December 2016 Credit Management magazine

CREDIT MANAGEMENT
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
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CONTENTS
DECEMBER 2016
www.cicm.com
REGULARS
4 Editor’s column
6 News
14 CICMQ news update
24 Legal Matters - DWF
30 International Trade
48 HR Matters
52 Forthcoming Events
53 New members
55 Branch News
59 Cr£ditWho? directory
63 Crossword
FEATURES
12 ASSET CLASS
Jeff Longhurst FCICM on the impact of .
Brexit on UK plc
13 CEO’S MESSAGE
Philip King FCICM reviews an eventful .
12 months for the CICM and UK
16 TOP TRUMP - COVER FEATURE
Adam Bernstein takes a closer look at
what could happen during a Trump
Presidency
18 GROWING IMPORTANCE
Credit Managers’ salaries are rising.
Karen Young FCICM explores in more
detail
20 EDUCATION
Sue Chapple FCICM changed her
view of debtors when a friend found
himself in a vulnerable position
26 BREXIT ROADTRIP
David Andrews takes a trip through
Europe and wonders how things may
change
29 TRADE TALK
Lesley Batchelor FCICM OBE looks at
how Britain could trade with Europe
post-Brexit
32 COUNTRY FOCUS
The concluding part of our country focus
on Russia that looks at potential business
opportunities
36 ADVERTORIAL
Data Interconnect explains the benefits
of moving to a single 02C solution
38 THE WINTER OF DISCONTENT
Alex Coates on the potential pitfalls that
lay ahead for sterling
40 SOAPBOX CHALLENGE
Tom Berger has a rant about Cantors at
sporting fixtures
41 ASK THE EXPERTS
How to ensure senior management are
aware of your achievements
21
41
38
21 WILDE AT HEART
Sean Feast interviews the co-founder
of Amicus Commercial Finance
42 PAYMENT TRENDS
The latest monthly business-to-business
payment performance statistics
CICM GOVERNANCE
PRESIDENT
Stephen Baister FCICM
CHIEF EXECUTIVE
Philip King FCICM CdipAF MBA
EXECUTIVE BOARD
Laurie Beagle FCICM – Chair
Glen Bullivant FCICM
Sue Chapple FCICM
Larry Coltman FCICM
David Thornley FCICM(Grad) – Treasurer
Pete Whitmore FCICM – Vice Chair
ADVISORY COUNCIL
Laurie Beagle FCICM
Jason Braidwood FCICM(Grad)
Glen Bullivant FCICM
Sue Chapple FCICM
Larry Coltman FCICM
Kim Delaney MCICM
Eleimon Gonis MCICM
Victoria Herd FCICM(Grad)
Christelle Madie MCICM(Grad)
Debbie Nolan FCICM
Bryony Pettifor FCICM(Grad)
Allan Poole MCICM
Phil Rice FCICM
Charlie Robertson FCICM
Chris Sanders FCICM
Richard Seadon FCICM
Shakti Tanda MCICM(Grad)
David Thornley FCICM(Grad)
Debra Weston FCICM
Pete Whitmore FCICM
The recognised standard
www.cicm.com December 2016 3

CREDIT MANAGEMENT
CM
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
the
Editor’s
column
LIES, DAMN LIES AND THE
TRUE COST OF PARENTHOOD
I
love looking at stats. As a journalist,
whenever you can support a story with a
decent piece of research or a large number
it has a power that words alone cannot
deliver. Indeed, as a challenge, pick up any
national newspaper today and within almost
every piece there will be a stat to give credence
to the angle the journalist wants to take.
In the last few weeks, I have been inundated
with numbers. At a recent CICM Think Tank,
Malcom Weir, Head of Restructuring and
Insolvency at the Pension Protection Fund,
told us that (as at August 2016) the total
compensation paid out by the fund to those
impacted by an insolvent employer that cannot
meet its pension obligations is c£2.7 billion
and it currently has some £28 billion of funds
under management. In much the same
period, some 6.723 million employees joined
a pension scheme under auto-enrolment.
Those TV ads with the dubious purple
monster appear to be working at last.
Elsewhere, the Money Charity published
its latest figures on credit and debt, many of
which will make your hair curl: outstanding
mortgage lending to the end of September
2016 stands at £1.315 trillion; growth in
private debt to UK adults has risen to £1,036
trillion; and 460 purchases were made in
the UK every second using debit and credit
cards. These and many more stats you will
find in our news pages in a new regular
section.
But the most alarming statistic of all is
the cost of bringing up a child from birth to
their 21st birthday. This figure, which had me
reaching for my heart pills, now stands at
almost £250,000. (It’s actually £231,843, but
what’s £18,157 between friends?). Happily, my
boys only have a year or two to go until I am
solvent again, although my wife appears to
have other plans.
So if you are a parent, grandparent or
doting uncle or aunt, think on. As you watch
your little darlings ripping open their presents
or pinching chocolates from the tree (or in my
case, nicking their father’s Peroni from the
garage), think what you could have done with
a quarter of a million quid. And if you have
more than one angel, how far half a million
pounds or more could have taken you.
Happy Christmas.
CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099
Publisher
Chartered Institute of Credit Management
The Water Mill
Station Road
South Luffenham
OAKHAM
LE15 8NB
Telephone: 01780 722910
Fax: 01780 721333
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast
Deputy Editor
Alex Simmons
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Tom Berger, Imogen Hart and Iona Yadallee
Advertising
Anthony Cave
Telephone: 0203 603 7934
Email: anthony.cave@cabbell.co.uk
Printers
Warners (Midlands) Plc
2016 subscriptions
UK: £85 per annum
Overseas: £110 per annum
Single copies: £10.00
View our digital version online at www.cicm.com Log on to the Members’
area, and click on the tab labelled ‘Credit Management magazine’
Credit Management is distributed to the entire UK and international CICM
membership, as well as additional subscribers
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this
magazine do not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor
reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit
Management’ is a registered trade mark of the Chartered Institute of Credit Management.
4
December 2016 www.cicm.com
The recognised standard

Hoist Finance.
Season’s greetings.
Christmas is a time for giving and receiving, and over the last 12 months we
have given thousands of pounds and hundreds of hours of our time to good
causes in our local community. We’ve funded school trips for children who
have never been away; sent food parcels to the most in need; and provided
vital support and advice to those seeking to better manage their income
and expenditure. This year, as previously, we’ve not sent Christmas cards,
but made a donation to one of our local projects. To us, Corporate Social
Responsibility (CSR) is not a tick in a box. It’s at the heart of our culture,
a sustained commitment to help people have better lives. With this in mind,
may we wish you all well over the festive season, and a Happy New Year.
Hoistfinance.com
Re-writing financial services
Authorised and regulated by the Financial Conduct Authority for matters governed by the Consumer Credit Act 1974 (amended 2006).
The recognised standard
www.cicm.com December 2016 5

CMNEWS
A
round-up
of news stories
from the world
of consumer and
commercial
credit.
By By Sean Feast and Alex Simmons
CICM URGES MORE SUPPORT TO
DRIVE BETTER PAYMENT PRACTICE
Philip Ling
A
report from the Federation of Small
Businesses (FSB) into the impact
of poor payment practice has been
welcomed by the Chartered Institute
of Credit Management (CICM), with a call for
more support for the Prompt Payment Code.
Philip King Chief Executive of the CICM,
has also challenged the FSB’s proposal that
signatories to the Code should be given ‘three
strikes’ before being removed from the list,
saying that it will create too much uncertainty
into how a ‘strike’ should be defined.
“Signatories can already be removed
after only one challenge if the complaint is
upheld and poor practice has been proven,”
he explains, “and ‘three strikes’ might allow
them to abuse the system and their suppliers.
The principal rationale behind the current
challenge process is to find a positive
resolution,” he explains, “and to this end
the Prompt Payment Code has been a huge
success.
“There is no doubt that the Code needs
further support and resource, but we should
not confuse strengthening the Code with a
suggestion that the Code has so far failed,”
he says. “The Code has been working fully as
intentioned, challenges have been made and
upheld, and payment issues resolved. What is
really lacking is wider publicity and support.”
The CICM already works closely with
the FSB and Philip agrees with much that is
contained within the FSB’s report, ‘Time to
act: the economic impact of poor payment
practice.’ He feels, however, that a better use
of existing mechanisms could have a dramatic
impact on reducing the late payment burden:
“The Government has been
understandably distracted by events and
must now focus more on exploiting the
initiatives that are already in place. Where
we completely agree with the FSB is that
the appointment of the new Small Business
Commissioner by Government should be
accelerated. We believe that the role of the
Commissioner is vital and should include a
responsibility to drive the Code and ensure
that the Commissioner role complements it.
“We also think that the creation of a
dedicated late payment taskforce would be
helpful in driving more businesses to sign up
to the Code and encouraging suppliers to
formally challenge poor payment practice.”
The FSB report claims that existing
policy interventions have had no discernible
effect on tackling problems around the UK’s
poor payment culture in the last five years.
Mike Cherry, National Chairman at the FSB,
believes the UK now risks having a business
culture where it is acceptable not to pay an
SME on time.
“Small businesses have to run a tight ship
with their cash flow, and as they struggle with
increasing business costs on one hand and
an uncertain domestic economy on the other.
They should not also have to struggle with
the stress, time and money required to chase
overdue payments from corporate giants.”
Mr King agrees, but says that it is not
only larger firms who extend payment terms:
“While it is the larger businesses that will
attract the media attention, there are many
smaller businesses who are also guilty of
placing unnecessary pressure on their own
supply chain,” he adds.
The CICM administers the PPC on behalf
of the Department for Business, Energy and
Industrial Strategy.
TIME TO ACT
THE ECONOMIC IMPACT
OF POOR PAYMENT PRACTICE
Small businesses have to run a tight ship with their cash
flow, and as they struggle with increasing business costs
on one hand and an uncertain domestic economy on
the other. They should not also have to struggle with
the stress, time and money required to chase overdue
payments from corporate giants.
Published: November 2016
@fsb_policy
fsb.org.uk
6
December 2016 www.cicm.com
The recognised standard

NEWS IN BRIEF
MANUFACTURING DRIVES SLUMP
IN CONFIDENCE
CONTINUED declining confidence in the
manufacturing sector is the driving force
behind three successive quarterly falls in
overall economic confidence, according to the
latest barometer from the Chartered Institute
of Credit Management (CICM).
Manufacturing closed down 2.3 points to
54.9 in Q3’s results from the Credit Managers’
Index (CMI), which is run by the CICM and
sponsored by Tinubu Square. This is the
most prominent factor in the headline figure’s
0.8-point fall to 55.3 – a figure that has
collapsed by 2.7 points throughout 2016.
In comparison the Services sector is more
optimistic and remains broadly flat at 55.5;
although it has also fallen in the first three
quarters of 2016 by 2.3 points, most of which
(2.2 points) came in Q1.
Further analysis of Q3’s results shows
a divergence from some of the UK’s key
economic indicators. Compared to 0.5
percent quarterly growth in GDP and a 2.3
percent increase in the FTSE All Share Index,
the CMI has dropped by 1.4 percent.
Philip King, Chief Executive of the CICM,
says the CMI’s contrast to the stock markets
is uncharacteristic: “Since it began in 2010,
the CMI has generally tracked the All Share’s
peaks and troughs,” he says. “What the latest
results highlight is the difference between
today’s beneficial economic circumstances
and an uncertain future.
“We are currently seeing a post-Brexit
bounce with a falling pound and continued
EU membership positively affecting exports,”
Philip continues.
“The confidence of credit managers is
clearly being impacted by uncertainty over
ICO £70K FINE FOR SPAM TEXTING
A company that sent out 2.2 million
illegal marketing text messages has been
fined £70,000 and ordered to stop by the
Information Commissioners Office (ICO).
Although there were only 92 complaints
made about the messages, an ICO
investigation revealed that London-based
Nouveau Finance sent out over two million
messages without consent.
The business, which is registered with
the FCA, contracted a marketing services
company to carry out the six-month-long
text campaign, but failed to check that this
company had complied with the Privacy
and Electronic Communications Regulations
(PECR). People had not given permission
to receive the messages and the company
didn’t identify who they were from. All of these
failings broke the law.
Steve Eckersley, the ICO’s Head of
Enforcement says relying on another
company to do your marketing is not a
The recognised standard
future trade negotiations and the lack of
clarity around the timing of Article 50.
It will be interesting to see whether that
confidence shifts in Q4 given the recent
support announced for Nissan and the UK
car industry.”
The survey also asked whether if
a sudden contraction in the economy
occurred, could credit managers respond
quickly to the need to re-evaluate credit
terms they had issued. A third (33 percent)
stated they either had no process in place for
this scenario, or it would be entirely manual.
Asked about the volume and value of credit
limit requests, following sterling’s current
post-brexit vote decline, 30 percent have
already had, or were expecting an increase
in requests.
Overall, regional results are more positive
than the headline Index with ten out of the 12
regions displaying positive results. However,
the centre of the UK’s economy, London,
has contracted and its CMI figure of 50.2 is
well below a 52-point benchmark. The East
Midlands is the only other region below this
level at 51.1. Three sectors feature below
the benchmark; Oil and Gas is the most
concerning at 41.9; basic resources closed
at 49.0; and retail ended at 51.4
“The CMI is now showing a clear and
declining trend that started pre- and is
continuing post-Brexit,” Philip adds. “It
is important to recognise that while key
indicators and markets are reporting good
figures, there is disparity with economic
confidence from the perspective of credit
professionals, those at the heart of assessing
businesses’ cashflow.”
get-out clause when it comes to the law: “If
your business has instigated a campaign,
you are responsible and it’s up to you to
make sure it meets the requirements of some
very strict regulations.” The Government
recently announced plans to introduce fines
for company directors heading up nuisance
marketing firms. The new law should be in
place by next spring. Mobile phone users can
report unsolicited marketing text messages to
the Spam Reporting Service by forwarding the
message to 7726 which spells out “SPAM”.
Meanwhile, the ICO is targeting more
than 400 companies believed to be using
personal details to promote online gaming
websites. The regulator is writing to
companies demanding they set out how they
use personal details and send marketing
texts. This includes where they got people’s
personal information from and how many
texts they sent.
ico.org.uknds
THE EXTRA MILE
MOTORMILE Finance UK has entered into an
agreement with the FCA to provide redress
to more than 500,000 customers for historic
failures in its due diligence and collections
process. The company failed to conduct
sufficient due diligence upon the purchase of
a debt portfolio to be satisfied that the sums
due under customer loan agreements were
correct. This in turn led to unfair and unsuitable
customer contact for recovery of those sums.
The redress will consist of £154,000 in cash
payments to customers and the writing-off of
£414 million of debt where the firm has been
unable to evidence the outstanding debt
balance is correct and properly due.
fca.org.uk
GLOBAL CFO
PHILLIPS & Cohen Associates has appointed
Gelsomina Paolini as Global Chief Financial
Officer. She has more than 20 years’ experience
overseeing worldwide financial planning and
strategy initiatives for Fortune 500 and SEC
regulated entities. Prior to joining Phillips &
Cohen Associates Gelsomina held a variety
of global leadership roles with DuPont and
Chemours. Adam S. Cohen, Co-Chairman/
CEO says Gelsomina’s extensive experience,
knowledge and multilingual capabilities are
significant assets to the firm: “We look forward
to her input and guidance as we continue to
expand in Europe, Asia and the Americas.”
phillips-cohen.co.uk
HIT AND MISS
METRO Bank has announced that people who
do not identify with a specific gender will be
able to choose Mx as a title and non-binary
as a gender, whether they are a customer or
colleague of the bank. Danny Hamer, Metro
Bank’s Chief People Officer, says its ‘no stupid
bank rules’ approach means exactly that:
“Not offering people the option to identify
themselves as they choose is a barrier that
we’re pleased to have removed,” he explains.
metrobankonline.co.uk
COO FOR SFO
THE Director of the Serious Fraud Office (SFO)
has appointed Mark Thompson, latterly the
Head of its Proceeds of Crime Division and
Chief Finance Officer, as its Chief Operating
Officer. Mark will report to the Director on
matters concerning governance structure
and corporate services, including oversight
of Human Resources, Finance, Information
Technology and Strategic Relations.
sfo.gov.uk
TECHNICAL SUPPORT
The CICM’s Technical Committee met in
London on 8 November and discussed a
number of issues: Lord Justice Briggs final
report and recommendations to The Civil
Courts Structure Review (CCSR); Companies
House publishing Late Filing Penalties statistics;
BEIS consultation on the policy that will
underpin the complaints scheme of the Small
Business Commissioner; The Money Advice
Service releasing information about the go-live
date for the Standard Financial Statement; and
Limited Liabilities Partnerships in England and
Scotland, the increase in fraudulent trading in
Scotland and huge rise in limited partnerships.
www.cicm.com December 2016 7

CORPORATE INSOLVENCIES
RISE AFTER BREXIT
A
post-Brexit bounce in the number
of companies throwing in the towel
has been reported by the Insolvency
Service (IS) in its latest quarterly
figures. An estimated 3,633 companies failed
during the third quarter of 2016, a two percent
rise on the previous quarter.
Published at the end of October, official
statistics show that a trend in case numbers
has been fairly flat for the past year, having
decreased from mid-2011 to mid-2015. The
figures also show that an estimated 2,569
companies entered a creditors’ voluntary
liquidation in the third quarter; a 5.2 percent
rise on the previous quarter and a 2.2 percent
year-on-year rise.
The IS said these figures are in line with a
fairly stable trend observed over the past two
years.The figures also show a fairly benign
context around compulsory liquidations
compared to the recent past. A total of 632
companies were subject to compulsory
liquidation between July and September, a
4.5 percent decrease on the previous quarter
but 2.4 percent higher than the same period in
2015. Other types of company insolvency also
remained in line with medium-term trends.
There were an estimated 352 administrations,
an increase of 3.5 percent compared to the
previous quarter and 0.6 percent higher
than the same quarter in 2015. There
were an estimated 75 company voluntary
arrangements and five administrative
receiverships. The liquidation rate was at
its lowest level since comparable records
began.
Andrew Tate, President of R3, says
a quarterly rise in corporate insolvency
numbers, however, is not necessarily an
indicator of Brexit -related financial problems
for UK companies:“According to R3 research,
UK companies remain in good shape,” he
says. “Only 21 percent of businesses – close
to a record low – surveyed in our most
recent Business Distress Index report a key
indicator of distress, while 62 percent report
at least one sign of growth.
“So long as the economy continues
to grow steadily insolvency numbers are
unlikely to rise too much, but, of course, that
all depends on what impact Brexit has on the
economy.”
gov.uk/government/organisations/
insolvency-service
INTRUM JUSTITIA ACQUIRES 1ST CREDIT
EUROPEAN credit management services
group Intrum Justitia is to acquire UK debt
purchaser 1st Credit from private equity
firm Bridgepoint for £130 million, subject to
regulatory consent.
Headquartered in Reigate, 1st Credit was
acquired by Bridgepoint in 2004. It has over
100,000 customers and arrangements of
more than £300 million. In 2015 it increased
collections revenue by 18 percent to £50.1
million and reported EBITDA of £33.2 million,
up from £27.3 million in 2014. The company
holds a position on all major debt purchase
panels in the UK.
Intrum Justitia, which is listed on the
Stockholm Nasdaq, has more than 90 years of
experience, 19 offices across Europe and an
international network covering 160 additional
countries.
Mikael Ericson, President and CEO of
Intrum Justitia AB, says acquiring 1st Credit
will strengthen its ability to service clients in
the financial industry: “The UK market is one
of the largest and most developed in Europe.
With 1st Credit, we acquire a strong unit with
a solid organisation which we believe can
grow into one of the market leaders in the UK
in the coming years.”
Intrum intends to retain the existing UK
management team, led by Chairman Leith
Robertson and Chief Executive Eddie Nott.
intrum.com
1stcredit.com
FIRST WINNER OF
JEREMY CHAPLIN
AWARD
AMIR Ali has become the first winner of
the Jeremy Chaplin Memorial Award, an
award established in Jeremy’s memory to
recognize and acknowledge the hard work
and contribution from an individual within the
Industry. Amir, a regular columnist in Credit
Management, received the award from the
President of the Civil Court Users’ Association
(CCUA), Lord David Hacking at the CCUA
Annual Conference. Lord David said that
Amir had been unanimously chosen for his
exemplary work as acting Chair of the CCUA,
following Jeremy’s passing, and before he was
officially elected as Chair of the Association at
last year’s AGM. ccua.org.uk
Pictured from left to right: Brian Havercroft, Honorary Vice President of the CCUA and Chair of the Judging Panel
for the Jeremy Chaplin Memorial Award; Angela Chaplin, Jeremy’s widow; Amir Ali; and Lord David Hacking.
8 December 2016 www.cicm.com
The recognised standard

News in Numbers – provided by the Money Charity
THE.news . IN
NUMBERS
£1,036
trillion
ANNUAL GROWTH IN PRIVATE
DEBT FOR UK ADULTS
£108
MILLION
AVERAGE GOVERNMENT DEBT GROWTH FOR
EACH DAY IN SEPTEMBER 2016 (£4,090 PER
SECOND)
£4.7
billion
TOTAL NET LENDING TO
INDIVIDUALS BY UK BANKS AND
BUILDING SOCIETIES ROSE
IN SEPTEMBER 2016
6.723
MILLION
£188.7
billion
OUTSTANDING CONSUMER
CREDIT LENDING AT THE END OF
SEPTEMBER 2016
4,077
new
debt
PROBLEMS EVERY DAY DURING THE QUARTER
ENDING JUNE 2016 ACCORDING TO CITIZENS
ADVICE BUREAU
£1.315
trillion
outstanding
MORTGAGE LENDING AT THE END OF SEPTEMBER 2016
employees
JOINED A PENSION SCHEME UNDER
AUTO-ENROLMENT BY THE END OF
SEPTEMBER 2016
£231,843
cost
OF RAISING A CHILD TO
THEIR 21ST BIRTHDAY
ACCORDING TO LV’S ‘COST
OF A CHILD’ REPORT
CCJS ON
THE RISE
CICM NEWS
CONSUMERS in England and Wales are facing a
decade-high level in the number of County Court
Judgments (CCJs), according to figures released by the
Registry Trust.
There was a year-on-year increase nearing 50 percent
in the third quarter of 2016, with more than a quarter
of a million (256,847) judgments registered against
consumers in England and Wales. The average value of
a CCJ, however, fell 11 percent to £1,642, the lowest
third quarter figure in the past decade. By contrast the
average value of a judgment in Q3 2008 stood at £3,680.
Over the same period, the number of judgments
against consumers in the High Court fell for the third
year in a row to 62, the lowest number on record. The
total value increased sharply by 90 percent to £68.3
million, with the average value rising to a decade high of
£1.1 million. The total value of debt judgments against
consumers in all courts in England and Wales during Q3
2016 was £490 million.
“The rise and rise in the number of judgments is a
matter for serious concern,” says the Registry Trust’s
Chairman, Malcolm Hurlston CBE: “One factor may
well be that claimants are finding it worthwhile to sue
for smaller sums. But people face not only lenders
and utilities which use the county courts but also local
authorities and HMRC who have their own approaches.
“It becomes ever more important for people who can
to satisfy judgments, either within a month, in which case
they may be removed, or soon after when the satisfaction
record will look good on the credit score.”
registry-trust.org.uk
FCA ON
A MISSION
THE Financial Conduct Authority (FCA) has launched
a consultation on its mission, designed to provide a
guiding set of principles around the strategic choices the
FCA makes. It will inform the FCA’s strategy and day-today
work over the coming years.
The intention of the mission is to provide clarity over
the objectives, the methods to allow it to focus its efforts
in the right places as well as explaining the reasoning
behind the work the FCA does, and a framework on how
it chooses the tools it uses to do it. In developing the
mission, the FCA will be seeking engagement across
the breadth of its stakeholders. Consultation will have a
fundamental impact on the shape of the final strategy.
Andrew Bailey, Chief Executive of the FCA, says
establishing and embedding a clear mission for the
FCA is critical to its success: “The mission will only be a
success if our stakeholders engage with us through this
consultation process. We want this to be a very open
process. Out of it, we hope that we can set out a clear
path ahead for financial conduct regulation in the UK.”
fca.org.uk
FECMA
APPOINTMENTS
Glen Bullivant FCICM has stood down as President of
FECMA (Federation of European Credit Management
Associations) after three successful terms in office. The
new elected board are: President – Josef Busuttil, Malta
Association of Credit Management; Vice President – Ludo
Theunissen, Instituut voor Kredietmanagement, Belgium;
Vice President – Philip King FCICM, Chartered Institute
of Credit Management; and Treasurer – Jan Schneider
Maessen, Bundesverband Credit Management e.V.,
Germany.
The recognised standard www.cicm.com December 2016
9

