November 2016 Credit Management magazine




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NOVEMBER <strong>2016</strong><br />

www.cicm.com<br />


4 Editor’s column<br />

6 News<br />

11 CICMQ news update<br />

30 International Trade<br />

34 Legal Matters - DWF<br />

44 Forthcoming Events<br />

48 HR Matters<br />

52 New members<br />

54 Branch News<br />

59 Cr£ditWho? directory<br />

63 Crossword<br />



Stuart Hopewell and David Kerr give<br />

an independent opinion on Pre Pack<br />

administration sales.<br />


Laurie Beagle, FCICM outlines his hopes and<br />

aspirations as the new CICM chair.<br />


Sean Feast visits the credit services team at<br />

Aggregate Industries, and has a tour around<br />

one of Europe’s largest quarries.<br />


Frank Whitworth recalls more tales from his<br />

every day working experiences as a High<br />

Court Enforcement Officer.<br />


Steve Richardson delves deeper into SaaS<br />

solutions.<br />


A credit control manager from Belfast needs<br />

convincing about the effectiveness of IVAs.<br />



Adam Bernstein takes a closer look at what’s<br />

causing Russia’s current malaise.<br />

29 TRADE TALK<br />

Lesley Batchelor FCICM OBE emphasises the<br />

importance of global economic integration.<br />


The CICM’s legal partner DWF provides legal<br />

advice for members and readers.<br />


Sean Feast asks the key players in trade<br />

credit insuracnce to describe their most recent<br />

products and innovations, and services ‘beyond’<br />

credit insurance.<br />

40 BENCH PRESS<br />

Amir Ali gives the CCUA’s response to Lord<br />

Justice Briggs’ Civil Courts Structure Review.<br />


The latest monthly business-to-business<br />

payment performance statistics.<br />

46 EDUCATION<br />

Debbie Tuckwood, CICM Director of Learning and<br />

Development, highlights recent initiatives of the<br />

CICM Vulnerability Group.<br />

30<br />

7<br />

37<br />


Stephen Baister FCICM<br />


Philip King FCICM CdipAF MBA<br />


Laurie Beagle FCICM – Chair<br />

Glen Bullivant FCICM<br />

Sue Chapple FCICM<br />

Larry Coltman FCICM<br />

David Thornley FCICM(Grad) – Treasurer<br />

Pete Whitmore FCICM – Vice Chair<br />


Laurie Beagle FCICM<br />

Jason Braidwood FCICM(Grad)<br />

Glen Bullivant FCICM<br />

Sue Chapple FCICM<br />

Larry Coltman FCICM<br />

Kim Delaney MCICM<br />

Eleimon Gonis MCICM<br />

Victoria Herd FCICM(Grad)<br />

Christelle Madie MCICM(Grad)<br />

Debbie Nolan FCICM<br />

Bryony Pettifor FCICM(Grad)<br />

Allan Poole MCICM<br />

Phil Rice FCICM<br />

Charlie Robertson FCICM<br />

Chris Sanders FCICM<br />

Richard Seadon FCICM<br />

Shakti Tanda MCICM(Grad)<br />

David Thornley FCICM(Grad)<br />

Debra Weston MCICM<br />

Pete Whitmore FCICM<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 3


CM<br />



the<br />

Editor’s<br />

column<br />



ONE of the best bits about being a<br />

journalist, and especially the managing<br />

editor of <strong>Credit</strong> <strong>Management</strong>, is getting<br />

out and meeting people. Those who<br />

work in the credit industry are rarely dull, and<br />

invariably have a good story to tell.<br />

I first bumped into Phil Rice FCICM and his<br />

team at our awards bash earlier in the year.<br />

Now when I say ‘bumped’, I really mean it. I<br />

had the pleasure of presenting them with an<br />

award and as I announced the name, a great<br />

surge of people started charging towards<br />

me and the stage as though someone had<br />

just opened the door on the first day of the<br />

Harrods sale. It was a level of passion and<br />

enthusiasm, perhaps aided by a few snifters,<br />

that is reassuring to see in a world in which<br />

we are often too quick to criticise, and<br />

similarly too slow to praise.<br />

Having extricated myself from the scrum, I<br />

promised Phil I would come and see him, and<br />

last month I got to fulfil that promise with a trip<br />

to the Aggregate Industries’ site in Barden Hill<br />

in Leicestershire. It was a genuine eye opener<br />

to see Phil and his team operating as one,<br />

with a shared ambition and commitment to<br />

be better every day. I have worked in a good<br />

many environments, and led a good many<br />

teams, and think I can spot when something<br />

is for ‘show’ or whether the employees really<br />

mean what they say. At Aggregate Industries,<br />

I can really say that they do, and it comes as<br />

no surprise to learn that they have recently<br />

been CICMQ-accredited for the fourth time<br />

running. Neither is it a surprise to know that<br />

they have been recognised as a CICM Centre<br />

of Excellence.<br />

All of us strive to be the best at what<br />

we do. Personally, I have never been one<br />

for fancy management speak, and abhor<br />

those who adopt the David Brent school of<br />

motivation, for the excellence in that character<br />

was how painfully close he was to real life.<br />

Leadership is first and foremost about getting<br />

the job done, and having a little fun along the<br />

way, in whichever industry you work.<br />

So if Phil ever offers you a chance to have<br />

a look around his quarry, I advise you to grasp<br />

it with both hands. And if you ever get to<br />

present his team with a trophy, enter into the<br />

spirit of the occasion with both eyes open,<br />

and your body armour tightly strapped.<br />


Publisher<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

The Water Mill<br />

Station Road<br />

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OAKHAM<br />

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Telephone: 01780 722910<br />

Fax: 01780 721333<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

CMM: www.creditmanagement.org.uk<br />

Managing Editor<br />

Sean Feast<br />

Deputy Editor<br />

Alex Simmons<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

Email: andrew.morris@cicm.com<br />

Editorial Team<br />

Tom Berger, Imogen Hart and Iona Yadallee<br />

Advertising<br />

Anthony Cave<br />

Telephone: 0203 603 7934<br />

Email: anthony.cave@cabbell.co.uk<br />

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<strong>Credit</strong> <strong>Management</strong> is distributed to the entire UK and international CICM<br />

membership, as well as additional subscribers<br />

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this<br />

<strong>magazine</strong> do not, unless stated, reflect those of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>. The Editor<br />

reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘<strong>Credit</strong><br />

<strong>Management</strong>’ is a registered trade mark of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>.<br />

4<br />

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CMNEWS<br />

A<br />

round-up<br />

of news stories<br />

from the world<br />

of consumer and<br />

commercial<br />

credit.<br />

By By Sean Feast and Alex Simmons<br />



A<br />

new study from Worldpay reveals<br />

widespread uncertainty about trading<br />

conditions across the retail sector. The<br />

.payments processor claims retailers<br />

that delay investments in their business in the<br />

wake of the Brexit vote could be putting their<br />

long-term prospects at risk.<br />

Despite buoyant economic data from across<br />

the retail sector, just under half (46 percent) of<br />

UK retailers surveyed still believe there will be<br />

a drop in consumer spending over the coming<br />

year, versus 26 percent who believe trading<br />

conditions will remain unchanged with 27<br />

percent remaining undecided.<br />

Retailers in London were more than twice<br />

as likely to believe conditions will become<br />

more challenging in the coming 12 months<br />

than those across the rest of the UK. This stark<br />

contrast in attitude suggests voter preference<br />

could be influencing business behaviour as<br />

much as available data.<br />

Worldpay warns uncertainty over how Brexit<br />

will impact trading conditions is causing many<br />

retailers to delay vital investment needed to<br />

modernise the sector and meet rapidly evolving<br />

consumer shopping habits.<br />

Nearly half (44 percent) of UK retailers<br />

say the outcome of the Brexit vote has led<br />

them to reconsider planned investments in<br />

new technologies and channels to market,<br />

something which Worldpay believes could limit<br />

retailers’ ability to grow if left unchecked.<br />

According to Worldpay’s research,<br />

businesses selling through online channels<br />

were far more confident about post-Brexit<br />

trading conditions than those with only a<br />

bricks and mortar presence, suggesting<br />

that recent interest from overseas shoppers<br />

taking advantage of currency fluctuations and<br />

boosted online spending from non-UK cards,<br />

which increased by 5.3 percent in the month<br />

following Brexit, have served to reassure web<br />

based retailers.<br />

Dave Hobday, Managing Director of<br />

Worldpay says recent high street data<br />

suggests the UK retail economy remains<br />

buoyant following the Brexit vote: “There are<br />

clear opportunities for businesses to thrive in<br />

post-referendum environment, in particular<br />

multi-channel strategies that allow retailers to<br />

broaden their customer base and appeal to<br />

non-UK shoppers will enable businesses to<br />

capitalise fully on the current competitiveness<br />

of UK products internationally.”<br />

Meanwhile according to the latest retail<br />

study from insurance company AXA, while the<br />

austerity years have hit independent shops hard,<br />

small businesses are becoming a powerful force<br />

for change in Britain’s communities.<br />

The last decade has not been kind to<br />

Britain’s little shops – they have seen costs rise<br />

and profits shrink alongside family budgets, and<br />

one in 10 local stores have closed down during<br />

this period.<br />

However, AXA’s research shows that the<br />

survivors are quietly pulling together to improve<br />

and sometimes save their communities, with<br />

eight out of 10 participating in community<br />

projects with other shop owners.<br />

More than half of the retailers surveyed say<br />

that their local shopping district is in decline<br />

due to under-investment; 51 percent actively<br />

lobby the local council for improvements to local<br />

infrastructure and amenities, and one in five<br />

are on a committee that organises community<br />

events aimed at attracting outsiders to their<br />

area.<br />

Additionally, eight in 10 small retailers said<br />

that they ensured their shops reflected their local<br />

area’s history and character. In rural locations,<br />

this brings important economic benefits – 72<br />

percent of village shops provide retail space for<br />

local craftsmen, artists and food producers, and<br />

30 percent said their shop attracted tourists to<br />

their village. Consequently, the pace of closure<br />

of village stores – 300 a year – represents a<br />

pending crisis in Britain’s countryside.<br />

At the sharp end, those located in Britain’s<br />

inner cities provide an informal support network<br />

for homeless people; a quarter said they<br />

provided help directly to those sleeping rough<br />

in their locality. Likewise, a quarter have hired<br />

someone previously living long-term on benefits,<br />

and 15 percent have hired former prisoners<br />

looking for a second chance.<br />

The study also suggests that local shops<br />

are a lifeline for Britain’s growing elderly<br />

population, both financially and socially. A third<br />

of independent shop owners said that local<br />

pensioners would struggle to find an alternative<br />

if they closed. worldpay.com/uk<br />

6<br />

<strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard




THE first manifesto for Fighting Economic<br />

Crime has been published by Consultative<br />

Committee of Accountancy Bodies (CCAB),<br />

the collective of five accountancy bodies –<br />

ICAEW, ACCA, CIPFA, ICAS and Chartered<br />

Accountants Ireland.<br />

It highlights four key public policy areas<br />

for improvement to the effectiveness and<br />

capabilities of anti-money laundering (AML) in<br />

the UK.<br />

By including a clear and achievable fourpoint<br />

plan to tackle money laundering and<br />

terrorist financing, CCAB is urging the UK<br />

Government to take the lead in strengthening<br />

the AML regime, especially as the UK<br />

considers the next steps for Brexit.<br />

While welcoming the government’s<br />

recently published Action Plan to counter<br />

such devastating economic crime, CCAB says<br />

that the Government must adopt the best<br />

supervisory practices and not allow public<br />

money to become tainted.<br />

Anthony Harbinson, CCAB chairman and<br />

director of Safer Communities, Northern<br />

Ireland Department of Justice says the<br />

Government needs to strengthen the<br />

national AML infrastructure – which needs<br />

specialist advice and support to ensure this<br />

infrastructure is built on solid ground:<br />

“While this manifesto is aimed at the<br />

Government, CCAB also recognises that the<br />

profession – professional bodies and their<br />

members – have a vital role in combatting<br />

economic crime. We are part of the solution,<br />

with a commitment to report any identified or<br />

suspected money laundering activity to the<br />

Anti-Money Laundering Authorities, such as<br />

the National Crime Agency.”<br />

ccab.org.uk<br />



AS farmers across the country draw<br />

harvest to a close, new industrywide<br />

figures published by the British<br />

Bankers’ Association (BBA) show that<br />

bank lending to farms and other agricultural<br />

businesses increased by £1.5 billion last year<br />

– the largest rise since records began nearly<br />

20 years ago.<br />

New data from the BBA’s Annual Statistical<br />

Abstract shows that high street banks<br />

provided loans and overdrafts totaling £13.9<br />

billion to agricultural, hunting and forestry<br />

businesses in 2015 – a 12 percent increase on<br />

the £12.4 billion total in 2014. Total lending to<br />

these businesses in 2015 was at the highest<br />

level on record.<br />

The amount lent by major retail banks to<br />

agricultural businesses in the East Midlands<br />

expanded most quickly, increasing by almost<br />

a third (32.8 percent) to the end of February<br />

2015. Every region of the UK saw lending<br />

expand in the same period, with the exception<br />

of Wales which had seen a 21.5 percent<br />

increase the previous year.<br />

This means the total volume of borrowing<br />

secured by this crucial part of the economy<br />

has grown by over 50 percent in four years.<br />

BBA CEO, Anthony Browne, says bankers<br />

and farmers could not be more different in<br />

the eyes of most people – the two sectors<br />

are typically located in separate parts of the<br />

country and play very different roles in the<br />

economy:<br />

“It’s important to recognise, however,<br />

that both sectors share a mutually beneficial<br />

relationship. The fresh produce that people<br />

buy in shops or get delivered to their doorstep<br />

is not only grown by farmers, it is funded<br />

by banks. In the face of volatile commodity<br />

prices, banks are supporting farmers through<br />

these tough times. It is vital that farmers can<br />

secure the finance that they need to invest in<br />

crops, machinery or livestock.”<br />

bba.org.uk<br />


TALKTALK has been issued with a<br />

record £400,000 fine by the Information<br />

Commissioner’s Office (ICO) for security<br />

failings that allowed a cyber attacker to<br />

access customer data ‘with ease’.<br />

The attacker accessed the personal data<br />

of 156,959 customers including their names,<br />

addresses, dates of birth, phone numbers<br />

and email addresses. In 15,656 cases, the<br />

attacker also had access to bank account<br />

details and sort codes. The data was taken<br />

from an underlying customer database that<br />

was part of TalkTalk’s acquisition of Tiscali’s<br />

UK operations in 2009.<br />

The data was accessed through an attack<br />

on three vulnerable webpages within the<br />

inherited infrastructure. TalkTalk failed to<br />

properly scan this infrastructure for possible<br />

threats and so was unaware the vulnerable<br />

pages existed or that they enabled access to<br />

a database that held customer information.<br />

A criminal investigation by the Metropolitan<br />

Police has been running separately to the<br />

ICO’s investigation. ico.org.uk<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 7




A<br />

new report commissioned by World<br />

First has found that the UK is losing<br />

out on a potential £141.3 billion – more<br />

than the combined UK government<br />

budgets for health and defence in 2015/16 –<br />

because of the SME export gap.<br />

The report, entitled Thinking Global: The<br />

route to UK exporting success, was conducted<br />

by the Centre for Economics and Business<br />

Research. Yet despite this renewed focus on<br />

new markets and trade, the report found that<br />

only five percent of UK SMEs have plans to<br />

start exporting in the next five years.<br />

However, by trading their goods and<br />

services internationally the typical exporting<br />

SME added over £287,000 in revenue over the<br />

last 12 months with one in 10 (nine percent) of<br />

SME exporters also saying that exports had<br />

boosted their profits by more than 20 percent.<br />

This means that even if only the five percent<br />

of UK SMEs looking to export in the next few<br />

years did so, they could add £33.7 billion to<br />

UK GDP – a six percent boost to the overall<br />

level of exports from the UK economy in 2015.<br />

While significant opportunities from<br />

exporting exist, SMEs identified a number of<br />

barriers impacting their ability to export more<br />

with language and culture proving a persistent<br />

problem. Language was labelled the top<br />

barrier by SMEs looking to enter the Asia-<br />

Pacific region (23 percent) and South America<br />

(21 percent), and the fourth highest barrier<br />

for Africa and the Middle East (20 percent).<br />

Similarly, culture was named as the biggest<br />

barrier for SMEs wanting to enter Africa and<br />

the Middle East (24 percent).<br />

UK SMEs have reacted to the decision to<br />

leave the EU with a mixed response. When<br />

asked whether Brexit would impact their<br />

business’ ability to export, more than two fifths<br />

(42 percent) said that it would hinder them<br />

versus only 19 percent who said it would help<br />

them. Just over a third (35 percent) said it<br />

would make no difference.<br />

The analysis also shows that the UK ranks<br />

in the bottom five across European economies<br />

when it comes to the share of SMEs among<br />

exporters. worldfirst.com/uk<br />



THE Insolvency Service has published a<br />

summary of responses to the Review of the<br />

Corporate Insolvency Framework, prompting<br />

fears from some quarters of the credit<br />

community that the Government is failing<br />

to look at the detail in favour of accepting a<br />

majority view.<br />

Opinions were sought in four key areas<br />

of proposed reform: the creation of a new<br />

moratorium period for financially distressed<br />

companies; provision to require essential<br />

suppliers to continue to supply to a financially<br />

distressed company on existing terms;<br />

creation of a ‘new restructuring plan’ – a<br />

company rescue vehicle that would enable a<br />

‘cram down’ of classes of dissenting creditors;<br />

and measures to encourage ‘rescue finance’.<br />

Two thirds of respondents who commented<br />

on the Moratorium proposal agreed in<br />

principle that the introduction of a preinsolvency<br />

temporary Moratorium would<br />

facilitate business rescue. There was similar<br />

support for the broad objective of helping<br />

businesses to continue trading through the<br />

restructuring process.<br />

There was support too for the proposal<br />

that a restructuring plan which could be made<br />

binding in the face of opposition by a minority<br />

of creditors would be a valuable addition<br />

to the insolvency framework. Stakeholders<br />

provided a range of valuable perspectives on<br />

how the new plan might operate in practice.<br />

In terms of the Rescue Finance proposal,<br />

most agreed that a lack of finance rarely<br />

prevents the rescue of viable businesses;<br />

the existing framework does permit rescue<br />

financing, and there is currently a market for<br />

rescue finance.<br />

But Philip King, Chief Executive of the<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

(CICM), said that there was a danger that<br />

compelling arguments for and against the<br />

various proposals were in danger of being<br />

ignored: “We maintain our position that a<br />

move to a new model similar to Chapter 11 for<br />

UK businesses heading towards insolvency<br />

could have serious, unintended consequences<br />

for creditors, cashflow and thousands of small<br />

businesses within the supply chain.”<br />

gov.uk/government/organisations/<br />

insolvency-service<br />


BEIS has launched a consultation seeking the<br />

views of businesses on regulations that will<br />

underpin the complaints process following<br />

publication of The Enterprise Act <strong>2016</strong>.<br />

The consultation requires responses by<br />

7 December, and Philip King of the CICM<br />

is urging members of the credit community<br />

to submit their views and comments to<br />

governance@cicm.com as well as engaging<br />

with the wider debate.<br />

“<strong>Credit</strong> professionals are at the forefront<br />

of the late payment debate so their views on<br />

the complaints process and the regulation<br />

underpinning it are essential. The Prompt<br />

Payment Code, hosted and administered<br />

by the CICM for BEIS, continues to<br />

play an important and successful role in<br />

changing payment culture, and alongside<br />

the appointment of a new Small Business<br />

Commissioner next year, we will collectively<br />

help to support small businesses in resolving<br />

payment disputes and helping them to avoid<br />

payment issues in the future.”<br />

gov.uk/government/organisations/<br />

department-for-business-energy-andindustrial-strategy<br />

8 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



THE British Exporters Association (BExA) has<br />

launched its seventh Annual benchmarking<br />

of UK Export Finance entitled Driving Export<br />

Growth in Uncertain Times.<br />

The Annual benchmarking analysis<br />

follows on closely from BExA’s Brexit<br />

Manifesto and identifies a number of key<br />

areas of Government support that require<br />

coordinated delivery through UK Export<br />

Finance (UKEF), Department for International<br />

Trade (DIT), Department for Exiting the<br />

European Union (DEEU), Department for<br />

International Development (DfID), Foreign<br />

and Commonwealth Office (FCO) and the<br />

British Business Bank using all the ‘levers of<br />

Government’.<br />

It focuses on: a cohesive Government<br />

strategy for Brexit – ensuring UK exporters’<br />

needs are realised under the new trade<br />

agreements that will be required for trading<br />

with the EU and other export destinations;<br />

support to SMEs; UKEF Accessibility, flexibility<br />

and resourcing; and UKEF medium term<br />

financing support.<br />

BExA believes that Brexit provides<br />

Government with a once in a lifetime<br />

opportunity to lay new foundations for UK<br />

export growth. Several departments will have<br />

a role to play and those departments engaging<br />

with exporters need to be co-ordinated<br />

and focused on utilising this opportunity to<br />

achieve the objectives of the National Export<br />

Challenge. bexa.co.uk<br />



The Financial Conduct Authority (FCA) has<br />

fined Sonali Bank (UK) (SBUK) £3,250,600 and<br />

has imposed a restriction preventing it from<br />

accepting deposits from new customers for<br />

168 days. It has also fined the bank’s former<br />

money laundering reporting officer (MLRO),<br />

Steven Smith, £17,900 and prohibited him<br />

from performing the MLRO or compliance<br />

oversight functions at regulated firms. Despite<br />

having previously received clear warnings<br />

about serious weaknesses in its AML controls,<br />

SBUK failed to maintain adequate AML<br />

systems between 20 August 2010 and 21 July<br />

2014. fca.org.uk<br />


This month’s briefing includes details<br />

of the best practice event on 8<br />

<strong>November</strong>, the quarterly regulatory<br />

update webinar on 10 <strong>November</strong>, a<br />

new white paper from Graydon, and a<br />

reminder to plan your goals for 2017<br />

with the CPD development plan.<br />


RIMILIA has made major changes to its<br />

executive team structure with the appointment<br />

of Brian Morgan as Operations Director.<br />

In the new position, Brian will be<br />

responsible for delivering business services to<br />

many of the top companies worldwide. He<br />

will be also accountable for contributing<br />

to Rimilia’s overall strategy and strategic<br />

corporate partnerships.<br />

Brian has over 20 years of experience in<br />

managing credit departments including debt<br />

management, risk management, managing<br />

risk, cash allocation and the full order to cash<br />

process.<br />

He is a Fellow of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong> (CICM), a Fellow of the<br />

Chartered <strong>Management</strong> Institute (CMI) and a<br />

Chartered Manager with CMI.<br />

Rimilia Commercial Director Steve<br />

Richardson says Brian is a well-known<br />

innovator in the credit world: “Brian will help<br />

develop our strategy, customer support<br />

and delivery including our new collections<br />

module.” rimilia.com<br />



LEIGH Berkley, President of the <strong>Credit</strong><br />

Services Association (CSA), has been<br />

elected to the Board and appointed Vice<br />

President of the Federation of European<br />

National Collection Associations (FENCA).<br />

This strategic re-positioning at the top of<br />

the CSA sees Leigh taking over the role from<br />

the CSA’s Chief Executive, Peter Wallwork,<br />

who has stepped down to focus on the<br />

growing number of member initiatives the CSA<br />

continues to deliver in the UK. It will ensure<br />

the CSA stays centre stage in Europe, and<br />

allow Leigh to continue his close engagement<br />

on European matters when his Presidency<br />

of the CSA concludes at the end of February<br />

2017.<br />

In his new role, Leigh will be working<br />

closely with the new FENCA President,<br />

Erwin Falkner, to drive the interests of the<br />

Associations’ members at the highest level:<br />

“My main role will be to progress Codes of<br />

Conduct for GDPR - the EU data protection<br />

regulation – and also the pan-European Code<br />

for collections,” he explains.<br />

“The principal purpose will be to promote<br />

common standards and hopefully forestall the<br />

EU Commission bringing forward regulation<br />

that is to the detriment of our members.”<br />

The appointment ensures a continuity<br />

of the CSA Board among their peers on a<br />

European stage, and is particularly important<br />

coming so soon after the UK’s vote to<br />

leave the EU: “We need to ensure that we<br />

continue to play a leading role in promoting<br />

and protecting our members’ interests,<br />

particularly in light of a new Pan European<br />

Code,” he continues.<br />

“My appointment means I can continue<br />

the excellent work that Peter has started,<br />

allowing him more time to focus on issues<br />

closer to home. As Vice President of FENCA<br />

and hopefully as an ongoing member of the<br />

CSA Board, I can not only continue our UK<br />

lobbying and stakeholder engagement, but<br />

also ensure our European interests remain<br />

fully represented.”<br />

Having spent three years on the FENCA<br />

Board, Peter was thanked for his hard<br />

work, dedication and commitment by Piotr<br />

Badowski, Treasurer of FENCA, as well as for<br />

his professional insight. The appointments<br />

were announced at the FENCA World<br />

Congress in Berlin in September.<br />

fenca.org csa-uk.com<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong><br />


I am saddened to report the death of Oswald<br />

Royaards on 9 August, <strong>2016</strong> in The Netherlands<br />

at the age of 81. He may not have been known<br />

personally to many credit professionals in<br />

the United Kingdom, but his impact upon the<br />

credit profession throughout Europe borders<br />

on the legendary. A credit man to the core, he<br />

was in fact one of the co-founders of VVCM,<br />

the Dutch credit management association,<br />

being their Chairman for a full 13 years. He<br />

was substantially involved in establishing<br />

training courses in The Netherlands, leading to<br />

their Certified <strong>Credit</strong> Manager qualification.<br />

Beyond his home country, Oswald served<br />

as one of the early Presidents of the Federation<br />

of European <strong>Credit</strong> <strong>Management</strong> Associations<br />

