December 2016 Credit Management magazine

CREDIT MANAGEMENT

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

DECEMBER 2016 £10.00

INSIDE

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Credit Management

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CONTENTS

DECEMBER 2016

www.cicm.com

REGULARS

4 Editor’s column

6 News

14 CICMQ news update

24 Legal Matters - DWF

30 International Trade

48 HR Matters

52 Forthcoming Events

53 New members

55 Branch News

59 Cr£ditWho? directory

63 Crossword

FEATURES

12 ASSET CLASS

Jeff Longhurst FCICM on the impact of .

Brexit on UK plc

13 CEO’S MESSAGE

Philip King FCICM reviews an eventful .

12 months for the CICM and UK

16 TOP TRUMP - COVER FEATURE

Adam Bernstein takes a closer look at

what could happen during a Trump

Presidency

18 GROWING IMPORTANCE

Credit Managers’ salaries are rising.

Karen Young FCICM explores in more

detail

20 EDUCATION

Sue Chapple FCICM changed her

view of debtors when a friend found

himself in a vulnerable position

26 BREXIT ROADTRIP

David Andrews takes a trip through

Europe and wonders how things may

change

29 TRADE TALK

Lesley Batchelor FCICM OBE looks at

how Britain could trade with Europe

post-Brexit

32 COUNTRY FOCUS

The concluding part of our country focus

on Russia that looks at potential business

opportunities

36 ADVERTORIAL

Data Interconnect explains the benefits

of moving to a single 02C solution

38 THE WINTER OF DISCONTENT

Alex Coates on the potential pitfalls that

lay ahead for sterling

40 SOAPBOX CHALLENGE

Tom Berger has a rant about Cantors at

sporting fixtures

41 ASK THE EXPERTS

How to ensure senior management are

aware of your achievements

21

41

38

21 WILDE AT HEART

Sean Feast interviews the co-founder

of Amicus Commercial Finance

42 PAYMENT TRENDS

The latest monthly business-to-business

payment performance statistics

CICM GOVERNANCE

PRESIDENT

Stephen Baister FCICM

CHIEF EXECUTIVE

Philip King FCICM CdipAF MBA

EXECUTIVE BOARD

Laurie Beagle FCICM – Chair

Glen Bullivant FCICM

Sue Chapple FCICM

Larry Coltman FCICM

David Thornley FCICM(Grad) – Treasurer

Pete Whitmore FCICM – Vice Chair

ADVISORY COUNCIL

Laurie Beagle FCICM

Jason Braidwood FCICM(Grad)

Glen Bullivant FCICM

Sue Chapple FCICM

Larry Coltman FCICM

Kim Delaney MCICM

Eleimon Gonis MCICM

Victoria Herd FCICM(Grad)

Christelle Madie MCICM(Grad)

Debbie Nolan FCICM

Bryony Pettifor FCICM(Grad)

Allan Poole MCICM

Phil Rice FCICM

Charlie Robertson FCICM

Chris Sanders FCICM

Richard Seadon FCICM

Shakti Tanda MCICM(Grad)

David Thornley FCICM(Grad)

Debra Weston FCICM

Pete Whitmore FCICM

The recognised standard

www.cicm.com December 2016 3

CREDIT MANAGEMENT

CM



the

Editor’s

column

LIES, DAMN LIES AND THE

TRUE COST OF PARENTHOOD

I

love looking at stats. As a journalist,

whenever you can support a story with a

decent piece of research or a large number

it has a power that words alone cannot

deliver. Indeed, as a challenge, pick up any

national newspaper today and within almost

every piece there will be a stat to give credence

to the angle the journalist wants to take.

In the last few weeks, I have been inundated

with numbers. At a recent CICM Think Tank,

Malcom Weir, Head of Restructuring and

Insolvency at the Pension Protection Fund,

told us that (as at August 2016) the total

compensation paid out by the fund to those

impacted by an insolvent employer that cannot

meet its pension obligations is c£2.7 billion

and it currently has some £28 billion of funds

under management. In much the same

period, some 6.723 million employees joined

a pension scheme under auto-enrolment.

Those TV ads with the dubious purple

monster appear to be working at last.

Elsewhere, the Money Charity published

its latest figures on credit and debt, many of

which will make your hair curl: outstanding

mortgage lending to the end of September

2016 stands at £1.315 trillion; growth in

private debt to UK adults has risen to £1,036

trillion; and 460 purchases were made in

the UK every second using debit and credit

cards. These and many more stats you will

find in our news pages in a new regular

section.

But the most alarming statistic of all is

the cost of bringing up a child from birth to

their 21st birthday. This figure, which had me

reaching for my heart pills, now stands at

almost £250,000. (It’s actually £231,843, but

what’s £18,157 between friends?). Happily, my

boys only have a year or two to go until I am

solvent again, although my wife appears to

have other plans.

So if you are a parent, grandparent or

doting uncle or aunt, think on. As you watch

your little darlings ripping open their presents

or pinching chocolates from the tree (or in my

case, nicking their father’s Peroni from the

garage), think what you could have done with

a quarter of a million quid. And if you have

more than one angel, how far half a million

pounds or more could have taken you.

Happy Christmas.

CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099

Publisher

Chartered Institute of Credit Management

The Water Mill

Station Road

South Luffenham

OAKHAM

LE15 8NB

Telephone: 01780 722910

Fax: 01780 721333

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

Managing Editor

Sean Feast

Deputy Editor

Alex Simmons

Art Editor

Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Tom Berger, Imogen Hart and Iona Yadallee

Advertising

Anthony Cave

Telephone: 0203 603 7934

Email: anthony.cave@cabbell.co.uk

Printers

Warners (Midlands) Plc

2016 subscriptions

UK: £85 per annum

Overseas: £110 per annum

Single copies: £10.00

View our digital version online at www.cicm.com Log on to the Members’

area, and click on the tab labelled ‘Credit Management magazine’

Credit Management is distributed to the entire UK and international CICM

membership, as well as additional subscribers

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this

magazine do not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor

reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit

Management’ is a registered trade mark of the Chartered Institute of Credit Management.

4

December 2016 www.cicm.com


Hoist Finance.

Season’s greetings.

Christmas is a time for giving and receiving, and over the last 12 months we

have given thousands of pounds and hundreds of hours of our time to good

causes in our local community. We’ve funded school trips for children who

have never been away; sent food parcels to the most in need; and provided

vital support and advice to those seeking to better manage their income

and expenditure. This year, as previously, we’ve not sent Christmas cards,

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

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

a sustained commitment to help people have better lives. With this in mind,

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

Hoistfinance.com

Re-writing financial services

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



CMNEWS

A

round-up

of news stories

from the world

of consumer and

commercial

credit.

By By Sean Feast and Alex Simmons

CICM URGES MORE SUPPORT TO

DRIVE BETTER PAYMENT PRACTICE

Philip Ling

A

report from the Federation of Small

Businesses (FSB) into the impact

of poor payment practice has been

welcomed by the Chartered Institute

of Credit Management (CICM), with a call for

more support for the Prompt Payment Code.

Philip King Chief Executive of the CICM,

has also challenged the FSB’s proposal that

signatories to the Code should be given ‘three

strikes’ before being removed from the list,

saying that it will create too much uncertainty

into how a ‘strike’ should be defined.

“Signatories can already be removed

after only one challenge if the complaint is

upheld and poor practice has been proven,”

he explains, “and ‘three strikes’ might allow

them to abuse the system and their suppliers.

The principal rationale behind the current

challenge process is to find a positive

resolution,” he explains, “and to this end

the Prompt Payment Code has been a huge

success.

“There is no doubt that the Code needs

further support and resource, but we should

not confuse strengthening the Code with a

suggestion that the Code has so far failed,”

he says. “The Code has been working fully as

intentioned, challenges have been made and

upheld, and payment issues resolved. What is

really lacking is wider publicity and support.”

The CICM already works closely with

the FSB and Philip agrees with much that is

contained within the FSB’s report, ‘Time to

act: the economic impact of poor payment

practice.’ He feels, however, that a better use

of existing mechanisms could have a dramatic

impact on reducing the late payment burden:

“The Government has been

understandably distracted by events and

must now focus more on exploiting the

initiatives that are already in place. Where

we completely agree with the FSB is that

the appointment of the new Small Business

Commissioner by Government should be

accelerated. We believe that the role of the

Commissioner is vital and should include a

responsibility to drive the Code and ensure

that the Commissioner role complements it.

“We also think that the creation of a

dedicated late payment taskforce would be

helpful in driving more businesses to sign up

to the Code and encouraging suppliers to

formally challenge poor payment practice.”

The FSB report claims that existing

policy interventions have had no discernible

effect on tackling problems around the UK’s

poor payment culture in the last five years.

Mike Cherry, National Chairman at the FSB,

believes the UK now risks having a business

culture where it is acceptable not to pay an

SME on time.

“Small businesses have to run a tight ship

with their cash flow, and as they struggle with

increasing business costs on one hand and

an uncertain domestic economy on the other.

They should not also have to struggle with

the stress, time and money required to chase

overdue payments from corporate giants.”

Mr King agrees, but says that it is not

only larger firms who extend payment terms:

“While it is the larger businesses that will

attract the media attention, there are many

smaller businesses who are also guilty of

placing unnecessary pressure on their own

supply chain,” he adds.

The CICM administers the PPC on behalf

of the Department for Business, Energy and

Industrial Strategy.

TIME TO ACT

THE ECONOMIC IMPACT

OF POOR PAYMENT PRACTICE

Small businesses have to run a tight ship with their cash

flow, and as they struggle with increasing business costs

on one hand and an uncertain domestic economy on

the other. They should not also have to struggle with

the stress, time and money required to chase overdue

payments from corporate giants.

Published: November 2016

@fsb_policy

fsb.org.uk

6



NEWS IN BRIEF

MANUFACTURING DRIVES SLUMP

IN CONFIDENCE

CONTINUED declining confidence in the

manufacturing sector is the driving force

behind three successive quarterly falls in

overall economic confidence, according to the

latest barometer from the Chartered Institute

of Credit Management (CICM).

Manufacturing closed down 2.3 points to

54.9 in Q3’s results from the Credit Managers’

Index (CMI), which is run by the CICM and

sponsored by Tinubu Square. This is the

most prominent factor in the headline figure’s

0.8-point fall to 55.3 – a figure that has

collapsed by 2.7 points throughout 2016.

In comparison the Services sector is more

optimistic and remains broadly flat at 55.5;

although it has also fallen in the first three

quarters of 2016 by 2.3 points, most of which

(2.2 points) came in Q1.

Further analysis of Q3’s results shows

a divergence from some of the UK’s key

economic indicators. Compared to 0.5

percent quarterly growth in GDP and a 2.3

percent increase in the FTSE All Share Index,

the CMI has dropped by 1.4 percent.