BACS LAUNCHES CONSULTATION
INTO DIRECT DEBITS
AS initially reported in the August issue of
Credit Management, Bacs has launched a
public consultation into Direct Debits aiming to
understand where Direct Debits are working well
and where there is potential to adopt changes to
enhance the process.
CICM members are being urged to complete
the questionnaire and reminded of the CM article
that highlighted serious issues and concerns
around Indemnity Claims and the need for much
greater creditor protection.
The questionnaire is available online at https://
surveyc.orcinternational.com/orc/start/bacs/
live.htm and paper versions can be requested
by emailing consultation@bacs.co.uk. Further
information regarding the consultation, which is
open until 9 December 2016, can be found at
https://www.bacs.co.uk/Services/bacsschemes/
directdebit/Pages/DirectDebitConsultation.aspx.
bacs.co.uk
CM
CREDIT MANAGEMENT
JULY / AUGUST 2016 £10.00
TOOTH
AND NAIL
SPEAKING OUT ABOUT
DIRECT DEBIT CLAWBACKS
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
www.cicm.com
CM July/August 2016.indd 1 21/06/2016 12:00
NEWS IN BRIEF
ONE IN THE STABLE
LLOYDS Banking Group has set aside an
extra £1 billion to compensate people who
were allegedly mis-sold payment protection
insurance (PPI). The provision is to cover
operating costs and redress. It will also
compensate for the impact of further PPI
claims that may be made up until June 2019.
This is the extended deadline that the FCA
proposed in August this year.
lloydsbankinggroup.com
CICM IN BRIEF
This month’s briefing includes details of
the last free CICM Workshop for 2016
in Leeds on 1 December, the Corporate
Partner webinars - Begbies Traynor on
Death and Debt on 8 December and DWF
on Litigating to Trial on 13 December,
and a Webcast by ICTF on Five Best
Practices for Global Financial Shared
Services Centres on 8 December.
SMES HOLD ON TO NEARLY £5 BILLION IN STOCK
THE value of the unsold stock held by SME
manufacturing companies has risen to £4.94
billion, putting cashflow under greater strain,
reveals research by the Asset Based Finance
Association (ABFA).
The figure is up from £4.87 billion last
year, with the value tied up in unsold stock
remaining stubbornly high over the last
five years despite hopes that the fragile
economic recovery would allow businesses
to clear unsold stock.
The value of this inventory currently
amounts to 16 percent of the £81 billion
annual turnover of SME manufacturers.
Quickly moving on stock in order to access
finance can be difficult, which can cause
issues for companies requiring finance in a
short time frame.
Money tied up in unsold stock is money
that could have been used for business
development or R&D, putting a brake
on growth. However, the ABFA says that
businesses can unlock the value tied
up in their stock through asset based
finance, releasing funding to develop their
businesses.
Demand from businesses for this kind of
alternative finance is growing, with the value
of funding secured against stock by ABFA
Members standing at £584 million at the end
of June – up 56 percent over the last five
years (£373 million in 2011).
Jeff Longhurst, Chief Executive of the
ABFA says SMEs are finding it hard to reduce
their inventory levels as customer demand
remains subdued: “Asset-based finance can
be used as a form of security to unlock the
value tied up in stock.”
abfa.org.uk
CAPTION COMPETITION
£50 WORTH OF AMAZON
VOUCHERS UP FOR GRABS!
For your chance to win £50 worth of Amazon vouchers, send your funniest
caption to the picture (right) of Deputy Editor, Alex Simmons, dressed as an elf.
Please submit your entries to the editor@cicm.com by 19 December.
The winner will be announced in our January/February issue.
HO HO HO
MERRY
CHRISTMAS
10 December 2016 www.cicm.com
The recognised standard

BACK TO BLACK
IVAS AND RPBS
In response to November’s Soapbox Challenge,
David Kerr MCICM looks at what is on the agenda for IVAs.
THE creditor community and others are
currently raising some understandable
concerns about aspects of how the IVA
world operates and is regulated, and last
month’s Soapbox Challenge touched on some
interesting points in this regard. As regulators,
collectively, we have a responsibility to make
any changes necessary to restore stakeholder
confidence. Any messages of reassurance will only
be credible if we first acknowledge that some things
need to change, and can demonstrate a willingness
and capability to address them.
The regulators in this space are the Government’s
Insolvency Service (IS), the Recognised Professional
Bodies (RPBs) that license Insolvency Practitioners
(IPs), and the FCA. The Insolvency Practitioners
Association (IPA) is one of the two largest RPBs in
terms of the number of IPs it regulates, and has
been actively engaged with other regulators to
take forward this agenda and make sure any gaps
are plugged. A number of different strands of work
through the Joint Insolvency Committee (which
Philip King chairs) and elsewhere will see new
standards next year on the control of funds and
potentially also changes to the bonding regime to
ensure that creditors are adequately protected when
things go wrong.
The IVA Standing Committee (IVASC),
which oversees the protocol used in the most
straightforward consumer cases is also addressing
issues around fairness regarding the availability of
equity in property, tackling some creditor concern
about debtor retention of significant value at
creditors’ expense. This echoes an issue raised by
the Accountant in Bankruptcy in Scotland in respect
of Protected Trust Deeds (PTD). The IPA’s latest
guidance on the PTD equity issue is available on its
website.
Monitoring by RPBs has a part to play. Some of
last month’s Soapbox Challenge issues are about the
enforcement of IVA terms, and creditor frustration
in this regard can be exacerbated where IPs are
seen to be unduly lenient with defaulting debtors.
That might be a communication issue more than one
of substance, but there is a fundamental obligation
to supervise the arrangement agreed between the
debtor and creditors. One would need to consider
the terms of each IVA and the discretion allowed
when a debtor is defaulting, but generally where
some flexibility is permitted it is usually with the aim
of maximising the return to creditors – something
that is now a statutory objective of the insolvency
regime.
Where the IP or debtor wants to vary the terms,
creditors will have a say. Clarity in reporting is key
to creditors making informed decisions, whether
that is at the outset or at variation stage.
As regards change generally in this area, the
IS is embarking on a review of regulatory activity.
Creditor representatives will have an opportunity
to contribute to that through the IVASC and wider
consultations.
However, as regulators we will
need to be constantly vigilant to
ensure that new developments
in this sector adhere to the
principles of the profession’s
code of ethics, and be prepared
to address threats to those
standards as they arise.
The number of regulators is reducing. The IPA
and ACCA have announced a collaboration, which
in effect consolidates the regulatory arrangements
for more than 700 IPs from January 2017. This will
help to streamline the approach to monitoring and
facilitate consistency.
An IVA will still be the best option for debtors
and creditors in many cases, not least given
the increased costs in bankruptcy. However, as
regulators we will need to be constantly vigilant
to ensure that new developments in this sector
adhere to the principles of the profession’s code
of ethics, and be prepared to address threats to
those standards as they arise. The IPA will certainly
play a part in tackling any abuse, in the interests
of maintaining and enhancing pubic confidence.
That is central to the IPA’s mission, and now also
embedded in the objectives set in the legislation.
David Kerr MCICM is the Chief Executive of the
Insolvency Practitioners Association (IPA).
The recognised standard
www.cicm.com December 2016 11

ASSET CLASS
GETTING DOWN
TO BUSINESS
Jeff Longhurst FCICM begins a new column exploring the
impact of Asset Based Finance on a post-Brexit world.
W.HEN looking back on 2016, I won’t
be the first or last to reference
Lenin’s famous paraphrasing of
Marx that there are decades where
nothing happens and there are weeks when
decades happen.
In the space of just three weeks in the early
summer it felt like British politics had been
turned on its head. After a fractious referendum
campaign that was short on fact and long on
contention, 51.9 percent had said no to the EU.
And with that Cameron was gone, swiftly followed
by Osborne, prime ministerial contenders
dropped like flies and the last person standing,
Theresa May, emerged triumphant.
Beyond the repeated mantra that Brexit means
Brexit, as we approach the end of the year there
is still not a great deal of clarity as to what form
the UK’s exit from the European Union will take
and what the subsequent relationship with the
remaining 27 Members will look like.
So we all look to 2017 with fascination and
not a little trepidation. Our Members continued
to support their clients through the financial
crisis and the subsequent downturn and will do
the same no matter what comes in the uncertain
months and years ahead; ABFA Members support
around 44,000 businesses and are willing and
able to help more as well.
There are real challenges already crystallising.
There are clear signs that some larger businesses
towards the top of supply-chains may manage
the uncertainty ahead by passing their pressures
and costs down the line to their suppliers,
transferring their risks to those businesses
that are less able to manage it effectively. We
are already seeing this with contracts being
renegotiated and payment terms creeping out
again.
There is a clear role for government here. We
have a (sort of) new Business Department in the
form of the Department for Business, Energy and
Industrial Strategy. It remains to be seen whether
the change of name indicates a genuine change
in tack towards a more proactive industrial
strategy like that advocated by the last Secretary
of State but one, Vince Cable, but eschewed by
his successor and the former chancellor. The new
Secretary, Greg Clark, spent the summer making
encouraging noises about the importance
of proactive government in supporting
businesses. The situation with Nissan shows that
his department would do well to try and get
ahead of the curve and put a firm framework
for intervention in place or will otherwise risk
getting swept along by circumstance.
There is much that the department can do
in the credit management and finance space.
Consultation has just been launched on the role
of the Small Business Commissioner, focusing in
particular on late payment. We welcome this but
argue that a properly resourced and empowered
Commissioner could have a wider impact in
addressing some of the broader challenges
faced by smaller businesses, from late payment
and poor payment practices more generally,
to sign-posting to information about access to
finance and about the systems that are available
to businesses if they are not treated fairly. A
Small Business Commissioner with the status and
authority to make recommendations or directions
to Ministers on the full range of small business
issues would be a powerful voice in government.
We welcome this but argue
that a properly resourced and
empowered Commissioner
could have a wider impact in
addressing some of the broader
challenges faced by smaller
businesses.
The ABFA is also urging the new department
to bring forward the long-awaited Regulations to
outlaw the practice of large businesses blocking
their smaller suppliers accessing finance through
the use of so-called ‘ban on assignment’ clauses.
Such bans are an unacceptable imposition on
smaller businesses that restrict their ability to
use their own assets (the funds owed by often
long-paying customers) to access finance.
Action against them is long overdue and will at
last bring the UK into line with the US, Canada,
Australia, most of Europe and many other
jurisdictions around the world. Bringing effective
Regulations into force as soon as possible will be
a real boost for small businesses and the access
to finance agenda.
Jeff Longhurst FCICM is the Chief Executive Officer of the Asset Based Finance
Association. The ABFA represents the invoice finance and asset based lending industry in
the United Kingdom and the Republic of Ireland. www.abfa.org.uk.
12 December 2016 www.cicm.com
The recognised standard

OPINION
TOMORROW’S
CICM
Philip King FCICM reflects on a remarkable year in
politics, the business environment, and the CICM.
W.HAT an incredible year it has
been. Nobody would have
thought that in 12 months we
could have so radically changed
the global political and economic landscape; the
UK has a new Prime Minister and is pulling out
of the European Union, and the United States is
coming to terms with a reality TV star as its new
President.
If it demonstrates one thing in particular
it is the need to listen to your ‘public’ and act
on what you are being told. To that end I can
draw a parallel to our own Chartered Institute,
and the unprecedented third party survey
we undertook earlier in the year to seek our
members’ views, opinions and aspirations for
the CICM. The response was terrific, proving
the depth of passion that exists, and now we’re
acting on what we’ve been told and setting
out our strategy for the future. We have a clear
understanding and direction for ‘Tomorrow’s
CICM’, and are now working hard to conclude
our plan and start implementing delivery. (see
the November issue of Credit Management or
go online at http://www.cicm.com/about-cicm/
cicm-strategy/)
Much of the last 12 months has been a
continuation of our drive to engage with as
many stakeholders as possible to champion
the cause of credit management and credit
professionals. We are working more closely
with government than ever before, delivering
a range of highly acclaimed local, regional and
national events, and strengthening our magazine
to become a genuine industry leader.
But of all our achievements this year the one I
am most passionate about is the introduction of
apprenticeships. Encouraging individuals to join
our profession at an early age is vital to growing
the CICM’s recognition and status. They are the
new generation that will take our Institute into
the brave new world that awaits.
There are, of course, many people I should
thank for their continued encouragement
and support, not just at a national level – the
HQ team, Executive Board, Advisory Council
and committees – but also in the regions and
our most excellent local branches. I would
also acknowledge the work of our Corporate
Partners and other sponsors who continue to
provide essential services and support, often of
a highly specialised nature.
We are working more closely
with government than ever
before, delivering a range of
highly acclaimed local, regional
and national events, and
strengthening our magazine
to become a genuine industry
leader.
Indeed, whatever part of the credit industry
you work in, as a practising CICM member
your role in championing our Institute and our
profession to colleagues, fellow team members
and peers, is essential and I thank you for it.
In many ways our work is just beginning.
With so much uncertainty in the world, there are
interesting times ahead. As your professional
body, we must ensure that we continue to further
increase and enhance the quality of advice
and resources available to you enabling you
to face the future with confidence, safe in the
knowledge that you have the support of Europe’s
largest professional credit management
organisation.
May I take this opportunity of wishing you
and your business prosperity and success in
2017, and wishing you also a Merry Christmas
and a Happy New Year.
The response was terrific, proving the depth of passion
that exists, and now we’re acting on what we’ve been
told and setting out our strategy for the future. We have a
clear understanding and direction for ‘Tomorrow’s CICM’,
and are now working hard to conclude our plan and start
implementing delivery.
The recognised standard
www.cicm.com December 2016 13

CICMQ NEWS
POST-TAKEOVER SUCCESS
SINCE it was awarded accreditation in 2014
Local World, the regional newspaper group,
has been acquired by Trinity Mirror, which
runs a portfolio of national and regional
newspapers, websites and digital products.
With all the changes that an acquisition
brings, the news that Local World’s credit
department has maintained its high
standards to become CICMQ re-accredited
should be commended.
Over the last two years, Local World’s
credit department has worked alongside the
sales department in a bid to foster better
and more constructive working relations. As
such, it toured the UK visiting and presenting
to every sales team about the credit
department’s role within the business.
“Overall the project was a real success,”
says Mark Mackey, Head of Credit
Management and Customer Services
at Local World. “We have received
overwhelmingly positive feedback from the
sales division, and that has led to positive
results.”
He strongly believes that success
comes through the people: “Having clear
performance objectives, support in achieving
them, the ability to constructively challenge
the status quo, and to bring forward ideas for
improvement are all very important,” Mark
continues. “And most of all, we need
to recognise when things go well.”
And things have gone well as the CICMQ
Assessor’s report emphasised: ‘The credit
team at Local World is a prime example of
one such credit team that continues to make
a difference and contribute to outstanding
performance for the business’.
Discussing the accreditation, Mark says
it gives a valuable blueprint to work towards:
“It’s an opportunity to get the team involved
and encourages us to look outwards for best
practice. As a function, it’s important to look
in the mirror and take a critical view to work
out just how to get better.”
THE GOOD WORK WON’T STOP HERE
COMMERCIAL law firm Hill Dickinson can now
boast CICMQ re-accreditation for the second
time following initial success in obtaining
the accolade in 2012, having seen its high
standards maintained over the last two years.
Established in 1810, the company now
has over 1,150 employees spread across nine
offices in five countries. Its clientele includes
a mix of listed and private multi-national and
domestic businesses as well as a significant
number of public sector organisations.
With legal businesses being established
upon creating and maintaining relationships and
having a good reputation, Treasury Manager
Tom McBride says professional recognition
is incredibly important: “All of our partners
and solicitors know we have achieved the
accreditation and it gives them peace of mind
that we take a professional approach when
speaking to their clients.”
Since the second accreditation, Tom says
the credit team has recruited three credit
professionals: “We had three vacant positions
and all had to undertake additional work
while recruitment was ongoing. Creating an
environment where the team feels empowered
to work together to meet clear objectives is
important,” he continues, “so ensuring new
MEETING CHALLENGES HEAD ON
colleagues bed in well was a key focus.”
A focus that has clearly paid off, as CICMQ
Assessor Chris Sanders explains in his report:
‘New skillsets brought in will not only enhance
the current processes, but will significantly
improve them due to new initiatives and a
new system’.
Tom explains this new system will help
the team to better cope with changes in the
market place: “We are working smarter with
new computer systems and data to achieve
even better results, and that fits in with the
firms overall objectives – in particular a further
reduction in the DSO.”
FOLLOWING an internal merger of two
departments, organisational restructure,
streamlining through reduced staffing levels
and the implementation of a new system,
EDF Energy (UK)’s Revenue Management
team has come up against its fair share of
challenges since initial CICMQ accreditation
in 2013.
Yet it has overcome these challenges
and achieved re-accreditation as the team
‘continuously improve processes, methods
and procedures with each assessment’,
according to the Assessor’s report.
Sue Chapple, Head of Revenue
Management at EDF Energy, explains the
importance that is placed on CICMQ: “The
impact of business failure at the credit
management level can be significant to the
customer and the company,” she says.
“It is incumbent on my teams to
ensure that customers are in the best
possible positions, and as such the credit
management function holds a pivotal place in
the sales to cash process internally.”
Further to this, the accreditation is now
used in EDF Energy’s bid process. “It is an
expectation of a number of our customers
as a standard entry requirement into some
tender processes,” Sue continues. “It is
therefore imperative that we do not lose the
accreditation.”
The Assessors report continues to say
EDF Energy’s Revenue Management team
is highly respected within the organisation:
‘It’s a testament to the front-line operational
managers keeping their teams focused
and as a result they are still driving for
improvements.’
Explaining this, Sue concludes by advising
other credit managers of the importance of
their teams: “Recognition, clear policies,
empowerment and accountability at an
individual portfolio owner-level will help every
team to succeed.”
14 December 2016 www.cicm.com
The recognised standard

INTERNAL AND EXTERNAL RECOGNITION
After an internal audit called them ‘simply
brilliant’, the credit and risk team at TalkTalk
Business has achieved external recognition
through its recent success in becoming
CICMQ re-accredited.
The TalkTalk Business team, which
provides telecommunications services to
businesses, is led by Sharon Dunlop, Head of
Credit and Risk, who subscribes to the view
that continued professional development
encourages success:
“We fully encourage the team to engage
with their own personal development, and all
of our credit controllers are studying towards a
qualification in credit management set by the
CICM,” she says.
This was picked up on by CICMQ
Assessor Chris Sanders in his report, which
explains the team is motivated to succeed:
‘It currently ensures the professionalism of
the department is cemented by investing in
CICM qualifications and setting a minimum
requirement for each team member to reach
Level 2.’
Since TalkTalk Business’s initial
accreditation, Sharon says it has continued
to be involved in a stream of internal projects
to ensure its best practice techniques are
of full benefit to the company: “In doing so
we are continuing to stretch our boundaries
and are seeing year-on-year performance
improvements.
“This ensures the overall sentiment from
stakeholders is of a professional, productive
team that has the confidence and trust of the
business,” she continues.
“Strong performance will always be
recognised and success celebrated, as this is
an easy way to motivate the team to continue
striving towards best practice, which is
promoted within the business and industry,”
Sharon concludes.
RECIPE FOR
SUCCES
THE latest firm to achieve CICMQ reaccreditation
is the Turner Group, supplier
of powered equipment and servicing.
Its greatest challenge since obtaining
the initial accolade in 2014 has been staff
changes, which its Group Credit Control
Manager, Caroline Currie, describes
as inevitable: “We take the ‘roll up our
sleeves’ approach and secure the best
training for our team,” she says.
This is symptomatic of a credit
professional that wants a highly cohesive
team: “Communication is the most
important tip I can give to any credit
department,” Caroline adds. “Listening
to the team and keeping them motivated
are essential ingredients to success – of
course, a good cake on a Friday always
helps!
“Striking a balance between assessing
credit risk and assisting growth can be
challenging, but overcoming this always
proves rewarding for both the team and
myself,” she concludes.
FIRST ACCREDITED RETAIL BUSINESS
ACHIEVES RE-ACCREDITATION
JOHN Lewis Partnership, the first retailer to
have achieved CICMQ accreditation, is the
latest household name to have been awarded
re-accreditation.
The business, which includes grocery
outlet Waitrose and the department store
John Lewis, has a team of 12 credit
professionals that manage in excess of £1
billion in collections from over 1,600 UKbased
and international customers.
This is no mean feat, as Joy Randev,
Manager Accounts Receivable, explains:
“Since our initial accreditation in 2014 we
have been able to reduce our DSO to its
lowest ever level, and currently have just one
percent of debt as overdue.”
One percent, Joy points out, is still too
much. “We are always determined to improve,
and the entire team has been put through an
advanced collections course with the CICM
to work out ways to improve.”
Helping them to achieve better targets, the
credit team have recently adopted automated
processes that has enabled their reporting
function to improve. “We are set targets
on a weekly basis, and it is to the team’s
testament that we have hit these figures every
single week bar one,” he continues.
These processes were evident to CICMQ
Assessor Chris Sanders, who outlined them
in his report: ‘It is my opinion that the team
show excellent methods and procedures,
strong financial controls and positive
feedback and comments from internal
stakeholders.’
“CICMQ accreditation was outlined in
our annual plan of key objectives,” Joy
continues. “It was something that our
directors wanted us to maintain as it ensures
that we are shown to be a professional and
dedicated team. It also further increases our
internal reputation throughout the business.”
The recognised standard
www.cicm.com December 2016 15

OPINION
Following the shock election result in the US, Adam Bernstein looks at
what a Trump presidency means to an uncertain world.
THE Founding Fathers could surely not have made
it up; a rank outsider – Donald J Trump has beaten
the establishment at its own game. But while he
lost the total popular vote by just 0.2 percent -
47.5 percent to Clinton’s 47.7 percent, he won where
it counted and secured the states that gave him the
Electoral College votes, the institution that under the US
constitution directly votes in the President.
Trump ran his campaign on rhetoric and, as some
would see it, on the basis of insult and mudslinging.
Whatever your view, he took an anti-establishment, pro-
US, pro-change, and protectionist line. He polarised the
electorate in a way not seen in decades and succeeded
against all odds.
But apart from the populist sentiment, what would the
Trump administration look like and what does it mean for
the world outside of America? What are his policies – his
‘visions’?
MARKET STALL
One of the central planks in the Trump campaign involves
the state of the US economy. Despite it being on, as the
OECD notes, a ‘moderate growth trajectory sustained
by mutually-reinforcing gains in employment, income
and household spending’, Trump has called for its
rejuvenation – at the expense of other economies.
And so it’s interesting to note that with the
announcement that Trump was in the lead, and then
subsequently had won the election, the financial markets
understandably reacted – but not in the way that many
expected. The pound rose against the euro and the
dollar; and the Mexican peso fell to its lowest rate on
record against the dollar as the possibility of US/Mexican
relations deteriorating became more likely – as did the
wall (that’s now, post-election, going to be part fence)
that Trump wants between the two countries and the
rapid renegotiation of the North American Free Trade
Agreement (NAFTA).
As David Johnson, Director at Halo Financial, notes:
‘Those selling US dollars headed for the safety of the
Japanese yen and gold. While the dollar has stabilised,
Trump does not officially begin his term as US President
until January 2017, so market uncertainty and volatility
will surely continue in the coming months.’
It’s worth noting that before the Brexit vote in June,
President Obama said that the UK would go to the
back of the queue when it came to negotiating a post-
Brexit trade agreement. However, Trump has said that
it makes no difference to him (and therefore trade
with the US) if the UK is in or outside of the EU.
Yes, stock markets initially fell, but they had risen by
the end of the day – the FTSE ended one percent up,
the Dow Jones rose 1.4 percent, and the Dax closed 1.5
percent higher. The election result did cause an initial
intake of breath on global markets, says Laith Khalaf,
Senior Analyst at Hargreaves Lansdown. However, his
view is that the initial drop in global markets with the
subsequent recovery and shrug indicates that the US
political system has a limited effect on the markets –
something which is to be lauded.
TRUMP FUTURE
First off, the Trump administration would withdraw the
US from the Trans-Pacific Partnership, a new trade
agreement between 12 pacific rim nations; he’s not keen
on its goal of reducing barriers to trade, lowering of tariffs
and the removal of protectionism.
Similarly, analysts at Investec think the Transatlantic
Trade and Investment Partnership deal between the
US and EU will go no further for the same reasons. City
economists have cautioned that the result of any rising
US protectionism may send exports from emerging
markets towards the EU which will only serve to
strengthen the hand of protectionists in the EU as well.
For the UK, this could mean a much tougher time at the
EU negotiating table once Article 50 has been triggered.
On a parallel tack, Trump’s administration would
target what it sees as violations of trade agreements that
harm US workers.
China is particularly in Trump’s sights. He considers
the country a currency manipulator; is unhappy with its
alleged misuse of state subsidies (that give the Chinese
producers an unfair advantage); and would use every
Presidential power he has to pursue trade disputes with
China if it does not ‘stop its illegal activities, including its
theft of American trade secrets.’ With top exports from
China, according the CIA Factbook including electrical
and other machinery, data processing equipment,
clothing, furniture, textiles, and integrated circuits (as well
as plastics, iron and steel, and medical equipment), this
is a big deal.
The biggest weapon in the armoury, as Trump sees
it, is the application of trade tariffs – duties in other
words. Johnson notes that this could slap an extra 45
percent on the cost of US imports – China won’t be
happy. While on first blush this appears to be a Sino/US
issue, the squabble has the potential to go global. Why?
China produces so much and if it can’t sell it to the US it
may well ‘dump’ it elsewhere. That could result in other
countries imposing tariffs on imports and as Johnson
puts it, could contribute to a global economic slowdown.
It’s entirely possible that, if Trump’s campaign policies
16 December 2016 www.cicm.com
The recognised standard

