
1.4 percent from 2014.
However, the growth recorded in 2015
is well below the seven-year trend annual
growth rate (CAGR) of nine percent. This is
mainly due to a sharp drop in the factoring
volume in Asia, the second largest factoring
market.
Domestic factoring accounted for 1,843
billion (78 percent of the total market)
and international factoring 530 billion (22
percent). Despite the continuous challenges
in the global economy international crossborder
factoring increased by eight percent
and it remains a driver of future factoring
growth.
Peter Mulroy, Secretary General of Factors
Chain International (FCI), a network of global
factoring companies which released the
figures, says companies in Asia are more
reluctant to purchase in larger quantities due
to the decline in retail sales in the greater
China region and the uncertainty that brings
to the market: “The decline in commodity
prices has also impacted volume, resulting in
reduced valuation of invoices,” he says.
“The slowing economy has also resulted
in a contraction in financing, especially
affecting SMEs as more financial institutions
struggle with deteriorating financial
performance of their client base.’’ However,
some expect the slack to be taken up by
new players and new entrants in the markets,
from the numerous independent commercial
factors that have evolved in China, Fintechs
and the smaller city and regional banks,
which are growing in influence. Other
global markets have also shown mixed
performances and again these reflect the
varying underlying economic environments.
“We expect 2016 to be another year of
mixed fortunes.”
CICM PLAYS KEY ROLE IN LAUNCH OF NEW GUIDE
The Chartered Institute of Credit Management
(CICM) is a partner in the new Business
Finance Guide – a journey from startup to
growth. The guide, devised for businesses
and advisers by the ICAEW Corporate Finance
Faculty together with the British Business
Bank, sets out the main things to consider
and the sources of finance available to help
businesses grow.
Philip King, Chief Executive, CICM, says
that the guide is essential reading not only for
those just starting out in business, but also
established organisations who are looking
to grow and explore the options available
to them: “The CICM is once again delighted
to have played a part with other leading
business organisations in creating the guide,
and in helping to make sure more businesses
understand the diversity of financial support,
sometimes from within, that is available
to them to succeed in an increasingly
competitive commercial environment.”
The new guide can be accessed online at
www.thebusinessfinanceguide.co.uk/cicm
PLATFORM BLACK CLAIMS TO
HAVE INVESTORS’ BACKS
PLATFORM Black has announced it will
underwrite the first ten percent of every
auction on its platform, thus taking the first
10 percent of any capital loss suffered by an
investor on their platform.
Caroline Langron, Managing Director
of Platform Black, says this demonstrates
its belief in its own underwriting and its
commitment to treating investors fairly:
“Given that we have funding lines from as little
as £5,000 to as high as £10 million, this could
potentially be a considerable sum and has not
been a decision taken lightly,” she claims.
A client default with a capital exposure of
£500,000 would see Platform Black obliged
to contribute £50,000 to the investor’s capital
loss on a percent investment per investor.
“I stand by my belief that if I wouldn’t
put my own money into an auction, then I
wouldn’t expect an investor to do so either,
so from 1 July we will be the first to invest in
every auction,” Caroline continues.
To facilitate this change, Platform Black
has recruited and retains what it says is one
of the most experienced credit teams in the
industry.
“Our parent GLI Finance Plc will underwrite
our position in these trades adding further
commitment and its considerable financial
weight to this undertaking. Coupled with their
recent issue of £5m of preference shares
to Platform Black, it clearly demonstrates
GLI Finance Plc’s ongoing support for the
business.”
10 July / August 2016 www.cicm.com
The recognised standard in credit management

FCA APPOINTS NEW DIRECTOR
OF SUPERVISION
THE Financial Conduct Authority (FCA) has
appointed Megan Butler as the Director of
Supervision – Investment, Wholesale and
Specialists (SIWS). Megan had previously been
on secondment from the Prudential Regulation
Authority (PRA) where she was Executive
Director of International Banks Directorate.
Megan joined the Bank of England in April
2013 from the Financial Services Authority
(FSA). She had been a supervisor since 2008,
when she became Head of the Department
responsible for the supervision of the UK
operations of the major investment banks.
Prior to moving to supervision, Megan was
Head of Enforcement Law and Policy at the
FSA and chaired the International Organization
of Securities Commissions (IOSCO) Standing
Committee on Cross Border Cooperation and
Enforcement from 2004-2008.
Megan spent several years at the London
Stock Exchange in a variety of legal and nonlegal
roles, including Head of Capital Markets.
She is a qualified Barrister who was called to
the bar in 1987.
NEWS IN BRIEF
GROWTH SPURTS
PHILLIPS & Cohen Associates International
has extended its service offering into the
Republic of Ireland. The group already has
six other offices in the US, UK, Canada and
Australia. Co-Chairman/CEO Adam Cohen
says Ireland is one of a number of markets
that the group is focusing on as it expands
upon its partnerships with the globe’s
largest creditors and financial institutions:
“We look forward to making similar
announcements later in 2016 and beyond
as we expand further into Europe, Asia and
the Americas,” he says.
CICM IN BRIEF
This month's briefing include
details of the Government’s
consultation on improvements
to the corporate insolvency
framework, including the new
90-day moratorium for failing
businesses and the impact
on creditors, the Hays’ UK
Employment and Benefits Survey,
and the latest Thinking Blog from
Corporate Partner, Experian.
CEO LENDS SUPPORT DOWN UNDER
THE CICM CEO Philip King has been in
talks with his Australian counterparts about
the possible launch of a Prompt Payment
Code similar to the one used in the UK. The
Australian ICM is currently in discussions
with the newly appointed Australian Small
Business and Family Enterprise Ombudsman,
Kate Carnell, about measures to address late
payment. As a preliminary step, an enquiry is
being launched supported by the AICM.
Philip has also been talking to the
Department of Housing and Public Works in
Queensland, Australia which wants to learn
more about the UK’s PPC and Construction
Supply Chain Payment Charter: “The
Australians are keen to introduce measures
that will support business and want to use
the UK as a role model,” Philip explains. “The
CICM’s close involvement with BIS puts us in
a strong position to support, encourage and
advise in such areas.
“It is interesting,” he continues, “that the
UK is following Australia in establishing a
Small Business Commissioner at the same
time that Australia is following the UK in
considering the establishment of a Prompt
Payment Code.”
LATE PAYMENT DERAILS FREELANCE ECONOMY
UK freelancers are increasingly struggling
with late invoice payments, with around half
admitting they have considered quitting life as
a freelancer because of worries over continued
late payment, and 46 percent stressing about
having enough cash to live on.
The new research from Fintech start-up
Ormsby Street, also revealed that one in 10
freelancers have faced difficulties paying
their mortgage or rent because of late invoice
payment, and many have turned to family
(37 percent) or payday loans companies (36
percent) to cover a shortfall brought about by
late payment.
While a fortunate 19 percent of
respondents say most of their invoices are
always paid on time, a freelancer’s invoices are
paid on average eighteen and a half days after
their due date. At any one time, a freelancer in
the UK is owed on average £5,431.03 in late
payments and 79 percent of freelancers say
that cashflow is the number one concern for
their business.
Martin Campbell, Managing Director of
Ormsby Street, says invoicing payment is
one of a freelancer’s biggest frustrations: “For
a freelancer to be owed more than £5,000
is clearly unacceptable and threatens the
emerging freelance economy in the UK,
which brings flexibility and work/life balance
to so many.”
The Ormsby Street survey of more than
1,000 freelancers and sole-traders also
revealed that 40 percent of respondents have
taken out a County Court Judgment (CCJ) in
the last year to chase a bad debt, and more
than half say that late invoice payment is
getting worse not better.
Almost half (49 percent) of freelancers
have had to turn down a contract because of
concerns over a client’s ability/willingness to
pay on time.
The recognised standard in credit management
www.cicm.com July / August 2016 11

DON’TGET CAUGHT OUTIN
THEWEB OF AMLREGULATION
AMLAUDIT -PASSORFAIL?
Would your AML checks stand up to scrutiny?
SmartSearch hosts all your AML search and outcome data
including Sanction &PEP screening. All this data can be
retrieved 24x7 for any investigation or audit purpose.
This includes all enhanced due diligence information.
Call us now to book afree demonstration on:
0113 333 9835
THE ONLY AML RESOURCE YOUNEED
Or vist us online:
SMARTSEARCHUK.COM
SmartSearch delivers UK and International Business checks, plus Individual checks along with
Worldwide Sanction &PEP screening, daily monitoring, email alerts and full enhanced due
diligence intelligence.
12 July / August 2016 www.cicm.com
The recognised standard in credit management

INSOLVENCY NEWS
CORPORATE INSOLVENCY:
RESCUE PLAN…BUT WHAT ABOUT
CREDITORS’ RIGHTS?
THE Government’s consultation on
its review of the existing corporate
insolvency framework and options
for reform is in part about rescuing
insolvent companies, but just as much about
rescuing the reputation and ranking of the UK
insolvency regime in the eyes of the World
Bank (WB).
The Government’s stated aim is to
reclaim the UK’s top five placing in the WB’s
rankings, and to achieve that it is focussing on
measures to enhance rescue mechanisms.
ITS PROPOSALS COVER:
• A new moratorium – a freezing of creditors’
enforcement rights for three months
• Special provisions for ‘essential’ suppliers –
in effect, forced continuation of supply
• Voting changes to avoid ‘out of the money’
creditors from blocking rescue plans; and
• Priority for post-insolvency lenders to
facilitate trading on in insolvencies.
A recurring theme is the importation of US
New voting proposals
would see certain
creditors’ votes overruled
where those with a
financial stake in the
process seek to avoid
being frustrated by
minorities whose interests
would be unaffected. The
government’s plan is to
create a restructuring
opportunity that binds
creditors (including
secured creditors).
and European-style ‘debtor in possession’
processes – leaving the directors in control
whilst rescue plans are drawn up. This would
be subject to oversight by a ‘supervisor’ – but
note plans to extend this role to professionals
other than licensed and regulated Insolvency
Practitioners.
MORATORIUM
This is intended to be a gateway into rescue
or company insolvency, or at least provide a
breathing space for companies in difficulty.
The maximum period of the ‘freezing’ is to be
three months; this could only be extended by
a vote of creditors.
Creditors would be prevented from
commencing or continuing with any legal
actions, presenting a winding-up petition, or
repossessing assets during the three months,
but the company must be able to meet
ongoing commitments and have a reasonable
prospect of recovery through a rescue plan.
The company’s stay would become effective
when its application is filed in court, and
creditors (who must be sent a copy) would
have an opportunity to challenge within 28
days. The aim is to ensure that creditors are
not worse off at the end of the moratorium
period, and creditors would have a right to
request information (a provision that might be
extended to other insolvency procedures).
The supervisor during the moratorium
might be an IP (who could not then act in
any subsequent insolvency process) but
under current proposals could also be a
non-IP accountant or solicitor – an interesting
proposal given the capacity and expertise
in the insolvency profession and the need
to perform functions akin to those in a
Company Voluntary Arrangement, where
an IP must supervise. IPs’ fees are subject
to new requirements (as reported in this
column recently), but there are no details in
the consultation document about how non-IP
supervisors might be remunerated or their
costs controlled by creditors.
‘ESSENTIAL’ SUPPLIES
Key trade suppliers would be included in a
wider definition of supplies deemed to be
essential to keep a business trading.
The company could designate those it
considers essential. Creditors can appeal to
the court but would otherwise be compelled
to supply.
VOTING ON A PLAN
New voting proposals would see certain
creditors’ votes overruled where those with
a financial stake in the process seek to avoid
being frustrated by minorities whose interests
would be unaffected. The government’s plan
is to create a restructuring opportunity that
binds creditors (including secured creditors). It
also proposes to reintroduce a voting process
using a combination of number and value – a
system last seen in UK insolvency legislation
thirty years ago, but used in the Companies
Act scheme of arrangement. Voting will be by
electronic means.
The court will have a role to play in
safeguarding creditors’ rights.
LENDERS’ RESCUE FINANCE
Companies will be able to grant new security
to those who provide finance to enable the
company to continue in business and trade
during the moratorium period. This will have
priority in the proceedings, ranking above
ordinary creditors – a ‘super priority’.
The Government’s central aim here is to
facilitate more company rescues, which it
hopes will produce better returns for creditors.
Protection from creditor action is seen as
a necessary adjustment in the balancing
of rights, but short-term frustration may be
appeased by longer-term gains through the
survival of viable businesses and a greater
prospect of ‘returning money to creditors
quickly and at a lower cost’ – an area in which
improvement is necessary if the Government
is to achieve its aim of a higher WB ranking.
Read 90-day moratorium article on page 8.
David Kerr MCICM is the Chief Executive of
the Insolvency Practitioners Association (IPA).
The recognised standard in credit management
www.cicm.com July / August 2016 13

THE
CREDITCONTROL
RECRUITMENT
SPECIALISTS
www.portfoliocreditcontrol.com
We want to recognise the greatwork that your organisation does in your specific field andreflect the added
value you provide to the local community and beyond. We areacutely awarethatCharities, Housing Associations,
Educational bodies, NHS and Local Government organisations areunder immense constraints when it comes to
budgets and costings and everypenny savedisvital.
Portfolio Credit Control is nowofferingall Not forProfit Organisations
afixedrate for your current and futurepermanent recruitment
of 15% ACROSS THEBOARD for all positions and salarylevels.
We would love the opportunity to work with you in the futureand to discuss your recruitment requirements
in greater detail.
Give us acall on 020 7650 3199
or email recruitment@portfoliocreditcontrol.com
www.portfoliocreditcontrol.com
14 July / August 2016 www.cicm.com
The recognised standard in credit management

LEGAL MATTERS
INTRODUCING...
DAVID SCOTTOW, SENIOR DIRECTOR AND
NATIONAL HEAD OF RECOVERIES AT DWF LLP
DD +44(0)113 261 6169 M +44(0)7833 092 628 E david.scottow@dwf.law
ALMOST a decade ago I founded
the recoveries team at DWF. Having
previously worked for a number
of other leading law firms, and in
High Court enforcement as well as industry
experience as a credit manager, I now have
valuable insight and understanding into the
issues faced by clients.
My co-directors are equally well-qualified:
Director Technical, James Perry is a solicitor
with over ten years of post-qualification
experience and is responsible for all disputed,
defended and contentious matters. Alongside
James, Kevin Feehan specialises in prelegal
collections and civil recovery while Neil
Jinks is responsible for client relationship
management and business development.
Additional senior managers within the
team include Jeffersen Gledhill, legal and
operations manager, and Ryan Hinnells, who
specialises in insurance-based recoveries.
The 45-strong team brings together a very
diverse group of people from all walks of life,
who operate nationally and internationally
across our offices, and we’re continuing to
grow with key lateral hires and an increasing
client base, all attracted by our unique
approach to debt recovery work.
Over time, our operation has developed to
become a full service debt recovery provider
offering pre-legal collections, debt litigation,
through to judgment and enforcement as well
as insolvency, ancillary and technical services.
As much as I dislike the phrase “One stop
shop” I must admit it is the obvious way of
describing what we offer.
The team has a great breadth of skills,
utilising debt segmentation and debtor
profiling, sophisticated collections techniques
as well as strategic litigation and enforcement,
which helps us to achieve the desired
results for our clients. In addition, our
approach to collaboratively working with our
clients, tailoring our services and working in
partnership with them is a great recipe for
success and results in repeat business and
long-term relationships, which are rewarding
on both sides. In line with the firm’s strategy,
we also have a very sector-driven approach,
with dedicated teams specialising in central
and local government, civil recovery, general
commercial, insurance, professional services
(including numerous other law firms) and
utilities, as well as businesses of all sizes from
sole traders and SMEs to large corporates
and international organisations.
A lot of our new business comes to us
based on personal recommendations. The
fact that we have engaged with the credit
community over many years has stood us in
good stead and helped us to support an ever
growing list of 500 plus clients where we are
generally instructed by the credit professional
in each business. Other routes to market
for us include our ‘Champion Challenge’
proposition where companies trial us against
their incumbent supplier and, more often than
not, we can outperform them by increasing
collections, speeding up the process and
reducing the cost of debt recovery. For some
clients, we can turn their legal spend into a
cost neutral or even a cost positive solution
– a surprise to many when we open up a new
revenue stream from something that is usually
a drain on their finances and other valuable
resources.
Our work in the credit community on
both a local and national level has helped us
to raise our profile, but there are still many
who are surprised to learn that a full service
commercial law firm, one of the UK’s largest
and with a growing international presence,
offers a complete range of debt recovery
services – and yet we very much do. As a
Yorkshireman, cost is a subject very close
to my heart and I can reassure you that our
market research reveals our fees to be more
competitive than most with no hidden extras
that are applied by some providers.
As a firm, part of our strategy is to develop
David Scottow
commoditised products and services to
enable us to be as cost effective as possible.
To that end, I am pleased to introduce you to
‘DWF Recover’ our package of debt recovery
services covering everything that we can do.
I invite you to find more details about this
via our website at www.dwf.law or please
do contact me if you would be interested to
receive further details or to discuss the issues
that you face as a credit manager and the
potential solutions that we can provide.
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 let me know
if you would like us to cover any particular
legal topics or issues in future editions. I look
forward to meeting members over time and
welcoming you to our London offices in the
iconic ‘Walkie Talkie’ Building at 20 Fenchurch
Street for the CICM Law Conference 2016.
AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF
VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE.
The recognised standard in credit management
www.cicm.com July / August 2016 15

Abrand
youcan
trust...
Solutions for: cashallocation, cash application,
bank reconciliation, cash forecasting and credit management.
When you choose Rimilia you can be confident you are in safe hands. Customers
who use our products know they are using the best financial solutions on the market.
Our cloud based solution can be delivered out of the boxin6weeks providing your
business with afast return on investmentand unrivalled benefits.Weoffer aclear
subscription modelthat includesall future upgrades with no hiddencosts giving you
peace of mind that you have made the right choice nowand for thefuture.
Benefits...
• Cloud based solution • Out of the box in6weeks
• Fast ROI • Risk free decision with transparent pricing
• Award winning solutions • Intelligent self-learning solutions
Bookademonstration...
01527872123
enquiries@rimilia.com • www.rimilia.com
Follow us:
“Alloc8 has proven to
be straightforward to
implement and is an
easy solution to use. The
levels of automation that
Alloc8 is able to deliver
in our receipt matching
process is providing
tangible benefits”.
Mark Beddoe -Financial
Systems Manager,
Loomis
What our customers say
16 July / August 2016 www.cicm.com
The recognised standard in credit management