Philip King, Chief Executive of the CICM,

says the CMI’s contrast to the stock markets

is uncharacteristic: “Since it began in 2010,

the CMI has generally tracked the All Share’s

peaks and troughs,” he says. “What the latest

results highlight is the difference between

today’s beneficial economic circumstances

and an uncertain future.

“We are currently seeing a post-Brexit

bounce with a falling pound and continued

EU membership positively affecting exports,”

Philip continues.

“The confidence of credit managers is

clearly being impacted by uncertainty over

ICO £70K FINE FOR SPAM TEXTING

A company that sent out 2.2 million

illegal marketing text messages has been

fined £70,000 and ordered to stop by the

Information Commissioners Office (ICO).

Although there were only 92 complaints

made about the messages, an ICO

investigation revealed that London-based

Nouveau Finance sent out over two million

messages without consent.

The business, which is registered with

the FCA, contracted a marketing services

company to carry out the six-month-long

text campaign, but failed to check that this

company had complied with the Privacy

and Electronic Communications Regulations

(PECR). People had not given permission

to receive the messages and the company

didn’t identify who they were from. All of these

failings broke the law.

Steve Eckersley, the ICO’s Head of

Enforcement says relying on another

company to do your marketing is not a


future trade negotiations and the lack of

clarity around the timing of Article 50.

It will be interesting to see whether that

confidence shifts in Q4 given the recent

support announced for Nissan and the UK

car industry.”

The survey also asked whether if

a sudden contraction in the economy

occurred, could credit managers respond

quickly to the need to re-evaluate credit

terms they had issued. A third (33 percent)

stated they either had no process in place for

this scenario, or it would be entirely manual.

Asked about the volume and value of credit

limit requests, following sterling’s current

post-brexit vote decline, 30 percent have

already had, or were expecting an increase

in requests.

Overall, regional results are more positive

than the headline Index with ten out of the 12

regions displaying positive results. However,

the centre of the UK’s economy, London,

has contracted and its CMI figure of 50.2 is

well below a 52-point benchmark. The East

Midlands is the only other region below this

level at 51.1. Three sectors feature below

the benchmark; Oil and Gas is the most

concerning at 41.9; basic resources closed

at 49.0; and retail ended at 51.4

“The CMI is now showing a clear and

declining trend that started pre- and is

continuing post-Brexit,” Philip adds. “It

is important to recognise that while key

indicators and markets are reporting good

figures, there is disparity with economic

confidence from the perspective of credit

professionals, those at the heart of assessing

businesses’ cashflow.”

get-out clause when it comes to the law: “If

your business has instigated a campaign,

you are responsible and it’s up to you to

make sure it meets the requirements of some

very strict regulations.” The Government

recently announced plans to introduce fines

for company directors heading up nuisance

marketing firms. The new law should be in

place by next spring. Mobile phone users can

report unsolicited marketing text messages to

the Spam Reporting Service by forwarding the

message to 7726 which spells out “SPAM”.

Meanwhile, the ICO is targeting more

than 400 companies believed to be using

personal details to promote online gaming

websites. The regulator is writing to

companies demanding they set out how they

use personal details and send marketing

texts. This includes where they got people’s

personal information from and how many

texts they sent.

ico.org.uknds

THE EXTRA MILE

MOTORMILE Finance UK has entered into an

agreement with the FCA to provide redress

to more than 500,000 customers for historic

failures in its due diligence and collections

process. The company failed to conduct

sufficient due diligence upon the purchase of

a debt portfolio to be satisfied that the sums

due under customer loan agreements were

correct. This in turn led to unfair and unsuitable

customer contact for recovery of those sums.

The redress will consist of £154,000 in cash

payments to customers and the writing-off of

£414 million of debt where the firm has been

unable to evidence the outstanding debt

balance is correct and properly due.

fca.org.uk

GLOBAL CFO

PHILLIPS & Cohen Associates has appointed

Gelsomina Paolini as Global Chief Financial

Officer. She has more than 20 years’ experience

overseeing worldwide financial planning and

strategy initiatives for Fortune 500 and SEC

regulated entities. Prior to joining Phillips &

Cohen Associates Gelsomina held a variety

of global leadership roles with DuPont and

Chemours. Adam S. Cohen, Co-Chairman/

CEO says Gelsomina’s extensive experience,

knowledge and multilingual capabilities are

significant assets to the firm: “We look forward

to her input and guidance as we continue to

expand in Europe, Asia and the Americas.”

phillips-cohen.co.uk

HIT AND MISS

METRO Bank has announced that people who

do not identify with a specific gender will be

able to choose Mx as a title and non-binary

as a gender, whether they are a customer or

colleague of the bank. Danny Hamer, Metro

Bank’s Chief People Officer, says its ‘no stupid

bank rules’ approach means exactly that:

“Not offering people the option to identify

themselves as they choose is a barrier that

we’re pleased to have removed,” he explains.

metrobankonline.co.uk

COO FOR SFO

THE Director of the Serious Fraud Office (SFO)

has appointed Mark Thompson, latterly the

Head of its Proceeds of Crime Division and

Chief Finance Officer, as its Chief Operating

Officer. Mark will report to the Director on

matters concerning governance structure

and corporate services, including oversight

of Human Resources, Finance, Information

Technology and Strategic Relations.

sfo.gov.uk

TECHNICAL SUPPORT

The CICM’s Technical Committee met in

London on 8 November and discussed a

number of issues: Lord Justice Briggs final

report and recommendations to The Civil

Courts Structure Review (CCSR); Companies

House publishing Late Filing Penalties statistics;

BEIS consultation on the policy that will

underpin the complaints scheme of the Small

Business Commissioner; The Money Advice

Service releasing information about the go-live

date for the Standard Financial Statement; and

Limited Liabilities Partnerships in England and

Scotland, the increase in fraudulent trading in

Scotland and huge rise in limited partnerships.


CORPORATE INSOLVENCIES

RISE AFTER BREXIT

A

post-Brexit bounce in the number

of companies throwing in the towel

has been reported by the Insolvency

Service (IS) in its latest quarterly

figures. An estimated 3,633 companies failed

during the third quarter of 2016, a two percent

rise on the previous quarter.

Published at the end of October, official

statistics show that a trend in case numbers

has been fairly flat for the past year, having

decreased from mid-2011 to mid-2015. The

figures also show that an estimated 2,569

companies entered a creditors’ voluntary

liquidation in the third quarter; a 5.2 percent

rise on the previous quarter and a 2.2 percent

year-on-year rise.

The IS said these figures are in line with a

fairly stable trend observed over the past two

years.The figures also show a fairly benign

context around compulsory liquidations

compared to the recent past. A total of 632

companies were subject to compulsory

liquidation between July and September, a

4.5 percent decrease on the previous quarter

but 2.4 percent higher than the same period in

2015. Other types of company insolvency also

remained in line with medium-term trends.

There were an estimated 352 administrations,

an increase of 3.5 percent compared to the

previous quarter and 0.6 percent higher

than the same quarter in 2015. There

were an estimated 75 company voluntary

arrangements and five administrative

receiverships. The liquidation rate was at

its lowest level since comparable records

began.

Andrew Tate, President of R3, says

a quarterly rise in corporate insolvency

numbers, however, is not necessarily an

indicator of Brexit -related financial problems

for UK companies:“According to R3 research,

UK companies remain in good shape,” he

says. “Only 21 percent of businesses – close

to a record low – surveyed in our most

recent Business Distress Index report a key

indicator of distress, while 62 percent report

at least one sign of growth.

“So long as the economy continues

to grow steadily insolvency numbers are

unlikely to rise too much, but, of course, that

all depends on what impact Brexit has on the

economy.”

gov.uk/government/organisations/

insolvency-service

INTRUM JUSTITIA ACQUIRES 1ST CREDIT

EUROPEAN credit management services

group Intrum Justitia is to acquire UK debt

purchaser 1st Credit from private equity

firm Bridgepoint for £130 million, subject to

regulatory consent.

Headquartered in Reigate, 1st Credit was

acquired by Bridgepoint in 2004. It has over

100,000 customers and arrangements of

more than £300 million. In 2015 it increased

collections revenue by 18 percent to £50.1

million and reported EBITDA of £33.2 million,

up from £27.3 million in 2014. The company

holds a position on all major debt purchase

panels in the UK.

Intrum Justitia, which is listed on the

Stockholm Nasdaq, has more than 90 years of

experience, 19 offices across Europe and an

international network covering 160 additional

countries.

Mikael Ericson, President and CEO of

Intrum Justitia AB, says acquiring 1st Credit

will strengthen its ability to service clients in

the financial industry: “The UK market is one

of the largest and most developed in Europe.

With 1st Credit, we acquire a strong unit with

a solid organisation which we believe can

grow into one of the market leaders in the UK

in the coming years.”

Intrum intends to retain the existing UK

management team, led by Chairman Leith

Robertson and Chief Executive Eddie Nott.

intrum.com

1stcredit.com

FIRST WINNER OF

JEREMY CHAPLIN

AWARD

AMIR Ali has become the first winner of

the Jeremy Chaplin Memorial Award, an

award established in Jeremy’s memory to

recognize and acknowledge the hard work

and contribution from an individual within the

Industry. Amir, a regular columnist in Credit

Management, received the award from the

President of the Civil Court Users’ Association

(CCUA), Lord David Hacking at the CCUA

Annual Conference. Lord David said that

Amir had been unanimously chosen for his

exemplary work as acting Chair of the CCUA,

following Jeremy’s passing, and before he was

officially elected as Chair of the Association at

last year’s AGM. ccua.org.uk

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

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

8 December 2016 www.cicm.com


News in Numbers – provided by the Money Charity

THE.news . IN

NUMBERS

£1,036

trillion

ANNUAL GROWTH IN PRIVATE

DEBT FOR UK ADULTS

£108

MILLION

AVERAGE GOVERNMENT DEBT GROWTH FOR

EACH DAY IN SEPTEMBER 2016 (£4,090 PER

SECOND)

£4.7

billion

TOTAL NET LENDING TO

INDIVIDUALS BY UK BANKS AND

BUILDING SOCIETIES ROSE

IN SEPTEMBER 2016

6.723

MILLION

£188.7

billion

OUTSTANDING CONSUMER

CREDIT LENDING AT THE END OF

SEPTEMBER 2016

4,077

new

debt

PROBLEMS EVERY DAY DURING THE QUARTER

ENDING JUNE 2016 ACCORDING TO CITIZENS

ADVICE BUREAU

£1.315

trillion

outstanding

MORTGAGE LENDING AT THE END OF SEPTEMBER 2016

employees

JOINED A PENSION SCHEME UNDER

AUTO-ENROLMENT BY THE END OF

SEPTEMBER 2016

£231,843

cost

OF RAISING A CHILD TO

THEIR 21ST BIRTHDAY

ACCORDING TO LV’S ‘COST

OF A CHILD’ REPORT

CCJS ON

THE RISE

CICM NEWS

CONSUMERS in England and Wales are facing a

decade-high level in the number of County Court

Judgments (CCJs), according to figures released by the

Registry Trust.