(FECMA), an initiative promoted by the UK in<br />

1986 under the inspiration of Sir Roger Cork,<br />

and he took his commitment to promoting<br />

cross-border co-operation and understanding<br />

seriously. So much so that he was an<br />

enthusiastic supporter of the establishment of<br />

a national association in Germany, BvCM. He<br />

became BvCM Honorary Chairman, and his<br />

legacy is undoubtedly reflected in the success<br />

of both the Dutch and German associations.<br />

The Netherlands owes much to his<br />

enthusiasm and commitment, serving on<br />

numerous committees, promoting best<br />

practice and inspiring generations who<br />

followed. At the Pan European <strong>Credit</strong><br />

<strong>Management</strong> Congress in Budapest in 2013,<br />

I had the great honour and privilege of<br />

presenting Oswald with the FECMA Lifetime<br />



AT IPA<br />

THE Insolvency Practitioners Association (IPA)<br />

has appointed Lloyd Hinton FIPA of Insolve<br />

Plus as its next Deputy Vice-President. He is<br />

expected to become IPA President in April<br />

2018.<br />

Lloyd has been a member since 2001,<br />

an IPA licence holder since 2007, is a fellow<br />

of the Association, and is Chairman of the<br />

Examinations and Training Committee. He<br />

is also a member of the IPA Council and has<br />

been progressively active in the Association’s<br />

activities since joining the Young Professionals<br />

Networking Committee some ten years ago,<br />

which he went on to chair. He also sat on the<br />

editorial board of Insolvency Practitioner and<br />

was the Vice Chair of MSC.<br />

Lloyd will support the work of the President<br />

and Vice-President over the next 18 months,<br />

drawing on his experience from firms that<br />

specialise in helping SMEs and sole traders in<br />

financial difficulty.<br />

“The IPA continues to play a pivotal role<br />

in widening the public’s knowledge and<br />

understanding of the work of insolvency<br />

practitioners; working with the professional<br />

bodies that shape policy and providing<br />

an ever-widening range of services to its<br />

membership to raise standards,” Lloyd says.<br />


Dr Oswald Royaards CCM<br />

Achievement Award – a sculpture by Dieter<br />

von Levetzow, which beautifully represented<br />

what was a life’s work. He was a gifted narrator<br />

and his speech of thanks mixed the Dutch,<br />

German and English languages – typical of the<br />

man that nobody should be left out.<br />

A nice man in a hard world – a team creator,<br />

team leader and team player. He was what<br />

credit management is all about and will be<br />

sorely missed. RIP.<br />

Glen Bullivant FCICM<br />

The IPA continues to play<br />

a pivotal role in widening<br />

the public’s knowledge<br />

and understanding of<br />

the work of insolvency<br />

practitioners.<br />



A new survey conducted by business insurance<br />

provider SME Insurance (SMEi) suggests<br />

that 34 percent of UK SMEs polled could be<br />

uninsured for the biggest risks they face.<br />

Of those firms that have insufficient<br />

insurance cover, 34 percent chose cyberattacks<br />

from a list of major risks as the biggest<br />

threat to their business. Public liability is<br />

ranked in second place by 28 percent of SMEs,<br />

followed by crime at 19 percent.<br />

When it comes to cyber-crime, 30 percent<br />

of respondents state they would be most<br />

vulnerable to computer viruses, while 22<br />

percent claim data theft is the sole digital<br />

threat. According to 15 percent of respondents,<br />

a lack of security awareness amongst its<br />

employees may be leaving their business<br />

vulnerable online. smeinsurance.com<br />


SHOOSMITHS has advised the sellers on the<br />

disposal of retailer, Rohan Group, to H. Young<br />

Holdings. Founded in 1972, Rohan provides<br />

outdoor activity clothing, operating 55 stores<br />

across the UK and employs over 250 full time<br />

staff. The Group has experienced steady<br />

growth over recent years with sales of around<br />

£28 million. Roger Cann, Managing Director<br />

at Rohan, says the new deal will provide the<br />

resources for further development of the<br />

Rohan brand: “It will also ensure the company<br />

continues to expand and provide high quality<br />

outdoor clothing to its loyal customer base.”<br />

shoosmiths.co.uk<br />


PARAGON Bank’s asset finance division,<br />

Paragon Bank Asset Finance, has acquired<br />

one of the UK’s asset finance brokerages,<br />

Premier Asset Finance (Premier). The initial<br />

consideration for the purchase is £8.5 million,<br />

payable in cash. A further £12 million is<br />

payable over the following five years, subject<br />

to performance conditions. Headquartered in<br />

Edinburgh, Premier sources in excess of £100<br />

million of lending per annum to a range of SME<br />

customers. Working together, Paragon Bank<br />

Asset Finance and Premier say they will focus<br />

on expanding their asset finance business<br />

across a range of asset classes including<br />

wheeled assets, plant and machinery and IT.<br />

paragonbank.co.uk/lending/asset-finance<br />


Bibby Financial Services (BFS) has launched<br />

100 percent Initial Pre-payment (IP) for<br />

commercial businesses. The initiative is<br />

described as being available with immediate<br />

effect on factoring, invoice discounting<br />

and export finance facilities for qualifying<br />

commercial businesses with turnover<br />

between £300,000 and £5 million.<br />

bibbyfinancialservices.com/<br />


Forums International has added Moore<br />

Stephens as its Corporate Insolvency Partner in<br />

support of its UK forums. Forums International<br />

currently operates nine forums for credit<br />

and finance professionals across a variety of<br />

industries. The forums are designed to be a<br />

community of peers who come together to<br />

share experiences and work to find solutions to<br />

common problems. forumsinternational.co.uk<br />

10 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard





The 12-strong credit team at John Lewis<br />

Partnership has now become CICMQ<br />

re-accredited, and the assessor’s report<br />

had no immediate recommendations for<br />

improvement.<br />

The business, which includes department<br />

store John Lewis and Waitrose, became the<br />

first retail company to achieve CICMQ<br />


re-accreditation following its success in 2014.<br />

Joy Randev, Manager Accounts<br />

Receivable, explains the importance the<br />

company places on maintaining success:<br />

“CICMQ was one of our annual objectives<br />

that are set by our directors,” he says, “so it is<br />

great news to achieve re-accreditation.”<br />

The team has also automated its<br />

processes since the initial accreditation,<br />

helping to improve the reporting function,<br />

something that Joy says is hugely important:<br />

“To become a CICMQ-accredited team you<br />

really have to know what you’re doing, have<br />

clear job descriptions for every team member,<br />

and active key performance indicators and<br />

objectives.”<br />

GREAT<br />


CICMQ re-accreditation has been awarded<br />

to EDF Energy (UK), in what is another<br />

example of a household-name company<br />

seeking further business accolades.<br />

Over the past two years, the revenue<br />

management team has seen an internal<br />

merger of two departments, organisational<br />

restructure, streamlining through reduced<br />

staffing levels and the implementation of a<br />

new system.<br />

But these challenges were overcome.<br />

The credit management team has<br />

seen continuous improvement, and its<br />

accreditation is highly valued by the wider<br />

business.<br />

“The accreditation is now used in EDF<br />

Energy’s bid process,” says Sue Chapple,<br />

Head of Revenue <strong>Management</strong> at EDF<br />

Energy. “It is an expectation of a number<br />

of our customers as a standard entry<br />

requirement into some tender processes.<br />

“This expectation ensured we worked<br />

hard to gain and retain the accreditation,”<br />

she continues. “Not being a CICMQ<br />

business is definitely not on our radar.”<br />



The regional newspaper group Local<br />

World has become CICMQ re-accredited,<br />

following its acquisition by publishing<br />

business Trinity Mirror.<br />

Since its initial accreditation, the credit<br />

team has had to manage this acquisition<br />

and the operational challenges, while<br />

it has also been running a nationwide<br />

programme to forge more constructive<br />

relations with Local World’s sales<br />

department.<br />

The project saw the credit team travel<br />

in excess of 5,000 miles to present to<br />

every sales team within Local World’s<br />

portfolio, as Mark Mackey, Head of<br />

<strong>Credit</strong> <strong>Management</strong> and Customer<br />

Services explains: “It was both a logistical<br />

challenge, literally involving planes, trains<br />

and automobiles, and also a challenge<br />

in some places where our role within the<br />

business was little understood.<br />

“We have received overwhelmingly<br />

positive feedback from the sales division,<br />

and that has led to positive results,” Mark<br />

concludes.<br />



TalkTalk Business has reached a two-time<br />

CICMQ milestone following year-on-year<br />

performance improvement, according<br />

to its Head of <strong>Credit</strong> and Risk Sharon<br />

Dunlop.<br />

“Accreditation is viewed highly within<br />

the business, and the team works hard<br />

every single day to succeed and improve.<br />

“We employ clear objectives with<br />

bonus driven targets,” she adds. “That,<br />

together with concise communication,<br />

is the key to running a successful credit<br />

department.<br />

“The team needs to fully understand<br />

the department’s objectives and how<br />

they are performing against these, while<br />

stakeholders, who have a professional<br />

and productive outlook of the team,<br />

continue to engage with us to ensure<br />

business support.”<br />

With this strong team, the CICMQ<br />

report from assessor Chris Sanders<br />

notes TalkTalk is already planning its<br />

award entry for the CICM’s British <strong>Credit</strong><br />

Awards.<br />

Third-time accredited Siemens is in the ‘upper<br />

quartile’ of all accredited organisations,<br />

according to assessor Chris Sanders.<br />

Active in over 200 countries, the global<br />

engineering and technology company says<br />

continuing with CICMQ is important as it<br />

harbours extended communication with likeminded<br />

companies, which in turn ensures<br />

its internal processes are at the highest<br />

standards.<br />

Siemens is a constantly evolving business,<br />

and Gail Armstrong, its Head of Cash<br />

Collection Services, explains this progression<br />

is vital within the technology sector: “This very<br />


much applies to the credit department as well,<br />

we have recently moved into a global arena,<br />

where best-practice sharing around the globe<br />

is deemed business as usual.”<br />

With the understanding that the credit<br />

function is often the first point of post-sale<br />

contact, Gail adds that establishing solid<br />

relationships is crucial for the longevity of<br />

future business: “We have recently further<br />

developed our strategic roadmap, using the<br />

concept of Nine Mandatory Elements, which<br />

focuses employees on improving its core<br />

business competencies.”<br />

This roadmap was highlighted by Chris<br />

Sanders: “The new programme is driving<br />

quality and performance,” he says, “and<br />

improves efficiency demonstrating the credit<br />

function is not standing still as continuous<br />

improvement never stops.”<br />

Siemens’ people and the way that they<br />

are trained has also helped it to achieve<br />

re-accreditation, Gail continues: “First and<br />

foremost, credit management needs to take<br />

care of its people, from their wellbeing to<br />

career aspirations and training requirements.<br />

Ensuring the processes used are lean and<br />

seamless will ensure our customers see the<br />

benefits.”<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 11



THE<br />

PRE PACK<br />

This month, the Pre Pack Pool will have been in existence for a year.<br />

Stuart Hopewell, CICM Vice President, and David Kerr, Chief Executive<br />

of IPA, give an independent opinion on Pre Pack administration sales<br />

to connected parties.<br />

12 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

THE Pre Pack Pool was originally set up<br />

as part of the reforms recommended<br />

by Teresa Graham in her report into<br />

Pre Packs in the summer of 2014. After<br />

endorsement by the then Business Secretary,<br />

Vince Cable, an ‘Oversight Group’ comprising<br />

the insolvency bodies, creditor bodies and<br />

other stakeholders such as the Institute<br />

of Directors (IOD) worked hard to create a<br />

working format for the Pool.<br />

Dr Cable wanted to be able to put a<br />

statement to Parliament by March 2015 that<br />

the Pool was set up, which presented the<br />

Group with quite a challenge. In the event,<br />

although the statement was issued on time,<br />

the Pool couldn’t begin taking cases until<br />

<strong>November</strong> 2015. This coincided with the<br />

implementation date of a new Statement of<br />

Insolvency Practice 16.<br />

In brief, ‘connected party’ Pre Packs<br />

(where the business is in effect sold back to<br />

the original directors/owners) can be referred<br />

to the Pool for an independent ‘endorsement’<br />

(or not). This opinion will then form part of<br />

the Insolvency Practitioners’ (IP) report, a<br />

public document open to inspection by any<br />

interested party, the objective being to give<br />

some ‘comfort’ particularly to creditors that<br />

the transaction is reasonable. <strong>Credit</strong>ors can<br />

then make a more informed judgement as to<br />

whether to supply the ‘newco’.<br />

While referral is purely voluntary, the<br />

Government has retained the power to<br />

take statutory measures within five years if<br />

the voluntary process is deemed not to be<br />

working.<br />


Having appointed 20 reviewers principally<br />

from the ranks of the Institute of Chartered<br />

Accountants in England and Wales (ICAEW)<br />

and the IOD, the Pre Pack Pool was launched<br />

on 2 <strong>November</strong>. While it is fair to say that<br />

the system wasn’t universally met with<br />

enthusiasm by the ‘trade press’, once the<br />

benefits of referral were outlined at road<br />

shows and other events organised by ICAEW,<br />

R3, Insolvency Practitioners Association (IPA)<br />

and individual IP firms, the profession was<br />

more positive.<br />

One of the most common misconceptions<br />

was that the Pool would in some way be<br />

‘checking the work of the IP’, when in fact it is<br />

for the acquiring party to make an application.<br />

Another was that the process would be time<br />

consuming, but the web based process and<br />

the commitment to respond within a maximum<br />

of 48 hours allays such fears. In fact, the<br />

majority of cases have been handled in well<br />

under this time frame.<br />


In its first year numbers of referrals have been<br />

slightly disappointing, but this must be set<br />

against the benign insolvency environment<br />

recently with low interest rates meaning the<br />

number of companies struggling is at an alltime<br />

low.<br />

When Teresa Graham’s report was<br />

compiled she used 2010 statistics that<br />

showed around 600 companies being<br />

‘pre packed’, of which 63 percent were to<br />

connected parties. Compare that number with<br />

only 340 companies falling into administration<br />

in total in Q2 <strong>2016</strong>.<br />

There have been 37 cases referred to date<br />

STAR GAZING So what is the future for the Pool? We<br />

continue to strive to get our messages across…that<br />

this is a fully independent body set up to give creditors’<br />

confidence in the process. Regular articles have<br />

appeared in Accountancy Age, Recovery Magazine,<br />

City AM and of course <strong>Credit</strong> <strong>Management</strong> to this end.<br />

with all but five receiving a positive response.<br />

While not all regulators have sent in statistics,<br />

we are confident that approximately one third<br />

of all connected Pre Packs are coming to the<br />

Pool. What is interesting is that the value of<br />

deals far exceeds Teresa Graham’s stated<br />

average transaction value of approximately<br />

£100,000. If we ignore the ‘extremes’ (the<br />

highest being £65 million, the lowest just<br />

£15,000) the average to date is a shade under<br />

£500,000.<br />

Included in this data are companies as<br />

diverse as a high street chain of stores (not<br />

BHS), an offshore oil field support company,<br />

several from the construction trade and even<br />

an overseas entity that has a base in London<br />

and sought a positive response from the Pool<br />

as part of its re-structuring.<br />

In terms of insolvency practices there has<br />

been a fair spread of medium to large firms<br />

acting as administrators, with 18 different<br />

firms represented so far.<br />


Now that the process is established, reaction<br />

from stakeholders is increasingly positive. In a<br />

recent article published in Recovery Magazine,<br />

James Hillman of Irwin Mitchell Solicitors said<br />

‘A positive opinion from the Pool provides<br />

a clear indication from an independent and<br />

experienced third party that the proposed<br />

transfer is not unreasonable’. In the same<br />

article James Snowdon of CBW (a corporate<br />

recovery specialist) said: ‘The fact that a<br />

connected party’s bid had been reviewed by<br />

the Pool provided a degree of confidence and<br />

trust. I would suggest this was evidenced<br />

by the unanimous support I received for my<br />

(administration) proposal’.<br />

Oliver Parry, Communications Director at<br />

the IOD recently explained: “The Pre Pack<br />

Pool is an important step in de-stigmatising<br />

the pre-pack administration regime,<br />

which in many cases represents by far the<br />

best outcome for creditors of distressed<br />

businesses. “<strong>Credit</strong>ors of a business which<br />

has undergone a pre-pack to a formerly<br />

connected party (usually a director or<br />

directors) will be able to draw comfort from a<br />

positive opinion from the Pool.<br />

“This independent view will confirm that<br />

the Pre Pack was a genuine and necessary<br />

attempt to rescue a terminally distressed<br />

company, and not a strategic manipulation<br />

of the process to benefit specific individuals<br />

or institutions. “The IOD has been supportive<br />

of this initiative from its original concept and<br />

is pleased to see it in action.” In a further<br />

endorsement, Neil Bennett of Leonard Curtis,<br />

who chairs the IPA’s’ regulatory committee<br />

and handled the high street chain mentioned<br />

earlier told us: “This was one of our earliest<br />

and largest cases where an application<br />

was made to the Pre Pack Pool. The speed<br />

with which the process was dealt with<br />

helped to enable an orderly and rapid sale<br />

of the business. Our proposals were also<br />

subsequently approved by the major creditors,<br />

including a substantial number of landlords.”<br />


So what is the future for the Pool? We continue<br />

to strive to get our messages across…that<br />

this is a fully independent body set up to give<br />

creditors confidence in the process. Regular<br />

articles have appeared in Accountancy Age,<br />

Recovery Magazine, City AM and of course<br />

<strong>Credit</strong> <strong>Management</strong> to this end. We have been<br />

taking the message to all corners of the UK<br />

talking to IPs, solicitors and other members<br />

of the business community. However, as<br />

mentioned earlier the regime is purely voluntary<br />

and it depends, to some extent, on IPs<br />

complying with the Statement of Insolvency<br />

Practice (SIP 16) requirement to make<br />

prospective purchasers aware of the benefits of<br />

using the Pool, but ultimately on the willingness<br />

of those purchasers to engage and incur the<br />

cost of a Pool application. <strong>Credit</strong> managers can<br />

help in this by taking a stance. If credit were<br />

only given where a Pre Pack had been referred<br />

to the Pool, then perhaps directors would think<br />

twice before ignoring the Pool. Indeed, it may<br />

go against the grain to grant credit at all in a<br />

Pre Pack situation but a positive response from<br />

the Pool should go some way to giving the<br />

newco some credibility.<br />

Ultimately, however if the system is seen<br />

not to work then the ‘reserve powers’ exist to<br />

completely ban connected party sales (Small<br />

Business Enterprise and Employment Act 2015)<br />

and surely that would be a retrograde step<br />

when Pre Packs have been shown to preserve<br />

jobs and generate a higher bid for a failed<br />

business than in a ‘fire sale’ (the expiry date on<br />

this power is May 2020, so there’s time to make<br />

it work!)<br />

Could the remit of the Pre Pack Pool be<br />

extended? A revised SIP 13 referring to the<br />

disposal of assets in insolvency process (not<br />

just a pre pack), seeks to ensure ‘transparency<br />

in all dealings’, ‘require adequate disclosure to<br />

creditors’ and ‘provide creditors (and others)<br />

with sufficient information so that a reasonable<br />

and informed third party would conclude the<br />

transaction was appropriate’ and ‘provide<br />

creditors with a sufficiently detailed justification<br />

of why a sale to a connected party was<br />

undertaken’.<br />

As creditors are often regarded as<br />

particularly ‘disengaged’ when it comes to<br />

insolvency outcomes perhaps there is a role<br />

for the Pool to represent their interest in all<br />

connected sale situations?<br />


While the Pool got off to a slow start referrals<br />

are now gathering momentum. We firmly<br />

believe it has a crucial role to play in changing<br />

the perception and acceptance of the Pre Pack<br />

process.<br />

As the ‘strap line’ says we are there to give<br />

creditors that independent view and confidence<br />

that the system is not being abused.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 13




Laurie Beagle FCICM, EIICM outlines his hopes and aspirations as<br />

the new CICM chair.<br />

I<br />

feel very privileged and proud to be<br />

appointed Chair of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong>. Having joined the<br />

CICM in 1983 and become a Fellow in 1990,<br />

I definitely see this appointment as the pinnacle<br />

of my career.<br />

Firstly, I would like to introduce myself.<br />

Having initially been a member of the Thames<br />

Valley Branch, I moved north in 2007 and am<br />

the current Chair of the Sheffield and District<br />

Branch. Like many of you reading this I didn’t<br />

start my career in credit. I was in retail, window<br />

dressing, shipping and Accounts payable before<br />

joining the finance team at Sperry Marine. Then<br />

I began working in credit in the timber industry<br />

followed by the IT sector with Digital Equipment.<br />

Shortly after my world was shattered when<br />

I was made redundant. At the time, however, I<br />

didn’t realise that this would present me with<br />

many new opportunities and I would begin<br />

experiencing many different aspects of credit<br />

management: business and credit information;<br />

consultancy; and training and credit forums<br />

which we run in the UK and Europe for various<br />

industries.<br />

My current position is Managing Director<br />

of Forums International and while I may have<br />

had many roles and titles over the years, I<br />

am passionate about my profession, credit<br />

management. I was on the Executive Board when<br />

we were granted the Charter, and it made me<br />

feel very proud to be a CICM member. This,<br />

was in my opinion, a defining moment for the<br />

Institute.<br />

I see the Executive Board as a team that<br />

works closely with the Chief Executive, Advisory<br />

Council and the SMT at the CICM headquarters.<br />

As Chair I see my role as being to lead and<br />

support the team in delivering our three core<br />

strategic objectives to ‘Engage’,‘Promote’ and<br />

‘Support’. Having worked in many aspects of<br />

the credit profession, and with my interaction<br />

with credit professionals across many different<br />

industries and geographies, I believe I will<br />

bring to the Board experience, awareness,<br />

professionalism and an open mind.<br />

There is, and always will be, many challenges<br />

and we don’t have a magic wand. But you, the<br />

members, are vital to the future of the CICM<br />

and this leads me firstly to a ‘big thank you’ to<br />

all those who are involved at branch level. We<br />

know that you all have day jobs and families,<br />

and that being involved at branch level is<br />

purely voluntary. What you are delivering to<br />

the members, however, is so important. How we<br />

maximise the branch network in the future is an<br />

ongoing topic of discussion, and how we can<br />

continue to add value. I hope we can share what<br />

is working well and lend help and guidance<br />

where further support is needed.<br />

Two of the key areas we also need to focus<br />

on are profitability and membership. A strong<br />

financial infrastructure and management are<br />

key to ensuring we have the funds to deliver<br />

programmes and build the CICM of the future.<br />

In terms of membership, the Charter helped<br />

further raise our profile which not only helped<br />

to attract new members but also support our<br />

existing professionals. We will continue this<br />

positive trend with various initiatives, closer<br />

ties with appropriate colleges and educational<br />

establishments and the apprenticeship scheme,<br />

all of which I hope will have a positive impact in<br />

the next 12 months.<br />

One of our greatest challenges is always to<br />

demonstrate just how far we have come over the<br />

years. We need to continue to engage with the<br />

whole membership and encourage the more<br />

experienced members to support their younger<br />

team colleagues to become CICM qualified and<br />

receive the many benefits of CICM membership.<br />

I am excited about the future as a champion of<br />

the CICM and the credit profession. I also look<br />

forward to working with my colleagues Pete<br />

Whitmore, David Thornley, Sue Chapple, Glen<br />

Bullivant and Larry Coltman.<br />

My goal for the next two years is to serve the<br />

membership to the best of my ability and be<br />

actively involved in developing the CICM of<br />

the future. Please contact me and let me have<br />

your thoughts and opinions email: governance@<br />

cicm.com<br />

Laurie Beagle FCICM, EIICM<br />

14 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



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www.cicm.com <strong>November</strong> <strong>2016</strong> 15



IDEALS<br />

In the first of a new series, Sean Feast visits the credit services team at<br />

Aggregate Industries, and has a tour around one of Europe’s largest<br />

quarries.<br />

IT’S 8-45am and after a journey of two hours up the<br />

M1 I finally arrive at my destination, Bardon Hill<br />

in Leicestershire. The large Aggregate Industries<br />

signs are complemented by much smaller ones<br />

asking you to reverse park. It’s a safety thing. Indeed,<br />

the first thing you learn about Aggregate Industries is<br />

their passion for safety.<br />

I’m visiting Phil Rice FCICM and his 30-strong<br />

team at the shared services centre (SSC). Theirs<br />

is a modern building with the people sub-divided<br />

into further specialist teams based on regions and<br />

discipline. Having just achieved CICMQ accreditation<br />

for the fourth time, and recently becoming a Chartered<br />

Institute of <strong>Credit</strong> <strong>Management</strong> Centre of Excellence,<br />

Phil is justifiably proud of his employees, and their<br />

close association with the Institute.<br />

Every one of his department is a CICM member<br />

and nearly all are qualified or currently studying. The<br />

youngest member is Bradley Abbot, the first CICM<br />

Trailblazer apprentice. Although he looks terrifyingly<br />

young (he should, given that he is only 16), he already<br />

possesses a calm assurance and confidence that is a<br />

feature of the SSC.<br />


I arrive in time for the morning ‘huddle’, the individual<br />

team leaders reviewing the principle activities of the<br />

day. It gives me a chance to see the office in action,<br />

as Phil talks me through what the department is<br />

responsible for. It’s a long list: opening new accounts;<br />

allocating cash; collecting overdues and due debt; and<br />

managing risk.<br />

Crucially, Phil explains, they work very closely with<br />

the commercial colleagues: “It used to take two weeks<br />

to open a new account,” he says, “and today we can do<br />

it in a day.”<br />

The credit services team not only assists in<br />

generating new business; it also plays an essential role<br />

Our adage is that we never say ‘no’.<br />

We will always find a way of doing business<br />

and finding a trading solution that is good<br />

for us and good for our customers.<br />

in re-generating dormant accounts, and has created a<br />

dedicated ‘reactivation’ team delivering tangible results<br />

running into millions of pounds.<br />

“Our adage is that we never say ‘no’. We will always<br />

find a way of doing business and finding a trading<br />

solution that is good for us and good for our customers.”<br />

Customers range from white van man to<br />

multinational corporations, with credit limits of between<br />

£5,000 and £25 million. The team handles huge numbers<br />

of inbound/outbound calls – something in the region of<br />

250,000 each year – confirming Phil’s view that credit<br />

managers are first and foremost customer services<br />

people.<br />

Some of the numbers are mightily impressive: 98<br />

percent of those calls were handled by just 13 staff.<br />

The wider team manage upwards of 50,000 invoices<br />

every week - taking payment by cheques, BACS, credit<br />

cards and the American Express AMEX AP scheme. For<br />

their work with the latter, they won Project of the Year<br />

in the CICM British <strong>Credit</strong> Awards <strong>2016</strong>. They resolve<br />