The biggest weapon in the armoury, as Trump
sees it, is the application of trade tariffs –
duties in other words. Johnson notes that this
could slap an extra 45 percent on the cost of
US imports – China won’t be happy.
Pfizer—the single largest beneficiary of that
experiment, used it to bring back $35.5 billion
in foreign earnings before cutting 11,748 US
jobs over the next three years.
are followed to their natural conclusion, the US
could remove itself entirely from NAFTA and
the World Trade Organisation. So will we see
a full on trade-war? Quite possibly. Americans
could lose more than they gain.
POPULARITY CONTEST
The main, and some would say populist
thrust of the Trump campaign, aims to add
(more) jobs to the US economy – a goal of 25
million in 10 years has been mooted on the
campaign website – and this requires, quite
simply, Americans to do more domestically.
The stated plan is to boost economic growth
to 3.5 percent a year (half of what China has
recently been achieving, even in its ‘slowing’
economy). To do this, the Wall Street Journal
has noted that the Trump administration plans
to spend $1 trillion over the next 10 years on
infrastructure projects. It very much sounds
like Franklin D Roosevelt’s 1930s New Deal
policies that helped the US economy post-
Depression; the US construction sector is
delighted of course.
Interestingly, there’s no hint of any planned
tax hike to pay for this investment which will,
at first, help the US economy. But in time
the US will become saddled with more debt
which it will find hard to service. Analysts at
Moody’s, according to Forbes.com, foresee
trouble – they see interest rates rising to entice
the money in that the (new) US Government
will need for this new investment. And where
the US Federal Reserve leads on interest
rates, the world follows. Further, some reckon
that Trump plans for the economy and trade
will backfire and put the US economy into
recession by 2018 – that’s the view of Megan
Greene from Manulife Asset Management.
As an aside, the US bond market is heavily
owned by foreigners, ‘including nations like
China where Trump has made unfriendly
comments,’ said Jim Leaviss, Head of Retail
Fixed Interest at M&G Investments. So it’ll be
interesting to note how Chinese investors view
funding US debt while Trump is hard at work
bashing China.
There are others, including Larry Hatheway,
Chief Economist at GAM, a global asset
management firm, who think that Trump’s
spending plans could also leading to a jacking
up of inflation in an economy that’s already
close to full employment, especially if he
carries out his threat to deport illegal workers
en masse (three million as of 13 November).
It’s a point made by Trump himself when
he said that he wants to ‘establish new
immigration controls to boost wages and to
ensure that open jobs are offered to American
workers first.’ Interestingly, the threat to ban
Muslims from entering the US is no longer on
Trump’s campaign website.
On tax, the Trump campaign website points
to what could be a new race to the bottom
in terms of corporate taxation. The present
tax regime in the US charges 35 percent on
business profits, but Trump is suggesting a
rate of 15 percent. The UK is presently 20
percent, but the former chancellor George
Osbourne talked of aiding the UK’s post-Brexit
position with a 15 percent or less tax rate. In
comparison, Ireland has pegged its rate at
12.5 percent. Further, Trump is planning to
give US companies the option of repatriating
overseas profits with a one-time charge
of only 10 percent. The last time the US
offered something similar was in 2004, where
companies paid just five percent on repatriated
profits. However, a study of the policy found
that for every dollar companies brought
home, they jacked up shareholder payouts
between 60 and 92 cents. And pharmaceutical
DEAR BLIGHTY
It’s quite clear that Donald Trump as President
could add to global economic uncertainty if
he carries through on his trade and economic
policies. However, for the UK, in the shortterm,
the impact could be muted. Indeed,
Capital Economics has left its forecasts for UK
growth unchanged 1.5 percent in 2017 and
2.5 percent in 2018 following the US election
result. That said, mortgage experts are now
talking about increases of around 0.25 percent
in five and 10-year fixed rates in the shortterm,
with more rises to follow because City
rates have leapt since Trump’s win.
Sure, the US is the UK’s biggest export
market, with a fifth of UK goods and services
sent across the Atlantic, but Capital Economics
suggests that the Brexit vote might actually
prove to be an insulator. Firstly, the rapid drop
in the pound (and now the drop in the dollar)
since the Brexit vote has made UK exports
more competitive (by definition, imports are
more expensive). Secondly, the UK has had its
revolution while eurozone states are now more
open to attack – France, Germany and Italy,
must be concerned.
However, it’s worth noting that before the
Brexit vote in June, President Obama said
that the UK would go to the back of the queue
when it came to negotiating a post-Brexit trade
agreement. However, Trump has said that it
makes no difference to him (and therefore trade
with the US) if the UK is in or outside of the
EU. Indeed, his trade advisor Dan DiMicco has
gone on record as saying that he ‘absolutely’
wants to strike a trade deal with the UK,
possibly before Article 50 is triggered. Johnson
thinks that markets could be reassured by
Trump’s talk of continuing the UK-US ‘Special
Relationship’ and by the UK’s Chancellor of the
Exchequer, Philip Hammond, saying that he
anticipates ‘a very constructive dialogue’ with
the new US administration. As we’ve seen,
Trump considers China as the real threat.
So while, to an extent, it’s true that when
the US catches a cold we all sneeze, if the US
economy grows then the effect could trickle
around the world – but only to the extent that
any new tariffs allow.
The problem for Trump is that globalisation
and free trade has been good for the global
economy. While the popular sentiment (not
quite if you consider the 0.2 percent lead
Clinton had over Trump) was for protectionism,
Americans who voted for Trump will lose out
if for no other reason that they (and the rest of
the world) will cease to benefit from cheaper
goods and greater choice. From the food in
their supermarket to their holiday or favourite
smartphone, prices are surely going to rise if
trade becomes subject to a tariffs and a trade
war. Only time will tell.
The recognised standard www.cicm.com December 2016
17

OPINION
GROWING
IMPORTANCE
Salaries continue to rise as demand for credit professionals intensifies.
Karen Young FCICM takes a closer look at regional pay statistics.
THE repercussions of the political
events in 2016 are a long way from
being fully realised, but the credit
management profession is preparing
for the future and, as companies look to
protect and maximise their cash position, the
importance of a talented credit function has
never been greater. The credit recruitment
market continues to see movement from both
a candidate and employer perspective. Credit
professionals are actively seeking new career
opportunities and employers are focused
on hiring the very best talent they need in a
changing business environment. Although
recruitment in finance departments, on the
whole, will be given careful consideration
throughout 2017, talented credit professionals
look set to retain their sought after status.
Pay for credit professionals increased
by 3.7 percent on average in the past year,
with the highest salary increases for some
roles double this. Findings from The Hays UK
Salary & Recruiting Trends 2017 report show
that the average salary for credit professionals
recruited by Hays Credit Management within
the last 12 months is now £36,396, 3.7
percent up from £35,115 in 2016. The 3.7
percent salary increase received by credit
professionals is more than double the 1.4
percent salary increase those working in
accountancy and finance received overall.
Salary increases have not
been limited to senior roles,
for instance, credit control
supervisors in the North
West have seen an eight
percent rise in pay, such is
the demand for their skills
in the region.
Last year 48 percent of credit professionals
expected their rate of pay to increase in the
next 12 months and were proven correct; in
fact, our research suggests that 51 percent
more received a pay rise in 2016 than
expected to.
Salary increases in 2016 were not isolated
to the usual hotspots of London and the south
east, with many areas of the UK receiving
above average increases to the rate of pay in
the finance profession. Credit professionals in
the West Midlands and South West England
received salary increases of four percent or
more. Salary increases have not been limited
to senior roles, for instance, credit control
supervisors in the North West have seen an
eight percent rise in pay, such is the demand
for their skills in the region.
Most employers in finance (93 percent)
expect their business activity to increase
or stay the same in 2017, with 58 percent
forecasting an increase in activity. This is
slightly lower than the national average (62
percent pre the EU referendum, 57 percent
post the vote) however only six percent
expect to see a decrease in activity which is
in-line with national averages both before and
after the EU referendum. These figures show a
consistency in business positivity following the
referendum and indicate employers’ long-term
economic outlook remains robust, despite a
turbulent political and economic year.
Skills shortages will continue to cause
challenges in 2017. The majority (75 percent)
of managers hiring finance roles say the
shortage of suitable candidates is the top
recruitment challenge for the coming year,
this figure is slightly below the national
average both before (77 percent), and after
(79 percent) the referendum vote. So, in a
market that is fiercely competing for talent,
organisations should review the speed and
agility of their recruitment processes so as not
to lose out on strategic hires.
Credit professionals are still concerned
with the lack of career progression. When
asked about their career development
opportunities the majority (58 percent) of
credit professionals said they felt there
was no scope for career progression within
their current organisation. This is a slight
improvement compared with the 60 percent
last year who said there was no progression.
However, it is clear that employees continue
to care very deeply about building a career
in credit management, yet are not able
to see the career paths available to them
in their current organisation. Therefore,
keeping career development high on the list
of priorities is more important than ever for
employers. Now is the time when employers
in credit management should step up and
start investing time and money in their
credit teams or they will lose their top talent
to companies better placed to help them
progress. It is crucial day-to-day activities do
not overshadow the long-term development
of staff.
Uncertain economic conditions often
create a greater need to manage risk and
cash flow, highlighting the importance
of hiring effective credit managers. We
do not anticipate the demand for credit
professionals to diminish any time soon,
giving people the confidence to move and
encouraging employers to offer increased
salaries. However, employers looking to hire
in the coming year will need to act decisively
as competition will be as fierce as ever;
and those looking for the very best talent
must have a clear plan for progression as
employees have never been keener to build a
long-lasting career in credit management.
Karen Young FCICM is Director of Hays
Credit Management.
18 December 2016 www.cicm.com
The recognised standard

Now is the time when
employers in credit
management should
step up and start
investing time and
money in their credit
teams or they will
lose their top talent
to companies better
placed to help them
progress.
Northern Ireland
£40,000
Scotland
£38,000
CREDIT MANAGER
AVERAGE REGIONAL
SALARIES
North East
£36,000
North West
£35,000
Yorkshire and Humber
£36,000
East Midlands
£35,000
Wales
£35,000
West Midlands
£48,000
East of England
£35,000
South West
£36,500
South East
£40,000
London
£55,000
Credit
Controller
CREDIT MANAGEMENT
Credit Controller
Supervisor
Credit
Manager
Group Credit Manager
/ Head of Credit
Region 2017 2017 2017 2017
North West £22,000 £28,000 £35,000 £50,000
North East £20,000 £26,000 £36,000 £58,000
Yorkshire & Humber £20,500 £26,500 £36,000 £56,500
West Midlands £23,000 £29,000 £48,000 £65,000
East Midlands £21,000 £26,000 £35,000 £55,000
East of England £24,000 £29,000 £35,000 £55,000
London £26,000 £36,000 £55,000 £70,000
South West England £22,500 £26,000 £36,500 £55,000
South East England £26,000 £32,000 £40,000 £63,000
Scotland £20,000 £27,000 £38,000 £50,000
Northern Ireland £21,000 £26,000 £40,000 £45,000
Wales £19,500 £26,000 £35,000 £52,000
National Avg. 2017 £22,125 £28,125 £39,125 £56,208
The recognised standard
www.cicm.com December 2016 19

EDUCATION
HOW MUCH DO WE
REALLY CARE?
Sue Chapple FCICM, Executive Board Director of the CICM, was shocked
at the treatment a friend received when he became vulnerable.
I
have spent the majority of my career working
in and around debt, and up until six months
ago I think I was firmly of the ‘can’t pay, won’t
pay’ view of debtors. The majority of people
in debt can afford to pay something. That was
until someone in our social group suddenly found
himself in what we now know to be a ‘vulnerable’
state.
A director of his own successful estate
agency business with an office in an affluent
area experienced the extremely distressing
breakdown of his 20-year marriage and saw
him suffer from acute anxiety and depression.
Due to his illness he was unable to work and
was forced to cut all personal expenditure and
take the drastic decision to sell his business for
nothing so that someone else could take on his
business liabilities, which included paying his six
employees.
This meant that in one fell swoop he had no
access to the internet or income. Even the form to
apply for emergency income support is 93 pages
long, and the Citizens Advice Bureau (CAB) had
never experienced a situation where someone
was not able to complete it online.
As a group of friends, we have been keen to
help and provide support while, on the advice of
the doctor, trying to ensure that he is able to retain
some kind of independence.
The response from different organisations and
the banks have had the worst impact. I cannot
believe how his main High Street bank has
responded. Despite fully explaining the position
on day one (no income, no job and no ability
to currently change any of that), and pleading
with them to allow some breathing space, within
a couple of weeks of defaulting on credit card
payments, it was sending up to six letters a
week demanding a phone call to explain. All this
despite numerous lengthy letters explaining that
the immediate level of anxiety meant a phone call
of this nature was simply not possible.
After having banked with them for 40
years, I had expected there may be greater
understanding. After eventually complaining, he
was offered £120 as compensation, but advised
that it had to be paid into his overdrawn account.
This was the final straw, and as a result a number
of us in the group have now moved our accounts.
A few weeks ago he was close to being able
to look for work again. I called the Job Centre
three times (calls go to a national call office) and
waited 40 minutes on each call. I was told no
appointment was needed and he just had to turn
up at the Job Centre, only to be confronted with
a look of surprise from the receptionist when he
arrived with her stating that she had no idea why
we had been told that. No surprises - but the form
we needed to complete was also online. This event
again increased anxiety and distress.
Seeing first-hand how quickly someone can
become vulnerable has really opened my eyes.
Anyone could experience emotional breakdown
without warning. What is most shocking to me
is how suddenly and quickly you can go from
relative financial stability to trying to survive on
£73 a week unemployment benefits; that’s barely
enough to keep petrol in your car, especially when
you consider his case and the number of doctors’
appointments he has had to attend.
My friend is in the largest demographic of
those that find themselves in this situation. A
single man with grown-up children that has
recently, for the first time in his working life,
become unemployed. Yet because of his lack of
dependants – both his children are at university
– he has been put to the back of the queue. Why
are the systems and processes in place so stacked
against those that need the most help?
So what can we do to help? Certainly those
in the debt industry can help by giving those
experiencing difficulties some breathing space.
By ensuring that the staff on the front-line actually
deliver the services and empathy that we all hear
is in place at strategic level. Given the right help
he could have been back on his feet by now. This
man is not a criminal out to defraud the system
and take advantage of the state and society; he is a
good man who has fallen on hard times.
It was this experience that prompted me to get
involved in the new CICM Vulnerability Group,
which I am hopeful will go some way towards
helping our staff to spot vulnerability and provide
the right level of empathy to help those that are
suffering. Statistics show that individuals, such
as our friend, recover and return to being good
customers – and they will remain loyal to the
support provided.
To find out more about the CICM’s Vulnerability
Group visit the news section at www.cicm.com.
20 December 2016 www.cicm.com
The recognised standard

INTERVIEW
WILDE AT HEART
Sean Feast continues his series of interviews with alternative finance providers
and speaks to John Wilde, co-founder of Amicus Commercial Finance.
JOHN Wilde is in fact an understated,
outwardly calm and softly spoken man
who strikes you as if nothing would faze
him. That could be something to do
with his childhood in Manchester in the early
1960s, brought up in a children’s home and
in long-term foster care, and schooling at a
local Grammar (St Ambrose’s College) run by
Christian Brothers. Even by his own admission
he describes those days as ‘interesting’ and
as such he has never taken anything for
granted.
Apart from his wife, who he met when he
was 15, his first passion was sport: “I loved
sport from the beginning and in many ways
it was my salvation. I was never happier than
while playing sport, and it kept me out of
trouble. I played everything and anything, from
soccer through to tiddlywinks.”
Indeed, John was a tidy rugby player in his
day, turning out not only for the school 1st XV
but also his local club, Winnington Park in his
home town of Northwich. “I was the scrum
half until the arrival of a certain Dewi Morris
(Morris went on to play 28 times for England.
Ed.) and then I moved to the wing. He was a
class apart.”
Although John does not describe himself
as ‘academic’, he still achieved four A Levels
and a place at Liverpool University to read
Law. Unfortunately, an unwise purchase put
paid to his tertiary education after the first
year: “I spent most of my grant money on
a motorbike and then found that I couldn’t
afford to continue studying,” he smiles. To
make matters worse, his bike was stolen soon
afterwards.
BANKING CAREER
John recognised that he needed to work:
“Living in Northwich at that time, many of
my contemporaries were apprentices at ICI
or Rolls Royce (in Crewe), but my best friend
at the time had recently started working at
NatWest and so I applied to the Midland
and Barclays for a job. Midland came first
and offered me a position, and so I fell into a
career in banking.”
As it happened, the rigour and discipline
of banking was to stand John in good stead,
learning about structure, management, and
the importance of dual controls. Soon he
was promoted onto the counter, interacting
with customers, a role that he relished. Other
promotions followed, during which he studied
for his banking exams and had all-but finished
his AIB (as it was then) qualifications when he
left to work in the world of Hire Purchase (HP).
“I was running a sub-office of the bank
in Altrincham and could see how my career
was being mapped out. Another friend was
working for Lloyds & Scottish, and he had a
car. This really impressed me at the time, and
was the catalyst for me to move. I joined L&S
(which soon after became Lloyds Bowmaker)
and started to learn about selling HP and
asset finance.”
In working for L&S, John had once again
fallen on his feet: “They had one of the very
best training academies at Ramsay Lodge in
Edinburgh where I was sent to learn how to
‘sell’. It was a month-long, residential course,
and really intense. There were 40 of us at
the beginning, and when you came down to
breakfast every morning, you’d always notice
a face or two missing.
“I was told by my boss that if you went
to Ramsay Lodge, you had to finish top, and
as it happens I did. It was a very winning
culture and attitude; they really invested in the
mechanics of selling, something that you don’t
see as much if at all today.”
continues on page 22 >
The recognised standard
www.cicm.com December 2016 21

INTERVIEW
continued from page 21
>
All went well until the company’s business
model changed, and John moved into full-time
arrears work, collecting debts from customers
and repossessing cars and other assets. It
was another steep learning curve that gave
him an even greater insight and understanding
into the lending environment, both the good
and the bad: “It was very high octane and
high energy,” he recalls with a hint of a wistful
smile. “There was tremendous camaraderie
and it was great fun.”
COMMERCIAL MORTGAGES
An opportunity to join the French bank,
UCB, tempted John into selling commercial
mortgages: “I knew little about commercial
mortgages and little about UCB, but they had
a great company car policy,” he laughs.
He joined the Manchester office and soon
after becoming commercial manager for the
region. Having clearly attracted the attention
of senior management, John was approached
with an opportunity to run the Guildford
branch, which at the time was fast becoming
the jewel in the company’s crown. Though it
meant moving his wife and two small children
south, he recognised the significance of the
opportunity: “We had 16 branches at the time
and we won branch of the year twice, back to
back.”
Further promotions followed, including
a seat on the Management Board, before
the company changed direction to become
a ‘product’ business and was later sold to
Birmingham Midshires. Emotionally, John
has already left, although stayed on as a
consultant to ease the transition, as well as
working for other finance providers at the time
including GE and Close Brothers. Another
opportunity, this time working for J.P. Morgan,
then presented itself:
“I was approached to set up a commercial
mortgage backed securitisation platform
in Europe and didn’t want to turn down an
opportunity of working for J.P. Morgan. It
meant working in the UK, France and Holland,
during which time we completed two marquee
deals, including the largest cross-border
securitised commercial mortgage transaction,
and the purchase of a property bank based in
Martinique!
INVOICE DISCOUNTING
A hankering to launch his own business was
never far away, however, and an ongoing
dialogue with his former boss and mentor
at UCB, David Hogg, eventually led to the
launch in 2000 of SME Commercial Finance,
an invoice discounting business. Finding the
investors, John says, was a challenge: “What
we learned was that you have to be extremely
tenacious and driven to persuade investors to
part with their hard-earned money.”
The business did well, growing both
organically and by acquisition, until the crash
of 2007/8 when the company had to hunker
down along with the rest of the commercial
funding community. It was in 2013 that SME
sold to a challenger Bank, and John was
again retained as Managing Director to see
the deal through its first year. Soon after, and
he was once again planning the launch of his
new enterprise, Amicus Commercial Finance.
Amicus Commercial Finance, funded by
Amicus Finance PLC, is not, John stresses,
a factoring company. It specialises in
confidential invoice discounting, targeting
firms from all sectors up with a turnover of
£20 million. He has created, he believes, the
perfect synergy between ‘technology’ and
‘customer service’.
“The Fintechs gave everyone a kick,” he
explains. “They really shook the alternative
finance sector up, and showed how poor
some of the providers had become. But much
as we need technology, there is only so much
that can be achieved ‘digitally’. I still believe
that you need the human element, to build a
relationship with your customer, just as we did
behind the counter at the Midland all those
years ago.
“What we have created is a receivables
finance business, providing working capital
to owner managed SMEs using technology
to create greater efficiencies, but where there
is always someone available at the end of
the line to talk through a problem, an idea or
a challenge. We are still very much focused
on ‘the customer’ and building a long-term
relationship with that customer.”
TRANSPARENCY AND CLARITY
John acknowledges that part of the
problem with the invoice finance
industry generally, and factoring
in particular, is that it is too
complicated: “The industry and the
product has lacked transparency
and clarity, especially in relation
to charges, and that has held it
back.
“What we are trying to do is
simplify things, to the point of
developing a product and a ‘feeling’ that we
are more like an overdraft, where it is easy to
see how much you have left to draw against
and how much it is costing you. I am not
saying that there isn’t a market for factoring,
but I am saying that it is a product that we do
not wish to provide.”
Certainly Amicus has hit the ground
running. In very short order from its launch in
November 2015, John has built the systems
and processes required to run a commercial
finance business, with the underwriting
and credit policies written and funding and
banking lines agreed. All of the regulatory
elements such as KYC and AML have also
been addressed.
“We wrote our first customer in January
and by the end of our first year had 31 clients
and £5.5 million of cash employed. Our target
by the end of 2017 is to reach 140 clients,
using £25 million of funds.”
It is, John believes, an exciting time: “We
are creating something that is sustainable
and that has long-term value,” he adds. “As
owners/managers ourselves, we understand
the importance of cashflow and not just from
something we’ve read in the book. What we
offer is not for everyone, but if you want to be
a big fish in a comparatively small pond, then
we are probably for you.”
And of the future? Does John have
any regrets about leaving university or
not pursuing a sporting career? “I am a
pragmatist,” he jokes, “and always knew there
was someone bigger and stronger out there.
I never have regrets, but perhaps I
could go back and finish my
degree.”
22 December 2016 www.cicm.com
The recognised standard

‘‘What we
offer is not for
everyone, but if you
want to be a big fish
in a comparatively
small pond, then we
are probably for
you.’’
What we have created is a receivables
finance business, providing working
capital to owner managed SMEs using
technology to create greater efficiencies,
but where there is always someone
available at the end of the line to talk
through a problem, an idea or a challenge.
We are still very much focused on ‘the
customer’ and building a long-term
relationship with that customer.
The recognised standard
www.cicm.com December 2016 23