OPINION
WHAT’S APP
WITH DIGITAL DEBT COLLECTION?
Collections businesses could struggle to win ‘likes’ on Facebook but
should they be developing new lines of communication with customers?
Heather Greig-Smith reports.
CUSTOMER demand for digital
innovation in financial services is
intense. More than a third of European
consumers would move bank or insurer
if they didn’t offer up-to-date technology to
aid interaction, according to a recent survey
by Fujitsu. The same survey said nearly a
third are embracing mobile payments, while a
fifth are already using wearables and cryptocurrency
to pay.
While customers can’t choose their
collections agency, their preferences on how
to communicate cannot be ignored. Is the
sector keeping pace in a world dominated
by smartphones but increasingly tired of
telephony?
John Ricketts, vice president of trade body
the Credit Services Association, says catering
to digital natives is essential: “The challenge
for our industry is to understand how this new
generation coming through communicates
and how you work within the rules to
communicate with them.”
He believes email will be a transitional
tool as tech-savvy consumers opt for social
media and messaging apps. “Email as
an interpersonal communication tool is in
decline because people are moving to other
forms of social media such as Snapchat and
Instagram.”
Ricketts says there are issues of
confidentiality and access to the mobile
phone numbers and email addresses needed
for other communication. “Getting hold of
mobile numbers is a challenge. They are only
available on a relatively low percentage of files
that come into collections businesses. Data
capture is lagging behind.”
MEDIA NEUTRAL REGULATOR
The Financial Conduct Authority (FCA) is
unruffled by the idea of firms using new
channels. “Our rules are media neutral,” says
a spokesman. “How they communicate is
up to the firm, so long as they abide by our
rules.”
In particular, the FCA is concerned with
CONC rules which say that a firm must not
unfairly disclose information to a third party;
must not publicly embarrass the customer;
and must take reasonable steps to ensure that
third parties do not become aware that the
customer is being pursued for a debt. Clearly
any public posts on social media would
contravene these principles.
In addition, firms must not contact
customers at unreasonable times. Interpreting
this is a potential problem for collectors. Is
an instant message in the evening intrusive?
Bruce Curry, client services partner at
FICO, says there shouldn’t be a problem as
consumers increasingly expect 24/7 access to
their finances and they will be able to control
when they open messages.
WhatsApp messaging could take off for debt collection in
future – the messaging app’s volumes overtook SMS some
time ago with over 30bn messages sent a day, and the
technology shows when the messages have been read –
unlike SMS. The app’s latest versions also have end-to-end
encryption though this shouldn’t be the deciding factor.
continue
The recognised standard in credit management
www.cicm.com July / August 2016 17

continued from page 17
However, he adds that the FCA may need
to look at this in future. “Will there come a
time when the number of messages in a day
aggregated across channels, or the timing
of those messages, needs governance?
It wouldn’t surprise me if it did become a
problem.”
WhatsApp messaging could take off for
debt collection in future – the messaging
app’s volumes overtook SMS some time ago
with over 30bn messages sent a day, and the
technology shows when the messages have
been read – unlike SMS. The app’s latest
versions also have end-to-end encryption
though this shouldn’t be the deciding factor:
neither SMS nor email have that level of
security. Facebook messaging could also be
used. However, at the moment, Curry says
the use of social media is not a high priority in
collections.
“We don’t see much of a push towards
people using social media. There is private
messaging on Facebook but a lot of people
using Facebook don’t know how to defriend
someone, never mind understand which part
of Facebook a message is coming from.”
IMPROVE EXISTING TECHNOLOGY
Curry believes collections agencies can make
massive gains by updating existing channels,
rather than voyaging into social media. He
advocates ‘omni-channel’ communications,
using a blend of IVR, SMS and email backed
by a rules engine to determine how and when
to communicate.
In an omni-channel environment each
step is dictated by the last communication –
customers enjoy two-way interaction across
all channels and the system offers tailored
support on a 24-hour basis, transferring the
customer across channels as necessary. Curry
says that while many in the industry may claim
to run an omni-channel strategy, in reality
most are not fully integrated and two-way.
“I don’t believe the industry has really
understood the power of communicating
with customers across multi-channels.
They are still comfortable with having good
single channels,” he says, adding that there
is a failure to understand the need for 24/7
services.
“You can understand your customer’s
intent much earlier than previously – you
know by day five whether they are interested
in collaborating with you. You can use the
channels to manage the easy accounts and
rely on staff to work on the harder ones.”
ZINC-PLATED
The Zinc Group moved into this area early and
is reaping the benefits. Zinc chief executive
Dougie McManus says 22-23 percent of
interactions with customers are now ‘nonverbal’
– made through portal, SMS, web
chat, skype or email. The company began
its journey over two years ago after what
McManus describes as a “lightbulb” moment
when he watched his son texting a friend at
18 July / August 2016 www.cicm.com
The recognised standard in credit management

FEATURE
SPECIAL
the other end of a long pub table. “It is how
people interact and are comfortable in today’s
environment,” he says.
McManus says the downturn in the
effectiveness of telephony means the
industry must find new ways of engaging
with customers. He launched an E-solutions
strategy, creating portal wewanttosayyes.
co.uk for customers to manage accounts
without needing to speak to an agent. The
company also created a web chat function,
which is manned 24 hours a day. Zinc limits
its outbound communications to the hours
stipulated in telephony guidance but makes
staff available to interact if the customer
initiates contact. “It’s a very easy service to
offer. We only respond if they ask a question.
If someone emails us at 2-00am they will get
an answer.”
The latest innovation is a Zinc mobile app
customers can download to manage their
accounts – something McManus says will be
useful for customers making payments over
a number of years. As well as considering
channels such as WhatsApp, he says new
ways of making instant payments will be an
area for the industry to watch.
Another business moving in this direction
is Cabot Credit Management. Derek Usher,
managing director for debt purchase, says
change is needed to keep up with customer
preferences for communication. First and
foremost that means a mobile-friendly web
portal for account management. CCM is
currently launching a new site to do this
and also uses SMS to remind customers of
payments.
“We are moving to a multi-channel
integrated approach in the way we
communicate with the customer,” he says.
“Fewer people are using PCs and laptops,
instead relying on their phone. It is critical that
sites are mobile optimised, otherwise they
have a fraction of the value.”
sure we treat these channels with care – it has
to be about making it easy for the customer
and making them feel safe in the way they
communicate with us.”
CCM is also keen to launch an app and
Usher says it wants to add value beyond
account management, perhaps providing
access to credit scores and budgeting tools.
Curry agrees that unless there are additional
consumer benefits collections apps may be
hard to implement, being “the app you wish
you didn’t need”.
All this doesn’t mean to say that phone and
letter communications are obsolete. There are
times and situations where they are preferred
or where other channels may be inappropriate.
Nick Cherry, UK managing director of Phillips
and Cohen Associates, says while the
company is investing in a self-serve Estate
Resolution portal for executors, its specialism
of deceased recoveries requires a careful
approach.
“We don’t believe we can convey the right
level of compassion through every media,” he
says. “We recognise we’re now in the world of
the digital native and in the next ten years 40-
50 percent of interactions are going to happen
that way. The biggest challenge is mapping
the route safely, being able to demonstrate
the same levels of compliance and oversight
We are moving to a multi-channel integrated
approach in the way we communicate with the
customer. Fewer people are using PCs and
laptops, instead relying on their phone. It is critical
that sites are mobile optimised, otherwise they
have a fraction of the value. The next step, will be
to launch interactive SMS and web chat.
The next step, says Usher, will be to launch
interactive SMS and web chat. Customers
may be able to text information about their
payments or intentions in situations where a
phone call would be intrusive: for example on
the train home from work.
“Beyond that we are interested in looking
at things such as WhatsApp and private
messaging on Facebook. We want to make
that our clients demand, whilst also being
able to exceed customer expectations on their
preferred communication channel.”
Ultimately, consumer choice and demand
will set the pace of change. “It is where
debt recovery has got to go. The days of us
dictating the terms of communication are
fading very quickly if not gone forever,” says
McManus.
The recognised standard in credit management
www.cicm.com July / August 2016 19

OPINION
CLOUD BUSTING
Dylan Crowther considers the latest troubles to hit the crowdfunding sector
and wonders whether recent failures are the tip of the iceberg.
IN late 2015/early 2016 Torquing and Rebus
groups provided two of the biggest failures
in crowdfunding history.
Torquing, based in South Wales,
developed an idea to create a palm-sized
drone called Zano that promised to include
features such as smartphone control and
picture/video recordings that would last up
to 15 minutes at a time. The concept was so
appealing, that over 12,000 investors pledged
to the project through their Kickstarter page,
raising £2.3 million, 18 times more than the
group required.
With such depth of finance and willing
investors, you would have thought that the
company could achieve so much more than
they had initially promised. Unfortunately,
it proved not to be the case. The company
voluntarily filed for liquidation on November
18, 2015, proving, perhaps, to be one of those
once-in-a-lifetime investment opportunities
that really was too good to be true.
The Rebus Group, similarly, aimed to
raise a large sum of money quickly through
crowdfunding. The company, whose focus
was in claims management, wanted the
extra money to expand. It raised in total
£816,790 through 109 individual investors on
Crowdcube, but eight months down the line
the company went into bankruptcy in early
February 2016, leaving the hopeful investors
with nothing to show for their cash.
SPECTACULAR FAILURES
Sadly, both Torquing and Rebus have been
joined by a third spectacular failure, this time
involving the Cambridgeshire-based Solar
Cloth Company. The company that set out
to redefine solar through making flexible
solar panels, gathered £967,130 worth of
investment from 392 individual investors, but
has now closed it’s doors for good, leaving it’s
investors with little or nothing to show for their
trust and good intentions.
With three largely funded companies
collapsing within a matter of months, could
this now be an all too familiar trend that could
burst the crowdfunding bubble?
It must be stated that crowdfunding is a
fantastic concept in theory, and does provide
a series of benefits, with websites such as
Kickstarter and Crowdcube providing the
perfect financial platform for companies to
start up and grow where previously they could
not. The process is extremely simple with the
companies simply pitching on the websites
to their registered users who then decide
whether to invest or not.
This process itself is a good way to
identify whether the product is a ‘hit’ or not
by the general response it receives from
the investment community. According to
Crowdcube’s 2015 market data, the websites’
investors had successfully funded 90
‘Making investors aware’ and ‘increasingly making
the investment environment more transparent’ to
show the risks that they are taking on. Addressing
investor awareness is certainly a much needed step,
but it may prove challenging to address an audience
that has lost trust through both the Torquing Zano
drone and the Rebus group collapse.
companies, showing that people are wanting
to see companies develop.
Information such as this can motivate
creative individuals (eg inventors and
designers) by inspiring them to keep on
creating as they know there are sources
of funding that will aid in turning ideas into
reality. It is however accepted, that in order
to make them a reality, the idea needs to
get out there and people need granular
information about the projects, which is why
crowdfunding websites allow for promotional
and marketing materials to be placed
alongside the investment pitch to give people
more information and an appreciation of the
idea they will be investing in.
PROMOTIONAL VIDEO
Torquing, the company behind the Zano
drone, did this really well creating a
promotional video, which displayed the
product in full working order, showing off
its features and practicality within a range
of different environments; in fact Torquing
did it so well they gained high profile
media coverage through the BBC for it,
that accelerated the project through the
amount of positive free PR that was being
generated. It ultimately raised the profile of the
crowdfunding campaign to the point where
the total invested reached £2.3 million.
But with such large volumes of money
being injected, it begs the question whether
investors truly understand the level of risk
they are taking on. Of course this won’t be
the case for all investors associated with the
websites; many of the larger donor and more
sophisticated investors will have carried out
their research in advance and fully understand
the implications of their investment, but the
average man, woman or teenager may not be
so well informed.
Julia Groves of the UK Crowdfunding
Association (UKCFA), a Director and Partner at
Downing Crowd, spoke to the Financial Times
in February 2016 regarding the Rebus group
collapse: “We should be in no doubt that there
will be failures like Rebus [but]. . . the question
is whether people understand the risks they
are taking.”
Very true. This perhaps underlines the
need for much more to be done to make
investors better aware of the potential risks
they face. Luke Lang, Co-Founder of the
crowdfunding platform, Crowdcube, said in a
recent interview that the company is focusing
on ‘making investors aware’ and ‘increasingly
making the investment environment more
transparent’ to show the risks that they are
taking on. Addressing investor awareness
is certainly a much needed step, but it may
prove challenging to address an audience that
has lost trust through both the Torquing
Zano drone and the Rebus group collapse.
In some quarters it has even been suggested
that investors were ‘misled’ by the claims
being made by the companies seeking
investment, and that should be a concern.
FREELANCE JOURNALIST
When Torquing went into liquidation, freelance
journalist Mark Harris investigated the details
behind the collapse, to give investors and
the media greater clarity and understanding
about why the project failed. He summarised
his findings by stating that the company had
20 July / August 2016 www.cicm.com
The recognised standard in credit management

indeed misled investors regarding the firm’s
true capabilities and readiness through a
particular promotional video.
In terms of the collapse of the Rebus
Group, James Hurley of The Times similarly
reported that investors had been misled by
the group as they didn’t disclose the full scale
of their financial problems at the time of the
pitch. He identified the lack of regulatory
controls as being an issue, resulting in a lack
of clarity and creating the risk for certain firms
and platforms to mislead potential investors.
Investors only know what they are told and
trust is a major issue. The issue can be further
compounded if they hear that company
directors are awarding themselves greater
salaries and purchasing expensive cars as
Mark Harris summarised in his findings of
Torquing, something which shows just how
little control there is on how funds are used.
Crowdfunding platforms perhaps share
With such depth of
finance and willing
investors, you would
have thought that the
company could achieve
so much more than they
had initially promised.
Unfortunately, it proved
not to be the case. The
company voluntarily
filed for liquidation on
November 18, 2015.
some of the responsibility too and various
suggestions have been made as regards how
investors can be better protected. Cash sums
could be staged, for example, with agreed
goals that need to be reached before the next
tranche of money is made available. Better
access to professional advice and guidance
should also be provided, and insisted upon,
with the Platforms acting as a conduit.
Platforms have a duty of care not only to their
investors but also a duty to protect the image
of their industry.
Crowdfunding is a sector that is going
through some testing times. What is clear
is that the lack of investor protection and
lack of compliance are creating a bad image
for a sector that is looking more tarnished as
each company failure is analysed. Investor
confidence is moving in the wrong direction
and the alarm bells should be ringing for an
industry that is still fundamentally a good idea.
The recognised standard in credit management
www.cicm.com July / August 2016 21

BENCH PRESS
FORMULARE FORMULARE!*
Amir Ali provides the devil and the detail following the meeting between the CCUA and Lord
Justice Briggs on proposed reforms.
LORD Justice Briggs and District
Judge Christopher Lethem started the
Stakeholder meeting at Inner Temple by
outlining certain key points within the
proposal of Reform.
He firstly noted that 95 percent of
claims are undefended and suggested that
undefended claims could bypass triage. He
said he does not wish to make the situation
worse, and suggested that contractual
documentation may only have to be supplied
if a defence is raised.
In terms of the lack of sanctions around
non-cooperative parties, Sir Michael
said that while he appreciated the views
being expressed, the desire to increase
engagement and/or introduce sanctions was a
challenge. He said that he is looking to avoid
unnecessary hearings, and with court closures
he is keen to ensure the rationalisation of the
estate in conjunction with digitisation, video
and phone hearings. He was also especially
keen to look at ADR and enforcement.
It was suggested that
courts are granted access
to tax records, which
would focus the mind
at an earlier stage and
would allow an accurate
assessment of income,
introducing a sliding scale
under the Tribunal Courts
and Enforcement Act.
Another suggestion was
that passports or driving
licenses could be seized.
District Judge Lethem of the Hard Working
Group spoke briefly, supporting Sir Michael’s
earlier pronouncements and reiterating that he
and Sir Michael were there to listen.
Q&A SESSION
An active Question and Answer session
followed. Suzanne Lawrence from
Bournemouth Water suggested that the onus
should be upon the Judgment Debtor to
respond to a County Court Judgment with
proposals for payment rather than being the
responsibility of the creditor.
Lord Justice Briggs stated that it is not
something that has been thoroughly explored
as yet, and that it would be ideal to stage
a sanction until the final curtain of prison
was imposed. Relating to committal and
the regime, Sir Michael pointed out that this
system was not helped by the fact it can
only be carried out by Circuit Judges, and
suggested that it may help if it were extended
to District Judges. He would gladly listen
if there were any other suggestions on this
matter that were less oppressive and more
efficient.
District Judge Lethem stressed that there
is a real issue as to how proper enforcement
can be achieved in an effective manner,
stating that costs just added to a debt (which
was already not being paid) and welcomed
suggestions from the floor. It was suggested
that the current draft Pre Action Protocols on
Debt Claims are arduous and excessive.
TAX RECORDS
It was suggested that courts are granted
access to tax records, which would focus the
mind at an earlier stage and would allow an
accurate assessment of income, introducing
a sliding scale under the Tribunal Courts and
Enforcement Act. Another suggestion was that
passports or driving licenses could be seized.
Stephen Allinson from Shoosmiths
welcomed much of the report, in particular the
enforcement specialist regime. He said that
The Ministry of Justice should be applauded
for the engagement with users, and voiced
two opinions: firstly that there needed to be a
separation of commercial and consumer debt,
which the current forms did not distinguish;
secondly, that the current PAP costs should be
halted until reforms were in place and that with
the majority of debts being uncontested, PAP
is only duplicating costs.
In speaking of commercial property, Alison
Hancock of Shakespeare Martineau said that
the N9 form was unsuitable for abandonment
claims. She said that property evictions can
cost thousands in the High Court, but the
alternative £110 in the County Courts can take
months. She proposed that her commercial
clients would be happy to pay the higher fee
if it meant the process could be dealt with
within a few days as opposed to a number of
months, and questioned why it couldn’t be
claimed back from the debtor.
From Southern Water, Kelly Young
acknowledged that she would want to see a
better balance between the rights of Creditors
and Defendants, and to make sure vulnerable
consumers were treated proportionately. She
stated that the real problem lay with those who
were consciously avoiding paying their debts,
and was firm in the opinion that PAP was
being used as a mechanism to delay payment.
Alan Smith of High Court Enforcement
Group commented that possession claim
changes meant that the transfer up to the
High Court now takes longer. He cited what
happens in the Netherlands: if the debtor
does not have the ability to pay, the Judicial
Officer establishes how to mediate the
order after attaining the relevant information
from agencies and authorities. In relation to
forfeiture and moving from County Court to
High Court, there was a new procedure using a
PF92 order, which in turn brought the need for
22 July / August 2016 www.cicm.com
The recognised standard in credit management