thousands of customer queries and juggle tens of<br />

thousands of pieces of paper: “The construction industry<br />

still likes a paper trail,” Phil laughs.<br />


Since Phil joined the business in 2009, he has sought<br />

to elevate the team’s status among his peers, and is<br />

delighted with the support he receives from the CFO<br />

and Vice President of Finance, both of whom are strong<br />

advocates of continual learning. He has made simple<br />

changes to further enhance customer service, including<br />

extended opening hours (which includes Saturday<br />

mornings) and agreed SLAs for both their internal<br />

and external stakeholders. He has also introduced a<br />

customer portal, enabling customers to make payments<br />

remotely.<br />

As well as the specific business improvements, Phil<br />

has also introduced a sense of fun and camaraderie<br />

within the team that is instantly apparent. A fiercely<br />

contested table football competition, live music at<br />

lunchtime and regular exceptional achievers’ awards<br />

(and the largest silver trophy I have ever seen outside<br />

of professional sport) are just three examples. They<br />

also recently had a visit from Tim Lodge, a Paralympian<br />

rower, as an example of triumph over adversity.<br />

16 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

FRONT<br />

COVER<br />


With the first part of my tour completed, Phil<br />

presents me with a box of personal protection clothing,<br />

comprising an orange high-viz jacket and trousers,<br />

steel-capped boots, hard hat, eye protectors and gloves.<br />

I look for all the world like I am about to step foot on an<br />

oil rig or the set of a disaster movie. Happily, it is less<br />

dramatic, and I am introduced to Steve Harle, the Works<br />

Manager.<br />

Steve is a Geordie, although his accent is now<br />

somewhat softened by years of working overseas and<br />

‘down south’. We clamber aboard his Ford truck to<br />

drive the short distance to the quarry, climbing high<br />

into the hills to a viewing platform to look down upon<br />

what can only be described as the biggest hole in the<br />

ground I’ve ever seen.<br />


To Steve, it’s a thing of beauty. Its sides are stepped, and<br />

along those steps (or ‘benches’ as they are known) a<br />

small convoy of fully-loaded dumper trucks make their<br />

way slowly to an areas known as the surge pile, and<br />

an early stage of how the granite is treated. There has<br />

already been some sorting completed on the quarry<br />

floor, with rocks of a particular size picked individually<br />

and placed in a wagon. In other cases, mighty diggers<br />

scoop great bin loads of granite, filling each truck to<br />

capacity, their weight blinking at us in red numbers on<br />

the side of the cab. Each can carry the better part of 100<br />

tonnes. From up high, the trucks look for all the world<br />

like Tonka toys. When we get close, however, their<br />

enormous size is almost difficult to conceive. Especially<br />

when Steve tells me that those huge tyres can still<br />

puncture.<br />

Steve’s not happy. Bunching the trucks too closely<br />

together impacts the flow of granite to the surge, and<br />

means one truck has to wait while the other unloads. It’s<br />

not efficient, and he’ll have a word.<br />

To say that the site is busy would be an<br />

understatement. They are currently at level 15 and<br />

they will reach Level 20 by 2019 and the quarry will<br />

close. It is shaped in a cone to ensure the integrity of<br />

the site, and the base is getting progressively smaller.<br />

All around us are vehicles of every shape and size<br />

including water bowsers to deal with the dust. There<br />

are no fewer than 600 vehicle movements a day. Of the<br />

three million tonnes of granite quarried each year, at<br />

least one million tonnes leave by train; the quarry has<br />

its own railway siding and up to four train loads are<br />

despatched every day.<br />

Accreditation is not only great<br />

kudos for the company, but is<br />

also recognition of the individual<br />

contribution made by every<br />

member of the team.<br />

The process is bewildering: drill rigs dig holes<br />

where the surveyors tell them to and into which the<br />

explosive charges are set. Typically, they will charge<br />

and fire twice a week, each explosion bringing<br />

between 20 – 40,000 tonnes of rock for the sorting to<br />

begin. More than 15,000 tonnes are brought out every<br />

day.<br />


From the surge pile, rocks go to the primary crusher<br />

which is like a huge mortar and pestle. Depending on<br />

the size of the product required (200mm, 75mm, 20mm<br />

etc), the granite is then sent through a secondary and<br />

then a tertiary crusher. Recently they installed a new<br />

line that washes the stone, and turns product that might<br />

have previously been sold off cheap into something that<br />

commands a higher premium. It has more than paid for<br />

itself already.<br />

“If we mine a tonne then we want to sell a tonne,”<br />

Steve says. “That is our mantra and currently we sell<br />

more than 99 percent of what we quarry. We produce up<br />

to 12 different products but actually sell some 256. This<br />

is because our customers have special orders where we<br />

need to wash and mix to achieve a specific blend that<br />

they are looking for.”<br />

continues on page 18 ><br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong><br />



continued from page 17<br />

><br />

Applications for the products vary considerably.<br />

Aggregate Industries has recently provided the Asphalt<br />

being used to resurface the runway at East Midlands<br />

Airport. Its products can also be found at The Olympic<br />

Park (all delivered by ship and train and barge) and<br />

the Kelpies in Scotland, and the concrete pour for<br />

The Shard also has the Aggregate Industries’ seal of<br />

approval....they supplied the ready mixed concrete.<br />

As well as Asphalt and Aggregates, the company<br />

also provides concrete products (used for curbing,<br />

staircases and railway station platforms etc), ready<br />

mixed concrete, sand and gravel, specialist sands<br />

(the sort used for sports pitches and water filtration),<br />

rock armour (‘gabions’), track ballast, and every point<br />

in-between, including quality decorative stone and<br />

roofing tiles. Nothing is wasted. They also have a large<br />

road surfacing operation that is involved in Motorway<br />

and Highway projects and airport runways and large<br />

carparks.<br />

From the bottom of the quarry we follow one of the<br />

huge dumper trucks back to the surface. Steve takes<br />

care not to get too close; rocks have been known to fall<br />

off. We head for the control room, a comparatively small<br />

hut from where the whole site is monitored. Outside is<br />

a small convoy of Land Rovers - they seem to be our<br />

constant companion. Inside is a bewildering array of<br />

screens and displays that tell us that all is well and that<br />

the plant is performing to its optimum capacity.<br />


Steve drives us back to the main office and bids us<br />

farewell. But the day is far from over. Glen Bullivant<br />

FCICM, a CICM Vice President, has arrived, wearing<br />

a typically understated tie. It is the hallmark of all<br />

distinguished gentlemen, I am led to believe, and<br />

something that I will no doubt aspire to in the future.<br />

Glen is here for the serious business, to present<br />

the CICMQ accreditation to Phil and his team who are<br />

SAFETY FIRST: Sean Feast and Phil Rice FCICM.<br />

understandably delighted. “Since becoming one of the<br />

first to achieve CICMQ, we have never looked back, and<br />

the senior management has been extremely supportive<br />

throughout,” Phil tells me. Glen congratulates everyone<br />

present: “Accreditation is not only great kudos for<br />

the company, but is also recognition of the individual<br />

contribution made by every member of the team,” he<br />

says. “Getting better never stops,” he adds.<br />

With the formalities completed, it’s time for a<br />

celebratory lunch and orange juice laid on by the<br />

Aggregate Industries’ catering team before it is at last<br />

the hour for me to depart back to London. It has been a<br />

welcome day of discovery, of getting to know Phil and<br />

his team, understanding more about their achievements,<br />

and the workings of one of the country’s largest<br />

quarries. And of dressing up.<br />

If we mine a tonne then we want to sell a tonne. That is<br />

our mantra and currently we sell more than 99 percent<br />

of what we quarry. We produce up to 12 different<br />

products but actually sell some 256.<br />

18 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 19




Frank Whitworth continues the series with a second Day in the Life of an HCEO<br />

article, including on incident where a shotgun was waved in his face.<br />

20 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Back in the 80s my car was kept full of coins, with any<br />

acquired small change always being allocated to the<br />

ashtray for those telephone emergencies. I quickly<br />

learned the location of just about every telephone box<br />

within 25 miles.<br />

WE all know how infuriating it is<br />

when we get into the car to go on<br />

a journey, trying to set the satellite<br />

navigation and it won’t let you<br />

because it doesn’t recognise the address or<br />

the postcode you are trying to input. Can you<br />

imagine the world of enforcement before the<br />

Sat Nav or worse, the mobile phone?<br />

Back in the 80s my car was kept full of<br />

coins, with any acquired small change always<br />

being allocated to the ashtray for those<br />

telephone emergencies. I quickly learned<br />

the location of just about every telephone<br />

box within 25 miles. You could do that then<br />

because the country was divided up into<br />

‘bailiwicks’. Each Sheriff’s Officer had his own<br />

bailiwick and pretty much knew every serial<br />

defendant in the area on a first name basis.<br />

By the mid 80s British Telecom had<br />

invented the phone card, which meant the<br />

ashtray became redundant. These cards were<br />

only available in fixed denominations. The<br />

problem was they could not be topped up<br />

and there was no way of knowing how many<br />

units were still left on a card. This resulted in<br />

many telephone calls ending abruptly, without<br />

notice, and subsequently the ash tray was reemployed<br />

as a phone card tray instead.<br />

We arrived with the<br />

documents at the farm<br />

gate only to be told that<br />

the gun, which was being<br />

pointed right at my chest,<br />

was loaded and that in<br />

his opinion a bailiff was<br />

no different to a rabbit!<br />

One day I set off with a writ to enforce<br />

where the address given was just a house<br />

name and an area and, of course, no<br />

postcode. This was a common occurrence, so<br />

I headed straight to the local post office who<br />

obliged with brief directions referring to the<br />

property being at the ‘back of beyond’ several<br />

miles up a little known track. Although this<br />

was very useful I quickly became confused<br />

and needless to say, very lost.<br />

My second course of action was to ask<br />

anyone who happened to be about, if they<br />

knew the property. As usual, no one had ever<br />

heard of the place. That was until I asked a<br />

little old lady carrying a weighty shopping<br />

bag, who said she knew of the house and was<br />

going that way and would welcome a lift. So in<br />

she jumped and off we went.<br />

Enforcing a writ usually meant making the<br />

best use of the element of surprise in the days<br />

and hours before the notice of enforcement.<br />

“What name might you be looking for,”<br />

asked the lady as we bumped down the road<br />

normally frequented by the local dairy herd.<br />

“You will be needing that property just over<br />

there and you can drop me off outside.” I<br />

sheepishly obliged realising there was only<br />

one dwelling at our chosen destination, and<br />

my cover was well and truly blown.<br />

Do I wait until she has gone inside and<br />

then knock on the door or do I identify myself<br />

whilst she is still in the car?<br />

“Thank you for the lift young man. We don’t<br />

get many visitors in these parts. You better<br />

come in, we have been expecting you!” An<br />

hour later I left the ‘back of beyond’ with the<br />

contents of a rusty tin containing crumpled<br />

five pound notes.<br />

They say you never forget staring down the<br />

barrel of a shot gun. I certainly don’t.<br />

This defendant was being evicted from his<br />

house, where he had lived his entire life, to<br />

make room for the M62 motorway.<br />

We arrived with the documents at the farm<br />

gate only to be told that the gun, which was<br />

being pointed right at my chest, was loaded<br />

and that in his opinion a bailiff was no different<br />

to a rabbit!<br />

It is no surprise that we did not proceed<br />

on that occasion. However, we had a job to<br />

do and gun or no gun we had to find a way of<br />

getting possession.<br />

The heavy machinery was already in use<br />

just a few hundred yards away from the house<br />

and we were under pressure to get the job<br />

done without delay. The most obvious course<br />

of action would be to go straight to the police<br />

and have the man arrested. But the defendant<br />

would still have to come back to clear out<br />

the farm contents, including all the sheep. He<br />

could not do that if he was in jail.<br />

I visited all the neighbouring properties<br />

and learned the defendant, who was in his<br />

seventies, had inherited the farm some 30<br />

years earlier and only ever went out to visit<br />

the local auction mart every fortnight. I also<br />

learned that he had lived there his entire life<br />

and had no family.<br />

Somehow I had to find a way of getting to<br />

actually speak with the man and not the man<br />

with the gun. So I turned up on my own with<br />

only my faithful golden retriever for company,<br />

one evening in my walking boots and woolly<br />

hat, praying that he would not recognise me<br />

as one of the crowd wearing suits from the<br />

previous visit.<br />

A public bridal way crossed part of the<br />

land and it wasn’t long before I spotted the<br />

defendant who warned me to keep my dog on<br />

the lead so as not to bother his sheep. I asked<br />

him if he was the man I had read about in the<br />

local paper. He said he didn’t know because<br />

he did not read the paper. I asked him where<br />

he was going to move to and he just shrugged<br />

his shoulders. It turned out that he could not<br />

read. No one had bothered to actually visit<br />

the man before. All the paperwork had gone<br />

unread and now he was a frightened old man<br />

trying to defend his territory.<br />

For the next three hours I sat in his kitchen<br />

drinking tea and just chatting. He had no idea<br />

that he was entitled to proper compensation<br />

for the compulsory purchase of his farm and<br />

land and also for the farming business.<br />

Once he realised, he was quite content to<br />

move out. The farm had no central heating or<br />

modern appliances and hadn’t made much<br />

money the entire time he had been there. He<br />

was also very lonely.<br />

Three weeks later he moved into a new<br />

bungalow in the village, less than a mile from<br />

the auction mart and my job was done.<br />

The recognised standard www.cicm.com <strong>November</strong> <strong>2016</strong><br />





Is Software as a Service (SaaS) just a new buzzword, the latest trend only to be replaced with<br />

the next big thing – or is it the future? Steve Richardson delves deeper.<br />

TO examine this, we need only look<br />

at the way IT Systems/solutions<br />

used to be delivered in a time when<br />

organisations had large IT development<br />

teams principally because there was no real<br />

alternative.<br />

This would usually start with the<br />

annual budgeting round where functional<br />

departments had to provide outline<br />

requirements to the IT Department for projects<br />

they wanted to be undertaken to deliver some<br />

kind of system and functionality to aid their<br />

business process.<br />

These would all be costed up and then<br />

would compete against all the other wish list<br />

of projects across the organisation on the<br />

basis of their business case – just like rock,<br />

paper, scissors a shortlist process would be<br />

undertaken, as a rule of thumb: reduction<br />

in costs beats increased sales; sales<br />

beats customer satisfaction; and<br />

customer satisfaction and<br />

retention beats costs.<br />

Therefore, anything that was back office<br />

business process related which didn’t result in<br />

a significant cost saving rarely got approved<br />

unless it was considered strategic like<br />

replacing the Accounting and ERP system.<br />

However, if a project did get approved then<br />

the development process would begin.<br />

Typically, the team of analysts and developers<br />

assigned to the project would have no<br />

detailed knowledge or understanding of the<br />

specific business area. As the Project Sponsor<br />

you would be expected to assign staff from<br />

your team to be involved in the project all<br />

the way through thus reducing your team’s<br />

capability in the short-term and the project<br />

would take anywhere between nine to 18<br />

months to complete.<br />

Along the way, the project would get<br />

re-scoped to avoid overrunning against the<br />

budgeted cost and while some of the key<br />

functionality was removed from scope there<br />

was an expectation that even more savings<br />

and benefits could be made. Depending on<br />

SaaS solutions will usually be highly<br />

configurable, the trend is away from out<br />

and out customisation not only due to<br />

the expense but also the constraint<br />

on being able to take the latest<br />

innovative update quickly and<br />

without major rework.<br />

the size of the project you would have been<br />

introduced to the concept of phasing, which<br />

basically meant you will get Phase one, you<br />

may get Phase two, anything after that could<br />

be pretty much forgotten.<br />

Finally, the project would deliver a system<br />

that had inbuilt ‘GUTI’ appeal (get used to it)<br />

or as we like to say in the technology world<br />

‘features’.<br />


The system would then be handed over to<br />

the in-house support team and, like with any<br />

fast moving business, any expertise gained<br />

in developing the new application is lost, as<br />

those involved move onto their next project<br />

– IT developers generally like developing<br />

new applications rather than maintaining<br />

existing ones. Therefore, enhancements that<br />

improve the application get overlooked and<br />

its benefits decrease. Over a short period<br />

of time, a number of system workarounds<br />

become commonplace until the system is<br />

made redundant, replaced with another freshly<br />

developed solution, or generically replaced<br />

with the standard workings of a new ERP<br />

system.<br />

22 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard




• Software Licence<br />

• Activity based transparent pricing<br />

• Hardware and infrastructure<br />

• Project management<br />

• Support staff<br />

• No hidden costs<br />

• No extortionate consultancy fees<br />

SaaS solutions were born<br />

out of the changing way<br />

that IT departments are<br />

structured. Keeping up<br />

with the fast paced and<br />

changing landscape of<br />

solutions and technology<br />

has become very difficult<br />

for organisations that<br />

wish to cover all business<br />

requirements using inhouse<br />

development teams.<br />


SaaS solutions were born out of the changing<br />

way that IT departments are structured.<br />

Keeping up with the fast paced and changing<br />

landscape of solutions and technology has<br />

become very difficult for organisations that<br />

wish to cover all business requirements<br />

using in-house development teams. Where<br />

these teams exist (a lot of organisations<br />

have outsourced this scarce and expensive<br />

resource) they are focussed on the core<br />

functions of the business, generally those<br />

that maintain their competitive edge such as<br />

operational systems and sales portals. This<br />

has enabled a new breed of providers to be<br />

created who specialise in functional areas –<br />

AR, AP, HR, Finance – and are able to provide<br />

a very rich and deep functionality that was<br />

previously out of the realms of possibility with<br />

any in-house development team. Furthermore,<br />

unlike the in-house team that quickly moves<br />

onto the next project, it is absolutely in<br />

the SaaS providers’ interest to continually<br />

innovate, adapt and enhance their product and<br />

service offerings to keep customers engaged<br />

and the benefits flowing. They are therefore<br />

able to maintain and grow a team around their<br />

products to provide the support required and<br />

to deliver those enhancements.<br />


The move towards more standardised business<br />

processes has also enabled the cost of these<br />

solutions to become much more affordable.<br />

In the days of in-house development, the<br />

typical cost of a system was in the hundreds<br />

of thousands with payback typically within<br />

two years if you were lucky. Those systems<br />

also came without a guarantee of working or<br />

to deliver benefits, and the margin between<br />

success and failure was very thin.<br />


SaaS solutions are proven and have clients<br />

that can provide testimony of benefits<br />

delivered. Solutions are quick to implement,<br />

typically six to ten weeks, and ultimately if<br />

the solution does not deliver as expected<br />

there is always the option to walk away at a<br />

fraction of the cost of an in-house or customer<br />

development system gone wrong. SaaS does<br />

not necessarily mean standard, however.<br />

Solutions are usually highly configurable,<br />

and the trend is away from out and out<br />

customisation due to expense and constraints<br />

on being able to take the latest update quickly<br />

and without major rework. Business process<br />

optimisation is generally what the SaaS<br />

solution will have, therefore being prepared<br />

to change your business process is key to<br />

achieving the benefits.<br />


SaaS solutions have evolved to be highly<br />

intuitive such that they do not require<br />

extensive training manuals – not many people<br />

had lessons on how to use the Internet for<br />

example. There are certain protocols and<br />

standards that are built into the applications<br />

which as users of technology we have<br />

become accustomed to (anecdotally – the<br />

windows game of Solitaire was principally<br />

designed to enable players to get used to<br />

using the mouse!)<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 23



A credit control manager, based in Belfast, needs convincing<br />

about the effectiveness of IVAs.<br />


challenge<br />

A<br />

person with multiple debts and an<br />

inability to pay them couldn’t fail<br />

to be seduced by the plethora of<br />

advertisements for a solution that<br />

promises to make them debt free within five<br />

years. But just how successful are Individual<br />

Voluntary Arrangements (IVAs) and do they<br />

offer any benefit to the small unsecured<br />

creditor?<br />

As an unsecured trade creditor I will share<br />

with you my recent experiences. In one month<br />

our company received Annual Reports for<br />

three IVAs with the same Supervisor from a<br />

major firm of Insolvency Practitioners.<br />

In the first report received, the debtors’<br />

monthly contributions in the interlocking IVAs<br />

are up to date but ‘the debtors have failed<br />

to comply with my request for an updated<br />

income and expenditure account and are<br />

hereby notified of the fact that they are in<br />

breach of the terms of the arrangements’. This<br />

happened the previous year and I do not know<br />

My experience with IVAs would also suggest that the<br />

smaller unsecured creditor has no influence on the<br />

outcome of proposals anyway as the major creditors<br />

(that is to say the bank, mortgage provider, credit card<br />

company etc) vote in favour in the majority of cases. We<br />

end up tied into an agreement and are prevented from<br />

taking further action to collect our debt.<br />

if the information was ever received.<br />

The second report related to a case where<br />

a one-off lump sum payment was to be made<br />

to the arrangement. The report states that:<br />

‘Funds in the sum of £25,000 were due to be<br />

realised for the benefit of creditors in June<br />

2015. These funds have yet to be received.<br />

The matter is currently being addressed’.<br />

Over a year has passed and the issue still not<br />

addressed.<br />

The third report shows that the arrears in<br />

monthly contributions, already five months<br />

behind in 2015, have doubled since last year.<br />

Again: ‘The Supervisor is currently in the<br />

process of requesting the required information<br />

to conduct an income and expenditure<br />

review’. Why bother I ask myself? The<br />

arrangement has clearly failed.<br />

It seems obvious to me that the<br />

Supervisor’s persistence with these cases is<br />

solely to protect his firm’s fees. My experience<br />

with IVAs would also suggest that the smaller<br />

unsecured creditor has no influence on the<br />

outcome of proposals anyway as the major<br />

creditors (that is to say the bank, mortgage<br />

provider, credit card company etc) vote in<br />

favour in the majority of cases. We end up tied<br />

into an agreement and are prevented from<br />

taking further action to collect our debt.<br />

Am I alone in feeling cynical about the<br />

role of the Insolvency Practitioner? Do other<br />

readers share my frustrations? If you do, then<br />

I’d love to hear from you through the editor.<br />

24 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


Shivering<br />

BEAR<br />

‘The bear is feeling cold right now’, so say the world’s<br />

economists. Adam Bernstein takes a closer look at<br />

what’s causing Russia’s current malaise.<br />

continues on page 26 ><br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 25


THE Russian economy is suffering following<br />

its March 2014 annexation of the Crimea, it’s<br />

ongoing involvement in Ukraine (which the<br />

country denies) and the remarkable drop in<br />

the price of oil. While Forbes has since 2008 named<br />

Moscow the ‘billionaire capital of the world’ its wealth<br />

is diminishing and the economy is in recession. Even<br />

its Finance Minister, Anton Siluanov, recognised as<br />

much when he spoke in <strong>November</strong> 2015: “Next year<br />

will not be simple,’’ he said in an interview with Russian<br />

state television, adding, “the latest predictions show<br />

that the price of our main exports could be lower than<br />

predicted.”<br />

However, the situation in <strong>2016</strong> while not great hasn’t<br />

been quite so bad.<br />

Yes, the growth potential for Russia is not good and<br />

its GDP has slowed every year since 2010 – it grew 0.7<br />

percent in 2014 and shrank by 3.7 percent in 2015. The<br />

figures for <strong>2016</strong> are looking a little rosier. As Focuseconomics<br />

noted in August (<strong>2016</strong>), while the economy<br />

contracted 1.2 percent in Q1, the downturn was softer<br />

than expected and more recent data shows that parts of<br />

the economy are gradually leaving the recession behind.<br />

Further, an increase in the oil price from Q1 to Q2<br />

have supported a gradual improvement in the Russian<br />

industrial sector.<br />

So where is Russia now and how can firms still export<br />

to, and do business, with the country?<br />


Russia is a market that cannot be ignored. It has 144<br />

million people, spans nine time zones and is the largest<br />

country in the world with a landmass of 17 million square<br />

miles – one ninth of the global total. It was, in April <strong>2016</strong><br />

at least, the world’s 14th largest economy by Gross<br />

Domestic Product (GDP) according to the International<br />

Monetary Fund. It’s also number 51 in the World Bank’s<br />

Ease of Doing Business ranking (latest figures June<br />

2015) and is making progress in meeting President<br />

Putin’s target of reaching 20th position by 2018. Not bad<br />

considering that Russia started from 123rd in 2011(out of<br />

185 where Chad now sits).<br />

As might be expected, Russia’s overseas forays have<br />

led to sanctions and an impact on trade. But despite<br />

the European Union’s (EU) restrictive measures, which<br />

are highly targeted, there are still many opportunities<br />

for firms to do business in Russia. Indeed, the country<br />

is investing and modernising, and this is providing<br />

opportunities – it’s looking for foreign investment,<br />

expertise, technology and resources.<br />

But as the US Government notes: ‘Its seriously<br />

underdeveloped infrastructure poses challenges,<br />

especially in accessing markets outside of major<br />

cities. Conducting business might be impeded by<br />

burdensome regulatory regimes; widespread corruption<br />

and inadequate rule of law; inconsistent application<br />

of laws and regulations; lack of transparency; and a<br />

non-level playing field for competition due to the<br />

continued presence of large state-owned, or statecontrolled,<br />

enterprises dominating strategic sectors of<br />

the economy.’<br />

But looking positively, there is, according to the<br />

UK Government, a desire of Russian companies to use<br />

international accounting and legal standards, a respect<br />

for brands including retail and luxury, and an anticipated<br />

increase in the number of Russian mid- and small-sized<br />

businesses. The Russian market has a young and well<br />

educated workforce;strong transport links and logistics<br />

in many, but not all places; and offers access to supply<br />

chains that could lead to exports to other markets in the<br />

26 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

But looking positively, there is,<br />

according to the UK Government,<br />

a desire of Russian companies<br />

to use international accounting<br />

and legal standards, a respect for<br />

brands including retail and luxury,<br />

and an anticipated increase in the<br />

number of Russian mid- and smallsized<br />

businesses.<br />

Commonwealth of Independent States that were once<br />

part of the Soviet Union.<br />

So while Russia has the smallest population of the<br />

BRIC (Brazil, Russia, India and China) economies, in per<br />

capita terms, it’s the wealthiest by a considerable margin<br />

($14,611 in 2013) and it has a large and growing middle<br />

class of discerning consumers.<br />


Setting up in Russia opens doors to the fledgling<br />

Eurasian Economic Union. A former customs union<br />

set up between Russia, Kazakhstan and Belarus, it now<br />

includes Armenia and also Kyrgyzstan. The organisation<br />

is aiming for free movement of goods, services, capital<br />

and labour.<br />

Russia is also now a full member of the World Trade<br />

Organisation (WTO) and has committed to change<br />

its customs duty rates to permit access to the Russian<br />

services market; apply recognised food safety and<br />

animal and plant health measures; simplify import<br />

licensing procedures; andfurther protect intellectual<br />

property.<br />


There are a number of sectors that overseas companies<br />

can exploit that include engineering, mining, biotech<br />

and pharmaceuticals, consumer goods, education,<br />

energy, tourism, telecoms, finance and legal and the<br />

World Cup in 2018.<br />

Some estimates believe that, as might be expected<br />

of a former communist state, more than 70 percent of<br />

existing capital assets are in need of modernisation. This<br />

means opportunities for energy efficient manufacturing<br />

technologies, machine tools, spare parts and<br />

components and advanced materials for manufacturing<br />

and assembly.<br />


Russia is known to have one of the largest reserves of<br />

metals, ferrous and non-ferrous, in the world. With a<br />

high level of domestic integration, from extraction to<br />

processing, there is demand for machinery, consultancy<br />

and help with environmental improvements to the<br />

industry.<br />

Russian heavy industry is in need of updating its<br />

manufacturing technologies and equipment. The annual<br />

market demand for new metal-machining equipment is<br />

estimated at over $1.5 billion.<br />


Pharmaceuticals in Russia is reported to be worth<br />

some $18 billion a year and the country has a<br />

strategy – Pharma 2020 – which has as its aim drug<br />

development and greater domestic manufacturing.<br />

Indeed, DSM Group, one of Russia’s analyst agencies<br />

in the pharmaceutical sector, reckons that in 2015 the<br />

Russian pharmaceutical market grew by almost 12<br />

percent. The sector is looking for help with research and<br />

development and the manufacture of active ingredients.<br />


Consumer goods was worth $597 billion in 2013, although<br />

that figure may have declined since the introduction<br />

of sanctions following Russia’s overseas excursions.<br />

Opportunities exist for premium alcoholic and nonalcoholic<br />

drinks, high quality confectionary,organic,<br />

natural, gluten free food,and fashion and high-end and<br />

luxury products including vehicles.<br />

ENERGY<br />

Energy is a major part of the Russian economy, and one<br />

of the reason’s the overall economy suffering presently.<br />

Its oil and gas market is 25 percent of GDP, 50 percent<br />

of federal revenues, is valued at $50 billion a year and is<br />

predicted to grow in size (but not necessarily turnover<br />

until the price of oil rises). Sanctions imposed following<br />

the Crimean annexation aren’t universal and only apply to<br />

equipment and services suitable for use in oil exploration<br />

or production in waters deeper than 150 million in the<br />

offshore area north of the Arctic Circle and shale fracking.<br />

It’s worth noting that Russia’s energy policy (says the<br />

Moscow Times) of pumping 10.6 million barrels of oil a<br />

day is nearly four billion barrels annually further Russia<br />

has proven oil reserves 100 billion barrels. This means<br />

there are opportunities for UK companies in conventional<br />

oil and gas fields, construction of LNG plants, and<br />

downstream oil-refining facilities.<br />

However, as a note of caution, Russian oil and gas<br />

companies are aiming to use more local equipment<br />

in their operations and may well substitute away from<br />

foreign suppliers. This may be enforced by law and<br />

Russian standards.<br />

The state atomic energy corporation, Rosatom is<br />

currently exploiting its position as a world leader and<br />

has orders for more than 80 stations worldwide – the<br />

Russian Times has reported that Rosatom had foreign<br />

orders worth $110 billion in 2015. Foreign firms may be<br />

able to establish a relationship with Rosatom and also the<br />

decommissioning sector.<br />

Renewables is presently small in Russia, but interest<br />

is growing with concomitant opportunities to supply<br />

equipment and expertise.<br />

JSC Rossetti is the largest electricity distribution and<br />

transmission grid company in Russia and it’s working with<br />

foreign energy companies to modernise. It’s presently<br />

looking for new technologies such as automated control<br />

systems,smart grids, and systems to improve control and<br />

operation.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong><br />


www.portfoliocreditcontrol.com<br />

oc<br />

re o<br />

THE<br />




We know <strong>Credit</strong> Control and we also understand<br />

what makes agood <strong>Credit</strong> Controller and the<br />

correct skills to succeed in this industry.<br />

If you are planning to recruit on atemporary<br />

or permanent basis please get in touch with the<br />

<strong>Credit</strong> Control recruitment specialists on<br />

0207 650 3199<br />


recruitment@portfoliocreditcontrol.com<br />

We look forward tohearing from you.<br />

www. portfoliocreditcontrol.com<br />

28 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard




Does globalisation harm developing countries? Lesley Batchelor OBE believes openness<br />

