December 2016 Credit Management magazine




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DECEMBER <strong>2016</strong> £10.00<br />

INSIDE<br />

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TAKING<br />




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DECEMBER <strong>2016</strong><br />

www.cicm.com<br />


4 Editor’s column<br />

6 News<br />

14 CICMQ news update<br />

24 Legal Matters - DWF<br />

30 International Trade<br />

48 HR Matters<br />

52 Forthcoming Events<br />

53 New members<br />

55 Branch News<br />

59 Cr£ditWho? directory<br />

63 Crossword<br />


12 ASSET CLASS<br />

Jeff Longhurst FCICM on the impact of .<br />

Brexit on UK plc<br />

13 CEO’S MESSAGE<br />

Philip King FCICM reviews an eventful .<br />

12 months for the CICM and UK<br />


Adam Bernstein takes a closer look at<br />

what could happen during a Trump<br />

Presidency<br />


<strong>Credit</strong> Managers’ salaries are rising.<br />

Karen Young FCICM explores in more<br />

detail<br />

20 EDUCATION<br />

Sue Chapple FCICM changed her<br />

view of debtors when a friend found<br />

himself in a vulnerable position<br />


David Andrews takes a trip through<br />

Europe and wonders how things may<br />

change<br />

29 TRADE TALK<br />

Lesley Batchelor FCICM OBE looks at<br />

how Britain could trade with Europe<br />

post-Brexit<br />


The concluding part of our country focus<br />

on Russia that looks at potential business<br />

opportunities<br />


Data Interconnect explains the benefits<br />

of moving to a single 02C solution<br />


Alex Coates on the potential pitfalls that<br />

lay ahead for sterling<br />


Tom Berger has a rant about Cantors at<br />

sporting fixtures<br />


How to ensure senior management are<br />

aware of your achievements<br />

21<br />

41<br />

38<br />


Sean Feast interviews the co-founder<br />

of Amicus Commercial Finance<br />


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

payment performance statistics<br />



Stephen Baister FCICM<br />


Philip King FCICM CdipAF MBA<br />


Laurie Beagle FCICM – Chair<br />

Glen Bullivant FCICM<br />

Sue Chapple FCICM<br />

Larry Coltman FCICM<br />

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

Pete Whitmore FCICM – Vice Chair<br />


Laurie Beagle FCICM<br />

Jason Braidwood FCICM(Grad)<br />

Glen Bullivant FCICM<br />

Sue Chapple FCICM<br />

Larry Coltman FCICM<br />

Kim Delaney MCICM<br />

Eleimon Gonis MCICM<br />

Victoria Herd FCICM(Grad)<br />

Christelle Madie MCICM(Grad)<br />

Debbie Nolan FCICM<br />

Bryony Pettifor FCICM(Grad)<br />

Allan Poole MCICM<br />

Phil Rice FCICM<br />

Charlie Robertson FCICM<br />

Chris Sanders FCICM<br />

Richard Seadon FCICM<br />

Shakti Tanda MCICM(Grad)<br />

David Thornley FCICM(Grad)<br />

Debra Weston FCICM<br />

Pete Whitmore FCICM<br />

The recognised standard<br />

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


CM<br />



the<br />

Editor’s<br />

column<br />



I<br />

love looking at stats. As a journalist,<br />

whenever you can support a story with a<br />

decent piece of research or a large number<br />

it has a power that words alone cannot<br />

deliver. Indeed, as a challenge, pick up any<br />

national newspaper today and within almost<br />

every piece there will be a stat to give credence<br />

to the angle the journalist wants to take.<br />

In the last few weeks, I have been inundated<br />

with numbers. At a recent CICM Think Tank,<br />

Malcom Weir, Head of Restructuring and<br />

Insolvency at the Pension Protection Fund,<br />

told us that (as at August <strong>2016</strong>) the total<br />

compensation paid out by the fund to those<br />

impacted by an insolvent employer that cannot<br />

meet its pension obligations is c£2.7 billion<br />

and it currently has some £28 billion of funds<br />

under management. In much the same<br />

period, some 6.723 million employees joined<br />

a pension scheme under auto-enrolment.<br />

Those TV ads with the dubious purple<br />

monster appear to be working at last.<br />

Elsewhere, the Money Charity published<br />

its latest figures on credit and debt, many of<br />

which will make your hair curl: outstanding<br />

mortgage lending to the end of September<br />

<strong>2016</strong> stands at £1.315 trillion; growth in<br />

private debt to UK adults has risen to £1,036<br />

trillion; and 460 purchases were made in<br />

the UK every second using debit and credit<br />

cards. These and many more stats you will<br />

find in our news pages in a new regular<br />

section.<br />

But the most alarming statistic of all is<br />

the cost of bringing up a child from birth to<br />

their 21st birthday. This figure, which had me<br />

reaching for my heart pills, now stands at<br />

almost £250,000. (It’s actually £231,843, but<br />

what’s £18,157 between friends?). Happily, my<br />

boys only have a year or two to go until I am<br />

solvent again, although my wife appears to<br />

have other plans.<br />

So if you are a parent, grandparent or<br />

doting uncle or aunt, think on. As you watch<br />

your little darlings ripping open their presents<br />

or pinching chocolates from the tree (or in my<br />

case, nicking their father’s Peroni from the<br />

garage), think what you could have done with<br />

a quarter of a million quid. And if you have<br />

more than one angel, how far half a million<br />

pounds or more could have taken you.<br />

Happy Christmas.<br />


Publisher<br />

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

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Fax: 01780 721333<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

Sean Feast<br />

Deputy Editor<br />

Alex Simmons<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

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

Advertising<br />

Anthony Cave<br />

Telephone: 0203 603 7934<br />

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

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

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

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

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4<br />

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

The recognised standard

Hoist Finance.<br />

Season’s greetings.<br />

Christmas is a time for giving and receiving, and over the last 12 months we<br />

have given thousands of pounds and hundreds of hours of our time to good<br />

causes in our local community. We’ve funded school trips for children who<br />

have never been away; sent food parcels to the most in need; and provided<br />

vital support and advice to those seeking to better manage their income<br />

and expenditure. This year, as previously, we’ve not sent Christmas cards,<br />

but made a donation to one of our local projects. To us, Corporate Social<br />

Responsibility (CSR) is not a tick in a box. It’s at the heart of our culture,<br />

a sustained commitment to help people have better lives. With this in mind,<br />

may we wish you all well over the festive season, and a Happy New Year.<br />

Hoistfinance.com<br />

Re-writing financial services<br />

Authorised and regulated by the Financial Conduct Authority for matters governed by the Consumer <strong>Credit</strong> Act 1974 (amended 2006).<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 5

CMNEWS<br />

A<br />

round-up<br />

of news stories<br />

from the world<br />

of consumer and<br />

commercial<br />

credit.<br />

By By Sean Feast and Alex Simmons<br />



Philip Ling<br />

A<br />

report from the Federation of Small<br />

Businesses (FSB) into the impact<br />

of poor payment practice has been<br />

welcomed by the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong> (CICM), with a call for<br />

more support for the Prompt Payment Code.<br />

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

has also challenged the FSB’s proposal that<br />

signatories to the Code should be given ‘three<br />

strikes’ before being removed from the list,<br />

saying that it will create too much uncertainty<br />

into how a ‘strike’ should be defined.<br />

“Signatories can already be removed<br />

after only one challenge if the complaint is<br />

upheld and poor practice has been proven,”<br />

he explains, “and ‘three strikes’ might allow<br />

them to abuse the system and their suppliers.<br />

The principal rationale behind the current<br />

challenge process is to find a positive<br />

resolution,” he explains, “and to this end<br />

the Prompt Payment Code has been a huge<br />

success.<br />

“There is no doubt that the Code needs<br />

further support and resource, but we should<br />

not confuse strengthening the Code with a<br />

suggestion that the Code has so far failed,”<br />

he says. “The Code has been working fully as<br />

intentioned, challenges have been made and<br />

upheld, and payment issues resolved. What is<br />

really lacking is wider publicity and support.”<br />

The CICM already works closely with<br />

the FSB and Philip agrees with much that is<br />

contained within the FSB’s report, ‘Time to<br />

act: the economic impact of poor payment<br />

practice.’ He feels, however, that a better use<br />

of existing mechanisms could have a dramatic<br />

impact on reducing the late payment burden:<br />

“The Government has been<br />

understandably distracted by events and<br />

must now focus more on exploiting the<br />

initiatives that are already in place. Where<br />

we completely agree with the FSB is that<br />

the appointment of the new Small Business<br />

Commissioner by Government should be<br />

accelerated. We believe that the role of the<br />

Commissioner is vital and should include a<br />

responsibility to drive the Code and ensure<br />

that the Commissioner role complements it.<br />

“We also think that the creation of a<br />

dedicated late payment taskforce would be<br />

helpful in driving more businesses to sign up<br />

to the Code and encouraging suppliers to<br />

formally challenge poor payment practice.”<br />

The FSB report claims that existing<br />

policy interventions have had no discernible<br />

effect on tackling problems around the UK’s<br />

poor payment culture in the last five years.<br />

Mike Cherry, National Chairman at the FSB,<br />

believes the UK now risks having a business<br />

culture where it is acceptable not to pay an<br />

SME on time.<br />

“Small businesses have to run a tight ship<br />

with their cash flow, and as they struggle with<br />

increasing business costs on one hand and<br />

an uncertain domestic economy on the other.<br />

They should not also have to struggle with<br />

the stress, time and money required to chase<br />

overdue payments from corporate giants.”<br />

Mr King agrees, but says that it is not<br />

only larger firms who extend payment terms:<br />

“While it is the larger businesses that will<br />

attract the media attention, there are many<br />

smaller businesses who are also guilty of<br />

placing unnecessary pressure on their own<br />

supply chain,” he adds.<br />

The CICM administers the PPC on behalf<br />

of the Department for Business, Energy and<br />

Industrial Strategy.<br />




Small businesses have to run a tight ship with their cash<br />

flow, and as they struggle with increasing business costs<br />

on one hand and an uncertain domestic economy on<br />

the other. They should not also have to struggle with<br />

the stress, time and money required to chase overdue<br />

payments from corporate giants.<br />

Published: November <strong>2016</strong><br />

@fsb_policy<br />

fsb.org.uk<br />

6<br />

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

The recognised standard




CONTINUED declining confidence in the<br />

manufacturing sector is the driving force<br />

behind three successive quarterly falls in<br />

overall economic confidence, according to the<br />

latest barometer from the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong> (CICM).<br />

Manufacturing closed down 2.3 points to<br />

54.9 in Q3’s results from the <strong>Credit</strong> Managers’<br />

Index (CMI), which is run by the CICM and<br />

sponsored by Tinubu Square. This is the<br />

most prominent factor in the headline figure’s<br />

0.8-point fall to 55.3 – a figure that has<br />

collapsed by 2.7 points throughout <strong>2016</strong>.<br />

In comparison the Services sector is more<br />

optimistic and remains broadly flat at 55.5;<br />

although it has also fallen in the first three<br />

quarters of <strong>2016</strong> by 2.3 points, most of which<br />

(2.2 points) came in Q1.<br />

Further analysis of Q3’s results shows<br />

a divergence from some of the UK’s key<br />

economic indicators. Compared to 0.5<br />

percent quarterly growth in GDP and a 2.3<br />

percent increase in the FTSE All Share Index,<br />

the CMI has dropped by 1.4 percent.<br />

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

says the CMI’s contrast to the stock markets<br />

is uncharacteristic: “Since it began in 2010,<br />

the CMI has generally tracked the All Share’s<br />

peaks and troughs,” he says. “What the latest<br />

results highlight is the difference between<br />

today’s beneficial economic circumstances<br />

and an uncertain future.<br />

“We are currently seeing a post-Brexit<br />

bounce with a falling pound and continued<br />

EU membership positively affecting exports,”<br />

Philip continues.<br />

“The confidence of credit managers is<br />

clearly being impacted by uncertainty over<br />


A company that sent out 2.2 million<br />

illegal marketing text messages has been<br />

fined £70,000 and ordered to stop by the<br />

Information Commissioners Office (ICO).<br />

Although there were only 92 complaints<br />

made about the messages, an ICO<br />

investigation revealed that London-based<br />

Nouveau Finance sent out over two million<br />

messages without consent.<br />

The business, which is registered with<br />

the FCA, contracted a marketing services<br />

company to carry out the six-month-long<br />

text campaign, but failed to check that this<br />

company had complied with the Privacy<br />

and Electronic Communications Regulations<br />

(PECR). People had not given permission<br />

to receive the messages and the company<br />

didn’t identify who they were from. All of these<br />

failings broke the law.<br />

Steve Eckersley, the ICO’s Head of<br />

Enforcement says relying on another<br />

company to do your marketing is not a<br />

The recognised standard<br />

future trade negotiations and the lack of<br />

clarity around the timing of Article 50.<br />

It will be interesting to see whether that<br />

confidence shifts in Q4 given the recent<br />

support announced for Nissan and the UK<br />

car industry.”<br />

The survey also asked whether if<br />

a sudden contraction in the economy<br />

occurred, could credit managers respond<br />

quickly to the need to re-evaluate credit<br />

terms they had issued. A third (33 percent)<br />

stated they either had no process in place for<br />

this scenario, or it would be entirely manual.<br />

Asked about the volume and value of credit<br />

limit requests, following sterling’s current<br />

post-brexit vote decline, 30 percent have<br />

already had, or were expecting an increase<br />

in requests.<br />

Overall, regional results are more positive<br />

than the headline Index with ten out of the 12<br />

regions displaying positive results. However,<br />

the centre of the UK’s economy, London,<br />

has contracted and its CMI figure of 50.2 is<br />

well below a 52-point benchmark. The East<br />

Midlands is the only other region below this<br />

level at 51.1. Three sectors feature below<br />

the benchmark; Oil and Gas is the most<br />

concerning at 41.9; basic resources closed<br />

at 49.0; and retail ended at 51.4<br />

“The CMI is now showing a clear and<br />

declining trend that started pre- and is<br />

continuing post-Brexit,” Philip adds. “It<br />

is important to recognise that while key<br />

indicators and markets are reporting good<br />

figures, there is disparity with economic<br />

confidence from the perspective of credit<br />

professionals, those at the heart of assessing<br />

businesses’ cashflow.”<br />

get-out clause when it comes to the law: “If<br />

your business has instigated a campaign,<br />

you are responsible and it’s up to you to<br />

make sure it meets the requirements of some<br />

very strict regulations.” The Government<br />

recently announced plans to introduce fines<br />

for company directors heading up nuisance<br />

marketing firms. The new law should be in<br />

place by next spring. Mobile phone users can<br />

report unsolicited marketing text messages to<br />

the Spam Reporting Service by forwarding the<br />

message to 7726 which spells out “SPAM”.<br />

Meanwhile, the ICO is targeting more<br />

than 400 companies believed to be using<br />

personal details to promote online gaming<br />

websites. The regulator is writing to<br />

companies demanding they set out how they<br />

use personal details and send marketing<br />

texts. This includes where they got people’s<br />

personal information from and how many<br />

texts they sent.<br />

ico.org.uknds<br />


MOTORMILE Finance UK has entered into an<br />

agreement with the FCA to provide redress<br />

to more than 500,000 customers for historic<br />

failures in its due diligence and collections<br />

process. The company failed to conduct<br />

sufficient due diligence upon the purchase of<br />

a debt portfolio to be satisfied that the sums<br />

due under customer loan agreements were<br />

correct. This in turn led to unfair and unsuitable<br />

customer contact for recovery of those sums.<br />

The redress will consist of £154,000 in cash<br />

payments to customers and the writing-off of<br />

£414 million of debt where the firm has been<br />

unable to evidence the outstanding debt<br />

balance is correct and properly due.<br />

fca.org.uk<br />


PHILLIPS & Cohen Associates has appointed<br />

Gelsomina Paolini as Global Chief Financial<br />

Officer. She has more than 20 years’ experience<br />

overseeing worldwide financial planning and<br />

strategy initiatives for Fortune 500 and SEC<br />

regulated entities. Prior to joining Phillips &<br />

Cohen Associates Gelsomina held a variety<br />

of global leadership roles with DuPont and<br />

Chemours. Adam S. Cohen, Co-Chairman/<br />

CEO says Gelsomina’s extensive experience,<br />

knowledge and multilingual capabilities are<br />

significant assets to the firm: “We look forward<br />

to her input and guidance as we continue to<br />

expand in Europe, Asia and the Americas.”<br />

phillips-cohen.co.uk<br />


METRO Bank has announced that people who<br />

do not identify with a specific gender will be<br />

able to choose Mx as a title and non-binary<br />

as a gender, whether they are a customer or<br />

colleague of the bank. Danny Hamer, Metro<br />

Bank’s Chief People Officer, says its ‘no stupid<br />

bank rules’ approach means exactly that:<br />

“Not offering people the option to identify<br />

themselves as they choose is a barrier that<br />

we’re pleased to have removed,” he explains.<br />

metrobankonline.co.uk<br />


THE Director of the Serious Fraud Office (SFO)<br />

has appointed Mark Thompson, latterly the<br />

Head of its Proceeds of Crime Division and<br />

Chief Finance Officer, as its Chief Operating<br />

Officer. Mark will report to the Director on<br />

matters concerning governance structure<br />

and corporate services, including oversight<br />

of Human Resources, Finance, Information<br />

Technology and Strategic Relations.<br />

sfo.gov.uk<br />


The CICM’s Technical Committee met in<br />

London on 8 November and discussed a<br />

number of issues: Lord Justice Briggs final<br />

report and recommendations to The Civil<br />

Courts Structure Review (CCSR); Companies<br />

House publishing Late Filing Penalties statistics;<br />

BEIS consultation on the policy that will<br />

underpin the complaints scheme of the Small<br />

Business Commissioner; The Money Advice<br />

Service releasing information about the go-live<br />

date for the Standard Financial Statement; and<br />

Limited Liabilities Partnerships in England and<br />

Scotland, the increase in fraudulent trading in<br />

Scotland and huge rise in limited partnerships.<br />

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



A<br />

post-Brexit bounce in the number<br />

of companies throwing in the towel<br />

has been reported by the Insolvency<br />

Service (IS) in its latest quarterly<br />

figures. An estimated 3,633 companies failed<br />

during the third quarter of <strong>2016</strong>, a two percent<br />

rise on the previous quarter.<br />

Published at the end of October, official<br />

statistics show that a trend in case numbers<br />

has been fairly flat for the past year, having<br />

decreased from mid-2011 to mid-2015. The<br />

figures also show that an estimated 2,569<br />

companies entered a creditors’ voluntary<br />

liquidation in the third quarter; a 5.2 percent<br />

rise on the previous quarter and a 2.2 percent<br />

year-on-year rise.<br />

The IS said these figures are in line with a<br />

fairly stable trend observed over the past two<br />

years.The figures also show a fairly benign<br />

context around compulsory liquidations<br />

compared to the recent past. A total of 632<br />

companies were subject to compulsory<br />

liquidation between July and September, a<br />

4.5 percent decrease on the previous quarter<br />

but 2.4 percent higher than the same period in<br />

2015. Other types of company insolvency also<br />

remained in line with medium-term trends.<br />

There were an estimated 352 administrations,<br />

an increase of 3.5 percent compared to the<br />

previous quarter and 0.6 percent higher<br />

than the same quarter in 2015. There<br />

were an estimated 75 company voluntary<br />

arrangements and five administrative<br />

receiverships. The liquidation rate was at<br />

its lowest level since comparable records<br />

began.<br />

Andrew Tate, President of R3, says<br />

a quarterly rise in corporate insolvency<br />

numbers, however, is not necessarily an<br />

indicator of Brexit -related financial problems<br />

for UK companies:“According to R3 research,<br />

UK companies remain in good shape,” he<br />

says. “Only 21 percent of businesses – close<br />

to a record low – surveyed in our most<br />

recent Business Distress Index report a key<br />

indicator of distress, while 62 percent report<br />

at least one sign of growth.<br />

“So long as the economy continues<br />

to grow steadily insolvency numbers are<br />

unlikely to rise too much, but, of course, that<br />

all depends on what impact Brexit has on the<br />

economy.”<br />

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

insolvency-service<br />


EUROPEAN credit management services<br />

group Intrum Justitia is to acquire UK debt<br />

purchaser 1st <strong>Credit</strong> from private equity<br />

firm Bridgepoint for £130 million, subject to<br />

regulatory consent.<br />

Headquartered in Reigate, 1st <strong>Credit</strong> was<br />

acquired by Bridgepoint in 2004. It has over<br />

100,000 customers and arrangements of<br />

more than £300 million. In 2015 it increased<br />

collections revenue by 18 percent to £50.1<br />

million and reported EBITDA of £33.2 million,<br />

up from £27.3 million in 2014. The company<br />

holds a position on all major debt purchase<br />

panels in the UK.<br />

Intrum Justitia, which is listed on the<br />

Stockholm Nasdaq, has more than 90 years of<br />

experience, 19 offices across Europe and an<br />

international network covering 160 additional<br />

countries.<br />

Mikael Ericson, President and CEO of<br />

Intrum Justitia AB, says acquiring 1st <strong>Credit</strong><br />

will strengthen its ability to service clients in<br />

the financial industry: “The UK market is one<br />

of the largest and most developed in Europe.<br />

With 1st <strong>Credit</strong>, we acquire a strong unit with<br />

a solid organisation which we believe can<br />

grow into one of the market leaders in the UK<br />

in the coming years.”<br />

Intrum intends to retain the existing UK<br />

management team, led by Chairman Leith<br />

Robertson and Chief Executive Eddie Nott.<br />

intrum.com<br />

1stcredit.com<br />



AWARD<br />

AMIR Ali has become the first winner of<br />

the Jeremy Chaplin Memorial Award, an<br />

award established in Jeremy’s memory to<br />

recognize and acknowledge the hard work<br />

and contribution from an individual within the<br />

Industry. Amir, a regular columnist in <strong>Credit</strong><br />

<strong>Management</strong>, received the award from the<br />

President of the Civil Court Users’ Association<br />

(CCUA), Lord David Hacking at the CCUA<br />

Annual Conference. Lord David said that<br />

Amir had been unanimously chosen for his<br />

exemplary work as acting Chair of the CCUA,<br />

following Jeremy’s passing, and before he was<br />

officially elected as Chair of the Association at<br />

last year’s AGM. ccua.org.uk<br />

Pictured from left to right: Brian Havercroft, Honorary Vice President of the CCUA and Chair of the Judging Panel<br />

for the Jeremy Chaplin Memorial Award; Angela Chaplin, Jeremy’s widow; Amir Ali; and Lord David Hacking.<br />

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

The recognised standard

News in Numbers – provided by the Money Charity<br />

THE.news . IN<br />


£1,036<br />

trillion<br />



£108<br />



EACH DAY IN SEPTEMBER <strong>2016</strong> (£4,090 PER<br />

SECOND)<br />

£4.7<br />

billion<br />




IN SEPTEMBER <strong>2016</strong><br />

6.723<br />


£188.7<br />

billion<br />



SEPTEMBER <strong>2016</strong><br />

4,077<br />

new<br />

debt<br />


ENDING JUNE <strong>2016</strong> ACCORDING TO CITIZENS<br />


£1.315<br />

trillion<br />

outstanding<br />

MORTGAGE LENDING AT THE END OF SEPTEMBER <strong>2016</strong><br />

employees<br />



SEPTEMBER <strong>2016</strong><br />

£231,843<br />

cost<br />





CCJS ON<br />

THE RISE<br />


CONSUMERS in England and Wales are facing a<br />

decade-high level in the number of County Court<br />

Judgments (CCJs), according to figures released by the<br />

Registry Trust.<br />

There was a year-on-year increase nearing 50 percent<br />

in the third quarter of <strong>2016</strong>, with more than a quarter<br />

of a million (256,847) judgments registered against<br />

consumers in England and Wales. The average value of<br />

a CCJ, however, fell 11 percent to £1,642, the lowest<br />

third quarter figure in the past decade. By contrast the<br />

average value of a judgment in Q3 2008 stood at £3,680.<br />

Over the same period, the number of judgments<br />

against consumers in the High Court fell for the third<br />

year in a row to 62, the lowest number on record. The<br />

total value increased sharply by 90 percent to £68.3<br />

million, with the average value rising to a decade high of<br />

£1.1 million. The total value of debt judgments against<br />

consumers in all courts in England and Wales during Q3<br />

<strong>2016</strong> was £490 million.<br />

“The rise and rise in the number of judgments is a<br />

matter for serious concern,” says the Registry Trust’s<br />

Chairman, Malcolm Hurlston CBE: “One factor may<br />

well be that claimants are finding it worthwhile to sue<br />

for smaller sums. But people face not only lenders<br />

and utilities which use the county courts but also local<br />

authorities and HMRC who have their own approaches.<br />

“It becomes ever more important for people who can<br />

to satisfy judgments, either within a month, in which case<br />

they may be removed, or soon after when the satisfaction<br />

record will look good on the credit score.”<br />

registry-trust.org.uk<br />

FCA ON<br />


THE Financial Conduct Authority (FCA) has launched<br />

a consultation on its mission, designed to provide a<br />

guiding set of principles around the strategic choices the<br />

FCA makes. It will inform the FCA’s strategy and day-today<br />

work over the coming years.<br />

The intention of the mission is to provide clarity over<br />

the objectives, the methods to allow it to focus its efforts<br />

in the right places as well as explaining the reasoning<br />

behind the work the FCA does, and a framework on how<br />

it chooses the tools it uses to do it. In developing the<br />

mission, the FCA will be seeking engagement across<br />

the breadth of its stakeholders. Consultation will have a<br />

fundamental impact on the shape of the final strategy.<br />

Andrew Bailey, Chief Executive of the FCA, says<br />

establishing and embedding a clear mission for the<br />

FCA is critical to its success: “The mission will only be a<br />

success if our stakeholders engage with us through this<br />

consultation process. We want this to be a very open<br />

process. Out of it, we hope that we can set out a clear<br />

path ahead for financial conduct regulation in the UK.”<br />

fca.org.uk<br />

FECMA<br />


Glen Bullivant FCICM has stood down as President of<br />

FECMA (Federation of European <strong>Credit</strong> <strong>Management</strong><br />

Associations) after three successful terms in office. The<br />

new elected board are: President – Josef Busuttil, Malta<br />

Association of <strong>Credit</strong> <strong>Management</strong>; Vice President – Ludo<br />

Theunissen, Instituut voor Kredietmanagement, Belgium;<br />

Vice President – Philip King FCICM, Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong>; and Treasurer – Jan Schneider<br />

Maessen, Bundesverband <strong>Credit</strong> <strong>Management</strong> e.V.,<br />

Germany.<br />

The recognised standard www.cicm.com <strong>December</strong> <strong>2016</strong><br />




AS initially reported in the August issue of<br />

<strong>Credit</strong> <strong>Management</strong>, Bacs has launched a<br />

public consultation into Direct Debits aiming to<br />

understand where Direct Debits are working well<br />

and where there is potential to adopt changes to<br />

enhance the process.<br />

CICM members are being urged to complete<br />

the questionnaire and reminded of the CM article<br />

that highlighted serious issues and concerns<br />

around Indemnity Claims and the need for much<br />

greater creditor protection.<br />

The questionnaire is available online at https://<br />

surveyc.orcinternational.com/orc/start/bacs/<br />

live.htm and paper versions can be requested<br />

by emailing consultation@bacs.co.uk. Further<br />

information regarding the consultation, which is<br />

open until 9 <strong>December</strong> <strong>2016</strong>, can be found at<br />

https://www.bacs.co.uk/Services/bacsschemes/<br />

directdebit/Pages/DirectDebitConsultation.aspx.<br />

bacs.co.uk<br />

CM<br />


JULY / AUGUST <strong>2016</strong> £10.00<br />

TOOTH<br />

AND NAIL<br />





www.cicm.com<br />

CM July/August <strong>2016</strong>.indd 1 21/06/<strong>2016</strong> 12:00<br />