further application, creating a less attractive
option that added further cost and delay.
District Judge Lethem indicated that the
review goes further than High Court versus
County Court. The District Bench were
concerned about extra costs when moving to
the High Court, and more costs being heaped
upon debtors. He wanted to know what the
parameters would be and what level work
should be carried out if the enforcement was
unified.
In terms of digitisation, he said that
forms that were not properly completed led
to delays, and that digitisation would help
such delays to become fewer. District Judge
Lethem is also aware that some in the advice
sector feel that the system is being abused by
HCEOs and that needs to be addressed. In
respect of repossession, the point was made
that HCEOs now recorded everything on video
cameras.
BALANCE OF PAYMENTS
It was generally felt that clients would be
happy to pay more to the High Courts to
achieve a faster, more efficient resolution.
It was also agreed that as long as sufficient
notice was given to the defendants, there
shouldn’t be any need of enforcement by
HCEOs.
Martin Leyshon of High Court Enforcement
Group suggested that reforms in relation to
unification could be subject to the MoJ with
a potential loss of revenue. Would they be
concerned about the loss of revenue from the
transfer up process (i.e. transferring a County
Court Judgment to the High Court which
involved a Court Fee)?
Sir Michael stated that the fees were not
a matter for him, and District Judge Lethem
reiterated that digitisation would hopefully
mean a less expensive, more efficient
process.
Michael Higgins of Lovett’s spoke about
the costs of recovery and suggested that
if litigants weren’t able to recover costs,
then they would not be able to afford legal
representation. He highlighted examples
including the European small claims process
and German fixed costs, agreeing that the
costs had to be proportionate. He concluded
that if there were no risk of adverse costs, the
proposals wouldn’t work.
Lord Justice Briggs’ explained how the
issue of fixed fees was a huge debate, and
he had recently toyed with the idea of limited
costs shifting. It was not, however, within his
remit.
Richard Pitt of Eversheds suggested the
online court be called ‘debtors’ court’, and
supported it having separate rules and being
taken out of the CPR. He concurred with
previous comments made about the current
PAP, and that it should only take place if and
when required. His last suggestion was to
have specialist possession claim judges.
Sir Michael agreed to the concept of
specialists as a way forward, but said it may
be impracticable in rural areas as face-toface
contact is often a better way of dealing
with matters, and that in light of growing
technology there may be a change. District
Judge Lethem hoped that digitisation would
free up resources and increase flexibility.
Andrew Dancey of Lovett’s, also
welcomed the idea of an online court, but
noted that the Government had a poor track
record for delivering previous IT projects.
Lord Justice Briggs explained there would
be rigorous means testing and agreed this
was a fair point to raise. David Asker (The
Sheriffs’ Office) highlighted some successful
government IT projects such as PRINCE 2.
WIDENING REGISTRATION
Jon Hale from Registry Trust, which runs the
Register of Judgments, voiced his opinion
on the concerns of widening registration
and suggested to widen information on ADR
settlements so it was available to potential
creditors. Sir Michael was aware of this
issue, and mentioned the eBay Resolution
Service by way of example, but mentioned the
potential conflict between an efficient system
and privacy, with District Judge Lethem
furthering the importance of reputation in
eBay and PayPal systems.
John suggested that the registration
could make it clear of ADR/mediation, but
District Judge Lethem stressed that there
was no judicial decision to be registered and
that caseworkers would not be making the
decisions.
Adam Wonnacott (Marston Holdings)
referred to the enforcement against goods,
and how it would make a difference if they
allowed banks and other lenders to use
HCEOs. Andrew Wilson (Andrew Wilson &
Co and the new Chairman of the High Court
Enforcement Officers Association) also stated
that banks and lenders feel disenfranchised
that they cannot use the HCEOs and
suggested that a ‘quick win’ would be to
change regulations. Lord Justice Briggs did
not want to make any further comments at
that point, aware of an alternative view on the
debate.
Further questions were raised about
the litigants struggling to fill in forms online.
Mumtaz Hussain (Wolverhampton University)
stated that the university did a considerable
amount of work helping Litigants in Person
(LIPs) and she was sure that a large number
would struggle with a basic system.
Sir Michael was aware of this, as it was
an instrumental part of the LIP Engagement
Group and insisted that there would be help
boxes, as well as phone and human help
available to them. It was the intention that
they would be available at all stages of the
process, with District Judge Lethem agreeing
that there would need to be plenty of help at
hand. It won’t be built for lawyers by lawyers.
AVOIDING MISTAKES
The floor agreed that there needed to be
practical engagement if previous mistakes
were to be avoided. It was also agreed that
the court was inclined to exercise too much
discretion, stating that CPR has not helped
and it should state ‘will’ rather than ‘may’
or ‘shall’. Lord Justice Briggs made clear
that his ambition was that there would be
professional engagement groups with HM
Courts & Tribunal Service during the process,
and that the terminology used was important,
as a consistent approach was desirable for
everybody.
As Chairman of the CCUA, I volunteered
the help of CCUA members to assist with the
whole construction of the system to include
any war games-style system testing, an idea
that was welcomed by both Sir Michael and
District Judge Lethem.
Amir Ali MCICM is Chair of the Civil
Court Users Association (CCUA) -
amir.ali@hcegroup.co.uk
* Formulare Formulare von der Wiege bis zur Bahre. (A German idiom that translates as ‘Forms, forms, from the cradle to the grave.)
The recognised standard in credit management
www.cicm.com July / August 2016 23

Keeping you in control
Juggling too
many priorities?
DSO
Promise
to Pay
Low
Value
Debt
We can hand
it to you on
aplate!
Cross
Border
Recovery
Legal
No collection, no fee
ISO 9001:2008 accredited
Utilisation of the Late Payment Act
35years experience
CALL NOW ON 01527 549522
to discuss your requirements or arrange an appointment
www.controlaccount.com
E: sales@controlaccount.com
24 July / August 2016 www.cicm.com
The recognised standard in credit management

INVESTIGATION
DIRECT
ACTION
Sean Feast explores an issue with Direct Debits that is costing British
businesses thousands of pounds through fraudulent Indemnity Claims.
DIRECT Debits have long since been
accepted as an integral part of bestpractice
credit management. As an
essential element of a payment and
collections strategy, they are generally accepted
as being of significant benefit to UK businesses,
helping them to make and receive payments
effectively and efficiently on time and with a high
degree of accuracy, certainty and security.
But as with any automated payment
mechanism there can be flaws, and the Achilles
Heel for firms using Direct Debits to receive
payments from suppliers is the issue of an
Indemnity Claim.
An Indemnity Claim (under the guarantee)
is where the borrower (for example) notifies
his or her bank of an error with a direct debit
payment. Such an error can be because too much
money has been taken, it was taken on a wrong
date, or it has been taken without authority. This
latter claim can be sub-divided again into claims
where a previous Direct Debit Mandate has
“We had to convince the bank that we
were the victim of a fraud, but it was only
after we challenged the bank that by
doing nothing it was effectively allowing
a fraud to continue that we began to make
any progress.”
been cancelled or where the payer alleges the
direct debit payment was taken without his initial
authority. It appears it is of little consequence
that a series of regular payments may have been
made prior to the borrower making an Indemnity
Claim.
A claim cannot, however, be made dating back
over an extended period of time. The time frame
for bringing a claim is six years from the date
of the event complained of, or three years from
the date the borrower ought reasonably to have
been aware of the event, whichever is the later.
(See explanation by Mike Hutchinson on page 26).
In all cases the borrower’s bank is obliged
to make an immediate reimbursement to the
borrower for all payments it is alleged have been
taken without correct authority. The borrower’s
bank will then contact the lender to clawback the
money from them. The lender has 14 days from
receipt of notification of the claim to reimburse
the borrower’s bank, regardless of whether or not
the reason for the reimbursement is disputed. The
Direct Debit Scheme is not concerned as to the
contents of the contract between the lender and
the borrower.
ESSENTIAL PROTECTION
Indemnity Claims are essential for protecting the
rights of the borrower and the bank, but do little
to protect the creditor. They are also subject to
abuse. A true story from an anonymous source
illustrates the point.
continue to page 27
The recognised standard in credit management
www.cicm.com July / August 2016 25

INVESTIGATION
BACSTO
THEFUTURE
Mike Hutchinson, Head of Marketing for Bacs, makes the case for
Direct Debits and offers some advice to minimise the risk of an
Indemnity Claim being raised.
THE Direct Debit Guarantee is in
place as a consumer protection in the
event of an error with the collection
of a Direct Debit; it was developed to
ensure customer confidence in using
Direct Debit for regular payments. Our
research shows the Guarantee is a key
element of the decision-making process
for someone choosing to pay this way,
with almost two thirds of GB adults (63
percent) agreeing that Direct Debit
protects their rights through the Direct
Debit Guarantee.
There has been mention of claims
dating back six years – we should
clarify that this is not part of the
Guarantee but relates to the Financial
Ombudsman Service dealing with a
dispute or a complaint. From our point
of view, our data shows that 80 percent
of Direct Debit Indemnity Claims are
raised within 12 months of the disputed
collection – that figure increases to 95
percent when we look at the total value
of those claims rather than the number.
SMALL FRACTIONS
It is also worth noting that the
percentage of Direct Debits refunded
through an Indemnity Claim is a fraction
of all of those collected (0.039 percent).
Regardless of how small the proportion,
it is important for Bacs to make sure any
Indemnity Claims are legitimate.
To that end, we are working with paying
banks to support them in identifying
inappropriate claims for refunds before
they even reach the stage of becoming
an indemnity claim. (We cannot yet
share details on this for obvious
reasons.)
In addition, we are canvassing views
of collecting organisations’ experiences
of Indemnity Claims at the moment,
and this work will continue throughout
the year; we’d welcome input from the
CICM on this. Responses will be fed
into an ongoing review of the current
Direct Debit proposition with a view to
considering whether or not any changes
should be made.
In the meantime, there are steps
a business can take to minimise the
chances of an indemnity claim being
raised – this information is also included
in the Guide and Rules to the Direct
Debit Scheme, which is available to all
organisations collecting Direct Debit
payments.
• Follow the rules related to payer signup,
particularly payer authentication,
verifying the payer, their address, and
their account details
• In a business to business situation,
make sure that the person providing
the Direct Debit Instruction (DDI) is
authorised to sign on behalf of the
paying organisation named on the bank
account
• Ensure that the payer is aware of the
name of your organisation, especially if
you trade under a different name to that
on your bank account, as this is what will
appear on their bank statement – if they
don’t recognise this, they may well raise
a claim
• Make sure that the payer is aware of
how they will receive advance notice of
a collection, and that you are following
the rules relating to the delivery method
– i.e if you’re posting the notice, ensure
that time is allowed for this to arrive on
top of the agreed advance notice period,
before Direct Debits are collected
• If the advance notice is issued only
once, at the time a contract is agreed
- for example, in circumstances where
Direct Debits are collected for a fixed
amount over a fixed period - remind
the customer that no further advance
notices will be provided
• Make sure that the amounts collected
match the amount contained in the
advance notice and are collected on the
date specified and not before
• Keep copies of payer communications
such as advance notice as this may help
in discussions or disputes with the payer
• Have a robust process in place for
handling changes to DDIs, such as
changes to account details – these
could be advices generated by the
payer’s bank (called ADDACS) or
communications directly from the payer
• Never reinstate a previously cancelled
DDI without a payer’s prior authority
– this would also put you in breach of
scheme rules
• If you make an error in a Direct Debit
collection or your customer requests
a refund from you, we recommend you
contact the payer’s bank and ask them to
raise an Indemnity Claim on your behalf,
and tell the customer you are doing so.
This way your customer is refunded
quickly and it ensures that they don’t
receive the refund twice i.e. from you
and from their bank.
26 July / August 2016 www.cicm.com
The recognised standard in credit management

FEATURE
SPECIAL
continued from page 25
A Direct Debit as
defined by Bacs:
A Direct Debit is an instruction from
a business or individual to their bank
or building society. It authorises the
organisation you want to pay to collect
varying amounts from your account – but
only if you’ve been given advanced notice
of the amounts and dates of collection.
Once those have been agreed, the money is
deducted automatically. If the organisation
you are paying wants to change an amount
or date of collection, they have to tell you
about it first. A Direct Debit is the simplest
and most convenient way for you to pay
regular and occasional bills.
A well-known global business was approached
to supply services to a new client paid for by
DD on credit terms. On investigating the credit
history of the new client further, it was agreed
to trade on a fully secured basis, with the client
lodging c£30,000 with the creditor from which the
payments would be honoured.
All went well for the first seven months at
which point the business was asked by its client
whether it would invoice a different company
name, citing ‘VAT registration issues’ as an
excuse. The creditor was also approached by an
accountant from a respected practice who made
a similar request on behalf of his client. The
request was declined for obvious contractual
reasons. It was then, however, that things started
to go wrong.
Within days of the request being declined, the
first of what ended up being a large number of
Indemnity Claims were made for Direct Debits
made near the start of the contract – ie many
months previously. While the credit manager in
question contacted the client’s bank and lodged
a formal appeal, the help he received was less
than impressive. At best, the bank appeared
disinterested. Happily for the credit manager,
however, he had the weight of a global brand
behind him, and once his Treasury function
became involved, the complaint was elevated to
the highest level and action was taken.
“We had to convince the bank that we were the
victim of a fraud,” he says, “but it was only after
we challenged the bank that by doing nothing it
was effectively allowing a fraud to continue that
we began to make any progress.”
The net result was a loss of c£140,000, a not
inconsiderable sum and an amount that could
have been even higher had not the credit
manager taken the action that he did.
POOR TIMING
The story serves to illustrate one of the biggest
gripes that credit managers have about
Direct Debits. Much as they acknowledge and
appreciate the benefits that Direct Debits bring,
the current rules for Indemnity Claims appear
to be somewhat distorted. Certainly it seems
somehow incongruous that a claim can be
brought six years after the event, an event that
most would agree could have (and usually is)
discovered within a matter of days.
Steve Kershaw ACICM, Credit Manager at The
Right Fuelcard Company is one: “Overall Direct
Debits are a great payment tool and all of our
new client accounts are opened on a Direct Debit
basis,”he explains. “But there should be a much
tighter timeframe for when Indemnity Claims
can be made and the creditor should be offered
greater protection. Bacs could set higher levels of
due diligence, for example, for higher values to
prevent the system from being abused.”
Steve speaks from experience, when a client
claimed it had cancelled its Direct Debit when it
hadn’t. A large sum of money was clawed back
by the client bank and he found he had nowhere
to go. “We hit a brick wall,” he admits. “The client
and bank were protected but we were exposed.
We were told we needed to be paid by the client
direct, but by that time the firm was in the process
of becoming insolvent.”
In all cases the borrower’s bank is obliged
to make an immediate reimbursement to the
borrower for all payments it is alleged have
been taken without correct authority. The
borrower’s bank will then contact the lender
to clawback the money from them.
continues on page 28
The recognised standard in credit management
www.cicm.com July / August 2016 27

INVESTIGATION
“We hit a brick wall,”
the client and bank were
protected but we were
exposed. We were told
we needed to be paid by
the client direct, but by
that time the firm was in
the process of becoming
insolvent.”
continued from page 27
Steve’s firm is not alone. In a survey conducted
by the Chartered Institute of Credit Management
in December 2015, it was discovered that almost
a quarter (24 percent) of British businesses have
suffered financial loss as the result of invalid
clawbacks using the Direct Debit Indemnity
scheme.
Of those who had been defrauded, more
than one in ten (12 percent) had suffered a loss
greater than £50,000. More than three quarters
(78 percent) said that the banks had not been
helpful in helping to resolve their issue.
Nigel Fields MCICM, Director of Credit for
Twentieth Century Fox International, says that
the current situation needs changing: “Allowing
a complaint up to six years after the event seems
absurd,” he says, “and would no doubt put people
off from using Direct Debits in the future. Ninety
days would be reasonable, and perhaps up to
a maximum of 12 months, but the balance has
swung too much in the opposite direction. There
is no justification for it.”
“Overall Direct Debits are a great
payment tool and all of our new client
accounts are opened on a Direct Debit
basis, but there should be a much
tighter timeframe for when Indemnity
Claims can be made and the creditor
should be offered greater protection.’’
Since its inception, more than 110 billion
transactions have been debited or credited
to British bank accounts via Bacs and, in
2015, 6 billion UK payments were made this
way. A new record was set in April 2016,
with 103.7 million transactions processed in
a single day, while the value of transactions
processed reached £52.3 billion on one day
alone in April 2015, another record.
28 July / August 2016 www.cicm.com
The recognised standard in credit management

TRADE TALK
According to FSB, more than a third of businesses
say that the recruits they work with do not have
the basic skills needed. This is leaving employers
trying to provide education, which is certainly not
core to their business needs and a factor that cuts
productivity severely.
BREAKING
THE MOULD
How are we ensuring future generations have the skills needed to succeed on
the international stage? Lesley Batchelor FCICM OBE considers the challenges.
THE Telegraph quoted a report
released by the Chartered Institute of
Management Accountants (CIMA) in
May labelling UK school leavers as ‘…
the worst in Europe for essential skills’, and
the Confederation of British Industry (CBI)
reported in June that a lack of high quality
apprenticeships is exacerbating numeracy
and literacy problems, creating an unskilled
workforce.
There is little doubt that, at present, those
leaving secondary or even tertiary education
often lack the skills that employers are looking
for. Two questions remain unanswered: firstly,
is university just about vocational learning or is
it about teaching how to learn and, secondly,
who is responsible for bridging the skills gap?
VOCATIONAL STUDY
At the Institute of Export, as with the CICM,
the focus is on vocational study and the need
for specific knowledge for a specific industry.
Faced with the now increasing demand
created by the many changes to the delivery of
trade support that the Government plans, can
we rely on industry to be champions of best
practice? Or will they simply prepare cannon
fodder in the knowledge that investing in staff
training merely supplies other companies with
trained staff?
According to FSB, more than a third of
businesses say that the recruits they work with
do not have the basic skills needed. This is
leaving employers trying to provide education,
which is certainly not core to their business
needs and a factor that cuts productivity
severely.
In addition to the findings on essential
skills, the CIMA report also found that 31
percent of firms surveyed took more than two
months to fill junior roles, whilst 75 percent of
UK school leavers require significant training.
Moving the responsibility to business brings
a very simple equation to the fore: cost + time
/ benefit. After spending time and money
upskilling staff, at what point does a new
employee become useful to the business and
start to pay back that initial investment? This
obviously leads to the further issue of staff
retention.
The IOE is being asked by government
to make trade easier. The response to which
must be that ‘there is a particular knowledge
set that is needed to sell into global markets
and also to support those sales’. New British
exporters bemoaning the fact that it is difficult
are missing the key point that other countries
have already grasped; it is only by learning
how to do it right that will enable you to be
profitable and your exports sustainable.
There is little evidence that investment has
been made in progression planning within
companies. The skills needed by sales and
support staff are often lost before they are
truly valued. An ageing population of trainers
and mentors reflects this lack of investment
across the industry. The Government is looking
at placing experienced export managers into
businesses but they are a rare breed.
So if asked to choose between making
business react and making government reform
education again, we should perhaps look at
things from the perspective of demand rather
than supply. We are acknowledged globally
as having a great education system. I recently
spoke with Professor James Kirkbride, Fellow
of Liverpool Hope University, who explained
that when setting up a programme of activity in
China he began to offer vocational study and
new ideas of areas that could be covered. The
Chinese responded by saying no, we want the
old traditional style of degrees only. Perhaps
the constant striving for new and improved
education should stop and the idea of ‘not
fixing it if it’s not broken’ revisited.
The idea of supplying different solutions
also flies in the face of my marketing
background. It appears that we have
everything in place but the customers we need
to be talking to are not the businesses but
the students. In marketing terms, supplying
a product that you can make to an audience
that doesn’t know what it needs requires
much more marketing than simply fulfilling a
demand. Perhaps we need to turn this around
and make it about being more appealing to
students, creating a demand from those that
will benefit most from being skilled. This needs
a national marketing campaign that sells the
value of study showing how it can produce a
mobility in your life that will provide true social
progression and take you out of the rotten job
you have. Doing so takes our young people
away from waiting to win the lottery or X Factor
and gives them the opportunity to break the
mould.
Study changed my life after leaving school
at 16. I paid for all my own courses and worked
two nights a week for five years to make sure I
broke the mould set for me. Perhaps I need to
talk to more people about this journey.
The recognised standard in credit management
www.cicm.com July / August 2016 29