to international markets spurs innovation and investment.<br />

THERE has been much stated about<br />

the pros and cons of globalisation.<br />

Critics include groups such as<br />

environmentalists, anti-poverty<br />

campaigners and surprisingly, trade unionists.<br />

They claim that globalisation helps the<br />

richest countries to continue to dominate<br />

world trade at the expense of developing<br />

countries. The role of Least Economically<br />

Developed Countries (LEDC) in the world<br />

market is mostly to provide the north and west<br />

with cheap labour and raw materials.<br />

Proponents of globalisation point to the<br />

number of people globally who have benefited<br />

from it. According to the World Bank,<br />

between 1981 and 2010 we witnessed the<br />

single greatest decrease in material human<br />

deprivation in history. At a time when the<br />

population of the developing world increased<br />

by almost 60 percent, the number of those in<br />

extreme poverty (subsisting on less than $1.25<br />

per day) has dropped from around 50 percent<br />

to around 20 percent.<br />

There are no guarantees that the wealth<br />

from inward investment will be used to benefit<br />

a local community. Profits are invariably sent<br />

back to the More Economically Developed<br />

Countries (MEDC) where the Transnational<br />

Companies (TNCs) are based. Economies<br />

of scale that TNCs can use often drive local<br />

companies out of business, however the<br />

transitory nature of a TNC is that if it becomes<br />

cheaper to manufacture elsewhere it will close<br />

the operation with the resultant job losses.<br />

Likewise, the TNC home country may lose<br />

out in the job market to a LEDC thus creating<br />

an imbalance in both trade and social mobility.<br />

Removing barriers<br />

Globalisation has been happening for<br />

centuries, however it has accelerated<br />

over the last 50 years mainly due to the<br />

rate of innovation in communication and<br />

transportation technologies. Movement<br />

of goods, people and services has never<br />

been easier and that in turn is bringing more<br />

questions about the need to trade and how<br />

to govern its growth. Freedom to trade is the<br />

cornerstone on which organisations like the<br />

World Trade Organisation (WTO) is founded,<br />

promoting free trade between 164 countries<br />

who are all committed to removing barriers<br />

between them.<br />

The biggest companies are no longer<br />

national but multi-national corporations with<br />

subsidiaries in many countries, becoming<br />

TNCs. Although globalisation is probably<br />

helping to create more wealth in developing<br />

countries – it is not helping to close the gap<br />

between the world’s poorest countries and the<br />

world’s richest. Unsurprisingly, the majority of<br />

TNCs are based in the US and UK.<br />

Factors attracting TNCs to a country<br />

include cheap raw materials and labour<br />

supply, good transport links and infrastructure<br />

and access to markets where the goods are<br />

sold. These factors can be seen in many<br />

emerging markets and are often linked to the<br />

rising middle classes in these markets. With<br />

hundreds of millions of people estimated<br />

to join the middle classes in Africa, South<br />

America, China and India, the opportunities<br />

are very tempting for British and American<br />

companies.<br />

Economic Integration<br />

Given the sheer number of people that have<br />

been lifted out of absolute poverty and<br />

especially now, when our own economy is<br />

beginning to feel so fragile and vulnerable, can<br />

we afford to start worrying about the impacts<br />

of globalisation at this stage?<br />

Are we not just part of a moving system<br />

of civilisation that sees cultures, empires<br />

and regimes ebb and fall? Of course, if that<br />

was simply the case this would all be quite<br />

straight forward, however the next stage of<br />

globalisation begins skewing market forces<br />

that can take their toll as internationalisation<br />

steps in.<br />

So ‘drawbridge up versus drawbridge<br />

down’, as The Economist recently wrote.<br />

The fact is, along with boosting our country’s<br />

economic resilience and addressing global<br />

challenges such as climate change, promoting<br />

economic integration is one of our three<br />

strategic priorities.<br />

Surely economic integration can be a<br />

powerful force promoting efficient markets<br />

and reform. We have seen that globalisation<br />

increases competition in product markets,<br />

it widens the range of financing sources<br />

available for investment, it allows countries<br />

to opt into institutional arrangements of a<br />

higher standard and it imposes strict discipline<br />

on governance, legal, regulatory and other<br />

institutions.<br />

Openness to international markets,<br />

globalisation if you will, also spurs investment<br />

and innovation within businesses and<br />

economies as a whole. Economic integration,<br />

and through it globalisation, empowers<br />

entrepreneurs and consumers alike. They also<br />

create new incentives and opportunities for<br />

everybody involved in a modern economy.<br />

So let’s support integration through<br />

cross-border financial flows and investment,<br />

trade finance, infrastructure, improved skills<br />

and standards in SMEs, policy dialogue and<br />

partnerships with institutional investors. This<br />

may not be the best time to change the plan.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 29


TRADE<br />





AS the days grow shorter I’m reminded<br />

of that distressingly dour character in<br />

Game of Thrones who keeps saying<br />

‘winter is coming’. I’m afraid it is,<br />

economically speaking.<br />

It’s worrying that shipping is still<br />

doing so badly. The Baltic Dry Index, my<br />

favourite lead indicator, has just turned down<br />

after a good run. That may not be a long<br />

term trend, but more worrying is the fact that<br />

container shipper Hanjin has<br />

gone bust. That partly reflects overinvestment<br />

by shipping companies in huge<br />

new container ships, but it also reflects the<br />

fact that global growth simply hasn’t been<br />

fast enough to fill them. (Exporters may well<br />

find they have cargoes stuck on board; since<br />

Hanjin can’t pay its bills, few ports are letting<br />

its ships dock.)<br />

Euler Hermes says not only is the world<br />

seeing lower growth, it’s also seeing higher<br />

risks. That’s a toxic mixture. We already know<br />

about the potential for trouble in China, and<br />

the low oil price, and Brexit; but Italian banks,<br />

the Turkish political situation, and Trump,<br />

together with 2017 elections in France and<br />

Germany, all pose further risks – as well as<br />

the possibility of another Greek bailout being<br />

needed.<br />

Atradius is also downbeat, saying that<br />

the decline in insolvencies in developed<br />

markets has now stalled, and in some<br />

cases, we’re seeing increased bankruptcies.<br />

It’s particularly worried about Norway and<br />

Australia – both heavily dependent on<br />

commodities – and Greece, and points out<br />

that in many countries, insolvencies are still<br />

way above pre credit crunch levels.<br />

Sometimes a picture is worth a<br />

thousand words. When I look at Atradius’<br />

chart, I notice something rather depressing;<br />

there are far more countries in the<br />

‘deteriorating’ row and ‘high risk’ column than<br />

there are in ‘stable’ or ‘low risk’. That’s not a<br />

trend I like.<br />

Robust risk management needed, says<br />

Atradius. But robust credit management is<br />

vital too, I think!<br />


THE lesson about having local ‘boots on the<br />

ground’ is born out by the story of Landia<br />

mixers. A Kansas wastewater plant rejected<br />

Landia’s offer of full maintenance services,<br />

instead using a local mechanic. When Landia<br />

learned three of its submersible mixers were<br />

being replaced, it asked why – and quickly<br />

found out the maintenance had been poorly<br />

carried out using sub-standard generic parts.<br />

Landia took back and completely<br />

refurbished two of the failing mixers – and<br />

has seen off a threat to its business.<br />

The other lesson to be learned, I<br />

suppose, it that’s it’s not over once you<br />

get the sale – you’ve got to support your<br />

product and your brand. And, of course,<br />

you’ve got to get paid – but we knew that<br />

already!<br />

30 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


MOODY’S has done its own work on Brexit<br />

and it’s worried. If the UK doesn’t keep single<br />

market access, the ratings agency says, the<br />

credit rating will have to be downgraded<br />

again (Moody’s already cut the rating to Aa1<br />

negative immediately after the referendum<br />

result). It has already cut its forecasts<br />

of growth for the next two years, and it<br />

doesn’t believe new trade agreements – for<br />

instance with India and China – can replace<br />

EU business, pointing out that if you’re<br />

exporting advanced technical equipment or<br />

sophisticated services, the EU and EEA is a<br />


INSTARMAC, with French partner Vert Bleu,<br />

has been fixing the scenic coast road in the<br />

overseas French territory of La Reunion.<br />

When you’ve already got regular hazards<br />

like rocks falling on you from high volcanic<br />

cliffs, tight curves, and the sea on one side,<br />

the last thing you need is a hole where a<br />

manhole cover ought to be. That’s where<br />

Instarmac comes in, with its flowable<br />

polyester resin mortar providing a fix that can<br />

withstand extreme wear and tear – and sets<br />

quickly so the road can be reopened in just 40<br />

minutes.<br />

Instarmac exports to 30 different countries,<br />

including Chile and Iceland. The secrets of<br />

success? First, having an innovative and high<br />

spec product – but secondly, having partners<br />

who know how to apply it. They’re on the<br />

lookout for more!<br />

huge market – emerging markets aren’t (yet,<br />

and for some time to come). It also worries<br />

that while manufacturers may benefit from a<br />

limited single market agreement, providers<br />

of services – more important for the UK and<br />

also less price sensitive – are likely to find<br />

‘passporting’ won’t be available.<br />

Whether or not you believe Moody’s<br />

analysis, one thing’s certain – if it does<br />

downgrade again, we’re likely to see some<br />

significant currency volatility. Keep an eye on<br />

sterling and think about hedging if you have<br />

major exposures.<br />


TALK to anyone who invests in emerging<br />

markets and they’ll tell you Mark Mobius is<br />

a veteran investor who knows his onions.<br />

So when he says low interest rates aren’t<br />

working, it’s worth hearing his argument.<br />

The idea behind low or negative interest<br />

rates is that if banks and companies aren’t<br />

making a return on cash, they’ll have to lend<br />

their money out or invest it in production<br />

or marketing. But, he says, instead what’s<br />

happening is that markets are slowing to a<br />

halt, as banks find the risk of lending too high<br />

for the reward of a low interest rate, and low<br />

growth makes companies even less willing to<br />

invest.<br />

But he’s also worried about pensions.<br />

Pension funds usually invest in government<br />

bonds for long-term income to pay their<br />

pensioners. Now, they’re being forced to take<br />

higher risks if they want to be able to keep<br />

paying out – and that’s stoking the possibility<br />

of a nasty mini-crisis.<br />

Mobius thinks the central banks need to<br />

sing a new tune. But in the meantime, we<br />

seem to be stuck with stagnation.<br />


STANDARD and Poor’s surprised everyone<br />

with their credit rating upgrade for Hungary.<br />

The country’s PM may not be popular with<br />

EU leaders, but the country has regained its<br />

investment grade status after languishing in<br />

junk bond territory for six years.<br />

The budget deficit has been cut,<br />

employment is rising, and the economy<br />

should be growing at 2.5 percent a year over<br />

the medium term – all reasons to be cheerful.<br />

There’s a strong manufacturing base<br />

in life sciences, electronics, and tech – all<br />

opportunities for capital goods manufacturers<br />

and services companies. And there’s also<br />

a fair amount of infrastructure investment<br />

going on – through Hungary’s road and rail<br />

infrastructure is already pretty good, energy<br />

in particular has seen a slug of EU funds to<br />

boost its efficiency.<br />

It’s a market that should deliver reasonable<br />

growth prospects for those with the right<br />

product and a good marketing strategy. But<br />

watch out – though I don’t reckon anyone<br />

takes the threat to ‘throw Hungary out of<br />

Europe’ seriously, the political situation is not<br />

risk-free.<br />




LUSH cosmetics is one of relatively few firms<br />

to have taken immediate action instead of<br />

waiting to see how things pan out. It already<br />

had a German factory as well as its Poole<br />

headquarters, but now it’s moved more of its<br />

business to Dusseldorf and says any growth in<br />

the business will benefit its EU operations.<br />

I wonder how many exporters may follow<br />

suit – growing the business within the EU and<br />

letting the UK just tick along with its domestic<br />

business? Good for them, maybe – but not so<br />

good for the country.<br />


IN THE BOK<br />

EULER Hermes thinks this year will be tough<br />

in South Africa, forecasting insolvencies up<br />

ten percent, and more job losses, which could<br />

impact the consumer market.<br />

There’s a whole host of problems. Low<br />

commodities prices have hit the important<br />

mining sector, while agricultural output has<br />

been affected by drought. Unemployment is<br />

high, and to add to that, there’s a culture of<br />

late payments and credit risk is high.<br />

It can still be worth trading with South Africa<br />

– it’s a big market for mining and construction<br />

equipment, for instance – but make sure you<br />

keep your ear close to the ground and control<br />

your customers’ credit tightly.<br />




CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.1873 1.1029 Down<br />

GBP/USD 1.2293 1.2281 Down<br />

GBP/CHF<br />


1.29684 1.20512 Down<br />

GBP/AUD 1.7786 1.6204 Down<br />

GBP/CAD 1.7516 1.6210 Down<br />

GBP/JPY 136.4605 127.3870 Down<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 31






Companies seeking long-term competitive advantage are accelerating<br />

cash collection and driving business growth by leveraging a new<br />

solution from American Express®.<br />

ALL too often, irregular payment cycles make<br />

it hard to ensure a company’s cash flow<br />

stays healthy. Add to this the complexities<br />

.of managing lending policy, and credit<br />

managers’ remit becomes even more demanding.<br />

While they need more than ever to have robust<br />

systems in place, they also have the opportunity to use<br />

innovative and flexible tools to drive customer loyalty<br />

and help the business grow.<br />

It’s in this context that, building on decades of<br />

experience working with businesses around the globe,<br />

American Express® introduced its Working Capital<br />

Solutions, which can speed up payments via a debtneutral<br />

credit source whilst reducing administration for<br />

both the supplier and buyer.<br />




The solution accelerates collections and helps to<br />

alleviate potential cash crunches, enabling businesses<br />

to free up working capital, which can in turn be used<br />

to drive growth measures throughout the business. It<br />

reduces receivables days for suppliers while extending<br />

the buyer’s payable days, making cash available sooner<br />

and for longer than with traditional invoicing. As a<br />

result, Client/Supplier relationships are strengthened<br />

since the ability to provide an additional line of credit<br />

and more flexible terms plays a key role in increasing<br />

loyalty and customer retention. Add access to this mix<br />

and you create a powerful tool for growth.<br />

‘‘The key benefit of Working Capital Solutions<br />

is that it allows our corporate clients to speed up<br />

payments to suppliers whilst offering their customers<br />

a tool for growth,’’ says Karen Penney, vice-president<br />

and general manager for American Express Global<br />

Corporate Payments in the UK. ‘‘This can then generate<br />

competitive advantage on both sides.’’<br />


The supplier starts by identifying key customers, and<br />

then gives them the option to pay via American Express<br />

using a secure online payments platform.<br />

Upon receiving an invoice, the buyer provides<br />

approval to their supplier who then draws down the<br />

funds on their account, receiving them within five<br />

banking days. The buyer then pays American Express,<br />

with more flexible payment options of up to 55 days.<br />

‘‘Essentially it’s a solution that balances the<br />

opposing payment interests between buyer and<br />

supplier, creating a win-win relationship,’’ explains<br />

Penney.<br />



Working with such a wide range of corporate clients,<br />

American Express is well aware that no two payments<br />

processes are alike. That’s why they’ve made sure<br />

Working Capital Solutions can complement your<br />

company’s existing operations.<br />

“It’s reassuring for our clients to know they don’t<br />

have to change anything, that ordering and invoicing<br />

systems remain the same’’ adds Penney. ‘‘The solution<br />

is straightforward to apply, and once in place it<br />

provides a streamlined payment process that can<br />

really boost operations efficiency.’’<br />

It’s clear that Working Capital Solutions offer more<br />

than just a short-term financial kick. Whilst addressing<br />

immediate challenges, it also provides benefits that<br />

are more holistic and long-term.<br />

Collection can be accelerated at the same time as<br />

the framework for growth is created. A more symbiotic<br />

relationship between supplier and client brings a<br />

distinctive competitive advantage. At the same time<br />

areas such as credit risk, insurance cost and overall<br />

collection costs can be reduced.<br />

When you optimise your cash collections whilst<br />

strengthening key customer relationships, you’re<br />

laying the groundwork for driving business growth.<br />

Working Capital Solutions is available as part<br />

of the American Express suite of Business<br />

Payment tools www.americanexpress.com/uk/<br />

supercharge<br />

32 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


Ordering and invoicing<br />

procedures remain the same<br />

YOUR<br />


£<br />

£<br />

PAID IN<br />

5 DAYS<br />

£<br />

£<br />


Accelerated<br />

cash generation<br />

Drives<br />

business<br />

growth<br />


Flexible<br />

payment options<br />

Improved<br />

cashflow<br />



YOUR<br />


UP TO<br />

55 DAYS TO PAY<br />

‘‘The key benefit of Working Capital Solutions is that<br />

it allows our corporate clients to speed up payments<br />

to suppliers whilst offering their customers a tool for<br />

growth, this can then generate competitive advantage<br />

on both sides.’’ - Karen Penney<br />

PART of the LafargeHolcim group,<br />

Aggregate Industries (AI) has more than 350<br />

operations across the UK, Channel Islands<br />

and Northern Europe. In an industry where<br />

geographical location has a strong influence<br />

over choice of supplier, AI was looking for<br />

ways to create competitive differentiation<br />

within the building materials sector.<br />

It needed an innovative and flexible<br />

payments solution that would accelerate<br />

cash flow, drive growth, and give potential<br />

customers another driver to choose AI over<br />

its competitors.<br />

Working with American Express, AI<br />

devised a programme that enabled it to<br />

extend payment out to 90 days for selected<br />

customers, considerably longer than the<br />

conventional arrangements it already<br />

Case Study 2:<br />



had in place. This additional line of credit<br />

and increased flexibility helped create a<br />

differentiator that grew existing business<br />

and attracted new customers. It also<br />

accelerated cash flow by a full calendar<br />

month.<br />

The solution required no set-up costs<br />

or major process changes for either AI or<br />

the customer, making it easy to market<br />

and implement. Sales to customers on the<br />

scheme saw a significant monthly increase<br />

compared to the same periods in the<br />

previous year.<br />

This innovative collaboration between<br />

AI and American Express won ‘Project<br />

of the Year’ at the hotly contested <strong>2016</strong><br />

CICM British <strong>Credit</strong> Awards in collaboration<br />

with American Express.<br />

Case Study 1:<br />




WESTCOAST is a wholesaler for the<br />

computer industry’s household name<br />

brand products, from tablets to<br />

telephones, monitors to MP3 players.<br />

Westcoast has found access to capital<br />

challenging. Operating in a risk-averse<br />

market characterised by cash flow<br />

gaps, Westocast turned to American<br />

Express with the objective to meet<br />

market demand whilst ensuring faster,<br />

easier customer payments.<br />

‘‘In our business, positive cash flow<br />

is absolutely key,’’ says Westcoast’s<br />

Finance Director, Sunil Madhani. ‘‘It<br />

allows us to generate cash, which we<br />

can then use for other activities that<br />

benefit not only our suppliers, but also<br />

our customers, and helps us to grow.’’<br />

For Mr. Madhani, American Express<br />

Working Capital<br />

Terms apply<br />

Solutions offered an<br />

alternative payment system that was<br />

straightforward and complemented<br />

Westcoast’s existing operations. Via<br />

the electronic payments platform, it<br />

receives payment just five days after its<br />

customer’s authorisation - quicker than<br />

conventional invoice terms.<br />

As both a supplier and buyer,<br />

Westcoast has also been able to utilise<br />

the multi-million pound credit facility<br />

it has with American Express, allowing<br />

them to buy at competitive prices. This<br />

additional facility for optimised cash<br />

flow management helped create short<br />

term and long term improvements in<br />

liquidity and profitability. It supported<br />

Westcoast’s growth by helping to<br />

improve liquidity planning and<br />

streamlining processes.<br />

’’The flexibility and the incremental<br />

nature of the facility that American<br />

Express offers is clearly a great benefit<br />

to me and my customers,’’ adds Mr.<br />

Madhani.<br />

American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London SW1W 9AX, United Kingdom.<br />

It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 33



Einstein is often attributed as saying: ‘The definition of insanity is doing something<br />

over and over again and expecting a different result’. When it comes to enforcement<br />

Civil court users should take heed!<br />

DD +44 (0)113 261 6124 E jeffersen.gledhill@dwf.law W www.dwf.law/recover<br />

Jeffersen Gledhill<br />

THE latest quarterly Civil Justice Statistics<br />

show that the most common method of<br />

enforcing a monetary judgment remains<br />

applying for a Warrant of Control.<br />

Indeed, the number of Warrants of Control<br />

issued per quarter has recently increased by<br />

around four percent compared to the same<br />

quarter last year – if replicated over the course<br />

of the year, this would translate to an eyewatering<br />

309,688 Warrants. In practice though<br />

(and as most consumer and commercial<br />

credit professionals will, no doubt, attest to),<br />

with limited (and diminishing) resources in<br />

the County Court, waiting for a Bailiff to even<br />

attend may take some time; as to whether they<br />

are likely to be best-equipped or prepared to<br />

execute the Warrant as a creditor might expect.<br />

As Paul Rock noted in his systematic<br />

description of the debt-collection process in<br />

England Making People Pay, ignorance can play<br />

a significant role:<br />

‘In part, (creditors’) choice of weapons is<br />

constrained by their ignorance of the debtor and<br />

their unwillingness to devote time, thought or<br />

money to enforcement …’<br />

So what can we share? First and foremost,<br />

Nicola Dominy and Elaine Kempson’s Can’t pay<br />

or won’t pay remains a useful tool in deciding<br />

which debtors it is appropriate to take to Court.<br />

Second and when you have a Judgment or<br />

Order, DWF’s strategic thinking surrounding<br />

enforcement shines through:<br />

• Orders to Obtain Information: You can<br />

apply to the Court for an Order requiring an<br />

officer of a debtor company (or a debtor in<br />

person) to attend Court to provide information<br />

about their means and/or on any other matter<br />

needed to enforce the judgment or order. What<br />

is sought in the standard Order and Record of<br />

examination form though and, perhaps more<br />

importantly, what is missing?<br />

• Warrants of Control: The County Court<br />

Bailiff clearly still has a place, particularly in the<br />

consumer environment. Part Warrants, where<br />

a Warrant is issued for part of a Judgment<br />

or Order, can be an effective tool obtaining<br />

payment of an initial, more manageable sum<br />

and then getting debtors to engage in future<br />

arrangements – a ‘behavioural approach’ to<br />

debtor management.’<br />

• Writs of Control: ‘Where a Judgment or<br />

Order for an unregulated debt is between<br />

£600 and £5,000, creditors have the choice of<br />

either issuing a Warrant in the County Court or<br />

transferring to the High Court for a Writ. Court<br />

fees for a Warrant are up to £110, against £66<br />

for a Writ; even accounting for the fixed costs<br />

allowed for legal representatives the difference<br />

in cost for issue is nominal but in service it’s<br />

significant – a real “no brainer”. Find the best<br />

partners you can in the High Court Enforcement<br />

market and benchmark regularly.<br />

• Third Party Debt Orders: You can also<br />

apply to enforce your debt directly against<br />

third parties who owe your debtor money, i.e.<br />

financial institutions. With most people opting<br />

to only bank and save with the same institution,<br />

a savvy credit professional can sometimes<br />

“hit the jackpot” with those debtors who have<br />

clearly got money in their account and just<br />

don’t want it in their creditors’!<br />

• Charging Orders: A charge only provides<br />

security against whatever equity is in a<br />

debtor’s property. Although vast swathes of<br />

Charging Orders are regularly secured by and<br />

on behalf of creditors, many often do little to<br />

enforce and translate these securities into<br />

recoveries efficiently. However, Courts are often<br />

sympathetic to creditors in demonstrable cases<br />

of ‘contumelious neglect’ or refusal to pay<br />

where, without sale, it is clear that the debt will<br />

not be paid off.<br />

• Attachment of Earnings Orders: If the<br />

debtor is an individual in employment then it<br />

may be possible to obtain an order to deduct<br />

money directly from their wages, with the Court<br />

to decide the amount of any deduction based<br />

upon the debtor’s means. Is the debtor’s reply<br />

form really disclosing sufficient information to<br />

make an Attachment of Earnings Order at the<br />

right level though?<br />

Beyond that, the strategic use of insolvency,<br />

as discussed in our last article, remains<br />

one of the most effective ways of recovering<br />

funds quickly from a debtor who is solvent but<br />

unwilling to pay their debt.<br />

You need to consider which method of<br />

enforcement or insolvency is more likely to<br />

achieve success and then how best to execute<br />

it. As Einstein did say: ‘The world as we have<br />

created it is a process of our thinking. It cannot<br />

be changed without changing our thinking.’<br />

This information is intended as a general<br />

discussion surrounding the topics covered<br />

and is for guidance purposes only. It does<br />

not constitute legal advice and should not<br />

be regarded as a substitute for taking legal<br />

advice. DWF is not responsible for any activity<br />

undertaken based on this information.<br />

Jeffersen Gledhill is Legal Recoveries and<br />

Operations Manager at leading law firm<br />

DWF and has over a decade’s experience in<br />

debt litigation, enforcement and insolvency.<br />

Jeff is an avid supporter of the CICM, having<br />

presented at numerous conferences, as well as<br />

being very active in branch activities. Jeff also<br />

provides in-house training and consultancy<br />

services to clients.<br />



34 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

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be a time consuming and expensive process.<br />

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The First Select platform provides pre-credit<br />

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www.cicm.com <strong>November</strong> <strong>2016</strong> 35