LEGAL MATTERS
ARE YOUR TERMS AND CONDITIONS
OF BUSINESS FIT FOR PURPOSE?
When was the last time that you: reviewed your terms and conditions of business?
or considered the procedure for ensuring that they govern your contracts?
DD + 44 161 604 1642 E craig.chaplin@dwf.law W www.dwf.law/recover
Craig Chaplin
THERE have been numerous recent
changes in the relevant law and the
technology that businesses use to form
contracts. Are you confident that your
terms and procedures still represent best
practice?
The key points for you to consider and take
advice on are:
1. Incorporation
There’s no point having perfectly-drafted terms
and conditions unless they form part of every
contract. DWF can review your methods of
forming contracts and advise on the most
appropriate method of incorporating your terms.
2. Price and payment
There are lots of issues to think about:
Is it useful to make time of payment of the
essence? Should you exclude the customer’s
right of set-off? If so, is there a risk that this
may be unenforceable under UCTA. Should you
rely on the Late Payment of Commercial Debts
(Interest) Act 1998 (LPA) or include a contractual
interest rate? Can you “mix and match” the
LPA provisions and contractual rights?
3. Retention of title (ROT)
Drafting a good ROT clause is about protecting
your business, while not making the clause
unenforceable. For example, do you want to
include an “all monies” clause so that title only
passes when the customer pays for all the
goods that you supply? This risks making the
clause unenforceable if not carefully drafted.
You also need to consider what the customer
does with the goods, e.g. selling them on or
using them to make other goods.
4. Penalty clauses
The Supreme Court recently set out a new
test for when a clause that provides for a
remedy such as interest on late payment is
an unenforceable penalty. You should review
all such clauses to check that they still work
under the new rule and whether they could be
redrafted to offer more protection.
5. Variation clauses
While your terms probably include a provision
that the contract can only be varied in writing,
recent case law has confirmed that this can be
overridden by the parties’ oral agreement or
conduct. Have you trained your team on this
risk?
6. The Modern Slavery Act 2015
Have you heard of this new act? If so, did
you assume that it’s nothing to do with your
business? This is a common misconception
and you should think again. All large
commercial organisations carrying on business
in the UK must publish an annual “transparency
statement” setting out the steps they have
taken in the previous year to ensure that their
business and supply chains are slavery-free.
If caught, you need to update your terms of
purchase to obtain appropriate warranties
from your suppliers. You should also consider
whether to update your terms of sale to give
your customers suitable warranties.
7. Unfair contract terms
Are you aware that the Unfair Contract Terms
Act 1977 doesn’t just apply to clauses where
you attempt to exclude or limit your financial
liability, but also to clauses where you purport
to give yourself the right to evade responsibility
for delivering the goods or services which you
have contracted to supply? This can include
tolerances, get-outs for late delivery, force
majeure, entire agreement clauses, or clauses
that restrict the other party’s ability to exercise
its rights.
8. The Consumer Rights Act 2015 (CRA)
If you contract with consumers, have you
updated your terms and conditions to comply
with the CRA? This has given consumers new
rights and remedies and created a new category
of “digital content” alongside the existing
categories of goods and services.
9. Data protection
In May 2016, the EU adopted the General Data
Protection Regulation (GDPR), which member
states must comply with by May 2018. Despite
the recent Brexit vote, this is still important
because: (1) it is likely that the UK will still be
an EU member in May 2018; and (2) following
our departure, it is likely that UK data protection
law will mirror EU law so that UK businesses
can continue to trade with EU customers.
Accordingly, you need to update your terms to
comply with the GDPR.
DWF’s Commercial team has extensive
experience of drafting, reviewing and updating
terms and conditions of business. Contact Craig
Chaplin to discuss your requirements: 0161 604
1642 or craig.chaplin@dwf.law. We also offer
fixed price support to help you comply with your
obligations under the Modern Slavery Act 2015.
Please see http://www.dwf.law/news-events/
promotions/2016/03/modern-slavery-act-2015/
or email ModernSlaveryEnquries@dwf.law.
This information is intended as a general discussion
surrounding the topics covered and is for guidance
purposes only. It does not constitute legal advice
and should not be regarded as a substitute for taking
legal advice. DWF is not responsible for any activity
undertaken based on this information.
Craig Chaplin is a Partner at leading law
firm DWF and Head of the Commercial and
Competition Team. Craig provides advice on all
different types of B2B contracts. His particular
specialisms include information technology,
telecommunications, outsourcing, facilities
management, franchising and intellectual
property licensing. Craig regularly advises
on IT infrastructure projects and complex
relationship agreements as well as high value
brand acquisitions.
AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF
VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE.
24 December 2016 www.cicm.com
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VIEW FROM THE SEA
PLUS ÇA CHANGE
David Andrews takes a road trip to Strasbourg passing through France
and Germany and wonders what the future holds.
We headed almost
straight east of Paris,
rising in the air as though
we were sitting inside a
boat that was being lifted
by some giant, and the
ground began to flatten
out beneath us. It looked
out into brown squares,
yellow squares, green
squares and big flat
blotches of green where
there was a forest. I began
to understand cubist
painting.
AS I strike out east on the long drive
from Dieppe to Strasbourg, the early
morning sun already starting to
intensify on the horizon, I set myself
the first of my usual French driving challenges.
Do not, under any circumstances, David,
react to the maddening French motorists who
stubbornly stick to my rear bumper at 130
kph. Calm, David, calm. I’m trying. It’s not
easy.
I absorb the featureless, gently undulating
greens and greys of the Pas de Calais flanking
the autoroute, the newly anointed Nobel
Laureate Bob Dylan playing above the drone
of the car, and I think about a collection of
journalism set in France by a former Nobel
Prize for Literature winner, Ernest Hemingway,
penned over 90 years ago.
Back in 1922, Hemingway and his wife
also headed out to Strasbourg, flying from
Paris in those pioneering days of commercial
flight. Here is the great man, filing a story
for the Toronto Daily Star, published on
September 9, 1922.
‘We headed almost straight east of Paris,
rising in the air as though we were sitting
inside a boat that was being lifted by some
giant, and the ground began to flatten out
beneath us. It looked out into brown squares,
yellow squares, green squares and big flat
blotches of green where there was a forest. I
began to understand cubist painting.’
It’s a beautiful description, harnessing a
well-disguised simplicity of language and
purity of tone, and already bearing the stylistic
hallmarks of the great work yet to come.
Hemingway’s flight took around two and
a half hours from the capital. My drive from
Dieppe was nearer to seven hours, taking in
the killing fields of Verdun and the great city of
Reims. It’s a long way, but at least, I thought,
there were no hold ups. Just fast driving,
paying to use roads which are well maintained
and for the most part clear of any meaningful
congestion.
Ah, the joys of European motoring – but
for how much longer will we be able to enjoy
this relatively seamless passage – and where
better to sample the thoughts of our French
neighbour on our impending departure from
the EU cocoon than Strasbourg, imperial seat
of Alsace power and wielder of limpet-like
bureaucratic control?
Despite battles raging in and around
the city down the centuries, Strasbourg is
as impeccably preserved as a jar of Swiss
pickles.
A reassuringly bourgeois ambience
pervades the spotless boulevards. Designer
boutiques bustling with the chic and the
moneyed, restaurants and packed bars gently
competing for the high-roller business funded
by diplomatic corp salaries.
Strasbourg’s old town, site of one of
Europe’s greatest cathedrals (and incidentally
where my daughter now resides while
attending the nearby music conservatoire)
resonates with profoundly lovely medieval
architecture, which, extraordinarily, has
26 December 2016 www.cicm.com
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We want to build the
financial capital of
the future, stated the
Prime Minister, Manuel
Valls, sabre rattling in a
recent gung-ho address,
presumably designed to
reassure alarmed voters as
well as a direct appeal to
the banking and financial
decision makers. In a
word, now is the time to
come to France.
escaped the ravages of both time and the
ferocious attempts of the Third Reich to
obliterate it from the face of the earth.
And if the city does not quite cut it, there
is always Germany, a short hop and a jump
away. Just as I do today, Hemingway found
it a breeze to pop across to war-scarred
Deutschland all those years back. A quick
flash of the passport and you are in.
And as French troops discovered back in
1918, cycling into Germany is a pretty efficient
way to travel. You’ll be speaking in German,
rather than French of course, but apart from
the language and the labels on the beers,
the immediate border country is virtually
indistinguishable. Think of it like crossing from
England into Wales, just with more sunshine.
Yet ease of passage through these border
zones may soon become a distant memory for
Brits, as the process of disentangling the UK
from the European Union begins in earnest.
Then again, maybe it will not be quite so
hard to do business – in France at least – as
some have made out.
While Strasbourg is (currently) undeniably
the city du jour for political decision-making
in the heart of Europe, it could be that Paris,
for so long a magnet for global tourism, is also
set to become home to the UK’s upper strata
of investment bankers and the crème de la
crème of our business decision makers.
The French Government recently pledged
to make its tax regime for expatriates the
most favourable in Europe, in a grab for
London-centric banking business displaced
by our decision to quit the European Union.
“We want to build the financial capital of
the future,” stated the Prime Minister, Manuel
Valls, sabre rattling in a recent gung-ho
address, presumably designed to reassure
alarmed voters as well as a direct appeal to
the banking and financial decision makers. “In
a word, now is the time to come to France.”
Mais oui. Bien sur. But is it really?
France’s general disdain for big business
is well documented. The Republic’s ideals,
built on the foundations of radical ideologies
underpinned by Robespierre and his
followers, created a universal socialism of
sorts, which permeates contemporary French
society.
And while the French – as evidenced by
the well-heeled denizens of urban fortresses
such as Strasbourg – invariably demonstrate
a clear appetite for the finer things in la vie,
business, and the overt successes which are
inevitably inculcated within major blue blood
brands, are all too often dismissed as vulgar
and plebian.
So as I drift through the polished
cobblestones of Strasbourg, absorbing the
timeless beauty of buildings designed and
constructed by determined men and women
centuries before, avoiding the pleading eyes
of the beggars and the destitute ironically
staring hungrily from under ragged hoodies,
I wonder how the domestic and international
landscape will look a few years’ down the line
from now.
The great European frontiers, which
Hemingway and his bohemian entourage
traversed so easily almost 100 years ago will
become more forbidding, less inclined to the
friendly wave.
Some, Greece, perhaps, Austria and
other countries exasperated with political
and economic refugee influxes may extend
a frosty unwelcome to UK travelers also,
erecting the closed sign and effectively
terminating decades of post-war goodwill.
We shall find out soon enough.
Plus ça change, as the French would have
it. Things change…but they don’t change.
Hemingway might have had different ideas.
The recognised standard www.cicm.com December 2016
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28
December 2016 www.cicm.com
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TRADE TALK
So the multi-layer
impact of trading
internationally
begins to show itself.
This in turn creates
paperwork that is
sometimes referred
to as red tape by
those who don’t value
the security aspects
or usefulness of
understanding trade
flows.
MESSY BUSINESS
What is a trade agreement? Lesley Batchelor FCICM OBE explains
the different options open to the UK post-Brexit.
THESE are normally termed Free Trade
Agreements and allow a reciprocal
relationship between countries to be
documented in terms of preferential
tariffs in the goods or services bought in
market. This is a distinct and different tax to
the local tax that would be attracted by the
transaction that we call VAT, but is called
various things across the world. So the multilayer
impact of trading internationally begins
to show itself. This in turn creates paperwork
that is sometimes referred to as red tape by
those who don’t value the security aspects or
usefulness of understanding trade flows.
Each trade agreement needs to benefit
both parties, who will look to protect the
national business interests while trying to
facilitate bilateral trade. This, by its very nature
can prove difficult to achieve as anyone who
has negotiated bedtime with a five-yearold
will vouch, there isn’t really a template
to use but there are interests that are both
sacrosanct and can be sacrificed in order to
protect the overall plan. Negotiation can be
arduous, as we have seen with the European
Union (EU) trade deals, but are great once
finalised for those on both sides of the deal to
promote and increase trade between the two
countries.
On 30 October the long-awaited
Comprehensive Economic and Trade
Agreement (CETA) between the EU and
Canada was signed, despite last minute
delays arising from objections from a Belgian
regional government. This agreement, which
has taken seven years to negotiate, should
take effect on a provisional basis once it has
been approved by the European Council and
the European Parliament (probably in 2017).
Full official implementation may be delayed for
some time by further popular protests across
various EU Member states.
The CETA is expected to benefit EU
exporters by removing up to 90 percent of
tariffs on EU goods sold to Canada and vice
versa. It is also expected to open up access
to many service sectors, as well as enabling
EU businesses to participate in Canadian
government tenders, at national and regional
levels. As with many Free Trade Agreements,
some elements appear more contentious
than others, with some aspects appearing to
be more beneficial to Canadian companies,
rather than EU businesses.
The CETA negotiations came to public
prominence during the recent UK Brexit
referendum campaign, as the ‘Canada model’
was often quoted as a possible option for
the UK in a post-Brexit environment. This
agreement, if negotiated along similar lines
between the UK and the EU, would certainly
have the effect of reducing the impact of
customs tariffs for trade between the UK and
the EU, without requiring the UK to contribute
to EU budgets, or accept freedom of
movement of people. It is worth remembering,
however, that these tariff benefits would only
apply if goods can be shown to originate in
the UK or EU, based on complex rules of
origin. Traders would have to provide proof
of originating status, which would have an
administrative impact on businesses. The
level of access to service sectors may also
not be sufficient for the UK, especially in the
financial services sector. Critics also point
to the lengthy time which is typically taken
to negotiate similar Free Trade Agreements
– in this case seven years (and counting).
However, there is a double edged sword
here. Although any trade deal may be less
complicated because it would be the UK only
negotiating, therefore must be less complex
than finding consensus with 28 countries,
the fact that it is only the UK may reduce the
priority of the deal.
The good news is that it is hoped that UK
traders will begin to experience the benefits
of CETA in 2017, although they will only last
for as long as the UK remains a member of
the EU. Access to the agreement, and the
benefits that it brings will cease once the
UK leaves the EU. Ironically, UK companies
may then find themselves disadvantaged
by the agreement, if they are competing to
sell goods in Canada up against other EU
companies, who will still have the preferential
status. This is just one of the many wrinkles
that need to be ironed out as the UK learns
to negotiate trade agreements. You could get
a head start by studying with the Institute of
Export and International Trade: export.org.uk/
qualifications.
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www.cicm.com December 2016 29

INTERNATIONAL
TRADE
MONTHLY ROUND-UP OF THE LATEST STORIES
IN GLOBAL TRADE BY ANDREA KIRKBY.
AUSSIE RULES FOR CAPITAL EQUIPMENT
BREXIT will force British exporters to look
for new markets or change their priorities,
and one market that seems set to benefit is
Australia. It’s already the UK’s 14th largest
export market, and an Institute of Export guide
points out that with Free Trade Agreements
across the Asia Pacific region, it can work
as a regional base for exporters. Despite low
commodity prices hitting its massive mining
sector, the country has maintained 25 years
of uninterrupted economic growth, and has
a developed economy with a strong finance
sector. All this, plus an English speaking
market, a legal market, and institutions which
look remarkably familiar to British exporters.
Capital equipment exporters will have the
biggest bite at the cherry; vehicles, industrial
machinery, scientific instruments, electrical and
power generation plant are all big export sectors.
Which isn’t to say other sectors can’t do well!
You’ll also benefit from the climb of the Aussie
dollar, one of the strongest currencies around this
year. That bodes well for the economy – though it
may make life difficult for Aussie exporters.
INDIA Vs CHINA
INDIA vs China is the local derby of the world
economy. This time around India looks to
be winning, with real GDP expected to rise
seven percent in both 2016 and 2017, and
insolvencies on the way down.
There are still problems though. Despite
government promises of reform, it’s still a
tricky place to do business, with different
regulations (and tax rates) in different states.
Late payment is a problem, and although
half of all B2B sales are for cash, it still has
the highest days’ sales outstanding in Asia,
with 55 percent of invoices paid late. That
can make keeping your cashflow healthy
something of a challenge despite the high
headline growth rates.
China, on the other hand, is seeing its
economy slow further; from 6.9 percent
in 2015 it’s likely that GDP growth will
undershoot the 6.5 percent target in 2016
and 2017. From being a rising tide that
floated all boats, the Chinese economy has
become a polarised game with big winners
and bigger losers – the winners in automotive,
transportation, technology, pharma, and retail,
and losers in chemicals and coal, construction
and metals. Watch out if you’re supplying
the ‘loser’ sectors; state-owned enterprises
in particular could be cutting back or even
closing down, and the risk of bad debt is high.
So while in both countries you’ll need to
manage customer credit wisely, and pursue
bad debts proactively, in China you’re also
going to need to pick the right sectors – and
if you’re selling into ‘loser’ sectors, you may
need to start trimming your exposures.
30 December 2016 www.cicm.com
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HEDGING YOUR BETS
NISSAN seems to be staying in Sunderland
– though it’s anybody’s guess how much
the Government had to promise it to get
that concession. What interested me about
Nissan’s announcement, though, was the
nuanced nature of its original decision –
keeping old models rolling out from its UK
plants but investing for further growth and the
production of new car models in the EU.
I think that’s a pretty good strategy for
many mid-sized exporters. If, unlike Nissan,
you don’t have privileged access to the ear
BLIMEY. No one thought President Trump
would really happen. And that puts a lot of
things up in the air; will he protect the Baltic
republics? What happens to Mexico and the
North American Free Trade Agreement? What
about Brexit in an era of US protectionism?
But in fact the big issue hasn’t changed
- when will the Fed raise interest rates? And
what will the impact be for the rest of the
world?
Bets are on a move in the short term. After
years of low and even negative interest rates,
CHEMICAL
REACTION
CHEMICALS have been doing well recently,
but suppliers to the sector need to watch out;
that success may not continue. The industry
has benefited from low feedstock prices as
the oil price has troughed, and the price of
naphtha – a key input – has fallen 60 percent
since 2013. But US firms have an advantage
over Europeans – they’re getting a shale gas
windfall too.
If oil prices rise, chemicals companies’
finances could be stretched. And that seems
likely to hurt UK and European firms more
than it will the Americans. If you’re supplying
the sector, keep tight control of your working
capital.
of the Prime Minister, perhaps you should
consider using its original strategy instead;
get your products for the EU market made
in the EU. It may cost in the short-term, but
it covers you whether we head for a ‘hard
Brexit’ or a softer Norwegian-style model.
And it’s going to be much easier to put in
place now, while we still have freedom of
movement for both labour and capital,
than it will be later. Insurance is never
cost-free – but it’s often sensible to buy it
nonetheless.
ALL BETS ARE OFF
a US move could herald the start of a new
cycle of hikes. That could lead to currency
volatility as well as to a fall in asset prices -
from the stock market to residential property.
Janet Yellen remains in place as head of the
Fed till 2018, though Trump could install new
members on the board, so policies aren’t
going to change overnight.
Keep your eyes on the economic news
and don’t be bamboozled by the political
coverage. It’s the Fed, not the President,
which will decide the future of interest rates.
DOING WHAT THE OTHERS CAN’T
NEWS IN BRIEF >
PEGLER YORKSHIRE
Pegler Yorkshire has achieved success in
Asia with its fittings, exhibiting at the big
Bangkok building trade show BMAM. Huge
infrastructure spend is coming on stream in
Asia and Pegler aims to get its fair share.
Key to Pegler’s strategy? First of all, going
to the right shows with the right products.
And secondly, having a Hong Kong office
that can provide support, as well as sales and
marketing, across the region. From Push Fit to
Xpress Press, it seems to be working.
WE ARE ALL RELATED
A lot of the coverage of Brexit and its impact
on trade has concentrated on single countries
or blocs – trade with the EU, with Canada,
or with Australia. But globalisation makes
it impossible to analyse a single trading
relationship without understanding how it
fits together with others. Euler Hermes has
produced a superb, thoughtful analysis of
global trade with its Trade Wars – The Force
Weakens – if you haven’t read it, you need to.
Though it has to be said you’ll need a high
tolerance for Star Wars references to get
through it!
CURRENCY UK
FOR THE LATEST
EXCHANGE RATES VISIT
CURRENCYUK.CO.UK OR
CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
HIGH LOW TREND
GBP/EUR 1.1657 1.1049 Up
GBP/USD 1.2429 1.2104 Up
GBP/CHF 1.2364 1.1906 Up
A lovely press release from Cobham trumpets
its success in securing a 24-month contract
to provide aviation services to Aussie miner
Blackham Resources, flying into its Wiluna
operations. You might think it’s pretty easy
to operate small planes – but the difficulty,
according to Cobham, is the lack of an airstrip.
That’s where Cobham has an advantage
with its gravel runway kit – it can fly where
other operators can’t. That’s one of the best
examples of differentiation I’ve seen – and it’s
a clear reason for Cobham’s export success.
GBP/AUD 1.6463 1.5810 Up
GBP/CAD 1.6822 1.5931 Up
GBP/JPY 135.567 126.321 Up
The recognised standard
www.cicm.com December 2016 31

COUNTRY FOCUS
Breaking
Adam Bernstein concludes his look at Russia and explores the potential
opportunities ahead on the World Cup 2018
THE Russian telecoms market is growing at two
percent a year and is Europe’s largest market
for mobile phones. As with the West, there is
demand for high speed mobile broadband
and also for help in improving communication services
in distant regions. That said, the fixed line network
still only covers about 28 percent of the population.
But where it is in situ, the World Bank the average
broadband speed is 7.4MB which is twice the global
average of 3.8MB.
WORLD CUP 2018
Despite the controversies, Russia is set to host the
World Cup in 2018 and the Government had given it a
budget $11.8 billion to stage the event. But the budget
has been cut more than once and it’s now down to $8.15
billion (February 2016) – a still not inconsiderable sum.
Opportunities include the design and construction of
new stadiums, training grounds, hotels,broadcasting
and media centres, the modernisation of airports and
other transport infrastructure.
BUSINESS FORM
While there are three types of business entity in Russia
– limited liability companies, joint-stock companies
and partnerships, many firms choose to work in Russia
via direct sales or distributor contracts because they
are not subject to Russian taxes, need no physical
presence in Russia via any corporate structure, and are
not responsible for Russian customs processes, taxes
and fees.
However, other options include opening a
representative office which is accredited for one to
three years, but can only carry out activities aimed
at generating profit, such as research. A branch of a
foreign legal entity is accredited for one, two, three
or five years and it can carry out all the functions of a
company.
It is possible to open a Russian subsidiary, of
which there are several forms, each of which has
different taxation, legal obligations, regulating bodies,
registration requirements and information disclosure
procedures.
LEGAL CONSIDERATIONS
Foreign investment in Russia is overseen by federal law
and it prohibits foreign investors from getting control,
or substantial stakes in Russian strategic industries,
and specifies that foreign entities are treated equally
with Russian firms. However, it does protect investors
against unfavourable changes in tax, customs and other
legislation for up to seven years.
Investors also have protection by being able to
recover damages resulting from illegal actions, or
inactivity of government authorities, local government
bodies or officials,protection from property seizure,
protection from adverse changes in tax and customs
legislation during the payback period of an investment
project, and a right to an unimpeded transfer of profits,
income etc. from investments.
The Unified State Chamber of Registration is the
major registering authority for most legal entities
operating in Russia. But there are a number of other
government bodies with responsibility for foreign trade
regulation and licences to operate may be required on
both the federal and regional level.
32 December 2016 www.cicm.com
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the ice
Despite the controversies,
Russia is set to host the
World Cup in 2018 and the
Government had given it a
budget $11.8 billion to stage
the event. But the budget has
been cut more than once and
it’s now down to $8.15 billion
(February 2016) – a still not
inconsiderable sum.
continues on page 34 >
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www.cicm.com December 2016 33

COUNTRY FOCUS
continued from page 33
>
INTELLECTUAL PROPERTY
Russia has signed various international treaties on
intellectual property rights and grants patent protection
for 20 years from the date of the application, subject
to an annual payment. Patent protection for medicine,
pesticide or agrochemical products can be extended
for another five years with special permission. The
Federal Service for Intellectual Property, Patents and
Trademarks has responsibility for intellectual property.
As the World Intellectual Property Review has noted, the
examination and registration of intellectual property
rights by the Russian Federal Service for Intellectual
Property (Rospatent) is done efficiently and without
unnecessary delay. Rospatent and the IP Court issue
decisions on time and treat domestic and foreign
applicants equally.
TAX AND CONSIDERATIONS
Legislation on taxes and charges is based upon the tax
code which is administered by the Federal Tax Service.
As Russian commercial legislation, and tax legislation in
particular, contains provisions which can be interpreted
in more than one way, they often overlap or conflict.
Advice on tax and legal issues is highly recommended
especially as accounts must meet International
Accounting Standards (IAS) and Russian accounting
standards.
It’s worth noting that there are 28 Special Economic
Zones which grant certain tax, customs and other
concessions to residents and investing companies.
There are four types of zone – industrial and production;
technology and innovation; tourist and recreational; and
port.
VAT is generally applied at a standard rate of 18
percent, corporate profits are taxed at a maximum of
20 percent on net income (companies pay nine percent
tax on dividend income), payments by employers to
the Russian Pension Fund, Social Insurance Fund and
Medical Insurance Funds amount to 30 percent of total
payroll, and personal income tax is paid at a flat rate of
13 percent. Foreign nationals are considered a Russian
tax resident if they live in Russia for over half a year in
12 consecutive months. Non-residents are also subject
to personal income taxation on Russia generated
income.
The Federal Customs Service regulates all goods
imported into Russia and as with other nations, the
import of certain goods requires a licence.
ENTRY REQUIREMENTS
Lastly, every visitor needs a valid passport and visa.
The rules are strict and detail is available at eng.
customs.ru/.
Russia has signed various
international treaties on
intellectual property rights and
grants patent protection for
20 years from the date of the
application, subject to an annual
payment. Patent protection
for medicine, pesticide or
agrochemical products can be
extended for another five years
with special permission.
34 December 2016 www.cicm.com
The recognised standard