INTERNATIONAL
TRADE
MONTHLY ROUND-UP OF THE LATEST STORIES
IN GLOBAL TRADE BY ANDREA KIRKBY.
AUBERGINE SOFTWARE WINS QUEEN’S AWARDS
THE Queen’s Awards for International
Trade have just been handed out, and
it’s fascinating to look down the list
of winners. TestPlant, a company that
was only founded in 2008, has won for its
eggPlant software quality tools (guess why
the product logo is an aubergine?), and you
can tell its commitment to export by the fact
that the CEO had to send his press release
from Shenyang, where he was at a Chinese
entrepreneurs’ conference.
Other technology successes were Morgan
Innovation and Technology, a medical
exporter, and RSK Group, which specialises
in environmental clean-ups. RSK got a major
contract in Iraq’s Rumaila oil field by being
brave enough to push for business in the
Middle East when others were fighting shy of
the region.
But the winners also include food exporters
like Nasco, which exports brands such as
Pringles, Evian and Cadbury. Like TestPlant,
it’s a multiple winner, showing that success
generates success. Then there are winners
in the services sector – Oxford Royale
Academy, in education, and ICC Solutions,
in the payments industry.
That diversity shows exporting is for
everyone – not just a select few. But the
best news of all is that we’re getting better
at it; this year saw 150 winners of the
International Trade award, up from 105 last
year.
EMERGING REWARDS, EMERGING RISKS
Make sure you know not
just the numbers on your
customers’ balance sheets,
but the currency they’ve
borrowed in.
EMERGING markets have been an
unexpected star of the stock markets so far
this year. But though shares have been rising,
risks have been rising too, according to
Atradius; corporate debt has been bloating,
and outpacing growth in earnings. In many
cases – particularly with companies that
depend on commodities and basic materials
for their income - profitability has fallen while
debt has increased.
Atradius points out that many companies
have borrowed in foreign currencies, and
relatively few of them have hedged their
exposure. That could be dangerous, if a
Fed hike leads to a rising dollar. Make sure
you know not just the numbers on your
customers’ balance sheets, but the currency
they’ve borrowed in – it could make the
difference between getting paid, and the
black hole of bad debt.
30 July / August 2016 www.cicm.com
The recognised standard in credit management

JUST TOO MUCH DEBT
I recently spotted an interesting interview
with the Head of Investment Management
at Newton Fund Managers. He didn’t try to
guess the figures for global growth this year,
nor did he talk about a Chinese hard or soft
landing, or try to single out particular markets
for investment. Instead, he simply pointed
to the debt burden that the entire world is
carrying on its shoulders.
There’s still too much debt, he said, and
the banks are piling up more. Trying to prevent
its repercussions through QE just increases
the amount of credit around, and that’s now
forming a drag on economic growth. He warns
that while many investors see QE as ‘the new
normal,’ it isn’t normal at all – and his funds
are avoiding the banking sector completely.
He’s not calling a crash. But he points out
the global economy is strung up on the horns
of a dilemma. Either the debt gets taken out
with a restructuring – basically, a crash – or
we’re left with years of low growth and low
returns.
Which will it be?
THE END OF CAN-KICKING?
SUCCESSIVE bail-outs appear to have
refloated the euro boat. Greece, Italy, Spain,
Portugal and Ireland have all escaped
perdition – and in Ireland’s case the medicine
has worked, and the patient is well on the way
to full recovery.
But the Greek economy shrank a further
0.4 percent in the first quarter of the year, and
though a better year in tourism should help
the summer months, it’s still likely to contract
for the year as a whole. Debt is pushing the
economy into stagnation, and so the IMF is
now pushing for Greece to be given debt relief
– but that’s set the IMF against Germany and
other eurozone creditors.
It’s becoming urgent, since Greece needs
to repay existing debt in July and a fresh
bail-out has to be agreed by then. Will Greece,
now in its seventh year of bailout, be able
to muddle through – or will we see another
eurozone crisis, or even a Grexit?
Given the coming referendum, you
probably should have hedged your euro
exposure anyway. The Greek situation is just
another reason to do it.
EVERY year brings additions to the Oxford
English Dictionary – it recently added vlog,
bro, and Dad’s Army. Will next year see the
addition of the phrase ‘Helicopter Money’?
Quite a few economists think so. QE isn’t
working, so the idea is that governments
should give money to the private sector to
invest or spend, in order to grow the economy.
HELICOPTER MONEY
It’s almost what Keynes suggested, except
it’s individuals and companies, not the
Government, doing the spending.
If it does happen, watch carefully where
the money is going. Current speculation
is it could focus on major industrial and
infrastructure companies – great news for
capital goods suppliers.
US DISAPPOINTMENTS
THE US earnings season is upon us, and
so far, it’s been disappointing. Despite the
fact that three-quarters of companies beat
forecasts, earnings are still down year-on-year,
making this the first time there have been four
consecutive down quarters since 2009. That’s
a worrying trend.
Also worrying is the fact that only half of all
companies reporting have managed to beat
their sales forecasts. That suggests much of
the earnings growth has come through cost
cuts or share buy-backs rather than organic
growth.
The disappointment’s been widespread
across the stock market, too – it’s not just
the oil and gas and materials companies that
have been hurting. Several of the biggest tech
companies missed their forecasts.
Analysts are divided on where US
companies are going in the rest of the year,
but one thing’s sure; if the Fed hikes rates, it’s
going to make life more difficult.
NEWS IN BRIEF >
BAD THINGS IN LARGE
PACKAGES
The packaging sector isn’t looking too
healthy right now. Euler Hermes warns
that margins are being squeezed as higher
plastics costs (due to chemical plant
closures in Europe) meet supermarkets
competing by shaving each others’ prices.
It’s time to take a closer look at balance
sheets in the sector – and to keep a very
close eye on the payment behaviour of
your customers. If they start paying later,
or not paying at all, you’re going to need to
take action, or risk saying goodbye to your
money.
BUY INSURANCE NOW,
IT’S CHEAP!
YOU’D have thought that with all the
economic and political risk around, it would
be quite expensive to insure against. In fact,
new entrants and greater capacity in the
market have driven the cost of trade credit
insurance down. Even hedge funds and
private equity companies have got into the
act, as low returns elsewhere mean putting
money into insurers is a better bet.
That’s good news for exporters, who can
grow their sales base while insuring against
bad debt – and it’s good news for global
trade, since the engine is at last getting the
lubrication it needs.
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
GBP/EUR 1.3204 1.2531 Down
GBP/USD 1.4724 1.4123 Down
GBP/CHF 1.4596 1.3669 Down
GBP/AUD 2.0478 1.9082 Down
GBP/CAD 1.9286 1.8075 Down
GBP/JPY 163.7608 149.5721 Down
The recognised standard in credit management
www.cicm.com July / August 2016 31

MAKE YOUR CASE
TRIPLE CROWN
Collections Training Qualifications – how do they compare?
Sean Feast summarises the three options in the debt collection space.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT - CICM Level 3 Diploma in Debt Collection ACICM
A
comprehensive, flexible course and
qualification which focuses on skills
for anyone engaged in consumer
or commercial collections. The
full Diploma involves six assignments and
successful qualification entitles the candidate
to Associate Membership of the CICM
(ACICM status). The course benefits from
being awarded by CICM, an Ofqual regulated
awarding organisation, and a comprehensive
debt collection study guide with options for
CICM study support and in-company training.
WHAT THEY SAY:
The Level 3 Diploma is designed to raise
your effectiveness, improve career prospects
and prepare you for more senior roles. You
will gain an up-to-date understanding of
regulatory requirements and best practice
concepts, processes and techniques in
order to optimise your day-to-day work. You
can study for one award or complete more
assignments to gain CICM Certificates or
Diplomas in Debt Collection. Depending
on results, awards will either be at Level 2
or Level 3. Our study guide tailors learning
to your company and the type of debt that
you collect. Your assignments will help you
transfer new learning to the workplace. The
programme is designed so that your company
could combine the course with in-company
training.
The Diploma is targeted at individuals who
wish to raise their profile and prepare for the
next level of responsibility, for example debt
collection specialists, team leaders, case
handlers or managers. As the programme
focuses on skills, it is for those who are
committed to raising personal performance.
The course develops skills in:
• Preparation for Debt Collection
• Collection Call Handling
• Debt Collection Negotiations
• Debt Repayment Monitoring
• Debt Collection Case Management (pre legal)
• Debt Collection Operations Management
There are options to include credit from
other CICM awards, for example General
Money and Debt Advice, Debt Recovery or
Taking Control of Goods. CICM will work with
your company to tailor programmes to your
requirements.
CREDIT SERVICES ASSOCIATION (CSA) – NOCN Level 3 Diploma for the Debt Collection Industry ACICM
A comprehensive, flexible course and
qualification that has been specifically
designed for third-party debt collection
companies who are training their employees.
The full Diploma requires completion of 6
units and the qualification entitles successful
candidates to attain ACICM status. The
qualification is verified and certificated by
the Ofqual recognised awarding organisation
NOCN. Students can take advantage of
joining one of the regular open programmes
which the CSA delivers in various locations
or an individual tutor supported remote
programme which includes access to an
e-learning academy and comprehensive study
guide. Assessment is by written assignment.
WHAT THEY SAY:
The NOCN Level 3 Award, Certificate and
Diploma for the Debt Collection Industry are
each designed with the CSA as standalone
qualifications. The Level 3 Diploma is an
industry-recognised qualification that
offers proof of knowledge and the skills
required to function as a proficient
professional within the debt collection
industry. This qualification has been designed
to provide the learner with a wide scope of
knowledge regarding the entire debt collection
industry and an in-depth understanding
of how legislation, industry regulations,
standards and guidance
provide a framework for compliance. The
learner will also explore in more detail how
compliance process systems are integrated
into debt recovery organisational working
practices.
The CSA has developed a learning
programme to support the achievement of
the qualification. Within this the learner has
the option to focus their studies exploring a
number of optional units that may be more
applicable to their career aspirations, role or
professional development needs.
Students study three core mandatory units
and three optional units from a selection of
eight units which include:
• Consumer Debt Collection
• Commercial Debt Collection
• Debt Sales and Purchase
• Trace and Investigation Techniques used in
the Debt Collection Industry
• Leading a Team in a Debt Collection
Organisation
• Managing Third Party Relationships in the
Debt Collection Industry
• Debt Collection and Back Office
Administration
• Utility Industry, Billing and Debt Collection
32 July / August 2016 www.cicm.com
The recognised standard in credit management

CICM Chartered
Institute of Credit
Management
CSA Credit Services
Association
IFS Institute of
Financial Services
Award x
Cert
Diploma x
Type of Debt
Collection
Texts for Consumer only or
Consumer & Commercial
Consumer with
Commercial option
Consumer
Type of Debt
Collection
Creditors Third party DCAs Financial Services/Banking
Progression in Debt
Collection study
X
Eligibility for ACICM
Associate Member
X
Full certificate title
CICM Level 3 Certificate
in Debt Collection
NOCN Level 3 Certificate
for the Debt Collection
Industry
IFS Level 3 Certificate in
Consumer Debt Collection
Certificate Credits 19 26 18
Certificate no of units 3 4 3
Certificate Learning hours 190 184 181
Assessment type
Assignments or embedded
assessment
Assignments
2½ hour online exam
Assessment
arrangements
Study Support
Full Diploma title
Assignments: January,
June & October, Embedded
evidence: Monthly
Supported study with
assignment coach and
CICM study guide
CICM Level 3 Diploma in
Debt Collection
Flexible according to study
plan
Supported study with
dedicated tutor and online
academy
NOCN Level 3 Diploma
for the Debt Collection
Industry
Fixed exam times at
external location
Self-Study
x
CICM recognistion ACICM ACICM x
Diploma no of units 6 6 x
Discounts
Discounts for CICM
Learning Partners and
Corporate Members and
embedded assessment
Discounts for eligible
companies
X
Apprenticeship
Funding for
Level 3 Diploma Level 3 Diploma Level 2 Certificate
INSTITUTE OF FINANCIAL SERVICES – IFS Level 3 Certificate in Consumer Debt Collection
A smaller, low cost, Level 3 Certificate that
focuses very much on consumer collections
within the banking industry and is structured
accordingly. The course benefits from a
provider with university status, but is online
and unsupported and involves a two and
a half hour online examination. It does not
entitle ACICM status.
WHAT THEY SAY:
The Certificate in Consumer Debt Collection
(CertDC®) is designed specifically for
professionals that work in collection and
recovery departments in the financial industry.
This professional qualification focuses on
knowledge about the FCA principles for
debt collection, current regulatory guidelines
and an overview of the debt collection
environment as a whole.
The CertDC® will help students to:
• Understand the concept of debt collection
and how its value is subject to time and
circumstance
• Demonstrate a developed awareness of debt
and the obligations associated with debt
collection
• Understand the scope of debt collection and the
FCA regulation and legislation that governs it
• Understand key and complex debt
collection skills that can be used in your
everyday role.
The recognised standard in credit management
www.cicm.com July / August 2016 33

CICMQ
THE BEST OF THE BEST
Chris Sanders FCICM reports on the latest CICMQ Best Practice Network event
at Lloyd’s of London
THE iconic Lloyd’s of London building in
the City of London was the latest venue
for the CICM Best Practice Networking
Event on 2 June. Hosted by Sompo
Canopius (CICMQ accredited June 2015), the
event attracted more than 100 leaders from our
industry, including 58 delegates from CICMQaccredited
organisations, or from organisations
working towards the accreditation. Among
the senior teams were no fewer than 50 CICM
members.
The event, as always, was supported by
CICM Premium Corporate Partner, Hays and
CICMQ Supporter Experian, and a further
eight Corporate Partners of CICM were in
attendance. The theme of the day centred on
policy, compliance and risk which, given the
venue, was somehow appropriate!
Held in the carved oak-pannelled ‘Old
Library’ originally built for the old Lloyd’s
building in the 1920s, the event was a mix of
networking, history, best practice and new
talent. Starting with the very popular ‘Speed
Networking’ (like speed dating but without the
embarrassing silences) the Old Library became
very noisy, very quickly as everyone swapped
contacts and outlined what they did and who
they worked for; we calculated that around 700
new contacts were made during this 40-minute
session.
KEYNOTE SPEAKER
After coffee, Keynote Speaker Robert Clarkson,
Binder Credit Manager from our hosts
Sompo Canopius, a major managing agent
in the Lloyd’s insurance market, delivered a
presentation focusing on the history of Lloyd’s
and the framework and compliance of the
insurance market. He also provided some
insight into some of the bizarre items that have
been insured, with accompanying anecdotes
on claims.
Apprenticeships in Credit Management and
the new CICM Apprenticeship Programme
featured next with sessions from Travis Perkins
(CICM Accredited November 2013), and
Debbie Tuckwood from CICM after lunch.
Sophie Coombs gave her first-hand
experience of being an apprentice at Travis
Perkins. Having only recently completed her
apprenticeship programme her perspective
was invaluable and her presentation, supported
by managers Ian Anderson and Cheryl Gray,
was interesting and engaging. It is tough to
stand up in front of 100-plus people and she
received the loudest applause, and was very
popular from the scores on the feedback
forms. Copies of the Apprenticeship Plans
that Cheryl brought from Travis Perkins
proved equally welcome and will be added to
the CICMQ Members’ Library on the CICM
website.
Just before lunch a prize draw of an Apple
Watch, sponsored by Corporate Partner
Rimilia, and won by Katie Woodis-Field of
Amari Plastics, and eight places for a tour
with Robert from Sompo Canopius proved so
popular, he took another eight on a tour at the
end of the day.
After lunch Debbie outlined the latest news
and information about the Apprenticeship
Programme from CICM; with the earlier
presentation from Travis Perkins this created
considerable interest. (For more information,
please contact Debbie and her team.)
The final presentation was from Simon
Johnson, Director of UK Credit Management
at SIG Plc (CICMQ Accredited December
2011) supported by Steve Fox of Experian.
Starting with a quiz, a Kindle Fire was won by
Sam Chase of Royal Mail (CICMQ Accredited
August 2015). Simon and Steve outlined a
new innovative risk management tool called
‘SIG Protect’ which the two organisations had
jointly developed, the latest in a series of credit
management tools SIG has developed since
becoming CICMQ Accredited which have
been shared with others in the ‘Best Practice
Network’.
An excellent day in an iconic venue, with
some great speakers, networking, young talent
and history. Thanks to Sompo Canopius,
partners, speakers and delegates for another
brilliant event.
Held in the carved
oak-pannelled ‘Old
Library’ originally
built for the old Lloyd’s
building in the 1920s,
the event was a mix of
networking, history, best
practice and new talent.
34 July / August 2016 www.cicm.com
The recognised standard in credit management

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
The recognised standard in credit management
CPD
CPD
10
10
www.cicm.com July / August 2016 35

BAXFORD LTD.
Trace and Investigations
With more than 15 years of experience in the investigations industry, clients trust in
our first class service.
Our standard UKtraces are offered on a‘no find -nofee’ basis and all enquiries conducted are within
strict compliance of the Data Protection Act.
Our specialities:
• Address Trace
• Employment Trace
• Asset &Pre-Sue Reports
• Background Checks
Contact Faheem now for anon-obligation discussion about your requirements.
Tel: 020 8255 1010
Email: enquiries@baxford.co.uk
www.baxford.co.uk
CICM MEMBER
EXCLUSIVE
THE 2016 CICM
TURNER LECTURE
The Law Society, London, WC2
7 October 2016 17:30 – 20:00
Your CICM lapel badge demonstrates your
commitment to professionalism and best practice
TAKE PRIDE IN
WEARING YOUR BADGE
If you haven’t received your badge
E: cicmmembership@cicm.com
You are invited to the 2016 CICM Turner Lecture, an interactive debate/
question and answer session focusing primarily on the vital role Credit
Management plays in running a successful business. Panel members
include Toby Riley-Smith QC FCICM, Chris Sanders FCICM, Atul Vadher
FCICM and Debbie Tuckwood.
Additionally, you are also invited to the Brasserie Blanc for an after event
meal, ticket prices for the meal are £50+VAT.
For more information or to book your place; please email:
Richard Seadon at Richard@tgbaynes.com or Simon Paterson
of Booth White at simon.paterson@boothwhite.co.uk
36 July / August 2016 www.cicm.com
The recognised standard in credit management

EDUCATION
OPENING
more DOORS
With CICM qualifications
Studying can improve your career prospects by OPENING DOORS
that previously appeared firmly closed.
You can start at either Certificate or Level 3 Diploma level.
Fees vary according to the amount of support required and some
teaching centres hold information evenings.
EVENING CLASSES
CICM teaching centres offer classroom-based learning in Credit Management (trade, export & consumer), Accounting Principles, Business
Law and Business Environment towards the CICM Certificate and Level 3 Diploma in Credit Management and some offer study towards
the CICM Level 5 Diploma in Credit Management.
IN-COMPANY CLASSES
Some teaching centres and CICM Credit Academy offer in-company classes for CICM qualifications. Contact CICM Learning and
Development for further details. Fees depend on location, length of course and are generally cost effective for groups of 10 learners or
more.
VIRTUAL CLASSROOM
The CICM Credit Academy offers the opportunity to study in a virtual classroom through the web for the Certificate and Level 3 Diploma
in Credit Management examined units Credit Management (trade, export & consumer), Accounting Principles, Business Law and Business
Environment and Level 5 Diploma subjects. Classes are led by an experienced tutor, are interactive and you have plenty of opportunity to
ask questions and test your knowledge.
SUPPORTED HOME STUDY
Supported home study suits those who wish to receive tutorial support, but would like some flexibility. This is a practical option if you are
unable to attend college on a regular basis for the Certificate and Level 3 Diploma in Credit Management examined units or CICM Level 5
Diploma in Credit Management. You work mainly by yourself with light touch tutor support.
UNSUPPORTED HOME STUDY
This provides the cheapest and most flexible option to study the Certificate and Level 3 Diploma examined units and Level 5 Diploma
units. As a minimum requirement you would need to purchase relevant study texts/guides prepared by CICM for these units and
specialist text books. Studying by this method offers no tutorial support you work alone.
TRAINING DAYS
CICM and some learning providers offer programmes of one-day training days which link to CICM assignments (see CICM website for the
CICM Training Directory). In some cases, organisations can have their own training linked to CICM awards and CICM would be pleased to
advise on this.
T: +44 (0)1780 722909 | E: professionalqualifications@cicm.com | www.cicm.com
THE RECOGNISED STANDARD IN CREDIT MANAGEMENT