In the second part of his two-part feature, Sean Feast asks the key<br />

players to describe their most recent products and innovations, and<br />

services ‘beyond’ credit insurance.<br />


What services do you provide ‘beyond’ the core<br />

credit insurance offering?<br />

The traditional <strong>Credit</strong> Insurance proposition is<br />

changing as market expectations look more often<br />

towards non-standard cover solutions in place of the<br />

more typical whole turnover offering. Atradius was one<br />

of the first ‘traditional providers to anticipate this trend<br />

and we set up our special products team, based in the<br />

London market over ten years ago. Atradius SP is now<br />

one of the leading players in this segment.<br />

Atradius Collections is a significant element of our<br />

overall offering and is offered at zero additional cost<br />

to customers and has been steadily growing in terms<br />

of portfolio size and volume and also geographical<br />

footprint, with expertise now available in 25 locations<br />

around the globe and with collection capabilities in<br />

96 percent of countries. The collections capability<br />

is sometimes underappreciated as a ‘nice to have’,<br />

but in reality it represents a unique selling point for<br />

Atradius as insured customers gain automatic access to<br />

collections expertise and provides a premium service<br />

often at no extra cost.<br />

What is your latest innovation/product and<br />

explain why it is of essential use to credit<br />

managers?<br />

When we talk about trade receivables the need for<br />

a robust risk management strategy is typically the<br />

headline advice offered and it no surprise therefore<br />

that the Atradius strapline indicates, managing risk<br />

and enabling trade. These core elements are what<br />

customers are actually buying, the access to expertise,<br />

to information and to the accumulated experience<br />

about trading risks around the world. Applying our<br />

knowledge, and consulting with customers to establish<br />

These core elements are what customers are<br />

actually buying, the access to expertise, to<br />

information and to the accumulated experience<br />

about trading risks around the world.<br />

what is critical to them, we have developed an online<br />

world class tool to support customers (and brokers)<br />

in managing their risk portfolio. The tool is intuitive,<br />

informative, and enables customers to quickly identify<br />

potential issues and more importantly to anticipate<br />

opportunities.<br />

COFACE<br />

What services do you provide ‘beyond’ the core<br />

credit insurance offering?<br />

Our key services include business information in<br />

the form of credit reports, credit opinions, country<br />

assessments etc as well as third-party collections.<br />

What is your latest innovation/product and explain<br />

why it is of essential use to credit managers?<br />

We have a number of recent product innovations<br />

including TradeLiner, TopLiner, CofaMove, Policy<br />

Master and Cash Master.<br />

TradeLiner offers solid cash flow protection and<br />

efficient credit management support to bring you peace<br />

of mind, financial stability and ultimately facilitate the<br />

healthy growth of your business. It is also a customised<br />

solution, due to the many options available to cover<br />

various types of risks.<br />

TopLiner is a supplemental cover which goes beyond<br />

typical credit insurance and stands apart. With TopLiner,<br />

Coface delivers expertise by providing a straight<br />

assessment of the cost of your credit risk. You can<br />

evaluate it against your net margin to ensure that your<br />

commercial transaction remains profitable.<br />

CofaNet, Coface’s online credit management tool, is<br />

complemented by CofaMove, a smartphone App which<br />

enables you to manage CofaNet whilst on the move.<br />

CofaMove improves responsiveness in risk-taking<br />

and monitoring as well as providing real time credit<br />

management guidance to sales teams on the road.<br />

Fully interfaced with CofaNet Essentials, Policy<br />

Master has been designed to simplify our clients’<br />

daily management of their credit insurance cover.<br />

CofaNet Cash Master facilitates our clients’ financing<br />

arrangements. Thanks to a secured certificate of<br />

cover generated by Cash Master, our clients’ financial<br />

partners receive accurate information on the quality of<br />

their customers and a breakdown of insured invoices.<br />

36 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


What services do you provide ‘beyond’ the core<br />

credit insurance offering?<br />

Bonding - We are a leading provider of Surety Bonds<br />

within the UK and Europe where we benefit from the<br />

reach of our global network and financial solidity. Our<br />

Bonds cover a wide range of sectors for contractual<br />

and commercial surety. By being proactive, innovative<br />

and maintaining core underwriting principles, we have<br />

been able to assist clients across various transactional<br />

scenarios offering a viable alternative to bank<br />

guarantees.<br />

Collections - Our global commercial debt collection<br />

offering provides our customers with access to<br />

collection and negotiation services. This covers the<br />

amicable, pre-legal solutions aimed at preserving<br />

customer relationships and goodwill, to the last resort<br />

scenarios of judgements and enforcement; including<br />

access to specialist lawyers with local expertise in 130<br />

different countries.<br />

World Agency - Our World Agency services<br />

cover the full range of market-leading multi-line<br />

risk management solutions. We listen to our clients<br />

requirements and create something unique which<br />

allows safe sales expansion throughout the world.<br />

With our World Program, clients can benefit<br />

from economies of scale for their subsidiaries by<br />

consolidating their purchase, through a tailor-made<br />

credit insurance solution, optimising risk management<br />

and corporate governance. Our Excess of Loss (XoL)<br />

product offers non-cancellable cover designed<br />

to protect businesses with internal strong credit<br />

management practices against exceptional losses.<br />

Transactional Cover offers tailored solutions related<br />

to political risk, mid-term policies, structured deals or<br />

single transactions. It is a customised policy designed<br />

to mitigate risks such as contract interruption, nonpayment,<br />

confiscation with political violence and<br />

enables businesses to secure limits (non-cancellable up<br />

to eight years) on a single risk transaction (up to $125<br />

million per transaction) often in the short-to medium<br />

term.<br />

It enables our clients to take advantage of attractive<br />

investment, financing and trade opportunities in<br />

international markets.<br />

Our aim is to partner with businesses to help<br />

them deliver profitable growth -without the right risk<br />

mitigation measures, growth into new markets can be<br />

stunted. The value we bring to businesses operating<br />

in these markets includes our worldwide expertise in<br />

risk assessment, and deep knowledge of the markets,<br />

leveraging our global footprint.<br />

What is your latest innovation/product and<br />

explain why it is of essential use to credit<br />

managers?<br />

Our small business customers can now act 24/7 to<br />

protect current and future cash flow by using a new<br />

online application process for Simplicity, our ‘fixed<br />

premium, fixed cover’ trade credit insurance product.<br />

Many small businesses routinely offer trade credit<br />

to key customers, or to gain new contracts, but in doing<br />

so run the risk of not getting paid. Simplicity protects<br />

against this risk, and because it is designed for smaller<br />

firms, it minimises policy administration by providing<br />

fixed cover for a fixed premium (known as blind cover).<br />

A new quick quotation service and online<br />

application process, allows businesses to research the<br />

level of cover, cost and apply for Simplicity whenever<br />

they want. Policyholders also gain access to our global<br />

risk database and insight on potential customers.<br />


What services do you provide ‘beyond’ the core<br />

credit insurance offering?<br />

We offer debt collection through our partners STA<br />

International. This is a unique offering branded ‘First<br />

Place’ whereby we offer policy enhancements if STA is<br />

used for debt collection including a higher payout on a<br />

claim where STA has been employed and a contribution<br />

to legal costs if legal action is required. We have also<br />

recently launched a ‘free’ debt collection service with<br />

STA whereby the collection costs are added to the<br />

principal debt and interest and if possible collected by<br />

STA.<br />

We also offer First Limit available only to CIFS<br />

policyholders as a means of gaining a credit opinion<br />

for relatively low credit exposures without reference to<br />

a credit underwriter. The application is very quick and<br />

easy and a simple yes/no response is given to a pre-set<br />

amount, normally a credit limit of £10-£20k. It ties in<br />

with the main underwriting system and also shows the<br />

‘available limit’ which can be any amount up to the<br />

overall policy limit. You can see at a glance which First<br />

Limit customers have higher available limits and target<br />

your sales accordingly.<br />

What is your latest innovation/product and<br />

explain why it is of essential use to credit<br />

managers?<br />

Our newest product is First Select, a comprehensive<br />

data base of company information including contact<br />

email addresses and telephone numbers. The data<br />

base can be filtered by company size, trade sector,<br />

location and other criteria to produce a list for use<br />

by sales and marketing. The unique feature is that<br />

all companies in the database have been vetted and<br />

approved for a First Limit (see above) so have passed<br />

a credit check. On this basis the sales team won’t be<br />

wasting time sourcing leads that ultimately prove to be<br />

futile as they end up being refused credit by the credit<br />

control team.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 37




Get in touch with us to discuss the additional benefits our<br />

approach can bring to your business when compared with<br />

your existing Trade <strong>Credit</strong> Broker.<br />

Contact us now on:<br />

T: 01279 437662<br />

E: enquiries@efcis.com<br />

W: www.efcis.com<br />

38 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



more DOORS<br />

With CICM qualifications<br />

Studying can improve your career prospects by OPENING DOORS<br />

that previously appeared firmly closed.<br />

You can start at either Certificate or Level 3 Diploma level.<br />

Fees vary according to the amount of support required and some<br />

teaching centres hold information evenings.<br />


CICM teaching centres offer classroom-based learning in <strong>Credit</strong> <strong>Management</strong> (trade, export & consumer), Accounting Principles, Business<br />

Law and Business Environment towards the CICM Certificate and Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> and some offer study towards<br />

the CICM Level 5 Diploma in <strong>Credit</strong> <strong>Management</strong>.<br />


Some teaching centres and CICM <strong>Credit</strong> Academy offer in-company classes for CICM qualifications. Contact CICM Learning and<br />

Development for further details. Fees depend on location, length of course and are generally cost effective for groups of 10 learners or<br />

more.<br />


The CICM <strong>Credit</strong> Academy offers the opportunity to study in a virtual classroom through the web for the Certificate and Level 3 Diploma<br />

in <strong>Credit</strong> <strong>Management</strong> examined units <strong>Credit</strong> <strong>Management</strong> (trade, export & consumer), Accounting Principles, Business Law and Business<br />

Environment and Level 5 Diploma subjects. Classes are led by an experienced tutor, are interactive and you have plenty of opportunity to<br />

ask questions and test your knowledge.<br />


Supported home study suits those who wish to receive tutorial support, but would like some flexibility. This is a practical option if you are<br />

unable to attend college on a regular basis for the Certificate and Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> examined units or CICM Level 5<br />

Diploma in <strong>Credit</strong> <strong>Management</strong>. You work mainly by yourself with light touch tutor support.<br />


This provides the cheapest and most flexible option to study the Certificate and Level 3 Diploma examined units and Level 5 Diploma<br />

units. As a minimum requirement you would need to purchase relevant study texts/guides prepared by CICM for these units and<br />

specialist text books. Studying by this method offers no tutorial support you work alone.<br />


CICM and some learning providers offer programmes of one-day training days which link to CICM assignments (see CICM website for the<br />

CICM Training Directory). In some cases, organisations can have their own training linked to CICM awards and CICM would be pleased to<br />

advise on this.<br />

T: +44 (0)1780 722909 | E: professionalqualifications@cicm.com | www.cicm.com<br />






Amir Ali gives the CCUA’s response to Lord<br />

Justice Briggs’ Civil Courts Structure Review.<br />

THE Civil Court Users Association<br />

(CCUA) welcomes the final report of<br />

Lord Justice Briggs and has now had<br />

time to consider its position on the<br />

points raised.<br />

Given that the court will cover money<br />

claims up to £25,000, it is clearly the case<br />

that our members’ claims will form the vast<br />

bulk of those issued as soon as the court<br />

goes live. As set out in our response to the<br />

interim report, our members already enjoy<br />

an effective and largely automated service<br />

from the County Court Business Centre and<br />

the County Court Money Claims Centre. The<br />

existence of any advantages of the Online<br />

Court to our members at the initial stages<br />

up until Judgment is therefore questionable,<br />

whereas the risks if the system proves less<br />

effective, either in the short or long-term, are<br />

considerable. While the CCUA has never been<br />

opposed in principle to the online court, it is<br />

absolutely essential that it functions correctly<br />

immediately upon introduction and that the<br />

service is at least as good if not better than the<br />

systems it replaces.<br />


The Association notes the importance placed<br />

on Alternative Dispute Resolution (ADR).<br />

While ADR certainly has its place, it is simply<br />

inappropriate for some claims. In particular<br />

with debt claims, it is often the case that the<br />

claimant is eager to engage but the defendant<br />

is extremely reluctant. Going down that route<br />

in those circumstances can simply waste<br />

time and increase cost. We appreciate that<br />

compulsory ADR is not suggested in the<br />

report, but we would be extremely concerned<br />

to avoid any move towards that.<br />


The final report repeats previous concerns<br />

regarding access to justice, particularly as<br />

regards litigants in person. There appears<br />

to be less recognition of the points raised<br />

by the Association, whereby claimants also<br />

suffer access to justice concerns due to<br />

unscrupulous defendants rendering claims<br />

uneconomic due to persistent and blatant lack<br />

of adherence to court orders and the CPR. We<br />

suggested that fixed costs could be introduced<br />

as a deterrent to this behaviour and are<br />

disappointed that this has not been taken up.<br />

The ‘limited fixed recoverable costs regime’<br />

suggested in the report causes the Association<br />

serious concern. Unless such costs are<br />

sufficient and adequate, this will also prevent<br />

access to justice. The current absence of<br />

sufficient costs in the small claims track means<br />

that cases are often rendered uneconomic.<br />

Extreme care should be exercised to ensure<br />

that the same system is not simply extended<br />

to include all claims up to £25,000, as that will<br />

also extend the impact of an existing problem.<br />

The report is at pains to point out that<br />

lawyers will not be expressly prevented from<br />

operating within the online court. However,<br />

unless adequate costs are available, these<br />

proposals are likely to achieve that outcome<br />

whether intended or not. Again, this is a point<br />

to access justice regarding claimants that wish<br />

to exercise their choice to be represented, but<br />

will not be able to recover the cost of doing so.<br />


Further to the above, the Association<br />

welcomes the final report’s concern regarding<br />

the increase in court fees and the impact this is<br />

undoubtedly having on access to justice, while<br />

appreciating that this does not fall within the<br />

report’s remit.<br />

TRIAGE<br />

Providing it is conducted effectively, the<br />

Association is extremely keen on the idea of<br />

triage and would have liked to see the concept<br />

developed further. Cases vary enormously in<br />

complexity and this often has little connection<br />

to the size of the claim. Allocation to a limited<br />

number of tracks is a very generalised and<br />

arbitrary approach. A quick review of the case<br />

once a defence is filed followed by specific<br />

directions could be of huge benefit to the<br />

efficient running of that case. For example,<br />

a defence based on the content of a written<br />

agreement could be sent for a quick and easy<br />

decision on the papers, spurious defences<br />

could be quickly struck out, whereas a<br />

complex matter could be given the structure<br />

and time it deserves.<br />


The Association welcomes the report’s<br />

focus on centralisation and digitisation.<br />

However, there are many areas where more<br />

fundamental change is required, particularly in<br />

enforcement.<br />


The Association sees the benefit of this<br />

proposal for improved case management and<br />

is reassured by the standards of qualification,<br />

training and oversight set out in the report.<br />


We share the final report’s view that<br />

enforcement is one of the areas where there<br />

is most scope for improvement. For that<br />

reason, we are very disappointed that this<br />

has been parked for further review, while at<br />

the same time welcoming the fact that the<br />

need for a thorough review has at least been<br />

acknowledged.<br />

The Association fully supports the idea<br />

that enforcement should fall under the remit<br />

of a single, unified service, and agrees that a<br />

fundamental review and centralisation of the<br />

rules on enforcement would be beneficial. The<br />

forms and orders used to communicate could<br />

be updated at the same time, for increased<br />

effectiveness.<br />

The report disagrees with the Association’s<br />

observation that enforcement need not<br />

necessarily be a court function, stating<br />

the necessity for judicial oversight. Before<br />

enforcement is commenced, every creditor<br />

must obtain a Judgment, so judicial oversight<br />

has already occurred. Some methods of<br />

enforcement will still require further judicial<br />

40 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

The Association fully supports the idea that enforcement<br />

should fall under the remit of a single, unified service,<br />

and agrees that a fundamental review and centralisation<br />

of the rules on enforcement would be beneficial.<br />

oversight, such as charging orders, but where<br />

enforcement is fundamentally an administrative<br />

process it is difficult to see why this needs to<br />

remain a court process.<br />

Having said that, we would always accept<br />

that there would need to be a mechanism for<br />

recourse to the court in the event of concerns<br />

being raised. Also, our view that enforcement<br />

could be outside of the court has largely<br />

arisen due to an historic inability of the court<br />

to provide an effective enforcement service.<br />

If the court is able to address that, then our<br />

members will be satisfied. We simply believe<br />

that outsourced enforcement is possible and<br />

could be considered.<br />

We are very pleased that the final report<br />

has been persuaded by the Association’s<br />

idea of shifting the onus of responsibility<br />

onto the Judgment debtor who cannot pay<br />

a forthwith Judgment. Our suggestion was<br />

that the Judgment Order should require more<br />

proactivity in engaging with the Judgment<br />

creditor, for example ordering the provision<br />

of income and expenditure information and a<br />

payment proposal.<br />

However, in the event that this was ignored,<br />

we do not share the report’s view that the<br />

next step would necessarily be committal.<br />

Rather, that could open up the route for better<br />

provision of information to the Judgment<br />

creditor. A persistently non-cooperating<br />

Judgment debtor should not be able to hide<br />

behind data protection legislation. There are<br />

provisions already in the statute book under<br />

the Tribunals, Courts and Enforcement Act<br />

2007 (TCEA 2007) which could be introduced<br />

to supply information to the Judgment creditor<br />

from other sources once the Judgment<br />

debtor has demonstrated an unwillingness to<br />

cooperate.<br />

Whilst on the subject of the TCEA 2007, we<br />

believe that any review of enforcement should<br />

also consider the other measures already on<br />

the statute book, such as fixed deductions for<br />

Attachments of Earnings.<br />

The report ultimately seems reluctant<br />

to open enforcement of goods to High<br />

Court Enforcement Officers (HCEO), either<br />

for consumer contract regulated debts or<br />

those under £600. There is once again the<br />

suggestion of incorrect behaviour on the<br />

part of HCEOs. The Association is unaware<br />

of any evidence of this supposed incorrect<br />

behaviour and would welcome sight of it. We<br />

are sceptical it exists. We would also point out<br />

that private sector enforcement has worked<br />

effectively in the criminal courts for a long<br />

time and with minimal complaints. We are<br />

also aware of the substantial efforts made by<br />

HCEOs in recent times to ensure thorough<br />

training and correct behaviour, for example to<br />

identify and deal appropriately with vulnerable<br />

debtors.<br />

As regards debts under £600, the report<br />

suggests that High Court enforcement would<br />

be too expensive. There is no mention of<br />

economies of scale and the fact that the<br />

charges could be substantially lower if<br />

volume of work increased. The Association<br />

continues to strongly support consideration<br />

of the opening up of both of these areas to<br />

the HCEO. There are many ways in which<br />

appropriate safeguards could be implemented<br />

to deal with any remaining concerns.<br />

The report acknowledges that there are<br />

reasoned arguments for the above and also<br />

acknowledges that the work undertaken by<br />

Court Bailiffs can be subject to significant<br />

delay. The Association would point out that<br />

delay is not the only issue and repeats its<br />

longstanding concern that performance data<br />

regarding the work of County Court Bailiffs is<br />

currently extremely limited.<br />

The report notes that residential possession<br />

claims can be subject to particular concerns<br />

regarding treatment of the potentially<br />

vulnerable. We do not believe there is any<br />

basis for concern regarding the conduct of<br />

HCEO in that role, but this could obviously be<br />

closely monitored during a trial period.<br />


While there are elements of the report which<br />

receive the Association’s full support, overall it<br />

has come as something of a disappointment<br />

and raises considerable concerns. In<br />

particular, there are no obvious advantages<br />

to our members in replacing the CCBC and<br />

CCMC for claims under £25,000, but there<br />

are considerable risks if the online court is<br />

less effective, either in the short or long term.<br />

The extension of a limited fixed recoverable<br />

costs regime for all claims up to £25,000 could<br />

further impact access to justice and increase<br />

expense to our members. Most disappointing<br />

is the absence of any early proposals for<br />

reform of enforcement. The Association would<br />

strongly urge that a full review of enforcement<br />

should be undertaken as soon as possible<br />

and that there should be a commitment that<br />

comprehensive enforcement reforms will be<br />

implemented at least at the same time, or<br />

preferably before, the introduction of the online<br />

court. Otherwise, this issue risks falling behind<br />

and being overlooked yet again.<br />

The Association continues to strongly support<br />

consideration of the opening up of both of these areas<br />

to the HCEO. There are many ways in which appropriate<br />

safeguards could be implemented to deal with any<br />

remaining concerns.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 41

London -3.4<br />

+7.3<br />

Getting Worse<br />


Northern Ireland<br />


Region Sector<br />

Jason Braidwood FCICM(Grad), Head of <strong>Credit</strong> and Collections at <strong>Credit</strong>safe Group,<br />

Getting Better -3.0 +0.5 North -2.9 West -2.7 -2.6 -0.8<br />

Scotland<br />

8 7 6 5 4 3 2 1 0 0 1 2 3 4<br />

15.9 DBT<br />

Yorkshire & Humberside Mining & -0.3 Business Admin<br />

International<br />

Agriculture<br />

Business<br />

Getting Worse<br />

Quarrying<br />

& Support<br />

Bodies<br />

from home<br />

West Midlands +11.6 -1.1<br />

+5.9<br />

+6.8 +6.6<br />

+3.8<br />

Getting Better<br />

+0.2 East Midlands<br />

analyses the latest monthly business to business payment performance statistics.<br />

Scotland -1.1<br />

+11.4 East Anglia<br />

Public<br />

Energy Northern Supply<br />

Administration<br />

IT & Comm<br />

Ireland<br />

+0.8 Wales<br />

Getting Better -3.0 +0.5 North<br />

21.1 -2.9 West -2.7<br />

DBT<br />

I<br />

North West Yorkshire &<br />

seem to remember when completing Top my Five Prompter consumer confidence Payers which we all regard Bottom Five Five Poorer Poorer Payers<br />

Humberside<br />

Yorkshire & Humberside Payers -0.316.0 DBT<br />

analysis last time I was relieved to say that as an underlying indicator +3.8 of economic<br />

14.9 DBT<br />

South West<br />

Mining &<br />

Business Admin<br />

Getting Worse<br />

Sector Sept 16 Change on Aug 16<br />

Sector Sept Quarrying 16 Change on & Support Aug 16<br />

the improvements we’d seen in July had performance. The good news is that we<br />

West Midlands -1.1<br />

just about continued, and that while Financial we and have Insurance seen a small 9.0 improvement<br />

+0.2 South +2.8from East<br />

Retail Mining and Quarrying 30.6 +11.6 +11.6 +6.8<br />

East<br />

Midland<br />

were not yet back to the brighter numbers Public Administration this month, and while 11.3 it has not -2.9taken us<br />

International Bodies 23.0 +0.2 East +6.6Midlands<br />

13.2 DBT<br />

and trends seen in the Spring, the sharp Health setbacks<br />

in May had been put behind us. IT and Comms it is another step in 13.1 the right -2.7 direction.<br />

Agriculture +11.4 19.3 East<br />

& Social<br />

London -3.4<br />

back to where we 12.9 were in July -0.2 or the spring, Business Admin & Support 20.7 +6.8 West<br />

Midlands<br />

Wales +5.9Anglia<br />

+7.3 Northern Ireland<br />

12.4 DBT<br />

Manufacturing Interestingly though, 13.2 if we -2.6 are looking<br />

Business from Home 18.4 15.2 +3.8 DBT<br />

+0.8 Wales<br />

Getting Worse<br />

London<br />

Top Five Five Prompter Payers Payers<br />

14.3 DBT<br />

+3.8 South West B<br />

Sector Sept 16 Change South on Aug West 16<br />

+0.2 South East<br />

14.2 DBT<br />

Financial and Insurance 9.0 +2.8<br />

Public Administration London 11.3 -3.4 -2.9<br />

My concern at that time was whether we<br />

could hold onto these positive trends through<br />

the rest of <strong>2016</strong> given that last autumn had<br />

seen a very poor period that took some time<br />

to rectify. Well, as I look at the trade payment<br />

databases for September, while there has<br />

to try and understand consumer<br />

behaviour from these numbers perhaps<br />

it is also worth looking at the Entertainment<br />

and Hospitality sectors, which should also<br />

be indicative of consumer attitudes. You will<br />

been a slight worsening of performance remember earlier in the year that both these<br />

Health & Social 12.9 -0.2<br />

in general terms, it does not seem to have sectors were our star performers, regularly<br />

IT and Comms 13.1 +7.3 -2.7<br />

noticeably pushed us back and we remain posting figures of less than ten days beyond<br />

Manufacturing 13.2 -2.6<br />

well ahead of where we were a year ago. terms, and while they have both drifted out<br />

Getting Worse Public<br />

In fact if you take a longer view you Top can Five Prompter to something Payers nearer 14-15 and are no longer Bottom Five Energy Poorer Supply Payers Administration<br />

see payment days are now pretty much in appearing at the top of our table they do Getting Better<br />

Bottom Five -3.0 Poorer -2.9 Payers<br />

Region Sept 16 Change Aug 16<br />

line with the average for the year as a whole, appear to be trending in the right direction.<br />

allowing for the better Spring and then West the Midlands In other encouraging 12.4 news -1.1 Manufacturing East Anglia Mining &<br />

Getting Worse<br />

22.1 +11.4<br />

Quarrying<br />

& Support<br />

step back in May/June, and are well ahead East Midlands of has continued its 13.2 steady improvement +0.2 and Northern Ireland 21.1 +7.3<br />

2015, even more so when compared to South 2014. West finds itself back in 14.2 our top five +3.8 for the first North West +11.6 16.0 +6.8 +0.5<br />

We must now keep our fingers crossed London that time, we’ve also seen 14.3 some improvement<br />