There was a year-on-year increase nearing 50 percent

in the third quarter of 2016, with more than a quarter

of a million (256,847) judgments registered against

consumers in England and Wales. The average value of

a CCJ, however, fell 11 percent to £1,642, the lowest

third quarter figure in the past decade. By contrast the

average value of a judgment in Q3 2008 stood at £3,680.

Over the same period, the number of judgments

against consumers in the High Court fell for the third

year in a row to 62, the lowest number on record. The

total value increased sharply by 90 percent to £68.3

million, with the average value rising to a decade high of

£1.1 million. The total value of debt judgments against

consumers in all courts in England and Wales during Q3

2016 was £490 million.

“The rise and rise in the number of judgments is a

matter for serious concern,” says the Registry Trust’s

Chairman, Malcolm Hurlston CBE: “One factor may

well be that claimants are finding it worthwhile to sue

for smaller sums. But people face not only lenders

and utilities which use the county courts but also local

authorities and HMRC who have their own approaches.

“It becomes ever more important for people who can

to satisfy judgments, either within a month, in which case

they may be removed, or soon after when the satisfaction

record will look good on the credit score.”

registry-trust.org.uk

FCA ON

A MISSION

THE Financial Conduct Authority (FCA) has launched

a consultation on its mission, designed to provide a

guiding set of principles around the strategic choices the

FCA makes. It will inform the FCA’s strategy and day-today

work over the coming years.

The intention of the mission is to provide clarity over

the objectives, the methods to allow it to focus its efforts

in the right places as well as explaining the reasoning

behind the work the FCA does, and a framework on how

it chooses the tools it uses to do it. In developing the

mission, the FCA will be seeking engagement across

the breadth of its stakeholders. Consultation will have a

fundamental impact on the shape of the final strategy.

Andrew Bailey, Chief Executive of the FCA, says

establishing and embedding a clear mission for the

FCA is critical to its success: “The mission will only be a

success if our stakeholders engage with us through this

consultation process. We want this to be a very open

process. Out of it, we hope that we can set out a clear

path ahead for financial conduct regulation in the UK.”

fca.org.uk

FECMA

APPOINTMENTS

Glen Bullivant FCICM has stood down as President of

FECMA (Federation of European Credit Management

Associations) after three successful terms in office. The

new elected board are: President – Josef Busuttil, Malta

Association of Credit Management; Vice President – Ludo

Theunissen, Instituut voor Kredietmanagement, Belgium;

Vice President – Philip King FCICM, Chartered Institute

of Credit Management; and Treasurer – Jan Schneider

Maessen, Bundesverband Credit Management e.V.,

Germany.

The recognised standard www.cicm.com December 2016

9

BACS LAUNCHES CONSULTATION

INTO DIRECT DEBITS

AS initially reported in the August issue of

Credit Management, Bacs has launched a

public consultation into Direct Debits aiming to

understand where Direct Debits are working well

and where there is potential to adopt changes to

enhance the process.

CICM members are being urged to complete

the questionnaire and reminded of the CM article

that highlighted serious issues and concerns

around Indemnity Claims and the need for much

greater creditor protection.

The questionnaire is available online at https://

surveyc.orcinternational.com/orc/start/bacs/

live.htm and paper versions can be requested

by emailing consultation@bacs.co.uk. Further

information regarding the consultation, which is

open until 9 December 2016, can be found at

https://www.bacs.co.uk/Services/bacsschemes/

directdebit/Pages/DirectDebitConsultation.aspx.

bacs.co.uk

CM

CREDIT MANAGEMENT

JULY / AUGUST 2016 £10.00

TOOTH

AND NAIL

SPEAKING OUT ABOUT

DIRECT DEBIT CLAWBACKS



www.cicm.com

CM July/August 2016.indd 1 21/06/2016 12:00

NEWS IN BRIEF

ONE IN THE STABLE

LLOYDS Banking Group has set aside an

extra £1 billion to compensate people who

were allegedly mis-sold payment protection

insurance (PPI). The provision is to cover

operating costs and redress. It will also

compensate for the impact of further PPI

claims that may be made up until June 2019.

This is the extended deadline that the FCA

proposed in August this year.

lloydsbankinggroup.com

CICM IN BRIEF

This month’s briefing includes details of

the last free CICM Workshop for 2016

in Leeds on 1 December, the Corporate

Partner webinars - Begbies Traynor on

Death and Debt on 8 December and DWF

on Litigating to Trial on 13 December,

and a Webcast by ICTF on Five Best

Practices for Global Financial Shared

Services Centres on 8 December.

SMES HOLD ON TO NEARLY £5 BILLION IN STOCK

THE value of the unsold stock held by SME

manufacturing companies has risen to £4.94

billion, putting cashflow under greater strain,

reveals research by the Asset Based Finance

Association (ABFA).

The figure is up from £4.87 billion last

year, with the value tied up in unsold stock

remaining stubbornly high over the last

five years despite hopes that the fragile

economic recovery would allow businesses

to clear unsold stock.

The value of this inventory currently

amounts to 16 percent of the £81 billion

annual turnover of SME manufacturers.

Quickly moving on stock in order to access

finance can be difficult, which can cause

issues for companies requiring finance in a

short time frame.

Money tied up in unsold stock is money

that could have been used for business

development or R&D, putting a brake

on growth. However, the ABFA says that

businesses can unlock the value tied

up in their stock through asset based

finance, releasing funding to develop their

businesses.

Demand from businesses for this kind of

alternative finance is growing, with the value

of funding secured against stock by ABFA

Members standing at £584 million at the end

of June – up 56 percent over the last five

years (£373 million in 2011).

Jeff Longhurst, Chief Executive of the

ABFA says SMEs are finding it hard to reduce

their inventory levels as customer demand

remains subdued: “Asset-based finance can

be used as a form of security to unlock the

value tied up in stock.”

abfa.org.uk

CAPTION COMPETITION

£50 WORTH OF AMAZON

VOUCHERS UP FOR GRABS!

For your chance to win £50 worth of Amazon vouchers, send your funniest

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

Please submit your entries to the editor@cicm.com by 19 December.

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

HO HO HO

MERRY

CHRISTMAS



BACK TO BLACK

IVAS AND RPBS

In response to November’s Soapbox Challenge,

David Kerr MCICM looks at what is on the agenda for IVAs.

THE creditor community and others are

currently raising some understandable

concerns about aspects of how the IVA

world operates and is regulated, and last

month’s Soapbox Challenge touched on some

interesting points in this regard. As regulators,

collectively, we have a responsibility to make

any changes necessary to restore stakeholder

confidence. Any messages of reassurance will only

be credible if we first acknowledge that some things

need to change, and can demonstrate a willingness

and capability to address them.

The regulators in this space are the Government’s

Insolvency Service (IS), the Recognised Professional

Bodies (RPBs) that license Insolvency Practitioners

(IPs), and the FCA. The Insolvency Practitioners

Association (IPA) is one of the two largest RPBs in

terms of the number of IPs it regulates, and has

been actively engaged with other regulators to

take forward this agenda and make sure any gaps

are plugged. A number of different strands of work

through the Joint Insolvency Committee (which

Philip King chairs) and elsewhere will see new

standards next year on the control of funds and

potentially also changes to the bonding regime to

ensure that creditors are adequately protected when

things go wrong.

The IVA Standing Committee (IVASC),

which oversees the protocol used in the most

straightforward consumer cases is also addressing

issues around fairness regarding the availability of

equity in property, tackling some creditor concern

about debtor retention of significant value at

creditors’ expense. This echoes an issue raised by

the Accountant in Bankruptcy in Scotland in respect

of Protected Trust Deeds (PTD). The IPA’s latest

guidance on the PTD equity issue is available on its

website.

Monitoring by RPBs has a part to play. Some of

last month’s Soapbox Challenge issues are about the

enforcement of IVA terms, and creditor frustration

in this regard can be exacerbated where IPs are

seen to be unduly lenient with defaulting debtors.

That might be a communication issue more than one

of substance, but there is a fundamental obligation

to supervise the arrangement agreed between the

debtor and creditors. One would need to consider

the terms of each IVA and the discretion allowed

when a debtor is defaulting, but generally where

some flexibility is permitted it is usually with the aim

of maximising the return to creditors – something

that is now a statutory objective of the insolvency

regime.

Where the IP or debtor wants to vary the terms,

creditors will have a say. Clarity in reporting is key

to creditors making informed decisions, whether

that is at the outset or at variation stage.

As regards change generally in this area, the

IS is embarking on a review of regulatory activity.

Creditor representatives will have an opportunity

to contribute to that through the IVASC and wider

consultations.

However, as regulators we will

need to be constantly vigilant to

ensure that new developments

in this sector adhere to the

principles of the profession’s

code of ethics, and be prepared

to address threats to those

standards as they arise.

The number of regulators is reducing. The IPA

and ACCA have announced a collaboration, which

in effect consolidates the regulatory arrangements

for more than 700 IPs from January 2017. This will

help to streamline the approach to monitoring and

facilitate consistency.

An IVA will still be the best option for debtors

and creditors in many cases, not least given

the increased costs in bankruptcy. However, as

regulators we will need to be constantly vigilant

to ensure that new developments in this sector

adhere to the principles of the profession’s code

of ethics, and be prepared to address threats to

those standards as they arise. The IPA will certainly

play a part in tackling any abuse, in the interests

of maintaining and enhancing pubic confidence.

That is central to the IPA’s mission, and now also

embedded in the objectives set in the legislation.

David Kerr MCICM is the Chief Executive of the

Insolvency Practitioners Association (IPA).



ASSET CLASS

GETTING DOWN

TO BUSINESS

Jeff Longhurst FCICM begins a new column exploring the

impact of Asset Based Finance on a post-Brexit world.

W.HEN looking back on 2016, I won’t

be the first or last to reference

Lenin’s famous paraphrasing of

Marx that there are decades where

nothing happens and there are weeks when

decades happen.

In the space of just three weeks in the early

summer it felt like British politics had been

turned on its head. After a fractious referendum

campaign that was short on fact and long on

contention, 51.9 percent had said no to the EU.

And with that Cameron was gone, swiftly followed

by Osborne, prime ministerial contenders

dropped like flies and the last person standing,

Theresa May, emerged triumphant.

Beyond the repeated mantra that Brexit means

Brexit, as we approach the end of the year there

is still not a great deal of clarity as to what form

the UK’s exit from the European Union will take

and what the subsequent relationship with the

remaining 27 Members will look like.

So we all look to 2017 with fascination and

not a little trepidation. Our Members continued

to support their clients through the financial

crisis and the subsequent downturn and will do

the same no matter what comes in the uncertain

months and years ahead; ABFA Members support

around 44,000 businesses and are willing and

able to help more as well.