OPINION
A ALE
OF TWO
WALLETS
Phil Davies gives his personal perspective on American v European payment ‘wallet’ models.
38 July / August 2016 www.cicm.com
The recognised standard in credit management

WALLETS, or purses, have been
around since bartering was
replaced by the exchange of
goods for currency of whatever
variety. Therefore they were a handy means
of carrying that currency in case you needed
to ‘buy’ something on your travels. Centuries,
if not millennia, have passed and we are now
in the electronic, or digital, age. The wallet
and/or purse are still with us albeit with
that all important prefix the ‘E.’ There are a
plethora of ‘E’ wallets these days all offering
the provision of various beneficial attributes,
depending on the requirements of the user
but the fundamental reason for being remains
much the same.
For the purposes of this article I will, briefly,
examine just two basic models, comparing
and contrasting the differences and why
payment professionals should be aware of
them.
THE AMERICAN
The first model, which I am calling the
American, works primarily on the basis that
someone wishes to buy goods online.
This model, unsurprisingly, is suited to the
American payment culture and transactions
are, literally, like for like. This is used for
account discretion, security and may also
embody a loyalty program. There is no
element of stored value and transactions
are fully card based, so it may be possible
for chargebacks to be passed through,
depending on the circumstances.
So having decided I’m going to buy
something online and flag that with the
merchant I will be presented with, typically, a
number of payment options that will usually
include a wallet alongside the usual payment
card options. If I choose to pay by the wallet
option, assuming I already hold an account,
then the payment I have committed to is
cleared and settled via the wallet operator
using my pre-determined deposit option.
Should that deposit, or load, option be a
payment card then it is easy for the scheme,
and its associated issuer and acquirers, to
identify the beneficiary of the funds and have
the transaction coded in the most appropriate
way since the funds are ‘passed through’ for
an end-to-end transaction, in simple terms
anyway.
There are many organisations operating
wallets of this type, including the card
schemes themselves. All good so far then.
THE EUROPEAN
Now we come to the second type of wallet,
which I’m going to call the European. Catering
for the many different payment cultures in
Europe and featuring various forms of load,
where cards may be one of many options.
One of the reasons that most of these
types of wallets have payment cards attached
to them is so that a broader range of
merchants can be reached and facilities, such
as ATMs, can be accessed.
This type of wallet
works in much the
same way as a bank
current account, but the
fundamental differences
are that E-money
accounts are not allowed
to offer credit, so no
overdraft facility. They
are also not allowed
to accrue interest on
outstanding account
balances, although there
are ways to reward those
situations.
Again this model is used where financial
and account discretion and security is
desired, but it also, invariably, incorporates
a stored value element, including multicurrency
capability. Because the load is used
to complete a purchase of ‘electronic’ money,
any chargeback liability must stop with the
wallet operator.
This type of wallet works in much the
same way as a bank current account, but the
fundamental differences are that E-money
accounts are not allowed to offer credit,
so no overdraft facility. They are also not
allowed to accrue interest on outstanding
account balances, although there are ways to
reward those situations. The most noticeable
difference, which is not entirely apparent, is
that bank accounts are safeguarded under EU
deposit protection schemes up to a specified
limit (£75,000 in the UK, for example).
Electronic money is not covered under these
compensation schemes, but is subject to
even greater security stringencies in that
100 percent of funds must be ring-fenced in
compliant safeguarded client accounts that
have no financial limits imposed.
So it is these ‘wallets’ that have funds
deposited in the safeguarded accounts that
must have those funds deposited, or loaded,
before any further transaction can take place.
With this type of ‘wallet’ a number of different
types of transactions can occur, in much the
same way as a bank current account does as
mentioned previously, usually including the
use of a payment card to access the funds
contained therein.
It is clear, therefore, that the beneficiary
of the funds is the ‘wallet’ operator as
funds are stored for future transactions or
future multiple transactions. If the funds are
deposited/loaded using a payment card then
the transaction coding should always be of a
financial services nature since the customer is,
at this point, purchasing ‘electronic money.’
The customer now has the wherewithal
to conduct transactions, at their leisure, as if
it were a current account, in fact there is an
increasing number of individuals, and SME
businesses, that are choosing to use these
accounts instead of, or in addition to, bank
current accounts.
I have, perhaps, laboured the point here
but the purpose of this is to highlight the fact
that some card schemes are trying to force
the second model, as described, to fit the
first type of model that just isn’t realistic, or
accurate. My contention, therefore, is that we
should have a category of ‘digital account’
for the second model and definitions applied
accordingly thus giving full transparency and
accuracy.
So perhaps the question to ask should
be: When is a wallet not a wallet? When it’s a
digital account!
Phil Davies is the Managing Director of
PSI-Pay. Prior to heading up PSI-Pay, spent
eight years with MasterCard Worldwide
as Vice President-Business Development
where he was responsible for implementing
new initiatives designed to encompass
new products, technology and strategic
partnership to stimulate growth in emerging
markets throughout Europe.
The recognised standard in credit management
www.cicm.com July / August 2016 39

HR MATTERS
DOWN IN THE DUMPS
Gareth Edwards explains what businesses should do
when dealing with stress in employees
STRESS at work is a major issue for
employers and by underestimating the
issues, or failing to manage its effects,
employers are unlikely to get the best
out of their employees and will also run the
increased risk of related claims.
Firms should introduce a policy which
sets out the definition, causes and effects
of stress at work and the responsibilities
of the employer, managers and employees
in tackling the problem. The policy should
make it clear that this is an issue that is taken
seriously and gives employees guidance as to
how to deal with the effects of stress, and how
to raise these concerns within the workplace.
Firms should also review their other
policies to ensure that they all are adequate
in dealing with the issues. Anti-bullying and
harassment policies, grievance procedures,
disciplinary procedures, and any flexible
working policy should all be carefully
considered.
RETURNING TO WORK
By making effective use of return to work
interviews, management can welcome the
employee back to work, ensuring they are fully
fit to return to work while identifying reasons
for the absence. Interviews should assist
in identifying and addressing any problems
that may be causing, or contributing to, the
absence whilst agreeing the priorities for the
employee’s return to work.
Employers should actively consider
making adjustments that facilitate an
employee’s return to work after sickness.
Careful consideration of how ‘return to work’
interviews are structured and conducted is
crucial.
A stress audit involves talking informally
to staff, either individually or in groups, to
find out where there may be concerns. Firms
should look to engage their employees in the
process and let employees know why they are
carrying out the exercise and what they trying
to achieve. A well-performed stress audit
should assist in identifying and assessing
problem areas and preventing future
problems, or cure any existing ones.
People generally are uncomfortable with
change and it can be a source of stress.
Management should consult regularly with
employees, and their representatives on
organisational changes. Consultation should
always be a two-way process, in consulting
with staff early on and avoiding the circulation
of rumours on organisational changes should
allow staff to feel more involved, allowing
them time to prepare.
STRESSING OUT
Managers play a key role in identifying and
managing stress within an organisation.
They are likely to see the problems that
cause stress first hand and will often be the
initial point of contact when an individual
is feeling stressed. It is essential that
they have the skills to be able to manage
these situations and that there are good
channels of communication with staff they
manage, their managers and (outside) HR
professionals. Managers should also consider
effective training in respect of prioritisation of
workloads - avoiding placing unreasonable
demands on employees and providing
appropriate delegation of duties.
It is an implied term of every employment
contract that the employer will take
A stress audit involves talking informally to staff,
either individually or in groups, to find out where
there may be concerns. Firms should look to engage
their employees in the process and let employees
know why they are carrying out the exercise and
what they trying to achieve.
reasonable steps to ensure the safety of its
employees at work. This includes a duty to
take reasonable care not to cause psychiatric
harm to an employee by reason of the
character or volume of work imposed on
them. Firms that ignore this risk large awards
against them.
The implied term of mutual trust and
confidence runs through all employment
contracts. A breach of the term allows an
employee to claim for constructive dismissal.
To succeed in a constructive dismissal claim,
an employee must show that the employer’s
behaviour is so unreasonable that it amounts
to a fundamental breach of the implied term
of trust and confidence. This entitles the
employee to leave employment and treat them
self as having been constructively dismissed.
This type of claim is increasingly being
used for stress-related cases where the
resulting psychiatric injury can be traced
back to the unreasonable behaviour of the
employer.
An employee with over two years’
continuous service can bring a claim for
unfair dismissal in an Employment Tribunal.
Stress-related problems commonly present
themselves as absence from work and
should be treated as any other sicknessrelated
absence. Quite often, where stress
is connected to an increased or challenging
workload, performance problems and stress
will be linked.
Unless a dismissal is considered to be fair
and reasonable, in both the decision reached
and the process followed, a tribunal is likely
to find the dismissal is unfair and could award
a maximum basic award of £14,370 and a
compensatory amount of up to £78,962.
It is essential that employers think about
what can be done in the future to prevent the
stress problems occurring.
Gareth Edwards is a partner in the
employment team at Veale Wasbrough
Vizards.gedwards@vwv.co.uk.
40 July / August 2016 www.cicm.com
The recognised standard in credit management

WHAT RISKS ARE YOU TAKING?
WHY TAKE THE RISK
‘ARC’ Analysis of Risk and
Compliance from
ARC is a unique online software platform designed and
developed by EFCIS. It uploads a client’s sales ledger (aged
debt) and matches these debtor balances against their
insured credit limits and policy terms and conditions to
ensure ongoing compliance.
Contact us now on:
T: 01279 437662
E: enquiries@efcis.com
W: www.efcis.com
The recognised standard in credit management
www.cicm.com July / August 2016 41

PAYMENT TRENDS
THE NOT-SO DARLING
BUDS OF MAY?
Jason Braidwood FCICM(Grad), Head of Credit and Collections at Creditsafe Group analyses
the latest monthly business to business payment performance statistics.
OH dear – it appears I may have
spoken too soon last month. When
we reviewed the April figures we were
celebrating what looked like a third
month of small, but steady improvement in
most regions and sectors – with the exception
of the few inevitable outliers. However, our
analysis of the May figures in our database
appears to have brought us back to earth with
a bump. Increases in the time taken to pay
invoices seems to have stretched out across
all parts of the country and also in most
industries, with increases of on average more
than five days beyond terms undoing all the
progress we’ve seen during 2016.
The big question for us all is whether this is
a blip, and whether as the summer continues
we’ll see things reverting to a positive
trend, or we find that we have fallen back
into a norm of poorer payment that we saw
dominating through the latter half of 2015. I
speculated in the last issue whether there was
any effect from the uncertainty around the
EU referendum filtering through into the real
economy, and with the poll a few weeks away
as I write it will be fascinating to see what
effect the result has. On a more positive note
we can only hope that a positive campaign
for the home nations at Euro 2016 (fingers
crossed and apologies to Scotland) can
stimulate something of a feel good factor that
results in more companies paying on time!
Regardless, we can only hope matters
improve and we get back onto a positive path
in the second half of the year. As I always say,
you may find your own particular sector or
region has bucked the trend so it’s important
to get hold of the latest intelligence when
setting terms, particularly for new customers.
INDUSTRY SECTORS
Unfortunately, the picture by industry sector
is pretty much uniform with most areas
showing an average increase of around five
days. In fact, the usual rules about swings and
roundabouts appear to have been ignored
as we’ve only seen two sectors show any
improvement this month, and even then it
hasn’t been substantial. However, given the
scale of all the other moves even standing still
looks good and it is just mildly encouraging to
see improvement from the Transport sector as
it looks to stay on track.
Perhaps even more noteworthy is the
performance of the Mining and Quarrying
sector which has traditionally been alongside
the other wider parts of the utility sectors in
registering disappointing numbers and is an
unlikely entry into our ‘Top 5’ chart. Indeed,
while not figuring in any of our charts this
month the better performances we saw back
in April for Energy Supply and Water and
Waste do not appear to have taken big steps
back this month. While looking at the ‘Top 5’
as a whole alongside the more regularly better
performing sectors of Entertainment and
Hospitality, the appearance of Construction
should also be a reason for at least some
celebration.
In reality though these sectors are only
performing less badly than the others, and
we should perhaps be focusing more on the
problem areas. Retail has taken a big step
back and in the month that saw BHS and
Austin Reed finally fail, then an increase in
days beyond terms of nearly three working
weeks is a real cause for concern. Alongside
Retail both Manufacturing and Business
Admin and Support have continued to move
backwards and we should watch them
carefully as we move forward.
REGIONS
On a regional front there are a couple of
performances that are sufficiently different
from the norm to make us all sit up. Last
month I highlighted the apparent fall from
grace of our traditional number one player as
Yorkshire and Humberside was knocked off its
top spot. This month they don’t even appear
in our ‘Top 5’ and it will be fascinating to see
if this is a longer term trend. I cannot believe
this situation will last. Even with a step back
East Anglia has again retained the top ranking,
but at the other end of the scale the big news
sees Northern Ireland no longer the poorest
paying region in the UK.
With only a minor worsening of its position
it has been overtaken by London and Wales
which has now picked up the mantle at
the bottom of the pile with a major step
backwards in May. Once again I think we can
all recognise the seriousness of a situation
that sees London in such a position given its
dominance across the nation’s economy, and
we can only hope that we will at some stage see
this trend brought to an end. It is a challenge
that all of us in credit management should be
looking to address as we head into the summer.
Last month I highlighted my concerns over
the apparent continued fall from grace of one
of our traditionally better paying regions, East
Anglia. I’m delighted to see them back with a
bang showing a significant improvement and
cementing their position at the top of our league
table. Behind them our next three regions remain
the same as last month, and while they have all
seen a step back, it is in all cases less than half
a day, so in effect their performance has been
static. Whether the South West will manage to
stay ahead of Yorkshire and Humberside in the
longer term remains to be seen.
On the other side of the equation once again
Northern Ireland, London and to a lesser extent
Scotland remain areas of concern. London’s
importance to the national economy is such that
we should welcome any signs of improvement,
however it is discouraging to see the capital
continuing to show significantly slower payment
than the rest of the country.
42 July / August 2016 www.cicm.com
The recognised standard in credit management

Sector
Getting Better
Mining &
Quarrying
-1.1
Transport
-0.1
Sector
r
2 3 4 5 6 7 8
Getting Worse
Retail
+12.7
Health
& Social
+9.2
8 7 6 5 4 3 2 1 0 0 1 2 3 4 5 6 7 8
& Humberside Region
Scotland
Top Five Prompter Payers
Bottom Five Poorer payers
2 3 4 5 6 7 8 19.9 DBT Getting Better
lands
lands
lia
d
tter
8 7 6 5 4 3 2 1 0
st
st ire & Humberside
idlands
idlands Ireland
nglia
Region
Sector May 16 Change on Apr 16
+4.6 Scotland
Hospitality Getting 11.5 Better +3.6
Getting Better
Entertainment 12.6 +5.5
North
Public Administration +4.6 West Scotland -0.4
13.4 +3.3
Mining & +4.6 Quarrying Scotland 13.9 -1.1
North West +5.6 -0.4
Construction
Northern
14.0 +2.3
Ireland +1.6 West Midlands
22.6 -0.4 +5.6
DBT
North West Yorkshire &
12.6 Humberside
East DBT
+1.6 +4.8 West Midlands
16.7 DBT
East
Midlands
16.3 DBT
London
24.1 DBT
+4.7 +6.7 South London East
West
South West
+12.3 Wales +6.7 +0.9 London Northern 17.7 DBT Ireland
East
Getting Worse
+7.1 South
+0.9
West
Northern Ireland
n
Bottom Five Poorer Getting Payers
Mining & Worse
Bottom Five Poorer Quarrying Payers Transport
rn Ireland +4.7 South East
r 16 Getting Region Better
-1.1 May 16 Change -0.1 on Apr 16
h
ial
2
4 3 2 1 0
n
North West
+5.6
+1.6
+4.8
+5.5
Bottom Five Seven Poorer +12.7 Poorer payers Payers+9.2
Top Five Six Prompter
10.9 Payers
5.5
Payers
12.6 -0.4
nds 16.0 1.6
ds 16.3 4.8
16.6 4.7
East Anglia
10.9 DBT
South East
16.6 DBT
Sector
25
20
15
10
5
0
Real Estate
+8.8
0 1 2 3 4 5 6 7 8
Yorkshire & Humberside
+4.8 +5.5 East East Midlands Anglia
+12.3 +5.5 East Wales Anglia
West
Midlands
+12.3 +7.1Wales
Wales South West
16.0 DBT
25.8 DBT
+7.1 +4.7 South West East
Sector May 16 Change on Apr 16
Hospitality 11.5 +3.6
Entertainment 12.6 +5.5
Public Administration 13.4 +3.3
Mining & Quarrying 13.9 -1.1
Construction 14.0 +2.3
+8.8
15.7 15.8 16.2 16.1 16.0
Finance &
Insurance
+8.2
17.4 17.3
Jan Feb Mar Apr May Jun Jul Aug Sep
20
Sector May 16 Change on Apr 16
15
Professional and Scientific 32.3 +6.3
10
Retail 24.5 +12.7
Business Admin & Support 21.4 +4.8 5
Manufacturing 20.7 +7.2 0
Scotland
International Bodies 19.9 DBT 20.1 +2.6
Northern
Ireland
22.6 DBT
Northern
Ireland
22.6 DBT
Wales
25.8 DBT
North West
12.6 DBT
Sector May 16 Change on Apr 16
Professional and Scientific +12.732.3 +6.3
Retail 24.5 +12.7
Business Admin & Support 21.4 +4.8
Manufacturing 20.7 +7.2
International Bodies 20.1 +2.6
Yorkshire &
Humberside
16.7 DBT
West East
Midlands Midlands
16.016.3 DBT
DBT
West
North West
Midlands
16.0 DBT
Getting Better
Wales
Bottom Five Poorer payers
25.8 12.3
London Retail 24.1 Health6.7
Getting Worse
Northern Ireland 22.6 & Social 0.9
Scotland 19.9 +9.24.6
South West 17.7 7.1
Agriculture
+7.7
17.1 16.9 16.7 16.6 16.2
East
Midlands
16.3 DBT
South West 24.1 DBT
Wales 25.8 12.3
17.7 DBT
London
+6.7 London
Retail 24.1 Health6.7
Real Estate
Finance &
Agriculture
South West
Transport Getting Worse
Northern Ireland +12.7 22.6 & Social 0.9
Insurance
17.7 DBT
+8.8
-0.1
+7.7
Scotland +0.9 Northern 19.9 +9.24.6
Ireland
+8.2
Top South Five West Prompter Payers 17.7 7.1
Bottom Five Poorer Payers
Mining &
Quarrying
Wales Transport
Real Estate
Finance &
Agriculture
Sector
Top Region Five Five
Getting Prompter Prompter
WorsePayers
Insurance
Payers
May 16 Change on Apr 16 Getting Bottom Region Better Five Poorer Payers
Mining -1.1 & May 16 Change 25.8 -0.1 on DBTApr 16
+8.8
+7.7
Quarrying
Transport
East Anglia +8.210.9 5.5
Wales 25.8 12.3
Region May 16 Change on Apr 16 Getting Region Better
-1.1 May 16 Change -0.1 on Apr 16
North West 12.6 -0.4
London Retail 24.1 Health6.7
Real Estate
East Getting Worse
West
Anglia
Midlands
10.9
16.0 Mining & 5.5
1.6
Wales
Northern Ireland
25.8
+12.7 22.6 & 12.3 Social 0.9
Quarrying
Transport
+8.8
North
East Midlands
West 12.6
16.3
-0.4
4.8
London Retail
Scotland
24.1 Health 19.9 +9.2
6.7
Real Estate
Getting Worse
4.6
Getting West Midlands
South East Better
16.0
16.6
-1.1 1.6
4.7
-0.1 Northern Ireland 22.6 & Social
South West +12.7
0.9
17.7 7.1 +8.8
South West
East Midlands 16.3 4.8
Scotland 19.9 +9.24.6
17.7 DBT
South East Retail 16.6 4.7 Health
South Real Estate West 17.7 7.1
Getting Worse
& Social
pr 16 Sector May 16 Change on Apr 16
Professional and Scientific 32.3 +6.3
rompter Retail Payers
24.5 +12.7
Business Admin & Support 21.4 +4.8
Manufacturing 20.7 +7.2
International Bodies May 16 20.1 Change on +2.6 Apr 16
0 1 2 3 4 5 6 7 8
Yorkshire & Humberside
West Midlands
East Midlands
East Anglia
Yorkshire & Humberside
Northern
Ireland
22.6 DBT
Finance &
Insurance
+8.2
Scotland
19.9 DBT
Wales
25.8 DBT
Bottom Five Poorer Payers
Mining &
North West
12.6 DBT
Scotland
19.9 DBT
Agriculture
+7.7
Yorkshire &
Humberside
16.7 DBT
12.6 DBT
London
London
24.1 DBT
East Anglia
10.9 DBT
Yorkshire &
East
Humberside
Anglia
10.9 DBT
South East
16.6 DBT
West
Midlands
16.0 DBT
Region May 16 Change on Apr 16
Oct Nov 20Dec
15.7 15.8 1
25
15
Region
16.7 DBT
South East
16.6 DBT
East
Midlands
16.3 DBT
25
15.7 10 15.8 16.2 16.
5
0
Jan Feb M
East Anglia
10.9 DBT
London Finance &
Agricult
24.1 Insurance
DBT
Finance &
+8.2 South Agriculture East
Insurance
16.6 +7.7
DBT
+8.2
Analysis Quarrying of May figures Transport in our database
appears to have -1.1 brought -0.1 us back to earth
with a bump. Increases in the time taken to
pay invoices seems to have stretched out
Real Estate
across all parts of the country and also in most
industries, with increases of on average +8.8 more
than five days beyond terms undoing all the
progress we’ve seen during 2016.
Jan Feb Mar Ap
+7.7
Finance
Insuranc
+8.2
The recognised standard in credit management
www.cicm.com July / August 2016 43

