October 2016 Credit Management magazine

FORGOTTEN CHEQUES COST
COMPANIES DEAR
UP to £550 million is lost every year by SMEs
forgetting to pay in or losing cheques written to
their business, research by Barclays Business
banking has found.
Of those that have lost or forgotten to
deposit a cheque, two in five (38 percent) admit
to doing it only on one occasion, however one
in five (20 percent) say that they forget at least
once a week and an additional 15 percent
reckon this happens once a month. This means
that around one million businesses are missing
out on hard earned funds on a regular basis.
The average value of SMEs missing
cheques is £740 but male owners confess
to losing more than this – £925 on average.
This is £200 more than the national average
and twice as much as the £417 women lose.
More women (59 percent) say they have lost a
business cheque only once, double the number
of men (26 percent).
Barclays was the first UK bank to pilot
mobile cheque imaging technology that
enables Barclays’ customers to pay in Barclays
cheques at any time and any place with just
a few quick clicks. The scheme enables
customers to upload and pay-in a Barclays
cheque from their smartphones or tablets.
Ian Rand, CEO of Business Banking at
Barclays, says no business should miss out on
their hard earned takings: “The £550 million
lost each year by SMEs losing or forgetting to
deposit their cheques highlights the scale of
the problem.”
Younger business owners are more likely to
make this oversight once a week with one in
three (34 percent) entrepreneurs aged 18-35
saying they forget or lose a cheque weekly. This
falls to one in 10 (12 percent) for those aged
36-54.
Despite many changes in the way people can
bank, cheques remain a popular method of
payment. Latest figures from Barclays alone
show that more than 90 million cheques were
paid in over the last 12 months, with a value
in excess of £140 billion. The mobile cheque
imaging pilot has seen more than 57,000
customers registered and over £3 million paid
into Barclays accounts.
barclays.co.uk/business-banking
NEWS IN BRIEF
PARRY AND REPOSTE
The Financial Conduct Authority (FCA)
has banned Elizabeth Anne Parry from
performing any function in relation to any
regulated financial activity and fined her
£109,400 for lying repeatedly to the regulator
when asked about her qualification status.
Miss Parry was authorised in May 2006 as
a sole trader to conduct investment and
mortgage business and, from January 2015,
for consumer credit activities. She ceased to
be authorised in November 2015 and has now
ceased trading. fca.org.uk
CICM IN BRIEF
This month's briefing includes
details of the CICM British Credit
Awards 2017, the CMI Q3 2016,
the CICM Best Practice Event of
the Year, and a survey on business
confidence post Brexit.
EXPERIAN MAKES CREDIT SCORE FREE FOR EVERYONE
MOST adults (56 percent) feel that getting a
better grasp of their finances would help them
live a more fulfilled life, and worry more about
their money and financial situation (55 percent)
than anything else.
The research comes from a new study
commissioned by Experian which has made
obtaining a credit score free for everyone,
forever. “Having good control of your money
is a big factor for most people’s overall
happiness, and a lot of people don’t realise that
your credit score is like a temperature gauge
for your financial wellbeing,” Experian’s Clive
Lawson.
“The Experian Credit Score is available
now as part of CreditMatcher, our new
comparison service that gives people access
to deals on credit cards and loans they’re more
likely to be accepted for.”
Experian claims it can now help people
shop around to see how they can save
money by comparing deals based on their
financial profile. For example, looking at
average borrowing on credit cards, many UK
households could save upwards of £400 per
year simply by switching to a zero percent credit
card.
The new research also reveals that 28
percent of people say they find it hard to
understand how to manage their money. “This
launch is a vital step forward in helping people
make their money go further, at all stages of life,
whether that’s getting a better deal on a credit
card to spread the cost of a big purchase, a
personal loan to fund home improvements or a
mortgage,” Clive concludes. experian.co.uk
THE FOURTH
DIMENSION
AGGREGATE Industries has been awarded CICMQ
accreditation for the fourth time. The award was
presented by Glen Bullivant FCICM, Vice President of
the CICM at a ceremony in September at the shared
service centre in Barden Hill, Leicestershire. The
business attained its first CICMQ in 2010.
Phil Rice FCICM, Order to Cash Manager, says
that the award is further recognition of the excellence
of his team: “Since becoming one of the first to
achieve CICMQ, we have never looked back, and the
senior management has been extremely supportive
throughout.”
In presenting the award, Glen added:
“Accreditation is not only great kudos for the
company, but is also recognition of the individual
contribution made by every member of the team.
Getting better never stops.”
The day presented an opportunity not only to
acknowledge the academic achievements of the
team towards their CICM qualifications, but also
a series of internal awards. A full report from a visit
to Aggregate Industries credit team by the Managing
Editor Sean Feast will appear in the November issue.
16-year old Bradley Abbot, the youngest member
of the Aggregate Industries credit team (and first
ever CICM Trailblazer apprentice) and Emma Hovell.
The recognised standard
www.cicm.com October 2016
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