-3.4<br />

Scotland 15.9 -1.1<br />

this month’s slight worsening is no more South than East 14.4 +0.2<br />

Wales 15.2 +0.8<br />

a blip and that we can continue on this track<br />

Top<br />

Top<br />

Five<br />

Five<br />

Prompter<br />

Prompter<br />

Payers<br />

Payers<br />

and move into next year in a positive frame<br />

of mind.<br />


I make no excuse for starting the trade<br />

sector analysis in returning to the Retail<br />

sector as we have done previously. On the<br />

whole, if retailers are paying their suppliers<br />

on time then that usually means they are<br />

doing well and this can be seen as a sign of<br />

7Sector<br />

Region<br />

8 6 5 4 3 2 1 0<br />

Energy Supply<br />

+0.2<br />

+11.4<br />

+0.8<br />

Public<br />

Getting Administration<br />

Worse<br />

from the Transport sector. However,<br />

Construction has slipped to its second worst<br />

position of the year, but with the increase<br />

being only just more than one day it is to be<br />

hoped that this can be reversed. Also on the<br />

bright side, we’ve seen the Public Sector and<br />

Public Sector-affiliated industries recover<br />

some of the lost ground from last month and<br />

once again establish themselves towards the<br />

top of our charts.<br />

It is not all bright news however and last<br />

month’s encouraging performance from<br />

Business Support sector has been well and<br />

truly reversed, with payments on average<br />

over 20 days beyond terms we’re back to the<br />

somewhat disappointing norm for this sector<br />

that we’ve seen over the last year or so. It<br />

would also be remiss not to highlight the<br />

poor showing from the Mining and Quarrying<br />

+3.80 South 1 2 West 3 4 5 6 7 8<br />

+0.2 South East<br />

London -3.4<br />

Getting Better<br />

East Midlands<br />

East Anglia<br />

Wales<br />

+7.3 Northern Ireland<br />

Scotland -1.1<br />

IT & Comms<br />

Manufacturing<br />

Hospitality<br />

IT & Comms<br />

-2.7<br />

Region Sept 16 Change on Aug 16<br />

Business Admin<br />

Region Sept 16 Change on Aug 16<br />

West Midlands 12.4 -1.1<br />

East Midlands 13.2 +0.2<br />

South West 14.2 +3.8<br />

London 14.3 -3.4<br />

South East 14.4 +0.2<br />

sector this month, although for once this<br />

doesn’t seem to have carried through into the<br />

rest of the utilities industry. Finally, a sudden<br />

step back from Agriculture is something of a<br />

surprise as this sector is usually one of the<br />

most steady.<br />


Last month we noted that the capital had<br />

slipped back, but this month that trend<br />

appears to have been reversed and indeed<br />

we are now seeing a Days Beyond Terms<br />

(DBT) figure that is the second lowest we’ve<br />

recorded in the last 18 months. Whether or<br />

not you regard London’s dominant place in<br />

the UK’s economy as a good or bad thing, any<br />

improvement is surely a cause for celebration.<br />

On the other hand, last month’s<br />

surprisingly good figures from Northern<br />

Ireland led us to speculate as to whether the<br />

province had turned a corner and had put<br />

Northern Ireland<br />

Internationa<br />

Bodies<br />

+6.6<br />

B<br />

Getting B<br />

R<br />

Getting WE<br />

N<br />

N<br />

S<br />

W<br />

42 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Sector<br />

Sector<br />

Getting Better<br />

Energy Supply<br />

-3.0<br />

Public<br />

Administration<br />

-2.9<br />

IT & Comms<br />

-2.7<br />

Manufacturing<br />

-2.6<br />

Hospitality<br />

-0.8<br />

Getting Worse<br />

Mining &<br />

Quarrying<br />

+11.6<br />

Business Admin<br />

& Support<br />

+6.8<br />

International<br />

Bodies<br />

+6.6<br />

Agriculture<br />

+5.9<br />

Business<br />

from home<br />

+3.8<br />

Region<br />

7 6 5 4 3 2 1 0<br />

0 1 2 3 4 5 6 7 8<br />

0<br />

land<br />

+0.5<br />

rside<br />

ands<br />

+0.2<br />

11.4<br />

+0.8<br />

+3.8<br />

+0.2<br />

+7.3<br />

g Worse<br />

Top Region Five Prompter Payers<br />

0 1 2 3 4 5 6 7 8<br />

Getting Better<br />

-1.1<br />

North West<br />

-0.3<br />

-1.1<br />

ndon -3.4<br />

Yorkshire & Humberside<br />

West Midlands<br />

East Midlands<br />

Scotland<br />

Getting Worse<br />

its traditional role of worst-paying part of the<br />

country behind it. Well this month appears to<br />

have<br />

East<br />

answered<br />

Anglia<br />

that question in the negative –<br />

once again we are seeing days beyond terms<br />

of more than 20 which I am sad to say has<br />

been Wales the average over the last two years. I<br />

am not expecting to see a return to the norm<br />

reversed anytime soon but it would be great<br />

if this South month turned West out to be no more than a<br />

hiccup.<br />

Region When looking at regions that Sept are 16 either Change on Aug 16<br />

reverting<br />

West Midlands<br />

South to type or East bucking the trend, the<br />

12.4 -1.1<br />

other big mover is East Anglia, which has had<br />

East a terrible Midlands month and gone from 13.2 its usual place +0.2<br />

South in the West top two or three best paying 14.2 regions +3.8<br />

London to the bottom of the chart. Let’s 14.3 hope this is -3.4<br />

South little more East than a statistical anomaly<br />

Northern Ireland<br />

14.4 as it does +0.2<br />

seem that every six months or so East Anglia<br />

has an especially bad month before falling<br />

back into its traditionally better ways.<br />

To end on a positive note however, both<br />

parts of the Midlands appear to have stepped<br />

into the space vacated by East Anglia (and<br />

indeed Yorkshire and Humberside too) and<br />

are now clearly the promptest paying parts of<br />

the country. It will be fascinating to see if this<br />

continues through October.<br />

Top Five Prompter Payers<br />

+0.2<br />

+11.4<br />

+0.8<br />

+3.8<br />

+0.2<br />

+7.3<br />

Getting Better<br />

Sector Sept 16 Change on Aug 16<br />

-1.1<br />

Financial and Insurance 9.0 +2.8<br />

Public Administration<br />

+0.5<br />

11.3<br />

North West<br />

-2.9<br />

Health & Social 12.9 -0.2<br />

IT and Comms 13.1 -0.3 -2.7<br />

Manufacturing 13.2 -2.6<br />

-1.1<br />

East Midlands<br />

East Anglia<br />

Wales<br />

London -3.4<br />

South West<br />

South East<br />

Northern Ireland<br />

Last month we noted that the capital had<br />

slipped back,<br />

Bottom<br />

but<br />

Five<br />

this<br />

Poorer<br />

month<br />

Payers<br />

that trend appears<br />

to have been reversed and indeed we are now<br />

seeing a Days Beyond Terms (DBT) figure that is<br />

the second lowest we’ve recorded in the last 18<br />

months.<br />

Northern<br />

Ireland<br />

21.1 DBT<br />

Northern<br />

Ireland<br />

21.1 DBT<br />

Scotland<br />

15.9 DBT<br />

Yorkshire &<br />

Humberside<br />

IT & Comms<br />

14.9 DBT<br />

-2.7<br />

Region Sept 16 Change on Aug 16<br />

East Anglia Mining & 22.1 Business +11.4 Admin East International<br />

Getting Worse<br />

Quarrying<br />

& Support Midlands Bodies<br />

Northern Ireland 21.1 +7.3<br />

13.2 DBT<br />

North West +11.6 16.0 +6.8 +0.5 +6.6<br />

West<br />

Scotland 15.9 Midlands -1.1<br />

East Anglia<br />

Wales Wales 15.2 12.4 +0.8<br />

DBT<br />

22.1 DBT<br />

15.2 DBT<br />

North West<br />

16.0 Public<br />

DBT<br />

Bottom Five Energy Poorer Supply Payers<br />

-3.0 -2.9<br />

Getting Better<br />

Sector Sept 16 Change on Aug 16<br />

Mining and Quarrying 30.6 +11.6<br />

International Bodies 23.0 +6.6<br />

Scotland<br />

Business Admin & Support 15.9 20.7 +6.8<br />

DBT<br />

Agriculture 19.3 +5.9<br />

Business from Home 18.4 +3.8<br />

Administration<br />

Wales<br />

15.2 DBT<br />

South West<br />

14.2 DBT<br />

Region<br />

North West<br />

16.0 DBT<br />

London<br />

14.3 DBT<br />

Yorkshire &<br />

Humberside<br />

14.9 DBT<br />

West<br />

Midlands<br />

12.4 DBT<br />

South West<br />

14.2 DBT<br />

East<br />

Midlands<br />

13.2 DBT<br />

London<br />

14.3 DBT<br />

South East<br />

14.4 DBT<br />

East Anglia<br />

22.1 DBT<br />

South East<br />

14.4 DBT<br />

Manufacturing<br />

-2.6<br />

2<br />

2<br />

1<br />

1<br />

Agr<br />

+<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 43


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


2 NOVEMBER<br />



LONDON<br />

It’s going to be a popular event – with a fantastic<br />

opportunity for you to see the latest products and services<br />

that can make your life easier and help you work better,<br />

faster and more effectively – all in one place, all in one day!<br />

Attendance is FREE TO CICM MEMBERS and lunch and<br />

refreshments will be provided.<br />

CONTACT : E: events@cicm.com or call T: +44 (0)1780<br />

722902 now to reserve a place.<br />


LONDON, EC2V 6DN.<br />

2 NOVEMBER<br />




The evening will offer an opportunity to network with likeminded<br />

<strong>Credit</strong> Professionals and see the results of the DNA<br />

of a <strong>Credit</strong> Manager compiled, and presented, by Hays.<br />

CONTACT : E: bristolandwestbranch@cicm.com.<br />

VENUE : HAYS Recruitment, Hartwell House, 55-61 Victoria<br />

St, Bristol, BS1 6AD.<br />

2 NOVEMBER<br />


WORLD<br />

LONDON<br />

“Wines of the World” Tasting Experience hosted by<br />

Gilbert Winfield Dip WSET, BSc of the Association of Wine<br />

Educators and Circle of Wine Writers. Cost to Members and<br />

guests is £15.00 per head payable in advance.<br />

CONTACT : Alan Church, London Branch Chair, or Kabir<br />

Gulabkhan, Education Officer on E: londonbranch@cicm.<br />

com.<br />



8 NOVEMBER<br />




ROADSHOW <strong>2016</strong><br />


It’s the time of year to review the effectiveness of your<br />

financial and people management systems.<br />

Can you afford not to take just two hours out of your day to<br />

discover how Safe can drive you towards a more profitable,<br />

efficient and compliant business?<br />

CONTACT : http://safe-financials.co.uk/the-villageroadshow/<br />


LYNE, OL7 0LY<br />

10 NOVEMBER<br />




ONLINE <br />

Key changes that will affect the credit industry<br />

CONTACT : E: events@cicm.com for more information.<br />

10 NOVEMBER<br />



Since his last appearance at the Branch, His Honour Judge<br />

CPD<br />

6<br />

CPD<br />

2<br />

CPD<br />

1<br />

Circuit (based at Newcastle Crown Court). So we are<br />

looking forward to learning about the new twists and turns<br />

in the life and times of the region’s judiciary. Entertaining<br />

and informative guaranteed! From: 18:00 arrival for<br />

18:30pm start<br />

CONTACT : This is always one of our most popular events<br />

so to register your interest and secure your place (with<br />

numbers), please email northeastbranch@cicm.com by<br />

Friday 4 <strong>November</strong> <strong>2016</strong>.<br />



TYNE. NE1 1EE<br />

15 NOVEMBER<br />




ROADSHOW <strong>2016</strong><br />


It’s the time of year to review the effectiveness of your<br />

financial and people management systems.<br />

Can you afford not to take just two hours out of your day to<br />

discover how Safe can drive you towards a more profitable,<br />

efficient and compliant business?<br />

CONTACT : http://safe-financials.co.uk/the-villageroadshow/<br />



23 NOVEMBER<br />

CICM LAW CONFERENCE <strong>2016</strong><br />

LONDON<br />

The <strong>2016</strong> CICM Law Conference will be chaired and hosted<br />

by Corporate Partner DWF LLP in London’s iconic Walkie<br />

Talkie building.<br />

CONTACT : Please email events@cicm.com<br />



1 DECEMBER<br />




The CICM East of England Branch would like to invite all<br />

East of England branch members, and those from London,<br />

Kent, Sussex and Surrey, Chilterns, and Thames Valley<br />

Branches, and all other CICM members, to Brentwood for<br />

their next free to attend event of <strong>2016</strong>.<br />

Time: 18:00 Light Refreshments, Start: 18:30, Finish 20:30.<br />

CONTACT : To apply for a place at this free to attend event,<br />

generously sponsored by FRP Advisory LLP, please email<br />

eastofenglandbranch@cicm.com<br />



3BE<br />


10 NOVEMBER<br />



16 NOVEMBER<br />



17 NOVEMBER<br />



18 NOVEMBER<br />



22 NOVEMBER<br />



25 NOVEMBER<br />



25 NOVEMBER<br />



29 NOVEMBER<br />



6 DECEMBER<br />




7-8 NOVEMBER<br />



LONDON<br />

The Financial Crime and Corruption Association – 10th<br />

Annual European AML AND Financial Crime Conference<br />

http://www.cicm.com/wp-content/uploads/<strong>2016</strong>/08/<br />

Events_Industry_10thAnnualEuropeanAMLConference_<br />

Nov<strong>2016</strong>.pdf £100 DISCOUNT FOR CICM MEMBERS.<br />

CONTACT : Download registration form from site.<br />


13 NOVEMBER<br />




http://www.ictfworld.org/mpage/GlobalSymposium<strong>2016</strong><br />

CONTACT : info@ictfworld.org Phone: 410-522-5015<br />




22 NOVEMBER<br />




CONTACT : For more information and an information pack,<br />

E: ecf@forumsinternational.co.uk.<br />

24 NOVEMBER<br />

MALG CONFERENCE & EXHIBITION <strong>2016</strong><br />

LONDON<br />

Join industry leaders and frontline workers to discuss<br />

some of the fundamental issues facing the debt advice and<br />

creditor sectors.<br />

CONTACT : Conference Manager David Legg at<br />

davidleggmalg.org.uk Book now - pay later.<br />



7 DECEMBER<br />


CPD<br />

9<br />


FORUM) –<br />

18 NOVEMBER<br />

MARLOW<br />


Earl has been appointed Circuit Judge by HM the Queen,<br />

CONTACT : For more information and an information pack,<br />


44and deployed by The <strong>November</strong> Lord Chief Justice <strong>2016</strong> to www.cicm.com<br />

the North East<br />

E: itrf@forumsinternational.co.uk. The recognised standard<br />

CPD<br />

6<br />

CPD<br />

2<br />

CPD<br />




How to set up a great one click link to the CICM website on<br />

your mobile phone. Follow these four simple steps...<br />

Step 1 Step 2 Step 3 Step 4<br />

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

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

Step 1 Step 2 Step 3 Step 4<br />

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

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

T: +44 (0)1780 722900 | WWW.CICM.COM<br />




help!<br />




Debbie Tuckwood, CICM Director of Learning and Development highlights<br />

recent initiatives of the CICM Vulnerability Group.<br />

www.cicm.com<br />

46 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

THE CICM Vulnerability Group formed<br />

this year with an impressive group of<br />

collections experts looking to share best<br />

practice and achieve better outcomes<br />

for customers in vulnerable circumstances.<br />

Work has focused on improving collector<br />

training and the effectiveness of company<br />

policies in this area.<br />


Companies have built a range of processes<br />

for handling calls with consumers in arrears,<br />

focused around the common financial<br />

statement. However the group questions<br />

whether collectors have sufficient skills to<br />

handle calls with vulnerable customers.<br />

They highlight the difficulty of supporting the<br />

most vulnerable who are often reluctant to<br />

answer the phone or engage in conversations.<br />

They want to help collectors find the words<br />

to persuade customers to take up further<br />

professional support. The group believes<br />

that companies could do more to support<br />

collectors in this area. Training is often<br />

fragmented and not always directly related<br />

to collections work when developing skills. It<br />

is easier to focus on technical skills such as<br />

completing common financial statements and<br />

flagging accounts when potential risks are<br />

identified rather than developing the advanced<br />

soft skills required.<br />


As a result, the group has specified training<br />

which brings together key elements. This<br />

training focuses on advanced soft skills for<br />

collectors who potentially are handling calls<br />

from customers in vulnerable situations. It<br />

aims to complement any company training<br />

on procedures such as how to complete a<br />

common financial statement. Developed by a<br />

CICM trainer who is an expert in the field, the<br />

training helps collectors identify vulnerability<br />

more effectively, and aims to improve the<br />

customer experience and raise the proportion<br />

who take up money and debt advice. The<br />

group believes that this specialist advice is<br />

key to helping customers get back on track<br />

with payments. CICM is now delivering the<br />

programme both as an open training day and<br />

tailored in-company training for teams.<br />

Handling calls from customers<br />

who are in vulnerable circumstances<br />

Looking to develop practical skills to<br />

identify and effectively interact with<br />

customers in vulnerable circumstances?<br />

This practical one-day training programme gives<br />

opportunities to develop and practice new skills<br />

Who is it for?<br />

Managers and staff involved in handling potential calls<br />

with people in vulnerable circumstances<br />

What will it cover?<br />

• Personal circumstances which can lead to<br />

vulnerability<br />

• How to identify vulnerability and proceed<br />

> Techniques to identify the issue<br />

> Warning signs from the customer<br />

> Personal skills to take the conversation forward<br />

> Data protection issues<br />

> How to comply with organisational and regulatory<br />

requirements<br />

> Understanding the limits of your role<br />

> How to effectively end the call<br />

• How and where to signpost your customer<br />

> Identify organisations you already partner with/<br />

processes in place<br />

> Review a selection of common support organisations<br />

available to your customer<br />

> Techniques to promote the benefits of using that<br />

service<br />

• Bringing it together<br />

‘An informative, great day! The CICM trainer is<br />

very good, with an easy manner which helps<br />

embed the principles of the course effectively.’<br />


LONDON ON 29 NOVEMBER <strong>2016</strong><br />

For more information email: training@cicm.com<br />

THIS<br />








The Group will focus next on policies because<br />

they perceive in some cases a disconnect<br />

between both a company’s vision and policies<br />

for vulnerable customers and the practice<br />

of collections teams. In particular the group<br />

identified difficulties in achieving effective<br />

and consistent outcomes for vulnerable<br />

customers. Debbie Tuckwood, CICM<br />

Director of Learning and Development, urges<br />

organisations who are interested in this work<br />

to get in touch, ‘We welcome new members<br />

to bring fresh perspectives and ideas to<br />

the group. We are excited by initiatives<br />

because we believe it will bring practical<br />

support to collections teams and help<br />

consolidate a wealth of best practice<br />

information and resources in this area.’<br />

You can find out more about how to get<br />

in touch and other developments on the<br />

CICM website (www.cicm.com).<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong><br />




Gareth Edwards looks at cases involving voluntary<br />

overtime, holiday pay and new apprenticeship systems.<br />

DOES a job applicant seeking compensation<br />

for discrimination, rather than the job, gain<br />

protection?<br />

In Kratzer v R + V Allgemeine Versicherung<br />

AG (AV), a German company advertised graduate trainee<br />

jobs. The graduates needed relevant work experience<br />

and a good university degree in one of a few specified<br />

fields, including law. The degree had to be under oneyear-old<br />

or be due to be completed.<br />

Mr Kratzer, a qualified lawyer and former manager<br />

with an insurance company applied. His application<br />

received an automatically generated rejection as he<br />

was not a recent graduate. He complained demanding<br />

€14,000 compensation for age discrimination.<br />

AV apologised for their automatically generated<br />

rejection and invited him to interview. Kratzer declined,<br />

suggesting settlement before interview.<br />

In the German courts, Kratzer claimed age<br />

discrimination and additionally sex discrimination<br />

as he discovered that AV had employed only four<br />

female trainees, despite the genders of the applicants<br />

being evenly split. The German court sent the case to<br />

the European Court of Justice (ECJ), asking: is there<br />

protection against discrimination where an individual is<br />

not seeking employment, just the status of a job applicant<br />

to claim compensation? Is this an abuse of EU law?<br />

The ECJ confirmed that the directives protect those<br />

seeking employment or already in employment. An<br />

individual who submits a job application with the sole<br />

purpose of seeking compensation for discrimination has<br />

no protection; they are not entitled to claim its protection<br />

or compensation.<br />


In Brettle v Dudley Metropolitan Council the Employment<br />

Tribunal (ET) held that, provided payments for<br />

voluntary overtime were ‘intrinsically linked to the work<br />

performed’ and were ‘paid in such a manner, and with<br />

sufficient regularity to be considered a part of normal<br />

remuneration’, then they should be included in holiday<br />

pay.<br />

The case follows a number of high profile holiday<br />

pay cases that have clarified the payments that workers<br />

should receive during annual leave. As a starting point<br />

all workers are entitled to paid annual leave. Regulations<br />

require workers to be paid a week’s pay in respect<br />

of each week of leave. In this latest case, the ET held<br />

that voluntary overtime, together with voluntary out<br />

The Government wants to encourage<br />

more and better quality apprenticeships,<br />

and so from April 2017 its funding of<br />

apprenticeships in England will change.<br />

of hours standby time and related call out payments,<br />

were capable of being normal pay provided they were<br />

intrinsically linked to the work performed and paid with<br />

sufficient regularity.<br />

Employers should monitor the payments that<br />

staff regularly receive and ensure that holiday pay<br />

corresponds with normal remuneration. They will<br />

also need to consider that even where workers are<br />

performing overtime on a voluntary basis, this will<br />

impact upon holiday pay.<br />

Importantly these principles only apply to leave<br />

under regulation 13 of the Working Time Regulations<br />

1998 (the entitlement to four weeks’ annual leave).<br />

Workers in the UK are entitled to an additional 1.6 weeks’<br />

annual leave under regulation 13A of the Working Time<br />

Regulations 1998 to which these principles do not apply.<br />


The Government wants to encourage more and better<br />

quality apprenticeships, and so from April 2017 its<br />

funding of apprenticeships in England will change. The<br />

Government has published detailed guidance about the<br />

new system and is seeking further input.<br />

Under the new regime, apprenticeships are seen<br />

as formal training where an apprentice works towards<br />

achieving an approved standard or framework whilst<br />

employed. The training will be partially funded by the<br />

government and employers will be required to pay an<br />

‘apprenticeship levy’ of 0.5 percent of the annual pay bill.<br />

However, all employers will be allocated a £15,000 ‘levy<br />

allowance’ which will be offset against their levy liability.<br />

Only employers with a pay bill of more than £3 million<br />

each year will pay the apprenticeship levy.<br />

All earnings (e.g. bonuses, commissions, pensions<br />

contributions) will be subject to Class 1 secondary NICs<br />

when calculating the ‘pay bill’.<br />

The funds collected from each employer will<br />

be available to that employer via a new ‘digital<br />

apprenticeship service account’ for their apprenticeship<br />

training. The funds will only be available for 18 months<br />

after entering the account, thereafter they are lost.<br />

The guidance confirms that the Government is<br />

seeking further views on the introduction of the system,<br />

in particular over: whether employers should be able to<br />

assign a portion of their apprenticeship funds to support<br />

the training of an apprentice by another employer or<br />

an apprenticeship training agency; a proposal that the<br />

Government pays 90 percent towards the cost of training<br />

and assessment and the employer pays the rest; and<br />

proposals for extra support for employing 16 ‐- 18 year<br />

olds and those with additional needs.<br />

Gareth Edwards is a partner in the employment team<br />

at Veale Wasbrough Vizards. gedwards@vwv.co.uk.<br />

48 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



CM April <strong>2016</strong>.indd 1 22/03/<strong>2016</strong> 11:42<br />



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CM<br />

<strong>Credit</strong> <strong>Management</strong> <strong>magazine</strong> for consumer<br />

and commercial credit professionals<br />


CM<br />

APRIL <strong>2016</strong> £10.00<br />




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CM<br />

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CM<br />

JULY / AUGUST <strong>2016</strong> £10.00<br />

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AND NAIL<br />



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IN DEPTH<br />


ASK THE<br />


GLOBAL<br />

NEWS<br />

LEGAL<br />



TRADE<br />



HR<br />










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www.cicm.com <strong>November</strong> <strong>2016</strong> 49




Hays <strong>Credit</strong> <strong>Management</strong> is the award winning national specialist division of Hays<br />

Recruitment, dedicated exclusively to the recruitment of credit management professionals<br />

in the public and private sectors. Whether you are looking to further your career in credit<br />

management, strengthen your existing team, or would simply like an overview of the<br />

market, it pays to speak to the market leaders.<br />

hays.co.uk<br />

We specialise in company information with<br />

extensive company coverage, financial risk<br />

metrics and comprehensive corporate<br />

structures. Our <strong>Credit</strong> Catalyst combines our<br />

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a bespoke credit platform, so you can work<br />

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• Assess financial risk and corporate stability<br />

• Get insight on the financial health of individual<br />

companies and across your portfolio<br />

• Manage your data more efficiently<br />

bvdinfo.com<br />

Data Interconnect provides integrated<br />

e-billing and collection solutions via its<br />

document delivery web portal, WebSend. By<br />

providing improved Customer Experience<br />

and Customer Satisfaction, with enhanced<br />

levels of communication between both<br />

parties, we can substantially speed up your<br />

collection processes.<br />

datainterconnect.com<br />

American Express is a globally recognised provider<br />

of payment solutions to the business sector<br />

offering flexible collection capabilities to meet<br />

company cashflow objectives across a range of<br />

industries. Whether you are looking to accelerate<br />

cashflow, create a competitive advantage to drive<br />

business or looking to support your customers<br />

in their growth American Express can tailor a<br />

solution to support your needs.<br />

www.americanexpress.com<br />

Sidetrade helps <strong>Credit</strong> managers to reduce<br />

excess DSO by up to 50percent and<br />

increase Sales-to-Cash efficiency up to<br />

80 percent. Its innovative, market-leader<br />

solutions, which complement ERP, aim to<br />

secure customers by reducing payment<br />

delays and controlling risk. With clients of<br />

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Sidetrade enables 120,000 sales and financial<br />

users to collaborate through its Cloud, thus<br />

accelerating cash-flow generation.<br />

www.sidetrade.com<br />

Key IVR provide a suite of products to assist<br />

companies across Europe with credit<br />

management. The service gives the end-user<br />

the means to make a payment when and<br />

how they choose. Key IVR also provides a<br />

state-of-the-art outbound platform delivering<br />

automated messages by voice and SMS.<br />

In a credit management environment,<br />

these services are used to cost-effectively<br />

contact debtors and connect them back into a<br />

contact centre or automated payment line.<br />

keyivr.co.uk<br />

Tinubu Square is a trusted source of trade<br />

credit intelligence for credit insurers and for<br />

corporate customers. The company’s B2B<br />

<strong>Credit</strong> Risk Intelligence solutions include the<br />

Tinubu Risk <strong>Management</strong> Center, a cloudbased<br />

SaaS platform; the Tinubu <strong>Credit</strong><br />

Intelligence service and the Tinubu Risk<br />

Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect<br />

their greatest assets: customer receivables.<br />

tinubu.com<br />

Rimilia provides award winning Cash<br />

Application & Cash Allocation software<br />

products that deliver industry leading<br />

tangible benefits like no other. Having<br />

products that really do what they say is<br />

paramount – add to that a responsive<br />

and friendly team that are focused<br />

on new and ongoing benefit realisation and<br />

you have the foundations for successful long<br />

term business relationships.<br />

rimilia.com<br />

50<br />

<strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

The recognised standard<br />

For further information and to discuss the opportunities of entering into a Corporate<br />

Partnership with the CICM, contact Peter Collinson, Director of Business Development<br />

and Marketing on 01780 727273 or email peter.collinson@cicm.com<br />

Sanders Consulting is a niche consulting firm<br />

specialising in improving <strong>Credit</strong> <strong>Management</strong><br />