EDUCATION
CICM LEARNING PARTNERSHIP IS A
WINNING SUCCESS AT VERIZON
JC Schoeman FCICM, Verizon EMEA Director of Finance and Credit/Collections, explains
how the tailored CICM Level 2 Certificate programme has won success for both their people
and business.
VERIZON is a global communication
technology corporation which
offers its services in 150 countries
worldwide. The international Bill to
Cash operations are managed from the UK
and Hong Kong offices, with transaction and
collection centres in Poland and India.
THE CHALLENGE
Verizon has worked closely with the CICM
since 2009 to offer its collections team
latest in industry training and qualifications.
In particular, Verizon has leveraged the
company’s extensive online training library to
develop structured programmes for Verizon
staff.
In 2013, Verizon refocused and revamped
its Bill to Cash operations in order to establish
a consistent global approach to its credit
collections, and better support its global
customer base. As part of this programme,
Verizon initiated a graduate scheme at two
of its transaction and collection centres. The
challenge was to quickly train up graduates
so they could fully participate in collections
activity, and bring demonstrable benefit to the
business.
THE SOLUTION
Verizon turned to the CICM for help in
developing and launching a bespoke Level 2
Certificate programme for the new graduates.
This was designed to teach collections
fundamentals and best practice, as well as to
deliver an industry-recognised qualification for
each participant.
The programme gives participants a
rewarding mix of both practical tools and
confidence in their skills. The curriculum
combines an on-site telephone techniques
workshop with a series of online courses.
Each trainee benefits from a quarterly
personal development review, and in addition,
monthly performance is measured against
Johan (JC) Schoeman, FCICM
2009 -
CICM Learning
Partnership
2010 -
CICMQ
Accreditation
2015 –
24 candidates awarded
Level 2 Certificates
2016 –
APAC Collections & Issue Resolution Specialists
start Level 2 Certificate Programme.
EMEA Collections start Level 3
44 July / August 2016 www.cicm.com
The recognised standard in credit management

“The programme has
enabled us to quickly
build a well-qualified
workforce. Importantly,
it’s also created a group
of employees who really
value Verizon, and the
training they are given.
They appreciate how
supportive the company
is in terms of training and
development, and can see
how it really does believe
in the important role its
people play in helping it
achieve business success’’
- Johan (JC) Schoeman, FCICM
key business performance indicators.
By establishing a direct link between the
individuals’ improving performance and
Verizon’s business achievements, participants
are able to see how their learning has a direct
relevance to the business.
THE OUTCOME
Since the Level 2 programme was launched
in 2014, 24 students have passed their
assessments, and most have already
progressed to Level 3. In fact, the Level 2
training programme has been so successful
that Verizon has now extended it to the
company’s collections team in Asia-Pacific
as well. All participating individuals exit the
programme with a greater understanding of
their role within Verizon, and an appreciation
of how ongoing learning can help with career
progression.
With regards to company performance,
over this period the average outbound call
volume per collector has doubled, and there
has also been a 55 percent reduction of
aged debt, a six day reduction of days’ sales
outstanding, and a reduction in corrective
credit values. Most importantly, Verizon’s
customer satisfaction indicator, which partially
reflects the quality of collector performance,
has also improved by over 21 percent.
“The programme has enabled us to quickly
build a well-qualified workforce,” says Johan
(JC) Schoeman, Verizon’s EMEA Director-
Finance & Credit/Collections. “Importantly, it’s
also created a group of employees who really
value Verizon, and the training they are given.
They appreciate how supportive the company
is in terms of training and development, and
can see how it really does believe in the
important role its people play in helping it
achieve business success. In my view, the
programme is a real success story, both for
our people, and our business.”
Ruth Howard ACICM
David Scott FCICM (Grad) International Bill to
Cash Manager has led the training programme
development, supported by Verizon’s Issue
Resolution Specialist, Ruth Howard ACICM.
IN BRIEF :
VERIZON is a global
communication technology
corporation which offers
its services in 150 countries
worldwide. The international Bill
to Cash operations are managed
from UK and Hong Kong offices,
with transaction and collection
centres in Poland and India.
THE CHALLENGE
To train up graduates in Poland
and India quickly so that they
could fully participate in collections
activity.
THE SOLUTION
Development of a bespoke CICM
Level 2 Certificate programme
incorporating an on-site telephone
collections technique workshop
and online courses in a way
that certification is linked to the
achievement of key business
performance indicators.
THE OUTCOME
First class results, excellent
customer service and high levels
of employee satisfaction. Most
learners have now progressed
to the CICM Level 3 Diploma
programme.
The recognised standard in credit management
www.cicm.com July / August 2016 45

EDUCATION
LEVEL 3 ADVANCED CREDIT
CONTROLLER AND DEBT
COLLECTION SPECIALIST
APPRENTICESHIP FAQS
YOUR OPPORTUNITY
TO GET QUALIFIED
1. WHAT IS SIGNIFICANT ABOUT THIS LEVEL 3
APPRENTICESHIP?
This is the new Trailblazer Apprenticeship
Standard for advanced credit controllers and
debt collection specialists, developed by
senior credit and collections managers with
the support of the Chartered Institute of Credit
Management (CICM) and the Credit Services
Association (CSA). The Apprenticeship
Standard is based on current job descriptions
and covers essential knowledge, skills and
behaviours.
2. WHO IS THE APPRENTICESHIP FOR?
The apprenticeship is for a range of people,
including apprentices who have completed
the Level 2 apprenticeship, new starters of any
age, and experienced employees who would
like to be recognised as being fully qualified.
3. WHAT DOES THE APPRENTICESHIP
INVOLVE?
The 2-year Level 3 Apprenticeship
programme combines study towards a Level
3 professional qualification with work-based
learning towards the Level 3 Apprenticeship
Standard, including one of three specialist
areas chosen from credit risk, advanced
collections, or debt recovery and enforcement.
Your learning provider and employer
will agree with you a work-based learning
programme which involves increasingly
complex work. The programme is likely
to include a range of learning activities,
depending on your role and company, such as
job shadowing, attending training and
industry events, dealing with more
complex queries or accounts, writing or
reviewing procedures, presenting to the team
on your area of work, completing project
work, preparing and delivering training for new
starters. You will be expected to keep up-todate
by reading relevant industry briefings and
keeping a record of this experience and any
other learning that you complete.
During the programme you will work
towards one of four qualifications: CICM Level
3 Diploma in Credit Management or Debt
Collection, the CSA qualification which is
called the NOCN Level 3 Diploma for the Debt
Collection Industry or IFS Level 3 Certificate
in Consumer Collections. The way that
you study and the areas that you cover will
depend on the qualification that you choose.
Your apprenticeship learning provider will be
able to advise on this.
When you have passed your Level 3
qualification and completed your work-based
learning programme, your apprenticeship
learning provider and employer will
decide if you are ready to go for the final
apprenticeship end-assessment. This involves
a professional discussion and completion of
one assignment which will help you showcase
your knowledge, experience and skills. Your
learning provider and employer will provide
support for both of these activities.
During the professional discussion, a CICM
examiner, who is an experienced credit or
collections manager, will ask you more about
your experience and areas covered in your
assignment to check that your knowledge,
skills and behaviours meet the requirements
set out in the Apprenticeship Standard.
4. IF I AM EXPERIENCED, WHAT ARE THE
BENEFITS?
You will be involved in an intensive 2-year
learning programme which will get you
qualified and give opportunities to take on
more complex work. The knowledge that
you gain will raise your confidence and
performance and give you recognition as an
expert for your area of work.
5. I HAVE ALREADY PASSED SOME RELEVANT
QUALIFICATIONS, WILL THESE COUNT?
Yes, your learning provider will recognise
any relevant prior learning or qualifications
which will mean that you may complete the
apprenticeship in a shorter time.
6. WHAT IS CICM’S ROLE IN THE DELIVERY OF
THE APPRENTICESHIP?
The Institute will be the Apprenticeship
Assessment Organisation which means CICM
Awarding Body examiners will mark your
46 July / August 2016 www.cicm.com
The recognised standard in credit management

assignments and conduct your professional
discussion. Also CICM will deliver specialised
qualification tuition for some apprenticeship
training providers if you opt to include
CICM professional qualifications in your
apprenticeship. See details about training
providers on the CICM website.
7. WHO CERTIFICATES THE
APPRENTICESHIP?
The Federation for Industry, Skills and
Standards (FISSS) will certificate your
apprenticeship.
8. HOW MUCH DOES IT COST?
The cost of the apprenticeship will depend
on the amount of government funding that
you receive. Your company will receive more
support if you are aged 16 – 18 years or the
company has less than 50 employees. Further
information will be available on the CICM
website in coming months but if you would
like to know more at this stage, please
contact apprenticeship@cicm.com for
guidance and to be referred to the learning
provider of your choice for a more detailed
discussion.
9. HOW CAN I FIND A TRAINING PROVIDER?
You will be able to find an approved advanced
credit controller and debt collections
specialist apprenticeship training provider
on the Skills Funding Agency apprenticeship
website and the CICM website once
arrangements are finalised.
10. IF I DO NOT LIVE NEAR A LEARNING
PROVIDER, CAN I STILL STUDY FOR THE
APPRENTICESHIP?
Yes. FWD Training is working with CICM to
deliver the apprenticeship in a way which
includes virtual classrooms and training days
led by experienced CICM teachers for CICM
Diploma programmes so that no matter
where you are based you can access high
quality, specialised tuition. FWD Training has
similar arrangements with the CSA for the
supported CSA qualification programme and
the IFS for their unsupported online consumer
collections course.
11. HOW WILL MY TRAINING PROVIDER
SUPPORT ME?
Your training provider will advise on funding
and manage the end-to-end process
including helping you recruit apprentices, arranging
training and assessment.
12. IF MY COMPANY DELIVERS APPRENTICESHIPS
OR I HAVE ANOTHER PREFERRED TRAINING
PROVIDER, HOW CAN THEY FIND OUT MORE
ABOUT THE REQUIREMENTS?
CICM can advise on requirements and put your
apprenticeship provider contact in touch with
the best person for advice about delivery of
the professional qualification included in your
apprenticeship.
13. HOW CAN I FIND OUT MORE?
See the CICM website for news updates. You can
also email apprenticeship@cicm.com or telephone
01780 722909.
14. HOW CAN I FIND OUT MORE ABOUT THE
LEVEL 2 APPRENTICESHIP FOR CREDIT
CONTROLLERS/COLLECTORS?
You can find FAQs about the Level 2 Credit
Controller/Collector Apprenticeship on the CICM
website or email apprenticeship@cicm.com for
more information.
The recognised standard in credit management
www.cicm.com July / August 2016 47

Joanne Davies
Nicola Reid
The Institute welcomes new members who joined during May
MEMBER BY EXAM
NAME COMPANY NAME COMPANY
Schneider Electric Ltd
NEW CICM MEMBERS
MEMBER
ASSOCIATE
NAME COMPANY NAME
COMPANY
Julian De Santis
NHS Property Services Ltd
Sonia Anderson
E.ON UK
Graham Rumney
R3
AFFILIATE - MAY
NAME COMPANY NAME COMPANY
Nader Aboul Seoud
Hazim Al Barahmeh
Mohammad Al Ghottani
Safiya Al Harthi
Mohanad Al Mofleh
Leonardo Aleo
Mark Alexander
Farhana Ali
Jamal Assal Quartson
Andrei Avadani
Mahmood Badri
Silvio Barbieri
Adam Beeforth
Melissa Bill
Mark Bracken
Kimberley Bracone
Johanna Bretherton
Tamara Brooks
Simone Brown
Holly Cannon
David Chennell
Ashley Coates
Morgan Cook
Carl Corcoran
Daniel Cottell
Terri Court
Helen Daly
Paul Dawson
Kirsty Day
Delicia Devassy
David Dickinson
Benjamin Dirom
Mahammed El Dawi
Hafiz El-Zubair
Christopher England
Deborah Farrell
Nimal Fernando
Alec Ford
Paul Fox
Jenna Gass
Dennis Gibbs
Ira Gibson
Balvinder Gill
Yolande Gittens
Daniela Gomez Castano
Steffani Grant
Joris Greeuw
Jackie Hall
Robert Hamshare
Sheridan Henry
David Hosie
Abdulrahman Hussien
Al Mansour Automotive Co
Abu Nayyan Holding
Agthia Group
Ooredoo Oman
Al Tamimi & Co Law Firm
E.ON UK
Speedy Asset Services Ltd
Al Mulla International Finance Co
Chandlers Limited
Discovery Communications Europe Ltd
Dubai Airport Freezone
FloorsMK
Redcar & Cleveland Borough Council
Phoenix Healthcare Distribution Ltd
Funding Circle
Menzies Distribution Ltd
Hays Credit Management
Menzies Distribution Ltd
Gingerbread
Phoenix Healthcare Distribution Ltd
Wealden District Council
Northumbria University
Marston Group
NextGear Capital
Parker Building Supplies Ltd
HydroGarden Wholesale Supplies Ltd
Menzies Distribution Ltd
Kerry Ingredients & Flavours
KP Snacks Limited
Al Futtaim
Telefonica O2 UK Ltd
The Arabian Petroleum Supply Co
Zamil Steel Company
E.ON UK
Aecom Infrastructure & Environment (UK) Ltd
Bank of Ceylon
Parker Building Supplies Ltd
SIG Trading Ltd
Close Brothers Asset Finance
Euromonitor International
Bristow & Sutor
Segro Plc
London Borough of Ealing
Capital On Tap
Menzies Distribution Ltd
First Data International
Rolls Royce Plc
Mid Kent Bailiff Services
Bristow & Sutor
Linde Material Handling UK Ltd
The Arabian Petroleum Supply Co
Natasha Illing
Salvatore Imbesi
Walid Itani
Lukasz Iwanowicz
Baldev Karavadra
James Kindness
Olivier Lebedan
Nick Leiper
Ramees Mahamood
Lindsey Mardle
Craig Marshall
Feras Masoud
Jaymie McFarlane
Michelle McIntyre
Yves McKenzie
Janette McShane
Sarah Middleton
Andrew Miles
Thomas Mousley
Stephen Moyse
Ashleigh Mulligan
Stephen Murphy
Sarah Neale
Tom Palmer
Marie Paris
Nicola Pratt
Niall Radford
Rose Roberts
Matthew Roston
Phamornphan Sae-Loy
Ahmed Samir
Sheila Scobbie
Alison Shadbolt
Mohamed Sharif Khalifa
Daren Simcox
Bahij Sleiman
Sarah Smith
Callum Smith
Jason Smith
Isabel Spring
Kaineke Sumanasiri
Kathleen Swinburne
Marlon Thomas
Bradley Tonge
Jocelyn Turner
Lucy Walsh
Lisa Watt
Lisa Whannel
Keeley Wicks
Fiona Williams
Alan Wood
Hays Credit Management
BSN medical ltd
Analytics DMCC
London Borough of Newham
Bristow & Sutor
Menzies Distribution Ltd
Gramaglia
Palmer & Harvey McLane Ltd
Gulf Agency Company
Arkle Finance
Telefonica O2 UK Ltd
General Takaful
Chandlers Limited
Carlisle Brass Limited
E.ON UK
Menzies Distribution Ltd
Lockhart Catering Equipment
Borough Council of Wellingborough
Morris Vermaport
Weightmans LLP
E.ON UK
C & J Clark International Ltd
Chandlers Limited
Globecast UK Ltd
Hays Credit Management
E.ON UK
Ubiqus UK Ltd
Direct Collection Bailliffs Ltd
Capital On Tap
Masafi
Credit Assist Ltd
Wealden District Council
Zamil Steel Holding Co
Qatar General Insurance & Reinsurance Co
Ascent Performance Group Ltd
Menzies Distribution Ltd
The Dream Travel Group
KP Snacks Limited
Bank of Ceylon
Engie Services Ltd
Linde Material Handling UK Ltd
Whitehouse Leisure International Ltd
Weightmans LLP
Kwik Fit Fleet
Delta Electronics Europe Ltd
E.ON UK
Stora Enso UK Ltd
Penham Excel Ltd
AFFILIATE - APRIL
NAME COMPANY NAME COMPANY
Amy Preston
StepChange Debt Charity
Virginiya Tesarcik
RS Components Ltd
Megan Pugh
1pm (UK) Limited
Josh Tickell
Newbury Investments (UK) Ltd
Richard Pulford
McConnell Ltd
Gillian Tough
RS Components Ltd
Denise Quinn
StepChange Debt Charity
Christine Vickers
Rix Petroleum Ltd
Julie Ramage
Alamo Group Europe Ltd
Aaron Wain
Bristow & Sutor
Shona Rankine
Vandemoortele (UK) Ltd
Susan Wakerley
StepChange Debt Charity
Sophie Rathbone
Merchant Rentals Ltd
James Walker
1pm (UK) Limited
Lucy Reid
Merchant Rentals Ltd
Julie Warwick
RS Components Ltd
Angela Ross
Turner & Co (Glasgow) Ltd
Aimi Waters
StepChange Debt Charity
Simon Russell
Interserve FS (UK) Ltd
Claudine Wheatley
VP Bank (BVI) Ltd
Frank Shelley
RS Components Ltd
Liam Whitaker
StepChange Debt Charity
Helena Shoob
StepChange Debt Charity
Matthew White
Informa UK Ltd
Zoe Simpson
StepChange Debt Charity
Robert Smith
Bristow & Sutor
Emma Whitney
The Cotswold Group
Adrian Soltan
StepChange Debt Charity
Paula Wilby
Philips Lighting UK Limited
Sara Speed
Continental Tyre Group Ltd
Samantha Wilcock
Carpenter Ltd
Thomas Steers
Rolls Royce Plc
Rachael Wilkinson
StepChange Debt Charity
Mark Stewart
Croydon Council
Tashana Williams
StepChange Debt Charity
Shaun Taylor
Bristow & Sutor
Karen Wilson
Bridgewater Support Solutions Ltd
Rachael Taylor
StepChange Debt Charity
Kieran Wines
BT Plc
Ryan Taylor
StepChange Debt Charity
Matthew Woodward
StepChange Debt Charity
Louise Templeton
StepChange Debt Charity
Taryn Wright
Robert Walters
48 July / August 2016 www.cicm.com
The recognised standard in credit management