There are real challenges already crystallising.

There are clear signs that some larger businesses

towards the top of supply-chains may manage

the uncertainty ahead by passing their pressures

and costs down the line to their suppliers,

transferring their risks to those businesses

that are less able to manage it effectively. We

are already seeing this with contracts being

renegotiated and payment terms creeping out

again.

There is a clear role for government here. We

have a (sort of) new Business Department in the

form of the Department for Business, Energy and

Industrial Strategy. It remains to be seen whether

the change of name indicates a genuine change

in tack towards a more proactive industrial

strategy like that advocated by the last Secretary

of State but one, Vince Cable, but eschewed by

his successor and the former chancellor. The new

Secretary, Greg Clark, spent the summer making

encouraging noises about the importance

of proactive government in supporting

businesses. The situation with Nissan shows that

his department would do well to try and get

ahead of the curve and put a firm framework

for intervention in place or will otherwise risk

getting swept along by circumstance.

There is much that the department can do

in the credit management and finance space.

Consultation has just been launched on the role

of the Small Business Commissioner, focusing in

particular on late payment. We welcome this but

argue that a properly resourced and empowered

Commissioner could have a wider impact in

addressing some of the broader challenges

faced by smaller businesses, from late payment

and poor payment practices more generally,

to sign-posting to information about access to

finance and about the systems that are available

to businesses if they are not treated fairly. A

Small Business Commissioner with the status and

authority to make recommendations or directions

to Ministers on the full range of small business

issues would be a powerful voice in government.

We welcome this but argue

that a properly resourced and

empowered Commissioner

could have a wider impact in

addressing some of the broader

challenges faced by smaller

businesses.

The ABFA is also urging the new department

to bring forward the long-awaited Regulations to

outlaw the practice of large businesses blocking

their smaller suppliers accessing finance through

the use of so-called ‘ban on assignment’ clauses.

Such bans are an unacceptable imposition on

smaller businesses that restrict their ability to

use their own assets (the funds owed by often

long-paying customers) to access finance.

Action against them is long overdue and will at

last bring the UK into line with the US, Canada,

Australia, most of Europe and many other

jurisdictions around the world. Bringing effective

Regulations into force as soon as possible will be

a real boost for small businesses and the access

to finance agenda.

Jeff Longhurst FCICM is the Chief Executive Officer of the Asset Based Finance

Association. The ABFA represents the invoice finance and asset based lending industry in

the United Kingdom and the Republic of Ireland. www.abfa.org.uk.



OPINION

TOMORROW’S

CICM

Philip King FCICM reflects on a remarkable year in

politics, the business environment, and the CICM.

W.HAT an incredible year it has

been. Nobody would have

thought that in 12 months we

could have so radically changed

the global political and economic landscape; the

UK has a new Prime Minister and is pulling out

of the European Union, and the United States is

coming to terms with a reality TV star as its new

President.

If it demonstrates one thing in particular

it is the need to listen to your ‘public’ and act

on what you are being told. To that end I can

draw a parallel to our own Chartered Institute,

and the unprecedented third party survey

we undertook earlier in the year to seek our

members’ views, opinions and aspirations for

the CICM. The response was terrific, proving

the depth of passion that exists, and now we’re

acting on what we’ve been told and setting

out our strategy for the future. We have a clear

understanding and direction for ‘Tomorrow’s

CICM’, and are now working hard to conclude

our plan and start implementing delivery. (see

the November issue of Credit Management or

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

cicm-strategy/)

Much of the last 12 months has been a

continuation of our drive to engage with as

many stakeholders as possible to champion

the cause of credit management and credit

professionals. We are working more closely

with government than ever before, delivering

a range of highly acclaimed local, regional and

national events, and strengthening our magazine

to become a genuine industry leader.

But of all our achievements this year the one I

am most passionate about is the introduction of

apprenticeships. Encouraging individuals to join

our profession at an early age is vital to growing

the CICM’s recognition and status. They are the

new generation that will take our Institute into

the brave new world that awaits.

There are, of course, many people I should

thank for their continued encouragement

and support, not just at a national level – the

HQ team, Executive Board, Advisory Council

and committees – but also in the regions and

our most excellent local branches. I would

also acknowledge the work of our Corporate

Partners and other sponsors who continue to

provide essential services and support, often of

a highly specialised nature.

We are working more closely

with government than ever

before, delivering a range of

highly acclaimed local, regional

and national events, and

strengthening our magazine

to become a genuine industry

leader.

Indeed, whatever part of the credit industry

you work in, as a practising CICM member

your role in championing our Institute and our

profession to colleagues, fellow team members

and peers, is essential and I thank you for it.

In many ways our work is just beginning.

With so much uncertainty in the world, there are

interesting times ahead. As your professional

body, we must ensure that we continue to further

increase and enhance the quality of advice

and resources available to you enabling you

to face the future with confidence, safe in the

knowledge that you have the support of Europe’s

largest professional credit management

organisation.

May I take this opportunity of wishing you

and your business prosperity and success in

2017, and wishing you also a Merry Christmas

and a Happy New Year.

The response was terrific, proving the depth of passion

that exists, and now we’re acting on what we’ve been

told and setting out our strategy for the future. We have a

clear understanding and direction for ‘Tomorrow’s CICM’,

and are now working hard to conclude our plan and start

implementing delivery.



CICMQ NEWS

POST-TAKEOVER SUCCESS

SINCE it was awarded accreditation in 2014

Local World, the regional newspaper group,

has been acquired by Trinity Mirror, which

runs a portfolio of national and regional

newspapers, websites and digital products.

With all the changes that an acquisition

brings, the news that Local World’s credit

department has maintained its high

standards to become CICMQ re-accredited

should be commended.

Over the last two years, Local World’s

credit department has worked alongside the

sales department in a bid to foster better

and more constructive working relations. As

such, it toured the UK visiting and presenting

to every sales team about the credit

department’s role within the business.

“Overall the project was a real success,”

says Mark Mackey, Head of Credit

Management and Customer Services

at Local World. “We have received

overwhelmingly positive feedback from the

sales division, and that has led to positive

results.”

He strongly believes that success

comes through the people: “Having clear

performance objectives, support in achieving

them, the ability to constructively challenge

the status quo, and to bring forward ideas for

improvement are all very important,” Mark

continues. “And most of all, we need

to recognise when things go well.”

And things have gone well as the CICMQ

Assessor’s report emphasised: ‘The credit

team at Local World is a prime example of

one such credit team that continues to make

a difference and contribute to outstanding

performance for the business’.

Discussing the accreditation, Mark says

it gives a valuable blueprint to work towards:

“It’s an opportunity to get the team involved

and encourages us to look outwards for best

practice. As a function, it’s important to look

in the mirror and take a critical view to work

out just how to get better.”

THE GOOD WORK WON’T STOP HERE

COMMERCIAL law firm Hill Dickinson can now

boast CICMQ re-accreditation for the second

time following initial success in obtaining

the accolade in 2012, having seen its high

standards maintained over the last two years.

Established in 1810, the company now

has over 1,150 employees spread across nine

offices in five countries. Its clientele includes

a mix of listed and private multi-national and

domestic businesses as well as a significant

number of public sector organisations.

With legal businesses being established

upon creating and maintaining relationships and

having a good reputation, Treasury Manager

Tom McBride says professional recognition

is incredibly important: “All of our partners

and solicitors know we have achieved the

accreditation and it gives them peace of mind

that we take a professional approach when

speaking to their clients.”

Since the second accreditation, Tom says

the credit team has recruited three credit

professionals: “We had three vacant positions

and all had to undertake additional work

while recruitment was ongoing. Creating an

environment where the team feels empowered

to work together to meet clear objectives is

important,” he continues, “so ensuring new

MEETING CHALLENGES HEAD ON

colleagues bed in well was a key focus.”

A focus that has clearly paid off, as CICMQ

Assessor Chris Sanders explains in his report:

‘New skillsets brought in will not only enhance

the current processes, but will significantly

improve them due to new initiatives and a

new system’.

Tom explains this new system will help

the team to better cope with changes in the

market place: “We are working smarter with

new computer systems and data to achieve

even better results, and that fits in with the

firms overall objectives – in particular a further

reduction in the DSO.”

FOLLOWING an internal merger of two

departments, organisational restructure,

streamlining through reduced staffing levels

and the implementation of a new system,

EDF Energy (UK)’s Revenue Management

team has come up against its fair share of

challenges since initial CICMQ accreditation

in 2013.

Yet it has overcome these challenges

and achieved re-accreditation as the team

‘continuously improve processes, methods

and procedures with each assessment’,

according to the Assessor’s report.

Sue Chapple, Head of Revenue

Management at EDF Energy, explains the

importance that is placed on CICMQ: “The

impact of business failure at the credit

management level can be significant to the

customer and the company,” she says.

“It is incumbent on my teams to

ensure that customers are in the best

possible positions, and as such the credit

management function holds a pivotal place in

the sales to cash process internally.”

Further to this, the accreditation is now

used in EDF Energy’s bid process. “It is an

expectation of a number of our customers

as a standard entry requirement into some

tender processes,” Sue continues. “It is

therefore imperative that we do not lose the

accreditation.”

The Assessors report continues to say

EDF Energy’s Revenue Management team

is highly respected within the organisation:

‘It’s a testament to the front-line operational

managers keeping their teams focused

and as a result they are still driving for

improvements.’

Explaining this, Sue concludes by advising

other credit managers of the importance of

their teams: “Recognition, clear policies,

empowerment and accountability at an

individual portfolio owner-level will help every

team to succeed.”



INTERNAL AND EXTERNAL RECOGNITION

After an internal audit called them ‘simply

brilliant’, the credit and risk team at TalkTalk

Business has achieved external recognition

through its recent success in becoming

CICMQ re-accredited.

The TalkTalk Business team, which

provides telecommunications services to

businesses, is led by Sharon Dunlop, Head of

Credit and Risk, who subscribes to the view

that continued professional development

encourages success:

“We fully encourage the team to engage

with their own personal development, and all

of our credit controllers are studying towards a

qualification in credit management set by the

CICM,” she says.

This was picked up on by CICMQ

Assessor Chris Sanders in his report, which

explains the team is motivated to succeed:

‘It currently ensures the professionalism of

the department is cemented by investing in

CICM qualifications and setting a minimum

requirement for each team member to reach

Level 2.’

Since TalkTalk Business’s initial

accreditation, Sharon says it has continued

to be involved in a stream of internal projects

to ensure its best practice techniques are

of full benefit to the company: “In doing so

we are continuing to stretch our boundaries

and are seeing year-on-year performance

improvements.

“This ensures the overall sentiment from

stakeholders is of a professional, productive

team that has the confidence and trust of the

business,” she continues.

“Strong performance will always be

recognised and success celebrated, as this is

an easy way to motivate the team to continue

striving towards best practice, which is

promoted within the business and industry,”

Sharon concludes.