The recognised standard
www.cicm.com December 2016 35

ADVERTORIAL
DITCH YOUR
SPREADSHEETS
AND MAKE YOUR CUSTOMERS HAPPY
How migrating to a single O2C solution will boost cash flow, empower credit teams
and provide a better customer experience.
DI pride themselves on
the level of continued
research, development
and reinvestment
committed annually and to
that effect 2016 has been
one of their most exciting
years to date.
20 years ago Tom Dodd-Noble found
himself surrounded by piles of
statements on his office floor. It was
then that he realised that there had to
be a better way for companies to send their
financial documents to their customers! A few
months later Tom founded Data Interconnect
(DI) and built an innovative solution that
utilised fax as a bulk delivery mechanism for
sending monthly statements.
In 2001, after significant research and
investment, DI developed its first online
eBilling B2B solution WebSend 1. Over the
next few years as the internet became more
trusted and widely used by businesses, DI
launched WebSend 2 and its client base grew
significantly. In 2003 DI was approached by
a division of Nestle who wanted to migrate
one of its credit control teams based in India,
back to Europe. After a detailed consultation
DI built bespoke credit control and dispute
management modules which enabled Nestle
to automate much of its credit control
function. It was then in 2007 that DI launched
WebSend 3 as the first fully integrated, endto-end
cloud-based eBilling and document
delivery (incorporating POD scanning
and Indexing), credit control and dispute
management portal of its kind. To this day DI
(through its WebSend Solutions) has continued
to revolutionise the way businesses manage
their order-to-cash cycle, allowing their clients
to streamline their internal processes and
save time, money, overheads, resources and
ultimately to get paid faster.
By regularly listening to its clients and
experts DI understand that the order-2-cash
cycle can often be overly time-consuming,
disjointed and ultimately expensive. Many
credit teams have to work through a
convoluted series of internal or outsourced
systems that are frequently unsecure,
unreliable and do not integrate. DI prides
itself on the level of continued research,
development and reinvestment committed
annually and to that effect 2016 has been
one of their most exciting years to date. To
support the launch of WebSend 4, the latest
solution currently on Beta test, the senior
management team has expanded and several
new colleagues have been introduced to the
company. On 18 November 2016 DI moved
into brand new offices where the significant
increase in floor space future proofs its future
growth strategy.
HOW CAN WEBSEND HELP YOUR
BUSINESS?
The author of the Billentis Report 2016, B
Koch states, “Electronic and automated
invoice processes increase the visibility,
which allows cash flow and working capital
management to improve. Data Analytics
and reporting features build an excellent
basis for effective financial decisions and
to maximise discount saving potential.” By
eliminating spreadsheets and automating the
delivery process, empowering credit teams
to streamline workflow and enabling your
customers to self-serve, WebSend helps to
build a strategic relationship between the
credit controller and the customer.
36 December 2016 www.cicm.com
The recognised standard

WEBSEND 4 IN SUMMARY
eBilling and Document Delivery Module
– empowers credit teams to automate
and manage the delivery of their financial
documents through the WebSend portal
including email, print and post, EDI and
fax. The WebSend portal offers complete
traceability and provides a two-way interface
between customer and client via the query
management tool. In addition, both customer
and client have access to a whole host of
information and functionality to improve and
enhance the collection process.
Credit Control Module – provides a fully
featured and comprehensive credit control
system for your AR team. This includes
the ability to view and manage scheduled
outbound calls and letters; record the results
of completed calls and automate the issuing
of dunning letters all via the portal.
Dispute Management Module – a built in
escalation process and 360 degree view of
individual disputes. This helps to ensure that
all of your disputes are managed effectively
and resolved in the shortest possible time
which reduces the number that become legal
cases. One of the key features of the module
is the ability to create single line item disputes
within invoices.
POD and Scanning Solution – full and
immediate visibility of the POD and invoice
on the portal resulting in faster payment times.
FEATURES AND BENEFITS
OF WEBSEND 4
One provider, one point of contact
- uniform, seamless and streamlined -
the straight road approach
Automation and traceability – your
credit team is better informed and
gains greater control over the collection
process
Simple integration with all ERP systems
- limited IT input, limited disruption
Scalable, cloud based architecture -
secure, easily accessible and easily
modified
Bespoke and built to your current
internal processes - reduces internal
costs
THE CUSTOMER
USER EXPERIENCE IS
IMPROVED
A staggering 83 percent of invoices
are downloaded in the first hour across
all DI clients.
IMPROVED CUSTOMER
EXPERIENCE
One stop shop for your customers
financial interface
Online interactive query management
24/7 online, on-demand visibility and
flexibility for communication
Easy, single and multiple copy
document facility driven through the
‘Self Service’ function of the portal
Online payments and statement
reconciliation
Multiple document format
No cost to the customer
Reduced carbon footprint
Dedicated customer helpdesk:
o Portal migration conversion
o Technical assistance
IMPLEMENTATION
Websend can be implemented within six
weeks and a typical ROI can be realised in
three to six months.
Client retention is one of DI’s biggest success
stories and something it is very proud of. If
you would like to find out more about Data
Interconnect’s Websend solution, please get
in touch.
EMAIL: nickw@datainterconnect.co.uk
TEL: 01367 245777
WWW.datainterconnect.com
LINKED IN: https://www.linkedin.com/
company/data-interconnect-ltd
TWITTER: https://twitter.com/DIWebSend
Data Interconnects brand new offices.
TESTIMONIAL:
“Data Interconnect was chosen initially because
of its innovative solution which provides a one
stop shop for SIG customers.
“The ease of that a customer can access
their data was also a key criteria for SIG. I
believe the Data Interconnect solution, is one
of, if not the best I have seen in the market.
“SIG has a complex subsidiary setup and
therefore significant IT time and demanding
timescales was requested of DI and I am
delighted to say DI was able to deliver in full
and on time.
“SIG has now converted 30 percent of
its customers to eBilling. The main benefits
we have seen relate to the delivery of its
documents to customers on the same day, the
ability of customers to retrieve copy invoices
and statements (PODs work in progress, pay
their account and log a query with their credit
controller and cost savings when compared to
post.
“This has increased efficiencies within the
team and the addition of PODs will significantly
add to this efficiency as we transition to a
customer self-serve model reducing calls
inward to the teams by over 3,000 (forecast)
per month.”
Simon Johnson
Director of UK Credit Management SIG plc.
‘‘‘‘
The recognised standard
www.cicm.com December 2016 37

OPINION
THE WINTER OF
DISCONTENT
Alex Coates on the potential bumps in the road ahead
for sterling after the Brexit referendum.
THE key to understanding sterling’s future post-
Brexit is understanding uncertainty and the
degree of uncertainty that exists at any point
in time. Financial markets hate uncertainty;
economically speaking they would prefer the worst
possible outcome from an election or referendum
than the uncertainty that precedes it. Economists even
have a term for a sudden increase in uncertainty – an
uncertainty shock. Without doubt, with the outcome
of the EU referendum, we have experienced an
uncertainty shock.
In the lead up to 23 June the market had a view,
related to future economic performance, that a vote for
Britain to leave the EU would result in a significantly
weaker pound. Indeed, the Brexit vote sparked a rapid
GBP sell off. Coupled with pre-vote movement in
sterling, namely its fairly consistent but paced decline
since February 2016, this shift in value represented
bump number one: what would happen if Britain voted
to leave?
Then came the smooth summer driving; GBP’s value
consolidated and even improved. As with any shock this
could be put down to market overreaction.
As we approached the end of August, however, there
were more bumps on the horizon. The first of which was
the next ‘point of uncertainty’ – how comprehensive
would the Brexit be? This was finally addressed at
October’s Conservative Party conference, where the
rhetoric from the UK PM was decidedly ‘hard Brexit’.
At the same conference, Theresa May stated that she
would trigger Article 50 (the disproportionality small
series of paragraphs in the Lisbon Treaty that explains
the ‘process’ of leaving) before the end of March 2017.
From a sterling point of view this was considered
disappointing as the market was expecting far more
detail, or far more certainty, by this point in time.
This statement did, however, make it seem likely
that the UK will have exited the EU in one form or
another by the end of March 2019. The only significant
A vote in favour of the reforms would be
considered positive by financial markets and
could boost the euro. December is likely to
be the start of one the most volatile winters in
currency market history.
detail in Article 50 is a provision that allows the EU and
the exiting state two years from the date of Article 50
notification to conclude new arrangements. Failure to do
so results in the exiting state falling out of the EU with
no new provisions in place, unless the European council
‘unanimously decides to extend this period’ .
On 3 November the headlines read ‘Brexit court
defeat for UK Government’. This was a surprise ruling
from the High Court that confirmed Theresa May could
not trigger Article 50 without parliamentary approval.
If the Government is unsuccessful in appealing the
High Court decision this will effectively delay the start
of the parliamentary ratification process, which in itself
is likely to push back the actual Article 50 trigger date.
Sterling’s response to this anchors itself in the
financial markets’ belief that delays to the trigger date
will do two things. One, soften the terms of the exit and
two, increase the probability that the UK could drift
into another general election that would undoubtedly
become a pseudo-referendum on the UK’s membership
in the EU.
What is the impact on GBP/USD? On 9 November, the
US took its own leap into uncertainty with the election
of Donald J Trump. Before this, USD strength was a
theme for all forecasts of the coming three to 12 months.
Indeed, with the euro suffering from an uncertain and
experimental monetary policy, the yen suffering from a
terminal decline, and sterling such a risk, USD was the
only sensible choice. In addition, for most of October
and the beginning of November, a December interest
rate hike in the US was almost completely priced-in.
With the Trump presidency such an unknown, the
expectation for a rate rise has diminished significantly
and, as such, the expectation is now for USD to weaken
through December and January. This may give GBP/USD
a false sense of positivity but will certainly be welcome
by purchasers of the US currency.
As for GBP/EUR, the European Central Bank (ECB)
President Mario Draghi mentioned December was
the time to ‘watch this space’, possibly indicating a
change in policy from the Bank. We also have the Italian
constitutional reforms referendum on 4 December.
A vote in favour of the reforms would be considered
positive by financial markets and could boost the euro.
December is likely to be the start of one the most
volatile winters in currency market history.
38 December 2016 www.cicm.com
The recognised standard

Although there is much debate over the
economic impact of the UK exiting Europe,
until we have technically left or at least have
seen the detail of what leaving looks like then
the only definitive impact will be that of the
theme of this article, namely uncertainty.
Many market participants are expecting significant
volatility in the FX markets at year-end. This is purely
based on the fact that, excluding GBP, we have seen
an extremely long run of low volatility, particularly
in EUR/USD. Coupled with reduced EUR uncertainty
after the Italian referendum and the December ECB
meeting, this could be the time when the fabled GBP/
EUR parity is most likely. At GBP/EUR 1.12 and GBP/
USD 1.22 in mid-November major market participants
said sterling was still overvalued by five to ten percent.
In part this is based on past sterling performance – not
a guarantee of future performance but a good indicator;
in 1975,1992 and 2008 we saw sudden 30 percent
declines in GBP followed by a more modestly paced
decline over the following two years.
The ECB is likely to begin tapering its quantitative
easing from March 2017, which will allow EUR to
strengthen, possibly at a time when there may be more
certainty around GBP. So if parity has not already been
seen by then we could well see it in the spring.
A topic that has seen little public discussion and
should be considered is what impact Brexit will have on
the euro (independent of the sterling)? There are many
reports that suggest EUR may be damaged more than
GBP by a Brexit, given that Britain imports around GBP
290 billion from the EU and exports GBP 220 billion .
This factor is even more significant when UK/Irish trade
is removed.
Sterling remains so weak, what will the Government
do about it? Obviously a weak currency is a good
stimulus for the economy, but it also attracts a lot of
hot money which creates bubbles and is a significant
risk to an economy’s long-term health. However, the
Bank of England (BoE) is very unlikely to raise rates,
and even more unlikely to go back to currency market
intervention. Although with USD 160+ billion in FX
reserves they could, but it’s just not the done thing
these days is it Switzerland, Japan, and China.
The economic data releases that we have been
seeing – figures that are considered ‘soundings’ of
the economy – have been broadly positive but these
will not save sterling. Although there is much debate
over the economic impact of the UK exiting Europe,
until we have technically left or at least have seen the
detail of what leaving looks like then the only definitive
impact will be that of the theme of this article, namely
uncertainty.
In summary, while the decision on Brexit has been
made and the debate on its merits still rages, the real
danger lies in the delay in execution. The economic
impact of uncertainty is likely to far outweigh any
negative impacts of leaving or remaining in the EU.
The impact of uncertainty on instantly accessible,
liquid financial markets is one thing; its impact on
household and investor decisions is another. The impact
is more delayed, far deeper and far longer lasting.
Alex Coates is Currency UK’s Operations Director. He has
over a decade’s experience in the FX world with a deep
understanding of technology.
The recognised standard
www.cicm.com December 2016 39

SOAPBOX CHALLENGE
OYE MI
CANTO
Tom Berger wonders why professional
singers are required at major sporting fixtures.
SOAPBOX
challenge
I’M pretty keen on Britain. Actually, that’s
probably an understatement. Having been
brought up here, holidayed several times a
year here (a concoction of the Highlands,
the Pembrokeshire coastline and the obligatory
Cornwall), I’m now beginning my career here. It
wouldn’t be a stretch to go as far to say that I’m
probably a fairly proud British chap.
Before you think ‘here, we go not another piece
of commentary on Brexit, think again.
Because what really is annoying me currently,
and has done so for a good number of years,
is cantors and specifically, the soprano voices
that lead our national anthems at Twickenham
(otherwise known as ‘Twickers’ for the Barbourclad,
duck-egg blue trouser-wearing – red’s
apparently gone a bit ‘nouveau’ – England ‘rugger’
fan).
Really, I can’t think of any reason why we need
a professional warbler to ‘lead’ us into singing
God Save the Queen, particularly when you have
80,000 passionate England fans who are more than
capable of holding a tune to (depending on volume
of beer – not lager – drunk) the massed band of Her
Majesty’s regiments.
That’s not even taking into account the fact
that our anthem is reasonably simple: one verse
(that’s actually sung); seven lines; and 29 words
– not particularly difficult by any stretch of the
imagination.
So why on earth we need someone to
help us along the way, when the crowd
is more than happy with the musical
accompaniment and wording, is
beyond me. It also sounds odd;
the cantor is supposed to lead, but
they never have the ability to sing
at the same time as the masses,
almost mitigating the point of them
actually being there. Besides that, they usually wear
some ridiculous outfit that you would only expect
to be worn at a luxurious ball – not on the side of
a freezing playing field prior to the next grudge
Autumn International or Six Nations match. Get a
Barbour on.
And as for the players; well the England 22
– of 15 starters and seven subs – are generally
pretty good at blasting along in flat but enjoyable
overtones, usually slightly ahead of the band, who
are slightly ahead of the cantor.
I was pretty staggered when reading an article
a month or so ago about another England team –
the football one. Yes, yes I know they’re not flavour
of the millennium at the moment but really, do
we actually have to criticise some players for
appearing to sing the anthem in too much of a ‘fake’
manner? Just because he was giving the anthem a
belt – perhaps not something that they’re used to.
We don’t need to have a go at their singing abilities
or levels of vocal passion prior to a match and then
transport that into a ‘we were doomed from the
start’ article.
That, although annoying, is a bit beside the
point. We all have a fair amount of passion, none
more so (you would hope) than international-level
sportsmen and women. But on a more ‘down to
earth’ level, I would like to think everyone has
pride in themselves, or those things that surround
them – pride in work, perhaps the key to unlocking
one’s enjoyment of a career. Taking ownership,
being given responsibility for, and working hard
all help.
And what with the CICM’s British Credit Awards
now just around the corner, its time for a bit of ‘yes
team, we are that good.’
Tom Berger is still young.
40 December 2016 www.cicm.com
The recognised standard

ASK THE EXPERTS
LINES OF
COMMUNICATION
How do you ensure your board is aware of the success you achieve and the value
you add to the business? Nigel Fields MCICM is our expert this month.
SUCCESSFUL credit professionals have to
understand that it is not enough to simply
perform the job; this is only part of the battle
if you want to progress your career. It is
crucially important to manage the relationship with
all your stakeholders and peers. Here is how I have
tried to go about this:
Business Challenges: I think about the
priorities of the business (these are often very
different from my own) and look at challenges for
the senior management. I will take some time to
reflect on this and try to plan my own actions that
will assist with issues and problems. Sometimes, I
will recommend changes that I think will also be
agreeable with management and help the business.
This often gets me an audience with my peers to
take the recommendation forward.
Continual Improvement: I am not afraid to
make changes to help improve the order to cash
area within the business: for example, improving
simple processes; saving time or money; reducing
risks. I always need to do my homework first before
I shout, and this includes conducting my own
investigations and analysis. I can then share my
findings and present ideas with the knowledge that
I can respond to any questions thrown at me, and I
am fully conversant with the subject matter that I am
presenting and proposing.
Communication: Good communication is
essential, and I ensure we update the business
regularly. Updates include both the good and bad
news, provide statuses and comparisons, and show
performance and achievements. It is important to
state what is behind, what are our risks and how we
intend to manage the issues and challenges. I like to
use a consistent reporting format that is both simple
to prepare and very easy to understand. These
updates are scheduled into meetings for at least
the full calendar year. These meetings additionally
help to build relationships across departments and
thus makes it easier to get yourself onto a platform
within various business areas.
Marketing of the credit professional: I need
to make sure that my business colleagues are
aware that I am personally keeping up-to-date with
what is going on. I will monitor media and will let
colleagues and management know of anything
interesting. I attend credit related conferences and
read articles in Credit Management. These titbits are
often shared with my business colleagues. It is my
own way of marketing what I do and what I know. I
will sometimes get a little bit of joking and banter,
but I know, and the team knows, that I am good at
what I do and am good to have around.
My way of working has not changed a great deal
during my career working in credit management.
But I have seen my career and position continually
grow within the businesses where I have worked
extending the scope, my responsibilities and
ultimately my position within the company.
Good communication is
essential, and I ensure we
update the business regularly.
Updates include both the
good and bad news, provide
statuses and comparisons,
and show performance and
achievements. It is important
to state what is issues and
challenges.
The recognised standard
www.cicm.com December 2016 41

Region
7 6 5 4 3 2 1 0
2 1 PAYMENT 0 TRENDS 0 1 2 3 4 5 6 7 8
Scotland
orth West
umberside
t Midlands
t Midlands
ast Anglia
Wales
outh West
South East
Getting Worse
Scotland
Getting Better
North West
-0.7
Yorkshire & Humberside
West -3.4Midlands
-3.3
-3.0
-2.6
-10.4
-4.3
-4.2
-2.6
London -2.0
ern Ireland
East Midlands
East Anglia
-8.5
Wales
South West
South East
Getting Worse
Region
Top Five Prompter Payers
Northern
Ireland
12.6 DBT
Scotland
15.2 DBT
Wales
10.9 DBT
12.6 DBT
Getting Better
Region
ALL
Oct
TREATS
16 Change on Sept 16
West Midlands 9.4 -3.0
Scotland Financial & 15.2 Health &
Getting Worse
-0.7
Insurance
Social
South West 10.0 -4.2
Northern Ireland 12.6 -8.5
East Midlands 10.6 -2.6
North West +4.5 12.6 +0.4 -3.4
Wales 10.9 -4.3
London 12.3 -2.0
Yorkshire and Humberside 11.6 -3.3
South East 11.8 -2.6
AND NO TRICKS!
Mining &
pter Payers
Bottom Quarrying Five Poorer Education Payers
Getting Better -17.3 -10.8 -9.7
Oct 16 Change on Sept 16
9.4 -3.0 Getting Worse Scotland Financial & 15.2 Health & -0.7
Agriculture
West
Midlands
9.4 DBT
South West
10.0 DBT
Region Oct 16 Change on Sept 16
Region
11.6 DBT
South East
East 11.8 DBT
Midlands
10.6 DBT
Business
from home
London
-7.3
12.3 DBT
Business
from home
-7.3
Jason 10.0 Braidwood -4.2 FCICM(Grad), Head Northern of Ireland Credit Insurance and Collections Social
12.6 at -8.5 Creditsafe Group,
analyses 10.6 the latest -2.6 monthly business North West to business +4.5 payment 12.6 +0.4 performance -3.4 statistics.
10.9 -4.3
London 12.3 -2.0
at quite possibly the best set of figures we’ve
mberside 11.6 -3.3
South East 11.8 -2.6
IT’S fair to say that most of us who work
in the credit management industry are by
nature a somewhat cautious, and dare I
say it, even slightly pessimistic lot. We’ve
all heard the hard-luck stories and the lame
excuses and have developed somewhat
cynical responses to being told once again
‘the cheque’s in the post’. Experience has told
us not to look on the bright side, just for once
I’m going to.
I’m sitting here on a bright Autumn’s day
to complete my analysis of our trade payment
databases for October and it looks like good
news all round. I said last time that the bounce
back we’d seen after the sharp downturn in
May appeared to be continuing. We’re looking
0 1 2 3 4 5 6 7 8
Getting Better
-0.7
-3.4
-3.3
-3.0
-2.6
-10.4
-4.3
-4.2
-2.6
London -2.0
Northern Ireland
-8.5
Mining &
Northern
Ireland
12.6 DBT
Bottom Quarrying Five Poorer Education Payers
-17.3 -10.8
seen in the last two years, and certainly well
ahead of last Autumn’s poor performance.
We’ve even seen an improvement on the
position in the spring with positive moves in
days beyond terms in all regions of the UK,
and almost all trade sectors with only two
bucking that trend, and one of those by less
than half a day.
At this point I feel the need to inject the
traditional note of caution. This is just one
month’s figures and as we’ve seen before
things can just as rapidly go the other way.
However, with nearly five months of (on the
whole) improving data I think we can call this
a trend – and a very welcome and healthy
one as well. I can only hope that I’ll be writing
Scotland
15.2 DBT
North West
12.6 DBT
Yorkshire &
Humberside
11.6 DBT
East
Midlands
10.6 DBT
West
Midlands
North West Yorkshire & East Anglia
Wales 9.4 DBT
Humberside 11.7 DBT
10.9 DBT
Agriculture
-9.7
South West
10.0 DBT
Region Oct 16 Change on Sept 16
London
12.3 DBT
East Anglia
11.7 DBT
Professional
& Scientific
-6.2
South East
11.8 DBT
something similar next month so that we can
look forward to the festive season and next
year.
Despite moves in the right direction
and the best figures in 18 months, we
can’t hide that we are still struggling with a
commercial culture that accepts late payment
as either a fact of life or some sort of perverse
badge of pride. If I were to sit down with my
colleagues in Germany or Scandinavia and
tell them I was excited about an average days
beyond terms that was hovering around ten
days, they’d be genuinely shocked and see
that as completely unacceptable.
There is always work to do, but it does at
least look as if we’re currently travelling in the
right direction.
25
20
15
10
5
0
25
15.7 15
Jan
20
15
10
5
Fe
0
Profes
& Scie
-6
42 December 2016 www.cicm.com
The recognised standard