FORTHCOMING EVENTS
FULL LIST OF EVENTS CAN BE FOUND ON OUR WEBSITE: WWW.CICM.COM/EVENTS
CICM EVENTS
6 July
CICM SOUTH WALES BRANCH –
SUMMER BARBECUE EVENING
CARDIFF
On behalf of Steve White and the new committee, we’d
like to invite you to our next event on the outskirts of
Cardiff. An evening to network with colleagues old and
new and help launch the new branch initiatives to build
South Wales into an active branch!
To aid discussions, there will a FREE BBQ and as we
have the best climate in the UK, the sun will be shining!
CONTACT : Diana Keeling MCICM, Events Coordinator at
E: southwalesbranch@cicm.com.
VENUE : Taffs Well Rugby Club, Maes Gwyn, Taff’s Well,
Cardiff, CF15 7JD.
8 July
CICM SHEFFIELD AND DISTRICT
BRANCH – COMEDY CLUB
HOSTED BY TOBY FOSTER
SHEFFIELD
An evening of comedy - Featuring (at the time of going to
press): Keith Carter as Nige, Geoff Norcott and Paul Sinh.
Doors open 19:00. Show starts 20:15, then dance into
the early hours. Drinks and nibbles available to purchase.
CONTACT : See link for details: http://www.cicm.com/
wp-content/uploads/2016/06/Events_Branch_Sheffield_
Comedy-Club_July_2016v2.pdf
VENUE : Memorial Hall, Sheffield City Hall, Barkers Pool,
Sheffield, S1 2JA
12 July
5
CICM EAST OF ENGLAND
BRANCH – IMPROVING
EMPLOYEE AND BUSINESS
PERFORMANCE CONFERENCE
LONDON
The CICM East of England Branch would like to invite
all East of England branch members, and those from
London, Kent, Sussex and Surrey, Chilterns, and Thames
Valley Branches, and all other CICM members, to central
London for its first free to attend conference of 2016.
Time: 08:45 Light Refreshments, 09:30 Conference
including lunch, 14:30 finish.
CONTACT : To register: http://www.eventbrite.co.uk/e/
improving-employee-and-business-performance-cicmeast-of-england-branch-conference-in-london-hostedregistration-22115868157?aff=CICM
VENUE : Goodman Masson, 120 Aldersgate Street,
London EC1A 4JQ (opposite Barbican underground station)
17 July
CICM KENT BRANCH – SUMMER
SOCIAL AND AFTERNOON TEA
(WITH GUEST SPEAKER)
TENTERDEN
We would like to invite you to our Branch Summer Social
Event, which will be held in the delightful surroundings of
the London Beach Hotel Spa & Country Club in Tenterden
CPD
3
CPD
from 16:00 onwards on Sunday 17 July. Our members
and guests will be enjoying a traditional Afternoon High
Tea and general bon viveur.After this, we will have the
pleasure of being entertained by Paul Bohill, our guest
speaker.
CONTACT : Please email CICM Kent Branch direct on
E: kentbranch@cicm.com.
VENUE : London Beach Hotel Spa & Country Club
Ashford Road, St. Michael’s, Tenterden, TN30 6HX.
22 July
CICM LONDON BRANCH –
SUMMER IN THE CITY
LONDON
Come and meet your local London Branch Committee to
see what the CICM can do for you. Time: 15:00 – 18:00
We would like to invite you to our free event to meet your
London Branch Committee, your fellow members, and
other professionals from the credit industry.
The focus of the evening is simply to meet one another
in person, and explain how we as CICM’s largest branch
and indeed the Institute itself, are on hand to support
you and your colleagues, in progressing within the
industry and your place of work.
CONTACT : Robert Edge, CICM Membership Officer at
E: londonbranch@cicm.com.
VENUE : Devonshires, 30 Finsbury Circus, London,
EC2M 7DT
TRAINING
DAYS
5 July
CICM WEBINAR - TELEPHONE
ONLINE
CONTACT : E: training@cicm.com T: 01780 722907
6 July
CICM WEBINAR - NEGOTIATING
AND INFLUENCING SKILLS
ONLINE
CONTACT : E: training@cicm.com T: 01780 722907
13 July
GETTING STARTED IN CREDIT
CONTROL AND COLLECTIONS
LONDON
CONTACT : E: training@cicm.com T: 01780 722907
VENUE : TBC
OTHER EVENTS
5
12 July
FORUMS INTERNATIONAL –
CPF (CREDIT PROFESSIONALS
FORUM)
CPD
BRACKNELL
CONTACT : For more information and an information
pack, contact E: cpf@forumsinternational.co.uk
VENUE : Coppid Beech HotelJohn Nike Way, Bracknell,
RG12 8TF
13 July
FORUMS INTERNATIONAL –
SAP USER GROUP
NOTTINGHAM
CONTACT : For more information and an information
pack, contact E: sapug@forumsinternational.co.uk
VENUE : Experian, Nottingham
14 July
FORUMS INTERNATIONAL
– DRF (IT DISTRIBUTOR AND
RESELLER CREDIT FORUM)
STRATFORD UPON
AVON
TBC
CONTACT : For more information and an information
pack, contact E: drf@forumsinternational.co.uk
VENUE : Stratford upon Avon - TBC
14 July
EXPERIAN CREDIT FORUM –
ENGINEERING DISTRIBUTORS
CANNOCK
CONTACT : Please email: brent.cumming@experian.com
VENUE : CANNOCK - TBC
19 July
FORUMS INTERNATIONAL –
OSF (OFFICE SUPPLIES CREDIT
FORUM)
LONDON
CONTACT : For more information and an information
pack, E: osf@forumsinternational.co.uk.
VENUE : Reynolds Trade Credit, London.
20 July
EXPERIAN CREDIT FORUM –
HOME ENHANCEMENTS
BIRMINGHAM
CONTACT : Please email: brent.cumming@experian.com
VENUE : Birmingham - TBC
21 July
EXPERIAN CREDIT FORUM –
FMCG GROUP
STRATFORD UPON
AVON
CONTACT : Please email: brent.cumming@experian.com
VENUE : Stratford Upon Avon - TBC
CPD
4
CPD
6
CPD
5
CPD
5
CPD
5
CPD
5
The recognised standard in credit management
www.cicm.com July / August 2016 49

PARTNERS
WITH THE BEST
IN BUSINESS
Hays Credit Management is the award winning
national specialist division of Hays Recruitment,
dedicated exclusively to the recruitment of
credit management professionals in the public
and private sectors. Whether you are looking
to further your career in credit management,
strengthen your existing team, or would
simply like an overview of the market, it pays
to speak to the market leaders.
hays.co.uk
Graydon UK provides its clients with
Credit Risk Management and Intelligence
information on over 100 million entities
across more than 190 countries. It provides
economic, financial and commercial insights
that help its customers make better decisions.
Leading credit insurance organisations,
Atradius, Coface and Euler Hermes, own
Graydon. It offers its seamless service through
a worldwide network of offices and partners.
graydon.co.uk
your money on time
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.
datainterconnect.com
Experian is the leading global information
services company, providing data and
analytical tools to clients around the world.
The Group helps businesses to manage
credit risk, prevent fraud, target marketing
offers and automate decision making.
Experian also helps individuals to check
their credit report and credit score, and
protect against identity theft.
experian.co.uk
Sidetrade helps Credit managers to reduce
excess DSO by up to 50 percent and
increase Sales-to-Cash efficiency up to
80 percent. Its innovative market-leader
solutions, which complement ERP, aim to
secure customers by reducing payment
delays and controlling risk. With clients of
all sizes and all industries in 65 countries,
Sidetrade enables 100,000 sales and financial
users to collaborate through its Cloud, thus
accelerating cash-flow generation.
www.sidetrade.com
Key IVR provide a suite of products to assist
companies across Europe with credit
management. The service gives the end-user
the means to make a payment when and
how they choose. Key IVR also provides a
state-of-the-art outbound platform delivering
automated messages by voice and SMS.
In a credit management environment,
these services are used to cost-effectively
contact debtors and connect them back into a
contact centre or automated payment line.
keyivr.co.uk
Tinubu Square is a trusted source of trade
credit intelligence for credit insurers and for
corporate customers. The company’s B2B
Credit Risk Intelligence solutions include the
Tinubu Risk Management Center, a cloudbased
SaaS platform; the Tinubu Credit
Intelligence service and the Tinubu Risk
Analyst advisory service. Over 250
companies rely on Tinubu Square to protect
their greatest assets: customer receivables.
tinubu.com
Rimilia provides award winning Cash
Application & Cash Allocation software
products that deliver industry leading
tangible benefits like no other. Having
products that really do what they say is
paramount – add to that a responsive
and friendly team that are focused
on new and ongoing benefit realisation and
you have the foundations for successful long
term business relationships.
rimilia.com
50 July / August 2016 www.cicm.com
The recognised standard in credit management

The recognised standard in
Credit Management
For further information and to discuss the opportunities of entering into a Corporate
Partnership with the CICM, contact Peter Collinson, Director of Business Development
and Marketing on 01780 727273 or email peter.collinson@cicm.com
Sanders Consulting is a niche consulting firm
specialising in improving Credit Management
Leadership & Performance for our clients.
We provide people and process focussed
pragmatic solutions, consultancy, strategy
days and performance improvement
workshops and we are proud to manage and
develop the CICMQ Programme and the
Best Practice Network on behalf of the CICM.
For more information please contact:
enquiries @chrissandersconsulting.com.
chrissandersconsulting.com
Credica are a UK based developer of specialist
Credit and Dispute Management software.
We have been successfully implementing our
software for over 15 years and have delivered
significant ROI for our diverse portfolio of
customers. We provide a highly configurable
system which enables our clients to gain
complete control over their debtors and to
easily communicate disputes with anyone in
their organisation.
cedica.co.uk
We specialise in company information with
extensive company coverage, financial risk
metrics and comprehensive corporate
structures. 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.
• Assess financial risk and corporate stability
• Get insight on the financial health of individual
companies and across your portfolio
• Manage your data more efficiently
bvdinfo.com
Begbies Traynor is the UK’s leading Corporate
Rescue and Recovery practice, handling
more than 1000 cases per year. We operate
from a network of 37 UK offices, with clients
ranging from SME’s to quoted companies
and global banks.
As a business we have a close relationship
with CICM members and understand the
key role they play in the ongoing financial
health of their organisations. We also
understand the pressures that many face and
have developed a creditor services offering
to support their aims. Whether this is utilised
as a basic free consultation by phone, or a
full suite of services to cover all claims in any
insolvency, we can work with members to
provide a tailored solution.
begbies-traynor.com
M.A.H. is a global leader in Export Debt
Collection & Trade Dispute Resolution
Services. Headquartered in Switzerland,
we specialise in resolving cross-border
cases swiftly and amicably. Our mission is to
ensure that all creditors receive full payment
for products or services sold out of the UK
without expensive and lengthy litigation.
Having recovered payments from 112
countries, we rank as first choice among major
international exporters, export credit insurers,
governmental organisations, and other B2B
customers in all industries.
mah-international.com
CreditForce by Innovation Software is the
leading Collections and Working Capital
Management Systems used globally in over
26 countries and by over 20 percent of the
Top 100 Global Law Firms. Our systems
improve cash flow, reduce DSO, automate
cash allocation, control risk, automatically
generate intelligent workflows and tasks,
speed up query resolution and manage the
entire end-to-end collections cycle. Fully
integrated with over 40 leading ERP and
Accounting systems and delivered locally
or through Microsoft-Azure’s secure cloud
solutions.
www.creditforceglobal.com
Safe’s Credit Control module manages the
entire credit lifecycle, from credit checking
through to cash collection and beyond,
providing detailed analysis of performance.
Safe’s single, intuitive and easy-to-use
application seamlessly brings together the
necessary data and tools you require to
achieve your objective of creating a profit
centre culture within your credit control
function.
safe-financials.co.uk
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. We are committed to
sharing our passion and experience in credit
management, Performance management and
Process improvement.
Our vision is to make sure that the changes
you create are sustainable and enduring.
www.thinkinspireandcreate.com
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.
www.dwf.law
The recognised standard in credit management
www.cicm.com July / August 2016 51

2016 CICM EVENTS
NOT TO BE MISSED
Workshops
Showcases
Law Conference
Webinars
Fellows Lunch
Education Conference
CICM Best Practice
Just another great reason to be a member
See full programme at www.cicm.com/events
www.cicm.com | +44 (0)1780 722902 | events@cicm.com
The recognised standard in credit management
43

CICM BRANCH NEWS
KENT BRANCH
CROSS BORDER CREDIT COLLECTIONS AND INSOLVENCY CONFERENCE
WORLD TRADE CENTRE LILLE
BLEARY-eyed but full of excitement, around
70 CICM members and guests filled up almost
two coaches on the first Eurostar train of the
day from London St Pancras for the Kent
Branch’s second visit in five years to the World
Trade Centre (WTC) in Lille. The event was
opened up to all branches and attendees came
from as far afield as Wales for a very interesting
and entertaining conference.
There was little chance for sleep on the
outward journey as the networking began
in earnest. By the time the train rolled in to
Lille-Europe around 9.30am local time, new
contacts had been established and friendships
formed.
Following the coffee and pastries at the
registration it soon became clear that the
CICM contingent had outnumbered our French
counterparts from the AFDCC (French Credit
Management Association) and it was decided
to run the conference in English (much to the
dismay of those who wanted to brush up on
their French language skills and listen through
CICM WEST
MIDLANDS BRANCH
SUMMER BBQ
THE West Midlands Branch held their annual
summer bbq on 1 June, at The Studio,
Birmingham. The event was kindly sponsored
by Badenoch and Clarke. Although there were
a few non-attendees on the night, a great
time was had by all, and there was plenty of
excellent food for everyone to enjoy.
Author: Richard Berger MCICM.
the dainty headsets!).
The conference opened with an enlightening
presentation from Nord France Invest on
key sectors, business opportunities and
the strengths of the region, which has seen
the third-highest total inflow of foreign
investment in France and is now home to
1,650 international companies with 97,000
employees.
Laurie Grzechnik, Operations Director, WTC,
then explained the role of the WTC before
Pierre Haincourt, Kent Branch Committee,
delivered a very informative explanation on
the new EU Cross Border Procedures for
debt recovery. The talk included a number of
handy tips for minimising the risk as well as
one or two anecdotes from Pierre’s collection
experiences.
Simon Paterson, Branch Treasurer then took
the conference to another level beginning with
a well-researched history of bankruptcy right
through to the modern day phenomenon of EU
bankruptcy tourism. As ever, Simon’s ‘tongue
in cheek’ talk was laced with incredible facts
and thought-provoking statements and was
well received.
The final two speakers were from the
AFDCC; Nathalie Roux, Vice President in
charge of international relations and Vincent-
Bruno Larger, Secretary General. Nathalie
explained the mission of the AFDCC, which
was formed in 1970, was to promote credit
management in France through its 13 regional
branches.
Vincent concluded the Conference with a
summary of a survey conducted in 2015 with
150 businesses on the subject of payment
delay, DSO figures and the consensus that
creditors would like late payment charges to be
made mandatory!
Judging by the incredible amount of thank
you messages received in the days after the
event it was certainly a great success; so much
so that Nathalie and Vincent from the AFDCC
will be attending the Turner Lecture in October.
Author: Kevin Artlett FCICM ACII.
The recognised standard in credit management
www.cicm.com July / August 2016 53

CICM BRANCH NEWS
EAST OF SCOTLAND BRANCH
COURT OF SESSION
THE East of Scotland branch has experienced
a long period of inactivity, but through the
efforts of Branch Secretary Gerald Murphy
and his team at Chamberlain McBain we were
delighted to arrange a meeting at the Court of
Session in Edinburgh.
David Ancliffe FCICM welcomed members
and guests to the meeting and gave a brief
outline on the benefits of attending meetings,
even in these days of social media alternatives.
He then introduced the guest speakers the Rt.
Hon. Lady Dorrian, Lord Justice Clerk and Kerry
Trewern Deputy Director ECPLS, Edinburgh
University.
Lady Dorrian was appointed as Lord
Justice Clerk on the 26 April, the first woman
in Scotland to hold this position. Members and
guests heard Lady Dorian give an insight into
the changes facing the court system following
the Courts Reform (Scotland) Act 2014. The
main changes, in terms of the new procedure,
relate to an effort to cut down the time spent
on each case; moves to try and solve cases
out of court with mediation; and a shift from the
current paper-based system to online and even
simplifying the legal jargon.
We will report to members in more detail
once the procedure has been finalised, as the
way in which actions are raised and run will
change dramatically and Sheriffs (Judges) will be
more involved from the onset.
Kerry Trewern, Deputy Director, ECPLS
Edinburgh University, then gave a presentation
on changes relating to Bankruptcy, known as
Sequestration in Scotland.
The Bankruptcy (Scotland) Act 2016
received royal assent on 28 April this year, and
the Government says it is expected to come
into force at the end of the year. The Act itself
however, doesn’t seem to be doing anything
exciting as it’s just bringing different legislation
together into one, stand-alone Act. Legislation is
consolidating: Bankruptcy (Scotland) Act 1985;
Bankruptcy (Scotland) Act 1993; Bankruptcy
& Diligence (Scotland) Act 2007 (only the part
relating to bankruptcy); Protected Trust Deeds
(Scotland) Regulations 2013; and the Bankruptcy
and Debt Advice (Scotland) Act 2014.
The presentations were then followed by
a tour of Court 3, hosted by Lady Dorrian, in
which members were presented with some
interesting facts regarding the history, process
and operation of the Court in terms of both its
Criminal and Civil role.
The next meeting is to be held at Edinburgh
Zoo on 5 September at the slightly earlier time
of 4.45pm for 5pm.
Author: David Ancliffe FCICM.
THE WEST OF SCOTLAND BRANCH
NEURAL LINGUISTIC PROGRAMMING
THE West of Scotland Branch Spring/Summer
event was held in the prestigious Blythswood
Hotel in Glasgow.
The event opened with an overview of
neural linguistic programming (NLP) presented
by Linda Cameron of Inspire for Impact. This
required some audience participation, which
is not only a great ice-breaker, but also clearly
demonstrates it’s value as a management tool.
Duly enlightened, it was time for our next
speaker, the irrepressible David Ancliffe, who
gave an update on the various CICM education
options available to potential students, and
a brief update on the progress of the current
learners within the branch.
Our next speaker, Gordon McIntyre Kemp,
Business for Scotland, delivered a factual wellbalanced
and thought-provoking presentation
on the ‘Brexit’ issue. Some of the detail within
Gordon’s presentation certainly debunked
many of the myths circulating in the media, and
raised some interesting questions in the room.
After all the talk of Brexit it was time for tea
and some refreshments before Bryan Jackson,
Johnson Carmichael, who takes his job very
seriously but not himself, gave a light-hearted
insight into the different challenges faced by
accountants in the administration of a football
club, in this instance, Heart of Midlothian.
Last but not least Mandi Moore, Wellness
Coach, reminded us all the importance of a
healthy work life balance and that we should
make good food choices to ensure that we
have ‘fuel for fitness’ to deal with busy lives
and demanding careers.
Speaking of food, it was then time to
draw the evening to a close with some of The
Blythswood’s finest canapés, drinks and an
opportunity to network and discuss what had
been a varied and interesting day.
Finally, the Branch committee would like
to extend our thanks to the members and
guests in attendance and of course our guest
speakers for their continued support of the
Branch.
Author: Branch Vice Chair Jackie Gardiner
MCICM (Grad).
To include your branch reports in the September issue of CM, please submit your copy via email to
branches@cicm.com Please ensure all photographs are high res (1MB+) and copy doesn’t exceed 400 words.
54 July / August 2016 www.cicm.com
The recognised standard in credit management