RECIPE FOR

SUCCES

THE latest firm to achieve CICMQ reaccreditation

is the Turner Group, supplier

of powered equipment and servicing.

Its greatest challenge since obtaining

the initial accolade in 2014 has been staff

changes, which its Group Credit Control

Manager, Caroline Currie, describes

as inevitable: “We take the ‘roll up our

sleeves’ approach and secure the best

training for our team,” she says.

This is symptomatic of a credit

professional that wants a highly cohesive

team: “Communication is the most

important tip I can give to any credit

department,” Caroline adds. “Listening

to the team and keeping them motivated

are essential ingredients to success – of

course, a good cake on a Friday always

helps!

“Striking a balance between assessing

credit risk and assisting growth can be

challenging, but overcoming this always

proves rewarding for both the team and

myself,” she concludes.

FIRST ACCREDITED RETAIL BUSINESS

ACHIEVES RE-ACCREDITATION

JOHN Lewis Partnership, the first retailer to

have achieved CICMQ accreditation, is the

latest household name to have been awarded

re-accreditation.

The business, which includes grocery

outlet Waitrose and the department store

John Lewis, has a team of 12 credit

professionals that manage in excess of £1

billion in collections from over 1,600 UKbased

and international customers.

This is no mean feat, as Joy Randev,

Manager Accounts Receivable, explains:

“Since our initial accreditation in 2014 we

have been able to reduce our DSO to its

lowest ever level, and currently have just one

percent of debt as overdue.”

One percent, Joy points out, is still too

much. “We are always determined to improve,

and the entire team has been put through an

advanced collections course with the CICM

to work out ways to improve.”

Helping them to achieve better targets, the

credit team have recently adopted automated

processes that has enabled their reporting

function to improve. “We are set targets

on a weekly basis, and it is to the team’s

testament that we have hit these figures every

single week bar one,” he continues.

These processes were evident to CICMQ

Assessor Chris Sanders, who outlined them

in his report: ‘It is my opinion that the team

show excellent methods and procedures,

strong financial controls and positive

feedback and comments from internal

stakeholders.’

“CICMQ accreditation was outlined in

our annual plan of key objectives,” Joy

continues. “It was something that our

directors wanted us to maintain as it ensures

that we are shown to be a professional and

dedicated team. It also further increases our

internal reputation throughout the business.”



OPINION

Following the shock election result in the US, Adam Bernstein looks at

what a Trump presidency means to an uncertain world.

THE Founding Fathers could surely not have made

it up; a rank outsider – Donald J Trump has beaten

the establishment at its own game. But while he

lost the total popular vote by just 0.2 percent -

47.5 percent to Clinton’s 47.7 percent, he won where

it counted and secured the states that gave him the

Electoral College votes, the institution that under the US

constitution directly votes in the President.

Trump ran his campaign on rhetoric and, as some

would see it, on the basis of insult and mudslinging.

Whatever your view, he took an anti-establishment, pro-

US, pro-change, and protectionist line. He polarised the

electorate in a way not seen in decades and succeeded

against all odds.

But apart from the populist sentiment, what would the

Trump administration look like and what does it mean for

the world outside of America? What are his policies – his

‘visions’?

MARKET STALL

One of the central planks in the Trump campaign involves

the state of the US economy. Despite it being on, as the

OECD notes, a ‘moderate growth trajectory sustained

by mutually-reinforcing gains in employment, income

and household spending’, Trump has called for its

rejuvenation – at the expense of other economies.

And so it’s interesting to note that with the

announcement that Trump was in the lead, and then

subsequently had won the election, the financial markets

understandably reacted – but not in the way that many

expected. The pound rose against the euro and the

dollar; and the Mexican peso fell to its lowest rate on

record against the dollar as the possibility of US/Mexican

relations deteriorating became more likely – as did the

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

that Trump wants between the two countries and the

rapid renegotiation of the North American Free Trade

Agreement (NAFTA).

As David Johnson, Director at Halo Financial, notes:

‘Those selling US dollars headed for the safety of the

Japanese yen and gold. While the dollar has stabilised,

Trump does not officially begin his term as US President

until January 2017, so market uncertainty and volatility

will surely continue in the coming months.’

It’s worth noting that before the Brexit vote in June,

President Obama said that the UK would go to the

back of the queue when it came to negotiating a post-

Brexit trade agreement. However, Trump has said that

it makes no difference to him (and therefore trade

with the US) if the UK is in or outside of the EU.

Yes, stock markets initially fell, but they had risen by

the end of the day – the FTSE ended one percent up,

the Dow Jones rose 1.4 percent, and the Dax closed 1.5

percent higher. The election result did cause an initial

intake of breath on global markets, says Laith Khalaf,

Senior Analyst at Hargreaves Lansdown. However, his

view is that the initial drop in global markets with the

subsequent recovery and shrug indicates that the US

political system has a limited effect on the markets –

something which is to be lauded.

TRUMP FUTURE

First off, the Trump administration would withdraw the

US from the Trans-Pacific Partnership, a new trade

agreement between 12 pacific rim nations; he’s not keen

on its goal of reducing barriers to trade, lowering of tariffs

and the removal of protectionism.

Similarly, analysts at Investec think the Transatlantic

Trade and Investment Partnership deal between the

US and EU will go no further for the same reasons. City

economists have cautioned that the result of any rising

US protectionism may send exports from emerging

markets towards the EU which will only serve to

strengthen the hand of protectionists in the EU as well.

For the UK, this could mean a much tougher time at the

EU negotiating table once Article 50 has been triggered.

On a parallel tack, Trump’s administration would

target what it sees as violations of trade agreements that

harm US workers.

China is particularly in Trump’s sights. He considers

the country a currency manipulator; is unhappy with its

alleged misuse of state subsidies (that give the Chinese

producers an unfair advantage); and would use every

Presidential power he has to pursue trade disputes with

China if it does not ‘stop its illegal activities, including its

theft of American trade secrets.’ With top exports from

China, according the CIA Factbook including electrical

and other machinery, data processing equipment,

clothing, furniture, textiles, and integrated circuits (as well

as plastics, iron and steel, and medical equipment), this

is a big deal.

The biggest weapon in the armoury, as Trump sees

it, is the application of trade tariffs – duties in other

words. Johnson notes that this could slap an extra 45

percent on the cost of US imports – China won’t be

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

issue, the squabble has the potential to go global. Why?

China produces so much and if it can’t sell it to the US it

may well ‘dump’ it elsewhere. That could result in other

countries imposing tariffs on imports and as Johnson

puts it, could contribute to a global economic slowdown.

It’s entirely possible that, if Trump’s campaign policies



The biggest weapon in the armoury, as Trump

sees it, is the application of trade tariffs –

duties in other words. Johnson notes that this

could slap an extra 45 percent on the cost of

US imports – China won’t be happy.

Pfizer—the single largest beneficiary of that

experiment, used it to bring back $35.5 billion

in foreign earnings before cutting 11,748 US

jobs over the next three years.

are followed to their natural conclusion, the US

could remove itself entirely from NAFTA and

the World Trade Organisation. So will we see

a full on trade-war? Quite possibly. Americans

could lose more than they gain.

POPULARITY CONTEST

The main, and some would say populist

thrust of the Trump campaign, aims to add

(more) jobs to the US economy – a goal of 25

million in 10 years has been mooted on the

campaign website – and this requires, quite

simply, Americans to do more domestically.

The stated plan is to boost economic growth

to 3.5 percent a year (half of what China has

recently been achieving, even in its ‘slowing’

economy). To do this, the Wall Street Journal

has noted that the Trump administration plans

to spend $1 trillion over the next 10 years on

infrastructure projects. It very much sounds

like Franklin D Roosevelt’s 1930s New Deal

policies that helped the US economy post-

Depression; the US construction sector is

delighted of course.

Interestingly, there’s no hint of any planned

tax hike to pay for this investment which will,

at first, help the US economy. But in time

the US will become saddled with more debt

which it will find hard to service. Analysts at

Moody’s, according to Forbes.com, foresee

trouble – they see interest rates rising to entice

the money in that the (new) US Government

will need for this new investment. And where

the US Federal Reserve leads on interest

rates, the world follows. Further, some reckon

that Trump plans for the economy and trade

will backfire and put the US economy into

recession by 2018 – that’s the view of Megan

Greene from Manulife Asset Management.

As an aside, the US bond market is heavily

owned by foreigners, ‘including nations like

China where Trump has made unfriendly

comments,’ said Jim Leaviss, Head of Retail

Fixed Interest at M&G Investments. So it’ll be

interesting to note how Chinese investors view

funding US debt while Trump is hard at work

bashing China.

There are others, including Larry Hatheway,

Chief Economist at GAM, a global asset

management firm, who think that Trump’s

spending plans could also leading to a jacking

up of inflation in an economy that’s already

close to full employment, especially if he

carries out his threat to deport illegal workers

en masse (three million as of 13 November).

It’s a point made by Trump himself when

he said that he wants to ‘establish new

immigration controls to boost wages and to

ensure that open jobs are offered to American

workers first.’ Interestingly, the threat to ban

Muslims from entering the US is no longer on

Trump’s campaign website.

On tax, the Trump campaign website points

to what could be a new race to the bottom

in terms of corporate taxation. The present

tax regime in the US charges 35 percent on

business profits, but Trump is suggesting a

rate of 15 percent. The UK is presently 20

percent, but the former chancellor George

Osbourne talked of aiding the UK’s post-Brexit

position with a 15 percent or less tax rate. In

comparison, Ireland has pegged its rate at

12.5 percent. Further, Trump is planning to

give US companies the option of repatriating

overseas profits with a one-time charge

of only 10 percent. The last time the US

offered something similar was in 2004, where

companies paid just five percent on repatriated

profits. However, a study of the policy found

that for every dollar companies brought

home, they jacked up shareholder payouts

between 60 and 92 cents. And pharmaceutical

DEAR BLIGHTY

It’s quite clear that Donald Trump as President

could add to global economic uncertainty if

he carries through on his trade and economic

policies. However, for the UK, in the shortterm,

the impact could be muted. Indeed,

Capital Economics has left its forecasts for UK

growth unchanged 1.5 percent in 2017 and

2.5 percent in 2018 following the US election

result. That said, mortgage experts are now

talking about increases of around 0.25 percent

in five and 10-year fixed rates in the shortterm,

with more rises to follow because City

rates have leapt since Trump’s win.

Sure, the US is the UK’s biggest export

market, with a fifth of UK goods and services

sent across the Atlantic, but Capital Economics

suggests that the Brexit vote might actually

prove to be an insulator. Firstly, the rapid drop

in the pound (and now the drop in the dollar)

since the Brexit vote has made UK exports

more competitive (by definition, imports are

more expensive). Secondly, the UK has had its

revolution while eurozone states are now more

open to attack – France, Germany and Italy,

must be concerned.