LLOYDS Banking Group has set aside an<br />

extra £1 billion to compensate people who<br />

were allegedly mis-sold payment protection<br />

insurance (PPI). The provision is to cover<br />

operating costs and redress. It will also<br />

compensate for the impact of further PPI<br />

claims that may be made up until June 2019.<br />

This is the extended deadline that the FCA<br />

proposed in August this year.<br />

lloydsbankinggroup.com<br />


This month’s briefing includes details of<br />

the last free CICM Workshop for <strong>2016</strong><br />

in Leeds on 1 <strong>December</strong>, the Corporate<br />

Partner webinars - Begbies Traynor on<br />

Death and Debt on 8 <strong>December</strong> and DWF<br />

on Litigating to Trial on 13 <strong>December</strong>,<br />

and a Webcast by ICTF on Five Best<br />

Practices for Global Financial Shared<br />

Services Centres on 8 <strong>December</strong>.<br />


THE value of the unsold stock held by SME<br />

manufacturing companies has risen to £4.94<br />

billion, putting cashflow under greater strain,<br />

reveals research by the Asset Based Finance<br />

Association (ABFA).<br />

The figure is up from £4.87 billion last<br />

year, with the value tied up in unsold stock<br />

remaining stubbornly high over the last<br />

five years despite hopes that the fragile<br />

economic recovery would allow businesses<br />

to clear unsold stock.<br />

The value of this inventory currently<br />

amounts to 16 percent of the £81 billion<br />

annual turnover of SME manufacturers.<br />

Quickly moving on stock in order to access<br />

finance can be difficult, which can cause<br />

issues for companies requiring finance in a<br />

short time frame.<br />

Money tied up in unsold stock is money<br />

that could have been used for business<br />

development or R&D, putting a brake<br />

on growth. However, the ABFA says that<br />

businesses can unlock the value tied<br />

up in their stock through asset based<br />

finance, releasing funding to develop their<br />

businesses.<br />

Demand from businesses for this kind of<br />

alternative finance is growing, with the value<br />

of funding secured against stock by ABFA<br />

Members standing at £584 million at the end<br />

of June – up 56 percent over the last five<br />

years (£373 million in 2011).<br />

Jeff Longhurst, Chief Executive of the<br />

ABFA says SMEs are finding it hard to reduce<br />

their inventory levels as customer demand<br />

remains subdued: “Asset-based finance can<br />

be used as a form of security to unlock the<br />

value tied up in stock.”<br />

abfa.org.uk<br />




For your chance to win £50 worth of Amazon vouchers, send your funniest<br />

caption to the picture (right) of Deputy Editor, Alex Simmons, dressed as an elf.<br />

Please submit your entries to the editor@cicm.com by 19 <strong>December</strong>.<br />

The winner will be announced in our January/February issue.<br />

HO HO HO<br />

MERRY<br />


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

The recognised standard



In response to November’s Soapbox Challenge,<br />

David Kerr MCICM looks at what is on the agenda for IVAs.<br />

THE creditor community and others are<br />

currently raising some understandable<br />

concerns about aspects of how the IVA<br />

world operates and is regulated, and last<br />

month’s Soapbox Challenge touched on some<br />

interesting points in this regard. As regulators,<br />

collectively, we have a responsibility to make<br />

any changes necessary to restore stakeholder<br />

confidence. Any messages of reassurance will only<br />

be credible if we first acknowledge that some things<br />

need to change, and can demonstrate a willingness<br />

and capability to address them.<br />

The regulators in this space are the Government’s<br />

Insolvency Service (IS), the Recognised Professional<br />

Bodies (RPBs) that license Insolvency Practitioners<br />

(IPs), and the FCA. The Insolvency Practitioners<br />

Association (IPA) is one of the two largest RPBs in<br />

terms of the number of IPs it regulates, and has<br />

been actively engaged with other regulators to<br />

take forward this agenda and make sure any gaps<br />

are plugged. A number of different strands of work<br />

through the Joint Insolvency Committee (which<br />

Philip King chairs) and elsewhere will see new<br />

standards next year on the control of funds and<br />

potentially also changes to the bonding regime to<br />

ensure that creditors are adequately protected when<br />

things go wrong.<br />

The IVA Standing Committee (IVASC),<br />

which oversees the protocol used in the most<br />

straightforward consumer cases is also addressing<br />

issues around fairness regarding the availability of<br />

equity in property, tackling some creditor concern<br />

about debtor retention of significant value at<br />

creditors’ expense. This echoes an issue raised by<br />

the Accountant in Bankruptcy in Scotland in respect<br />

of Protected Trust Deeds (PTD). The IPA’s latest<br />

guidance on the PTD equity issue is available on its<br />

website.<br />

Monitoring by RPBs has a part to play. Some of<br />

last month’s Soapbox Challenge issues are about the<br />

enforcement of IVA terms, and creditor frustration<br />

in this regard can be exacerbated where IPs are<br />

seen to be unduly lenient with defaulting debtors.<br />

That might be a communication issue more than one<br />

of substance, but there is a fundamental obligation<br />

to supervise the arrangement agreed between the<br />

debtor and creditors. One would need to consider<br />

the terms of each IVA and the discretion allowed<br />

when a debtor is defaulting, but generally where<br />

some flexibility is permitted it is usually with the aim<br />

of maximising the return to creditors – something<br />

that is now a statutory objective of the insolvency<br />

regime.<br />

Where the IP or debtor wants to vary the terms,<br />

creditors will have a say. Clarity in reporting is key<br />

to creditors making informed decisions, whether<br />

that is at the outset or at variation stage.<br />

As regards change generally in this area, the<br />

IS is embarking on a review of regulatory activity.<br />

<strong>Credit</strong>or representatives will have an opportunity<br />

to contribute to that through the IVASC and wider<br />

consultations.<br />

However, as regulators we will<br />

need to be constantly vigilant to<br />

ensure that new developments<br />

in this sector adhere to the<br />

principles of the profession’s<br />

code of ethics, and be prepared<br />

to address threats to those<br />

standards as they arise.<br />

The number of regulators is reducing. The IPA<br />

and ACCA have announced a collaboration, which<br />

in effect consolidates the regulatory arrangements<br />

for more than 700 IPs from January 2017. This will<br />

help to streamline the approach to monitoring and<br />

facilitate consistency.<br />

An IVA will still be the best option for debtors<br />

and creditors in many cases, not least given<br />

the increased costs in bankruptcy. However, as<br />

regulators we will need to be constantly vigilant<br />

to ensure that new developments in this sector<br />

adhere to the principles of the profession’s code<br />

of ethics, and be prepared to address threats to<br />

those standards as they arise. The IPA will certainly<br />

play a part in tackling any abuse, in the interests<br />

of maintaining and enhancing pubic confidence.<br />

That is central to the IPA’s mission, and now also<br />

embedded in the objectives set in the legislation.<br />

David Kerr MCICM is the Chief Executive of the<br />

Insolvency Practitioners Association (IPA).<br />

The recognised standard<br />

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




Jeff Longhurst FCICM begins a new column exploring the<br />

impact of Asset Based Finance on a post-Brexit world.<br />

W.HEN looking back on <strong>2016</strong>, I won’t<br />

be the first or last to reference<br />

Lenin’s famous paraphrasing of<br />

Marx that there are decades where<br />

nothing happens and there are weeks when<br />

decades happen.<br />

In the space of just three weeks in the early<br />

summer it felt like British politics had been<br />

turned on its head. After a fractious referendum<br />

campaign that was short on fact and long on<br />

contention, 51.9 percent had said no to the EU.<br />

And with that Cameron was gone, swiftly followed<br />

by Osborne, prime ministerial contenders<br />

dropped like flies and the last person standing,<br />

Theresa May, emerged triumphant.<br />

Beyond the repeated mantra that Brexit means<br />

Brexit, as we approach the end of the year there<br />

is still not a great deal of clarity as to what form<br />

the UK’s exit from the European Union will take<br />

and what the subsequent relationship with the<br />

remaining 27 Members will look like.<br />

So we all look to 2017 with fascination and<br />

not a little trepidation. Our Members continued<br />

to support their clients through the financial<br />

crisis and the subsequent downturn and will do<br />

the same no matter what comes in the uncertain<br />

months and years ahead; ABFA Members support<br />

around 44,000 businesses and are willing and<br />

able to help more as well.<br />

There are real challenges already crystallising.<br />

There are clear signs that some larger businesses<br />

towards the top of supply-chains may manage<br />

the uncertainty ahead by passing their pressures<br />

and costs down the line to their suppliers,<br />

transferring their risks to those businesses<br />

that are less able to manage it effectively. We<br />

are already seeing this with contracts being<br />

renegotiated and payment terms creeping out<br />

again.<br />

There is a clear role for government here. We<br />

have a (sort of) new Business Department in the<br />

form of the Department for Business, Energy and<br />

Industrial Strategy. It remains to be seen whether<br />

the change of name indicates a genuine change<br />

in tack towards a more proactive industrial<br />

strategy like that advocated by the last Secretary<br />

of State but one, Vince Cable, but eschewed by<br />

his successor and the former chancellor. The new<br />

Secretary, Greg Clark, spent the summer making<br />

encouraging noises about the importance<br />

of proactive government in supporting<br />

businesses. The situation with Nissan shows that<br />

his department would do well to try and get<br />

ahead of the curve and put a firm framework<br />

for intervention in place or will otherwise risk<br />

getting swept along by circumstance.<br />

There is much that the department can do<br />

in the credit management and finance space.<br />

Consultation has just been launched on the role<br />

of the Small Business Commissioner, focusing in<br />

particular on late payment. We welcome this but<br />

argue that a properly resourced and empowered<br />

Commissioner could have a wider impact in<br />

addressing some of the broader challenges<br />

faced by smaller businesses, from late payment<br />

and poor payment practices more generally,<br />

to sign-posting to information about access to<br />

finance and about the systems that are available<br />

to businesses if they are not treated fairly. A<br />

Small Business Commissioner with the status and<br />

authority to make recommendations or directions<br />

to Ministers on the full range of small business<br />

issues would be a powerful voice in government.<br />

We welcome this but argue<br />

that a properly resourced and<br />

empowered Commissioner<br />

could have a wider impact in<br />

addressing some of the broader<br />

challenges faced by smaller<br />

businesses.<br />

The ABFA is also urging the new department<br />

to bring forward the long-awaited Regulations to<br />

outlaw the practice of large businesses blocking<br />

their smaller suppliers accessing finance through<br />

the use of so-called ‘ban on assignment’ clauses.<br />

Such bans are an unacceptable imposition on<br />

smaller businesses that restrict their ability to<br />

use their own assets (the funds owed by often<br />

long-paying customers) to access finance.<br />

Action against them is long overdue and will at<br />

last bring the UK into line with the US, Canada,<br />

Australia, most of Europe and many other<br />

jurisdictions around the world. Bringing effective<br />

Regulations into force as soon as possible will be<br />

a real boost for small businesses and the access<br />

to finance agenda.<br />

Jeff Longhurst FCICM is the Chief Executive Officer of the Asset Based Finance<br />

Association. The ABFA represents the invoice finance and asset based lending industry in<br />

the United Kingdom and the Republic of Ireland. www.abfa.org.uk.<br />

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

The recognised standard



CICM<br />

Philip King FCICM reflects on a remarkable year in<br />

politics, the business environment, and the CICM.<br />

W.HAT an incredible year it has<br />

been. Nobody would have<br />

thought that in 12 months we<br />

could have so radically changed<br />

the global political and economic landscape; the<br />

UK has a new Prime Minister and is pulling out<br />

of the European Union, and the United States is<br />

coming to terms with a reality TV star as its new<br />

President.<br />

If it demonstrates one thing in particular<br />

it is the need to listen to your ‘public’ and act<br />

on what you are being told. To that end I can<br />

draw a parallel to our own Chartered Institute,<br />

and the unprecedented third party survey<br />

we undertook earlier in the year to seek our<br />

members’ views, opinions and aspirations for<br />

the CICM. The response was terrific, proving<br />

the depth of passion that exists, and now we’re<br />

acting on what we’ve been told and setting<br />

out our strategy for the future. We have a clear<br />

understanding and direction for ‘Tomorrow’s<br />

CICM’, and are now working hard to conclude<br />

our plan and start implementing delivery. (see<br />

the November issue of <strong>Credit</strong> <strong>Management</strong> or<br />