Sector
Getting Better
Getting Worse
Mining &
Quarrying
-17.3
Top Five Prompter Payers
Financial &
Insurance
+4.5
Education
-10.8
INDUSTRY SECTORS
For the last couple of months I’ve started
Getting Worse
Health &
Social
+0.4
Business
Agriculture
from home
Getting Worse
-9.7
-7.3
Top Five Prompter Bottom Payers Six Poorer Payers
Professional
& Scientific
-6.2
Sector this part of the analysis, where Oct 16 we look Change at on Sept step 16 backwards Sector with a worsening of four Getting
Oct 16 and Better
Change on Sept 16
Region Oct 16 Change on Sept 16
Region Oct 16 Change on Sept 16
Education trade sectors to see how 3.1 the industries -10.8 with a half days. International Bodies 18.0 -5.0
IT and the Comms greatest exposure to 7.9 consumers -5.3 and West Midlands
Business Admin
9.4
& Support
-3.0
15.9 -4.8
Scotland Financial & 15.2 Health &
Getting Worse
-0.7
Insurance
Social
Real particularly Estate Retail are doing, 9.2 in an attempt -5.2
South
to
West
Energy Supply
10.0 -4.2
REGIONS
15.0 -2.4
Northern Ireland 12.6 -8.5
Agriculture see if we can gauge the state 9.6 of consumer -9.7
East Midlands
We start our Financial review and
10.6
of Insurance
-2.6
the regions and 13.5 +4.5
North West +4.5 12.6 +0.4 -3.4
Retail confidence. Well, once again 10.2 it looks -3.2
Wales
like nations of Hospitality
10.9 -4.3
the UK by looking at London. 13.4 I was -1.2
London 12.3 -2.0
Yorkshire and Humberside Mining and 11.6 Quarrying -3.3 13.4 -17.3 South East 11.8 -2.6
good news with a steady improvement. The
sector is now showing a DBT score of just
over ten days and has actually moved into
our list of the ‘Top Five Prompter payers’ for
what seems like the first time ever. In fact
this is the best set of figures we’ve seen
from Retail in well over two years and it
will be particularly interesting to see if this
continues over the next few months as we
move into the Christmas shopping season.
Elsewhere, we’ve also seen continued small
improvements in both the Entertainment
and Hospitality sectors, but these two are
still lagging behind Retail when they were
both well ahead earlier in the year.
If we now look at the more traditional
indicators of general economic
performance, we can also see some
more encouraging signs with continued
improvement from the Manufacturing sector
as well as Transport. You may remember
Manufacturing found itself back in the ‘Top
Five’ last month, and although it has seen
another step forward this month, it has
been squeezed out by some spectacular
results elsewhere with Education
in particular almost paying on time.
Construction has also taken another step
in the right direction and it’s interesting to
see the significant improvement in the Real
Estate sector which may yet pull through
that particular chain, or indeed be another
positive sign of consumer optimism.
If we look at our other movers this
month we can see that the blip for
Agriculture last month was just that and the
sector has climbed in the ‘Most Improved’
rankings and back where we usually see it
in our ‘Top Five’. Also, given our usual head
shaking at the performance of the wider
utility sectors, it’s nice to see a big positive
move from Mining and Quarrying, even if it
still scrapes into our ‘Bottom Six’.
On a slightly less positive note we
should also take a look at some of the key
service sectors where there might be some
cause for concern. Although we have seen
an improvement, the Business Support
sector remains in our ‘Bottom Six’ again
Yorkshire & Humberside -3.3
Insurance
West Midlands +4.5-3.0
East Midlands
East Anglia
Top Five Prompter Payers Wales
Sector
-2.6
-10.4
-4.3
Social
+0.4
Sector Oct 16 Change on Sept 16
Education
South West -4.2
3.1 -10.8
IT and Comms
South East
7.9 -2.6 -5.3
Real Estate 9.2 -5.2
Agriculture London 9.6 -2.0 -9.7
Retail 10.2 -3.2
Northern Ireland
-8.5
along with Finance and Insurance which have
to be singled out for displaying the only real
delighted to point out a second best score
for the capital in the last 18 months and I’m
pleased to say with further improvement we
are now seeing the lowest DBT score for
London in well over two years, and well below
its average in that time. If this trend of the last
couple of months can be continued, then it
really is good news for the whole country.
While staying with the good news, my
gloomy predictions last month that Northern
Ireland had somehow reverted to type with a
score of over 20 days beyond terms, appears
to have been misplaced. The province has
come back strongly despite the ongoing
concerns as to the effects on its economy
from Brexit in the longer term given the land
border with Ireland. Scotland has taken
Northern Ireland’s place as the worst paying
region and has also registered the smallest
improvement across the UK. However, before
we get too worried, it is an improvement and
indeed its second best score in the last year
and a half.
Just as we saw with Agriculture in the
industry review, East Anglia has bounced back
strongly from a bad month and it is worth
speculating whether the correlation between
these two may be a reflection of that region’s
economic profile. While the region has no
doubt seen a big recovery, it hasn’t got back
into our Top Five where the Midlands regions
are still holding sway, although they have been
split by a strong improvement by the South
West, and are being chased by Wales, which
like London, has seen its best performance in
more than two years.
We can only hope all this good news
continues through November but old credit
hand that I am I can also remember that other
Bonfire Night saying ‘Up like a rocket – down
like a stick!’ Let’s hope not.
Mining Northern &
Agricultu
North West Yorkshire -9.7 &
Sector Oct 16 Change 12.6 on Sept Humberside
DBT 16
-3.3
11.6 DBT
International Bodies
Financial
18.0
&
-5.0
Health &
Getting Worse
Business Admin West & Support Midlands15.9 Insurance -3.0 -4.8 Social
East
Energy Supply 15.0 +4.5 -2.4 +0.4 Midlands
Financial and East Insurance Midlands13.5 -2.6
+4.5
10.6 DBT
West
Hospitality 13.4 -1.2 Midlands
East Anglia -10.4Wales
9.4 DBT
Mining and Quarrying 13.4 10.9 -17.3
DBT
Quarrying Ireland
Education
Bottom Six Six Poorer North Poorer Payers
12.6
West Payers -3.4
DBT
Getting Better -17.3 -10.8
Yorkshire & Humberside
Top Five Five Prompter Payers Payers
London
12.3 DBT
South West -4.2
Sector Oct 16 Change on Sept 16
South West
Education South East3.1 -2.6 -10.810.0 DBT
IT and Comms 7.9 -5.3
Real Estate London9.2 -2.0 -5.2
Agriculture 9.6 -9.7
Northern Ireland -8.5
Retail 10.2 -3.2
Mining &
Getting Worse
Bottom Quarrying
Five
Five
Poorer Education
Poorer
Payers
Payers
-17.3
We’ve all heard the hard-luck
stories and the lame excuses and
have developed somewhat cynical
responses to being told once again
‘the cheque’s in the post’.
Scotland
Wales
-10.8
Getting Better
-0.7
-4.3
Top Five Five Prompter Prompter Payers Payers
Agriculture
-9.7
We can only hope all this
good news continues
through November but old
credit hand that I am I can
also remember that other
Bonfire Night saying ‘Up like
a rocket – down like a stick!’
Let’s hope not.
B
Busine
from ho
-7.3
Bo
Getting Better
Region Oct 16 Change on Sept 16
R
West Midlands 9.4 -3.0 Getting Worse S
South West 10.0 -4.2
N
East Midlands 10.6 -2.6
N
Wales 10.9 -4.3
L
Yorkshire and Humberside 11.6 -3.3
S
The recognised standard
www.cicm.com December 2016 43

www.portfoliocreditcontrol.com
oc
re o
THE
CREDIT CONTROL
RECRUITMENT
SPECIALISTS
We know Credit Control and we also understand
what makes agood Credit Controller and the
correct skills to succeed in this industry.
If you are planning to recruit on atemporary
or permanent basis please get in touch with the
Credit Control recruitment specialists on
0207 650 3199
OR CONTACT US AT
recruitment@portfoliocreditcontrol.com
We look forward tohearing from you.
www. portfoliocreditcontrol.com
44 December 2016 www.cicm.com
The recognised standard

EDUCATION
GRADUATE STARS
Debbie Tuckwood, CICM Director of Learning and Development, speaks to a number
of students that have been inspired by Dr Salima Paul FCICM at Plymouth University.
PROFESSOR Salima Paul FCICM,
CICM Academic Chair, now attracts
150 students a year to her Credit
Management module at Plymouth
University. Learners complete the module
in their last year of business, economics,
accounting and finance degrees. All students
graduate with an excellent understanding
about the principles of effective credit
management and many are now putting their
skills to good use in member companies.
The CICM sponsors a prize for the Best
Credit Management student and EDF
Energy supports a prize for the best credit
management project. Sue Chapple, Head of
I&C Revenue Management, B2B EDF Energy,
says that the company is very pleased to
encourage students to specialise in credit
management.
This year Sandra Kinson received the EDF
Energy Prize for Best Credit Management
Project and was so inspired by the course
that she plans now to continue her studies at
Plymouth with a Masters Degree in Finance.
‘‘The credit management module made
you think for yourself and the knowledge and
vitality Salima put into her lectures made you
want to enquire more into the subject.
“Business always has limiting factors;
within manufacturing such as the output of
the slowest machinery. During and since the
recession, companies have increased credit
to win business and remain competitive.
Consequently, cashflow has become a
limiting factor, and businesses that have
failed to recognise this have fared less well
than those which have implemented credit
policies to remain in control of finances. As a
result, credit management has become more
significant in recent years and studying the
module has highlighted its importance to a
successful business.
“My enjoyment of the subject was
instigated by Salima and led to the prize and
a desire to continue my studies in this area. I
really appreciate this opportunity and would
like to thank Salima and EDF Energy for the
recognition.”
Acacia Harvey, pictured below with Dr
Debbie Tuckwood, CICM Director of Learning
and Development, won the CICM prize for
the best credit management student. Having
secured a finance role, she was equally
pleased with the course.
“The highlight of my final year at Plymouth
University was studying Credit Management
with Salima. Her enthusiasm for the module
was infectious and a great driver for the
success I had in the assignment. She is an
exceptional lecturer and has a way of making
everything interesting. Her ability to explain
things as they would happen in reality, often
through personal experiences, made the
content easy to grasp and meant I looked
forward to her teaching each week.
“The content within the module changed
my perspective of business and emphasised
the importance of credit management in
day-to-day business transactions and life
in general. Since University, I have started
working in finance and have found the
knowledge that I gained from the module
has been extremely useful and has enhanced
my understanding of the way the business
functions. In the future, I would like to
start my own business so the knowledge
and experience shared by Salima will be
invaluable.
“Winning the CICM prize was unexpected
and very gratefully received. It has given
me something to talk about with potential
employers and will hopefully set me apart for
any applications in the future.”
Left: Dr Debbie Tuckwood, Acacia Harvey, Sandra Kinson, Professor Salima Paul and Sue Chapple.
The recognised standard
www.cicm.com December 2016 45

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46 December 2016 www.cicm.com
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‘‘
Below eight credit professionals outlined they have helped with their careers.
GETTING AHEAD
CICM qualifications are the gateway to a better and brighter future in credit management.
‘‘
EDUCATION
Classes for CICM qualifications start in January at teaching centres across the UK.
Virtual classes taught through the web and supported or unsupported home study are also
available. See CICM website for full details.
MARTIN JEFFERY MCICM(GRAD)
I completed the qualification to increase my knowledge and further
my career. CICM qualifications enabled me to take the first step
into a risk assessment role and ultimately up to Credit Manager. It
was also a solid base to study my Credit Management degree from
Thames Valley University.
Senior Risk Analyst Political Risk and Credit
Chubb
NEIL HOPKINS MCICM(GRAD)
The vast knowledge base of the course is very useful. I have now
reached Credit Manager in a £70 million turnover company; CICM is
a more recognised professional qualification now than ever.
Credit Manager
Hire Station
CHAM PATEL BSC (HONS),
MCICM(GRAD)
Better career prospects inspired me to get qualified, and many
companies now request that you are CICM qualified or studying.
CICM carries significant weight in the industry and has definitely
helped me in getting some of my roles.
Company Director
C&D Consultancy
ADRIAN VAUGHAN MCICM(GRAD)
I made the decision to obtain CICM qualifications to ensure I
was the best Credit Manager that I could be, and in return it has
enabled career opportunities that might not have been available
without it. CICM is rightly recognised as a standard of excellence. I
am proud to hold it and encourage others to obtain it.
Group Credit Services Manager
EVO Group
SARAH RINGROSE MCICM(GRAD)
A professional and recognised qualification which confirmed I
understood credit management inspired me to get qualified. CICM
qualifications have helped in my career as I have been able to apply
for more senior roles.
Head of Customer Experience
Autoglass
BEN WADE MCICM(GRAD)
A highly recognised qualification that I could apply and use to
enhance my day-to-day work and performance inspired me to get
qualified . Having the MCICM has proved to be highly regarded,
and as such given me a real CV differentiator in a competitive
market. The CICM overall has allowed me to establish good
networking contacts and keep relevant within an ever changing
industry.
Credit Manager
SGBD (UK)
EMMA HASTILOW MCICM(GRAD)
I studied to be taken seriously in my profession.
My qualifications have given me an invaluable amount of
knowledge and being a member of CICM keeps me one step
ahead of the rest in terms of changes in policies and procedures,
general updates in all market sectors and new ideas and tools
available.
Credit Manager
Helping Hands, Homecare Specialists
TONY ATKINSON MCICM(GRAD)
I wanted to be qualified to the professional industry standard
and the award of chartered status has been a welcome
recognition of that. Employers are able to trust the qualifications
as demonstrating the ability to apply the skills and knowledge
learned.
Credit Manager UK & ROI & Global Billing Manager
C & J Clark International Ltd, Street, Somerset
The recognised standard
www.cicm.com December 2016
47

HR MATTERS
TRIBUNAL
CLAIMS
Gareth Edwards looks at the processes and
procedures employer’s should follow.
FROM 29 July 2013, most employees wishing to
pursue an employment tribunal claim against
their employer had to pay a fee to do so. So if
your business receives an Employment Tribunal
(ET) claim – an ET1 – what steps should you take?
The priority is to check the initial action required
by you. Employers have 28 days from receipt of the
ET1 to respond to the claim by filing form ET3 with the
appropriate ET. The importance of meeting this deadline
cannot be overstated. If you do not comply with the
deadline, the ET may enter a default judgment against
you.
The deadline will always be clearly set out within the
ET’s correspondence notifying you of the employee’s
claim. It may be possible to seek an extension to this
deadline, and to request one you should write to the ET
(copying in the claimant) explaining why an extension
is necessary. Extensions will only be granted by the ET
where there are good grounds. Even where an extension
is requested, try to make sure that the ET3 form is ready
to go before the 28-day deadline to err on the side of
caution.
The general rule is that an employee has three months
from the termination of their employment to contact
ACAS to initiate pre-claim conciliation regarding a
potentially unfair dismissal claim. If a worker is alleging
discrimination, they have three months from the date
of the alleged discriminatory act, or the last event in
a series of discriminatory acts about which they are
complaining, to contact ACAS regarding their complaint.
For wages claims, a worker will have three months less
one day from the date that the wages were due to be
paid to contact ACAS. If the employee or worker has
failed to get their claim in before the relevant deadline,
then the ET will have no jurisdiction to hear the claim. An
employee or worker will also need to confirm that they
have complied with pre-claim conciliation by setting out
details of their ACAS Certificate Number on the ET1.
Some legal protections only apply to employees –
for instance claims of unfair dismissal or for a statutory
redundancy payment. Generally speaking, an employee
Generally speaking, an employee can only
pursue an unfair dismissal complaint against
their employer once they have at least two years’
service with that employer, although there are
important exceptions to this rule.
can only pursue an unfair dismissal complaint
against their employer once they have at least two
years’ service with that employer, although there are
important exceptions to this rule.
Has the claimant pursued the right employer? It
maybe that you have been incorrectly identified as the
employer liable for a claim – for instance as a result
of a TUPE transfer. Has the claimant pursued claims in
the correct jurisdiction? If the claimant was engaged
outside of England and Wales and has no connection
with the UK, it may be that the ET’s based in England
and Wales do not have jurisdiction.
Usually, the claims will be clearly set out on the ET1
form, but there may be further allegations included
within any additional information attached to the ET1.
Your defence should respond to each specific complaint
that is being made.
Should the case proceed to a hearing, witness
evidence will be required from those involved in the
events giving rise to the claim. To be ready for this, and
to accurately draft the defence, take initial statements
from relevant employees. This is particularly useful
when the events leading to the claim will be fresher
and clearer in everyone’s mind. You should also begin
to collate any relevant documents and put together
your version of events and chronology. The disclosure
process will require all relevant evidence to be sent to
the claimant. For this reason, managers and employees
involved should be told to preserve documents.
Sometimes an ET1 form – and the claims – will
be unclear. If the ET1 is vague, part incomplete or
contradictory, then an employer could consider serving
the employee with a request for Further and Better
Particulars of the Claim. This will allow for specific
questions to be put to the employee regarding the
unclear parts of their claim. However, it can also give
the employee a second opportunity to get their claim
into shape.
Settlement is always an option to consider –
particularly if it appears that the employee has a
good chance of a successful claim. Other factors to
take into account when considering settlement will
be the possibility of any adverse publicity, damage
to reputation and the time and legal fees required to
defend any claim. You can also consider contacting
ACAS to help broker a deal.
Gareth Edwards is a partner in the employment team
at Veale Wasbrough Vizards. gedwards@vwv.co.uk.
48 December 2016 www.cicm.com
The recognised standard

THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM April 2016.indd 1 22/03/2016 11:42
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM September 2016.indd 1 23/08/2016 14:30
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM July/August 2016.indd 1 21/06/2016 12:00
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM June 2016.indd 1 20/05/2016 11:19
CM
Credit Management magazine for consumer
and commercial credit professionals
CREDIT MANAGEMENT
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FALLING STAR
THE INDUSTRY SPEAKS OUT
ON THE EU REFERENDUM
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www.cicm.com December 2016 49

PARTNERS
WITH THE BEST
IN BUSINESS
Hays Credit Management is the award winning national specialist division of Hays
Recruitment, dedicated exclusively to the recruitment of credit management professionals
in the public and private sectors. Whether you are looking to further your career in credit
management, strengthen your existing team, or would simply like an overview of the
market, it pays to speak to the market leaders.
hays.co.uk
We specialise in company information with
extensive company coverage, financial risk
metrics and comprehensive corporate
structures. Our Credit Catalyst combines our
international, standardised financial data with
a bespoke credit platform, so you can work
more efficiently, make better quality decisions
and spot risk quickly.
• Assess financial risk and corporate stability
• Get insight on the financial health of individual
companies and across your portfolio
• Manage your data more efficiently
bvdinfo.com
Data Interconnect provides integrated
e-billing and collection solutions via its
document delivery web portal, WebSend. By
providing improved Customer Experience
and Customer Satisfaction, with enhanced
levels of communication between both
parties, we can substantially speed up your
collection processes.
datainterconnect.com
American Express is a globally recognised provider
of payment solutions to the business sector
offering flexible collection capabilities to meet
company cashflow objectives across a range of
industries. Whether you are looking to accelerate
cashflow, create a competitive advantage to drive
business or looking to support your customers
in their growth American Express can tailor a
solution to support your needs.
www.americanexpress.com
Sidetrade helps Credit managers to reduce
excess DSO by up to 50percent and
increase Sales-to-Cash efficiency up to
80 percent. Its innovative, market-leader
solutions, which complement ERP, aim to
secure customers by reducing payment
delays and controlling risk. With clients of
all sizes and all industries in 65 countries,
Sidetrade enables 120,000 sales and financial
users to collaborate through its Cloud, thus
accelerating cash-flow generation.
www.sidetrade.com
Key IVR provide a suite of products to assist
companies across Europe with credit
management. The service gives the end-user
the means to make a payment when and
how they choose. Key IVR also provides a
state-of-the-art outbound platform delivering
automated messages by voice and SMS.
In a credit management environment,
these services are used to cost-effectively
contact debtors and connect them back into a
contact centre or automated payment line.
keyivr.co.uk
Tinubu Square is a trusted source of trade
credit intelligence for credit insurers and for
corporate customers. The company’s B2B
Credit Risk Intelligence solutions include the
Tinubu Risk Management Center, a cloudbased
SaaS platform; the Tinubu Credit
Intelligence service and the Tinubu Risk
Analyst advisory service. Over 250
companies rely on Tinubu Square to protect
their greatest assets: customer receivables.
tinubu.com
Rimilia provides award winning Cash
Application & Cash Allocation software
products that deliver industry leading
tangible benefits like no other. Having
products that really do what they say is
paramount – add to that a responsive
and friendly team that are focused
on new and ongoing benefit realisation and
you have the foundations for successful long
term business relationships.
rimilia.com
50
December 2016 www.cicm.com
The recognised standard

The recognised standard
For further information and to discuss the opportunities of entering into a Corporate
Partnership with the CICM, contact Peter Collinson, Director of Business Development
and Marketing on 01780 727273 or email peter.collinson@cicm.com
Sanders Consulting is a niche consulting firm
specialising in improving Credit Management
Leadership & Performance for our clients.
We provide people and process focussed
pragmatic solutions, consultancy, strategy
days and performance improvement
workshops and we are proud to manage and
develop the CICMQ Programme and the
Best Practice Network on behalf of the CICM.
For more information please contact:
enquiries @chrissandersconsulting.com.
chrissandersconsulting.com
Credica are a UK based developer of specialist
Credit and Dispute Management software.
We have been successfully implementing our
software for over 15 years and have delivered
significant ROI for our diverse portfolio of
customers. We provide a highly configurable
system which enables our clients to gain
complete control over their debtors and to
easily communicate disputes with anyone in
their organisation.
credica.co.uk
CreditForce by Innovation Software is the
leading Collections and Working Capital
Management Systems used globally in over
26 countries and by over 20 percent of the
Top 100 Global Law Firms. Our systems
improve cash flow, reduce DSO, automate
cash allocation, control risk, automatically
generate intelligent workflows and tasks,
speed up query resolution and manage the
entire end-to-end collections cycle. Fully
integrated with over 40 leading ERP and
Accounting systems and delivered locally
or through Microsoft-Azure’s secure cloud
solutions.
www.creditforceglobal.com
Begbies Traynor is the UK’s leading Corporate
Rescue and Recovery practice, handling
more than 1000 cases per year. We operate
from a network of 37 UK offices, with clients
ranging from SME’s to quoted companies
and global banks.
As a business we have a close relationship
with CICM members and understand the
key role they play in the ongoing financial
health of their organisations. We also
understand the pressures that many face and
have developed a creditor services offering
to support their aims. Whether this is utilised
as a basic free consultation by phone, or a
full suite of services to cover all claims in any
insolvency, we can work with members to
provide a tailored solution.
begbies-traynor.com
M.A.H. is a global leader in Export Debt
Collection & Trade Dispute Resolution
Services. Headquartered in Switzerland,
we specialise in resolving cross-border
cases swiftly and amicably. Our mission is to
ensure that all creditors receive full payment
for products or services sold out of the UK
without expensive and lengthy litigation.
Having recovered payments from 112
countries, we rank as first choice among major
international exporters, export credit insurers,
governmental organisations, and other B2B
customers in all industries.
mah-international.com
DWF is one of the UK’s largest legal
businesses with an award-winning reputation
for client service excellence and effective
operational management. Named by the
Financial Times as one of Europe’s most
innovative law firms and independently
ranked first of all top 20 law firms for quality
of legal advice and joint first of all national law
firms for service delivery and responsiveness.
www.dwf.law/recover
Safe’s Credit Control module manages the
entire credit lifecycle, from credit checking
through to cash collection and beyond,
providing detailed analysis of performance.
Safe’s single, intuitive and easy-to-use
application seamlessly brings together the
necessary data and tools you require to
achieve your objective of creating a profit
centre culture within your credit control
function.
safe-financials.co.uk
Think Inspire and Create Ltd - No Ordinary
Consultancy. The newly-launched consultancy
offers an inspired service that supports
businesses and encourages their people
to embrace change. We are committed to
sharing our passion and experience in credit
management, Performance management and
Process improvement.
Our vision is to make sure that the changes
you create are sustainable and enduring.
www.thinkinspireandcreate.com
Graydon UK provides its clients with
Credit Risk Management and Intelligence
information on over 100 million entities
across more than 190 countries. It provides
economic, financial and commercial insights
that help its customers make better decisions.
Leading credit insurance organisations,
Atradius, Coface and Euler Hermes, own
Graydon. It offers its seamless service through
a worldwide network of offices and partners.
graydon.co.uk
The recognised standard
www.cicm.com December 2016 51