However, it’s worth noting that before the

Brexit vote in June, President Obama said

that the UK would go to the back of the queue

when it came to negotiating a post-Brexit trade

agreement. However, Trump has said that it

makes no difference to him (and therefore trade

with the US) if the UK is in or outside of the

EU. Indeed, his trade advisor Dan DiMicco has

gone on record as saying that he ‘absolutely’

wants to strike a trade deal with the UK,

possibly before Article 50 is triggered. Johnson

thinks that markets could be reassured by

Trump’s talk of continuing the UK-US ‘Special

Relationship’ and by the UK’s Chancellor of the

Exchequer, Philip Hammond, saying that he

anticipates ‘a very constructive dialogue’ with

the new US administration. As we’ve seen,

Trump considers China as the real threat.

So while, to an extent, it’s true that when

the US catches a cold we all sneeze, if the US

economy grows then the effect could trickle

around the world – but only to the extent that

any new tariffs allow.

The problem for Trump is that globalisation

and free trade has been good for the global

economy. While the popular sentiment (not

quite if you consider the 0.2 percent lead

Clinton had over Trump) was for protectionism,

Americans who voted for Trump will lose out

if for no other reason that they (and the rest of

the world) will cease to benefit from cheaper

goods and greater choice. From the food in

their supermarket to their holiday or favourite

smartphone, prices are surely going to rise if

trade becomes subject to a tariffs and a trade

war. Only time will tell.


17

OPINION

GROWING

IMPORTANCE

Salaries continue to rise as demand for credit professionals intensifies.

Karen Young FCICM takes a closer look at regional pay statistics.

THE repercussions of the political

events in 2016 are a long way from

being fully realised, but the credit

management profession is preparing

for the future and, as companies look to

protect and maximise their cash position, the

importance of a talented credit function has

never been greater. The credit recruitment

market continues to see movement from both

a candidate and employer perspective. Credit

professionals are actively seeking new career

opportunities and employers are focused

on hiring the very best talent they need in a

changing business environment. Although

recruitment in finance departments, on the

whole, will be given careful consideration

throughout 2017, talented credit professionals

look set to retain their sought after status.

Pay for credit professionals increased

by 3.7 percent on average in the past year,

with the highest salary increases for some

roles double this. Findings from The Hays UK

Salary & Recruiting Trends 2017 report show

that the average salary for credit professionals

recruited by Hays Credit Management within

the last 12 months is now £36,396, 3.7

percent up from £35,115 in 2016. The 3.7

percent salary increase received by credit

professionals is more than double the 1.4

percent salary increase those working in

accountancy and finance received overall.

Salary increases have not

been limited to senior roles,

for instance, credit control

supervisors in the North

West have seen an eight

percent rise in pay, such is

the demand for their skills

in the region.

Last year 48 percent of credit professionals

expected their rate of pay to increase in the

next 12 months and were proven correct; in

fact, our research suggests that 51 percent

more received a pay rise in 2016 than

expected to.

Salary increases in 2016 were not isolated

to the usual hotspots of London and the south

east, with many areas of the UK receiving

above average increases to the rate of pay in

the finance profession. Credit professionals in

the West Midlands and South West England

received salary increases of four percent or

more. Salary increases have not been limited

to senior roles, for instance, credit control

supervisors in the North West have seen an

eight percent rise in pay, such is the demand

for their skills in the region.

Most employers in finance (93 percent)

expect their business activity to increase

or stay the same in 2017, with 58 percent

forecasting an increase in activity. This is

slightly lower than the national average (62

percent pre the EU referendum, 57 percent

post the vote) however only six percent

expect to see a decrease in activity which is

in-line with national averages both before and

after the EU referendum. These figures show a

consistency in business positivity following the

referendum and indicate employers’ long-term

economic outlook remains robust, despite a

turbulent political and economic year.

Skills shortages will continue to cause

challenges in 2017. The majority (75 percent)

of managers hiring finance roles say the

shortage of suitable candidates is the top

recruitment challenge for the coming year,

this figure is slightly below the national

average both before (77 percent), and after

(79 percent) the referendum vote. So, in a

market that is fiercely competing for talent,

organisations should review the speed and

agility of their recruitment processes so as not

to lose out on strategic hires.

Credit professionals are still concerned

with the lack of career progression. When

asked about their career development

opportunities the majority (58 percent) of

credit professionals said they felt there

was no scope for career progression within

their current organisation. This is a slight

improvement compared with the 60 percent

last year who said there was no progression.

However, it is clear that employees continue

to care very deeply about building a career

in credit management, yet are not able

to see the career paths available to them

in their current organisation. Therefore,

keeping career development high on the list

of priorities is more important than ever for

employers. Now is the time when employers

in credit management should step up and

start investing time and money in their

credit teams or they will lose their top talent

to companies better placed to help them

progress. It is crucial day-to-day activities do

not overshadow the long-term development

of staff.

Uncertain economic conditions often

create a greater need to manage risk and

cash flow, highlighting the importance

of hiring effective credit managers. We

do not anticipate the demand for credit

professionals to diminish any time soon,

giving people the confidence to move and

encouraging employers to offer increased

salaries. However, employers looking to hire

in the coming year will need to act decisively

as competition will be as fierce as ever;

and those looking for the very best talent

must have a clear plan for progression as

employees have never been keener to build a

long-lasting career in credit management.

Karen Young FCICM is Director of Hays

Credit Management.



Now is the time when

employers in credit

management should

step up and start

investing time and

money in their credit

teams or they will

lose their top talent

to companies better

placed to help them

progress.

Northern Ireland

£40,000

Scotland

£38,000

CREDIT MANAGER

AVERAGE REGIONAL

SALARIES

North East

£36,000

North West

£35,000

Yorkshire and Humber

£36,000

East Midlands

£35,000

Wales

£35,000

West Midlands

£48,000

East of England

£35,000

South West

£36,500

South East

£40,000

London

£55,000

Credit

Controller

CREDIT MANAGEMENT

Credit Controller

Supervisor

Credit

Manager

Group Credit Manager

/ Head of Credit

Region 2017 2017 2017 2017

North West £22,000 £28,000 £35,000 £50,000

North East £20,000 £26,000 £36,000 £58,000

Yorkshire & Humber £20,500 £26,500 £36,000 £56,500

West Midlands £23,000 £29,000 £48,000 £65,000

East Midlands £21,000 £26,000 £35,000 £55,000

East of England £24,000 £29,000 £35,000 £55,000

London £26,000 £36,000 £55,000 £70,000

South West England £22,500 £26,000 £36,500 £55,000

South East England £26,000 £32,000 £40,000 £63,000

Scotland £20,000 £27,000 £38,000 £50,000

Northern Ireland £21,000 £26,000 £40,000 £45,000

Wales £19,500 £26,000 £35,000 £52,000

National Avg. 2017 £22,125 £28,125 £39,125 £56,208



EDUCATION

HOW MUCH DO WE

REALLY CARE?

Sue Chapple FCICM, Executive Board Director of the CICM, was shocked

at the treatment a friend received when he became vulnerable.

I

have spent the majority of my career working

in and around debt, and up until six months

ago I think I was firmly of the ‘can’t pay, won’t

pay’ view of debtors. The majority of people

in debt can afford to pay something. That was

until someone in our social group suddenly found

himself in what we now know to be a ‘vulnerable’

state.

A director of his own successful estate

agency business with an office in an affluent

area experienced the extremely distressing

breakdown of his 20-year marriage and saw

him suffer from acute anxiety and depression.

Due to his illness he was unable to work and

was forced to cut all personal expenditure and

take the drastic decision to sell his business for

nothing so that someone else could take on his

business liabilities, which included paying his six

employees.

This meant that in one fell swoop he had no

access to the internet or income. Even the form to

apply for emergency income support is 93 pages

long, and the Citizens Advice Bureau (CAB) had

never experienced a situation where someone

was not able to complete it online.

As a group of friends, we have been keen to

help and provide support while, on the advice of

the doctor, trying to ensure that he is able to retain

some kind of independence.

The response from different organisations and

the banks have had the worst impact. I cannot

believe how his main High Street bank has

responded. Despite fully explaining the position

on day one (no income, no job and no ability

to currently change any of that), and pleading

with them to allow some breathing space, within

a couple of weeks of defaulting on credit card

payments, it was sending up to six letters a

week demanding a phone call to explain. All this

despite numerous lengthy letters explaining that

the immediate level of anxiety meant a phone call

of this nature was simply not possible.

After having banked with them for 40

years, I had expected there may be greater

understanding. After eventually complaining, he

was offered £120 as compensation, but advised

that it had to be paid into his overdrawn account.

This was the final straw, and as a result a number

of us in the group have now moved our accounts.

A few weeks ago he was close to being able

to look for work again. I called the Job Centre

three times (calls go to a national call office) and

waited 40 minutes on each call. I was told no

appointment was needed and he just had to turn

up at the Job Centre, only to be confronted with

a look of surprise from the receptionist when he

arrived with her stating that she had no idea why

we had been told that. No surprises - but the form

we needed to complete was also online. This event

again increased anxiety and distress.

Seeing first-hand how quickly someone can

become vulnerable has really opened my eyes.

Anyone could experience emotional breakdown

without warning. What is most shocking to me

is how suddenly and quickly you can go from

relative financial stability to trying to survive on

£73 a week unemployment benefits; that’s barely

enough to keep petrol in your car, especially when

you consider his case and the number of doctors’

appointments he has had to attend.

My friend is in the largest demographic of

those that find themselves in this situation. A

single man with grown-up children that has

recently, for the first time in his working life,

become unemployed. Yet because of his lack of

dependants – both his children are at university

– he has been put to the back of the queue. Why

are the systems and processes in place so stacked

against those that need the most help?

So what can we do to help? Certainly those

in the debt industry can help by giving those

experiencing difficulties some breathing space.

By ensuring that the staff on the front-line actually

deliver the services and empathy that we all hear

is in place at strategic level. Given the right help

he could have been back on his feet by now. This

man is not a criminal out to defraud the system

and take advantage of the state and society; he is a

good man who has fallen on hard times.

It was this experience that prompted me to get

involved in the new CICM Vulnerability Group,

which I am hopeful will go some way towards

helping our staff to spot vulnerability and provide

the right level of empathy to help those that are

suffering. Statistics show that individuals, such

as our friend, recover and return to being good

customers – and they will remain loyal to the

support provided.

To find out more about the CICM’s Vulnerability

Group visit the news section at www.cicm.com.



INTERVIEW

WILDE AT HEART

Sean Feast continues his series of interviews with alternative finance providers

and speaks to John Wilde, co-founder of Amicus Commercial Finance.