go online at http://www.cicm.com/about-cicm/<br />

cicm-strategy/)<br />

Much of the last 12 months has been a<br />

continuation of our drive to engage with as<br />

many stakeholders as possible to champion<br />

the cause of credit management and credit<br />

professionals. We are working more closely<br />

with government than ever before, delivering<br />

a range of highly acclaimed local, regional and<br />

national events, and strengthening our <strong>magazine</strong><br />

to become a genuine industry leader.<br />

But of all our achievements this year the one I<br />

am most passionate about is the introduction of<br />

apprenticeships. Encouraging individuals to join<br />

our profession at an early age is vital to growing<br />

the CICM’s recognition and status. They are the<br />

new generation that will take our Institute into<br />

the brave new world that awaits.<br />

There are, of course, many people I should<br />

thank for their continued encouragement<br />

and support, not just at a national level – the<br />

HQ team, Executive Board, Advisory Council<br />

and committees – but also in the regions and<br />

our most excellent local branches. I would<br />

also acknowledge the work of our Corporate<br />

Partners and other sponsors who continue to<br />

provide essential services and support, often of<br />

a highly specialised nature.<br />

We are working more closely<br />

with government than ever<br />

before, delivering a range of<br />

highly acclaimed local, regional<br />

and national events, and<br />

strengthening our <strong>magazine</strong><br />

to become a genuine industry<br />

leader.<br />

Indeed, whatever part of the credit industry<br />

you work in, as a practising CICM member<br />

your role in championing our Institute and our<br />

profession to colleagues, fellow team members<br />

and peers, is essential and I thank you for it.<br />

In many ways our work is just beginning.<br />

With so much uncertainty in the world, there are<br />

interesting times ahead. As your professional<br />

body, we must ensure that we continue to further<br />

increase and enhance the quality of advice<br />

and resources available to you enabling you<br />

to face the future with confidence, safe in the<br />

knowledge that you have the support of Europe’s<br />

largest professional credit management<br />

organisation.<br />

May I take this opportunity of wishing you<br />

and your business prosperity and success in<br />

2017, and wishing you also a Merry Christmas<br />

and a Happy New Year.<br />

The response was terrific, proving the depth of passion<br />

that exists, and now we’re acting on what we’ve been<br />

told and setting out our strategy for the future. We have a<br />

clear understanding and direction for ‘Tomorrow’s CICM’,<br />

and are now working hard to conclude our plan and start<br />

implementing delivery.<br />

The recognised standard<br />

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



SINCE it was awarded accreditation in 2014<br />

Local World, the regional newspaper group,<br />

has been acquired by Trinity Mirror, which<br />

runs a portfolio of national and regional<br />

newspapers, websites and digital products.<br />

With all the changes that an acquisition<br />

brings, the news that Local World’s credit<br />

department has maintained its high<br />

standards to become CICMQ re-accredited<br />

should be commended.<br />

Over the last two years, Local World’s<br />

credit department has worked alongside the<br />

sales department in a bid to foster better<br />

and more constructive working relations. As<br />

such, it toured the UK visiting and presenting<br />

to every sales team about the credit<br />

department’s role within the business.<br />

“Overall the project was a real success,”<br />

says Mark Mackey, Head of <strong>Credit</strong><br />

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

at Local World. “We have received<br />

overwhelmingly positive feedback from the<br />

sales division, and that has led to positive<br />

results.”<br />

He strongly believes that success<br />

comes through the people: “Having clear<br />

performance objectives, support in achieving<br />

them, the ability to constructively challenge<br />

the status quo, and to bring forward ideas for<br />

improvement are all very important,” Mark<br />

continues. “And most of all, we need<br />

to recognise when things go well.”<br />

And things have gone well as the CICMQ<br />

Assessor’s report emphasised: ‘The credit<br />

team at Local World is a prime example of<br />

one such credit team that continues to make<br />

a difference and contribute to outstanding<br />

performance for the business’.<br />

Discussing the accreditation, Mark says<br />

it gives a valuable blueprint to work towards:<br />

“It’s an opportunity to get the team involved<br />

and encourages us to look outwards for best<br />

practice. As a function, it’s important to look<br />

in the mirror and take a critical view to work<br />

out just how to get better.”<br />


COMMERCIAL law firm Hill Dickinson can now<br />

boast CICMQ re-accreditation for the second<br />

time following initial success in obtaining<br />

the accolade in 2012, having seen its high<br />

standards maintained over the last two years.<br />

Established in 1810, the company now<br />

has over 1,150 employees spread across nine<br />

offices in five countries. Its clientele includes<br />

a mix of listed and private multi-national and<br />

domestic businesses as well as a significant<br />

number of public sector organisations.<br />

With legal businesses being established<br />

upon creating and maintaining relationships and<br />

having a good reputation, Treasury Manager<br />

Tom McBride says professional recognition<br />

is incredibly important: “All of our partners<br />

and solicitors know we have achieved the<br />

accreditation and it gives them peace of mind<br />

that we take a professional approach when<br />

speaking to their clients.”<br />

Since the second accreditation, Tom says<br />

the credit team has recruited three credit<br />

professionals: “We had three vacant positions<br />

and all had to undertake additional work<br />

while recruitment was ongoing. Creating an<br />

environment where the team feels empowered<br />

to work together to meet clear objectives is<br />

important,” he continues, “so ensuring new<br />


colleagues bed in well was a key focus.”<br />

A focus that has clearly paid off, as CICMQ<br />

Assessor Chris Sanders explains in his report:<br />

‘New skillsets brought in will not only enhance<br />

the current processes, but will significantly<br />

improve them due to new initiatives and a<br />

new system’.<br />

Tom explains this new system will help<br />

the team to better cope with changes in the<br />

market place: “We are working smarter with<br />

new computer systems and data to achieve<br />

even better results, and that fits in with the<br />

firms overall objectives – in particular a further<br />

reduction in the DSO.”<br />

FOLLOWING an internal merger of two<br />

departments, organisational restructure,<br />

streamlining through reduced staffing levels<br />

and the implementation of a new system,<br />

EDF Energy (UK)’s Revenue <strong>Management</strong><br />

team has come up against its fair share of<br />

challenges since initial CICMQ accreditation<br />

in 2013.<br />

Yet it has overcome these challenges<br />

and achieved re-accreditation as the team<br />

‘continuously improve processes, methods<br />

and procedures with each assessment’,<br />

according to the Assessor’s report.<br />

Sue Chapple, Head of Revenue<br />

<strong>Management</strong> at EDF Energy, explains the<br />

importance that is placed on CICMQ: “The<br />

impact of business failure at the credit<br />

management level can be significant to the<br />

customer and the company,” she says.<br />

“It is incumbent on my teams to<br />

ensure that customers are in the best<br />

possible positions, and as such the credit<br />

management function holds a pivotal place in<br />

the sales to cash process internally.”<br />

Further to this, the accreditation is now<br />

used in EDF Energy’s bid process. “It is an<br />

expectation of a number of our customers<br />

as a standard entry requirement into some<br />

tender processes,” Sue continues. “It is<br />

therefore imperative that we do not lose the<br />

accreditation.”<br />

The Assessors report continues to say<br />

EDF Energy’s Revenue <strong>Management</strong> team<br />

is highly respected within the organisation:<br />

‘It’s a testament to the front-line operational<br />

managers keeping their teams focused<br />

and as a result they are still driving for<br />

improvements.’<br />

Explaining this, Sue concludes by advising<br />

other credit managers of the importance of<br />

their teams: “Recognition, clear policies,<br />

empowerment and accountability at an<br />

individual portfolio owner-level will help every<br />

team to succeed.”<br />

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

The recognised standard


After an internal audit called them ‘simply<br />

brilliant’, the credit and risk team at TalkTalk<br />

Business has achieved external recognition<br />

through its recent success in becoming<br />

CICMQ re-accredited.<br />

The TalkTalk Business team, which<br />

provides telecommunications services to<br />

businesses, is led by Sharon Dunlop, Head of<br />

<strong>Credit</strong> and Risk, who subscribes to the view<br />

that continued professional development<br />

encourages success:<br />

“We fully encourage the team to engage<br />

with their own personal development, and all<br />

of our credit controllers are studying towards a<br />

qualification in credit management set by the<br />

CICM,” she says.<br />

This was picked up on by CICMQ<br />

Assessor Chris Sanders in his report, which<br />

explains the team is motivated to succeed:<br />

‘It currently ensures the professionalism of<br />

the department is cemented by investing in<br />

CICM qualifications and setting a minimum<br />

requirement for each team member to reach<br />

Level 2.’<br />

Since TalkTalk Business’s initial<br />

accreditation, Sharon says it has continued<br />

to be involved in a stream of internal projects<br />

to ensure its best practice techniques are<br />

of full benefit to the company: “In doing so<br />

we are continuing to stretch our boundaries<br />

and are seeing year-on-year performance<br />

improvements.<br />

“This ensures the overall sentiment from<br />

stakeholders is of a professional, productive<br />

team that has the confidence and trust of the<br />

business,” she continues.<br />

“Strong performance will always be<br />

recognised and success celebrated, as this is<br />

an easy way to motivate the team to continue<br />

striving towards best practice, which is<br />

promoted within the business and industry,”<br />

Sharon concludes.<br />


SUCCES<br />

THE latest firm to achieve CICMQ reaccreditation<br />

is the Turner Group, supplier<br />

of powered equipment and servicing.<br />

Its greatest challenge since obtaining<br />

the initial accolade in 2014 has been staff<br />

changes, which its Group <strong>Credit</strong> Control<br />

Manager, Caroline Currie, describes<br />

as inevitable: “We take the ‘roll up our<br />

sleeves’ approach and secure the best<br />

training for our team,” she says.<br />

This is symptomatic of a credit<br />

professional that wants a highly cohesive<br />

team: “Communication is the most<br />

important tip I can give to any credit<br />

department,” Caroline adds. “Listening<br />

to the team and keeping them motivated<br />

are essential ingredients to success – of<br />

course, a good cake on a Friday always<br />

helps!<br />

“Striking a balance between assessing<br />

credit risk and assisting growth can be<br />

challenging, but overcoming this always<br />

proves rewarding for both the team and<br />

myself,” she concludes.<br />



JOHN Lewis Partnership, the first retailer to<br />

have achieved CICMQ accreditation, is the<br />

latest household name to have been awarded<br />

re-accreditation.<br />

The business, which includes grocery<br />

outlet Waitrose and the department store<br />

John Lewis, has a team of 12 credit<br />

professionals that manage in excess of £1<br />

billion in collections from over 1,600 UKbased<br />

and international customers.<br />

This is no mean feat, as Joy Randev,<br />

Manager Accounts Receivable, explains:<br />

“Since our initial accreditation in 2014 we<br />

have been able to reduce our DSO to its<br />

lowest ever level, and currently have just one<br />

percent of debt as overdue.”<br />

One percent, Joy points out, is still too<br />

much. “We are always determined to improve,<br />

and the entire team has been put through an<br />

advanced collections course with the CICM<br />

to work out ways to improve.”<br />

Helping them to achieve better targets, the<br />

credit team have recently adopted automated<br />

processes that has enabled their reporting<br />

function to improve. “We are set targets<br />

on a weekly basis, and it is to the team’s<br />

testament that we have hit these figures every<br />

single week bar one,” he continues.<br />

These processes were evident to CICMQ<br />

Assessor Chris Sanders, who outlined them<br />

in his report: ‘It is my opinion that the team<br />

show excellent methods and procedures,<br />

strong financial controls and positive<br />

feedback and comments from internal<br />

stakeholders.’<br />

“CICMQ accreditation was outlined in<br />

our annual plan of key objectives,” Joy<br />

continues. “It was something that our<br />

directors wanted us to maintain as it ensures<br />

that we are shown to be a professional and<br />

dedicated team. It also further increases our<br />

internal reputation throughout the business.”<br />

The recognised standard<br />

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


Following the shock election result in the US, Adam Bernstein looks at<br />

what a Trump presidency means to an uncertain world.<br />

THE Founding Fathers could surely not have made<br />

it up; a rank outsider – Donald J Trump has beaten<br />

the establishment at its own game. But while he<br />

lost the total popular vote by just 0.2 percent -<br />

47.5 percent to Clinton’s 47.7 percent, he won where<br />

it counted and secured the states that gave him the<br />

Electoral College votes, the institution that under the US<br />

constitution directly votes in the President.<br />

Trump ran his campaign on rhetoric and, as some<br />

would see it, on the basis of insult and mudslinging.<br />

Whatever your view, he took an anti-establishment, pro-<br />

US, pro-change, and protectionist line. He polarised the<br />

electorate in a way not seen in decades and succeeded<br />

against all odds.<br />

But apart from the populist sentiment, what would the<br />

Trump administration look like and what does it mean for<br />

the world outside of America? What are his policies – his<br />

‘visions’?<br />


One of the central planks in the Trump campaign involves<br />

the state of the US economy. Despite it being on, as the<br />

OECD notes, a ‘moderate growth trajectory sustained<br />

by mutually-reinforcing gains in employment, income<br />

and household spending’, Trump has called for its<br />

rejuvenation – at the expense of other economies.<br />

And so it’s interesting to note that with the<br />

announcement that Trump was in the lead, and then<br />

subsequently had won the election, the financial markets<br />

understandably reacted – but not in the way that many<br />

expected. The pound rose against the euro and the<br />

dollar; and the Mexican peso fell to its lowest rate on<br />

record against the dollar as the possibility of US/Mexican<br />

relations deteriorating became more likely – as did the<br />

wall (that’s now, post-election, going to be part fence)<br />

that Trump wants between the two countries and the<br />

rapid renegotiation of the North American Free Trade<br />

Agreement (NAFTA).<br />

As David Johnson, Director at Halo Financial, notes:<br />

‘Those selling US dollars headed for the safety of the<br />

Japanese yen and gold. While the dollar has stabilised,<br />

Trump does not officially begin his term as US President<br />

until January 2017, so market uncertainty and volatility<br />

will surely continue in the coming months.’<br />

It’s worth noting that before the Brexit vote in June,<br />

President Obama said that the UK would go to the<br />

back of the queue when it came to negotiating a post-<br />

Brexit trade agreement. However, Trump has said that<br />

it makes no difference to him (and therefore trade<br />

with the US) if the UK is in or outside of the EU.<br />

Yes, stock markets initially fell, but they had risen by<br />

the end of the day – the FTSE ended one percent up,<br />

the Dow Jones rose 1.4 percent, and the Dax closed 1.5<br />

percent higher. The election result did cause an initial<br />

intake of breath on global markets, says Laith Khalaf,<br />

Senior Analyst at Hargreaves Lansdown. However, his<br />

view is that the initial drop in global markets with the<br />

subsequent recovery and shrug indicates that the US<br />

political system has a limited effect on the markets –<br />

something which is to be lauded.<br />


First off, the Trump administration would withdraw the<br />

US from the Trans-Pacific Partnership, a new trade<br />

agreement between 12 pacific rim nations; he’s not keen<br />

on its goal of reducing barriers to trade, lowering of tariffs<br />

and the removal of protectionism.<br />

Similarly, analysts at Investec think the Transatlantic<br />

Trade and Investment Partnership deal between the<br />

US and EU will go no further for the same reasons. City<br />

economists have cautioned that the result of any rising<br />

US protectionism may send exports from emerging<br />

markets towards the EU which will only serve to<br />

strengthen the hand of protectionists in the EU as well.<br />

For the UK, this could mean a much tougher time at the<br />

EU negotiating table once Article 50 has been triggered.<br />

On a parallel tack, Trump’s administration would<br />

target what it sees as violations of trade agreements that<br />

harm US workers.<br />

China is particularly in Trump’s sights. He considers<br />

the country a currency manipulator; is unhappy with its<br />

alleged misuse of state subsidies (that give the Chinese<br />

producers an unfair advantage); and would use every<br />

Presidential power he has to pursue trade disputes with<br />

China if it does not ‘stop its illegal activities, including its<br />

theft of American trade secrets.’ With top exports from<br />

China, according the CIA Factbook including electrical<br />

and other machinery, data processing equipment,<br />

clothing, furniture, textiles, and integrated circuits (as well<br />

as plastics, iron and steel, and medical equipment), this<br />

is a big deal.<br />

The biggest weapon in the armoury, as Trump sees<br />

it, is the application of trade tariffs – duties in other<br />

words. Johnson notes that this could slap an extra 45<br />

percent on the cost of US imports – China won’t be<br />

happy. While on first blush this appears to be a Sino/US<br />

issue, the squabble has the potential to go global. Why?<br />

China produces so much and if it can’t sell it to the US it<br />

may well ‘dump’ it elsewhere. That could result in other<br />

countries imposing tariffs on imports and as Johnson<br />

puts it, could contribute to a global economic slowdown.<br />

It’s entirely possible that, if Trump’s campaign policies<br />

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

The recognised standard

The biggest weapon in the armoury, as Trump<br />

sees it, is the application of trade tariffs –<br />

duties in other words. Johnson notes that this<br />

could slap an extra 45 percent on the cost of<br />

US imports – China won’t be happy.<br />

Pfizer—the single largest beneficiary of that<br />

experiment, used it to bring back $35.5 billion<br />

in foreign earnings before cutting 11,748 US<br />

jobs over the next three years.<br />

are followed to their natural conclusion, the US<br />

could remove itself entirely from NAFTA and<br />

the World Trade Organisation. So will we see<br />

a full on trade-war? Quite possibly. Americans<br />

could lose more than they gain.<br />


The main, and some would say populist<br />

thrust of the Trump campaign, aims to add<br />

(more) jobs to the US economy – a goal of 25<br />

million in 10 years has been mooted on the<br />

campaign website – and this requires, quite<br />

simply, Americans to do more domestically.<br />

The stated plan is to boost economic growth<br />

to 3.5 percent a year (half of what China has<br />

recently been achieving, even in its ‘slowing’<br />

economy). To do this, the Wall Street Journal<br />

has noted that the Trump administration plans<br />

to spend $1 trillion over the next 10 years on<br />

infrastructure projects. It very much sounds<br />

like Franklin D Roosevelt’s 1930s New Deal<br />

policies that helped the US economy post-<br />

Depression; the US construction sector is<br />

delighted of course.<br />

Interestingly, there’s no hint of any planned<br />

tax hike to pay for this investment which will,<br />

at first, help the US economy. But in time<br />

the US will become saddled with more debt<br />

which it will find hard to service. Analysts at<br />

Moody’s, according to Forbes.com, foresee<br />

trouble – they see interest rates rising to entice<br />

the money in that the (new) US Government<br />

will need for this new investment. And where<br />

the US Federal Reserve leads on interest<br />

rates, the world follows. Further, some reckon<br />

that Trump plans for the economy and trade<br />

will backfire and put the US economy into<br />

recession by 2018 – that’s the view of Megan<br />

Greene from Manulife Asset <strong>Management</strong>.<br />

As an aside, the US bond market is heavily<br />

owned by foreigners, ‘including nations like<br />

China where Trump has made unfriendly<br />

comments,’ said Jim Leaviss, Head of Retail<br />

Fixed Interest at M&G Investments. So it’ll be<br />

interesting to note how Chinese investors view<br />

funding US debt while Trump is hard at work<br />

bashing China.<br />

There are others, including Larry Hatheway,<br />

Chief Economist at GAM, a global asset<br />

management firm, who think that Trump’s<br />

spending plans could also leading to a jacking<br />

up of inflation in an economy that’s already<br />

close to full employment, especially if he<br />

carries out his threat to deport illegal workers<br />

en masse (three million as of 13 November).<br />

It’s a point made by Trump himself when<br />

he said that he wants to ‘establish new<br />

immigration controls to boost wages and to<br />

ensure that open jobs are offered to American<br />

workers first.’ Interestingly, the threat to ban<br />

Muslims from entering the US is no longer on<br />

Trump’s campaign website.<br />

On tax, the Trump campaign website points<br />

to what could be a new race to the bottom<br />

in terms of corporate taxation. The present<br />

tax regime in the US charges 35 percent on<br />

business profits, but Trump is suggesting a<br />

rate of 15 percent. The UK is presently 20<br />

percent, but the former chancellor George<br />

Osbourne talked of aiding the UK’s post-Brexit<br />

position with a 15 percent or less tax rate. In<br />

comparison, Ireland has pegged its rate at<br />

12.5 percent. Further, Trump is planning to<br />

give US companies the option of repatriating<br />

overseas profits with a one-time charge<br />

of only 10 percent. The last time the US<br />

offered something similar was in 2004, where<br />

companies paid just five percent on repatriated<br />

profits. However, a study of the policy found<br />

that for every dollar companies brought<br />

home, they jacked up shareholder payouts<br />

between 60 and 92 cents. And pharmaceutical<br />


It’s quite clear that Donald Trump as President<br />

could add to global economic uncertainty if<br />

he carries through on his trade and economic<br />

policies. However, for the UK, in the shortterm,<br />

the impact could be muted. Indeed,<br />

Capital Economics has left its forecasts for UK<br />

growth unchanged 1.5 percent in 2017 and<br />

2.5 percent in 2018 following the US election<br />

result. That said, mortgage experts are now<br />

talking about increases of around 0.25 percent<br />

in five and 10-year fixed rates in the shortterm,<br />

with more rises to follow because City<br />

rates have leapt since Trump’s win.<br />

Sure, the US is the UK’s biggest export<br />

market, with a fifth of UK goods and services<br />

sent across the Atlantic, but Capital Economics<br />

suggests that the Brexit vote might actually<br />

prove to be an insulator. Firstly, the rapid drop<br />

in the pound (and now the drop in the dollar)<br />

since the Brexit vote has made UK exports<br />

more competitive (by definition, imports are<br />

more expensive). Secondly, the UK has had its<br />

revolution while eurozone states are now more<br />

open to attack – France, Germany and Italy,<br />

must be concerned.<br />

However, it’s worth noting that before the<br />

Brexit vote in June, President Obama said<br />

that the UK would go to the back of the queue<br />

when it came to negotiating a post-Brexit trade<br />

agreement. However, Trump has said that it<br />

makes no difference to him (and therefore trade<br />

with the US) if the UK is in or outside of the<br />

EU. Indeed, his trade advisor Dan DiMicco has<br />

gone on record as saying that he ‘absolutely’<br />

wants to strike a trade deal with the UK,<br />

possibly before Article 50 is triggered. Johnson<br />

thinks that markets could be reassured by<br />

Trump’s talk of continuing the UK-US ‘Special<br />

Relationship’ and by the UK’s Chancellor of the<br />

Exchequer, Philip Hammond, saying that he<br />

anticipates ‘a very constructive dialogue’ with<br />

the new US administration. As we’ve seen,<br />

Trump considers China as the real threat.<br />

So while, to an extent, it’s true that when<br />

the US catches a cold we all sneeze, if the US<br />

economy grows then the effect could trickle<br />

around the world – but only to the extent that<br />

any new tariffs allow.<br />

The problem for Trump is that globalisation<br />

and free trade has been good for the global<br />

economy. While the popular sentiment (not<br />

quite if you consider the 0.2 percent lead<br />

Clinton had over Trump) was for protectionism,<br />

Americans who voted for Trump will lose out<br />

if for no other reason that they (and the rest of<br />

the world) will cease to benefit from cheaper<br />

goods and greater choice. From the food in<br />

their supermarket to their holiday or favourite<br />

smartphone, prices are surely going to rise if<br />

trade becomes subject to a tariffs and a trade<br />

war. Only time will tell.<br />

The recognised standard www.cicm.com <strong>December</strong> <strong>2016</strong><br />





Salaries continue to rise as demand for credit professionals intensifies.<br />

Karen Young FCICM takes a closer look at regional pay statistics.<br />

THE repercussions of the political<br />

events in <strong>2016</strong> are a long way from<br />

being fully realised, but the credit<br />

management profession is preparing<br />

for the future and, as companies look to<br />

protect and maximise their cash position, the<br />

importance of a talented credit function has<br />

never been greater. The credit recruitment<br />

market continues to see movement from both<br />

a candidate and employer perspective. <strong>Credit</strong><br />

professionals are actively seeking new career<br />

opportunities and employers are focused<br />

on hiring the very best talent they need in a<br />

changing business environment. Although<br />

recruitment in finance departments, on the<br />

whole, will be given careful consideration<br />

throughout 2017, talented credit professionals<br />

look set to retain their sought after status.<br />

Pay for credit professionals increased<br />

by 3.7 percent on average in the past year,<br />

with the highest salary increases for some<br />

roles double this. Findings from The Hays UK<br />

Salary & Recruiting Trends 2017 report show<br />

that the average salary for credit professionals<br />

recruited by Hays <strong>Credit</strong> <strong>Management</strong> within<br />

the last 12 months is now £36,396, 3.7<br />

percent up from £35,115 in <strong>2016</strong>. The 3.7<br />

percent salary increase received by credit<br />

professionals is more than double the 1.4<br />

percent salary increase those working in<br />

accountancy and finance received overall.<br />

Salary increases have not<br />

been limited to senior roles,<br />

for instance, credit control<br />

supervisors in the North<br />

West have seen an eight<br />

percent rise in pay, such is<br />

the demand for their skills<br />

in the region.<br />

Last year 48 percent of credit professionals<br />

expected their rate of pay to increase in the<br />

next 12 months and were proven correct; in<br />

fact, our research suggests that 51 percent<br />

more received a pay rise in <strong>2016</strong> than<br />

expected to.<br />

Salary increases in <strong>2016</strong> were not isolated<br />

to the usual hotspots of London and the south<br />

east, with many areas of the UK receiving<br />

above average increases to the rate of pay in<br />

the finance profession. <strong>Credit</strong> professionals in<br />

the West Midlands and South West England<br />

received salary increases of four percent or<br />

more. Salary increases have not been limited<br />

to senior roles, for instance, credit control<br />

supervisors in the North West have seen an<br />

eight percent rise in pay, such is the demand<br />

for their skills in the region.<br />

Most employers in finance (93 percent)<br />

expect their business activity to increase<br />

or stay the same in 2017, with 58 percent<br />

forecasting an increase in activity. This is<br />

slightly lower than the national average (62<br />

percent pre the EU referendum, 57 percent<br />

post the vote) however only six percent<br />

expect to see a decrease in activity which is<br />

in-line with national averages both before and<br />

after the EU referendum. These figures show a<br />

consistency in business positivity following the<br />

referendum and indicate employers’ long-term<br />

economic outlook remains robust, despite a<br />

turbulent political and economic year.<br />

Skills shortages will continue to cause<br />

challenges in 2017. The majority (75 percent)<br />

of managers hiring finance roles say the<br />

shortage of suitable candidates is the top<br />

recruitment challenge for the coming year,<br />

this figure is slightly below the national<br />

average both before (77 percent), and after<br />

(79 percent) the referendum vote. So, in a<br />

market that is fiercely competing for talent,<br />

organisations should review the speed and<br />

agility of their recruitment processes so as not<br />

to lose out on strategic hires.<br />

<strong>Credit</strong> professionals are still concerned<br />

with the lack of career progression. When<br />

asked about their career development<br />

opportunities the majority (58 percent) of<br />

credit professionals said they felt there<br />

was no scope for career progression within<br />

their current organisation. This is a slight<br />

improvement compared with the 60 percent<br />

last year who said there was no progression.<br />

However, it is clear that employees continue<br />

to care very deeply about building a career<br />

in credit management, yet are not able<br />

to see the career paths available to them<br />

in their current organisation. Therefore,<br />

keeping career development high on the list<br />

of priorities is more important than ever for<br />

employers. Now is the time when employers<br />

in credit management should step up and<br />

start investing time and money in their<br />

credit teams or they will lose their top talent<br />

to companies better placed to help them<br />

progress. It is crucial day-to-day activities do<br />

not overshadow the long-term development<br />

of staff.<br />

Uncertain economic conditions often<br />

create a greater need to manage risk and<br />

cash flow, highlighting the importance<br />

of hiring effective credit managers. We<br />

do not anticipate the demand for credit<br />

professionals to diminish any time soon,<br />

giving people the confidence to move and<br />

encouraging employers to offer increased<br />

salaries. However, employers looking to hire<br />

in the coming year will need to act decisively<br />

as competition will be as fierce as ever;<br />

and those looking for the very best talent<br />

must have a clear plan for progression as<br />

employees have never been keener to build a<br />

long-lasting career in credit management.<br />

Karen Young FCICM is Director of Hays<br />

<strong>Credit</strong> <strong>Management</strong>.<br />

18 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Now is the time when<br />

employers in credit<br />

management should<br />

step up and start<br />

investing time and<br />

money in their credit<br />

teams or they will<br />

lose their top talent<br />

to companies better<br />

placed to help them<br />

progress.<br />

Northern Ireland<br />

£40,000<br />

Scotland<br />

£38,000<br />




North East<br />

£36,000<br />

North West<br />

£35,000<br />

Yorkshire and Humber<br />

£36,000<br />

East Midlands<br />

£35,000<br />

Wales<br />

£35,000<br />

West Midlands<br />

£48,000<br />

East of England<br />

£35,000<br />

South West<br />

£36,500<br />

South East<br />

£40,000<br />

London<br />

£55,000<br />

<strong>Credit</strong><br />

Controller<br />


<strong>Credit</strong> Controller<br />

Supervisor<br />

<strong>Credit</strong><br />

Manager<br />

Group <strong>Credit</strong> Manager<br />

/ Head of <strong>Credit</strong><br />

Region 2017 2017 2017 2017<br />

North West £22,000 £28,000 £35,000 £50,000<br />

North East £20,000 £26,000 £36,000 £58,000<br />

Yorkshire & Humber £20,500 £26,500 £36,000 £56,500<br />

West Midlands £23,000 £29,000 £48,000 £65,000<br />

East Midlands £21,000 £26,000 £35,000 £55,000<br />

East of England £24,000 £29,000 £35,000 £55,000<br />

London £26,000 £36,000 £55,000 £70,000<br />

South West England £22,500 £26,000 £36,500 £55,000<br />

South East England £26,000 £32,000 £40,000 £63,000<br />

Scotland £20,000 £27,000 £38,000 £50,000<br />

Northern Ireland £21,000 £26,000 £40,000 £45,000<br />

Wales £19,500 £26,000 £35,000 £52,000<br />

National Avg. 2017 £22,125 £28,125 £39,125 £56,208<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 19




Sue Chapple FCICM, Executive Board Director of the CICM, was shocked<br />

at the treatment a friend received when he became vulnerable.<br />

I<br />

have spent the majority of my career working<br />

in and around debt, and up until six months<br />

ago I think I was firmly of the ‘can’t pay, won’t<br />

pay’ view of debtors. The majority of people<br />

in debt can afford to pay something. That was<br />

until someone in our social group suddenly found<br />

himself in what we now know to be a ‘vulnerable’<br />

state.<br />

A director of his own successful estate<br />

agency business with an office in an affluent<br />

area experienced the extremely distressing<br />

breakdown of his 20-year marriage and saw<br />

him suffer from acute anxiety and depression.<br />

Due to his illness he was unable to work and<br />

was forced to cut all personal expenditure and<br />

take the drastic decision to sell his business for<br />

nothing so that someone else could take on his<br />

business liabilities, which included paying his six<br />

employees.<br />

This meant that in one fell swoop he had no<br />

access to the internet or income. Even the form to<br />

apply for emergency income support is 93 pages<br />

long, and the Citizens Advice Bureau (CAB) had<br />

never experienced a situation where someone<br />

was not able to complete it online.<br />

As a group of friends, we have been keen to<br />

help and provide support while, on the advice of<br />

the doctor, trying to ensure that he is able to retain<br />

some kind of independence.<br />

The response from different organisations and<br />

the banks have had the worst impact. I cannot<br />

believe how his main High Street bank has<br />

responded. Despite fully explaining the position<br />

on day one (no income, no job and no ability<br />

to currently change any of that), and pleading<br />

with them to allow some breathing space, within<br />

a couple of weeks of defaulting on credit card<br />

payments, it was sending up to six letters a<br />

week demanding a phone call to explain. All this<br />

despite numerous lengthy letters explaining that<br />

the immediate level of anxiety meant a phone call<br />

of this nature was simply not possible.<br />

After having banked with them for 40<br />

years, I had expected there may be greater<br />

understanding. After eventually complaining, he<br />

was offered £120 as compensation, but advised<br />

that it had to be paid into his overdrawn account.<br />

This was the final straw, and as a result a number<br />

of us in the group have now moved our accounts.<br />

A few weeks ago he was close to being able<br />

to look for work again. I called the Job Centre<br />

three times (calls go to a national call office) and<br />

waited 40 minutes on each call. I was told no<br />

appointment was needed and he just had to turn<br />

up at the Job Centre, only to be confronted with<br />

a look of surprise from the receptionist when he<br />

arrived with her stating that she had no idea why<br />

we had been told that. No surprises - but the form<br />

we needed to complete was also online. This event<br />

again increased anxiety and distress.<br />

Seeing first-hand how quickly someone can<br />

become vulnerable has really opened my eyes.<br />

Anyone could experience emotional breakdown<br />

without warning. What is most shocking to me<br />

is how suddenly and quickly you can go from<br />

relative financial stability to trying to survive on<br />

£73 a week unemployment benefits; that’s barely<br />

enough to keep petrol in your car, especially when<br />

you consider his case and the number of doctors’<br />

appointments he has had to attend.<br />

My friend is in the largest demographic of<br />

those that find themselves in this situation. A<br />

single man with grown-up children that has<br />

recently, for the first time in his working life,<br />

become unemployed. Yet because of his lack of<br />

dependants – both his children are at university<br />

– he has been put to the back of the queue. Why<br />

are the systems and processes in place so stacked<br />

against those that need the most help?<br />

So what can we do to help? Certainly those<br />

in the debt industry can help by giving those<br />

experiencing difficulties some breathing space.<br />

By ensuring that the staff on the front-line actually<br />

deliver the services and empathy that we all hear<br />

is in place at strategic level. Given the right help<br />

he could have been back on his feet by now. This<br />

man is not a criminal out to defraud the system<br />

and take advantage of the state and society; he is a<br />

good man who has fallen on hard times.<br />

It was this experience that prompted me to get<br />

involved in the new CICM Vulnerability Group,<br />

which I am hopeful will go some way towards<br />

helping our staff to spot vulnerability and provide<br />

the right level of empathy to help those that are<br />

suffering. Statistics show that individuals, such<br />

as our friend, recover and return to being good<br />

customers – and they will remain loyal to the<br />

support provided.<br />

To find out more about the CICM’s Vulnerability<br />

Group visit the news section at www.cicm.com.<br />

20 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



Sean Feast continues his series of interviews with alternative finance providers<br />

and speaks to John Wilde, co-founder of Amicus Commercial Finance.<br />

JOHN Wilde is in fact an understated,<br />

outwardly calm and softly spoken man<br />

who strikes you as if nothing would faze<br />

him. That could be something to do<br />

with his childhood in Manchester in the early<br />

1960s, brought up in a children’s home and<br />

in long-term foster care, and schooling at a<br />

local Grammar (St Ambrose’s College) run by<br />

Christian Brothers. Even by his own admission<br />

he describes those days as ‘interesting’ and<br />

as such he has never taken anything for<br />

granted.<br />

Apart from his wife, who he met when he<br />

was 15, his first passion was sport: “I loved<br />

sport from the beginning and in many ways<br />

it was my salvation. I was never happier than<br />

while playing sport, and it kept me out of<br />

trouble. I played everything and anything, from<br />

soccer through to tiddlywinks.”<br />

Indeed, John was a tidy rugby player in his<br />

day, turning out not only for the school 1st XV<br />

but also his local club, Winnington Park in his<br />

home town of Northwich. “I was the scrum<br />

half until the arrival of a certain Dewi Morris<br />

(Morris went on to play 28 times for England.<br />

Ed.) and then I moved to the wing. He was a<br />

class apart.”<br />

Although John does not describe himself<br />

as ‘academic’, he still achieved four A Levels<br />

and a place at Liverpool University to read<br />

Law. Unfortunately, an unwise purchase put<br />

paid to his tertiary education after the first<br />

year: “I spent most of my grant money on<br />

a motorbike and then found that I couldn’t<br />

afford to continue studying,” he smiles. To<br />

make matters worse, his bike was stolen soon<br />

afterwards.<br />


John recognised that he needed to work:<br />

“Living in Northwich at that time, many of<br />

my contemporaries were apprentices at ICI<br />

or Rolls Royce (in Crewe), but my best friend<br />

at the time had recently started working at<br />

NatWest and so I applied to the Midland<br />

and Barclays for a job. Midland came first<br />

and offered me a position, and so I fell into a<br />

career in banking.”<br />

As it happened, the rigour and discipline<br />

of banking was to stand John in good stead,<br />

learning about structure, management, and<br />

the importance of dual controls. Soon he<br />

was promoted onto the counter, interacting<br />

with customers, a role that he relished. Other<br />

promotions followed, during which he studied<br />

for his banking exams and had all-but finished<br />

his AIB (as it was then) qualifications when he<br />

left to work in the world of Hire Purchase (HP).<br />

“I was running a sub-office of the bank<br />

in Altrincham and could see how my career<br />

was being mapped out. Another friend was<br />

working for Lloyds & Scottish, and he had a<br />

car. This really impressed me at the time, and<br />

was the catalyst for me to move. I joined L&S<br />

(which soon after became Lloyds Bowmaker)<br />

and started to learn about selling HP and<br />

asset finance.”<br />

In working for L&S, John had once again<br />

fallen on his feet: “They had one of the very<br />

best training academies at Ramsay Lodge in<br />

Edinburgh where I was sent to learn how to<br />

‘sell’. It was a month-long, residential course,<br />

and really intense. There were 40 of us at<br />

the beginning, and when you came down to<br />

breakfast every morning, you’d always notice<br />

a face or two missing.<br />

“I was told by my boss that if you went<br />

to Ramsay Lodge, you had to finish top, and<br />

as it happens I did. It was a very winning<br />

culture and attitude; they really invested in the<br />

mechanics of selling, something that you don’t<br />

see as much if at all today.”<br />

continues on page 22 ><br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 21


continued from page 21<br />

><br />

All went well until the company’s business<br />

model changed, and John moved into full-time<br />

arrears work, collecting debts from customers<br />

and repossessing cars and other assets. It<br />

was another steep learning curve that gave<br />

him an even greater insight and understanding<br />

into the lending environment, both the good<br />

and the bad: “It was very high octane and<br />

high energy,” he recalls with a hint of a wistful<br />

smile. “There was tremendous camaraderie<br />

and it was great fun.”<br />


An opportunity to join the French bank,<br />

UCB, tempted John into selling commercial<br />

mortgages: “I knew little about commercial<br />

mortgages and little about UCB, but they had<br />

a great company car policy,” he laughs.<br />

He joined the Manchester office and soon<br />

after becoming commercial manager for the<br />

region. Having clearly attracted the attention<br />

of senior management, John was approached<br />

with an opportunity to run the Guildford<br />

branch, which at the time was fast becoming<br />

the jewel in the company’s crown. Though it<br />

meant moving his wife and two small children<br />

south, he recognised the significance of the<br />

opportunity: “We had 16 branches at the time<br />

and we won branch of the year twice, back to<br />

back.”<br />

Further promotions followed, including<br />

a seat on the <strong>Management</strong> Board, before<br />

the company changed direction to become<br />

a ‘product’ business and was later sold to<br />

Birmingham Midshires. Emotionally, John<br />

has already left, although stayed on as a<br />

consultant to ease the transition, as well as<br />

working for other finance providers at the time<br />

including GE and Close Brothers. Another<br />

opportunity, this time working for J.P. Morgan,<br />

then presented itself:<br />

“I was approached to set up a commercial<br />

mortgage backed securitisation platform<br />

in Europe and didn’t want to turn down an<br />

opportunity of working for J.P. Morgan. It<br />

meant working in the UK, France and Holland,<br />

during which time we completed two marquee<br />

deals, including the largest cross-border<br />

securitised commercial mortgage transaction,<br />

and the purchase of a property bank based in<br />

Martinique!<br />


A hankering to launch his own business was<br />

never far away, however, and an ongoing<br />

dialogue with his former boss and mentor<br />

at UCB, David Hogg, eventually led to the<br />

launch in 2000 of SME Commercial Finance,<br />

an invoice discounting business. Finding the<br />

investors, John says, was a challenge: “What<br />

we learned was that you have to be extremely<br />

tenacious and driven to persuade investors to<br />

part with their hard-earned money.”<br />

The business did well, growing both<br />

organically and by acquisition, until the crash<br />

of 2007/8 when the company had to hunker<br />

down along with the rest of the commercial<br />

funding community. It was in 2013 that SME<br />

sold to a challenger Bank, and John was<br />

again retained as Managing Director to see<br />

the deal through its first year. Soon after, and<br />

he was once again planning the launch of his<br />

new enterprise, Amicus Commercial Finance.<br />

Amicus Commercial Finance, funded by<br />

Amicus Finance PLC, is not, John stresses,<br />

a factoring company. It specialises in<br />

confidential invoice discounting, targeting<br />

firms from all sectors up with a turnover of<br />

£20 million. He has created, he believes, the<br />

perfect synergy between ‘technology’ and<br />

‘customer service’.<br />

“The Fintechs gave everyone a kick,” he<br />

explains. “They really shook the alternative<br />

finance sector up, and showed how poor<br />

some of the providers had become. But much<br />

as we need technology, there is only so much<br />

that can be achieved ‘digitally’. I still believe<br />

that you need the human element, to build a<br />

relationship with your customer, just as we did<br />

behind the counter at the Midland all those<br />

years ago.<br />

“What we have created is a receivables<br />

finance business, providing working capital<br />

to owner managed SMEs using technology<br />

to create greater efficiencies, but where there<br />

is always someone available at the end of<br />

the line to talk through a problem, an idea or<br />

a challenge. We are still very much focused<br />

on ‘the customer’ and building a long-term<br />

relationship with that customer.”<br />


John acknowledges that part of the<br />

problem with the invoice finance<br />

industry generally, and factoring<br />

in particular, is that it is too<br />

complicated: “The industry and the<br />

product has lacked transparency<br />

and clarity, especially in relation<br />

to charges, and that has held it<br />

back.<br />

“What we are trying to do is<br />

simplify things, to the point of<br />

developing a product and a ‘feeling’ that we<br />

are more like an overdraft, where it is easy to<br />

see how much you have left to draw against<br />

and how much it is costing you. I am not<br />

saying that there isn’t a market for factoring,<br />

but I am saying that it is a product that we do<br />

not wish to provide.”<br />

Certainly Amicus has hit the ground<br />

running. In very short order from its launch in<br />

November 2015, John has built the systems<br />

and processes required to run a commercial<br />

finance business, with the underwriting<br />

and credit policies written and funding and<br />

banking lines agreed. All of the regulatory<br />

elements such as KYC and AML have also<br />

been addressed.<br />

“We wrote our first customer in January<br />

and by the end of our first year had 31 clients<br />

and £5.5 million of cash employed. Our target<br />

by the end of 2017 is to reach 140 clients,<br />

using £25 million of funds.”<br />

It is, John believes, an exciting time: “We<br />

are creating something that is sustainable<br />

and that has long-term value,” he adds. “As<br />

owners/managers ourselves, we understand<br />

the importance of cashflow and not just from<br />

something we’ve read in the book. What we<br />

offer is not for everyone, but if you want to be<br />

a big fish in a comparatively small pond, then<br />

we are probably for you.”<br />

And of the future? Does John have<br />

any regrets about leaving university or<br />

not pursuing a sporting career? “I am a<br />

pragmatist,” he jokes, “and always knew there<br />

was someone bigger and stronger out there.<br />

I never have regrets, but perhaps I<br />

could go back and finish my<br />

degree.”<br />

22 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

‘‘What we<br />

offer is not for<br />

everyone, but if you<br />

want to be a big fish<br />

in a comparatively<br />

small pond, then we<br />

are probably for<br />

you.’’<br />

What we have created is a receivables<br />

finance business, providing working<br />

capital to owner managed SMEs using<br />

technology to create greater efficiencies,<br />

but where there is always someone<br />

available at the end of the line to talk<br />

through a problem, an idea or a challenge.<br />

We are still very much focused on ‘the<br />

customer’ and building a long-term<br />

relationship with that customer.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 23