THAMES VALLEY BRANCH
PRIESTS, NUNS AND THE
HELL-FIRE CAVES
THE Thames Valley Branch met up in West
Wycombe, Buckinghamshire, home to West
Wycombe Park, maintained by the National
Trust. You may have seen the park on screen
recently as the setting for the TV drama Dr
Thorne. The Palladian House and the village is
used a great deal by filmmakers and is also the
home of the Hell-Fire Caves.
The caves, which stretch for a quarter of a
mile underground and include corridors and
a banqueting hall, began as a chalk mine in
the 1740s to relieve the local unemployment
caused by successive harvest failures. The
chalk was used to build the foundations for a
new road to run between Oxford and London,
more commonly known as the A40. This work
was the idea of the Dashwood Baronets and
it was Sir Francis Dashwood who formed the
Hell-Fire Club in the mid-18th century.
The club was an exclusive secret society
that boasted members such as Benjamin
Franklin, William Hogarth, Earl of Sandwich,
poets and MPs. They dined together and
performed unusual ceremonies.
In the inner section of the caves they
created a pool made to look like an
underground river. The impressive stalactites
and stalagmites are not natural to the caves.
They had been removed from Wookey Hole
Caves and stuck into place to enhance its
visual splendour.
By the 1780s, the Hell-Fire Club no longer
existed and, with the death of Sir Francis
Dashwood, the caves were closed until they
were used as a bomb shelter in the 1940s and
opened to the public in 1951.
A couple of interesting facts were noted on
our tour. The first is that the Hell-Fire Caves
have been voted the second scariest place
to visit in Britain due to the number of ghostly
sightings recorded there. The second is that a
PhD student at Bristol University has recently
conducted a 3D scan of the Caves which
shows other tunnels that may eventually be
fully discovered. There is even a rumour that
there are stairs leading directly to St Lawrence
Church which sits on the hill directly above the
caves.
It was great to see a number of new
members at this event and we enjoyed a lovely
meal afterwards at the nearby George and
Dragon Hotel.
Join the Thames Valley Branch on Linkedin
and the branch page on the CICM website for
details of our forthcoming events.
linkedin/ICM-Thames-Valley-Branch
http://www.icm.org.uk/icm-memberships/
branches/thames-valley/
Author: Ruth Howard ACICM.
SHEFFIELD AND DISTRICT
ASK THE EXPERTS
THE Sheffield Branch held an ‘Ask the Experts’
evening event covering credit information,
credit insurance, recruitment and social media.
We were supported by Steve Hamstead,
Reynolds Trade Credit, Jackie Mordue, Hays,
and Alex Pickering, Experian. Unfortunately,
Tracy Carter was not able to join us due to
family commitments, so Chair Laurie Beagle
did his best to cover the session on her behalf.
The evening started with a buffet followed
by each expert giving a short presentation
then a Q&A session with questions sent in
by the members in advance, and those more
spontaneous on the night.
The feedback was good saying the quality
presentations and interesting questions/
debates were exactly the kind of evening we
wish to attend.
FULL NAME:
Full name Ben Radcliffe
CURRENT JOB TITLE:
Credit Manager
CURRENT COMPANY
MGF Trench Construction
Systems Ltd
NUMBER OF YEARS IN CREDIT
MANAGEMENT 20 years
60SECONDS
NUMBER OF YEARS IN CURRENT ROLE
Four and a half years
HOW DID YOU GET INTO CREDIT
MANAGEMENT?
My career within credit control has spanned
twenty years and I completed my CICM five
years ago. I became a credit manager four and
a half years ago when I was promoted within
the company.
WHAT IS THE BEST THING ABOUT WHERE
YOU WORK?
The team and the culture. My team works really
well together to achieve results to maximise
cash collection. The culture of MGF is very
employee focused and empowers individuals
to develop their career and maximise their
potential.
WHAT MOTIVATES YOU?
Achieving results, and of course seeing my team
flourish within their roles developing new skills
and achievements.
WHAT IS YOUR FAVOURITE MEAL?
Lobster Thermidor.
WHAT IS YOUR FAVOURITE HOLIDAY
DESTINATION?
Cuba; I have visited this country three times
now and really enjoy the Cuban culture and the
people.
NAME THREE PEOPLE YOU WOULD
INVITE TO A DINNER PARTY AND WHY?
Stephen Fry – For his comedic value and highly
intellectual conversation.
JFK – For the controversy and scandal! He would
certainly have some intriguing stories to tell.
Winston Churchill – because he is such a key
historical figure.
IF YOU WERE TO HAVE ONE SPECIAL
POWER, WHAT WOULD IT BE AND WHY?
To read minds so I can ascertain what people
are really thinking in order to understand how
diverse and interesting we all individually are.
WHAT IS THE BEST/WORST QUALITY IN A
LEADER?
The best quality would be to lead by
example and to be a figure that the team
aspire to emulate. The worst quality is to act
authoritarian.
WHO IS YOUR BUSINESS OR PERSONAL
HERO?
Nelson Mandela; a perfect example of selfsacrifice
for the greater good.
WHAT WAS THE LAST THING YOU
WASTED MONEY ON?
Gadgets, but very specifically an imported
electrical transmitting plug that didn’t transmit
much as it didn’t work!
IF YOU WEREN’T WORKING IN CREDIT
MANAGEMENT, WHAT WOULD YOU BE
DOING?
In an ideal world, I would like to work as a
wildlife photographer.
WITH
Author: Laurie Beagle FCICM.
The recognised standard in credit management
55

DON’T MISS YOUR
NEXT BIG CAREER
MOVE IN CREDIT
At Hays Credit Management, our consultants are all affiliate members of
the CICM and understand both the demands you face and the skills you
need to thrive within your industry. We can therefore offer you personalised
career advice and the support that you need.
EMEA CREDIT CONTROLLER
EXPERTLY OWN THE PROCESS
High Wycombe, £30,000 + benefits
A great opportunity has arisen to join an incredibly fast
growing EMEA head office. Working closely with its
Billings Specialist, you will be solely responsible for the
end-to-end credit control process for its EMEA regions.
This role involves cash collection and allocation, credit
checking, account management, litigation and query
resolution. You will also look after a ledger of between
400-500 accounts with a total monthly value of over
£4 million. Proven experience working in a credit control
capacity with exposure to international debt is essential.
The role offers the potential to manage your own team
in the future. Ref: 2738967
Contact Ben Denham on 01494 436140
or email ben.denham@hays.com
CREDIT CONTROLLER
MAXIMISE CASH COLLECTION
Central London, £28,000 + benefits
An exceptional credit controller is required to credit
control its UK and international customer base. You
will focus on raising invoices and collecting cash in
multiple currencies on a timely and accurate basis.
Joining a finance team of three, you will work closely
and proactively with customers, agents, finance
colleagues and sales executives to maximise cash
collection and minimise risk. You will have an analytical
mind and previous experience in an operational
environment. This is a fantastic opportunity where
you can achieve results and be rewarded accordingly.
Ref: 2707258
Contact Despina Solomou on 020 3465 0020
or email despina.solomou@hays.com
This is just a selection of the many opportunities
we have available for credit professionals.
To find out more, visit us online.
hays.co.uk/creditcontrol
56 July / August 2016 www.cicm.com
The recognised standard in credit management

BI-LINGUAL CREDIT CONTROLLER
SUCCESS THROUGH EXPERTISE
Hemel Hempstead, up to £25,000
This reputable pharmaceutical company is established
and has ambitious plans for the future. You will deal with
the credit cycle for the German client ledger including
cash allocation, debt and bank reconciliation, due/aged
debt collection and litigation preparation. You will be
fluent in German and English (written and verbal), and
ideally in another European language. In return, the
company has a fantastic working environment, with
career progression and personal development at the
forefront of its culture.
Ref: 2768276
Contact Emily Oakes on 07872 158 536
or email emily.oakes@hays.com
CREDIT CONTROLLER
PROVIDE AN EXCEPTIONAL SERVICE
Birmingham, £22,000-£25,000
Having recently undergone a rebrand, this UK leading
independent professional service company is looking
for an experienced credit controller. Working closely
alongside the Credit Manager, you will ensure smooth
running of the credit control function and your own
dedicated portfolio. Previous experience within
a professional services organisation and a high volume
credit control environment is essential. This is a superb
opportunity to join a market leader with an excellent
employee learning and development culture.
Ref: 2766408
Contact Hollie Wildman on 0121 212 1814
or email hollie.wildman@hays.com
JUNIOR CREDIT CONTROLLER
PROGRESS YOUR CAREER
London, £23,000 + benefits
An exciting opportunity has arisen at a well-established
business for a talented individual who is keen to develop
their skill set. This will be an all-round credit controller
position where you will get additional exposure to other
aspects of credit including billings and risk. You will
perform the credit control process, assisting with invoicing
and default payment as well as operate the dunning
processes including non-payment and credit cover. This is
the perfect role for an individual looking to progress their
career within an exciting company and a friendly team.
Ref: 2766654
Contact Hannah East on 020 3465 0020
or email hannah.east@hays.com
CREDIT CONTROLLER
MAKE AN IMPACT
Bournemouth, up to £25,000
A world-renowned leader in laser safety seeks
a competent credit controller to join its office near
Bournemouth. Primarily, you will manage the debtor
book at SAGE to reduce overall debt and ensure
the debtor book is tidy as well as be responsible for
establishing an expectation with its client base regarding
payment. This role will also involve credit requests,
credit checks and problem solving. Ideally, you will have
experience in credit control, be comfortable working in
a standalone role and hold good negotiation skills.
Ref: 2766924
Contact Charlotte Arias Casquete on 01202 048611
or email charlotte.ariascasquete@hays.com
CREDIT CONTROLLER
JOIN A LEADING COMPANY
Old Trafford, £20,000–£24,000
A fantastic manufacturing company looking to grow its
finance department requires an ambitious credit controller
to join on a permanent basis. You will provide support to
the team of credit controllers and collect aged debt
from customers by telephone, letter and email. You will
also deal with queries and produce debt reports to senior
staff. Previous credit control experience is essential. This
role would suit an individual with a confident telephone
manner and great negotiation skills who can work
towards targets.
Ref: 2636007
Contact Richard Salmon on 0161 236 7272
or email richard.salmon@hays.com
CREDIT CONTROLLER
ACHIEVE AND EXCEED TARGETS
Hampton Court, £22,000 + bonus
A confident credit controller is required at a national goods
distribution company based in Southwest London. In this
role, you will deal with cash allocation, bank reconciliation
and queries. Delivering excellent customer service, you will
also be responsible for raising invoices and maintaining
excel spreadsheets. Successful candidates will be
motivated and driven to achieve and exceed targets, have
the ability to multi-task and remain calm and composed
when working in a busy department. This is an exciting
opportunity to develop and progress your career in
finance with managerial prospects in sight. Ref: 2770493
Contact Nicola Pratt on 020 8247 4042
or email nicola.pratt@hays.com
The recognised standard in credit management
www.cicm.com July / August 2016 57

CM
Credit Management magazine for consumer
and commercial credit professionals
THE CICM'S HIGHLY ACCLAIMED MAGAZINE
SPECIAL
FEATURES
IN DEPTH
INTERVIEWS
ASK THE
EXPERTS
GLOBAL
NEWS
LEGAL
MATTERS
INTERNATIONAL
TRADE
CURRENCY
EXCHANGE
HR
MATTERS
MOBILE DIGITAL
EDITION
EDUCATIONAL
STUDIES
THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS
TO SUBSCRIBE CONTACT: T: 01780 722903| E: ANGELA.COOPER@CICM.COM
WE
WANT
YOUR
BRANCH
NEWS!
To include your branch reports in the
CM magazine, please submit your copy via
email to branches@cicm.com
PLEASE ENSURE ALL PHOTOGRAPHS
ARE HIGH RES (1MB+) AND COPY DOESN’T
EXCEED 400 WORDS.
58 July / August 2016 www.cicm.com
The recognised standard in credit management

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% 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 – Business Development
M: 07834 748 183
T: 01992 663 399
E: info@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
We are a new Court Enforcement company that has over 100 years’
experience, of helping credit professionals to enhance both data and
collection performance.
Court Enforcement Services provides faster resolution of unpaid
County Court Judgments (CCJs) over £600 with our free transfer
up service to High Court Enforcement. We offer tailored solutions for
Businesses, DCA’s, Debt Purchasers, Solicitors and Utilities.
As owners of the company we lead and manage all aspects of
the services that are provided on your behalf. Court Enforcement
Services brings a fresh, modern and above all personal customerfocussed
approach to High Court and Civil Court Enforcement.
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
CoCredo were proud winners at the CICM British Credit Awards for
‘Credit Information Provider of the Year 2014.’ We provide live online
company credit reports and related business information within
the UK and overseas. We have direct feeds from Dun and
Bradstreet, Companies House and other premium providers.
We provide business information on over 228 million companies
across 240 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 D.N.A portfolio management,
CoData marketing information, Consumer and Director Searches.
We pride ourselves in delivering outstanding customer service
offering you unrivalled support and analysis to protect your business.
The recognised standard in credit management
www.cicm.com July / August 2016 59

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
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
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.
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
Experian
The Sir John Peace Building,
Experian Way,
NG2 Business Park,
Nottingham
NG80 1ZZ
T: 0844 481 9920
E: Business.Information@uk.experian.com
W: experian.co.uk/businessiq
Managing commercial credit can be a real challenge. That’s
why we’ve created a business management system called
BusinessIQ – an advanced web portal that meets all your
credit risk assessment, customer management and collection
needs in one easy-to-use integrated platform.
Powered by our intuitive business information – blending
business, director, consumer and payment performance data,
BusinessIQ offers a more informed solution for today's credit
risk challenges. It makes credit management operations far
more sophisticated without adding complexity.
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% discount to all CICM Members as well as four free
credit checks of your choice.
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.
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.
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.
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
60 July / August 2016 www.cicm.com
The recognised standard in credit management

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
CREDIT MANAGEMENT SOFTWARE
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”).
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: real-time 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.
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,
New York, Montréal, London, Singapore and Mumbai. 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
11 Aston Court, George Road, Bromsgrove, B60 3AL
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
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, receivables
management 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. In the past 12 months we’ve
collected from 138 countries worldwide; with Your Debts Online
giving you transparent access to our collection success and the
cost of each and account placed with us for collection. Collected
funds are remitted via BACS. We look forward to getting your
business paid.
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.
The recognised standard in credit management
www.cicm.com July / August 2016 61

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
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
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
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
DWF LLP
Neil Jinks FCICM – Director
M: +44 (0)7740 179 515
T: +44 (0)121 647 2524
E: neil.jinks@dwf.law
W: www.dwf.law
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.
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).
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.
SmartSearch
Station Court, Station Road, Guiseley, Leeds, LS20 8EY
T: 0113 238 7660
F: 0113 238 7669
E: info@smartsearchuk.com
W: www.smartsearchuk.com
SmartSearch is the first system to bring together Business
and Individual AML Verification on a single platform. Our data
providers Experian and Dow Jones provide SmartSearch
access to over one billion data items enabling AML
verification in all Markets. AML verification data subjects are
automatically screened against the latest Sanction, PEP and
SIP Lists. Ongoing monitoring for the duration of your contract
is provided at no extra cost. Efficient processes; less than 3
minutes to execute a business AML check and a sub 60 second
individual check. Why not let your Compliance Team test drive
SmartSearch for 14 days free of charge? (Ref:CM101)
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 July / August 2016 www.cicm.com
The recognised standard in credit management

CREDIT MANAGEMENT
CM
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 7&8
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 July /
August be of interest to you. If you do not wish to
receive such notification please tick here q
£20 CROSSWORD PRIZE
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.
THERE WILL BE THREE PRIZES OF £20 EACH FOR
THE FIRST THREE NAMES DRAWN EVERY MONTH
ACROSS:
1. Cons
6. Gossips
10. Back talk
14. A green fabric mixture
15. Violent disturbance
16. Relating to urine
17. Alpha’s opposite
18. Aquatic plant
19. Madly in love
20. Flashiness
22. Fortitude
23. Listen
24. Highest goals
26. An island in Indonesia
30. To and ___
31. Female sib
32. Absent Without Leave
33. Hue
35. Set of principles
DOWN:
1. Plod along
2. Unwakable state
3. Affirm
4. Wise men
5. Hiding place
6. Grain storehouses
7. Control surface on a plane
8. Marshes
9. Stoppage
10. Indecent
11. A kind of macaw
12. A seal
13. Skedaddles
21. Substantial
25. Perished
26. Mandibles
27. On the road
39. Pike (fish)
41. Emit
43. Sysadmin
44. Celebrity
46. Contends
47. Spy agency
49. Biblical first woman
50. Shade trees
51. Make inconspicuous
54. Distribute
56. Notch
57. Acts as an agent
63. Indian dress
64. Frosts
65. A group of soldiers
66. Therefore
67. Unit of land
68. Habituate
69. Observed
70. Its symbol is Pb
71. Regenerate
28. Volumes (abbrev.)
29. Portion
34. Crossed
36. Salute
37. Bit of gossip
38. To tax or access
40. Sweeping story
42. Mountain crest
45. Poster color
48. Antenna
51. S S S S
52. Emergency signal
53. Make a counterfeit
55. Fruity-smelling compound
58. Behold, in old Rome
59. Sea eagle
60. Person, place or thing
61. Ripped
62. Gush
CLOSING DATE: 15 August 2016
JUNE CROSSWORD WINNERS ARE:
Jacqueline Baker, Tony John FCICM and Frank Carroll MCICM
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.
The recognised standard in credit management
www.cicm.com July / August 2016 63

WorldClassCredit Management Software
Powerful
Features
Trusted
Globally
Intuitive
Design
Cloud
Solutions
Proven
Results
Rapid
ROI
In an environment that
constantly changes can you
afford to stay off thepulse?
Our state of the art
software systems are
proven to improve Cash
Flow and reduce risk
whateveryour business.
With clients in over 26
countries and integration
with over 40 of the world’s
leading ERP systems, you
can have confidence in
making CreditForce the
centre of your revenue and
collections management
processes.
Book ademonstration
+441634 812 300
info@innovationsoftware.uk.com
Learn more
www.creditforceglobal.com