JOHN Wilde is in fact an understated,

outwardly calm and softly spoken man

who strikes you as if nothing would faze

him. That could be something to do

with his childhood in Manchester in the early

1960s, brought up in a children’s home and

in long-term foster care, and schooling at a

local Grammar (St Ambrose’s College) run by

Christian Brothers. Even by his own admission

he describes those days as ‘interesting’ and

as such he has never taken anything for

granted.

Apart from his wife, who he met when he

was 15, his first passion was sport: “I loved

sport from the beginning and in many ways

it was my salvation. I was never happier than

while playing sport, and it kept me out of

trouble. I played everything and anything, from

soccer through to tiddlywinks.”

Indeed, John was a tidy rugby player in his

day, turning out not only for the school 1st XV

but also his local club, Winnington Park in his

home town of Northwich. “I was the scrum

half until the arrival of a certain Dewi Morris

(Morris went on to play 28 times for England.

Ed.) and then I moved to the wing. He was a

class apart.”

Although John does not describe himself

as ‘academic’, he still achieved four A Levels

and a place at Liverpool University to read

Law. Unfortunately, an unwise purchase put

paid to his tertiary education after the first

year: “I spent most of my grant money on

a motorbike and then found that I couldn’t

afford to continue studying,” he smiles. To

make matters worse, his bike was stolen soon

afterwards.

BANKING CAREER

John recognised that he needed to work:

“Living in Northwich at that time, many of

my contemporaries were apprentices at ICI

or Rolls Royce (in Crewe), but my best friend

at the time had recently started working at

NatWest and so I applied to the Midland

and Barclays for a job. Midland came first

and offered me a position, and so I fell into a

career in banking.”

As it happened, the rigour and discipline

of banking was to stand John in good stead,

learning about structure, management, and

the importance of dual controls. Soon he

was promoted onto the counter, interacting

with customers, a role that he relished. Other

promotions followed, during which he studied

for his banking exams and had all-but finished

his AIB (as it was then) qualifications when he

left to work in the world of Hire Purchase (HP).

“I was running a sub-office of the bank

in Altrincham and could see how my career

was being mapped out. Another friend was

working for Lloyds & Scottish, and he had a

car. This really impressed me at the time, and

was the catalyst for me to move. I joined L&S

(which soon after became Lloyds Bowmaker)

and started to learn about selling HP and

asset finance.”

In working for L&S, John had once again

fallen on his feet: “They had one of the very

best training academies at Ramsay Lodge in

Edinburgh where I was sent to learn how to

‘sell’. It was a month-long, residential course,

and really intense. There were 40 of us at

the beginning, and when you came down to

breakfast every morning, you’d always notice

a face or two missing.

“I was told by my boss that if you went

to Ramsay Lodge, you had to finish top, and

as it happens I did. It was a very winning

culture and attitude; they really invested in the

mechanics of selling, something that you don’t

see as much if at all today.”

continues on page 22 >



INTERVIEW

continued from page 21

>

All went well until the company’s business

model changed, and John moved into full-time

arrears work, collecting debts from customers

and repossessing cars and other assets. It

was another steep learning curve that gave

him an even greater insight and understanding

into the lending environment, both the good

and the bad: “It was very high octane and

high energy,” he recalls with a hint of a wistful

smile. “There was tremendous camaraderie

and it was great fun.”

COMMERCIAL MORTGAGES

An opportunity to join the French bank,

UCB, tempted John into selling commercial

mortgages: “I knew little about commercial

mortgages and little about UCB, but they had

a great company car policy,” he laughs.

He joined the Manchester office and soon

after becoming commercial manager for the

region. Having clearly attracted the attention

of senior management, John was approached

with an opportunity to run the Guildford

branch, which at the time was fast becoming

the jewel in the company’s crown. Though it

meant moving his wife and two small children

south, he recognised the significance of the

opportunity: “We had 16 branches at the time

and we won branch of the year twice, back to

back.”

Further promotions followed, including

a seat on the Management Board, before

the company changed direction to become

a ‘product’ business and was later sold to

Birmingham Midshires. Emotionally, John

has already left, although stayed on as a

consultant to ease the transition, as well as

working for other finance providers at the time

including GE and Close Brothers. Another

opportunity, this time working for J.P. Morgan,

then presented itself:

“I was approached to set up a commercial

mortgage backed securitisation platform

in Europe and didn’t want to turn down an

opportunity of working for J.P. Morgan. It

meant working in the UK, France and Holland,

during which time we completed two marquee

deals, including the largest cross-border

securitised commercial mortgage transaction,

and the purchase of a property bank based in

Martinique!

INVOICE DISCOUNTING

A hankering to launch his own business was

never far away, however, and an ongoing

dialogue with his former boss and mentor

at UCB, David Hogg, eventually led to the

launch in 2000 of SME Commercial Finance,

an invoice discounting business. Finding the

investors, John says, was a challenge: “What

we learned was that you have to be extremely

tenacious and driven to persuade investors to

part with their hard-earned money.”

The business did well, growing both

organically and by acquisition, until the crash

of 2007/8 when the company had to hunker

down along with the rest of the commercial

funding community. It was in 2013 that SME

sold to a challenger Bank, and John was

again retained as Managing Director to see

the deal through its first year. Soon after, and

he was once again planning the launch of his

new enterprise, Amicus Commercial Finance.

Amicus Commercial Finance, funded by

Amicus Finance PLC, is not, John stresses,

a factoring company. It specialises in

confidential invoice discounting, targeting

firms from all sectors up with a turnover of

£20 million. He has created, he believes, the

perfect synergy between ‘technology’ and

‘customer service’.

“The Fintechs gave everyone a kick,” he

explains. “They really shook the alternative

finance sector up, and showed how poor

some of the providers had become. But much

as we need technology, there is only so much

that can be achieved ‘digitally’. I still believe

that you need the human element, to build a

relationship with your customer, just as we did

behind the counter at the Midland all those

years ago.

“What we have created is a receivables

finance business, providing working capital

to owner managed SMEs using technology

to create greater efficiencies, but where there

is always someone available at the end of

the line to talk through a problem, an idea or

a challenge. We are still very much focused

on ‘the customer’ and building a long-term

relationship with that customer.”

TRANSPARENCY AND CLARITY

John acknowledges that part of the

problem with the invoice finance

industry generally, and factoring

in particular, is that it is too

complicated: “The industry and the

product has lacked transparency

and clarity, especially in relation

to charges, and that has held it

back.

“What we are trying to do is

simplify things, to the point of

developing a product and a ‘feeling’ that we

are more like an overdraft, where it is easy to

see how much you have left to draw against

and how much it is costing you. I am not

saying that there isn’t a market for factoring,

but I am saying that it is a product that we do

not wish to provide.”

Certainly Amicus has hit the ground

running. In very short order from its launch in

November 2015, John has built the systems

and processes required to run a commercial

finance business, with the underwriting

and credit policies written and funding and

banking lines agreed. All of the regulatory

elements such as KYC and AML have also

been addressed.

“We wrote our first customer in January

and by the end of our first year had 31 clients

and £5.5 million of cash employed. Our target

by the end of 2017 is to reach 140 clients,

using £25 million of funds.”

It is, John believes, an exciting time: “We

are creating something that is sustainable

and that has long-term value,” he adds. “As

owners/managers ourselves, we understand

the importance of cashflow and not just from

something we’ve read in the book. What we

offer is not for everyone, but if you want to be

a big fish in a comparatively small pond, then

we are probably for you.”

And of the future? Does John have

any regrets about leaving university or

not pursuing a sporting career? “I am a

pragmatist,” he jokes, “and always knew there

was someone bigger and stronger out there.

I never have regrets, but perhaps I

could go back and finish my

degree.”



‘‘What we

offer is not for

everyone, but if you

want to be a big fish

in a comparatively

small pond, then we

are probably for

you.’’

What we have created is a receivables

finance business, providing working

capital to owner managed SMEs using

technology to create greater efficiencies,

but where there is always someone

available at the end of the line to talk

through a problem, an idea or a challenge.

We are still very much focused on ‘the

customer’ and building a long-term

relationship with that customer.



LEGAL MATTERS

ARE YOUR TERMS AND CONDITIONS

OF BUSINESS FIT FOR PURPOSE?

When was the last time that you: reviewed your terms and conditions of business?

or considered the procedure for ensuring that they govern your contracts?

DD + 44 161 604 1642 E craig.chaplin@dwf.law W www.dwf.law/recover

Craig Chaplin

THERE have been numerous recent

changes in the relevant law and the

technology that businesses use to form

contracts. Are you confident that your

terms and procedures still represent best

practice?

The key points for you to consider and take

advice on are:

1. Incorporation

There’s no point having perfectly-drafted terms

and conditions unless they form part of every

contract. DWF can review your methods of

forming contracts and advise on the most

appropriate method of incorporating your terms.

2. Price and payment

There are lots of issues to think about:

Is it useful to make time of payment of the

essence? Should you exclude the customer’s

right of set-off? If so, is there a risk that this

may be unenforceable under UCTA. Should you

rely on the Late Payment of Commercial Debts

(Interest) Act 1998 (LPA) or include a contractual

interest rate? Can you “mix and match” the

LPA provisions and contractual rights?

3. Retention of title (ROT)

Drafting a good ROT clause is about protecting

your business, while not making the clause

unenforceable. For example, do you want to

include an “all monies” clause so that title only

passes when the customer pays for all the

goods that you supply? This risks making the

clause unenforceable if not carefully drafted.

You also need to consider what the customer

does with the goods, e.g. selling them on or

using them to make other goods.

4. Penalty clauses

The Supreme Court recently set out a new

test for when a clause that provides for a

remedy such as interest on late payment is

an unenforceable penalty. You should review

all such clauses to check that they still work

under the new rule and whether they could be

redrafted to offer more protection.

5. Variation clauses

While your terms probably include a provision

that the contract can only be varied in writing,

recent case law has confirmed that this can be

overridden by the parties’ oral agreement or

conduct. Have you trained your team on this

risk?

6. The Modern Slavery Act 2015

Have you heard of this new act? If so, did

you assume that it’s nothing to do with your

business? This is a common misconception

and you should think again. All large

commercial organisations carrying on business

in the UK must publish an annual “transparency

statement” setting out the steps they have

taken in the previous year to ensure that their

business and supply chains are slavery-free.

If caught, you need to update your terms of

purchase to obtain appropriate warranties

from your suppliers. You should also consider

whether to update your terms of sale to give

your customers suitable warranties.

7. Unfair contract terms

Are you aware that the Unfair Contract Terms

Act 1977 doesn’t just apply to clauses where

you attempt to exclude or limit your financial

liability, but also to clauses where you purport

to give yourself the right to evade responsibility

for delivering the goods or services which you

have contracted to supply? This can include

tolerances, get-outs for late delivery, force

majeure, entire agreement clauses, or clauses

that restrict the other party’s ability to exercise

its rights.