When was the last time that you: reviewed your terms and conditions of business?<br />

or considered the procedure for ensuring that they govern your contracts?<br />

DD + 44 161 604 1642 E craig.chaplin@dwf.law W www.dwf.law/recover<br />

Craig Chaplin<br />

THERE have been numerous recent<br />

changes in the relevant law and the<br />

technology that businesses use to form<br />

contracts. Are you confident that your<br />

terms and procedures still represent best<br />

practice?<br />

The key points for you to consider and take<br />

advice on are:<br />

1. Incorporation<br />

There’s no point having perfectly-drafted terms<br />

and conditions unless they form part of every<br />

contract. DWF can review your methods of<br />

forming contracts and advise on the most<br />

appropriate method of incorporating your terms.<br />

2. Price and payment<br />

There are lots of issues to think about:<br />

Is it useful to make time of payment of the<br />

essence? Should you exclude the customer’s<br />

right of set-off? If so, is there a risk that this<br />

may be unenforceable under UCTA. Should you<br />

rely on the Late Payment of Commercial Debts<br />

(Interest) Act 1998 (LPA) or include a contractual<br />

interest rate? Can you “mix and match” the<br />

LPA provisions and contractual rights?<br />

3. Retention of title (ROT)<br />

Drafting a good ROT clause is about protecting<br />

your business, while not making the clause<br />

unenforceable. For example, do you want to<br />

include an “all monies” clause so that title only<br />

passes when the customer pays for all the<br />

goods that you supply? This risks making the<br />

clause unenforceable if not carefully drafted.<br />

You also need to consider what the customer<br />

does with the goods, e.g. selling them on or<br />

using them to make other goods.<br />

4. Penalty clauses<br />

The Supreme Court recently set out a new<br />

test for when a clause that provides for a<br />

remedy such as interest on late payment is<br />

an unenforceable penalty. You should review<br />

all such clauses to check that they still work<br />

under the new rule and whether they could be<br />

redrafted to offer more protection.<br />

5. Variation clauses<br />

While your terms probably include a provision<br />

that the contract can only be varied in writing,<br />

recent case law has confirmed that this can be<br />

overridden by the parties’ oral agreement or<br />

conduct. Have you trained your team on this<br />

risk?<br />

6. The Modern Slavery Act 2015<br />

Have you heard of this new act? If so, did<br />

you assume that it’s nothing to do with your<br />

business? This is a common misconception<br />

and you should think again. All large<br />

commercial organisations carrying on business<br />

in the UK must publish an annual “transparency<br />

statement” setting out the steps they have<br />

taken in the previous year to ensure that their<br />

business and supply chains are slavery-free.<br />

If caught, you need to update your terms of<br />

purchase to obtain appropriate warranties<br />

from your suppliers. You should also consider<br />

whether to update your terms of sale to give<br />

your customers suitable warranties.<br />

7. Unfair contract terms<br />

Are you aware that the Unfair Contract Terms<br />

Act 1977 doesn’t just apply to clauses where<br />

you attempt to exclude or limit your financial<br />

liability, but also to clauses where you purport<br />

to give yourself the right to evade responsibility<br />

for delivering the goods or services which you<br />

have contracted to supply? This can include<br />

tolerances, get-outs for late delivery, force<br />

majeure, entire agreement clauses, or clauses<br />

that restrict the other party’s ability to exercise<br />

its rights.<br />

8. The Consumer Rights Act 2015 (CRA)<br />

If you contract with consumers, have you<br />

updated your terms and conditions to comply<br />

with the CRA? This has given consumers new<br />

rights and remedies and created a new category<br />

of “digital content” alongside the existing<br />

categories of goods and services.<br />

9. Data protection<br />

In May <strong>2016</strong>, the EU adopted the General Data<br />

Protection Regulation (GDPR), which member<br />

states must comply with by May 2018. Despite<br />

the recent Brexit vote, this is still important<br />

because: (1) it is likely that the UK will still be<br />

an EU member in May 2018; and (2) following<br />

our departure, it is likely that UK data protection<br />

law will mirror EU law so that UK businesses<br />

can continue to trade with EU customers.<br />

Accordingly, you need to update your terms to<br />

comply with the GDPR.<br />

DWF’s Commercial team has extensive<br />

experience of drafting, reviewing and updating<br />

terms and conditions of business. Contact Craig<br />

Chaplin to discuss your requirements: 0161 604<br />

1642 or craig.chaplin@dwf.law. We also offer<br />

fixed price support to help you comply with your<br />

obligations under the Modern Slavery Act 2015.<br />

Please see http://www.dwf.law/news-events/<br />

promotions/<strong>2016</strong>/03/modern-slavery-act-2015/<br />

or email ModernSlaveryEnquries@dwf.law.<br />

<br />

This information is intended as a general discussion<br />

surrounding the topics covered and is for guidance<br />

purposes only. It does not constitute legal advice<br />

and should not be regarded as a substitute for taking<br />

legal advice. DWF is not responsible for any activity<br />

undertaken based on this information.<br />

<br />

Craig Chaplin is a Partner at leading law<br />

firm DWF and Head of the Commercial and<br />

Competition Team. Craig provides advice on all<br />

different types of B2B contracts. His particular<br />

specialisms include information technology,<br />

telecommunications, outsourcing, facilities<br />

management, franchising and intellectual<br />

property licensing. Craig regularly advises<br />

on IT infrastructure projects and complex<br />

relationship agreements as well as high value<br />

brand acquisitions.<br />



24 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


CICM British <strong>Credit</strong> Awards 2017<br />

7 February • Lancaster London<br />



The entries are in... and the shortlist has just<br />

been announced! To see who made the<br />

shortlist for the 2017 awards, please visit:<br />

www.cicmbritishcreditawards.com<br />

Don’t miss this fantastic evening of<br />

networking and celebration of all the<br />

incredible achievements across the credit<br />

and collections community.<br />




Table bookings<br />

Please contact Natasha Witter on:<br />

T: 020 7316 9176<br />

E: Natasha.Witter@incisivemedia.com<br />



GLOBAL<br />


The recognised standard<br />


GLOBAL<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 25



David Andrews takes a road trip to Strasbourg passing through France<br />

and Germany and wonders what the future holds.<br />

We headed almost<br />

straight east of Paris,<br />

rising in the air as though<br />

we were sitting inside a<br />

boat that was being lifted<br />

by some giant, and the<br />

ground began to flatten<br />

out beneath us. It looked<br />

out into brown squares,<br />

yellow squares, green<br />

squares and big flat<br />

blotches of green where<br />

there was a forest. I began<br />

to understand cubist<br />

painting.<br />

AS I strike out east on the long drive<br />

from Dieppe to Strasbourg, the early<br />

morning sun already starting to<br />

intensify on the horizon, I set myself<br />

the first of my usual French driving challenges.<br />

Do not, under any circumstances, David,<br />

react to the maddening French motorists who<br />

stubbornly stick to my rear bumper at 130<br />

kph. Calm, David, calm. I’m trying. It’s not<br />

easy.<br />

I absorb the featureless, gently undulating<br />

greens and greys of the Pas de Calais flanking<br />

the autoroute, the newly anointed Nobel<br />

Laureate Bob Dylan playing above the drone<br />

of the car, and I think about a collection of<br />

journalism set in France by a former Nobel<br />

Prize for Literature winner, Ernest Hemingway,<br />

penned over 90 years ago.<br />

Back in 1922, Hemingway and his wife<br />

also headed out to Strasbourg, flying from<br />

Paris in those pioneering days of commercial<br />

flight. Here is the great man, filing a story<br />

for the Toronto Daily Star, published on<br />

September 9, 1922.<br />

‘We headed almost straight east of Paris,<br />

rising in the air as though we were sitting<br />

inside a boat that was being lifted by some<br />

giant, and the ground began to flatten out<br />

beneath us. It looked out into brown squares,<br />

yellow squares, green squares and big flat<br />

blotches of green where there was a forest. I<br />

began to understand cubist painting.’<br />

It’s a beautiful description, harnessing a<br />

well-disguised simplicity of language and<br />

purity of tone, and already bearing the stylistic<br />

hallmarks of the great work yet to come.<br />

Hemingway’s flight took around two and<br />

a half hours from the capital. My drive from<br />

Dieppe was nearer to seven hours, taking in<br />

the killing fields of Verdun and the great city of<br />

Reims. It’s a long way, but at least, I thought,<br />

there were no hold ups. Just fast driving,<br />

paying to use roads which are well maintained<br />

and for the most part clear of any meaningful<br />

congestion.<br />

Ah, the joys of European motoring – but<br />

for how much longer will we be able to enjoy<br />

this relatively seamless passage – and where<br />

better to sample the thoughts of our French<br />

neighbour on our impending departure from<br />

the EU cocoon than Strasbourg, imperial seat<br />

of Alsace power and wielder of limpet-like<br />

bureaucratic control?<br />

Despite battles raging in and around<br />

the city down the centuries, Strasbourg is<br />

as impeccably preserved as a jar of Swiss<br />

pickles.<br />

A reassuringly bourgeois ambience<br />

pervades the spotless boulevards. Designer<br />

boutiques bustling with the chic and the<br />

moneyed, restaurants and packed bars gently<br />

competing for the high-roller business funded<br />

by diplomatic corp salaries.<br />

Strasbourg’s old town, site of one of<br />

Europe’s greatest cathedrals (and incidentally<br />

where my daughter now resides while<br />

attending the nearby music conservatoire)<br />

resonates with profoundly lovely medieval<br />

architecture, which, extraordinarily, has<br />

26 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

We want to build the<br />

financial capital of<br />

the future, stated the<br />

Prime Minister, Manuel<br />

Valls, sabre rattling in a<br />

recent gung-ho address,<br />

presumably designed to<br />

reassure alarmed voters as<br />

well as a direct appeal to<br />

the banking and financial<br />

decision makers. In a<br />

word, now is the time to<br />

come to France.<br />

escaped the ravages of both time and the<br />

ferocious attempts of the Third Reich to<br />

obliterate it from the face of the earth.<br />

And if the city does not quite cut it, there<br />

is always Germany, a short hop and a jump<br />

away. Just as I do today, Hemingway found<br />

it a breeze to pop across to war-scarred<br />

Deutschland all those years back. A quick<br />

flash of the passport and you are in.<br />

And as French troops discovered back in<br />

1918, cycling into Germany is a pretty efficient<br />

way to travel. You’ll be speaking in German,<br />

rather than French of course, but apart from<br />

the language and the labels on the beers,<br />

the immediate border country is virtually<br />

indistinguishable. Think of it like crossing from<br />

England into Wales, just with more sunshine.<br />

Yet ease of passage through these border<br />

zones may soon become a distant memory for<br />

Brits, as the process of disentangling the UK<br />

from the European Union begins in earnest.<br />

Then again, maybe it will not be quite so<br />

hard to do business – in France at least – as<br />

some have made out.<br />

While Strasbourg is (currently) undeniably<br />

the city du jour for political decision-making<br />

in the heart of Europe, it could be that Paris,<br />

for so long a magnet for global tourism, is also<br />

set to become home to the UK’s upper strata<br />

of investment bankers and the crème de la<br />

crème of our business decision makers.<br />

The French Government recently pledged<br />

to make its tax regime for expatriates the<br />

most favourable in Europe, in a grab for<br />

London-centric banking business displaced<br />

by our decision to quit the European Union.<br />

“We want to build the financial capital of<br />

the future,” stated the Prime Minister, Manuel<br />

Valls, sabre rattling in a recent gung-ho<br />

address, presumably designed to reassure<br />

alarmed voters as well as a direct appeal to<br />

the banking and financial decision makers. “In<br />

a word, now is the time to come to France.”<br />

Mais oui. Bien sur. But is it really?<br />

France’s general disdain for big business<br />

is well documented. The Republic’s ideals,<br />

built on the foundations of radical ideologies<br />

underpinned by Robespierre and his<br />

followers, created a universal socialism of<br />

sorts, which permeates contemporary French<br />

society.<br />

And while the French – as evidenced by<br />

the well-heeled denizens of urban fortresses<br />

such as Strasbourg – invariably demonstrate<br />

a clear appetite for the finer things in la vie,<br />

business, and the overt successes which are<br />

inevitably inculcated within major blue blood<br />

brands, are all too often dismissed as vulgar<br />

and plebian.<br />

So as I drift through the polished<br />

cobblestones of Strasbourg, absorbing the<br />

timeless beauty of buildings designed and<br />

constructed by determined men and women<br />

centuries before, avoiding the pleading eyes<br />

of the beggars and the destitute ironically<br />

staring hungrily from under ragged hoodies,<br />

I wonder how the domestic and international<br />

landscape will look a few years’ down the line<br />

from now.<br />

The great European frontiers, which<br />

Hemingway and his bohemian entourage<br />

traversed so easily almost 100 years ago will<br />

become more forbidding, less inclined to the<br />

friendly wave.<br />

Some, Greece, perhaps, Austria and<br />

other countries exasperated with political<br />

and economic refugee influxes may extend<br />

a frosty unwelcome to UK travelers also,<br />

erecting the closed sign and effectively<br />

terminating decades of post-war goodwill.<br />

We shall find out soon enough.<br />

Plus ça change, as the French would have<br />

it. Things change…but they don’t change.<br />

Hemingway might have had different ideas.<br />

The recognised standard www.cicm.com <strong>December</strong> <strong>2016</strong><br />


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

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So the multi-layer<br />

impact of trading<br />

internationally<br />

begins to show itself.<br />

This in turn creates<br />

paperwork that is<br />

sometimes referred<br />

to as red tape by<br />

those who don’t value<br />

the security aspects<br />

or usefulness of<br />

understanding trade<br />

flows.<br />


What is a trade agreement? Lesley Batchelor FCICM OBE explains<br />

the different options open to the UK post-Brexit.<br />

THESE are normally termed Free Trade<br />

Agreements and allow a reciprocal<br />

relationship between countries to be<br />

documented in terms of preferential<br />

tariffs in the goods or services bought in<br />

market. This is a distinct and different tax to<br />

the local tax that would be attracted by the<br />

transaction that we call VAT, but is called<br />

various things across the world. So the multilayer<br />

impact of trading internationally begins<br />

to show itself. This in turn creates paperwork<br />

that is sometimes referred to as red tape by<br />

those who don’t value the security aspects or<br />

usefulness of understanding trade flows.<br />

Each trade agreement needs to benefit<br />

both parties, who will look to protect the<br />

national business interests while trying to<br />

facilitate bilateral trade. This, by its very nature<br />

can prove difficult to achieve as anyone who<br />

has negotiated bedtime with a five-yearold<br />

will vouch, there isn’t really a template<br />

to use but there are interests that are both<br />

sacrosanct and can be sacrificed in order to<br />

protect the overall plan. Negotiation can be<br />

arduous, as we have seen with the European<br />

Union (EU) trade deals, but are great once<br />

finalised for those on both sides of the deal to<br />

promote and increase trade between the two<br />

countries.<br />

On 30 October the long-awaited<br />

Comprehensive Economic and Trade<br />

Agreement (CETA) between the EU and<br />

Canada was signed, despite last minute<br />

delays arising from objections from a Belgian<br />

regional government. This agreement, which<br />

has taken seven years to negotiate, should<br />

take effect on a provisional basis once it has<br />

been approved by the European Council and<br />

the European Parliament (probably in 2017).<br />

Full official implementation may be delayed for<br />

some time by further popular protests across<br />

various EU Member states.<br />

The CETA is expected to benefit EU<br />

exporters by removing up to 90 percent of<br />

tariffs on EU goods sold to Canada and vice<br />

versa. It is also expected to open up access<br />

to many service sectors, as well as enabling<br />

EU businesses to participate in Canadian<br />

government tenders, at national and regional<br />

levels. As with many Free Trade Agreements,<br />

some elements appear more contentious<br />

than others, with some aspects appearing to<br />

be more beneficial to Canadian companies,<br />

rather than EU businesses.<br />

The CETA negotiations came to public<br />

prominence during the recent UK Brexit<br />

referendum campaign, as the ‘Canada model’<br />

was often quoted as a possible option for<br />

the UK in a post-Brexit environment. This<br />

agreement, if negotiated along similar lines<br />

between the UK and the EU, would certainly<br />

have the effect of reducing the impact of<br />

customs tariffs for trade between the UK and<br />

the EU, without requiring the UK to contribute<br />

to EU budgets, or accept freedom of<br />

movement of people. It is worth remembering,<br />

however, that these tariff benefits would only<br />

apply if goods can be shown to originate in<br />

the UK or EU, based on complex rules of<br />

origin. Traders would have to provide proof<br />

of originating status, which would have an<br />

administrative impact on businesses. The<br />

level of access to service sectors may also<br />

not be sufficient for the UK, especially in the<br />

financial services sector. Critics also point<br />

to the lengthy time which is typically taken<br />

to negotiate similar Free Trade Agreements<br />

– in this case seven years (and counting).<br />

However, there is a double edged sword<br />

here. Although any trade deal may be less<br />

complicated because it would be the UK only<br />

negotiating, therefore must be less complex<br />

than finding consensus with 28 countries,<br />

the fact that it is only the UK may reduce the<br />

priority of the deal.<br />

The good news is that it is hoped that UK<br />

traders will begin to experience the benefits<br />

of CETA in 2017, although they will only last<br />

for as long as the UK remains a member of<br />

the EU. Access to the agreement, and the<br />

benefits that it brings will cease once the<br />

UK leaves the EU. Ironically, UK companies<br />

may then find themselves disadvantaged<br />

by the agreement, if they are competing to<br />

sell goods in Canada up against other EU<br />

companies, who will still have the preferential<br />

status. This is just one of the many wrinkles<br />

that need to be ironed out as the UK learns<br />

to negotiate trade agreements. You could get<br />

a head start by studying with the Institute of<br />

Export and International Trade: export.org.uk/<br />

qualifications.<br />

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www.cicm.com <strong>December</strong> <strong>2016</strong> 29


TRADE<br />




BREXIT will force British exporters to look<br />

for new markets or change their priorities,<br />

and one market that seems set to benefit is<br />

Australia. It’s already the UK’s 14th largest<br />

export market, and an Institute of Export guide<br />

points out that with Free Trade Agreements<br />

across the Asia Pacific region, it can work<br />

as a regional base for exporters. Despite low<br />

commodity prices hitting its massive mining<br />

sector, the country has maintained 25 years<br />

of uninterrupted economic growth, and has<br />

a developed economy with a strong finance<br />

sector. All this, plus an English speaking<br />

market, a legal market, and institutions which<br />

look remarkably familiar to British exporters.<br />

Capital equipment exporters will have the<br />

biggest bite at the cherry; vehicles, industrial<br />

machinery, scientific instruments, electrical and<br />

power generation plant are all big export sectors.<br />

Which isn’t to say other sectors can’t do well!<br />

You’ll also benefit from the climb of the Aussie<br />

dollar, one of the strongest currencies around this<br />

year. That bodes well for the economy – though it<br />

may make life difficult for Aussie exporters.<br />


INDIA vs China is the local derby of the world<br />

economy. This time around India looks to<br />

be winning, with real GDP expected to rise<br />

seven percent in both <strong>2016</strong> and 2017, and<br />

insolvencies on the way down.<br />

There are still problems though. Despite<br />

government promises of reform, it’s still a<br />

tricky place to do business, with different<br />

regulations (and tax rates) in different states.<br />

Late payment is a problem, and although<br />

half of all B2B sales are for cash, it still has<br />

the highest days’ sales outstanding in Asia,<br />

with 55 percent of invoices paid late. That<br />

can make keeping your cashflow healthy<br />

something of a challenge despite the high<br />

headline growth rates.<br />

China, on the other hand, is seeing its<br />

economy slow further; from 6.9 percent<br />

in 2015 it’s likely that GDP growth will<br />

undershoot the 6.5 percent target in <strong>2016</strong><br />

and 2017. From being a rising tide that<br />

floated all boats, the Chinese economy has<br />

become a polarised game with big winners<br />

and bigger losers – the winners in automotive,<br />

transportation, technology, pharma, and retail,<br />

and losers in chemicals and coal, construction<br />

and metals. Watch out if you’re supplying<br />

the ‘loser’ sectors; state-owned enterprises<br />

in particular could be cutting back or even<br />

closing down, and the risk of bad debt is high.<br />

So while in both countries you’ll need to<br />

manage customer credit wisely, and pursue<br />

bad debts proactively, in China you’re also<br />

going to need to pick the right sectors – and<br />

if you’re selling into ‘loser’ sectors, you may<br />

need to start trimming your exposures.<br />

30 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

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NISSAN seems to be staying in Sunderland<br />

– though it’s anybody’s guess how much<br />

the Government had to promise it to get<br />

that concession. What interested me about<br />

Nissan’s announcement, though, was the<br />

nuanced nature of its original decision –<br />

keeping old models rolling out from its UK<br />

plants but investing for further growth and the<br />

production of new car models in the EU.<br />

I think that’s a pretty good strategy for<br />

many mid-sized exporters. If, unlike Nissan,<br />

you don’t have privileged access to the ear<br />

BLIMEY. No one thought President Trump<br />

would really happen. And that puts a lot of<br />

things up in the air; will he protect the Baltic<br />

republics? What happens to Mexico and the<br />

North American Free Trade Agreement? What<br />

about Brexit in an era of US protectionism?<br />

But in fact the big issue hasn’t changed<br />

- when will the Fed raise interest rates? And<br />

what will the impact be for the rest of the<br />

world?<br />

Bets are on a move in the short term. After<br />

years of low and even negative interest rates,<br />



CHEMICALS have been doing well recently,<br />

but suppliers to the sector need to watch out;<br />

that success may not continue. The industry<br />

has benefited from low feedstock prices as<br />

the oil price has troughed, and the price of<br />

naphtha – a key input – has fallen 60 percent<br />

since 2013. But US firms have an advantage<br />

over Europeans – they’re getting a shale gas<br />

windfall too.<br />

If oil prices rise, chemicals companies’<br />

finances could be stretched. And that seems<br />

likely to hurt UK and European firms more<br />

than it will the Americans. If you’re supplying<br />

the sector, keep tight control of your working<br />

capital.<br />

of the Prime Minister, perhaps you should<br />

consider using its original strategy instead;<br />

get your products for the EU market made<br />

in the EU. It may cost in the short-term, but<br />

it covers you whether we head for a ‘hard<br />

Brexit’ or a softer Norwegian-style model.<br />

And it’s going to be much easier to put in<br />

place now, while we still have freedom of<br />

movement for both labour and capital,<br />

than it will be later. Insurance is never<br />

cost-free – but it’s often sensible to buy it<br />

nonetheless.<br />


a US move could herald the start of a new<br />

cycle of hikes. That could lead to currency<br />

volatility as well as to a fall in asset prices -<br />

from the stock market to residential property.<br />

Janet Yellen remains in place as head of the<br />

Fed till 2018, though Trump could install new<br />

members on the board, so policies aren’t<br />

going to change overnight.<br />

Keep your eyes on the economic news<br />

and don’t be bamboozled by the political<br />

coverage. It’s the Fed, not the President,<br />

which will decide the future of interest rates.<br />




Pegler Yorkshire has achieved success in<br />

Asia with its fittings, exhibiting at the big<br />

Bangkok building trade show BMAM. Huge<br />

infrastructure spend is coming on stream in<br />

Asia and Pegler aims to get its fair share.<br />

Key to Pegler’s strategy? First of all, going<br />

to the right shows with the right products.<br />

And secondly, having a Hong Kong office<br />

that can provide support, as well as sales and<br />

marketing, across the region. From Push Fit to<br />

Xpress Press, it seems to be working.<br />


A lot of the coverage of Brexit and its impact<br />

on trade has concentrated on single countries<br />

or blocs – trade with the EU, with Canada,<br />

or with Australia. But globalisation makes<br />

it impossible to analyse a single trading<br />

relationship without understanding how it<br />

fits together with others. Euler Hermes has<br />

produced a superb, thoughtful analysis of<br />

global trade with its Trade Wars – The Force<br />

Weakens – if you haven’t read it, you need to.<br />

Though it has to be said you’ll need a high<br />

tolerance for Star Wars references to get<br />

through it!<br />





CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.1657 1.1049 Up<br />

GBP/USD 1.2429 1.2104 Up<br />

GBP/CHF 1.2364 1.1906 Up<br />

A lovely press release from Cobham trumpets<br />

its success in securing a 24-month contract<br />

to provide aviation services to Aussie miner<br />

Blackham Resources, flying into its Wiluna<br />

operations. You might think it’s pretty easy<br />

to operate small planes – but the difficulty,<br />

according to Cobham, is the lack of an airstrip.<br />

That’s where Cobham has an advantage<br />

with its gravel runway kit – it can fly where<br />

other operators can’t. That’s one of the best<br />

examples of differentiation I’ve seen – and it’s<br />

a clear reason for Cobham’s export success.<br />

GBP/AUD 1.6463 1.5810 Up<br />

GBP/CAD 1.6822 1.5931 Up<br />

GBP/JPY 135.567 126.321 Up<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 31


Breaking<br />

Adam Bernstein concludes his look at Russia and explores the potential<br />

opportunities ahead on the World Cup 2018<br />

THE Russian telecoms market is growing at two<br />

percent a year and is Europe’s largest market<br />

for mobile phones. As with the West, there is<br />

demand for high speed mobile broadband<br />

and also for help in improving communication services<br />

in distant regions. That said, the fixed line network<br />

still only covers about 28 percent of the population.<br />

But where it is in situ, the World Bank the average<br />

broadband speed is 7.4MB which is twice the global<br />

average of 3.8MB.<br />

WORLD CUP 2018<br />

Despite the controversies, Russia is set to host the<br />

World Cup in 2018 and the Government had given it a<br />

budget $11.8 billion to stage the event. But the budget<br />

has been cut more than once and it’s now down to $8.15<br />

billion (February <strong>2016</strong>) – a still not inconsiderable sum.<br />

Opportunities include the design and construction of<br />

new stadiums, training grounds, hotels,broadcasting<br />

and media centres, the modernisation of airports and<br />

other transport infrastructure.<br />


While there are three types of business entity in Russia<br />

– limited liability companies, joint-stock companies<br />

and partnerships, many firms choose to work in Russia<br />

via direct sales or distributor contracts because they<br />

are not subject to Russian taxes, need no physical<br />

presence in Russia via any corporate structure, and are<br />

not responsible for Russian customs processes, taxes<br />

and fees.<br />

However, other options include opening a<br />

representative office which is accredited for one to<br />

three years, but can only carry out activities aimed<br />

at generating profit, such as research. A branch of a<br />

foreign legal entity is accredited for one, two, three<br />

or five years and it can carry out all the functions of a<br />

company.<br />

It is possible to open a Russian subsidiary, of<br />

which there are several forms, each of which has<br />

different taxation, legal obligations, regulating bodies,<br />

registration requirements and information disclosure<br />

procedures.<br />


Foreign investment in Russia is overseen by federal law<br />

and it prohibits foreign investors from getting control,<br />

or substantial stakes in Russian strategic industries,<br />

and specifies that foreign entities are treated equally<br />

with Russian firms. However, it does protect investors<br />

against unfavourable changes in tax, customs and other<br />

legislation for up to seven years.<br />

Investors also have protection by being able to<br />

recover damages resulting from illegal actions, or<br />

inactivity of government authorities, local government<br />

bodies or officials,protection from property seizure,<br />

protection from adverse changes in tax and customs<br />

legislation during the payback period of an investment<br />

project, and a right to an unimpeded transfer of profits,<br />

income etc. from investments.<br />

The Unified State Chamber of Registration is the<br />

major registering authority for most legal entities<br />

operating in Russia. But there are a number of other<br />

government bodies with responsibility for foreign trade<br />

regulation and licences to operate may be required on<br />

both the federal and regional level.<br />

32 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

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the ice<br />

Despite the controversies,<br />

Russia is set to host the<br />

World Cup in 2018 and the<br />

Government had given it a<br />

budget $11.8 billion to stage<br />

the event. But the budget has<br />

been cut more than once and<br />

it’s now down to $8.15 billion<br />

(February <strong>2016</strong>) – a still not<br />

inconsiderable sum.<br />

continues on page 34 ><br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 33


continued from page 33<br />

><br />


Russia has signed various international treaties on<br />

intellectual property rights and grants patent protection<br />

for 20 years from the date of the application, subject<br />

to an annual payment. Patent protection for medicine,<br />

pesticide or agrochemical products can be extended<br />

for another five years with special permission. The<br />

Federal Service for Intellectual Property, Patents and<br />

Trademarks has responsibility for intellectual property.<br />

As the World Intellectual Property Review has noted, the<br />

examination and registration of intellectual property<br />

rights by the Russian Federal Service for Intellectual<br />

Property (Rospatent) is done efficiently and without<br />

unnecessary delay. Rospatent and the IP Court issue<br />

decisions on time and treat domestic and foreign<br />

applicants equally.<br />


Legislation on taxes and charges is based upon the tax<br />

code which is administered by the Federal Tax Service.<br />

As Russian commercial legislation, and tax legislation in<br />

particular, contains provisions which can be interpreted<br />

in more than one way, they often overlap or conflict.<br />

Advice on tax and legal issues is highly recommended<br />

especially as accounts must meet International<br />

Accounting Standards (IAS) and Russian accounting<br />

standards.<br />

It’s worth noting that there are 28 Special Economic<br />

Zones which grant certain tax, customs and other<br />

concessions to residents and investing companies.<br />

There are four types of zone – industrial and production;<br />

technology and innovation; tourist and recreational; and<br />

port.<br />

VAT is generally applied at a standard rate of 18<br />

percent, corporate profits are taxed at a maximum of<br />

20 percent on net income (companies pay nine percent<br />

tax on dividend income), payments by employers to<br />

the Russian Pension Fund, Social Insurance Fund and<br />

Medical Insurance Funds amount to 30 percent of total<br />

payroll, and personal income tax is paid at a flat rate of<br />

13 percent. Foreign nationals are considered a Russian<br />

tax resident if they live in Russia for over half a year in<br />

12 consecutive months. Non-residents are also subject<br />

to personal income taxation on Russia generated<br />

income.<br />

The Federal Customs Service regulates all goods<br />

imported into Russia and as with other nations, the<br />

import of certain goods requires a licence.<br />


Lastly, every visitor needs a valid passport and visa.<br />

The rules are strict and detail is available at eng.<br />

customs.ru/.<br />

Russia has signed various<br />

international treaties on<br />

intellectual property rights and<br />

grants patent protection for<br />

20 years from the date of the<br />

application, subject to an annual<br />

payment. Patent protection<br />

for medicine, pesticide or<br />

agrochemical products can be<br />

extended for another five years<br />

with special permission.<br />

34 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

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The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 35