FORTHCOMING EVENTS
Full list of events can be found on our website: www.cicm.com/events
CICM EVENTS
1 DECEMBER
CICM REGIONAL WORKSHOP –
PERSONAL SKILLS; REVISITING THE BASICS
LEEDS
Following the success of our previous Credit Policy
Workshop, we are now inviting you to join our Personal
Skills Workshop in Leeds where we will not only remind
ourselves of core personal skills that are required to be
truly effective in our role, but also hear about the latest
thinking, tools and skills that will enable us to always
achieve the best outcome. This workshop and networking
event is free to all members with lunch and refreshments
included.
CONTACT : T: +44 (0)1780 722902 OR
E: EVENTS@CICM.COM.
VENUE : DELOITTE UK, 1 CITY SQUARE, LEEDS, LS1 2AL
2DECEMBER
CICM SHEFFIELD AND DISTRICT BRANCH –
FESTIVE PARTY NIGHT
ROTHERHAM
Join us to celebrate the festive season with a drinks
reception followed by a three course dinner.
CONTACT : E: sheffieldanddistrictbranch@cicm.com
VENUE : NEW YORK STADIUM, THE AESSEAL NEW YORK
STADIUM, NEW YORK WAY, ROTHERHAM, S60 1AH
6 DECEMBER
CICM NORTH EAST BRANCH –
CHRISTMAS QUIZ
NEWCASTLE UPON TYNE
Teams of up to six welcome (in the interests of fairness
please do not exceed this number – you can always submit
two smaller teams). Book early to avoid disappointment!
CONTACT : E: northeastbranch@cicm.com
VENUE : THE OLD GEORGE INN, CLOTH MARKET,
NEWCASTLE UPON TYNE, NE1 1EZ UNITED KINGDOM
7 DECEMBER
CICM THAMES VALLEY – TOPGOLF
SURREY
What is it ? Just picture a 240-yard outfield with dartboardlike
targets in the ground. The closer to the centre or
‘bull’s-eye’ you get your micro chipped ball, the more points
you get.
COST: £2 for a 30 day membership then £5.50 for one
game. Restaurant food and bar drinks available to be
purchased. We will meet at 19:00 as ‘walk-in guests’ –
providing bays are immediately available we will begin play.
If we need to wait, we may decide to eat first. (five max per
bay) Visit: http://topgolf.com/uk/
CONTACT : Please email: thamesvalleybranch@cicm.com
VENUE : TOPGOLF, MOATED FARM DRIVE, ADDLESTONE,
SURREY, KT15 2DW
8 DECEMBER
CORPORATE PARTNER, BEGBIES TRAYNOR –
FREE WEBINAR ON DEATH AND DEBT
ONLINE
Of all the sensitive debt collection challenges, coming
across the death of a debtor is probably the most difficult
to deal with, both in terms of tact and the complexity of
the overlap between insolvency and probate law. Michael
Locke ran the two leading cases on deceased insolvent
estates and specialises in handling such matters. This
webinar will explain his experience of the position of
creditor and family, explaining both the law, practice and
implications.
Time: 13:30 / Duration: 1 hour
CPD
6
VENUE : ONLINE
18 JANUARY 2017
CICM YORKSHIRE RIDINGS BRANCH
– ANNUAL GENERAL MEETING AND
CONFERENCE – WORTH THE RISK?
LEEDS
Annual General Meeting and Conference – Worth the Risk?
CONTACT : For further information, or to confirm your
attendance, please contact Julie-Anne Moody- Webster
MCICM,Branch Secretaryat E: yorkshireridingsbranch@
cicm.com
VENUE : TBC
25 JANUARY 2017
CICM LONDON BRANCH – BURNS NIGHT
TBC
Details to follow
CONTACT : TBC
VENUE : TBC
26 JANUARY 2017
CICM SOUTH WEST BRANCH – ANNUAL
GENERAL MEETING AND NETWORKING
EXETER
Entry fee is free for members and £5.00 per head for non
members. Cheques to be payable to CICM South West
Branch.
Receipt Required – YES/NO
Please return by 10 January 2017 to Gerry Thomas
MCICM(Grad), 21 Locarno Road, St Thomas, Exeter, Devon
EX4 1QD. Venue Tel: 01392 873317
Easy access and ample parking
Directions can be found on the following website: https://
www.staustellbrewery.co.uk/pub/exeter/the-cat–fiddle-inn
CONTACT : E: southwestbranch@cicm.com
VENUE : CAT AND FIDDLE, CLYST ST MARY, EXETER,
EX5 1DP.
TRAINING DAYS
6 DECEMBER
NEGOTIATING AND INFLUENCING SKILLS
VENUE : LONDON
8 DECEMBER
COLLECTING WITH CONFIDENCE
VENUE : LONDON
8 DECEMBER
ESSENTIAL TELEPHONE COLLECTION TECHNIQUES
VENUE : LONDON
9 DECEMBER
CICM WEBINAR - NEGOTIATING AND INFLUENCING SKILLS
VENUE : ONLINE
12 DECEMBER
CICM WEBINAR - TIME MANAGEMENT
VENUE : ONLINE
16 DECEMBER
CICM WEBINAR - TELEPHONE COLLECTIONS
VENUE : ONLINE
12 JANUARY 2017
CICM WEBINAR - CREDIT MANAGEMENT IN A NUTSHELL
VENUE : ONLINE
12 JANUARY 2017
CICM WEBINAR - TELEPHONE COLLECTIONS
VENUE : ONLINE
16 JANUARY 2017
CICM WEBINAR - NEGOTIATING AND INFLUENCING SKILLS
19 JANUARY 2017
CICM WEBINAR - TIME MANAGEMENT
VENUE : ONLINE
19 JANUARY 2017
GETTING STARTED IN CREDIT CONTROL AND COLLECTIONS
VENUE : LONDON
23 JANUARY 2017
CICM WEBINAR - TELEPHONE COLLECTIONS
VENUE : ONLINE
OTHER EVENTS
7-8 DECEMBER
FORUMS INTERNATIONAL – ITRF
(INTERNATIONAL TELECOMS RISK FORUM)
MARLOW
International Telecoms Risk Forum
CONTACT : For more information and an information pack,
E: itrf@forumsinternational.co.uk.
VENUE : TBC
8 DECEMBER
ICTF WEBCAST – FIVE BEST PRACTICES
FOR GLOBAL FINANCIAL SHARED SERVICE
CENTRES
ONLINE
This informative ICTF webinar explores five critical aspects
of order-to-cash within Financial Shared Service Centre
operations, including:
– Optimizing Global Cash-Flow Performance
– Reducing DSO (DBT), Reserves & Write-Offs to release
working capital trapped in inefficient OTC processes &
systems
– Decreasing DDO & Increase Deduction Dispute
Percentages and Recovery Rates > Move FTEE’s from
Reactive to Preventative Measures
– Optimizing FTE Requirements > Delivering Optimal
Financial Outcomes
– Supporting High-Volume Lower-Value Clients with Self
Service Portal Automation
CICM members can obtain a US$50 discount against the
advertised registration fees by emailing tim.lane@ictfworld.org
CONTACT : http://www.ictfworld.org/events/EventDetails.
aspx?id=867665&group=
VENUE : ONLINE
13 DECEMBER
CORPORATE LEGAL PARTNER, DWF –
FREE WEBINAR – LITIGATING TO TRIAL
ONLINE
Litigating to Trial – Safely shaping your best chance of
success
“The robots are coming!” – In an age of automation and
digitisation will the proposed Court reforms for an Online
Court put the Credit Manager in a position where, for the
first time, they can with ease run their own cases to Trial
without the need for a lawyer; or will they create a false
sense of security which takes them by the hand and blindly
leads them towards failure?
In this webinar James Perry, Solicitor and Director at DWF
LLP, will focus on the elements of a case he believes the
Online Court will not be able to deal with. He will explore
the skills and tools required to properly establish the facts
and law for each claim, to analytically (and objectively!)
assess each claim’s chances of success and to ensure
Credit Managers are giving themselves the very best
chance of a positive outcome at Trial. This is a not to be
missed webinar for anyone who does or is thinking of
doing contentious debt litigation.
CONTACT : HTTP://WWW.CICM.COM/EVENT/CORPORATE-
CONTACT : http://www.cicm.com/event/corporate-partner-
December 2016 www.cicm.com VENUE : ONLINE
VENUE : ONLINE
The recognised
PARTNER-DWF-FREE-WEBINAR-LITIGATING-TRIAL/
52begbies-traynor-free-webinar/
standard
CPD
9

NEW CICM MEMBERS
THE INSTITUTE WELCOMES NEW MEMBERS WHO HAVE RECENTLY JOINED
MEMBER BY EXAM
MEMBER
NAME
COMPANY
NAME
COMPANY
Victoria Painter
Loop Customer Management Ltd
Sharon Flynn
J Murphy & Sons Ltd
Stephen Rose
Sinclair Goldberg Price Ltd
Joye Shah
ACT Credit Management Ltd
Nashwa Van-Flute
ASSOCIATE
NAME
Edward Callender
Annette Livingstone
Brendan O’Connor
COMPANY
Aged Care Channel Ltd
AFFILIATE
NAME COMPANY NAME COMPANY
Warren Aburn
Marco Anholts
Nana Asante
Tony Baker
Natasha Biggs
Matthew Boyd
Jacqueline Broadhurst
Robert Brooke
Denise Burton
Adam Chancellor
Mark Chart
Marios Chryssavgis
Gilbert Cockett
Luke Cooper
Nicola Cresswell
Seonaid Crooks
Adam Dear
Jordon Delong
Laura Doig
Gemma Dowling
Kara Duckmanton
Lynsey Dudbridge
Sarah Louise East
Susan Eskriett
Trefor Farrow
Karen Firth
Nicola Fox
Wendy-Jayne Foy
Monique Foyle
Vladimir Gochev
Melissa Goldsmith
Tessa Goldsworthy
Stuart Goodwin
Luke Gould
Matthew Grierson
Danielle Hall
Ryan Hanily
Darren Harrison
Amy Hemmings
Lauren Hoey
Kristy Hofgartner
Nicola Holley-Smith
Matthew Hook
Chandlers Limited
First Central Insurance Management Ltd
Accra Brewery Ltd
One Step Solutions
Furley Page Solicitors
Rexel UK Ltd
Barcrest Group Ltd
York St John University
Suez Recycling & Recovery UK Ltd
Chandlers Limited
Qualco
Allianz Insurance plc
Hire Station Ltd
Euromoney Trading Limited
Mark Jarvis Bookmakers
Suez Recycling & Recovery UK Ltd
Palmer & Harvey McLane Ltd
Andrews Sykes Hire Ltd
EVO Business Supplies Limited
Suez Recycling & Recovery UK Ltd
Greencore Cakes & Desserts
Insight UK Direct Ltd
StepChange Debt Charity
Tangerine Confectionery Ltd
Suez Recycling & Recovery UK Ltd
Edmundson Electrical
Huntsman Corporation
Hill Dickinson LLP
Springer Nature
One Step Solutions
Chandlers Limited
London School of Economics
Goodwin International Ltd
SIG Trading Ltd
StepChange Debt Charity
Andrews Sykes Hire Ltd
Ashtead Plant Hire Co Ltd
Suez Recycling & Recovery UK Ltd
ARP Enforcement Agency
Royal Mail
Malcolm Howell
Tina Hughes
Michael Jacobs
Danielle Jones
Stephen Jones
Anthony Khodadad
Alice Loveday
Katrina Mabbutt
Sarah Maher
Joanne Marriott
Gary Marvin
Rebecca McLean
Shaun McMaster
Matteo Mercadini
Victoria Mikneviciute
Nilesh Mistry
Vincent Murray
Gemma Nichols
Abigail O’Hare
Ruggero Pantaleoni
Chris Parker
Hollie Anne Parker
Laura Rodd
Lucie Ronde-Oustau
Mihaela Rusu
Judit Serkedi
Sahand Shabani
Chris Shaw
Renee Shaw
Sandeep Singh
Rachael Swift
Bethany Thomasson
Andrew Tonge
Anthony Tonks
Mark Tordoff
Elvis Trifon
Jack Vincent
Adrian Watkins
Safina Wazir
Holly Wheeler
Suneeta Williams
Claire Williams
One Step Solutions
AXA Icas Ltd
BCA Partner Finance
Furley Page Solicitors
Credit Management Group UK
M Khodadad
StepChange Debt Charity
Xerxes Management Services Limited
StepChange Debt Charity
Suez Recycling & Recovery UK Ltd
Aggregate Industries
Alliance Boots
StepChange Debt Charity
Royal bank of Scotland N.V
Care Management Group Ltd
StepChange Debt Charity
One Step Solutions
BCA Partner Finance
StepChange Debt Charity
Goodman Masson Recruitment Srevices
StepChange Debt Charity
Shiner Limited
STA International Ltd
Bridgewater Support Solutions Ltd
London Urology Group
VF Northern Europe Ltd
FWD Training & Consultancy
Reed Specialist Recruitment ltd
Cushman & Wakefield LLP
Center Park Resources
Michael Page International
NCC Group
Frank Roberts & Sons Ltd
StepChange Debt Charity
Bunting Auto Ltd
StepChange Debt Charity
StepChange Debt Charity
L F Europe
P W C
Northgate Vehicle Hire
Arcadis LLP
NOT A CICM MEMBER?
WHAT ARE YOU MISSING?
To find out more about becoming a member of the largest
professional credit management organisation in Europe, and the
full benefits that membership offers, call 01780722903, visit
www.cicm.com or email cicmmembership@cicm.com
WE LOOK FORWARD TO HEARING FROM YOU
CM
Credit Management
magazine for consumer
and commercial credit
professionals
www.cicm.com December 2016 53

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54 December 2016 www.cicm.com
The recognised standard

BRANCH NEWS
SOUTH WALES BRANCH
COLLECTIONS AND CURRY
THE South Wales Branch held a really
interesting event at Taffs Well Rugby Club.
Initially we had planned for a joint event with
another professional body, but sadly it didn’t
pan out as expected so we ploughed on to
organise our ‘six months since Brexit – what’s
changed?’ event.
We started the evening with two excellent
speakers. Stephen Thompson from Darwin
Gray Solicitors gave a talk on the importance
of T&Cs and when to get these in place.
This opened up a good discussion on those
points and some of the horror stories we have
encountered.
Then our very own Diane Keeling gave a
talk about managing a collections team and
some of the myths surrounding that. Her
personal story was amazing and has certainly
transformed the company she works for – no
wonder they recently won an award!
Time then for the curry, to refresh our
drinks and have a sit down and mingle with all
the attendees. As a committee we decided,
THE TURNER LECTURE
AROUND 80 members and guests were
entertained and enlightened at the 16th
Annual Turner Lecture in the auspicious
surrounding of the Strand, Fleet and Bell Suite
of the Law Society, Chancery Lane.
Following a drinks reception, this year’s
event took the form of an interactive question
and answer session with Kent Branch Vice
Chair, Richard Seadon, admirably playing the
David Dimbleby role of ‘Question Master’.
The esteemed panel fielding all the questions
were: Toby Riley-Smith QC from Henderson
Chambers; Atul Vadher, International Credit
Manager from French Connection; Chris
Sanders, Head of Accreditation for CICMQ;
and Debbie Tuckwood, Director of Learning
and Development at the CICM.
In true Question Time style, the majority of
the questions had been submitted in advance.
There was also time for questions from the
audience, testimonials from Hays to say how
important the CICM qualifications were for
employers seeking credit control staff, and
also from EDF explaining how the company
and its staff had benefitted from CICM
courses.
Atul described how he viewed the role of
the modern credit professional and outlined
some of the problems we all face, and Chris
gave an insight into the processes and
benefits of companies becoming CICMQaccredited.
mainly due to the topic, to open this event out
to all and sundry, so there was a good mix of
businesses in the room.
On to the main event – the debating panel.
On our panel we had Jason Braidwood, a CICM
member from Creditsafe, and Rob Warlow,
ex-Barclays Bank Head of Africa Operations
who now has his own business, Business
Loan Services, which helps companies secure
lending for a wide range of needs.
Manjit Biant, a University Lecturer teaching
Business and Finance, Global Financial Markets
and also sits on the board for the Welsh
Exporters Association, was also on the Panel.
We kicked off with a question that had been
emailed into us and then followed an hour of
really lively and good discussions with a wide
range of related topics being discussed.
We plan to run a similar event in another six
months, but cunningly will change the title to
‘One year since Brexit – what’s changed?’
Our next event is on 2 December in Cardiff.
Author: Steve White MCICM
Debbie covered questions on
qualifications, study pathway and the
available options for learning. This included
references to face-to-face teaching, virtual
CICM classes and in-house company training,
as well as the new Level 2 / Level 3 Trailblazer
Apprenticeship Scheme.
Last but not least, Toby Riley-Smith then
diplomatically handled questions put to him
by Stephen Baister on the enormous increase
in court fees and the ongoing Lord Justice
Briggs review of the Court Service.
Thanks must also go to Richard and to
Simon Paterson for their efforts in making the
event such a success.
Author: Kevin Artlett FCICM ACII
CURRENT JOB TITLE:
National Credit Control
Manager.
CURRENT COMPANY
NAME:
Phoenix
Pharmaceuticals.
NUMBER OF YEARS IN CREDIT
MANAGEMENT: 34 years.
NUMBER OF YEARS IN CURRENT ROLE:
15 years in January.
HOW DID YOU GET INTO CREDIT
MANAGEMENT?
I first of all started in sales ledger but I
was really good at getting money in the
bank so I naturally fell into credit control.
WHAT IS THE BEST THING ABOUT
WHERE YOU WORK?
They are a fantastic company who look
after you with things like discounts and
use of a well-being department.
WHAT MOTIVATES YOU?
At Phoenix there is a European league
table – I like to be at the top. Reputation
for me is everything!
WHAT IS YOUR FAVOURITE MEAL?
Some might think it is boring but fish and
chips.
WHAT IS YOUR FAVOURITE HOLIDAY
DESTINATION?
Disney World.
NAME THREE PEOPLE YOU WOULD
INVITE TO A DINNER PARTY AND WHY?
Hilary Clinton – I think she is such a
strong woman.
Donald Trump – just for a good argument
My mum – She would have everyone
speechless
60SECONDS
WHAT IS YOUR FAVOURITE PASTIME/
RELAXATION ACTIVITY?
I like to go to the beauty spa and get a
pedicure, but not a massage, that would
be too relaxed!
IF YOU WERE TO HAVE ONE SPECIAL
POWER, WHAT WOULD IT BE AND WHY?
Invisibility – so that I could hear what
everyone says about me!
WHAT IS THE BEST/WORST QUALITY IN
A LEADER?
Patience is the best quality in a leader
and being over aggressive is the worst.
WHO IS YOUR BUSINESS OR PERSONAL
HERO?
Hilary Clinton.
WHAT CAN’T YOU LIVE WITHOUT?
Chocolate!
WHAT WAS THE LAST THING YOU
WASTED MONEY ON?
Whatever the last thing was that I bought
my three daughters! Whatever they want
they get!
WHAT’S YOUR FAVOURITE QUOTE OR
MOTTO?
Treat others as you would like to be
treated.
IF YOU WEREN’T WORKING IN CREDIT
MANAGEMENT, WHAT WOULD YOU BE
DOING?
Politics.
WITH
The recognised standard
www.cicm.com December 2016 55

DON’T MISS YOUR
NEXT BIG CAREER
MOVE IN CREDIT
At Hays Credit Management, our consultants are all affiliate members of
the CICM and understand both the demands you face and the skills you
need to thrive within your industry. We can therefore offer you personalised
career advice and the support that you need.
INTERIM CREDIT CONTROL MANAGER
DEVELOP AN EXPERT TEAM
Manchester, up to £60,000
As part of a relocation to its new Manchester office, an
ambitious credit control manager is required to work for
a large retail business to ensure the smooth relocation
and hiring of a large credit and sales team on a fantastic
12 month contract. With a key focus upon the continued
development of this new team, you will be targeted not
only with the collection of outstanding debts, but also
on staff retention. You will have previous experience
heading up varied projects within a credit team as well
as staff development, system implementation and O2C
process improvements. Ref: 2877745
Contact David Busfield on 0161 236 7272
or email david.busfield@hays.com
AR & CREDIT MANAGER
SUCCESS THROUGH EXPERTISE
Berkshire £50,000 + car allowance + bonus
A leading UK brand is seeking a best in class MCICM
(Grad) AR and credit manager to manage a team of
eight. You will be responsible for day-to-day people
management, setting KPI’s and establishing best practice
within the credit department. The role covers all aspects
of credit management including billing, credit insurance
and risk. This is an ideal opportunity to make a real
impact within a market-leading brand and in return,
you will receive excellent progression opportunities
within the organisation.
Ref: 2868374
Contact Tony Lambert on 07921 026446
or email tony.lambert@hays.com
This is just a selection of the many opportunities
we have available for credit professionals.
To find out more, visit us online.
hays.co.uk/creditcontrol
56 December 2016 www.cicm.com
The recognised standard

CREDIT MANAGER
DRIVE BUSINESS TARGETS
New Malden, £40,000-£50,000 + benefits
This FTSE 250 listed business with a global reach
is seeking an experienced credit manager for its
shared service centre. Working in a team of 70, you
will oversee 14 members of staff at varying levels.
You will be expected to drive the business, set targets
and regularly review performance by conducting 1-2-1
and debt reviews. The role will entail regular contact
with the UK Finance Director, where you will be able to
express yourself in a professional and concise manner.
A good understanding of credit policy and the ability
to follow company processes are also essential.
Ref: 2872362
Contact Laura Harmar on 020 8247 4042
or email laura.harmar@hays.com
CREDIT CONTROLLER
JOIN A GLOBAL LEADER
Birmingham, £22,000-£25,000
An experienced and commercially-minded credit
controller is required at one of the top professional
service organisations across the globe. Your primary
responsibility will be to enforce the company’s credit
control procedures within your allotted portfolio and
to review and analyse debt trends to ensure debtor days
are managed to an acceptable level. To be successful,
you will have experience working as a credit controller
within a professional services organisation. You will also
have the confidence and gravitas to communicate with
partners, clients and senior members of staff to increase
timely collections and relationships. Ref: 2878684
Contact Hollie Wildman on 0121 212 1814
or email hollie.wildman@hays.com
CREDIT CONTROLLER
TAKE OWNERSHIP OF CREDIT CONTROL
East Kilbride, £20,000-£22,000
This international company seeks an experienced credit
controller to join an initial three month contract with the
potential for a permanent opportunity. Reporting directly
into the Financial Controller, you will take ownership for
the credit control function in a busy finance department
and deal with clients in the UK and overseas, as well
as undertake all associated sales ledger and a variety
of finance duties. This includes but is not limited to
allocations, postings and reconciliations. This is an
exciting contract opportunity for a team player with an
adaptable attitude. Ref: 2743703
Contact Linda Brownlee on 0141 212 3666
or email linda.brownlee@hays.com
PROPERTY CREDIT MANAGER
ESTABLISH STRATEGY AND STRUCTURE
London, up to £45,000 + benefits
Owning nearly 100 sites, this leading service provider is
worth over £1 billion and is the home to almost 5,000
companies. With a strong emphasis on strategies
specific to property and associated control structures, a
highly motivated credit manager is required to focus on
maximising the profitability of collections and minimising
exposure to risk. You will also manage a team of two and
monitor any progress. You will have an analytical mind
and experience in credit environment within the property
sector. This is a fantastic opportunity where you can
achieve results and be rewarded accordingly.
Ref: 2846764
Contact Hannah East on 020 3465 0020
or email hannah.east@hays.com
CREDIT CONTROLLER
BUILD AND MAINTAIN RELATIONSHIPS
Leicester, up to £23,000
Based in Coalville, this large logistics company is looking
for a driven credit controller to work as part of a team
of four other credit controllers. Working closely to
the finance director, you will communicate figures
and reports on a weekly basis. Confidence will be
an essential part of your personality as building and
maintaining relationships with clients on an on-going
basis is mandatory. This is a fantastic opportunity for
a passionate individual looking to progress their career
within the credit field. In return, the company offers
on-going support and potential study packages.
Ref: 2808721
Contact Jaimini Tailor on 0116 251 1818
or email jaimini.tailor@hays.com
CREDIT CONTROLLER
MINIMISE BUSINESS RISK
Leeds, £20,000 + excellent benefits + pension
An established credit controller is required at this global
corporate business to join its high-performing business
collections team. The role will manage risk within the
customer base and you will be responsible for collecting
debt from a variety of sources. Previous business to
business credit control experience is essential. To be
successful, you will have excellent communication skills
and telephone manner, the ability to work under pressure
and be a team player who works well with others and
can influence key stakeholders. Ref: 2862467
Contact Catherine Hill on 0113 243 8384
or email catherine.hill@hays.com
The recognised standard
www.cicm.com December 2016 57

PROGRESS WITH CONTINUING
PROFESSIONAL DEVELOPMENT (CPD)
The CICM Continuing Professional Development (CPD)
programme offers the tools to develop and achieve in your
credit management career. Undertaking CPD provides a focused
training and development plan that can be constantly reviewed
and updated. The benefits are reflected in your ongoing personal
achievement, experience and growth as a professional.
CPD also offers benefit to your employer, the ability to manage
your own self-development demonstrates a key strength and
highlights the potential of linking learning to actions and theory
to practice.
Get started today, visit www.cicm.com to download your
Development Plan and Progress Record.
BUILD SKILLS DEVELOPMENT
THEORY THROUGH QUALIFICATIONS
UP TO DATE KNOWLEDGE AND INFORMATION
NETWORKING
www.cicm.com
CPD
CPD
10
10
58 December 2016 www.cicm.com
The recognised standard