Leadership & Performance for our clients.<br />

We provide people and process focussed<br />

pragmatic solutions, consultancy, strategy<br />

days and performance improvement<br />

workshops and we are proud to manage and<br />

develop the CICMQ Programme and the<br />

Best Practice Network on behalf of the CICM.<br />

For more information please contact:<br />

enquiries @chrissandersconsulting.com.<br />

chrissandersconsulting.com<br />

Credica are a UK based developer of specialist<br />

<strong>Credit</strong> and Dispute <strong>Management</strong> software.<br />

We have been successfully implementing our<br />

software for over 15 years and have delivered<br />

significant ROI for our diverse portfolio of<br />

customers. We provide a highly configurable<br />

system which enables our clients to gain<br />

complete control over their debtors and to<br />

easily communicate disputes with anyone in<br />

their organisation.<br />

credica.co.uk<br />

<strong>Credit</strong>Force by Innovation Software is the<br />

leading Collections and Working Capital<br />

<strong>Management</strong> Systems used globally in over<br />

26 countries and by over 20 percent of the<br />

Top 100 Global Law Firms. Our systems<br />

improve cash flow, reduce DSO, automate<br />

cash allocation, control risk, automatically<br />

generate intelligent workflows and tasks,<br />

speed up query resolution and manage the<br />

entire end-to-end collections cycle. Fully<br />

integrated with over 40 leading ERP and<br />

Accounting systems and delivered locally<br />

or through Microsoft-Azure’s secure cloud<br />

solutions.<br />

www.creditforceglobal.com<br />

Begbies Traynor is the UK’s leading Corporate<br />

Rescue and Recovery practice, handling<br />

more than 1000 cases per year. We operate<br />

from a network of 37 UK offices, with clients<br />

ranging from SME’s to quoted companies<br />

and global banks.<br />

As a business we have a close relationship<br />

with CICM members and understand the<br />

key role they play in the ongoing financial<br />

health of their organisations. We also<br />

understand the pressures that many face and<br />

have developed a creditor services offering<br />

to support their aims. Whether this is utilised<br />

as a basic free consultation by phone, or a<br />

full suite of services to cover all claims in any<br />

insolvency, we can work with members to<br />

provide a tailored solution.<br />

begbies-traynor.com<br />

M.A.H. is a global leader in Export Debt<br />

Collection & Trade Dispute Resolution<br />

Services. Headquartered in Switzerland,<br />

we specialise in resolving cross-border<br />

cases swiftly and amicably. Our mission is to<br />

ensure that all creditors receive full payment<br />

for products or services sold out of the UK<br />

without expensive and lengthy litigation.<br />

Having recovered payments from 112<br />

countries, we rank as first choice among major<br />

international exporters, export credit insurers,<br />

governmental organisations, and other B2B<br />

customers in all industries.<br />

mah-international.com<br />

DWF is one of the UK’s largest legal<br />

businesses with an award-winning reputation<br />

for client service excellence and effective<br />

operational management. Named by the<br />

Financial Times as one of Europe’s most<br />

innovative law firms and independently<br />

ranked first of all top 20 law firms for quality<br />

of legal advice and joint first of all national law<br />

firms for service delivery and responsiveness.<br />

www.dwf.law/recover<br />

Safe’s <strong>Credit</strong> Control module manages the<br />

entire credit lifecycle, from credit checking<br />

through to cash collection and beyond,<br />

providing detailed analysis of performance.<br />

Safe’s single, intuitive and easy-to-use<br />

application seamlessly brings together the<br />

necessary data and tools you require to<br />

achieve your objective of creating a profit<br />

centre culture within your credit control<br />

function.<br />

safe-financials.co.uk<br />

Think Inspire and Create Ltd - No Ordinary<br />

Consultancy. The newly-launched consultancy<br />

offers an inspired service that supports<br />

businesses and encourages their people<br />

to embrace change. We are committed to<br />

sharing our passion and experience in credit<br />

management, Performance management and<br />

Process improvement.<br />

Our vision is to make sure that the changes<br />

you create are sustainable and enduring.<br />

www.thinkinspireandcreate.com<br />

Graydon UK provides its clients with<br />

<strong>Credit</strong> Risk <strong>Management</strong> and Intelligence<br />

information on over 100 million entities<br />

across more than 190 countries. It provides<br />

economic, financial and commercial insights<br />

that help its customers make better decisions.<br />

Leading credit insurance organisations,<br />

Atradius, Coface and Euler Hermes, own<br />

Graydon. It offers its seamless service through<br />

a worldwide network of offices and partners.<br />

graydon.co.uk<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 51




NAME<br />


MEMBER<br />

NAME<br />


Paul Michael Tierney<br />

Bhavna Gandhi-Ketchen<br />

John Matthews<br />

Maura Adams<br />

Collection House Ltd<br />

Hotels 4U.com<br />


NAME<br />


Terena Askey<br />

David Stevens<br />

Marisa Galeadebono<br />

Laura Brown<br />

Benedict Hands<br />

Sarah Reis<br />

BT plc<br />

DAF Trucks Limited<br />

Go Plc<br />

Saint Gobain<br />

Sandvik Ltd (Halesowen)<br />

Wolverine Europe Ltd<br />



June Walton<br />

Axtell<br />

Daisy Johnson<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

Rebecca Wisbey<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

Julian Donnelly<br />

James Rosa Associates Ltd<br />

Christopher Sweeting<br />

Able Investigations & Enforcements<br />

Mark Hawkins<br />

Ace Enforcement Ltd<br />

N·ndor Gyetval<br />

Alcoa-Kofem<br />

Nathan Jowett<br />

Andrew Wilson & Co<br />

Debra Whitelaw<br />

Andrew Wilson & Co<br />

Scott Bukowski<br />

Autodata Products Ltd<br />

James Shuttleworth<br />

Bridgewater Support Solutions Ltd<br />

Lauren Brooks<br />

Bridgewater Support Solutions Ltd<br />

Simon Rodger<br />

Bristow & Sutor<br />

Simon Tiffin<br />

Bristow & Sutor<br />

Thomas Mills<br />

Burges Salmon LLP<br />

David Jefferis<br />

Burges Salmon LLP<br />

Elizabeth Yendoll<br />

Burges Salmon LLP<br />

Bridget Cocking<br />

Burges Salmon LLP<br />

Sian Marshall<br />

Burges Salmon LLP<br />

Stacey Bolton<br />

Capita Education Recruitment<br />

Heena Rach<br />

Carbon Trust Loans<br />

Anca - Cristina Simion<br />

Ceragon Networks<br />

Alexandru-Raul Savu<br />

CJL Debt Recovery Ltd<br />

Zoe Tucker<br />

Coventry University<br />

Samantha Andrews<br />

Croydon Council<br />

Heather Bauer<br />

DAF Trucks Ltd<br />

Mihai Trifon<br />

DHL<br />

Craig Poynton<br />

Eclipse Enforcement Ltd<br />

Hayley Mackenzie-Wright<br />

Equita Ltd<br />

Deborah Kemp<br />

Evolve Hospitality<br />

Adam Ramsden Farnell Element 14<br />

Joseph Reed Farnell Element 14<br />

Andrew Harris Farnell Element 14<br />

Christopher Taylor<br />

FIS Payments (UK) Ltd<br />

Sophie Altur<br />

G2V Group<br />

Stacie Lithgow<br />

Gazprom Marketing & Trading Retail<br />

Thomas Whelan<br />

Greene King Brewing & Retailing Ltd<br />

Natassja Chandler<br />

Greene King Brewing & Retailing Ltd<br />

Feyisayo Bolarinwa<br />

Imperial College London<br />

John Freeman<br />

Informa UK Ltd<br />

Maxine Hawkins<br />

Ingram Micro UK Ltd<br />

Shazya Shakur<br />

Investis Ltd<br />

Amanda Baker<br />

Karro Food Ltd<br />

Petya Burgess<br />

Lodge Tyre Co Ltd<br />

Amit Sohal<br />

Manrose Manufacturing Ltd<br />

Antoaneta Spassova<br />

Marston’s Plc<br />

Alexandru Vasilescu<br />

Mayfair Cars Ltd<br />

Georgia Ireland<br />

Paul Aslin<br />

Rosetta Pozzuto<br />

Claire Seaton<br />

Aiden Collins<br />

Charlotte Austin<br />

Michelle Holmes<br />

Sonia Preston<br />

Mark Adams<br />

Claire Orr<br />

Benjamin Tailor<br />

Julie Hennessy<br />

Christopher Carter<br />

Sheetal Patel<br />

Erkan Kizmazoglu<br />

Chelsey Wood<br />

Charlotte Kemp<br />

Leah Brindle<br />

William Turner<br />

Rebecca Payne<br />

Jordana Lambert<br />

Michael Banks<br />

Emma Ramsden<br />

Jade Swailes<br />

Alan Rollo<br />

Heidi Dowd<br />

Furhan Warner-Malik<br />

Daniella Hedley-Booth<br />

Victoria Armstrong<br />

Katie Steward<br />

Sana Munir<br />

Lyn Newsome<br />

Amie Salazar<br />

Thomas Evans<br />

Charmaine Bailey<br />

Carol Howell<br />

Diane Finister<br />

Anna Pronina<br />

Lucy Sleath<br />

Lauren Bain<br />

Craig Frayne<br />

Ciprian Trifon<br />

Juliet Stadden<br />

Douglas Newton<br />

Judita Ubartaite<br />

Naline Oliveira<br />

MGB Insurance Brokers Limited<br />

Midland Quarry Products Limited<br />

Motor Insurers’ Bureau<br />

Myunidays Limited<br />

Newbury Investments (UK) Ltd<br />

nGAGE Recruitment Ltd<br />

Olleco<br />

Orolia Ltd<br />

Penham Excel Ltd<br />

Redcentric Solutions Ltd<br />

Saint Gobain<br />

Sandwell MBC<br />

Sheffield County Council<br />

Sony DADC UK Limited<br />

Sony DADC UK Limited<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

Tenet Group Ltd<br />

The Ritz-Carlton Hotel, DIFC<br />

Tokio Marine HCCñInternational Group<br />

Trinty Mirror<br />

Burges Salmon LLP<br />

Novartis Pharmaceuticals Ltd<br />

White & Case LLP<br />

52 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

<strong>2016</strong> EXAM RESULTS<br />


Congratulations to all of the following, who successfully achieved Diplomas in <strong>Credit</strong> <strong>Management</strong>.<br />



Emily Newman Ageas Insurance Ltd Eastleigh<br />

Claudia Walters- Pierrehumbert Aitchison Raffety High Wycombe<br />

Andrew Fox Amey Group Services Ltd Oxford<br />

Syed Ahmed Annodata Ltd Kings Langley<br />

Shaun Osbaldstone ARRK Europe Ltd Gloucester<br />

Susan Smith Astec Europe Ltd Dudley<br />

Natasha Kunker Autoglass Ltd Bedford<br />

Anna Thornhill Avanti Gas Ltd Chesterfield<br />

Amber Edwards BNP Paribas Birmingham<br />

Meirion Kania Body Temple Ltd Stoke on Trent<br />

Salvatore Imbesi BSN medical ltd Hull<br />

Richard Scott Cisco Systems International BV Amsterdam, Netherlands<br />

Vanessa Harkin E.ON UK Nottingham<br />

Mandira Aich Elsar Limited Northwood<br />

Veronica Gutu Gilbarco Veeder-Root Basildon<br />

Philip Meenan Hanson UK Bristol<br />

Pravin Roche Hertz Dubai, UAE<br />

Mirko Cerretani Huntsman Tioxide Stockton on Tees<br />

David Jones Informa UK Ltd Colchester<br />

James Baptist MBNA CORPMEM1 Chester<br />

Neale Darracott MBNA CORPMEM1 Chester<br />

Heather Shaw MBNA CORPMEM1 Chester<br />

Adam Lawrence MBNA CORPMEM1 Chester<br />

Jacqueline Newman NHBC National House Building Council Milton Keynes<br />

Andreea Popescu Office Depot CORPMEM1 Cluj-Napoca, Romania<br />

Iulia David Office Depot CORPMEM1 Cluj-Napoca, Romania<br />

Derek Campbell Ravenace Metals Ltd Smethwick<br />

Caroline Hickman Rhodar Leeds<br />

Taryn Wright Robert Walters London<br />

Caroline McChrystal Tenet Group Ltd Leeds<br />

Vincent Legrand Vf Northern Europe Ltd Nottingham<br />

Thomas Bowden NCC Group Manchester<br />

Rob Casey Assist Recruitment UK Ltd Bury<br />

Matthew Coppenhall UK Fuels Ltd Crewe<br />

Joanne Davies Afton Chemical Limited Bracknell<br />

William Dorey PricewaterhouseCoopers Southampton<br />

Louise Edwards Manheim Auctions Leeds<br />

Susan Fordbird Emerson Process <strong>Management</strong> Europe Leicester<br />

Matthew Francis Reed Online Ltd London<br />

Preetpal Garcha Aggregate Industries Coalville<br />

Sylvie Haffner Dentsu Aegis Network London<br />

Martin Heward Callcredit Information Group Ltd Leeds<br />

Emma Hovell Aggregate Industries Coalville<br />

Caroline Kirkham V W R International Ltd Lutterworth<br />

Kayleigh Kisiel Kohler Mira Ltd Gloucester<br />

David Moore Gb Eye Ltd Sheffield<br />

Stacy Naylor<br />

Wetherby<br />

Kieran O’neill Local World Leicester<br />

Scott Padbury BBC Centre of Excellence Cardiff<br />

Peter Roberts UK Fuels Limited Crewe<br />

Daniel Smith Maples and Calder Services Europe Ltd Leeds<br />

Paul Smith Tata Steel Europe Limited Port Talbot<br />

Michelle Whitby Marston’s Plc Wolverhampton<br />

Edward Winterbourne R C Cutting & Co Ltd London<br />

Tomas Bouska International Personal Finance Ltd CORPMEM1 Leeds<br />

Ben Johnson Balfour Beatty WorkSmart Newcastle Upon Tyne<br />

Marie Vachkova Edwards Services s.r.o. Lutin, Czech Republic<br />

Pavel Burda Edwards Services s.r.o. Lutin, Czech Republic<br />

Kelly Griffiths Thomas Eggar Solicitors Crawley<br />



Kabbir Din Places for People CORPMEM1 Preston<br />



Sajiv Gupta Avnet Technology Solutions Bracknell<br />

Jackie Noden Randstad UK Holding Luton<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 53


CICM HQ<br />


<strong>Credit</strong> <strong>Management</strong>’s own Art Editor, Andrew<br />

Morris, recently completed The Distinguished<br />

Gentleman’s Ride among 60 other riders in<br />

Peterborough raising £4,500 in the process.<br />

Founded in Sydney by Mark Hawwa in<br />

2012, the first ride in 2012 brought together<br />

over 2,500 riders across 64 cities. The<br />

success of the event encouraged the founder<br />

to consider how it could be used to<br />

support a worthy cause.<br />

In 2015, over 37,000 participants in<br />

410 cities in 79 countries raised over $2.3<br />

million (US) for prostate cancer research.<br />

Pictured is Andrew on his black and<br />

yellow Ducati Scrambler resplendent in<br />

his finest tweed.<br />

THE Sheffield and District Branch held a<br />

seminar on Successful Legal Collections,<br />

kindly presented and sponsored by<br />

Shakespeare Martineau Solicitors.<br />

The evening started with a buffet and<br />

allowed plenty of time for networking<br />

opportunities. It was good to see a few new<br />

faces as well as old attending this event.<br />

Branch Chairman Laurie Beagle then<br />

introduced Helen Carey and Hayley Brown<br />

who presented this very entertaining and<br />

informative seminar.<br />

Helen discussed the options available<br />

when considering ‘going legal’, pre-action<br />

protocols, legal routes and enforcement<br />

options, offering various hints and tips on best<br />

practice.<br />

Hayley then went on to discuss the<br />

potential for insolvency when pursuing a debt<br />

through legal action, informing on statutory<br />

demands, bankruptcy, winding-up petitions<br />

and the liquidation process.<br />

The seminar concluded after a debate on<br />

the potential new pre-action protocols and the<br />

obligations that this would place on creditors,<br />



Left to right Carl Goodman, Hayley Brown, Helen Carey, Laurie Beagle.<br />

to which there was unanimous disapproval!<br />

At the end of the presentation there was<br />

a period for the attendees to ask questions<br />

and this was keenly taken up, leading to some<br />

lively discussions on the subject matter.<br />

The feedback to the evening has been very<br />

positive with most people commenting that the<br />

quality and content of the presentation was<br />

pitched just right and of practical use.<br />

Author: Carl Goodman<br />

To include your branch reports in the December issue of CM, please submit your copy via email to<br />

branches@cicm.com Please ensure all photographs are high res (1MB+) and copy doesn’t exceed 400 words.<br />

54 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


Angela Jennings<br />



THE South Wales Branch, in conjunction with<br />

our corporate partner, Hays Recruitment, held<br />

an event at Hays’ office recently.<br />

This was one of the events that Hays is<br />

running throughout the country, and was all<br />

about CVs and interviews.<br />

For those of us that haven’t had an<br />

interview, or needed to update a CV, it was<br />

a great refresher and amazing to learn how<br />

interview techniques have changed. I strongly<br />

recommend that you attend the next one of<br />

these when it hits your area.<br />

After the event we held a very interesting<br />

question and answer session, with many<br />

really good points and myths being raised and<br />

addressed.<br />

The next South Wales event will be on 20<br />

October, <strong>2016</strong>, and we are having a post-Brexit<br />

vote panel discussion.<br />

Want to know more? Drop the committee an<br />

email: southwalesbranch@cicm.com<br />

Author: Steve White<br />


Senior <strong>Credit</strong><br />

Controller<br />


Canal and River Trust<br />



15+ (Okay, I have lost count)<br />


11 years<br />



By default really, I studied administration<br />

at college. An opportunity arose in credit<br />

management, although at the time I was<br />

unaware of what the role fully entailed,<br />

I haven’t looked back really. It is a job<br />

which is varied and keeps me interested<br />

and motivated.<br />



The people and work ethics<br />


New projects, anything I can sink<br />

my teeth in to which in the long term<br />

improves processes, save costs and<br />

creates efficiency in day to day activities.<br />

60SECONDS<br />

WITH<br />


Mmm all sorts but my main one is<br />

spaghetti Pomodoro, yum!<br />



Italy, it’s such a beautiful place.<br />



THE Thames Valley Branch invited Gideon<br />

Jones and Yvette Gray from Atradius to<br />

talk about their core business functions of<br />

collections and risk management.<br />

In the UK Atradius is located in Cardiff, and<br />

it has over 160 offices in 50 different countries.<br />

It is the second largest credit insurer in the<br />

world, with access to information on 100<br />

million companies worldwide and makes over<br />

20,000 credit decisions on a daily basis. It is a<br />

diverse Business working with different sized<br />

companies, from SMEs to global corporations.<br />

<strong>Credit</strong> Insurance is the heart of its business,<br />

and it deals in the domestic and international<br />

trade markets. Global B2B Trade is growing<br />

at two times the rate of GDP and expected to<br />

reach $86 trillion by 2020 – 80 to 90 percent<br />

of this trade is conducted through credit.<br />

This is risky when there is little to no financial<br />

information available for some regions.<br />

It has been forecast that by 2050 the<br />

emerging markets of China, India, Brazil and<br />

Mexico will account for more than 50 percent of<br />

world GDP.<br />

Unsurprisingly, the uncertainty caused by<br />

the decision of the UK to leave the European<br />

Union has sparked a downward revision of<br />

GDP forecasts, which has led to worsening<br />

of bankruptcy projections in a number of<br />

advanced markets. It will have a big impact in<br />

many Eurozone countries, particularly those<br />

with high exposure to the UK.<br />

Gideon focused on China and Brazil as they<br />

are challenging regions, the former affecting<br />

our economy even if we are not actually doing<br />

direct business there. Chinese output is 25<br />

percent more than requirement, communication<br />

can be difficult and it has outlawed debt<br />

collection from being practiced. Brazil has had<br />

an unstable economy for years and it is still<br />

difficult to progress legal action there.<br />

Yvette provided information on Atradius’<br />

diverse and experienced collections team,<br />

which is spread throughout 24 offices<br />

worldwide. It offers dedicated account<br />

managers for customers with the required<br />

cultural knowledge and language skills, and<br />

uses local agents and lawyers and engages<br />

with third party collections resulting in an<br />

average collections success rate of 59 percent.<br />

The Thames Valley Branch would like to<br />

thank Yvette Gray and Gideon Jones for such<br />

an interesting and informative presentation. We<br />

also want to thank Verizon for providing the<br />

venue and food free of charge and for the 34<br />

attendees who made the event such a great<br />

success!<br />

Author: Ruth Howard (ACICM)<br />



Filippo, he’s my partner and he probably<br />

would be upset if he didn’t get an invite,<br />

plus he’s an important person in my life.<br />

Second person would be Hannah my best<br />

friend who I have known for eight years<br />

and met whilst working at CRT. And the<br />

third person would have to be my mum<br />

not to upset the applecart.<br />



Horse riding for definite, it’s a good<br />

way to de-stress and also get out in the<br />

countryside.<br />



To be able to travel through time, this way<br />

I get to see what’s in the future.<br />


A LEADER?<br />

A good leader is one who can motivate<br />

and lead a team of people bringing out<br />

the good qualities in others. The worst<br />

quality is not being passionate about what<br />

they do, their attitude and how they apply<br />

themselves greatly influences a team<br />

whether good or bad.<br />



DOING?<br />

I always wanted to do nursing as a child<br />

so would probably fulfil my childhood<br />

ambition.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 55



At Hays <strong>Credit</strong> <strong>Management</strong>, our consultants are all affiliate members of<br />

the CICM and understand both the demands you face and the skills you<br />

need to thrive within your industry. We can therefore offer you personalised<br />

career advice and the support that you need.<br />



West London, up to £32,000<br />

Due to the expansion of its finance team, an exciting<br />

opportunity has arisen at this renowned international<br />

media business for an experienced biller. Managing<br />

your own portfolio of clients, you will be responsible<br />

for timely billing analysis, month end reporting, PO<br />

reconciliation, regular meetings with managers and<br />

clients and creating reports. You will have strong<br />

Excel skills and SAP/DDS system experience would<br />

be desirable. This role would suit a deadline driven,<br />

hardworking and confident individual who is able<br />

to excel in a fast-paced working environment. In return,<br />

the company offers competitive benefits and modern<br />

offices with exceptional on-site facilities.<br />

Ref: 2818538<br />

Contact Julia Foster on 0203 465 0020<br />

or email julia.foster2@hays.com<br />



Leeds £21,000-£24,000 + excellent benefits + pension<br />

This market-leader prides itself on being at the cutting<br />

edge of its industry. As a result of business growth, the<br />

firm is looking for an ambitious credit controller to join<br />

its well-established team. Managing a set of corporate<br />

accounts, you will be responsible for the effective and<br />

timely collection of overdue debt, build strong working<br />

relationships with other departments, resolving complex<br />

queries and ensuring all cash is allocated in a timely<br />

manner. Knowledge of the full credit cycle, previous<br />

experience within a similar role, excellent verbal and<br />

written communication skills and the ability to work<br />

effectively with other departments is essential. This<br />

role also offers CICM study and exceptional career<br />

advancement opportunities. Ref: 2778040<br />

Contact Catherine Hill on 0113 200 3735<br />

or email catherine.hill@hays.com<br />

This is just a selection of the many<br />

opportunities we have available for credit<br />

professionals. To find out more, visit us online.<br />

hays.co.uk/creditcontrol<br />

56 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

NEXT BIG<br />

CREDIT<br />

Fulfil your potential at Bio-Rad, a recognised global leader in the growing<br />

life science search and clinical diagnostics markets. The organisation has<br />

over 7,800 employees and a robust network of operations that serves over<br />

150,000 customers worldwide.<br />





Watford, £competitive + benefits<br />

An exciting opportunity has arisen for proactive and<br />

driven individuals to join Bio-Rad’s OTC team. In this<br />

role, you will demonstrate timely application of cash<br />

to outstanding receivables, identify and resolve all<br />

issues for daily cash application. Process remittances,<br />

direct debits and credit cards and address corrective<br />

activities to ensure targets are met. You will participate<br />

in financial statement close cycle and produce regular<br />

cash applications reports. You will have extensive SAP<br />

experience in credit management and cash applications,<br />

knowledge of treasury including payment methods,<br />

payment types and cash application control and speak<br />

either Dutch, Flemish, French, German or Spanish.<br />

Ref: 2861996<br />

Contact Nosh Hanif on 01923 205286<br />

or email nosh.hanif@hays.com<br />





Watford, £competitive + benefits<br />

An exciting opportunity has arisen for proactive and<br />

driven individuals to join Bio-Rad’s OTC team. In this<br />

role, you will help to define processes including but not<br />

limited to planning, executing and controlling credit risk<br />

and collection. Participating in and controlling regular<br />

team outputs, you will manage corrective action against<br />

team error rate as well as identify and resolve issues<br />

from all stakeholders, participate in financial statement<br />

close cycle and produce regular credit and collections<br />

reports. You will have extensive SAP experience in credit<br />

management and cash applications, knowledge of credit<br />

collections and speak either Dutch, Flemish, French,<br />

German or Spanish.<br />

Ref: 2862021<br />

Contact Nosh Hanif on 01923 205286<br />

or email nosh.hanif@hays.com<br />

Working for Bio-Rad, you will receive first class<br />

training and development as well as excellent<br />

benefits package. For more information,<br />

please visit hays.co.uk/jobs/bio-rad<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 57



The CICM Continuing Professional Development (CPD)<br />

programme offers the tools to develop and achieve in your<br />

credit management career. Undertaking CPD provides a focused<br />

training and development plan that can be constantly reviewed<br />

and updated. The benefits are reflected in your ongoing personal<br />

achievement, experience and growth as a professional.<br />

CPD also offers benefit to your employer, the ability to manage<br />

your own self-development demonstrates a key strength and<br />

highlights the potential of linking learning to actions and theory<br />

to practice.<br />

Get started today, visit www.cicm.com to download your<br />

Development Plan and Progress Record.<br />





www.cicm.com<br />

CPD<br />

CPD<br />

10<br />

10<br />

58 <strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />


Controlaccount PLC<br />

Compass House, Waterside<br />

Hanbury Road, Bromsgrove<br />

B60 4FD<br />

T: 01527 549522 (Sales dept)<br />

E: sales@controlaccount.com<br />

W:www.controlaccount.com<br />

Controlaccount has over 30 years of <strong>Credit</strong> <strong>Management</strong> and<br />

Debt Recovery experience, helping National and International<br />

SMEs and blue chip organisations, across a wide range of sectors.<br />

We provide a fast, proactive collection service on a no-collection,<br />

no-fee basis, and for some clients a zero cost option,<br />

utilising the late payment act to fund collection procedures. Our<br />

trained collectors take into account your need to recover debts,<br />

whilst maintaining your reputation and preserving customer relationships.<br />

If we can’t recover your outstanding debts through our<br />

collection process, then our service won’t cost you a penny; and<br />

with our additional in-house legal & Trace service as well as our<br />

credit reporting and corporate monitoring services we are ready<br />

to help you every step of the way.<br />

Blaser Mills LLP<br />

Rapid House<br />

40 Oxford Road, High Wycombe,<br />

Buckinghamshire. HP11 2EE<br />

T: 01494 478660/478661<br />

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen<br />

gpb@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

Established in 1888, leading multi-disciplinary law firm Blaser<br />

Mills specialises in services for businesses and individuals.<br />

The Firm has particular expertise in Dispute Resolution and<br />

Debt Recovery working with experienced credit managers and<br />

finance directors providing solutions to both contested and<br />

uncontested claims.<br />

Blaser Mills provides an experienced team including CICM<br />

qualified legal representatives and the Firm is cited in the<br />

Legal 500 law directory based on quality of work and strong<br />

client feedback.<br />

Offices in Aylesbury, London (Central), London (Harrow), Old<br />

Amersham, Rickmansworth, Staines-on-Thames.<br />

Think Inspire and Create Ltd<br />

T: 0844 414 6056<br />

E: info@thinkinspireandcreate.com<br />

W: www.thinkinspireandcreate.com<br />

Think Inspire and Create Ltd - No Ordinary Consultancy<br />

The newly-launched consultancy offers an inspired service that<br />

supports businesses and encourages their people to embrace<br />

change. If you want to drive forward sustainable change in your<br />

business, Think, Inspire and Create Ltd can optimise the way you<br />

deliver your strategy.<br />

Using a unique Think, Create and Inspire ethos the team works with<br />

businesses, embedding cross-skilled consultants within companies,<br />

to facilitate creative thinking, set goals and find enduring solutions<br />

to challenges.<br />

Think, Inspire and Create Ltd is committed to sharing its passion and<br />

experience in the following areas:<br />

• <strong>Credit</strong> management • Performance management • Operational<br />

design & <strong>Management</strong> • People Engagement • Process Change<br />

<strong>Management</strong> • System design and deployment • Organisation<br />

design.<br />

Our vision is to make sure that the changes you create are sustainable<br />

and enduring. Find out more www.thinkinspireandcreate.com<br />


Premium Collections Limited<br />

Office 3, Caidan House Business Centre, Canal Road,<br />

Timperley, Altrincham, Cheshire, WA14 1TD<br />

T: 0161 962 4695.<br />

F: 0333 121 3843<br />

E: enquiries@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

Premium Collections Limited has the credit management solution<br />

to suit you. Operating on a national and international basis we<br />

can tailor a package of products and services to meet your<br />

requirements. Staffed by dedicated professionals with over 60<br />

years combined experience of handling virtually every type of<br />

debt issue, the company was formed in December 2002 and<br />

is owned by our Managing Director, Paul Daine FCICM. Paul’s<br />

particular areas of expertise are the motor finance, insurance<br />

and international debt collection sectors. Services include B2B<br />

collections, B2C collections, international collections, absconder<br />

tracing, asset repossessions, status reporting and litigation<br />

support.<br />


Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway, Old Portsmouth<br />

Road, Guildford, Surrey GU3 1LR<br />

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

W: www.lovetts.co.uk<br />

Lovetts has been recovering debts for 30 years! When you<br />

want the right expertise to recover overdue debts why not use a<br />

specialist? Lovetts’ only line of business is the recovery of<br />

business debts and any resulting commercial litigation.<br />

We provide:<br />

• Letters Before Action, prompting positive outcomes in more than<br />

80 percent of cases • Overseas Pre-litigation collections with<br />

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

management system ‘CaseManager’<br />

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

“...All our service expectations have been exceeded...”<br />

“...The online system is particularly useful and is extremely easy<br />

to use... “...Lovetts has a recognisable brand that generates<br />

successful results...”<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183<br />