How migrating to a single O2C solution will boost cash flow, empower credit teams<br />

and provide a better customer experience.<br />

DI pride themselves on<br />

the level of continued<br />

research, development<br />

and reinvestment<br />

committed annually and to<br />

that effect <strong>2016</strong> has been<br />

one of their most exciting<br />

years to date.<br />

20 years ago Tom Dodd-Noble found<br />

himself surrounded by piles of<br />

statements on his office floor. It was<br />

then that he realised that there had to<br />

be a better way for companies to send their<br />

financial documents to their customers! A few<br />

months later Tom founded Data Interconnect<br />

(DI) and built an innovative solution that<br />

utilised fax as a bulk delivery mechanism for<br />

sending monthly statements.<br />

In 2001, after significant research and<br />

investment, DI developed its first online<br />

eBilling B2B solution WebSend 1. Over the<br />

next few years as the internet became more<br />

trusted and widely used by businesses, DI<br />

launched WebSend 2 and its client base grew<br />

significantly. In 2003 DI was approached by<br />

a division of Nestle who wanted to migrate<br />

one of its credit control teams based in India,<br />

back to Europe. After a detailed consultation<br />

DI built bespoke credit control and dispute<br />

management modules which enabled Nestle<br />

to automate much of its credit control<br />

function. It was then in 2007 that DI launched<br />

WebSend 3 as the first fully integrated, endto-end<br />

cloud-based eBilling and document<br />

delivery (incorporating POD scanning<br />

and Indexing), credit control and dispute<br />

management portal of its kind. To this day DI<br />

(through its WebSend Solutions) has continued<br />

to revolutionise the way businesses manage<br />

their order-to-cash cycle, allowing their clients<br />

to streamline their internal processes and<br />

save time, money, overheads, resources and<br />

ultimately to get paid faster.<br />

By regularly listening to its clients and<br />

experts DI understand that the order-2-cash<br />

cycle can often be overly time-consuming,<br />

disjointed and ultimately expensive. Many<br />

credit teams have to work through a<br />

convoluted series of internal or outsourced<br />

systems that are frequently unsecure,<br />

unreliable and do not integrate. DI prides<br />

itself on the level of continued research,<br />

development and reinvestment committed<br />

annually and to that effect <strong>2016</strong> has been<br />

one of their most exciting years to date. To<br />

support the launch of WebSend 4, the latest<br />

solution currently on Beta test, the senior<br />

management team has expanded and several<br />

new colleagues have been introduced to the<br />

company. On 18 November <strong>2016</strong> DI moved<br />

into brand new offices where the significant<br />

increase in floor space future proofs its future<br />

growth strategy.<br />



The author of the Billentis Report <strong>2016</strong>, B<br />

Koch states, “Electronic and automated<br />

invoice processes increase the visibility,<br />

which allows cash flow and working capital<br />

management to improve. Data Analytics<br />

and reporting features build an excellent<br />

basis for effective financial decisions and<br />

to maximise discount saving potential.” By<br />

eliminating spreadsheets and automating the<br />

delivery process, empowering credit teams<br />

to streamline workflow and enabling your<br />

customers to self-serve, WebSend helps to<br />

build a strategic relationship between the<br />

credit controller and the customer.<br />

36 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


eBilling and Document Delivery Module<br />

– empowers credit teams to automate<br />

and manage the delivery of their financial<br />

documents through the WebSend portal<br />

including email, print and post, EDI and<br />

fax. The WebSend portal offers complete<br />

traceability and provides a two-way interface<br />

between customer and client via the query<br />

management tool. In addition, both customer<br />

and client have access to a whole host of<br />

information and functionality to improve and<br />

enhance the collection process.<br />

<strong>Credit</strong> Control Module – provides a fully<br />

featured and comprehensive credit control<br />

system for your AR team. This includes<br />

the ability to view and manage scheduled<br />

outbound calls and letters; record the results<br />

of completed calls and automate the issuing<br />

of dunning letters all via the portal.<br />

Dispute <strong>Management</strong> Module – a built in<br />

escalation process and 360 degree view of<br />

individual disputes. This helps to ensure that<br />

all of your disputes are managed effectively<br />

and resolved in the shortest possible time<br />

which reduces the number that become legal<br />

cases. One of the key features of the module<br />

is the ability to create single line item disputes<br />

within invoices.<br />

POD and Scanning Solution – full and<br />

immediate visibility of the POD and invoice<br />

on the portal resulting in faster payment times.<br />


OF WEBSEND 4<br />

One provider, one point of contact<br />

- uniform, seamless and streamlined -<br />

the straight road approach<br />

Automation and traceability – your<br />

credit team is better informed and<br />

gains greater control over the collection<br />

process<br />

Simple integration with all ERP systems<br />

- limited IT input, limited disruption<br />

Scalable, cloud based architecture -<br />

secure, easily accessible and easily<br />

modified<br />

Bespoke and built to your current<br />

internal processes - reduces internal<br />

costs<br />




A staggering 83 percent of invoices<br />

are downloaded in the first hour across<br />

all DI clients.<br />



One stop shop for your customers<br />

financial interface<br />

Online interactive query management<br />

24/7 online, on-demand visibility and<br />

flexibility for communication<br />

Easy, single and multiple copy<br />

document facility driven through the<br />

‘Self Service’ function of the portal<br />

Online payments and statement<br />

reconciliation<br />

Multiple document format<br />

No cost to the customer<br />

Reduced carbon footprint<br />

Dedicated customer helpdesk:<br />

o Portal migration conversion<br />

o Technical assistance<br />


Websend can be implemented within six<br />

weeks and a typical ROI can be realised in<br />

three to six months.<br />

Client retention is one of DI’s biggest success<br />

stories and something it is very proud of. If<br />

you would like to find out more about Data<br />

Interconnect’s Websend solution, please get<br />

in touch.<br />

EMAIL: nickw@datainterconnect.co.uk<br />

TEL: 01367 245777<br />

WWW.datainterconnect.com<br />

LINKED IN: https://www.linkedin.com/<br />

company/data-interconnect-ltd<br />

TWITTER: https://twitter.com/DIWebSend<br />

Data Interconnects brand new offices.<br />


“Data Interconnect was chosen initially because<br />

of its innovative solution which provides a one<br />

stop shop for SIG customers.<br />

“The ease of that a customer can access<br />

their data was also a key criteria for SIG. I<br />

believe the Data Interconnect solution, is one<br />

of, if not the best I have seen in the market.<br />

“SIG has a complex subsidiary setup and<br />

therefore significant IT time and demanding<br />

timescales was requested of DI and I am<br />

delighted to say DI was able to deliver in full<br />

and on time.<br />

“SIG has now converted 30 percent of<br />

its customers to eBilling. The main benefits<br />

we have seen relate to the delivery of its<br />

documents to customers on the same day, the<br />

ability of customers to retrieve copy invoices<br />

and statements (PODs work in progress, pay<br />

their account and log a query with their credit<br />

controller and cost savings when compared to<br />

post.<br />

“This has increased efficiencies within the<br />

team and the addition of PODs will significantly<br />

add to this efficiency as we transition to a<br />

customer self-serve model reducing calls<br />

inward to the teams by over 3,000 (forecast)<br />

per month.”<br />

Simon Johnson<br />

Director of UK <strong>Credit</strong> <strong>Management</strong> SIG plc.<br />

‘‘‘‘<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 37




Alex Coates on the potential bumps in the road ahead<br />

for sterling after the Brexit referendum.<br />

THE key to understanding sterling’s future post-<br />

Brexit is understanding uncertainty and the<br />

degree of uncertainty that exists at any point<br />

in time. Financial markets hate uncertainty;<br />

economically speaking they would prefer the worst<br />

possible outcome from an election or referendum<br />

than the uncertainty that precedes it. Economists even<br />

have a term for a sudden increase in uncertainty – an<br />

uncertainty shock. Without doubt, with the outcome<br />

of the EU referendum, we have experienced an<br />

uncertainty shock.<br />

In the lead up to 23 June the market had a view,<br />

related to future economic performance, that a vote for<br />

Britain to leave the EU would result in a significantly<br />

weaker pound. Indeed, the Brexit vote sparked a rapid<br />

GBP sell off. Coupled with pre-vote movement in<br />

sterling, namely its fairly consistent but paced decline<br />

since February <strong>2016</strong>, this shift in value represented<br />

bump number one: what would happen if Britain voted<br />

to leave?<br />

Then came the smooth summer driving; GBP’s value<br />

consolidated and even improved. As with any shock this<br />

could be put down to market overreaction.<br />

As we approached the end of August, however, there<br />

were more bumps on the horizon. The first of which was<br />

the next ‘point of uncertainty’ – how comprehensive<br />

would the Brexit be? This was finally addressed at<br />

October’s Conservative Party conference, where the<br />

rhetoric from the UK PM was decidedly ‘hard Brexit’.<br />

At the same conference, Theresa May stated that she<br />

would trigger Article 50 (the disproportionality small<br />

series of paragraphs in the Lisbon Treaty that explains<br />

the ‘process’ of leaving) before the end of March 2017.<br />

From a sterling point of view this was considered<br />

disappointing as the market was expecting far more<br />

detail, or far more certainty, by this point in time.<br />

This statement did, however, make it seem likely<br />

that the UK will have exited the EU in one form or<br />

another by the end of March 2019. The only significant<br />

A vote in favour of the reforms would be<br />

considered positive by financial markets and<br />

could boost the euro. <strong>December</strong> is likely to<br />

be the start of one the most volatile winters in<br />

currency market history.<br />

detail in Article 50 is a provision that allows the EU and<br />

the exiting state two years from the date of Article 50<br />

notification to conclude new arrangements. Failure to do<br />

so results in the exiting state falling out of the EU with<br />

no new provisions in place, unless the European council<br />

‘unanimously decides to extend this period’ .<br />

On 3 November the headlines read ‘Brexit court<br />

defeat for UK Government’. This was a surprise ruling<br />

from the High Court that confirmed Theresa May could<br />

not trigger Article 50 without parliamentary approval.<br />

If the Government is unsuccessful in appealing the<br />

High Court decision this will effectively delay the start<br />

of the parliamentary ratification process, which in itself<br />

is likely to push back the actual Article 50 trigger date.<br />

Sterling’s response to this anchors itself in the<br />

financial markets’ belief that delays to the trigger date<br />

will do two things. One, soften the terms of the exit and<br />

two, increase the probability that the UK could drift<br />

into another general election that would undoubtedly<br />

become a pseudo-referendum on the UK’s membership<br />

in the EU.<br />

What is the impact on GBP/USD? On 9 November, the<br />

US took its own leap into uncertainty with the election<br />

of Donald J Trump. Before this, USD strength was a<br />

theme for all forecasts of the coming three to 12 months.<br />

Indeed, with the euro suffering from an uncertain and<br />

experimental monetary policy, the yen suffering from a<br />

terminal decline, and sterling such a risk, USD was the<br />

only sensible choice. In addition, for most of October<br />

and the beginning of November, a <strong>December</strong> interest<br />

rate hike in the US was almost completely priced-in.<br />

With the Trump presidency such an unknown, the<br />

expectation for a rate rise has diminished significantly<br />

and, as such, the expectation is now for USD to weaken<br />

through <strong>December</strong> and January. This may give GBP/USD<br />

a false sense of positivity but will certainly be welcome<br />

by purchasers of the US currency.<br />

As for GBP/EUR, the European Central Bank (ECB)<br />

President Mario Draghi mentioned <strong>December</strong> was<br />

the time to ‘watch this space’, possibly indicating a<br />

change in policy from the Bank. We also have the Italian<br />

constitutional reforms referendum on 4 <strong>December</strong>.<br />

A vote in favour of the reforms would be considered<br />

positive by financial markets and could boost the euro.<br />

<strong>December</strong> is likely to be the start of one the most<br />

volatile winters in currency market history.<br />

38 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Although there is much debate over the<br />

economic impact of the UK exiting Europe,<br />

until we have technically left or at least have<br />

seen the detail of what leaving looks like then<br />

the only definitive impact will be that of the<br />

theme of this article, namely uncertainty.<br />

Many market participants are expecting significant<br />

volatility in the FX markets at year-end. This is purely<br />

based on the fact that, excluding GBP, we have seen<br />

an extremely long run of low volatility, particularly<br />

in EUR/USD. Coupled with reduced EUR uncertainty<br />

after the Italian referendum and the <strong>December</strong> ECB<br />

meeting, this could be the time when the fabled GBP/<br />

EUR parity is most likely. At GBP/EUR 1.12 and GBP/<br />

USD 1.22 in mid-November major market participants<br />

said sterling was still overvalued by five to ten percent.<br />

In part this is based on past sterling performance – not<br />

a guarantee of future performance but a good indicator;<br />

in 1975,1992 and 2008 we saw sudden 30 percent<br />

declines in GBP followed by a more modestly paced<br />

decline over the following two years.<br />

The ECB is likely to begin tapering its quantitative<br />

easing from March 2017, which will allow EUR to<br />

strengthen, possibly at a time when there may be more<br />

certainty around GBP. So if parity has not already been<br />

seen by then we could well see it in the spring.<br />

A topic that has seen little public discussion and<br />

should be considered is what impact Brexit will have on<br />

the euro (independent of the sterling)? There are many<br />

reports that suggest EUR may be damaged more than<br />

GBP by a Brexit, given that Britain imports around GBP<br />

290 billion from the EU and exports GBP 220 billion .<br />

This factor is even more significant when UK/Irish trade<br />

is removed.<br />

Sterling remains so weak, what will the Government<br />

do about it? Obviously a weak currency is a good<br />

stimulus for the economy, but it also attracts a lot of<br />

hot money which creates bubbles and is a significant<br />

risk to an economy’s long-term health. However, the<br />

Bank of England (BoE) is very unlikely to raise rates,<br />

and even more unlikely to go back to currency market<br />

intervention. Although with USD 160+ billion in FX<br />

reserves they could, but it’s just not the done thing<br />

these days is it Switzerland, Japan, and China.<br />

The economic data releases that we have been<br />

seeing – figures that are considered ‘soundings’ of<br />

the economy – have been broadly positive but these<br />

will not save sterling. Although there is much debate<br />

over the economic impact of the UK exiting Europe,<br />

until we have technically left or at least have seen the<br />

detail of what leaving looks like then the only definitive<br />

impact will be that of the theme of this article, namely<br />

uncertainty.<br />

In summary, while the decision on Brexit has been<br />

made and the debate on its merits still rages, the real<br />

danger lies in the delay in execution. The economic<br />

impact of uncertainty is likely to far outweigh any<br />

negative impacts of leaving or remaining in the EU.<br />

The impact of uncertainty on instantly accessible,<br />

liquid financial markets is one thing; its impact on<br />

household and investor decisions is another. The impact<br />

is more delayed, far deeper and far longer lasting.<br />

Alex Coates is Currency UK’s Operations Director. He has<br />

over a decade’s experience in the FX world with a deep<br />

understanding of technology.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 39


OYE MI<br />

CANTO<br />

Tom Berger wonders why professional<br />

singers are required at major sporting fixtures.<br />


challenge<br />

I’M pretty keen on Britain. Actually, that’s<br />

probably an understatement. Having been<br />

brought up here, holidayed several times a<br />

year here (a concoction of the Highlands,<br />

the Pembrokeshire coastline and the obligatory<br />

Cornwall), I’m now beginning my career here. It<br />

wouldn’t be a stretch to go as far to say that I’m<br />

probably a fairly proud British chap.<br />

Before you think ‘here, we go not another piece<br />

of commentary on Brexit, think again.<br />

Because what really is annoying me currently,<br />

and has done so for a good number of years,<br />

is cantors and specifically, the soprano voices<br />

that lead our national anthems at Twickenham<br />

(otherwise known as ‘Twickers’ for the Barbourclad,<br />

duck-egg blue trouser-wearing – red’s<br />

apparently gone a bit ‘nouveau’ – England ‘rugger’<br />

fan).<br />

Really, I can’t think of any reason why we need<br />

a professional warbler to ‘lead’ us into singing<br />

God Save the Queen, particularly when you have<br />

80,000 passionate England fans who are more than<br />

capable of holding a tune to (depending on volume<br />

of beer – not lager – drunk) the massed band of Her<br />

Majesty’s regiments.<br />

That’s not even taking into account the fact<br />

that our anthem is reasonably simple: one verse<br />

(that’s actually sung); seven lines; and 29 words<br />

– not particularly difficult by any stretch of the<br />

imagination.<br />

So why on earth we need someone to<br />

help us along the way, when the crowd<br />

is more than happy with the musical<br />

accompaniment and wording, is<br />

beyond me. It also sounds odd;<br />

the cantor is supposed to lead, but<br />

they never have the ability to sing<br />

at the same time as the masses,<br />

almost mitigating the point of them<br />

actually being there. Besides that, they usually wear<br />

some ridiculous outfit that you would only expect<br />

to be worn at a luxurious ball – not on the side of<br />

a freezing playing field prior to the next grudge<br />

Autumn International or Six Nations match. Get a<br />

Barbour on.<br />

And as for the players; well the England 22<br />

– of 15 starters and seven subs – are generally<br />

pretty good at blasting along in flat but enjoyable<br />

overtones, usually slightly ahead of the band, who<br />

are slightly ahead of the cantor.<br />

I was pretty staggered when reading an article<br />

a month or so ago about another England team –<br />

the football one. Yes, yes I know they’re not flavour<br />

of the millennium at the moment but really, do<br />

we actually have to criticise some players for<br />

appearing to sing the anthem in too much of a ‘fake’<br />

manner? Just because he was giving the anthem a<br />

belt – perhaps not something that they’re used to.<br />

We don’t need to have a go at their singing abilities<br />

or levels of vocal passion prior to a match and then<br />

transport that into a ‘we were doomed from the<br />

start’ article.<br />

That, although annoying, is a bit beside the<br />

point. We all have a fair amount of passion, none<br />

more so (you would hope) than international-level<br />

sportsmen and women. But on a more ‘down to<br />

earth’ level, I would like to think everyone has<br />

pride in themselves, or those things that surround<br />

them – pride in work, perhaps the key to unlocking<br />

one’s enjoyment of a career. Taking ownership,<br />

being given responsibility for, and working hard<br />

all help.<br />

And what with the CICM’s British <strong>Credit</strong> Awards<br />

now just around the corner, its time for a bit of ‘yes<br />

team, we are that good.’<br />

Tom Berger is still young.<br />

40 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard


LINES OF<br />


How do you ensure your board is aware of the success you achieve and the value<br />

you add to the business? Nigel Fields MCICM is our expert this month.<br />

SUCCESSFUL credit professionals have to<br />

understand that it is not enough to simply<br />

perform the job; this is only part of the battle<br />

if you want to progress your career. It is<br />

crucially important to manage the relationship with<br />

all your stakeholders and peers. Here is how I have<br />

tried to go about this:<br />

Business Challenges: I think about the<br />

priorities of the business (these are often very<br />

different from my own) and look at challenges for<br />

the senior management. I will take some time to<br />

reflect on this and try to plan my own actions that<br />

will assist with issues and problems. Sometimes, I<br />

will recommend changes that I think will also be<br />

agreeable with management and help the business.<br />

This often gets me an audience with my peers to<br />

take the recommendation forward.<br />

Continual Improvement: I am not afraid to<br />

make changes to help improve the order to cash<br />

area within the business: for example, improving<br />

simple processes; saving time or money; reducing<br />

risks. I always need to do my homework first before<br />

I shout, and this includes conducting my own<br />

investigations and analysis. I can then share my<br />

findings and present ideas with the knowledge that<br />

I can respond to any questions thrown at me, and I<br />

am fully conversant with the subject matter that I am<br />

presenting and proposing.<br />

Communication: Good communication is<br />

essential, and I ensure we update the business<br />

regularly. Updates include both the good and bad<br />

news, provide statuses and comparisons, and show<br />

performance and achievements. It is important to<br />

state what is behind, what are our risks and how we<br />

intend to manage the issues and challenges. I like to<br />

use a consistent reporting format that is both simple<br />

to prepare and very easy to understand. These<br />

updates are scheduled into meetings for at least<br />

the full calendar year. These meetings additionally<br />

help to build relationships across departments and<br />

thus makes it easier to get yourself onto a platform<br />

within various business areas.<br />

Marketing of the credit professional: I need<br />

to make sure that my business colleagues are<br />

aware that I am personally keeping up-to-date with<br />

what is going on. I will monitor media and will let<br />

colleagues and management know of anything<br />

interesting. I attend credit related conferences and<br />

read articles in <strong>Credit</strong> <strong>Management</strong>. These titbits are<br />

often shared with my business colleagues. It is my<br />

own way of marketing what I do and what I know. I<br />

will sometimes get a little bit of joking and banter,<br />

but I know, and the team knows, that I am good at<br />

what I do and am good to have around.<br />

My way of working has not changed a great deal<br />

during my career working in credit management.<br />

But I have seen my career and position continually<br />

grow within the businesses where I have worked<br />

extending the scope, my responsibilities and<br />

ultimately my position within the company.<br />

Good communication is<br />

essential, and I ensure we<br />

update the business regularly.<br />

Updates include both the<br />

good and bad news, provide<br />

statuses and comparisons,<br />

and show performance and<br />

achievements. It is important<br />

to state what is issues and<br />

challenges.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 41

Region<br />

7 6 5 4 3 2 1 0<br />

2 1 PAYMENT 0 TRENDS 0 1 2 3 4 5 6 7 8<br />

Scotland<br />

orth West<br />

umberside<br />

t Midlands<br />

t Midlands<br />

ast Anglia<br />

Wales<br />

outh West<br />

South East<br />

Getting Worse<br />

Scotland<br />

Getting Better<br />

North West<br />

-0.7<br />

Yorkshire & Humberside<br />

West -3.4Midlands<br />

-3.3<br />

-3.0<br />

-2.6<br />

-10.4<br />

-4.3<br />

-4.2<br />

-2.6<br />

London -2.0<br />

ern Ireland<br />

East Midlands<br />

East Anglia<br />

-8.5<br />

Wales<br />

South West<br />

South East<br />

Getting Worse<br />

Region<br />

Top Five Prompter Payers<br />

Northern<br />

Ireland<br />

12.6 DBT<br />

Scotland<br />

15.2 DBT<br />

Wales<br />

10.9 DBT<br />

12.6 DBT<br />

Getting Better<br />

Region<br />

ALL<br />

Oct<br />

TREATS<br />

16 Change on Sept 16<br />

West Midlands 9.4 -3.0<br />

Scotland Financial & 15.2 Health &<br />

Getting Worse<br />

-0.7<br />

Insurance<br />

Social<br />

South West 10.0 -4.2<br />

Northern Ireland 12.6 -8.5<br />

East Midlands 10.6 -2.6<br />

North West +4.5 12.6 +0.4 -3.4<br />

Wales 10.9 -4.3<br />

London 12.3 -2.0<br />

Yorkshire and Humberside 11.6 -3.3<br />

South East 11.8 -2.6<br />


Mining &<br />

pter Payers<br />

Bottom Quarrying Five Poorer Education Payers<br />

Getting Better -17.3 -10.8 -9.7<br />

Oct 16 Change on Sept 16<br />

9.4 -3.0 Getting Worse Scotland Financial & 15.2 Health & -0.7<br />

Agriculture<br />

West<br />

Midlands<br />

9.4 DBT<br />

South West<br />

10.0 DBT<br />

Region Oct 16 Change on Sept 16<br />

Region<br />

11.6 DBT<br />

South East<br />

East 11.8 DBT<br />

Midlands<br />

10.6 DBT<br />

Business<br />

from home<br />

London<br />

-7.3<br />

12.3 DBT<br />

Business<br />

from home<br />

-7.3<br />

Jason 10.0 Braidwood -4.2 FCICM(Grad), Head Northern of Ireland <strong>Credit</strong> Insurance and Collections Social<br />

12.6 at -8.5 <strong>Credit</strong>safe Group,<br />

analyses 10.6 the latest -2.6 monthly business North West to business +4.5 payment 12.6 +0.4 performance -3.4 statistics.<br />

10.9 -4.3<br />

London 12.3 -2.0<br />

at quite possibly the best set of figures we’ve<br />

mberside 11.6 -3.3<br />

South East 11.8 -2.6<br />

IT’S fair to say that most of us who work<br />

in the credit management industry are by<br />

nature a somewhat cautious, and dare I<br />

say it, even slightly pessimistic lot. We’ve<br />

all heard the hard-luck stories and the lame<br />

excuses and have developed somewhat<br />

cynical responses to being told once again<br />

‘the cheque’s in the post’. Experience has told<br />

us not to look on the bright side, just for once<br />

I’m going to.<br />

I’m sitting here on a bright Autumn’s day<br />

to complete my analysis of our trade payment<br />

databases for October and it looks like good<br />

news all round. I said last time that the bounce<br />

back we’d seen after the sharp downturn in<br />

May appeared to be continuing. We’re looking<br />

0 1 2 3 4 5 6 7 8<br />

Getting Better<br />

-0.7<br />

-3.4<br />

-3.3<br />

-3.0<br />

-2.6<br />

-10.4<br />

-4.3<br />

-4.2<br />

-2.6<br />

London -2.0<br />

Northern Ireland<br />

-8.5<br />

Mining &<br />

Northern<br />

Ireland<br />

12.6 DBT<br />

Bottom Quarrying Five Poorer Education Payers<br />

-17.3 -10.8<br />

seen in the last two years, and certainly well<br />

ahead of last Autumn’s poor performance.<br />

We’ve even seen an improvement on the<br />

position in the spring with positive moves in<br />

days beyond terms in all regions of the UK,<br />

and almost all trade sectors with only two<br />

bucking that trend, and one of those by less<br />

than half a day.<br />

At this point I feel the need to inject the<br />

traditional note of caution. This is just one<br />

month’s figures and as we’ve seen before<br />

things can just as rapidly go the other way.<br />

However, with nearly five months of (on the<br />

whole) improving data I think we can call this<br />

a trend – and a very welcome and healthy<br />

one as well. I can only hope that I’ll be writing<br />

Scotland<br />

15.2 DBT<br />

North West<br />

12.6 DBT<br />

Yorkshire &<br />

Humberside<br />

11.6 DBT<br />

East<br />

Midlands<br />

10.6 DBT<br />

West<br />

Midlands<br />

North West Yorkshire & East Anglia<br />

Wales 9.4 DBT<br />

Humberside 11.7 DBT<br />

10.9 DBT<br />

Agriculture<br />

-9.7<br />

South West<br />

10.0 DBT<br />

Region Oct 16 Change on Sept 16<br />

London<br />

12.3 DBT<br />

East Anglia<br />

11.7 DBT<br />

Professional<br />

& Scientific<br />

-6.2<br />

South East<br />

11.8 DBT<br />

something similar next month so that we can<br />

look forward to the festive season and next<br />

year.<br />

Despite moves in the right direction<br />

and the best figures in 18 months, we<br />

can’t hide that we are still struggling with a<br />

commercial culture that accepts late payment<br />

as either a fact of life or some sort of perverse<br />

badge of pride. If I were to sit down with my<br />

colleagues in Germany or Scandinavia and<br />

tell them I was excited about an average days<br />

beyond terms that was hovering around ten<br />

days, they’d be genuinely shocked and see<br />

that as completely unacceptable.<br />

There is always work to do, but it does at<br />

least look as if we’re currently travelling in the<br />

right direction.<br />

25<br />

20<br />

15<br />

10<br />

5<br />

0<br />

25<br />

15.7 15<br />

Jan<br />

20<br />

15<br />

10<br />

5<br />

Fe<br />

0<br />

Profes<br />

& Scie<br />

-6<br />

42 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Sector<br />

Getting Better<br />

Getting Worse<br />

Mining &<br />

Quarrying<br />

-17.3<br />

Top Five Prompter Payers<br />

Financial &<br />

Insurance<br />

+4.5<br />

Education<br />

-10.8<br />


For the last couple of months I’ve started<br />

Getting Worse<br />

Health &<br />

Social<br />

+0.4<br />

Business<br />

Agriculture<br />

from home<br />

Getting Worse<br />

-9.7<br />

-7.3<br />

Top Five Prompter Bottom Payers Six Poorer Payers<br />

Professional<br />

& Scientific<br />

-6.2<br />

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<br />

Oct 16 and Better<br />

Change on Sept 16<br />

Region Oct 16 Change on Sept 16<br />

Region Oct 16 Change on Sept 16<br />

Education trade sectors to see how 3.1 the industries -10.8 with a half days. International Bodies 18.0 -5.0<br />