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
COLLECTIONS
Controlaccount PLC
Compass House, Waterside
Hanbury Road, Bromsgrove
B60 4FD
T: 01527 549522 (Sales dept)
E: sales@controlaccount.com
W:www.controlaccount.com
Controlaccount has over 30 years of Credit Management and
Debt Recovery experience, helping National and International
SMEs and blue chip organisations, across a wide range of sectors.
We provide a fast, proactive collection service on a no-collection,
no-fee basis, and for some clients a zero cost option,
utilising the late payment act to fund collection procedures. Our
trained collectors take into account your need to recover debts,
whilst maintaining your reputation and preserving customer relationships.
If we can’t recover your outstanding debts through our
collection process, then our service won’t cost you a penny; and
with our additional in-house legal & Trace service as well as our
credit reporting and corporate monitoring services we are ready
to help you every step of the way.
Blaser Mills LLP
Rapid House
40 Oxford Road, High Wycombe,
Buckinghamshire. HP11 2EE
T: 01494 478660/478661
E: Jackie Ray jar@blasermills.co.uk or Gary Braathen
gpb@blasermills.co.uk
W: www.blasermills.co.uk
Established in 1888, leading multi-disciplinary law firm Blaser
Mills specialises in services for businesses and individuals.
The Firm has particular expertise in Dispute Resolution and
Debt Recovery working with experienced credit managers and
finance directors providing solutions to both contested and
uncontested claims.
Blaser Mills provides an experienced team including CICM
qualified legal representatives and the Firm is cited in the
Legal 500 law directory based on quality of work and strong
client feedback.
Offices in Aylesbury, London (Central), London (Harrow), Old
Amersham, Rickmansworth, Staines-on-Thames.
Think Inspire and Create Ltd
T: 0844 414 6056
E: info@thinkinspireandcreate.com
W: www.thinkinspireandcreate.com
Think Inspire and Create Ltd - No Ordinary Consultancy
The newly-launched consultancy offers an inspired service that
supports businesses and encourages their people to embrace
change. If you want to drive forward sustainable change in your
business, Think, Inspire and Create Ltd can optimise the way you
deliver your strategy.
Using a unique Think, Create and Inspire ethos the team works with
businesses, embedding cross-skilled consultants within companies,
to facilitate creative thinking, set goals and find enduring solutions
to challenges.
Think, Inspire and Create Ltd is committed to sharing its passion and
experience in the following areas:
• Credit management • Performance management • Operational
design & Management • People Engagement • Process Change
Management • System design and deployment • Organisation
design.
Our vision is to make sure that the changes you create are sustainable
and enduring. Find out more www.thinkinspireandcreate.com
COURT ENFORCEMENT SERVICES
Premium Collections Limited
Office 3, Caidan House Business Centre, Canal Road,
Timperley, Altrincham, Cheshire, WA14 1TD
T: 0161 962 4695.
F: 0333 121 3843
E: enquiries@premiumcollections.co.uk
W: www.premiumcollections.co.uk
Premium Collections Limited has the credit management solution
to suit you. Operating on a national and international basis we
can tailor a package of products and services to meet your
requirements. Staffed by dedicated professionals with over 60
years combined experience of handling virtually every type of
debt issue, the company was formed in December 2002 and
is owned by our Managing Director, Paul Daine FCICM. Paul’s
particular areas of expertise are the motor finance, insurance
and international debt collection sectors. Services include B2B
collections, B2C collections, international collections, absconder
tracing, asset repossessions, status reporting and litigation
support.
INTERNATIONAL COLLECTIONS
Lovetts Solicitors
Lovetts, Bramley House, The Guildway, Old Portsmouth
Road, Guildford, Surrey GU3 1LR
T: +44(0)1483 457500 E: info@lovetts.co.uk
W: www.lovetts.co.uk
Lovetts has been recovering debts for 30 years! When you
want the right expertise to recover overdue debts why not use a
specialist? Lovetts’ only line of business is the recovery of
business debts and any resulting commercial litigation.
We provide:
• Letters Before Action, prompting positive outcomes in more than
80 percent of cases • Overseas Pre-litigation collections with
multi-lingual capabilities • 24/7 access to our online debt
management system ‘CaseManager’
Don’t just take our word for it, here’s recent customer feedback:
“...All our service expectations have been exceeded...”
“...The online system is particularly useful and is extremely easy
to use... “...Lovetts has a recognisable brand that generates
successful results...”
CONSULTANCY
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183
T : +44 (0)1992 663 399
E : wayne@courtneforcementservices.co.uk
W: www.courtenforcementservices.co.uk
High Court Enforcement that will Empower You!
We help law firms and in-house debt recovery and legal teams to
enforce CCJs by transferring them up to the High Court. Setting us
apart in the industry, our unique and Award Winning Field Agent
App helps to provide information in real time and transparency,
empowering our clients when they work with us.
• Free Transfer up process of CCJ’s to High Court
• Exceptional Recovery Rates
• Individual Client Attention and Tailored Solutions
• Real Time Client Access to Cases
CREDIT INFORMATION
M.A.H. INTERNATIONAL CORPORATION
Breitenweg 6, 6370 Stans, Switzerland
Ms. Melina Schuler – Business Development Manager
T: ++41 41 618 30 54
F: ++41 41 620 90 26
E: m.schuler@mah-international.com
W: www.mah-international.com
M.A.H. is a global leader in Export Debt Collection & Trade
Dispute Resolution Services. Our head office is located
in Stans, our group law office in Zurich. We specialise in
resolving cross-border cases swiftly and amicably (99
percent of our cases are settled out of court).
We have recovered payments from 112 countries on all five
continents for exporters and other B2B customers of all sizes
in all industries. We rank as first choice among international
export companies, export credit insurers, and governmental
organisations.
Our mission is to ensure that all creditors receive full payment
for products or services sold out of the UK without expensive,
stressful, and lengthy litigation.
Contact us to benefit from our personalised, full-package,
No Collection – No Fee services, provided by our qualified
multilingual global negotiators, collection attorneys, and
affiliate local partner law firms in 65 countries.
The recognised standard
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all
aspects of the order to cash process. Chris Sanders FCICM, the
principal, is well known in the industry with a wealth of experience
in operational credit management, billing, change and business
process improvement. A sought after speaker with cross industry
international experience in the business-to-business and businessto-consumer
markets, his innovative and enthusiastic approach
delivers pragmatic people and process lead solutions and significant
working capital improvements to clients. Sanders Consulting are
proud to manage CICMQ on behalf of and under the supervision
of the CICM.
CoCredo Limited
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790 600
E: helpdesk@cocredo.com
W: www.cocredo.co.uk
We provide live online company credit reports and related business
information within the UK and overseas. We have direct feeds from
Dun & Bradstreet, Companies House and other premium providers.
We provide business information on over 256 million companies
across 221 countries. Our information is updated over 500,000
times per day and we have some excellent tracking mechanisms
which provide proactive daily monitoring of changes in the global
information on record. We can offer a wealth of additional services
including XML Integration, D.N.A portfolio management, CoData
marketing information, Companies House documents, Consumer
and Director Searches. We pride ourselves in delivering award
winning customer service, offering you unrivalled support and
analysis to protect your business.
www.cicm.com December 2016 59

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FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
Company Watch
Centurion House, 37 Jewry Street, LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
What would happen if one of your key customers failed? Do
you rely on company information that is up to 18 months’ old?
Company Watch provides a credit management system that’s
predicted around 90 percent of company failures. Not only
that, our interactive system allows you to input more up-to-date
accounts, and to stress-test company financials to generate an
instantly updated analysis of a company’s financial health. With
a portfolio and email alert system, and a user interface showing
5-year trends along with everything you need to know at a
glance, Company Watch is an invaluable resource in the credit
management process.
CREDIT INFORMATION
Graydon UK
66 College Road, 2nd Floor,
Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Graydon UK is a specialist in Credit Risk Management and
Intelligence, providing access to business information on over
100 million entities across more than 190 countries. Its mission
is to convert vast amounts of data from diverse data sources into
invaluable information. Based on this, it generates economic,
financial and commercial insights that help its customers make
better business decisions and ultimately gain competitive advantage.
Graydon is owned by Atradius, Coface and Euler Hermes, Europe's
leading credit insurance organisations. It offers a comprehensive
network of offices and partners worldwide to ensure a seamless
service.
EFCIS Limited t/as ICBA UK
Specialist Trade Credit Insurance Broker
The Office, Mill House Farm, Mill Street, Hastingwood,
Essex, CM17 9JF
T: 01279 437662
E: amoylan@efcis.com
W: www.efcis.com
EFCIS Limited - Trade Credit Insurance, Debt Collection, Dispute
Resolution and Legal action for small/medium & multinational
businesses. EFCIS secures limits for clients where the financials
alone do not support the full limit. We are tenacious when
negotiating settlement of claims, securing full payment for claims
and proactively working with our clients in claims avoidance.
We are the industry’s only Broker to develop policy compliance
software to ensure client’s maximum benefit and protection
from the policy. We believe that a well-managed ledger supports
business growth within increased profit and an improved return
on investment.
CREDIT MANAGEMENT SOFTWARE
Creditsafe Business Solutions
Bryn House, Caerphilly Business Park, Van Rd,
Caerphilly, CF83 3GG
T: 0292 088 6500.
E: ukinfo@creditsafeuk.com
W: www.creditsafeuk.com
Creditsafe is Europe’s most used supplier of credit & business
intelligence. Creditsafe have helped over 60,000 customers
across Europe and the USA with a range of products which
includes our UK, European and International Company Credit
Reports, which reach over 129 countries and 90m companies;
customer and supplier Risk Tracker and our 3D Ledger product
which has captured over 35 million Trade Payment Data
Experiences since its launch in 2012. All of which will help
companies manage their exposure to risk, make informed
decisions in relation to credit limits whilst looking at how you
can identify gaps within your sales ledger to prioritise collections
and leverage sales.
Top Service Ltd
2&3 Regents Court, Farmoor Lane, Redditch,
Worcestershire, B98 0SD
T: 0152 750 3990.
E: enquiries@top-service.co.uk
W: www.top-service.co.uk
Top Service is the only credit reference and debt recovery
agency to specialise in the UK construction sector. Top Service
customers benefit from sector specific information, detailed
payment history intelligence and realtime trade references in
addition to standard credit information. There are currently
3,000 construction sector companies subscribing to the service,
ranging from multi-national organisations to small family firms.
The company prides itself on high levels of customer service
and does not tie its customers into restrictive contracts. Top
Service offers a 25 percent discount to all CICM Members as
well as four free credit checks of your choice.
BUREAU VAN DIJK
Northburgh House,
10 Northburgh Street,
London,
EC1V 0PP
T: +44 (0)20 7549 5000
E: bvd@bvdinfo.com
W: www.bvdinfo.com
We specialise in company information with extensive company
coverage, financial risk metrics and comprehensive corporate
structures.
Our information helps you make better quality decisions.
•Assess financial risk and corporate stability
•Get insight on the financial health of individual companies and across
your portfolio
•Manage your data more efficiently
Our Credit Catalyst combines our international, standardised financial
data with a bespoke credit platform, so you can work more efficiently,
make better quality decisions and spot risk quickly.
•Comprehensive coverage of companies across the globe
•Standardised reports so you can benchmark and compare companies
•Financial strength indicators from a range of providers
CREDIT INSURANCE
Arthur J. Gallagher
Insurance Brokers Limited
7 Floor, Temple Point, 1 Temple Row
Birmingham B2 5LG
T: 0121 203 3127
W: www.ajginternational.com
With the risk of default by customers still a major threat to UK and
Global companies there has never been a better time to consider
trade credit insurance. Arthur J. Gallagher’s Credit and Surety team,
which now includes the 2014 – CICM award winning ‘broker of
the year’ team, has considerable experience and market influence
and recognises the unique nature of the credit insurance market.
Our team of experienced professionals deal with a wide range of
businesses, from SME to large corporate and global risks. Please
contact us to discuss how a specifically tailored trade credit solution
can benefit your business
Innovation Software
Innovation Software, Innovation House,
New Road, Rochester, Kent, ME1 1BG.
T: +44 (0)1634 812300
E: jay.inamdar@innovationsoftware.uk.com
W: www.creditforceglobal.com
Innovation Software are the authors of CreditForce, the leading
Collections and Working Capital Management Systems. Our solutions are
used in over 26 countries and by over 20 percent of the Top 100 Global
Law Firms.
Our solutions have optimised Accounts Receivables processes for over
20 years and power Business Intelligence, with functionality to:
• improve cash flow • reduce DSO • control risk
• automate cash allocation • speed up query resolution
• improve customer relationship management
• automatically generate intelligent workflows and tasks
• manage the entire end-to-end collections cycle.
Fully integrated with over 40 leading ERP and Accounting systems,
including SAP, Oracle, Microsoft Dynamics and product partners with
Thomson Reuters Elite we can deliver on either your own computing
infrastructure or through Microsoft Azure’s award winning and secure
cloud service.CreditForce remains the choice solution for world class
businesses.
Book a demonstration by calling T: +44 (0)1634 812 300 or visit
www.creditforceglobal.com for more information.
Co-pilot Limited
73 Flask Walk, London, NW3 1ET
T: +44(0) 20 7813 2182
E: info@co-pilot.co.uk W: www.co-pilot.co.uk
Credit Managers who manage large or multiple ledgers have come to
realise that they need to use specialist software to achieve or maintain
performance improvement – be that risk, collections or both.
For many Credit Managers a key question is where to start. How do
you examine and evaluate the options? How and when do you start the
budgeting process? What are the steps?
Co-pilot has advised on credit management software for a number of
years. We have good knowledge of the available solutions, what’s good,
how they work and what type of solution best fits given situations. We
combine this with considerable experience of credit management Best
Practice so that you can pull everything together into one place and
achieve a flexible and sustainable position going forward.
We work with you through a structured evaluation process which is
designed to enable you to have a clear view of what you can achieve
going forward, what is practicable, the business case implications,
the preferred supplier(s) and what the implementation process would
sensibly look like (in our opinion, there is no such thing as “Plug and
play”).
60
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Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
Prof. Schumann GmbH
innovative information systems
Weender Landstr. 23, 37130 Göttingen, Germany
T: +49 551 38315 0 F: +49 551 38315 20
E: info@prof-schumann.de W: www.prof-schumann.de
Our Credit Application Manager (CAM) is a leading credit risk
management solution for major corporations, as well as insurance,
factoring and leasing companies. In their daily work, CAM allows
credit and sales managers to call up all the available information
about a customer or risk in a few seconds for decision support: realtime
data from wherever they are. CAM keeps an eye on customers
whose payment behaviour stands out or who have overdue invoices!
CAM provides an up-to-date forecast of customers’ payments.
Additionally, CAM has automated interfaces for connecting to
leading suppliers of company credit data, payment record pools and
commercial credit insurers. The system is characterised by its great
flexibility. We have years of experience in consulting and software
support for accounts receivable management.
Safe Computing Limited
20, Freeschool Lane, Leicester, LE1 4FY
T: 0844 583 2134
E: info@safecomputing.co.uk
W: www.safe-financials.co.uk
Designed to manage your customer credit accounts effectively,
Safe Credit Control enables your credit management team to:
• Improve cash flow
• Reduce debtor days
• Increase customer service
• Cut the cost of cash collection
• Eliminate manual processes
• Speed up the query resolution process
Safe’s unique approach is centred on changing the perception
of the credit control function from a series of reactive processes
to proactive ones. Credit controllers are traditionally regarded
as an essential element in business to chase late payments
and respond to customer queries. Safe Credit Control has taken
the concepts of customer relationship management (CRM) and
applied it to the credit control function, providing a softer,
service orientated team of customer service representatives.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford,
Oxon. OX11 0QT
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections and
Query Management System has been designed with three goals in
mind:
• To improve your cashflow
• To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of Credit
Professionals across the UK and Europe, our system is successfully
providing significant and measurable benefits for our diverse
portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
STA International
3rd Floor, Colman House,
King Street , Maidstone , ME14 1DN
T: +44(0)844 324 0660.
E: enquiries@staonline.com
W: http://www.stainternational.com
GETTING BUSINESS PAID
STA is an award winning B2B and B2C debt collection, confidential
credit control and tracing supplier. ISO9001 quality accredited, and
with the CSAs Collector Accreditation Initiative, duty-of-care is as
important to us as it is to you. Specialising in international debt, in the
past 12 months we’ve collected from 146 countries worldwide. “Your
Debts Online” gives you transparent access to our collection success
and detailed management information, keeping you in control of your
account. We look forward to getting your business paid.
Tinubu Square UK
Holland House,
4 Bury Street, London
EC3A 5AW
T: +44 (0)207 469 2577
E: uksales@tinubu.com
W: www.tinubu.com
Tinubu Square offers companies across the world the appropriate
SaaS platform solutions and services to significantly reduce their
exposure to risk, and their financial, operational and technical
costs. Easy to implement, our solutions provide an accurate
picture of a customers’ financial health through the entire
order-to-cash cycle, improve cash flow, and facilitate control
of risk across the organization whether group-wide or locally.
Founded in 2000, Tinubu Square is an award winning expert in
the trade credit insurance industry, with offices in Paris, London,
New York, Montreal and Singapore. Some of the largest
multinational corporations, credit insurers and receivables
financing organizations depend on Tinubu to provide them with the
means to drive greater trade credit risk efficiency.
Data Interconnect Ltd
Unit 7, Radcot Estate, 7 Park Rd, Faringdon,
Oxfordshire. SN7 7BP
T: +44 (0) 1367 245777 F: +44 (0) 1367 240011
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Data Interconnect provides integrated e-billing and collection
solutions via its document delivery web portal, WebSend. By
providing improved Customer Experience and Customer Satisfaction,
with enhanced levels of communication between both parties, we
can substantially speed up your collection processes.
Rimilia
Corbett House, Westonhall Road, Bromsgrove, B60 4AL
T: +44 (0)1527 872123
E: enquiries@rimilia.com
W: www.rimilia.com
Rimilia excels in the design, development and implementation of
Intelligent Finance Solutions that drive value from existing manually
intensive finance processes associated with accounts receivable,
cash allocation, credit management, bank reconciliation and cash
forecasting. Based in the heart of the UK, our operations extend to
Europe, USA and Asia. Experienced in the field of technology and
accounting, our approach to business revolves around integrity
and enabling organisations to unlock their full potential though
innovation. Rimilia is proud to be a leading innovative supplier of
finance solutions that make a positive change to the blue chip clients
it supplies.
FINANCIAL PR
Gravity London
Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB
T: +44(0)207 330 8888. E: sfeast@gravitylondon.com
W: www.gravitylondon.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the best
in its field. It has a particular expertise in the credit sector, building
long-term relationships with some of the industry’s best-known
brands working on often challenging briefs. As the partner agency
for the Credit Services Association (CSA) for the past 13 years,
and the Chartered Institute of Credit Management since 2006, it
understands the key issues affecting the credit industry and what
works and what doesn’t in supporting its clients in the media and
beyond.
INSOLVENCY
Begbies Traynor Group plc
340 Deansgate, Manchester, M3 4LY.
T: 0161 837 1700 F: 08432181728
E: michael.locke@Begbies-Traynor.com
W: www.begbies-traynorgroup.com
Begbies Traynor is the UK’s leading independent Corporate
Rescue and Recovery practice, handling more than 1000 cases
per year. We offer a bespoke solution for credit professionals, that
is used by many of the UK’s leading companies. Benefits of this
system include;
• Access to a bespoke online case management system
• UK coverage at creditors meetings;
• Assistance with retention of title claims;
• Proactive monitoring of dividend prospects
• Advice on antecedent transactions;
• A dedicated relationship manager to assist with your insolvency
portfolio and answer any queries.
The recognised standard
www.cicm.com December 2016 61

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FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
LEGAL MATTERS
DWF LLP
Neil Jinks FCICM – Director
M: +44 (0)7740 179 515
T: +44 (0)121 647 2524
E: neil.jinks@dwf.law
W: www.dwf.law/recover
Described by market commentators as “blazing a trail”, DWF is one
of the UK’s largest legal businesses with an award-winning reputation
for client service excellence and effective operational management.
Named by the Financial Times as one of Europe’s most innovative
law firms and independently ranked first of all top 20 law firms for
quality of legal advice and joint first of all national law firms for service
delivery and responsiveness. DWF offers a full range of cost effective
debt recovery solutions including pre-legal collections, debt litigation,
enforcement, insolvency proceedings and ancillary services including
tracing, process serving, debtor profiling and consultancy.
PAYMENT SOLUTIONS
CICMos (CICM Online Services)
WWW.CICM.COM
T: 01780 722 907.
E: training@cicm.com
W: www.cicmos.com
CICMOS has been designed to help busy credit managers by
providing them with a suite of online tools to support and
quickly develop their teams. The virtual learning centre is an
open platform system, accessed via the website, which is
easy to use, modular and each module is completely optional,
which means the system can be tailored to suit specific
requirements and time constraints. This wide ranging system
is more than just a training tool it is easy to set up and use
and can be accessed securely via the CICMOS website for a
low annual subscription.
RECRUITMENT
PORTFOLIO
CREDIT CONTROL
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the CICM
and specialise in placing experts into credit control jobs and
credit management jobs. Hays understands the demands of this
challenging environment and the skills required to thrive within
it. Whatever your needs, we have temporary, permanent and
contract based opportunities to find your ideal role. Our candidate
registration process is unrivalled, including face-to-face screening
interviews and a credit control skills test developed exclusively
for Hays by the CICM. We offer CICM members a priority service
and can provide advice across a wide spectrum of job search and
recruitment issues.
ANTI MONEY LAUNDERING
American Express
76 Buckingham Palace Road,
London
SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is
a globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
•Accelerate cashflow
•Improved DSO
•Offer extended terms to customers
•Provide an additional line of bank independent credit to drive
growth
•Reduce risk
•Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive growth
within businesses of all sectors. By creating an additional lever
to help support supplier/client relationships American Express is
proud to be an innovator in the business payments space.
PROFESSIONAL BODIES
Chartered Institute of
Credit Management (CICM)
The Water Mill, Station Road, South Luffenham,
OAKHAM, LE15 8NB
T: 01780 722910 E: info@cicm.com
W: www.cicm.com
The Chartered Institute of Credit Management (CICM) is Europe’s
largest credit management organisation. The trusted leader
in expertise for all credit matters, it represents the profession
across trade, consumer, and export credit, and all credit-related
services. Formed over 70 years ago, it is the only such organisation
accredited by Ofqual and it offers a comprehensive
range of services and bespoke solutions for the credit professional
(www.cicm.com) as well as services and advice for the
wider business community (www.creditmanagement.org.uk).
Portfolio Credit Control
Portfolio Credit Control, New Liverpool House,
15 Eldon Street, London, EC2M 7LD
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
Portfolio Credit Control, solely specialises in the recruitment of
permanent, temporary and contract Credit Control, Accounts
Receivable and Collections staff. Part of an award winning
recruiter we speak to and meet credit controllers all day everyday
understanding their skills and backgrounds to provide you with tried
and tested credit control professionals. We have achieved enormous
growth because we offer a uniquely specialist approach to our
clients, with a commitment to service delivery that exceeds your
expectations every single time.
SmartSearch
Station Court, Station Road, Guiseley, Leeds, LS20 8EY
T: 0113 238 7660
F: 0113 238 7669
E: info@smartsearchuk.com
W: www.smartsearchuk.com
SmartSearch is the first system to bring together Business
and Individual AML Verification on a single platform. Our data
providers Experian and Dow Jones provide SmartSearch
access to over one billion data items enabling AML
verification in all Markets. AML verification data subjects are
automatically screened against the latest Sanction, PEP and
SIP Lists. Ongoing monitoring for the duration of your contract
is provided at no extra cost. Efficient processes; less than 3
minutes to execute a business AML check and a sub 60 second
individual check. Why not let your Compliance Team test drive
SmartSearch for 14 days free of charge? (Ref:CM101)
ATTENTION PRODUCT
AND SERVICE PROVIDERS
You can connect with them all now by having a listing in CreditWho.
For just £1,247 + VAT per annum:
- your business will be listed in Credit Management magazine, which goes out to all our
members and subscribers and has an estimated readership of over 25,000.
TO BOOK YOUR LISTING IN CREDITWHO CONTACT:
ANTHONY CAVE ON 020 3603 7934
For even greater exposure to our membership and a closer association with CICM,
why not enquire about becoming a Corporate Partner.
To find out more contact Peter Collinson (07584 993548).
CICM Corporate Partners now get CreditWho included.
62
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CREDIT MANAGEMENT
CM
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Commissioner under the Data Protection Act 1998
(the "Act"). All the data contained on this form, is
held and processed electronically in accordance
with the Act.
The Institute holds and processes your personal
data in order to give you the full benefits of being
a member and for administrative purposes.
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September be of interest to you. If you do not wish
to receive such notification please tick here q
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to receive such notifications please email the
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The Data Protection Act gives you the right at any
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about you. If you would like a copy, please send a
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cheque for £10 payable to :
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to: Data Controller, CICM, The Water Mill,
Station Road, South Luffenham, OAKHAM,
LE15 8NB.
£20 CROSSWORD PRIZE
THERE WILL BE THREE PRIZES OF £20 EACH FOR
THE FIRST THREE NAMES DRAWN EVERY MONTH
ACROSS:
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5. Office worker
10. Extent
14. Snip
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8. Exuberantly
9. Cognizance
10. Writer of “Dracula”
11. Leeches
12. Air force heroes
13. Schnozzola
18. Stares
22. End ___
24. Tropical American wildcat
26. Mimics
28. Rise rapidly
29. Horse feed
37. Aquatic mammals
38. Collections
39. Dawn goddess
40. Covered with protective barbs
41. Sheriff’s group
42. Earthquake waves
44. Altitude (abbrev.)
45. Fable writer
46. A person who disputes
50. Put out
52. French for “Man”
54. Fuss
55. Narrow opening
56. A young unmarried woman
(archaic)
58. Wash
59. Mountain crest
60. Pigeon-___
61. Pitcher
62. Units of force
63. Terminates
30. Ploy
31. Cooking fat
32. God of love
33. Soothing
34. Outer boundary
37. Japanese wrestling
38. Drunkards
40. Headquarters
41. Layers
43. Spay
44. Battalions
46. Overact
47. Claw
48. Stagnated
49. Female students
50. Small island
51. Shredded cabbage
53. Portent
56. Father
57. French for “Summer”
CLOSING DATE: 16 DECEMBER
CROSSWORD WINNERS ARE:
Mrs R Gordon ACICM, Atul Vadher FCICM and Chris Gait MCICM
For the chance of winning £20, forward your completed solution to:
Art Editor, Andrew Morris, Chartered Institute of Credit Management,
The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.
The recognised standard
www.cicm.com December 2016 63

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