T : +44 (0)1992 663 399<br />

E : wayne@courtneforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

High Court Enforcement that will Empower You!<br />

We help law firms and in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. Setting us<br />

apart in the industry, our unique and Award Winning Field Agent<br />

App helps to provide information in real time and transparency,<br />

empowering our clients when they work with us.<br />

• Free Transfer up process of CCJ’s to High Court<br />

• Exceptional Recovery Rates<br />

• Individual Client Attention and Tailored Solutions<br />

• Real Time Client Access to Cases<br />



Breitenweg 6, 6370 Stans, Switzerland<br />

Ms. Melina Schuler – Business Development Manager<br />

T: ++41 41 618 30 54<br />

F: ++41 41 620 90 26<br />

E: m.schuler@mah-international.com<br />

W: www.mah-international.com<br />

M.A.H. is a global leader in Export Debt Collection & Trade<br />

Dispute Resolution Services. Our head office is located<br />

in Stans, our group law office in Zurich. We specialise in<br />

resolving cross-border cases swiftly and amicably (99<br />

percent of our cases are settled out of court).<br />

We have recovered payments from 112 countries on all five<br />

continents for exporters and other B2B customers of all sizes<br />

in all industries. We rank as first choice among international<br />

export companies, export credit insurers, and governmental<br />

organisations.<br />

Our mission is to ensure that all creditors receive full payment<br />

for products or services sold out of the UK without expensive,<br />

stressful, and lengthy litigation.<br />

Contact us to benefit from our personalised, full-package,<br />

No Collection – No Fee services, provided by our qualified<br />

multilingual global negotiators, collection attorneys, and<br />

affiliate local partner law firms in 65 countries.<br />

The recognised standard<br />

Sanders Consulting Associates Ltd<br />

T: +44(0)1525 720226<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Sanders Consulting is an independent niche consulting firm<br />

specialising in leadership and performance improvement in all<br />

aspects of the order to cash process. Chris Sanders FCICM, the<br />

principal, is well known in the industry with a wealth of experience<br />

in operational credit management, billing, change and business<br />

process improvement. A sought after speaker with cross industry<br />

international experience in the business-to-business and businessto-consumer<br />

markets, his innovative and enthusiastic approach<br />

delivers pragmatic people and process lead solutions and significant<br />

working capital improvements to clients. Sanders Consulting are<br />

proud to manage CICMQ on behalf of and under the supervision<br />

of the CICM.<br />

CoCredo Limited<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790 600<br />

E: helpdesk@cocredo.com<br />

W: www.cocredo.co.uk<br />

We provide live online company credit reports and related business<br />

information within the UK and overseas. We have direct feeds from<br />

Dun & Bradstreet, Companies House and other premium providers.<br />

We provide business information on over 256 million companies<br />

across 221 countries. Our information is updated over 500,000<br />

times per day and we have some excellent tracking mechanisms<br />

which provide proactive daily monitoring of changes in the global<br />

information on record. We can offer a wealth of additional services<br />

including XML Integration, D.N.A portfolio management, CoData<br />

marketing information, Companies House documents, Consumer<br />

and Director Searches. We pride ourselves in delivering award<br />

winning customer service, offering you unrivalled support and<br />

analysis to protect your business.<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 59

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />

Company Watch<br />

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

What would happen if one of your key customers failed? Do<br />

you rely on company information that is up to 18 months’ old?<br />

Company Watch provides a credit management system that’s<br />

predicted around 90 percent of company failures. Not only<br />

that, our interactive system allows you to input more up-to-date<br />

accounts, and to stress-test company financials to generate an<br />

instantly updated analysis of a company’s financial health. With<br />

a portfolio and email alert system, and a user interface showing<br />

5-year trends along with everything you need to know at a<br />

glance, Company Watch is an invaluable resource in the credit<br />

management process.<br />


Graydon UK<br />

66 College Road, 2nd Floor,<br />

Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Graydon UK is a specialist in <strong>Credit</strong> Risk <strong>Management</strong> and<br />

Intelligence, providing access to business information on over<br />

100 million entities across more than 190 countries. Its mission<br />

is to convert vast amounts of data from diverse data sources into<br />

invaluable information. Based on this, it generates economic,<br />

financial and commercial insights that help its customers make<br />

better business decisions and ultimately gain competitive advantage.<br />

Graydon is owned by Atradius, Coface and Euler Hermes, Europe's<br />

leading credit insurance organisations. It offers a comprehensive<br />

network of offices and partners worldwide to ensure a seamless<br />

service.<br />

EFCIS Limited t/as ICBA UK<br />

Specialist Trade <strong>Credit</strong> Insurance Broker<br />

The Office, Mill House Farm, Mill Street, Hastingwood,<br />

Essex, CM17 9JF<br />

T: 01279 437662<br />

E: amoylan@efcis.com<br />

W: www.efcis.com<br />

EFCIS Limited - Trade <strong>Credit</strong> Insurance, Debt Collection, Dispute<br />

Resolution and Legal action for small/medium & multinational<br />

businesses. EFCIS secures limits for clients where the financials<br />

alone do not support the full limit. We are tenacious when<br />

negotiating settlement of claims, securing full payment for claims<br />

and proactively working with our clients in claims avoidance.<br />

We are the industry’s only Broker to develop policy compliance<br />

software to ensure client’s maximum benefit and protection<br />

from the policy. We believe that a well-managed ledger supports<br />

business growth within increased profit and an improved return<br />

on investment.<br />


<strong>Credit</strong>safe Business Solutions<br />

Bryn House, Caerphilly Business Park, Van Rd,<br />

Caerphilly, CF83 3GG<br />

T: 0292 088 6500.<br />

E: ukinfo@creditsafeuk.com<br />

W: www.creditsafeuk.com<br />

<strong>Credit</strong>safe is Europe’s most used supplier of credit & business<br />

intelligence. <strong>Credit</strong>safe have helped over 60,000 customers<br />

across Europe and the USA with a range of products which<br />

includes our UK, European and International Company <strong>Credit</strong><br />

Reports, which reach over 129 countries and 90m companies;<br />

customer and supplier Risk Tracker and our 3D Ledger product<br />

which has captured over 35 million Trade Payment Data<br />

Experiences since its launch in 2012. All of which will help<br />

companies manage their exposure to risk, make informed<br />

decisions in relation to credit limits whilst looking at how you<br />

can identify gaps within your sales ledger to prioritise collections<br />

and leverage sales.<br />

Top Service Ltd<br />

2&3 Regents Court, Farmoor Lane, Redditch,<br />

Worcestershire, B98 0SD<br />

T: 0152 750 3990.<br />

E: enquiries@top-service.co.uk<br />

W: www.top-service.co.uk<br />

Top Service is the only credit reference and debt recovery<br />

agency to specialise in the UK construction sector. Top Service<br />

customers benefit from sector specific information, detailed<br />

payment history intelligence and realtime trade references in<br />

addition to standard credit information. There are currently<br />

3,000 construction sector companies subscribing to the service,<br />

ranging from multi-national organisations to small family firms.<br />

The company prides itself on high levels of customer service<br />

and does not tie its customers into restrictive contracts. Top<br />

Service offers a 25 percent discount to all CICM Members as<br />

well as four free credit checks of your choice.<br />


Northburgh House,<br />

10 Northburgh Street,<br />

London,<br />

EC1V 0PP<br />

T: +44 (0)20 7549 5000<br />

E: bvd@bvdinfo.com<br />

W: www.bvdinfo.com<br />

We specialise in company information with extensive company<br />

coverage, financial risk metrics and comprehensive corporate<br />

structures.<br />

Our information helps you make better quality decisions.<br />

•Assess financial risk and corporate stability<br />

•Get insight on the financial health of individual companies and across<br />

your portfolio<br />

•Manage your data more efficiently<br />

Our <strong>Credit</strong> Catalyst combines our international, standardised financial<br />

data with a bespoke credit platform, so you can work more efficiently,<br />

make better quality decisions and spot risk quickly.<br />

•Comprehensive coverage of companies across the globe<br />

•Standardised reports so you can benchmark and compare companies<br />

•Financial strength indicators from a range of providers<br />


Arthur J. Gallagher<br />

Insurance Brokers Limited<br />

7 Floor, Temple Point, 1 Temple Row<br />

Birmingham B2 5LG<br />

T: 0121 203 3127<br />

W: www.ajginternational.com<br />

With the risk of default by customers still a major threat to UK and<br />

Global companies there has never been a better time to consider<br />

trade credit insurance. Arthur J. Gallagher’s <strong>Credit</strong> and Surety team,<br />

which now includes the 2014 – CICM award winning ‘broker of<br />

the year’ team, has considerable experience and market influence<br />

and recognises the unique nature of the credit insurance market.<br />

Our team of experienced professionals deal with a wide range of<br />

businesses, from SME to large corporate and global risks. Please<br />

contact us to discuss how a specifically tailored trade credit solution<br />

can benefit your business<br />

Innovation Software<br />

Innovation Software, Innovation House,<br />

New Road, Rochester, Kent, ME1 1BG.<br />

T: +44 (0)1634 812300<br />

E: jay.inamdar@innovationsoftware.uk.com<br />

W: www.creditforceglobal.com<br />

Innovation Software are the authors of <strong>Credit</strong>Force, the leading<br />

Collections and Working Capital <strong>Management</strong> Systems. Our solutions are<br />

used in over 26 countries and by over 20 percent of the Top 100 Global<br />

Law Firms.<br />

Our solutions have optimised Accounts Receivables processes for over<br />

20 years and power Business Intelligence, with functionality to:<br />

• improve cash flow • reduce DSO • control risk<br />

• automate cash allocation • speed up query resolution<br />

• improve customer relationship management<br />

• automatically generate intelligent workflows and tasks<br />

• manage the entire end-to-end collections cycle.<br />

Fully integrated with over 40 leading ERP and Accounting systems,<br />

including SAP, Oracle, Microsoft Dynamics and product partners with<br />

Thomson Reuters Elite we can deliver on either your own computing<br />

infrastructure or through Microsoft Azure’s award winning and secure<br />

cloud service.<strong>Credit</strong>Force remains the choice solution for world class<br />

businesses.<br />

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

www.creditforceglobal.com for more information.<br />

Co-pilot Limited<br />

73 Flask Walk, London, NW3 1ET<br />

T: +44(0) 20 7813 2182<br />

E: info@co-pilot.co.uk W: www.co-pilot.co.uk<br />

<strong>Credit</strong> Managers who manage large or multiple ledgers have come to<br />

realise that they need to use specialist software to achieve or maintain<br />

performance improvement – be that risk, collections or both.<br />

For many <strong>Credit</strong> Managers a key question is where to start. How do<br />

you examine and evaluate the options? How and when do you start the<br />

budgeting process? What are the steps?<br />

Co-pilot has advised on credit management software for a number of<br />

years. We have good knowledge of the available solutions, what’s good,<br />

how they work and what type of solution best fits given situations. We<br />

combine this with considerable experience of credit management Best<br />

Practice so that you can pull everything together into one place and<br />

achieve a flexible and sustainable position going forward.<br />

We work with you through a structured evaluation process which is<br />

designed to enable you to have a clear view of what you can achieve<br />

going forward, what is practicable, the business case implications,<br />

the preferred supplier(s) and what the implementation process would<br />

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

play”).<br />

60<br />

<strong>November</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />

Prof. Schumann GmbH<br />

innovative information systems<br />

Weender Landstr. 23, 37130 Göttingen, Germany<br />

T: +49 551 38315 0 F: +49 551 38315 20<br />

E: info@prof-schumann.de W: www.prof-schumann.de<br />

Our <strong>Credit</strong> Application Manager (CAM) is a leading credit risk<br />

management solution for major corporations, as well as insurance,<br />

factoring and leasing companies. In their daily work, CAM allows<br />

credit and sales managers to call up all the available information<br />

about a customer or risk in a few seconds for decision support: realtime<br />

data from wherever they are. CAM keeps an eye on customers<br />

whose payment behaviour stands out or who have overdue invoices!<br />

CAM provides an up-to-date forecast of customers’ payments.<br />

Additionally, CAM has automated interfaces for connecting to<br />

leading suppliers of company credit data, payment record pools and<br />

commercial credit insurers. The system is characterised by its great<br />

flexibility. We have years of experience in consulting and software<br />

support for accounts receivable management.<br />

Safe Computing Limited<br />

20, Freeschool Lane, Leicester, LE1 4FY<br />

T: 0844 583 2134<br />

E: info@safecomputing.co.uk<br />

W: www.safe-financials.co.uk<br />

Designed to manage your customer credit accounts effectively,<br />

Safe <strong>Credit</strong> Control enables your credit management team to:<br />

• Improve cash flow<br />

• Reduce debtor days<br />

• Increase customer service<br />

• Cut the cost of cash collection<br />

• Eliminate manual processes<br />

• Speed up the query resolution process<br />

Safe’s unique approach is centred on changing the perception<br />

of the credit control function from a series of reactive processes<br />

to proactive ones. <strong>Credit</strong> controllers are traditionally regarded<br />

as an essential element in business to chase late payments<br />

and respond to customer queries. Safe <strong>Credit</strong> Control has taken<br />

the concepts of customer relationship management (CRM) and<br />

applied it to the credit control function, providing a softer,<br />

service orientated team of customer service representatives.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford,<br />

Oxon. OX11 0QT<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections and<br />

Query <strong>Management</strong> System has been designed with three goals in<br />

mind:<br />

• To improve your cashflow<br />

• To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of <strong>Credit</strong><br />

Professionals across the UK and Europe, our system is successfully<br />

providing significant and measurable benefits for our diverse<br />

portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

STA International<br />

3rd Floor, Colman House,<br />

King Street , Maidstone , ME14 1DN<br />

T: +44(0)844 324 0660.<br />

E: enquiries@staonline.com<br />

W: http://www.stainternational.com<br />


STA is an award winning B2B and B2C debt collection, confidential<br />

credit control and tracing supplier. ISO9001 quality accredited, and<br />

with the CSAs Collector Accreditation Initiative, duty-of-care is as<br />

important to us as it is to you. Specialising in international debt, in the<br />

past 12 months we’ve collected from 146 countries worldwide. “Your<br />

Debts Online” gives you transparent access to our collection success<br />

and detailed management information, keeping you in control of your<br />

account. We look forward to getting your business paid.<br />

Tinubu Square UK<br />

Holland House,<br />

4 Bury Street, London<br />

EC3A 5AW<br />

T: +44 (0)207 469 2577<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Tinubu Square offers companies across the world the appropriate<br />

SaaS platform solutions and services to significantly reduce their<br />

exposure to risk, and their financial, operational and technical<br />

costs. Easy to implement, our solutions provide an accurate<br />

picture of a customers’ financial health through the entire<br />

order-to-cash cycle, improve cash flow, and facilitate control<br />

of risk across the organization whether group-wide or locally.<br />

Founded in 2000, Tinubu Square is an award winning expert in<br />

the trade credit insurance industry, with offices in Paris, London,<br />

New York, Montreal and Singapore. Some of the largest<br />

multinational corporations, credit insurers and receivables<br />

financing organizations depend on Tinubu to provide them with the<br />

means to drive greater trade credit risk efficiency.<br />

Data Interconnect Ltd<br />

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,<br />

Oxfordshire. SN7 7BP<br />

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Data Interconnect provides integrated e-billing and collection<br />

solutions via its document delivery web portal, WebSend. By<br />

providing improved Customer Experience and Customer Satisfaction,<br />

with enhanced levels of communication between both parties, we<br />

can substantially speed up your collection processes.<br />

Rimilia<br />

Corbett House, Westonhall Road, Bromsgrove, B60 4AL<br />

T: +44 (0)1527 872123<br />

E: enquiries@rimilia.com<br />

W: www.rimilia.com<br />

Rimilia excels in the design, development and implementation of<br />

Intelligent Finance Solutions that drive value from existing manually<br />

intensive finance processes associated with accounts receivable,<br />

cash allocation, credit management, bank reconciliation and cash<br />

forecasting. Based in the heart of the UK, our operations extend to<br />

Europe, USA and Asia. Experienced in the field of technology and<br />

accounting, our approach to business revolves around integrity<br />

and enabling organisations to unlock their full potential though<br />

innovation. Rimilia is proud to be a leading innovative supplier of<br />

finance solutions that make a positive change to the blue chip clients<br />

it supplies.<br />


Gravity London<br />

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

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

W: www.gravitylondon.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the best<br />

in its field. It has a particular expertise in the credit sector, building<br />

long-term relationships with some of the industry’s best-known<br />

brands working on often challenging briefs. As the partner agency<br />

for the <strong>Credit</strong> Services Association (CSA) for the past 13 years,<br />

and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since 2006, it<br />

understands the key issues affecting the credit industry and what<br />

works and what doesn’t in supporting its clients in the media and<br />

beyond.<br />


Begbies Traynor Group plc<br />

340 Deansgate, Manchester, M3 4LY.<br />

T: 0161 837 1700 F: 08432181728<br />

E: michael.locke@Begbies-Traynor.com<br />

W: www.begbies-traynorgroup.com<br />

Begbies Traynor is the UK’s leading independent Corporate<br />

Rescue and Recovery practice, handling more than 1000 cases<br />

per year. We offer a bespoke solution for credit professionals, that<br />

is used by many of the UK’s leading companies. Benefits of this<br />

system include;<br />

• Access to a bespoke online case management system<br />

• UK coverage at creditors meetings;<br />

• Assistance with retention of title claims;<br />

• Proactive monitoring of dividend prospects<br />

• Advice on antecedent transactions;<br />

• A dedicated relationship manager to assist with your insolvency<br />

portfolio and answer any queries.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 61

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />


DWF LLP<br />

Neil Jinks FCICM – Director<br />

M: +44 (0)7740 179 515<br />

T: +44 (0)121 647 2524<br />

E: neil.jinks@dwf.law<br />

W: www.dwf.law/recover<br />

Described by market commentators as “blazing a trail”, DWF is one<br />

of the UK’s largest legal businesses with an award-winning reputation<br />

for client service excellence and effective operational management.<br />

Named by the Financial Times as one of Europe’s most innovative<br />

law firms and independently ranked first of all top 20 law firms for<br />

quality of legal advice and joint first of all national law firms for service<br />

delivery and responsiveness. DWF offers a full range of cost effective<br />

debt recovery solutions including pre-legal collections, debt litigation,<br />

enforcement, insolvency proceedings and ancillary services including<br />

tracing, process serving, debtor profiling and consultancy.<br />


CICMos (CICM Online Services)<br />


T: 01780 722 907.<br />

E: training@cicm.com<br />

W: www.cicmos.com<br />

CICMOS has been designed to help busy credit managers by<br />

providing them with a suite of online tools to support and<br />

quickly develop their teams. The virtual learning centre is an<br />

open platform system, accessed via the website, which is<br />

easy to use, modular and each module is completely optional,<br />

which means the system can be tailored to suit specific<br />

requirements and time constraints. This wide ranging system<br />

is more than just a training tool it is easy to set up and use<br />

and can be accessed securely via the CICMOS website for a<br />

low annual subscription.<br />




Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively<br />

for Hays by the CICM. We offer CICM members a priority service<br />

and can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London<br />

SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is<br />

a globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

•Accelerate cashflow<br />

•Improved DSO<br />

•Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth<br />

•Reduce risk<br />

•Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />


Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> (CICM)<br />

The Water Mill, Station Road, South Luffenham,<br />

OAKHAM, LE15 8NB<br />

T: 01780 722910 E: info@cicm.com<br />

W: www.cicm.com<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong> (CICM) is Europe’s<br />

largest credit management organisation. The trusted leader<br />

in expertise for all credit matters, it represents the profession<br />

across trade, consumer, and export credit, and all credit-related<br />

services. Formed over 70 years ago, it is the only such organisation<br />

accredited by Ofqual and it offers a comprehensive<br />

range of services and bespoke solutions for the credit professional<br />

(www.cicm.com) as well as services and advice for the<br />

wider business community (www.creditmanagement.org.uk).<br />

Portfolio <strong>Credit</strong> Control<br />

Portfolio <strong>Credit</strong> Control, New Liverpool House,<br />

15 Eldon Street, London, EC2M 7LD<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> Control, Accounts<br />

Receivable and Collections staff. Part of an award winning<br />

recruiter we speak to and meet credit controllers all day everyday<br />

understanding their skills and backgrounds to provide you with tried<br />

and tested credit control professionals. We have achieved enormous<br />

growth because we offer a uniquely specialist approach to our<br />

clients, with a commitment to service delivery that exceeds your<br />

expectations every single time.<br />

SmartSearch<br />

Station Court, Station Road, Guiseley, Leeds, LS20 8EY<br />

T: 0113 238 7660<br />

F: 0113 238 7669<br />

E: info@smartsearchuk.com<br />

W: www.smartsearchuk.com<br />

SmartSearch is the first system to bring together Business<br />

and Individual AML Verification on a single platform. Our data<br />

providers Experian and Dow Jones provide SmartSearch<br />

access to over one billion data items enabling AML<br />

verification in all Markets. AML verification data subjects are<br />

automatically screened against the latest Sanction, PEP and<br />

SIP Lists. Ongoing monitoring for the duration of your contract<br />

is provided at no extra cost. Efficient processes; less than 3<br />

minutes to execute a business AML check and a sub 60 second<br />

individual check. Why not let your Compliance Team test drive<br />

SmartSearch for 14 days free of charge? (Ref:CM101)<br />



You can connect with them all now by having a listing in <strong>Credit</strong>Who.<br />

For just £1,247 + VAT per annum:<br />

- your business will be listed in <strong>Credit</strong> <strong>Management</strong> <strong>magazine</strong>, which goes out to all our<br />

members and subscribers and has an estimated readership of over 25,000.<br />


ANTHONY CAVE ON 020 3603 7934<br />

For even greater exposure to our membership and a closer association with CICM,<br />

why not enquire about becoming a Corporate Partner.<br />

To find out more contact Peter Collinson (07584 993548).<br />

CICM Corporate Partners now get <strong>Credit</strong>Who included.<br />

62<br />

September <strong>2016</strong> www.cicm.com<br />

The recognised standard


CM<br />




Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved - CROSSWORD NBR 11<br />

NAME ....................................................................................................................................<br />

ADDRESS ..............................................................................................................................<br />

...............................................................................................................................................<br />

POST CODE .................................. TELEPHONE NUMBER .....................................................<br />

The CICM is registered with the UK’s Information<br />

Commissioner under the Data Protection Act 1998<br />

(the "Act"). All the data contained on this form, is<br />

held and processed electronically in accordance<br />

with the Act.<br />

The Institute holds and processes your personal<br />

data in order to give you the full benefits of being<br />

a member and for administrative purposes.<br />

We might from time to time notify you by post or<br />

email of details of CICM events or other similar<br />

CICM services or products which we think<br />

September be of interest to you. If you do not wish<br />

to receive such notification please tick here q<br />

If you subsequently decide that you do not wish<br />

to receive such notifications please email the<br />

Institute at unsubscribe@cicm.com or write to the<br />

Data Controller at the address given below.<br />

The Data Protection Act gives you the right at any<br />

time to see a copy of all the data that we hold<br />

about you. If you would like a copy, please send a<br />

letter requesting this information together with a<br />

cheque for £10 payable to :<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

to: Data Controller, CICM, The Water Mill,<br />

Station Road, South Luffenham, OAKHAM,<br />

LE15 8NB.<br />




ACROSS:<br />

1. Mugs<br />

5. Tablet<br />

10. A Freudian stage<br />

14. Relating to urine<br />

15. House style<br />

16. Lawn mower brand<br />

17. Lascivious look<br />

18. Unmerited<br />

20. Xylophone<br />

22. Streaked<br />

23. Go up and down<br />

24. Relieves<br />

25. Alleviating fever<br />

32. French for “Queen”<br />

33. Proxy<br />

34. Utilize<br />

37. Warbled<br />

38. Talk<br />

DOWN:<br />

1. Stem<br />

2. Component of urine<br />

3. Jetty<br />

4. Marking<br />

5. Short and blunt<br />

6. Roman moon goddess<br />

7. Tot<br />

8. Foot digitsv 9. At one time<br />

(archaic)<br />

10. Courtyards<br />

11. Exploded stars<br />

12. Mountain crest<br />

13. Deposits of ore<br />

19. Construct<br />

21. Brood<br />

25. Backside<br />

26. Close<br />

27. Prong<br />

28. Sexually assaults<br />

29. Excrete<br />

39. Portent<br />

40. Before, poetically<br />

41. Estimate<br />

42. Implant<br />

43. Acts of refraining<br />

45. Lampblacks<br />

49. Not in<br />

50. Oval<br />

53. Version<br />

57. Widely circulated<br />

59. Border<br />

60. Always<br />

61. Zapupe<br />

62. Part in a play<br />

63. Lairs<br />

64. Showered with love<br />

65. Sleigh<br />

30. Make fun of<br />

31. Writing liquid<br />

34. Part of an ear<br />

35. Observed<br />

36. Terminates<br />

38. A type of large sandwich<br />

39. Excluders<br />

41. Pants<br />

42. Decorative case<br />

44. Gestured the affirmative<br />

45. Stitched<br />

46. Drink garnish<br />

47. Bygone<br />

48. Layers<br />

51. WW1 plane<br />

52. Therefore<br />

53. Overhang<br />

54. False god<br />

55. Leer at<br />

56. Require<br />

58. Consume<br />

CLOSING DATE: 14 <strong>November</strong> <strong>2016</strong><br />


Dennis L Howson FCICM, Peter McDonald MCICM(Grad)<br />

and Andrew Thronton MCICM<br />

For the chance of winning £20, forward your completed solution to:<br />

Art Editor, Andrew Morris, Chartered Institute of <strong>Credit</strong> <strong>Management</strong>,<br />

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.<br />

The recognised standard<br />

www.cicm.com <strong>November</strong> <strong>2016</strong> 63

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