IT and the Comms greatest exposure to 7.9 consumers -5.3 and West Midlands<br />

Business Admin<br />

9.4<br />

& Support<br />

-3.0<br />

15.9 -4.8<br />

Scotland Financial & 15.2 Health &<br />

Getting Worse<br />

-0.7<br />

Insurance<br />

Social<br />

Real particularly Estate Retail are doing, 9.2 in an attempt -5.2<br />

South<br />

to<br />

West<br />

Energy Supply<br />

10.0 -4.2<br />


15.0 -2.4<br />

Northern Ireland 12.6 -8.5<br />

Agriculture see if we can gauge the state 9.6 of consumer -9.7<br />

East Midlands<br />

We start our Financial review and<br />

10.6<br />

of Insurance<br />

-2.6<br />

the regions and 13.5 +4.5<br />

North West +4.5 12.6 +0.4 -3.4<br />

Retail confidence. Well, once again 10.2 it looks -3.2<br />

Wales<br />

like nations of Hospitality<br />

10.9 -4.3<br />

the UK by looking at London. 13.4 I was -1.2<br />

London 12.3 -2.0<br />

Yorkshire and Humberside Mining and 11.6 Quarrying -3.3 13.4 -17.3 South East 11.8 -2.6<br />

good news with a steady improvement. The<br />

sector is now showing a DBT score of just<br />

over ten days and has actually moved into<br />

our list of the ‘Top Five Prompter payers’ for<br />

what seems like the first time ever. In fact<br />

this is the best set of figures we’ve seen<br />

from Retail in well over two years and it<br />

will be particularly interesting to see if this<br />

continues over the next few months as we<br />

move into the Christmas shopping season.<br />

Elsewhere, we’ve also seen continued small<br />

improvements in both the Entertainment<br />

and Hospitality sectors, but these two are<br />

still lagging behind Retail when they were<br />

both well ahead earlier in the year.<br />

If we now look at the more traditional<br />

indicators of general economic<br />

performance, we can also see some<br />

more encouraging signs with continued<br />

improvement from the Manufacturing sector<br />

as well as Transport. You may remember<br />

Manufacturing found itself back in the ‘Top<br />

Five’ last month, and although it has seen<br />

another step forward this month, it has<br />

been squeezed out by some spectacular<br />

results elsewhere with Education<br />

in particular almost paying on time.<br />

Construction has also taken another step<br />

in the right direction and it’s interesting to<br />

see the significant improvement in the Real<br />

Estate sector which may yet pull through<br />

that particular chain, or indeed be another<br />

positive sign of consumer optimism.<br />

If we look at our other movers this<br />

month we can see that the blip for<br />

Agriculture last month was just that and the<br />

sector has climbed in the ‘Most Improved’<br />

rankings and back where we usually see it<br />

in our ‘Top Five’. Also, given our usual head<br />

shaking at the performance of the wider<br />

utility sectors, it’s nice to see a big positive<br />

move from Mining and Quarrying, even if it<br />

still scrapes into our ‘Bottom Six’.<br />

On a slightly less positive note we<br />

should also take a look at some of the key<br />

service sectors where there might be some<br />

cause for concern. Although we have seen<br />

an improvement, the Business Support<br />

sector remains in our ‘Bottom Six’ again<br />

Yorkshire & Humberside -3.3<br />

Insurance<br />

West Midlands +4.5-3.0<br />

East Midlands<br />

East Anglia<br />

Top Five Prompter Payers Wales<br />

Sector<br />

-2.6<br />

-10.4<br />

-4.3<br />

Social<br />

+0.4<br />

Sector Oct 16 Change on Sept 16<br />

Education<br />

South West -4.2<br />

3.1 -10.8<br />

IT and Comms<br />

South East<br />

7.9 -2.6 -5.3<br />

Real Estate 9.2 -5.2<br />

Agriculture London 9.6 -2.0 -9.7<br />

Retail 10.2 -3.2<br />

Northern Ireland<br />

-8.5<br />

along with Finance and Insurance which have<br />

to be singled out for displaying the only real<br />

delighted to point out a second best score<br />

for the capital in the last 18 months and I’m<br />

pleased to say with further improvement we<br />

are now seeing the lowest DBT score for<br />

London in well over two years, and well below<br />

its average in that time. If this trend of the last<br />

couple of months can be continued, then it<br />

really is good news for the whole country.<br />

While staying with the good news, my<br />

gloomy predictions last month that Northern<br />

Ireland had somehow reverted to type with a<br />

score of over 20 days beyond terms, appears<br />

to have been misplaced. The province has<br />

come back strongly despite the ongoing<br />

concerns as to the effects on its economy<br />

from Brexit in the longer term given the land<br />

border with Ireland. Scotland has taken<br />

Northern Ireland’s place as the worst paying<br />

region and has also registered the smallest<br />

improvement across the UK. However, before<br />

we get too worried, it is an improvement and<br />

indeed its second best score in the last year<br />

and a half.<br />

Just as we saw with Agriculture in the<br />

industry review, East Anglia has bounced back<br />

strongly from a bad month and it is worth<br />

speculating whether the correlation between<br />

these two may be a reflection of that region’s<br />

economic profile. While the region has no<br />

doubt seen a big recovery, it hasn’t got back<br />

into our Top Five where the Midlands regions<br />

are still holding sway, although they have been<br />

split by a strong improvement by the South<br />

West, and are being chased by Wales, which<br />

like London, has seen its best performance in<br />

more than two years.<br />

We can only hope all this good news<br />

continues through November but old credit<br />

hand that I am I can also remember that other<br />

Bonfire Night saying ‘Up like a rocket – down<br />

like a stick!’ Let’s hope not.<br />

Mining Northern &<br />

Agricultu<br />

North West Yorkshire -9.7 &<br />

Sector Oct 16 Change 12.6 on Sept Humberside<br />

DBT 16<br />

-3.3<br />

11.6 DBT<br />

International Bodies<br />

Financial<br />

18.0<br />

&<br />

-5.0<br />

Health &<br />

Getting Worse<br />

Business Admin West & Support Midlands15.9 Insurance -3.0 -4.8 Social<br />

East<br />

Energy Supply 15.0 +4.5 -2.4 +0.4 Midlands<br />

Financial and East Insurance Midlands13.5 -2.6<br />

+4.5<br />

10.6 DBT<br />

West<br />

Hospitality 13.4 -1.2 Midlands<br />

East Anglia -10.4Wales<br />

9.4 DBT<br />

Mining and Quarrying 13.4 10.9 -17.3<br />

DBT<br />

Quarrying Ireland<br />

Education<br />

Bottom Six Six Poorer North Poorer Payers<br />

12.6<br />

West Payers -3.4<br />

DBT<br />

Getting Better -17.3 -10.8<br />

Yorkshire & Humberside<br />

Top Five Five Prompter Payers Payers<br />

London<br />

12.3 DBT<br />

South West -4.2<br />

Sector Oct 16 Change on Sept 16<br />

South West<br />

Education South East3.1 -2.6 -10.810.0 DBT<br />

IT and Comms 7.9 -5.3<br />

Real Estate London9.2 -2.0 -5.2<br />

Agriculture 9.6 -9.7<br />

Northern Ireland -8.5<br />

Retail 10.2 -3.2<br />

Mining &<br />

Getting Worse<br />

Bottom Quarrying<br />

Five<br />

Five<br />

Poorer Education<br />

Poorer<br />

Payers<br />

Payers<br />

-17.3<br />

We’ve all heard the hard-luck<br />

stories and the lame excuses and<br />

have developed somewhat cynical<br />

responses to being told once again<br />

‘the cheque’s in the post’.<br />

Scotland<br />

Wales<br />

-10.8<br />

Getting Better<br />

-0.7<br />

-4.3<br />

Top Five Five Prompter Prompter Payers Payers<br />

Agriculture<br />

-9.7<br />

We can only hope all this<br />

good news continues<br />

through November but old<br />

credit hand that I am I can<br />

also remember that other<br />

Bonfire Night saying ‘Up like<br />

a rocket – down like a stick!’<br />

Let’s hope not.<br />

B<br />

Busine<br />

from ho<br />

-7.3<br />

Bo<br />

Getting Better<br />

Region Oct 16 Change on Sept 16<br />

R<br />

West Midlands 9.4 -3.0 Getting Worse S<br />

South West 10.0 -4.2<br />

N<br />

East Midlands 10.6 -2.6<br />

N<br />

Wales 10.9 -4.3<br />

L<br />

Yorkshire and Humberside 11.6 -3.3<br />

S<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 43

www.portfoliocreditcontrol.com<br />

oc<br />

re o<br />

THE<br />




We know <strong>Credit</strong> Control and we also understand<br />

what makes agood <strong>Credit</strong> Controller and the<br />

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If you are planning to recruit on atemporary<br />

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<strong>Credit</strong> Control recruitment specialists on<br />

0207 650 3199<br />


recruitment@portfoliocreditcontrol.com<br />

We look forward tohearing from you.<br />

www. portfoliocreditcontrol.com<br />

44 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



Debbie Tuckwood, CICM Director of Learning and Development, speaks to a number<br />

of students that have been inspired by Dr Salima Paul FCICM at Plymouth University.<br />

PROFESSOR Salima Paul FCICM,<br />

CICM Academic Chair, now attracts<br />

150 students a year to her <strong>Credit</strong><br />

<strong>Management</strong> module at Plymouth<br />

University. Learners complete the module<br />

in their last year of business, economics,<br />

accounting and finance degrees. All students<br />

graduate with an excellent understanding<br />

about the principles of effective credit<br />

management and many are now putting their<br />

skills to good use in member companies.<br />

The CICM sponsors a prize for the Best<br />

<strong>Credit</strong> <strong>Management</strong> student and EDF<br />

Energy supports a prize for the best credit<br />

management project. Sue Chapple, Head of<br />

I&C Revenue <strong>Management</strong>, B2B EDF Energy,<br />

says that the company is very pleased to<br />

encourage students to specialise in credit<br />

management.<br />

This year Sandra Kinson received the EDF<br />

Energy Prize for Best <strong>Credit</strong> <strong>Management</strong><br />

Project and was so inspired by the course<br />

that she plans now to continue her studies at<br />

Plymouth with a Masters Degree in Finance.<br />

‘‘The credit management module made<br />

you think for yourself and the knowledge and<br />

vitality Salima put into her lectures made you<br />

want to enquire more into the subject.<br />

“Business always has limiting factors;<br />

within manufacturing such as the output of<br />

the slowest machinery. During and since the<br />

recession, companies have increased credit<br />

to win business and remain competitive.<br />

Consequently, cashflow has become a<br />

limiting factor, and businesses that have<br />

failed to recognise this have fared less well<br />

than those which have implemented credit<br />

policies to remain in control of finances. As a<br />

result, credit management has become more<br />

significant in recent years and studying the<br />

module has highlighted its importance to a<br />

successful business.<br />

“My enjoyment of the subject was<br />

instigated by Salima and led to the prize and<br />

a desire to continue my studies in this area. I<br />

really appreciate this opportunity and would<br />

like to thank Salima and EDF Energy for the<br />

recognition.”<br />

Acacia Harvey, pictured below with Dr<br />

Debbie Tuckwood, CICM Director of Learning<br />

and Development, won the CICM prize for<br />

the best credit management student. Having<br />

secured a finance role, she was equally<br />

pleased with the course.<br />

“The highlight of my final year at Plymouth<br />

University was studying <strong>Credit</strong> <strong>Management</strong><br />

with Salima. Her enthusiasm for the module<br />

was infectious and a great driver for the<br />

success I had in the assignment. She is an<br />

exceptional lecturer and has a way of making<br />

everything interesting. Her ability to explain<br />

things as they would happen in reality, often<br />

through personal experiences, made the<br />

content easy to grasp and meant I looked<br />

forward to her teaching each week.<br />

“The content within the module changed<br />

my perspective of business and emphasised<br />

the importance of credit management in<br />

day-to-day business transactions and life<br />

in general. Since University, I have started<br />

working in finance and have found the<br />

knowledge that I gained from the module<br />

has been extremely useful and has enhanced<br />

my understanding of the way the business<br />

functions. In the future, I would like to<br />

start my own business so the knowledge<br />

and experience shared by Salima will be<br />

invaluable.<br />

“Winning the CICM prize was unexpected<br />

and very gratefully received. It has given<br />

me something to talk about with potential<br />

employers and will hopefully set me apart for<br />

any applications in the future.”<br />

Left: Dr Debbie Tuckwood, Acacia Harvey, Sandra Kinson, Professor Salima Paul and Sue Chapple.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 45

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46 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

‘‘<br />

Below eight credit professionals outlined they have helped with their careers.<br />


CICM qualifications are the gateway to a better and brighter future in credit management.<br />

‘‘<br />


Classes for CICM qualifications start in January at teaching centres across the UK.<br />

Virtual classes taught through the web and supported or unsupported home study are also<br />

available. See CICM website for full details.<br />


I completed the qualification to increase my knowledge and further<br />

my career. CICM qualifications enabled me to take the first step<br />

into a risk assessment role and ultimately up to <strong>Credit</strong> Manager. It<br />

was also a solid base to study my <strong>Credit</strong> <strong>Management</strong> degree from<br />

Thames Valley University.<br />

Senior Risk Analyst Political Risk and <strong>Credit</strong><br />

Chubb<br />


The vast knowledge base of the course is very useful. I have now<br />

reached <strong>Credit</strong> Manager in a £70 million turnover company; CICM is<br />

a more recognised professional qualification now than ever.<br />

<strong>Credit</strong> Manager<br />

Hire Station<br />



Better career prospects inspired me to get qualified, and many<br />

companies now request that you are CICM qualified or studying.<br />

CICM carries significant weight in the industry and has definitely<br />

helped me in getting some of my roles.<br />

Company Director<br />

C&D Consultancy<br />


I made the decision to obtain CICM qualifications to ensure I<br />

was the best <strong>Credit</strong> Manager that I could be, and in return it has<br />

enabled career opportunities that might not have been available<br />

without it. CICM is rightly recognised as a standard of excellence. I<br />

am proud to hold it and encourage others to obtain it.<br />

Group <strong>Credit</strong> Services Manager<br />

EVO Group<br />


A professional and recognised qualification which confirmed I<br />

understood credit management inspired me to get qualified. CICM<br />

qualifications have helped in my career as I have been able to apply<br />

for more senior roles.<br />

Head of Customer Experience<br />

Autoglass<br />


A highly recognised qualification that I could apply and use to<br />

enhance my day-to-day work and performance inspired me to get<br />

qualified . Having the MCICM has proved to be highly regarded,<br />

and as such given me a real CV differentiator in a competitive<br />

market. The CICM overall has allowed me to establish good<br />

networking contacts and keep relevant within an ever changing<br />

industry.<br />

<strong>Credit</strong> Manager<br />

SGBD (UK)<br />


I studied to be taken seriously in my profession.<br />

My qualifications have given me an invaluable amount of<br />

knowledge and being a member of CICM keeps me one step<br />

ahead of the rest in terms of changes in policies and procedures,<br />

general updates in all market sectors and new ideas and tools<br />

available.<br />

<strong>Credit</strong> Manager<br />

Helping Hands, Homecare Specialists<br />


I wanted to be qualified to the professional industry standard<br />

and the award of chartered status has been a welcome<br />

recognition of that. Employers are able to trust the qualifications<br />

as demonstrating the ability to apply the skills and knowledge<br />

learned.<br />

<strong>Credit</strong> Manager UK & ROI & Global Billing Manager<br />

C & J Clark International Ltd, Street, Somerset<br />

The recognised standard<br />

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




CLAIMS<br />

Gareth Edwards looks at the processes and<br />

procedures employer’s should follow.<br />

FROM 29 July 2013, most employees wishing to<br />

pursue an employment tribunal claim against<br />

their employer had to pay a fee to do so. So if<br />

your business receives an Employment Tribunal<br />

(ET) claim – an ET1 – what steps should you take?<br />

The priority is to check the initial action required<br />

by you. Employers have 28 days from receipt of the<br />

ET1 to respond to the claim by filing form ET3 with the<br />

appropriate ET. The importance of meeting this deadline<br />

cannot be overstated. If you do not comply with the<br />

deadline, the ET may enter a default judgment against<br />

you.<br />

The deadline will always be clearly set out within the<br />

ET’s correspondence notifying you of the employee’s<br />

claim. It may be possible to seek an extension to this<br />

deadline, and to request one you should write to the ET<br />

(copying in the claimant) explaining why an extension<br />

is necessary. Extensions will only be granted by the ET<br />

where there are good grounds. Even where an extension<br />

is requested, try to make sure that the ET3 form is ready<br />

to go before the 28-day deadline to err on the side of<br />

caution.<br />

The general rule is that an employee has three months<br />

from the termination of their employment to contact<br />

ACAS to initiate pre-claim conciliation regarding a<br />

potentially unfair dismissal claim. If a worker is alleging<br />

discrimination, they have three months from the date<br />

of the alleged discriminatory act, or the last event in<br />

a series of discriminatory acts about which they are<br />

complaining, to contact ACAS regarding their complaint.<br />

For wages claims, a worker will have three months less<br />

one day from the date that the wages were due to be<br />

paid to contact ACAS. If the employee or worker has<br />

failed to get their claim in before the relevant deadline,<br />

then the ET will have no jurisdiction to hear the claim. An<br />

employee or worker will also need to confirm that they<br />

have complied with pre-claim conciliation by setting out<br />

details of their ACAS Certificate Number on the ET1.<br />

Some legal protections only apply to employees –<br />

for instance claims of unfair dismissal or for a statutory<br />

redundancy payment. Generally speaking, an employee<br />

Generally speaking, an employee can only<br />

pursue an unfair dismissal complaint against<br />

their employer once they have at least two years’<br />

service with that employer, although there are<br />

important exceptions to this rule.<br />

can only pursue an unfair dismissal complaint<br />

against their employer once they have at least two<br />

years’ service with that employer, although there are<br />

important exceptions to this rule.<br />

Has the claimant pursued the right employer? It<br />

maybe that you have been incorrectly identified as the<br />

employer liable for a claim – for instance as a result<br />

of a TUPE transfer. Has the claimant pursued claims in<br />

the correct jurisdiction? If the claimant was engaged<br />

outside of England and Wales and has no connection<br />

with the UK, it may be that the ET’s based in England<br />

and Wales do not have jurisdiction.<br />

Usually, the claims will be clearly set out on the ET1<br />

form, but there may be further allegations included<br />

within any additional information attached to the ET1.<br />

Your defence should respond to each specific complaint<br />

that is being made.<br />

Should the case proceed to a hearing, witness<br />

evidence will be required from those involved in the<br />

events giving rise to the claim. To be ready for this, and<br />

to accurately draft the defence, take initial statements<br />

from relevant employees. This is particularly useful<br />

when the events leading to the claim will be fresher<br />

and clearer in everyone’s mind. You should also begin<br />

to collate any relevant documents and put together<br />

your version of events and chronology. The disclosure<br />

process will require all relevant evidence to be sent to<br />

the claimant. For this reason, managers and employees<br />

involved should be told to preserve documents.<br />

Sometimes an ET1 form – and the claims – will<br />

be unclear. If the ET1 is vague, part incomplete or<br />

contradictory, then an employer could consider serving<br />

the employee with a request for Further and Better<br />

Particulars of the Claim. This will allow for specific<br />

questions to be put to the employee regarding the<br />

unclear parts of their claim. However, it can also give<br />

the employee a second opportunity to get their claim<br />

into shape.<br />

Settlement is always an option to consider –<br />

particularly if it appears that the employee has a<br />

good chance of a successful claim. Other factors to<br />

take into account when considering settlement will<br />

be the possibility of any adverse publicity, damage<br />

to reputation and the time and legal fees required to<br />

defend any claim. You can also consider contacting<br />

ACAS to help broker a deal.<br />

Gareth Edwards is a partner in the employment team<br />

at Veale Wasbrough Vizards. gedwards@vwv.co.uk.<br />

48 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



CM April <strong>2016</strong>.indd 1 22/03/<strong>2016</strong> 11:42<br />



CM September <strong>2016</strong>.indd 1 23/08/<strong>2016</strong> 14:30<br />



CM July/August <strong>2016</strong>.indd 1 21/06/<strong>2016</strong> 12:00<br />



CM June <strong>2016</strong>.indd 1 20/05/<strong>2016</strong> 11:19<br />

CM<br />

<strong>Credit</strong> <strong>Management</strong> <strong>magazine</strong> for consumer<br />

and commercial credit professionals<br />


CM<br />

APRIL <strong>2016</strong> £10.00<br />




www.cicm.com<br />


CM<br />

SEPTEMBER <strong>2016</strong> £10.00<br />




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JULY / AUGUST <strong>2016</strong> £10.00<br />

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AND NAIL<br />



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IN DEPTH<br />


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GLOBAL<br />

NEWS<br />

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Your CICM lapel badge demonstrates your<br />

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To request a new badge email:<br />

cicmmembership@cicm.com<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 49




Hays <strong>Credit</strong> <strong>Management</strong> is the award winning national specialist division of Hays<br />

Recruitment, dedicated exclusively to the recruitment of credit management professionals<br />

in the public and private sectors. Whether you are looking to further your career in credit<br />

management, strengthen your existing team, or would simply like an overview of the<br />

market, it pays to speak to the market leaders.<br />

hays.co.uk<br />

We specialise in company information with<br />

extensive company coverage, financial risk<br />

metrics and comprehensive corporate<br />

structures. Our <strong>Credit</strong> Catalyst combines our<br />

international, standardised financial data with<br />

a bespoke credit platform, so you can work<br />

more efficiently, make better quality decisions<br />

and spot risk quickly.<br />

• Assess financial risk and corporate stability<br />

• Get insight on the financial health of individual<br />

companies and across your portfolio<br />

• Manage your data more efficiently<br />

bvdinfo.com<br />

Data Interconnect provides integrated<br />

e-billing and collection solutions via its<br />

document delivery web portal, WebSend. By<br />

providing improved Customer Experience<br />

and Customer Satisfaction, with enhanced<br />

levels of communication between both<br />

parties, we can substantially speed up your<br />

collection processes.<br />

datainterconnect.com<br />

American Express is a globally recognised provider<br />

of payment solutions to the business sector<br />

offering flexible collection capabilities to meet<br />

company cashflow objectives across a range of<br />

industries. Whether you are looking to accelerate<br />

cashflow, create a competitive advantage to drive<br />

business or looking to support your customers<br />

in their growth American Express can tailor a<br />

solution to support your needs.<br />

www.americanexpress.com<br />

Sidetrade helps <strong>Credit</strong> managers to reduce<br />

excess DSO by up to 50percent and<br />

increase Sales-to-Cash efficiency up to<br />

80 percent. Its innovative, market-leader<br />

solutions, which complement ERP, aim to<br />

secure customers by reducing payment<br />

delays and controlling risk. With clients of<br />

all sizes and all industries in 65 countries,<br />

Sidetrade enables 120,000 sales and financial<br />

users to collaborate through its Cloud, thus<br />

accelerating cash-flow generation.<br />

www.sidetrade.com<br />

Key IVR provide a suite of products to assist<br />

companies across Europe with credit<br />

management. The service gives the end-user<br />

the means to make a payment when and<br />

how they choose. Key IVR also provides a<br />

state-of-the-art outbound platform delivering<br />

automated messages by voice and SMS.<br />

In a credit management environment,<br />

these services are used to cost-effectively<br />

contact debtors and connect them back into a<br />

contact centre or automated payment line.<br />

keyivr.co.uk<br />

Tinubu Square is a trusted source of trade<br />

credit intelligence for credit insurers and for<br />

corporate customers. The company’s B2B<br />

<strong>Credit</strong> Risk Intelligence solutions include the<br />

Tinubu Risk <strong>Management</strong> Center, a cloudbased<br />

SaaS platform; the Tinubu <strong>Credit</strong><br />

Intelligence service and the Tinubu Risk<br />

Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect<br />

their greatest assets: customer receivables.<br />

tinubu.com<br />

Rimilia provides award winning Cash<br />

Application & Cash Allocation software<br />

products that deliver industry leading<br />

tangible benefits like no other. Having<br />

products that really do what they say is<br />

paramount – add to that a responsive<br />

and friendly team that are focused<br />

on new and ongoing benefit realisation and<br />

you have the foundations for successful long<br />

term business relationships.<br />

rimilia.com<br />

50<br />

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

The recognised standard

The recognised standard<br />

For further information and to discuss the opportunities of entering into a Corporate<br />

Partnership with the CICM, contact Peter Collinson, Director of Business Development<br />

and Marketing on 01780 727273 or email peter.collinson@cicm.com<br />

Sanders Consulting is a niche consulting firm<br />

specialising in improving <strong>Credit</strong> <strong>Management</strong><br />

Leadership & Performance for our clients.<br />

We provide people and process focussed<br />

pragmatic solutions, consultancy, strategy<br />

days and performance improvement<br />

workshops and we are proud to manage and<br />

develop the CICMQ Programme and the<br />

Best Practice Network on behalf of the CICM.<br />

For more information please contact:<br />

enquiries @chrissandersconsulting.com.<br />

chrissandersconsulting.com<br />

Credica are a UK based developer of specialist<br />

<strong>Credit</strong> and Dispute <strong>Management</strong> software.<br />

We have been successfully implementing our<br />

software for over 15 years and have delivered<br />

significant ROI for our diverse portfolio of<br />

customers. We provide a highly configurable<br />

system which enables our clients to gain<br />

complete control over their debtors and to<br />

easily communicate disputes with anyone in<br />

their organisation.<br />

credica.co.uk<br />

<strong>Credit</strong>Force by Innovation Software is the<br />

leading Collections and Working Capital<br />

<strong>Management</strong> Systems used globally in over<br />

26 countries and by over 20 percent of the<br />

Top 100 Global Law Firms. Our systems<br />

improve cash flow, reduce DSO, automate<br />

cash allocation, control risk, automatically<br />

generate intelligent workflows and tasks,<br />

speed up query resolution and manage the<br />

entire end-to-end collections cycle. Fully<br />

integrated with over 40 leading ERP and<br />

Accounting systems and delivered locally<br />

or through Microsoft-Azure’s secure cloud<br />

solutions.<br />

www.creditforceglobal.com<br />

Begbies Traynor is the UK’s leading Corporate<br />

Rescue and Recovery practice, handling<br />

more than 1000 cases per year. We operate<br />

from a network of 37 UK offices, with clients<br />

ranging from SME’s to quoted companies<br />

and global banks.<br />

As a business we have a close relationship<br />

with CICM members and understand the<br />

key role they play in the ongoing financial<br />

health of their organisations. We also<br />

understand the pressures that many face and<br />

have developed a creditor services offering<br />

to support their aims. Whether this is utilised<br />

as a basic free consultation by phone, or a<br />

full suite of services to cover all claims in any<br />

insolvency, we can work with members to<br />

provide a tailored solution.<br />

begbies-traynor.com<br />

M.A.H. is a global leader in Export Debt<br />

Collection & Trade Dispute Resolution<br />

Services. Headquartered in Switzerland,<br />

we specialise in resolving cross-border<br />

cases swiftly and amicably. Our mission is to<br />

ensure that all creditors receive full payment<br />

for products or services sold out of the UK<br />

without expensive and lengthy litigation.<br />

Having recovered payments from 112<br />

countries, we rank as first choice among major<br />

international exporters, export credit insurers,<br />

governmental organisations, and other B2B<br />

customers in all industries.<br />

mah-international.com<br />

DWF is one of the UK’s largest legal<br />

businesses with an award-winning reputation<br />

for client service excellence and effective<br />

operational management. Named by the<br />

Financial Times as one of Europe’s most<br />

innovative law firms and independently<br />

ranked first of all top 20 law firms for quality<br />

of legal advice and joint first of all national law<br />

firms for service delivery and responsiveness.<br />

www.dwf.law/recover<br />

Safe’s <strong>Credit</strong> Control module manages the<br />

entire credit lifecycle, from credit checking<br />

through to cash collection and beyond,<br />

providing detailed analysis of performance.<br />

Safe’s single, intuitive and easy-to-use<br />

application seamlessly brings together the<br />

necessary data and tools you require to<br />

achieve your objective of creating a profit<br />

centre culture within your credit control<br />

function.<br />

safe-financials.co.uk<br />

Think Inspire and Create Ltd - No Ordinary<br />

Consultancy. The newly-launched consultancy<br />

offers an inspired service that supports<br />

businesses and encourages their people<br />

to embrace change. We are committed to<br />

sharing our passion and experience in credit<br />

management, Performance management and<br />

Process improvement.<br />

Our vision is to make sure that the changes<br />

you create are sustainable and enduring.<br />

www.thinkinspireandcreate.com<br />

Graydon UK provides its clients with<br />

<strong>Credit</strong> Risk <strong>Management</strong> and Intelligence<br />

information on over 100 million entities<br />

across more than 190 countries. It provides<br />

economic, financial and commercial insights<br />

that help its customers make better decisions.<br />

Leading credit insurance organisations,<br />

Atradius, Coface and Euler Hermes, own<br />

Graydon. It offers its seamless service through<br />

a worldwide network of offices and partners.<br />

graydon.co.uk<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 51


Full list of events can be found on our website: www.cicm.com/events<br />


1 DECEMBER<br />



LEEDS<br />

Following the success of our previous <strong>Credit</strong> Policy<br />

Workshop, we are now inviting you to join our Personal<br />

Skills Workshop in Leeds where we will not only remind<br />

ourselves of core personal skills that are required to be<br />

truly effective in our role, but also hear about the latest<br />

thinking, tools and skills that will enable us to always<br />

achieve the best outcome. This workshop and networking<br />

event is free to all members with lunch and refreshments<br />

included.<br />

CONTACT : T: +44 (0)1780 722902 OR<br />







Join us to celebrate the festive season with a drinks<br />

reception followed by a three course dinner.<br />

CONTACT : E: sheffieldanddistrictbranch@cicm.com<br />



6 DECEMBER<br />




Teams of up to six welcome (in the interests of fairness<br />

please do not exceed this number – you can always submit<br />

two smaller teams). Book early to avoid disappointment!<br />

CONTACT : E: northeastbranch@cicm.com<br />



7 DECEMBER<br />


SURREY<br />

What is it ? Just picture a 240-yard outfield with dartboardlike<br />

targets in the ground. The closer to the centre or<br />

‘bull’s-eye’ you get your micro chipped ball, the more points<br />

you get.<br />

COST: £2 for a 30 day membership then £5.50 for one<br />

game. Restaurant food and bar drinks available to be<br />

purchased. We will meet at 19:00 as ‘walk-in guests’ –<br />

providing bays are immediately available we will begin play.<br />

If we need to wait, we may decide to eat first. (five max per<br />

bay) Visit: http://topgolf.com/uk/<br />

CONTACT : Please email: thamesvalleybranch@cicm.com<br />


SURREY, KT15 2DW<br />

8 DECEMBER<br />



ONLINE <br />

Of all the sensitive debt collection challenges, coming<br />

across the death of a debtor is probably the most difficult<br />

to deal with, both in terms of tact and the complexity of<br />

the overlap between insolvency and probate law. Michael<br />

Locke ran the two leading cases on deceased insolvent<br />

estates and specialises in handling such matters. This<br />

webinar will explain his experience of the position of<br />

creditor and family, explaining both the law, practice and<br />

implications.<br />

Time: 13:30 / Duration: 1 hour<br />

CPD<br />

6<br />


18 JANUARY 2017<br />




LEEDS<br />

Annual General Meeting and Conference – Worth the Risk?<br />

CONTACT : For further information, or to confirm your<br />

attendance, please contact Julie-Anne Moody- Webster<br />

MCICM,Branch Secretaryat E: yorkshireridingsbranch@<br />

cicm.com<br />

VENUE : TBC<br />

25 JANUARY 2017<br />


TBC<br />

Details to follow<br />


VENUE : TBC<br />

26 JANUARY 2017<br />



EXETER<br />

Entry fee is free for members and £5.00 per head for non<br />

members. Cheques to be payable to CICM South West<br />

Branch.<br />

Receipt Required – YES/NO<br />

Please return by 10 January 2017 to Gerry Thomas<br />

MCICM(Grad), 21 Locarno Road, St Thomas, Exeter, Devon<br />

EX4 1QD. Venue Tel: 01392 873317<br />

Easy access and ample parking<br />

Directions can be found on the following website: https://<br />

www.staustellbrewery.co.uk/pub/exeter/the-cat–fiddle-inn<br />

CONTACT : E: southwestbranch@cicm.com<br />


EX5 1DP.<br />


6 DECEMBER<br />



8 DECEMBER<br />



8 DECEMBER<br />



9 DECEMBER<br />



12 DECEMBER<br />



16 DECEMBER<br />



12 JANUARY 2017<br />



12 JANUARY 2017<br />



16 JANUARY 2017<br />


19 JANUARY 2017<br />



19 JANUARY 2017<br />



23 JANUARY 2017<br />




7-8 DECEMBER<br />



MARLOW<br />

International Telecoms Risk Forum<br />

CONTACT : For more information and an information pack,<br />

E: itrf@forumsinternational.co.uk.<br />

VENUE : TBC<br />

8 DECEMBER<br />




ONLINE <br />

This informative ICTF webinar explores five critical aspects<br />

of order-to-cash within Financial Shared Service Centre<br />

operations, including:<br />

– Optimizing Global Cash-Flow Performance<br />

– Reducing DSO (DBT), Reserves & Write-Offs to release<br />

working capital trapped in inefficient OTC processes &<br />

systems<br />

– Decreasing DDO & Increase Deduction Dispute<br />

Percentages and Recovery Rates > Move FTEE’s from<br />

Reactive to Preventative Measures<br />

– Optimizing FTE Requirements > Delivering Optimal<br />

Financial Outcomes<br />

– Supporting High-Volume Lower-Value Clients with Self<br />

Service Portal Automation<br />

CICM members can obtain a US$50 discount against the<br />

advertised registration fees by emailing tim.lane@ictfworld.org<br />

CONTACT : http://www.ictfworld.org/events/EventDetails.<br />

aspx?id=867665&group=<br />


13 DECEMBER<br />



ONLINE <br />

Litigating to Trial – Safely shaping your best chance of<br />

success<br />

“The robots are coming!” – In an age of automation and<br />

digitisation will the proposed Court reforms for an Online<br />

Court put the <strong>Credit</strong> Manager in a position where, for the<br />

first time, they can with ease run their own cases to Trial<br />

without the need for a lawyer; or will they create a false<br />

sense of security which takes them by the hand and blindly<br />

leads them towards failure?<br />

In this webinar James Perry, Solicitor and Director at DWF<br />

LLP, will focus on the elements of a case he believes the<br />

Online Court will not be able to deal with. He will explore<br />

the skills and tools required to properly establish the facts<br />

and law for each claim, to analytically (and objectively!)<br />

assess each claim’s chances of success and to ensure<br />

<strong>Credit</strong> Managers are giving themselves the very best<br />

chance of a positive outcome at Trial. This is a not to be<br />

missed webinar for anyone who does or is thinking of<br />

doing contentious debt litigation.<br />


CONTACT : http://www.cicm.com/event/corporate-partner-<br />

<strong>December</strong> <strong>2016</strong> www.cicm.com VENUE : ONLINE<br />


The recognised<br />


52begbies-traynor-free-webinar/<br />

standard<br />

CPD<br />





MEMBER<br />

NAME<br />


NAME<br />


Victoria Painter<br />

Loop Customer <strong>Management</strong> Ltd<br />

Sharon Flynn<br />

J Murphy & Sons Ltd<br />

Stephen Rose<br />

Sinclair Goldberg Price Ltd<br />

Joye Shah<br />

ACT <strong>Credit</strong> <strong>Management</strong> Ltd<br />

Nashwa Van-Flute<br />


NAME<br />

Edward Callender<br />

Annette Livingstone<br />

Brendan O’Connor<br />


Aged Care Channel Ltd<br />



Warren Aburn<br />

Marco Anholts<br />

Nana Asante<br />

Tony Baker<br />

Natasha Biggs<br />

Matthew Boyd<br />

Jacqueline Broadhurst<br />

Robert Brooke<br />

Denise Burton<br />

Adam Chancellor<br />

Mark Chart<br />

Marios Chryssavgis<br />

Gilbert Cockett<br />

Luke Cooper<br />

Nicola Cresswell<br />

Seonaid Crooks<br />

Adam Dear<br />

Jordon Delong<br />

Laura Doig<br />

Gemma Dowling<br />

Kara Duckmanton<br />

Lynsey Dudbridge<br />

Sarah Louise East<br />

Susan Eskriett<br />

Trefor Farrow<br />

Karen Firth<br />

Nicola Fox<br />

Wendy-Jayne Foy<br />

Monique Foyle<br />

Vladimir Gochev<br />

Melissa Goldsmith<br />

Tessa Goldsworthy<br />

Stuart Goodwin<br />

Luke Gould<br />

Matthew Grierson<br />

Danielle Hall<br />

Ryan Hanily<br />

Darren Harrison<br />

Amy Hemmings<br />

Lauren Hoey<br />

Kristy Hofgartner<br />

Nicola Holley-Smith<br />

Matthew Hook<br />

Chandlers Limited<br />

First Central Insurance <strong>Management</strong> Ltd<br />

Accra Brewery Ltd<br />

One Step Solutions<br />

Furley Page Solicitors<br />

Rexel UK Ltd<br />

Barcrest Group Ltd<br />

York St John University<br />

Suez Recycling & Recovery UK Ltd<br />

Chandlers Limited<br />

Qualco<br />

Allianz Insurance plc<br />

Hire Station Ltd<br />

Euromoney Trading Limited<br />

Mark Jarvis Bookmakers<br />

Suez Recycling & Recovery UK Ltd<br />

Palmer & Harvey McLane Ltd<br />

Andrews Sykes Hire Ltd<br />

EVO Business Supplies Limited<br />

Suez Recycling & Recovery UK Ltd<br />

Greencore Cakes & Desserts<br />

Insight UK Direct Ltd<br />

StepChange Debt Charity<br />

Tangerine Confectionery Ltd<br />

Suez Recycling & Recovery UK Ltd<br />

Edmundson Electrical<br />

Huntsman Corporation<br />

Hill Dickinson LLP<br />

Springer Nature<br />

One Step Solutions<br />

Chandlers Limited<br />

London School of Economics<br />

Goodwin International Ltd<br />

SIG Trading Ltd<br />

StepChange Debt Charity<br />

Andrews Sykes Hire Ltd<br />

Ashtead Plant Hire Co Ltd<br />

Suez Recycling & Recovery UK Ltd<br />

ARP Enforcement Agency<br />

Royal Mail<br />

Malcolm Howell<br />

Tina Hughes<br />

Michael Jacobs<br />

Danielle Jones<br />

Stephen Jones<br />

Anthony Khodadad<br />

Alice Loveday<br />

Katrina Mabbutt<br />

Sarah Maher<br />

Joanne Marriott<br />

Gary Marvin<br />

Rebecca McLean<br />

Shaun McMaster<br />

Matteo Mercadini<br />

Victoria Mikneviciute<br />

Nilesh Mistry<br />

Vincent Murray<br />

Gemma Nichols<br />

Abigail O’Hare<br />

Ruggero Pantaleoni<br />

Chris Parker<br />

Hollie Anne Parker<br />

Laura Rodd<br />

Lucie Ronde-Oustau<br />

Mihaela Rusu<br />

Judit Serkedi<br />

Sahand Shabani<br />

Chris Shaw<br />

Renee Shaw<br />

Sandeep Singh<br />

Rachael Swift<br />

Bethany Thomasson<br />

Andrew Tonge<br />

Anthony Tonks<br />

Mark Tordoff<br />

Elvis Trifon<br />

Jack Vincent<br />

Adrian Watkins<br />

Safina Wazir<br />

Holly Wheeler<br />

Suneeta Williams<br />

Claire Williams<br />

One Step Solutions<br />

AXA Icas Ltd<br />

BCA Partner Finance<br />

Furley Page Solicitors<br />

<strong>Credit</strong> <strong>Management</strong> Group UK<br />

M Khodadad<br />

StepChange Debt Charity<br />

Xerxes <strong>Management</strong> Services Limited<br />

StepChange Debt Charity<br />

Suez Recycling & Recovery UK Ltd<br />

Aggregate Industries<br />

Alliance Boots<br />

StepChange Debt Charity<br />

Royal bank of Scotland N.V<br />

Care <strong>Management</strong> Group Ltd<br />

StepChange Debt Charity<br />

One Step Solutions<br />

BCA Partner Finance<br />

StepChange Debt Charity<br />

Goodman Masson Recruitment Srevices<br />

StepChange Debt Charity<br />

Shiner Limited<br />

STA International Ltd<br />

Bridgewater Support Solutions Ltd<br />

London Urology Group<br />

VF Northern Europe Ltd<br />

FWD Training & Consultancy<br />

Reed Specialist Recruitment ltd<br />

Cushman & Wakefield LLP<br />

Center Park Resources<br />

Michael Page International<br />

NCC Group<br />

Frank Roberts & Sons Ltd<br />

StepChange Debt Charity<br />

Bunting Auto Ltd<br />

StepChange Debt Charity<br />

StepChange Debt Charity<br />

L F Europe<br />

P W C<br />

Northgate Vehicle Hire<br />

Arcadis LLP<br />



To find out more about becoming a member of the largest<br />

professional credit management organisation in Europe, and the<br />

full benefits that membership offers, call 01780722903, visit<br />

www.cicm.com or email cicmmembership@cicm.com<br />


CM<br />

<strong>Credit</strong> <strong>Management</strong><br />

<strong>magazine</strong> for consumer<br />

and commercial credit<br />

professionals<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 53



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Worldwide Sanction &PEP screening, daily monitoring, email alerts and full enhanced due<br />

diligence intelligence.<br />

54 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard




THE South Wales Branch held a really<br />

interesting event at Taffs Well Rugby Club.<br />

Initially we had planned for a joint event with<br />

another professional body, but sadly it didn’t<br />

pan out as expected so we ploughed on to<br />

organise our ‘six months since Brexit – what’s<br />

changed?’ event.<br />

We started the evening with two excellent<br />

speakers. Stephen Thompson from Darwin<br />

Gray Solicitors gave a talk on the importance<br />

of T&Cs and when to get these in place.<br />

This opened up a good discussion on those<br />

points and some of the horror stories we have<br />

encountered.<br />

Then our very own Diane Keeling gave a<br />

talk about managing a collections team and<br />

some of the myths surrounding that. Her<br />

personal story was amazing and has certainly<br />

transformed the company she works for – no<br />

wonder they recently won an award!<br />

Time then for the curry, to refresh our<br />

drinks and have a sit down and mingle with all<br />

the attendees. As a committee we decided,<br />


AROUND 80 members and guests were<br />

entertained and enlightened at the 16th<br />

Annual Turner Lecture in the auspicious<br />

surrounding of the Strand, Fleet and Bell Suite<br />

of the Law Society, Chancery Lane.<br />

Following a drinks reception, this year’s<br />

event took the form of an interactive question<br />

and answer session with Kent Branch Vice<br />

Chair, Richard Seadon, admirably playing the<br />

David Dimbleby role of ‘Question Master’.<br />

The esteemed panel fielding all the questions<br />

were: Toby Riley-Smith QC from Henderson<br />

Chambers; Atul Vadher, International <strong>Credit</strong><br />

Manager from French Connection; Chris<br />

Sanders, Head of Accreditation for CICMQ;<br />

and Debbie Tuckwood, Director of Learning<br />

and Development at the CICM.<br />

In true Question Time style, the majority of<br />

the questions had been submitted in advance.<br />

There was also time for questions from the<br />

audience, testimonials from Hays to say how<br />

important the CICM qualifications were for<br />

employers seeking credit control staff, and<br />

also from EDF explaining how the company<br />

and its staff had benefitted from CICM<br />

courses.<br />

Atul described how he viewed the role of<br />

the modern credit professional and outlined<br />

some of the problems we all face, and Chris<br />

gave an insight into the processes and<br />

benefits of companies becoming CICMQaccredited.<br />

mainly due to the topic, to open this event out<br />

to all and sundry, so there was a good mix of<br />

businesses in the room.<br />

On to the main event – the debating panel.<br />

On our panel we had Jason Braidwood, a CICM<br />

member from <strong>Credit</strong>safe, and Rob Warlow,<br />

ex-Barclays Bank Head of Africa Operations<br />

who now has his own business, Business<br />

Loan Services, which helps companies secure<br />

lending for a wide range of needs.<br />

Manjit Biant, a University Lecturer teaching<br />

Business and Finance, Global Financial Markets<br />

and also sits on the board for the Welsh<br />

Exporters Association, was also on the Panel.<br />

We kicked off with a question that had been<br />

emailed into us and then followed an hour of<br />

really lively and good discussions with a wide<br />

range of related topics being discussed.<br />

We plan to run a similar event in another six<br />

months, but cunningly will change the title to<br />

‘One year since Brexit – what’s changed?’<br />

Our next event is on 2 <strong>December</strong> in Cardiff.<br />

Author: Steve White MCICM<br />

Debbie covered questions on<br />

qualifications, study pathway and the<br />

available options for learning. This included<br />

references to face-to-face teaching, virtual<br />

CICM classes and in-house company training,<br />

as well as the new Level 2 / Level 3 Trailblazer<br />

Apprenticeship Scheme.<br />

Last but not least, Toby Riley-Smith then<br />

diplomatically handled questions put to him<br />

by Stephen Baister on the enormous increase<br />

in court fees and the ongoing Lord Justice<br />

Briggs review of the Court Service.<br />

Thanks must also go to Richard and to<br />

Simon Paterson for their efforts in making the<br />

event such a success.<br />

Author: Kevin Artlett FCICM ACII<br />


National <strong>Credit</strong> Control<br />

Manager.<br />


NAME:<br />

Phoenix<br />

Pharmaceuticals.<br />


MANAGEMENT: 34 years.<br />


15 years in January.<br />



I first of all started in sales ledger but I<br />

was really good at getting money in the<br />

bank so I naturally fell into credit control.<br />



They are a fantastic company who look<br />

after you with things like discounts and<br />

use of a well-being department.<br />


At Phoenix there is a European league<br />

table – I like to be at the top. Reputation<br />

for me is everything!<br />


Some might think it is boring but fish and<br />

chips.<br />



Disney World.<br />



Hilary Clinton – I think she is such a<br />

strong woman.<br />

Donald Trump – just for a good argument<br />

My mum – She would have everyone<br />

speechless<br />

60SECONDS<br />



I like to go to the beauty spa and get a<br />

pedicure, but not a massage, that would<br />

be too relaxed!<br />



Invisibility – so that I could hear what<br />

everyone says about me!<br />


A LEADER?<br />

Patience is the best quality in a leader<br />

and being over aggressive is the worst.<br />


HERO?<br />

Hilary Clinton.<br />


Chocolate!<br />



Whatever the last thing was that I bought<br />

my three daughters! Whatever they want<br />

they get!<br />


MOTTO?<br />

Treat others as you would like to be<br />

treated.<br />



DOING?<br />

Politics.<br />

WITH<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 55




At Hays <strong>Credit</strong> <strong>Management</strong>, our consultants are all affiliate members of<br />

the CICM and understand both the demands you face and the skills you<br />

need to thrive within your industry. We can therefore offer you personalised<br />

career advice and the support that you need.<br />



Manchester, up to £60,000<br />

As part of a relocation to its new Manchester office, an<br />

ambitious credit control manager is required to work for<br />

a large retail business to ensure the smooth relocation<br />

and hiring of a large credit and sales team on a fantastic<br />

12 month contract. With a key focus upon the continued<br />

development of this new team, you will be targeted not<br />

only with the collection of outstanding debts, but also<br />

on staff retention. You will have previous experience<br />

heading up varied projects within a credit team as well<br />

as staff development, system implementation and O2C<br />

process improvements. Ref: 2877745<br />

Contact David Busfield on 0161 236 7272<br />

or email david.busfield@hays.com<br />



Berkshire £50,000 + car allowance + bonus<br />

A leading UK brand is seeking a best in class MCICM<br />

(Grad) AR and credit manager to manage a team of<br />

eight. You will be responsible for day-to-day people<br />

management, setting KPI’s and establishing best practice<br />

within the credit department. The role covers all aspects<br />

of credit management including billing, credit insurance<br />

and risk. This is an ideal opportunity to make a real<br />

impact within a market-leading brand and in return,<br />

you will receive excellent progression opportunities<br />

within the organisation.<br />

Ref: 2868374<br />

Contact Tony Lambert on 07921 026446<br />

or email tony.lambert@hays.com<br />

This is just a selection of the many opportunities<br />

we have available for credit professionals.<br />

To find out more, visit us online.<br />

hays.co.uk/creditcontrol<br />

56 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard



New Malden, £40,000-£50,000 + benefits<br />

This FTSE 250 listed business with a global reach<br />

is seeking an experienced credit manager for its<br />

shared service centre. Working in a team of 70, you<br />

will oversee 14 members of staff at varying levels.<br />

You will be expected to drive the business, set targets<br />

and regularly review performance by conducting 1-2-1<br />

and debt reviews. The role will entail regular contact<br />

with the UK Finance Director, where you will be able to<br />

express yourself in a professional and concise manner.<br />

A good understanding of credit policy and the ability<br />

to follow company processes are also essential.<br />

Ref: 2872362<br />

Contact Laura Harmar on 020 8247 4042<br />

or email laura.harmar@hays.com<br />



Birmingham, £22,000-£25,000<br />

An experienced and commercially-minded credit<br />

controller is required at one of the top professional<br />

service organisations across the globe. Your primary<br />

responsibility will be to enforce the company’s credit<br />

control procedures within your allotted portfolio and<br />

to review and analyse debt trends to ensure debtor days<br />

are managed to an acceptable level. To be successful,<br />

you will have experience working as a credit controller<br />

within a professional services organisation. You will also<br />

have the confidence and gravitas to communicate with<br />

partners, clients and senior members of staff to increase<br />

timely collections and relationships. Ref: 2878684<br />

Contact Hollie Wildman on 0121 212 1814<br />

or email hollie.wildman@hays.com<br />



East Kilbride, £20,000-£22,000<br />

This international company seeks an experienced credit<br />

controller to join an initial three month contract with the<br />

potential for a permanent opportunity. Reporting directly<br />

into the Financial Controller, you will take ownership for<br />

the credit control function in a busy finance department<br />

and deal with clients in the UK and overseas, as well<br />

as undertake all associated sales ledger and a variety<br />

of finance duties. This includes but is not limited to<br />

allocations, postings and reconciliations. This is an<br />

exciting contract opportunity for a team player with an<br />

adaptable attitude. Ref: 2743703<br />

Contact Linda Brownlee on 0141 212 3666<br />

or email linda.brownlee@hays.com<br />



London, up to £45,000 + benefits<br />

Owning nearly 100 sites, this leading service provider is<br />

worth over £1 billion and is the home to almost 5,000<br />

companies. With a strong emphasis on strategies<br />

specific to property and associated control structures, a<br />

highly motivated credit manager is required to focus on<br />

maximising the profitability of collections and minimising<br />

exposure to risk. You will also manage a team of two and<br />

monitor any progress. You will have an analytical mind<br />

and experience in credit environment within the property<br />

sector. This is a fantastic opportunity where you can<br />

achieve results and be rewarded accordingly.<br />

Ref: 2846764<br />

Contact Hannah East on 020 3465 0020<br />

or email hannah.east@hays.com<br />



Leicester, up to £23,000<br />

Based in Coalville, this large logistics company is looking<br />

for a driven credit controller to work as part of a team<br />

of four other credit controllers. Working closely to<br />

the finance director, you will communicate figures<br />

and reports on a weekly basis. Confidence will be<br />

an essential part of your personality as building and<br />

maintaining relationships with clients on an on-going<br />

basis is mandatory. This is a fantastic opportunity for<br />

a passionate individual looking to progress their career<br />

within the credit field. In return, the company offers<br />

on-going support and potential study packages.<br />

Ref: 2808721<br />

Contact Jaimini Tailor on 0116 251 1818<br />

or email jaimini.tailor@hays.com<br />



Leeds, £20,000 + excellent benefits + pension<br />

An established credit controller is required at this global<br />

corporate business to join its high-performing business<br />

collections team. The role will manage risk within the<br />

customer base and you will be responsible for collecting<br />

debt from a variety of sources. Previous business to<br />

business credit control experience is essential. To be<br />

successful, you will have excellent communication skills<br />

and telephone manner, the ability to work under pressure<br />

and be a team player who works well with others and<br />

can influence key stakeholders. Ref: 2862467<br />

Contact Catherine Hill on 0113 243 8384<br />

or email catherine.hill@hays.com<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 57



The CICM Continuing Professional Development (CPD)<br />

programme offers the tools to develop and achieve in your<br />

credit management career. Undertaking CPD provides a focused<br />

training and development plan that can be constantly reviewed<br />

and updated. The benefits are reflected in your ongoing personal<br />

achievement, experience and growth as a professional.<br />

CPD also offers benefit to your employer, the ability to manage<br />

your own self-development demonstrates a key strength and<br />

highlights the potential of linking learning to actions and theory<br />

to practice.<br />

Get started today, visit www.cicm.com to download your<br />

Development Plan and Progress Record.<br />





www.cicm.com<br />

CPD<br />

CPD<br />

10<br />

10<br />

58 <strong>December</strong> <strong>2016</strong> www.cicm.com<br />

The recognised standard

Cr£ditWho?<br />

CICM Directory of Services<br />




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


Controlaccount PLC<br />

Compass House, Waterside<br />

Hanbury Road, Bromsgrove<br />

B60 4FD<br />

T: 01527 549522 (Sales dept)<br />

E: sales@controlaccount.com<br />

W:www.controlaccount.com<br />

Controlaccount has over 30 years of <strong>Credit</strong> <strong>Management</strong> and<br />

Debt Recovery experience, helping National and International<br />

SMEs and blue chip organisations, across a wide range of sectors.<br />

We provide a fast, proactive collection service on a no-collection,<br />

no-fee basis, and for some clients a zero cost option,<br />

utilising the late payment act to fund collection procedures. Our<br />

trained collectors take into account your need to recover debts,<br />

whilst maintaining your reputation and preserving customer relationships.<br />

If we can’t recover your outstanding debts through our<br />

collection process, then our service won’t cost you a penny; and<br />

with our additional in-house legal & Trace service as well as our<br />

credit reporting and corporate monitoring services we are ready<br />

to help you every step of the way.<br />

Blaser Mills LLP<br />

Rapid House<br />

40 Oxford Road, High Wycombe,<br />

Buckinghamshire. HP11 2EE<br />

T: 01494 478660/478661<br />

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen<br />

gpb@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

Established in 1888, leading multi-disciplinary law firm Blaser<br />

Mills specialises in services for businesses and individuals.<br />

The Firm has particular expertise in Dispute Resolution and<br />

Debt Recovery working with experienced credit managers and<br />

finance directors providing solutions to both contested and<br />

uncontested claims.<br />

Blaser Mills provides an experienced team including CICM<br />

qualified legal representatives and the Firm is cited in the<br />

Legal 500 law directory based on quality of work and strong<br />

client feedback.<br />

Offices in Aylesbury, London (Central), London (Harrow), Old<br />

Amersham, Rickmansworth, Staines-on-Thames.<br />

Think Inspire and Create Ltd<br />

T: 0844 414 6056<br />

E: info@thinkinspireandcreate.com<br />

W: www.thinkinspireandcreate.com<br />

Think Inspire and Create Ltd - No Ordinary Consultancy<br />

The newly-launched consultancy offers an inspired service that<br />

supports businesses and encourages their people to embrace<br />

change. If you want to drive forward sustainable change in your<br />

business, Think, Inspire and Create Ltd can optimise the way you<br />

deliver your strategy.<br />

Using a unique Think, Create and Inspire ethos the team works with<br />

businesses, embedding cross-skilled consultants within companies,<br />

to facilitate creative thinking, set goals and find enduring solutions<br />

to challenges.<br />

Think, Inspire and Create Ltd is committed to sharing its passion and<br />

experience in the following areas:<br />

• <strong>Credit</strong> management • Performance management • Operational<br />

design & <strong>Management</strong> • People Engagement • Process Change<br />

<strong>Management</strong> • System design and deployment • Organisation<br />

design.<br />

Our vision is to make sure that the changes you create are sustainable<br />

and enduring. Find out more www.thinkinspireandcreate.com<br />


Premium Collections Limited<br />

Office 3, Caidan House Business Centre, Canal Road,<br />

Timperley, Altrincham, Cheshire, WA14 1TD<br />

T: 0161 962 4695.<br />

F: 0333 121 3843<br />

E: enquiries@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

Premium Collections Limited has the credit management solution<br />

to suit you. Operating on a national and international basis we<br />

can tailor a package of products and services to meet your<br />

requirements. Staffed by dedicated professionals with over 60<br />

years combined experience of handling virtually every type of<br />

debt issue, the company was formed in <strong>December</strong> 2002 and<br />

is owned by our Managing Director, Paul Daine FCICM. Paul’s<br />

particular areas of expertise are the motor finance, insurance<br />

and international debt collection sectors. Services include B2B<br />

collections, B2C collections, international collections, absconder<br />

tracing, asset repossessions, status reporting and litigation<br />

support.<br />


Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway, Old Portsmouth<br />

Road, Guildford, Surrey GU3 1LR<br />

T: +44(0)1483 457500 E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

Lovetts has been recovering debts for 30 years! When you<br />

want the right expertise to recover overdue debts why not use a<br />

specialist? Lovetts’ only line of business is the recovery of<br />

business debts and any resulting commercial litigation.<br />

We provide:<br />

• Letters Before Action, prompting positive outcomes in more than<br />

80 percent of cases • Overseas Pre-litigation collections with<br />

multi-lingual capabilities • 24/7 access to our online debt<br />

management system ‘CaseManager’<br />

Don’t just take our word for it, here’s recent customer feedback:<br />

“...All our service expectations have been exceeded...”<br />

“...The online system is particularly useful and is extremely easy<br />

to use... “...Lovetts has a recognisable brand that generates<br />

successful results...”<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183<br />

T : +44 (0)1992 663 399<br />

E : wayne@courtneforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

High Court Enforcement that will Empower You!<br />

We help law firms and in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. Setting us<br />

apart in the industry, our unique and Award Winning Field Agent<br />

App helps to provide information in real time and transparency,<br />

empowering our clients when they work with us.<br />

• Free Transfer up process of CCJ’s to High Court<br />

• Exceptional Recovery Rates<br />

• Individual Client Attention and Tailored Solutions<br />

• Real Time Client Access to Cases<br />



Breitenweg 6, 6370 Stans, Switzerland<br />

Ms. Melina Schuler – Business Development Manager<br />

T: ++41 41 618 30 54<br />

F: ++41 41 620 90 26<br />

E: m.schuler@mah-international.com<br />

W: www.mah-international.com<br />

M.A.H. is a global leader in Export Debt Collection & Trade<br />

Dispute Resolution Services. Our head office is located<br />

in Stans, our group law office in Zurich. We specialise in<br />

resolving cross-border cases swiftly and amicably (99<br />

percent of our cases are settled out of court).<br />

We have recovered payments from 112 countries on all five<br />

continents for exporters and other B2B customers of all sizes<br />

in all industries. We rank as first choice among international<br />

export companies, export credit insurers, and governmental<br />

organisations.<br />

Our mission is to ensure that all creditors receive full payment<br />

for products or services sold out of the UK without expensive,<br />

stressful, and lengthy litigation.<br />

Contact us to benefit from our personalised, full-package,<br />

No Collection – No Fee services, provided by our qualified<br />

multilingual global negotiators, collection attorneys, and<br />

affiliate local partner law firms in 65 countries.<br />

The recognised standard<br />

Sanders Consulting Associates Ltd<br />

T: +44(0)1525 720226<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Sanders Consulting is an independent niche consulting firm<br />

specialising in leadership and performance improvement in all<br />

aspects of the order to cash process. Chris Sanders FCICM, the<br />

principal, is well known in the industry with a wealth of experience<br />

in operational credit management, billing, change and business<br />

process improvement. A sought after speaker with cross industry<br />

international experience in the business-to-business and businessto-consumer<br />

markets, his innovative and enthusiastic approach<br />

delivers pragmatic people and process lead solutions and significant<br />

working capital improvements to clients. Sanders Consulting are<br />

proud to manage CICMQ on behalf of and under the supervision<br />

of the CICM.<br />

CoCredo Limited<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790 600<br />

E: helpdesk@cocredo.com<br />

W: www.cocredo.co.uk<br />

We provide live online company credit reports and related business<br />

information within the UK and overseas. We have direct feeds from<br />

Dun & Bradstreet, Companies House and other premium providers.<br />

We provide business information on over 256 million companies<br />

across 221 countries. Our information is updated over 500,000<br />

times per day and we have some excellent tracking mechanisms<br />

which provide proactive daily monitoring of changes in the global<br />

information on record. We can offer a wealth of additional services<br />

including XML Integration, D.N.A portfolio management, CoData<br />

marketing information, Companies House documents, Consumer<br />

and Director Searches. We pride ourselves in delivering award<br />

winning customer service, offering you unrivalled support and<br />

analysis to protect your business.<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 59

Cr£ditWho?<br />

CICM Directory of Services<br />




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

Company Watch<br />

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

What would happen if one of your key customers failed? Do<br />

you rely on company information that is up to 18 months’ old?<br />

Company Watch provides a credit management system that’s<br />

predicted around 90 percent of company failures. Not only<br />

that, our interactive system allows you to input more up-to-date<br />

accounts, and to stress-test company financials to generate an<br />

instantly updated analysis of a company’s financial health. With<br />

a portfolio and email alert system, and a user interface showing<br />

5-year trends along with everything you need to know at a<br />

glance, Company Watch is an invaluable resource in the credit<br />

management process.<br />


Graydon UK<br />

66 College Road, 2nd Floor,<br />

Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Graydon UK is a specialist in <strong>Credit</strong> Risk <strong>Management</strong> and<br />

Intelligence, providing access to business information on over<br />

100 million entities across more than 190 countries. Its mission<br />

is to convert vast amounts of data from diverse data sources into<br />

invaluable information. Based on this, it generates economic,<br />

financial and commercial insights that help its customers make<br />

better business decisions and ultimately gain competitive advantage.<br />

Graydon is owned by Atradius, Coface and Euler Hermes, Europe's<br />

leading credit insurance organisations. It offers a comprehensive<br />

network of offices and partners worldwide to ensure a seamless<br />

service.<br />

EFCIS Limited t/as ICBA UK<br />

Specialist Trade <strong>Credit</strong> Insurance Broker<br />

The Office, Mill House Farm, Mill Street, Hastingwood,<br />

Essex, CM17 9JF<br />

T: 01279 437662<br />

E: amoylan@efcis.com<br />

W: www.efcis.com<br />

EFCIS Limited - Trade <strong>Credit</strong> Insurance, Debt Collection, Dispute<br />

Resolution and Legal action for small/medium & multinational<br />

businesses. EFCIS secures limits for clients where the financials<br />

alone do not support the full limit. We are tenacious when<br />

negotiating settlement of claims, securing full payment for claims<br />

and proactively working with our clients in claims avoidance.<br />

We are the industry’s only Broker to develop policy compliance<br />

software to ensure client’s maximum benefit and protection<br />

from the policy. We believe that a well-managed ledger supports<br />

business growth within increased profit and an improved return<br />

on investment.<br />


<strong>Credit</strong>safe Business Solutions<br />

Bryn House, Caerphilly Business Park, Van Rd,<br />

Caerphilly, CF83 3GG<br />

T: 0292 088 6500.<br />

E: ukinfo@creditsafeuk.com<br />

W: www.creditsafeuk.com<br />

<strong>Credit</strong>safe is Europe’s most used supplier of credit & business<br />

intelligence. <strong>Credit</strong>safe have helped over 60,000 customers<br />

across Europe and the USA with a range of products which<br />

includes our UK, European and International Company <strong>Credit</strong><br />

Reports, which reach over 129 countries and 90m companies;<br />

customer and supplier Risk Tracker and our 3D Ledger product<br />

which has captured over 35 million Trade Payment Data<br />

Experiences since its launch in 2012. All of which will help<br />

companies manage their exposure to risk, make informed<br />

decisions in relation to credit limits whilst looking at how you<br />

can identify gaps within your sales ledger to prioritise collections<br />

and leverage sales.<br />

Top Service Ltd<br />

2&3 Regents Court, Farmoor Lane, Redditch,<br />

Worcestershire, B98 0SD<br />

T: 0152 750 3990.<br />

E: enquiries@top-service.co.uk<br />

W: www.top-service.co.uk<br />

Top Service is the only credit reference and debt recovery<br />

agency to specialise in the UK construction sector. Top Service<br />

customers benefit from sector specific information, detailed<br />

payment history intelligence and realtime trade references in<br />

addition to standard credit information. There are currently<br />

3,000 construction sector companies subscribing to the service,<br />

ranging from multi-national organisations to small family firms.<br />

The company prides itself on high levels of customer service<br />

and does not tie its customers into restrictive contracts. Top<br />

Service offers a 25 percent discount to all CICM Members as<br />

well as four free credit checks of your choice.<br />


Northburgh House,<br />

10 Northburgh Street,<br />

London,<br />

EC1V 0PP<br />

T: +44 (0)20 7549 5000<br />

E: bvd@bvdinfo.com<br />

W: www.bvdinfo.com<br />

We specialise in company information with extensive company<br />

coverage, financial risk metrics and comprehensive corporate<br />

structures.<br />

Our information helps you make better quality decisions.<br />

•Assess financial risk and corporate stability<br />

•Get insight on the financial health of individual companies and across<br />

your portfolio<br />

•Manage your data more efficiently<br />

Our <strong>Credit</strong> Catalyst combines our international, standardised financial<br />

data with a bespoke credit platform, so you can work more efficiently,<br />

make better quality decisions and spot risk quickly.<br />

•Comprehensive coverage of companies across the globe<br />

•Standardised reports so you can benchmark and compare companies<br />

•Financial strength indicators from a range of providers<br />


Arthur J. Gallagher<br />

Insurance Brokers Limited<br />

7 Floor, Temple Point, 1 Temple Row<br />

Birmingham B2 5LG<br />

T: 0121 203 3127<br />

W: www.ajginternational.com<br />

With the risk of default by customers still a major threat to UK and<br />

Global companies there has never been a better time to consider<br />

trade credit insurance. Arthur J. Gallagher’s <strong>Credit</strong> and Surety team,<br />

which now includes the 2014 – CICM award winning ‘broker of<br />

the year’ team, has considerable experience and market influence<br />

and recognises the unique nature of the credit insurance market.<br />

Our team of experienced professionals deal with a wide range of<br />

businesses, from SME to large corporate and global risks. Please<br />

contact us to discuss how a specifically tailored trade credit solution<br />

can benefit your business<br />

Innovation Software<br />

Innovation Software, Innovation House,<br />

New Road, Rochester, Kent, ME1 1BG.<br />

T: +44 (0)1634 812300<br />

E: jay.inamdar@innovationsoftware.uk.com<br />

W: www.creditforceglobal.com<br />

Innovation Software are the authors of <strong>Credit</strong>Force, the leading<br />

Collections and Working Capital <strong>Management</strong> Systems. Our solutions are<br />

used in over 26 countries and by over 20 percent of the Top 100 Global<br />

Law Firms.<br />

Our solutions have optimised Accounts Receivables processes for over<br />

20 years and power Business Intelligence, with functionality to:<br />

• improve cash flow • reduce DSO • control risk<br />

• automate cash allocation • speed up query resolution<br />

• improve customer relationship management<br />

• automatically generate intelligent workflows and tasks<br />

• manage the entire end-to-end collections cycle.<br />

Fully integrated with over 40 leading ERP and Accounting systems,<br />

including SAP, Oracle, Microsoft Dynamics and product partners with<br />

Thomson Reuters Elite we can deliver on either your own computing<br />

infrastructure or through Microsoft Azure’s award winning and secure<br />

cloud service.<strong>Credit</strong>Force remains the choice solution for world class<br />

businesses.<br />

Book a demonstration by calling T: +44 (0)1634 812 300 or visit<br />

www.creditforceglobal.com for more information.<br />

Co-pilot Limited<br />

73 Flask Walk, London, NW3 1ET<br />

T: +44(0) 20 7813 2182<br />

E: info@co-pilot.co.uk W: www.co-pilot.co.uk<br />

<strong>Credit</strong> Managers who manage large or multiple ledgers have come to<br />

realise that they need to use specialist software to achieve or maintain<br />

performance improvement – be that risk, collections or both.<br />

For many <strong>Credit</strong> Managers a key question is where to start. How do<br />

you examine and evaluate the options? How and when do you start the<br />

budgeting process? What are the steps?<br />

Co-pilot has advised on credit management software for a number of<br />

years. We have good knowledge of the available solutions, what’s good,<br />

how they work and what type of solution best fits given situations. We<br />

combine this with considerable experience of credit management Best<br />

Practice so that you can pull everything together into one place and<br />

achieve a flexible and sustainable position going forward.<br />

We work with you through a structured evaluation process which is<br />

designed to enable you to have a clear view of what you can achieve<br />

going forward, what is practicable, the business case implications,<br />

the preferred supplier(s) and what the implementation process would<br />

sensibly look like (in our opinion, there is no such thing as “Plug and<br />

play”).<br />

60<br />

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

The recognised standard

Cr£ditWho?<br />

CICM Directory of Services<br />




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

Prof. Schumann GmbH<br />

innovative information systems<br />

Weender Landstr. 23, 37130 Göttingen, Germany<br />

T: +49 551 38315 0 F: +49 551 38315 20<br />

E: info@prof-schumann.de W: www.prof-schumann.de<br />

Our <strong>Credit</strong> Application Manager (CAM) is a leading credit risk<br />

management solution for major corporations, as well as insurance,<br />

factoring and leasing companies. In their daily work, CAM allows<br />

credit and sales managers to call up all the available information<br />

about a customer or risk in a few seconds for decision support: realtime<br />

data from wherever they are. CAM keeps an eye on customers<br />

whose payment behaviour stands out or who have overdue invoices!<br />

CAM provides an up-to-date forecast of customers’ payments.<br />

Additionally, CAM has automated interfaces for connecting to<br />

leading suppliers of company credit data, payment record pools and<br />

commercial credit insurers. The system is characterised by its great<br />

flexibility. We have years of experience in consulting and software<br />

support for accounts receivable management.<br />

Safe Computing Limited<br />

20, Freeschool Lane, Leicester, LE1 4FY<br />

T: 0844 583 2134<br />

E: info@safecomputing.co.uk<br />

W: www.safe-financials.co.uk<br />

Designed to manage your customer credit accounts effectively,<br />

Safe <strong>Credit</strong> Control enables your credit management team to:<br />

• Improve cash flow<br />

• Reduce debtor days<br />

• Increase customer service<br />

• Cut the cost of cash collection<br />

• Eliminate manual processes<br />

• Speed up the query resolution process<br />

Safe’s unique approach is centred on changing the perception<br />

of the credit control function from a series of reactive processes<br />

to proactive ones. <strong>Credit</strong> controllers are traditionally regarded<br />

as an essential element in business to chase late payments<br />

and respond to customer queries. Safe <strong>Credit</strong> Control has taken<br />

the concepts of customer relationship management (CRM) and<br />

applied it to the credit control function, providing a softer,<br />

service orientated team of customer service representatives.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford,<br />

Oxon. OX11 0QT<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections and<br />

Query <strong>Management</strong> System has been designed with three goals in<br />

mind:<br />

• To improve your cashflow<br />

• To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of <strong>Credit</strong><br />

Professionals across the UK and Europe, our system is successfully<br />

providing significant and measurable benefits for our diverse<br />

portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

STA International<br />

3rd Floor, Colman House,<br />

King Street , Maidstone , ME14 1DN<br />

T: +44(0)844 324 0660.<br />

E: enquiries@staonline.com<br />

W: http://www.stainternational.com<br />


STA is an award winning B2B and B2C debt collection, confidential<br />

credit control and tracing supplier. ISO9001 quality accredited, and<br />

with the CSAs Collector Accreditation Initiative, duty-of-care is as<br />

important to us as it is to you. Specialising in international debt, in the<br />

past 12 months we’ve collected from 146 countries worldwide. “Your<br />

Debts Online” gives you transparent access to our collection success<br />

and detailed management information, keeping you in control of your<br />

account. We look forward to getting your business paid.<br />

Tinubu Square UK<br />

Holland House,<br />

4 Bury Street, London<br />

EC3A 5AW<br />

T: +44 (0)207 469 2577<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Tinubu Square offers companies across the world the appropriate<br />

SaaS platform solutions and services to significantly reduce their<br />

exposure to risk, and their financial, operational and technical<br />

costs. Easy to implement, our solutions provide an accurate<br />

picture of a customers’ financial health through the entire<br />

order-to-cash cycle, improve cash flow, and facilitate control<br />

of risk across the organization whether group-wide or locally.<br />

Founded in 2000, Tinubu Square is an award winning expert in<br />

the trade credit insurance industry, with offices in Paris, London,<br />

New York, Montreal and Singapore. Some of the largest<br />

multinational corporations, credit insurers and receivables<br />

financing organizations depend on Tinubu to provide them with the<br />

means to drive greater trade credit risk efficiency.<br />

Data Interconnect Ltd<br />

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,<br />

Oxfordshire. SN7 7BP<br />

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Data Interconnect provides integrated e-billing and collection<br />

solutions via its document delivery web portal, WebSend. By<br />

providing improved Customer Experience and Customer Satisfaction,<br />

with enhanced levels of communication between both parties, we<br />

can substantially speed up your collection processes.<br />

Rimilia<br />

Corbett House, Westonhall Road, Bromsgrove, B60 4AL<br />

T: +44 (0)1527 872123<br />

E: enquiries@rimilia.com<br />

W: www.rimilia.com<br />

Rimilia excels in the design, development and implementation of<br />

Intelligent Finance Solutions that drive value from existing manually<br />

intensive finance processes associated with accounts receivable,<br />

cash allocation, credit management, bank reconciliation and cash<br />

forecasting. Based in the heart of the UK, our operations extend to<br />

Europe, USA and Asia. Experienced in the field of technology and<br />

accounting, our approach to business revolves around integrity<br />

and enabling organisations to unlock their full potential though<br />

innovation. Rimilia is proud to be a leading innovative supplier of<br />

finance solutions that make a positive change to the blue chip clients<br />

it supplies.<br />


Gravity London<br />

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB<br />

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com<br />

W: www.gravitylondon.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the best<br />

in its field. It has a particular expertise in the credit sector, building<br />

long-term relationships with some of the industry’s best-known<br />

brands working on often challenging briefs. As the partner agency<br />

for the <strong>Credit</strong> Services Association (CSA) for the past 13 years,<br />

and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since 2006, it<br />

understands the key issues affecting the credit industry and what<br />

works and what doesn’t in supporting its clients in the media and<br />

beyond.<br />


Begbies Traynor Group plc<br />

340 Deansgate, Manchester, M3 4LY.<br />

T: 0161 837 1700 F: 08432181728<br />

E: michael.locke@Begbies-Traynor.com<br />

W: www.begbies-traynorgroup.com<br />

Begbies Traynor is the UK’s leading independent Corporate<br />

Rescue and Recovery practice, handling more than 1000 cases<br />

per year. We offer a bespoke solution for credit professionals, that<br />

is used by many of the UK’s leading companies. Benefits of this<br />

system include;<br />

• Access to a bespoke online case management system<br />

• UK coverage at creditors meetings;<br />

• Assistance with retention of title claims;<br />

• Proactive monitoring of dividend prospects<br />

• Advice on antecedent transactions;<br />

• A dedicated relationship manager to assist with your insolvency<br />

portfolio and answer any queries.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 61

Cr£ditWho?<br />

CICM Directory of Services<br />




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


DWF LLP<br />

Neil Jinks FCICM – Director<br />

M: +44 (0)7740 179 515<br />

T: +44 (0)121 647 2524<br />

E: neil.jinks@dwf.law<br />

W: www.dwf.law/recover<br />

Described by market commentators as “blazing a trail”, DWF is one<br />

of the UK’s largest legal businesses with an award-winning reputation<br />

for client service excellence and effective operational management.<br />

Named by the Financial Times as one of Europe’s most innovative<br />

law firms and independently ranked first of all top 20 law firms for<br />

quality of legal advice and joint first of all national law firms for service<br />

delivery and responsiveness. DWF offers a full range of cost effective<br />

debt recovery solutions including pre-legal collections, debt litigation,<br />

enforcement, insolvency proceedings and ancillary services including<br />

tracing, process serving, debtor profiling and consultancy.<br />


CICMos (CICM Online Services)<br />


T: 01780 722 907.<br />

E: training@cicm.com<br />

W: www.cicmos.com<br />

CICMOS has been designed to help busy credit managers by<br />

providing them with a suite of online tools to support and<br />

quickly develop their teams. The virtual learning centre is an<br />

open platform system, accessed via the website, which is<br />

easy to use, modular and each module is completely optional,<br />

which means the system can be tailored to suit specific<br />

requirements and time constraints. This wide ranging system<br />

is more than just a training tool it is easy to set up and use<br />

and can be accessed securely via the CICMOS website for a<br />

low annual subscription.<br />




Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively<br />

for Hays by the CICM. We offer CICM members a priority service<br />

and can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London<br />

SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is<br />

a globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

•Accelerate cashflow<br />

•Improved DSO<br />

•Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth<br />

•Reduce risk<br />

•Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />


Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> (CICM)<br />

The Water Mill, Station Road, South Luffenham,<br />

OAKHAM, LE15 8NB<br />

T: 01780 722910 E: info@cicm.com<br />

W: www.cicm.com<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong> (CICM) is Europe’s<br />

largest credit management organisation. The trusted leader<br />

in expertise for all credit matters, it represents the profession<br />

across trade, consumer, and export credit, and all credit-related<br />

services. Formed over 70 years ago, it is the only such organisation<br />

accredited by Ofqual and it offers a comprehensive<br />

range of services and bespoke solutions for the credit professional<br />

(www.cicm.com) as well as services and advice for the<br />

wider business community (www.creditmanagement.org.uk).<br />

Portfolio <strong>Credit</strong> Control<br />

Portfolio <strong>Credit</strong> Control, New Liverpool House,<br />

15 Eldon Street, London, EC2M 7LD<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> Control, Accounts<br />

Receivable and Collections staff. Part of an award winning<br />

recruiter we speak to and meet credit controllers all day everyday<br />

understanding their skills and backgrounds to provide you with tried<br />

and tested credit control professionals. We have achieved enormous<br />

growth because we offer a uniquely specialist approach to our<br />

clients, with a commitment to service delivery that exceeds your<br />

expectations every single time.<br />

SmartSearch<br />

Station Court, Station Road, Guiseley, Leeds, LS20 8EY<br />

T: 0113 238 7660<br />

F: 0113 238 7669<br />

E: info@smartsearchuk.com<br />

W: www.smartsearchuk.com<br />

SmartSearch is the first system to bring together Business<br />

and Individual AML Verification on a single platform. Our data<br />

providers Experian and Dow Jones provide SmartSearch<br />

access to over one billion data items enabling AML<br />

verification in all Markets. AML verification data subjects are<br />

automatically screened against the latest Sanction, PEP and<br />

SIP Lists. Ongoing monitoring for the duration of your contract<br />

is provided at no extra cost. Efficient processes; less than 3<br />

minutes to execute a business AML check and a sub 60 second<br />

individual check. Why not let your Compliance Team test drive<br />

SmartSearch for 14 days free of charge? (Ref:CM101)<br />



You can connect with them all now by having a listing in <strong>Credit</strong>Who.<br />

For just £1,247 + VAT per annum:<br />

- your business will be listed in <strong>Credit</strong> <strong>Management</strong> <strong>magazine</strong>, which goes out to all our<br />

members and subscribers and has an estimated readership of over 25,000.<br />


ANTHONY CAVE ON 020 3603 7934<br />

For even greater exposure to our membership and a closer association with CICM,<br />

why not enquire about becoming a Corporate Partner.<br />

To find out more contact Peter Collinson (07584 993548).<br />

CICM Corporate Partners now get <strong>Credit</strong>Who included.<br />

62<br />

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

The recognised standard


CM<br />




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NAME ....................................................................................................................................<br />

ADDRESS ..............................................................................................................................<br />

...............................................................................................................................................<br />

POST CODE .................................. TELEPHONE NUMBER .....................................................<br />

The CICM is registered with the UK’s Information<br />

Commissioner under the Data Protection Act 1998<br />

(the "Act"). All the data contained on this form, is<br />

held and processed electronically in accordance<br />

with the Act.<br />

The Institute holds and processes your personal<br />

data in order to give you the full benefits of being<br />

a member and for administrative purposes.<br />

We might from time to time notify you by post or<br />

email of details of CICM events or other similar<br />

CICM services or products which we think<br />

September be of interest to you. If you do not wish<br />

to receive such notification please tick here q<br />

If you subsequently decide that you do not wish<br />

to receive such notifications please email the<br />

Institute at unsubscribe@cicm.com or write to the<br />

Data Controller at the address given below.<br />

The Data Protection Act gives you the right at any<br />

time to see a copy of all the data that we hold<br />

about you. If you would like a copy, please send a<br />

letter requesting this information together with a<br />

cheque for £10 payable to :<br />

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

to: Data Controller, CICM, The Water Mill,<br />

Station Road, South Luffenham, OAKHAM,<br />

LE15 8NB.<br />




ACROSS:<br />

1. Satisfy<br />

5. Office worker<br />

10. Extent<br />

14. Snip<br />

15. Bog hemp<br />

16. Meal in a shell<br />

17. Renunciation<br />

19. Mining finds<br />

20. Mist<br />

21. Stave off<br />

22. An edict of the Russian tsar<br />

23. An appliance for frozen food<br />

25. Fertile areas<br />

27. Hankering<br />

28. Having a higher rank<br />

31. American retailer<br />

34. Show-off<br />

35. Letter after sigma<br />

36. Constellation bear<br />

DOWN:<br />

1. Stave<br />

2. Bower<br />

3. Slight color<br />

4. An uncle<br />

5. Cowardly<br />

6. Not earlier<br />

7. Arab chieftain<br />

8. Exuberantly<br />

9. Cognizance<br />

10. Writer of “Dracula”<br />

11. Leeches<br />

12. Air force heroes<br />

13. Schnozzola<br />

18. Stares<br />

22. End ___<br />

24. Tropical American wildcat<br />

26. Mimics<br />

28. Rise rapidly<br />

29. Horse feed<br />

37. Aquatic mammals<br />

38. Collections<br />

39. Dawn goddess<br />

40. Covered with protective barbs<br />

41. Sheriff’s group<br />

42. Earthquake waves<br />

44. Altitude (abbrev.)<br />

45. Fable writer<br />

46. A person who disputes<br />

50. Put out<br />

52. French for “Man”<br />

54. Fuss<br />

55. Narrow opening<br />

56. A young unmarried woman<br />

(archaic)<br />

58. Wash<br />

59. Mountain crest<br />

60. Pigeon-___<br />

61. Pitcher<br />

62. Units of force<br />

63. Terminates<br />

30. Ploy<br />

31. Cooking fat<br />

32. God of love<br />

33. Soothing<br />

34. Outer boundary<br />

37. Japanese wrestling<br />

38. Drunkards<br />

40. Headquarters<br />

41. Layers<br />

43. Spay<br />

44. Battalions<br />

46. Overact<br />

47. Claw<br />

48. Stagnated<br />

49. Female students<br />

50. Small island<br />

51. Shredded cabbage<br />

53. Portent<br />

56. Father<br />

57. French for “Summer”<br />



Mrs R Gordon ACICM, Atul Vadher FCICM and Chris Gait MCICM<br />

For the chance of winning £20, forward your completed solution to:<br />

Art Editor, Andrew Morris, Chartered Institute of <strong>Credit</strong> <strong>Management</strong>,<br />

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.<br />

The recognised standard<br />

www.cicm.com <strong>December</strong> <strong>2016</strong> 63

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