8. The Consumer Rights Act 2015 (CRA)

If you contract with consumers, have you

updated your terms and conditions to comply

with the CRA? This has given consumers new

rights and remedies and created a new category

of “digital content” alongside the existing

categories of goods and services.

9. Data protection

In May 2016, the EU adopted the General Data

Protection Regulation (GDPR), which member

states must comply with by May 2018. Despite

the recent Brexit vote, this is still important

because: (1) it is likely that the UK will still be

an EU member in May 2018; and (2) following

our departure, it is likely that UK data protection

law will mirror EU law so that UK businesses

can continue to trade with EU customers.

Accordingly, you need to update your terms to

comply with the GDPR.

DWF’s Commercial team has extensive

experience of drafting, reviewing and updating

terms and conditions of business. Contact Craig

Chaplin to discuss your requirements: 0161 604

1642 or craig.chaplin@dwf.law. We also offer

fixed price support to help you comply with your

obligations under the Modern Slavery Act 2015.

Please see http://www.dwf.law/news-events/

promotions/2016/03/modern-slavery-act-2015/

or email ModernSlaveryEnquries@dwf.law.

This information is intended as a general discussion

surrounding the topics covered and is for guidance

purposes only. It does not constitute legal advice

and should not be regarded as a substitute for taking

legal advice. DWF is not responsible for any activity

undertaken based on this information.

Craig Chaplin is a Partner at leading law

firm DWF and Head of the Commercial and

Competition Team. Craig provides advice on all

different types of B2B contracts. His particular

specialisms include information technology,

telecommunications, outsourcing, facilities

management, franchising and intellectual

property licensing. Craig regularly advises

on IT infrastructure projects and complex

relationship agreements as well as high value

brand acquisitions.

AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF

VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE.



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VIEW FROM THE SEA

PLUS ÇA CHANGE

David Andrews takes a road trip to Strasbourg passing through France

and Germany and wonders what the future holds.

We headed almost

straight east of Paris,

rising in the air as though

we were sitting inside a

boat that was being lifted

by some giant, and the

ground began to flatten

out beneath us. It looked

out into brown squares,

yellow squares, green

squares and big flat

blotches of green where

there was a forest. I began

to understand cubist

painting.

AS I strike out east on the long drive

from Dieppe to Strasbourg, the early

morning sun already starting to

intensify on the horizon, I set myself

the first of my usual French driving challenges.

Do not, under any circumstances, David,

react to the maddening French motorists who

stubbornly stick to my rear bumper at 130

kph. Calm, David, calm. I’m trying. It’s not

easy.

I absorb the featureless, gently undulating

greens and greys of the Pas de Calais flanking

the autoroute, the newly anointed Nobel

Laureate Bob Dylan playing above the drone

of the car, and I think about a collection of

journalism set in France by a former Nobel

Prize for Literature winner, Ernest Hemingway,

penned over 90 years ago.

Back in 1922, Hemingway and his wife

also headed out to Strasbourg, flying from

Paris in those pioneering days of commercial

flight. Here is the great man, filing a story

for the Toronto Daily Star, published on

September 9, 1922.

‘We headed almost straight east of Paris,

rising in the air as though we were sitting

inside a boat that was being lifted by some

giant, and the ground began to flatten out

beneath us. It looked out into brown squares,

yellow squares, green squares and big flat

blotches of green where there was a forest. I

began to understand cubist painting.’

It’s a beautiful description, harnessing a

well-disguised simplicity of language and

purity of tone, and already bearing the stylistic

hallmarks of the great work yet to come.

Hemingway’s flight took around two and

a half hours from the capital. My drive from

Dieppe was nearer to seven hours, taking in

the killing fields of Verdun and the great city of

Reims. It’s a long way, but at least, I thought,

there were no hold ups. Just fast driving,

paying to use roads which are well maintained

and for the most part clear of any meaningful

congestion.

Ah, the joys of European motoring – but

for how much longer will we be able to enjoy

this relatively seamless passage – and where

better to sample the thoughts of our French

neighbour on our impending departure from

the EU cocoon than Strasbourg, imperial seat

of Alsace power and wielder of limpet-like

bureaucratic control?

Despite battles raging in and around

the city down the centuries, Strasbourg is

as impeccably preserved as a jar of Swiss

pickles.

A reassuringly bourgeois ambience

pervades the spotless boulevards. Designer

boutiques bustling with the chic and the

moneyed, restaurants and packed bars gently

competing for the high-roller business funded

by diplomatic corp salaries.

Strasbourg’s old town, site of one of

Europe’s greatest cathedrals (and incidentally

where my daughter now resides while

attending the nearby music conservatoire)

resonates with profoundly lovely medieval

architecture, which, extraordinarily, has



We want to build the

financial capital of

the future, stated the

Prime Minister, Manuel

Valls, sabre rattling in a

recent gung-ho address,

presumably designed to

reassure alarmed voters as

well as a direct appeal to

the banking and financial

decision makers. In a

word, now is the time to

come to France.

escaped the ravages of both time and the

ferocious attempts of the Third Reich to

obliterate it from the face of the earth.

And if the city does not quite cut it, there

is always Germany, a short hop and a jump

away. Just as I do today, Hemingway found

it a breeze to pop across to war-scarred

Deutschland all those years back. A quick

flash of the passport and you are in.

And as French troops discovered back in

1918, cycling into Germany is a pretty efficient

way to travel. You’ll be speaking in German,

rather than French of course, but apart from

the language and the labels on the beers,

the immediate border country is virtually

indistinguishable. Think of it like crossing from

England into Wales, just with more sunshine.

Yet ease of passage through these border

zones may soon become a distant memory for

Brits, as the process of disentangling the UK

from the European Union begins in earnest.

Then again, maybe it will not be quite so

hard to do business – in France at least – as

some have made out.

While Strasbourg is (currently) undeniably

the city du jour for political decision-making

in the heart of Europe, it could be that Paris,

for so long a magnet for global tourism, is also

set to become home to the UK’s upper strata

of investment bankers and the crème de la

crème of our business decision makers.

The French Government recently pledged

to make its tax regime for expatriates the

most favourable in Europe, in a grab for

London-centric banking business displaced

by our decision to quit the European Union.

“We want to build the financial capital of

the future,” stated the Prime Minister, Manuel

Valls, sabre rattling in a recent gung-ho

address, presumably designed to reassure

alarmed voters as well as a direct appeal to

the banking and financial decision makers. “In

a word, now is the time to come to France.”

Mais oui. Bien sur. But is it really?

France’s general disdain for big business

is well documented. The Republic’s ideals,

built on the foundations of radical ideologies

underpinned by Robespierre and his

followers, created a universal socialism of

sorts, which permeates contemporary French

society.

And while the French – as evidenced by

the well-heeled denizens of urban fortresses

such as Strasbourg – invariably demonstrate

a clear appetite for the finer things in la vie,

business, and the overt successes which are

inevitably inculcated within major blue blood

brands, are all too often dismissed as vulgar

and plebian.

So as I drift through the polished

cobblestones of Strasbourg, absorbing the

timeless beauty of buildings designed and

constructed by determined men and women

centuries before, avoiding the pleading eyes

of the beggars and the destitute ironically

staring hungrily from under ragged hoodies,

I wonder how the domestic and international

landscape will look a few years’ down the line

from now.

The great European frontiers, which

Hemingway and his bohemian entourage

traversed so easily almost 100 years ago will

become more forbidding, less inclined to the

friendly wave.

Some, Greece, perhaps, Austria and

other countries exasperated with political

and economic refugee influxes may extend

a frosty unwelcome to UK travelers also,

erecting the closed sign and effectively

terminating decades of post-war goodwill.

We shall find out soon enough.

Plus ça change, as the French would have

it. Things change…but they don’t change.

Hemingway might have had different ideas.


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28



TRADE TALK

So the multi-layer

impact of trading

internationally

begins to show itself.

This in turn creates

paperwork that is

sometimes referred

to as red tape by

those who don’t value

the security aspects

or usefulness of

understanding trade

flows.

MESSY BUSINESS

What is a trade agreement? Lesley Batchelor FCICM OBE explains

the different options open to the UK post-Brexit.

THESE are normally termed Free Trade

Agreements and allow a reciprocal

relationship between countries to be

documented in terms of preferential

tariffs in the goods or services bought in

market. This is a distinct and different tax to

the local tax that would be attracted by the

transaction that we call VAT, but is called

various things across the world. So the multilayer

impact of trading internationally begins

to show itself. This in turn creates paperwork

that is sometimes referred to as red tape by

those who don’t value the security aspects or

usefulness of understanding trade flows.

Each trade agreement needs to benefit

both parties, who will look to protect the

national business interests while trying to

facilitate bilateral trade. This, by its very nature

can prove difficult to achieve as anyone who

has negotiated bedtime with a five-yearold

will vouch, there isn’t really a template

to use but there are interests that are both

sacrosanct and can be sacrificed in order to

protect the overall plan. Negotiation can be

arduous, as we have seen with the European

Union (EU) trade deals, but are great once

finalised for those on both sides of the deal to

promote and increase trade between the two

countries.

On 30 October the long-awaited

Comprehensive Economic and Trade

Agreement (CETA) between the EU and

Canada was signed, despite last minute

delays arising from objections from a Belgian

regional government. This agreement, which

has taken seven years to negotiate, should

take effect on a provisional basis once it has

been approved by the European Council and

the European Parliament (probably in 2017).

Full official implementation may be delayed for

some time by further popular protests across

various EU Member states.

The CETA is expected to benefit EU

exporters by removing up to 90 percent of

tariffs on EU goods sold to Canada and vice

versa. It is also expected to open up access

to many service sectors, as well as enabling

EU businesses to participate in Canadian

government tenders, at national and regional

levels. As with many Free Trade Agreements,

some elements appear more contentious

than others, with some aspects appearing to

be more beneficial to Canadian companies,

rather than EU businesses.

The CETA negotiations came to public

prominence during the recent UK Brexit

referendum campaign, as the ‘Canada model’

was often quoted as a possible option for

the UK in a post-Brexit environment. This

agreement, if negotiated along similar lines

between the UK and the EU, would certainly

have the effect of reducing the impact of

customs tariffs for trade between the UK and

the EU, without requiring the UK to contribute

to EU budgets, or accept freedom of

movement of people. It is worth remembering,

however, that these tariff benefits would only

apply if goods can be shown to originate in

the UK or EU, based on complex rules of

origin. Traders would have to provide proof

of originating status, which would have an

administrative impact on businesses. The

level of access to service sectors may also

not be sufficient for the UK, especially in the

financial services sector. Critics also point

to the lengthy time which is typically taken

to negotiate similar Free Trade Agreements

– in this case seven years (and counting).

However, there is a double edged sword

here. Although any trade deal may be less

complicated because it would be the UK only

negotiating, therefore must be less complex

than finding consensus with 28 countries,

the fact that it is only the UK may reduce the

priority of the deal.

The good news is that it is hoped that UK

traders will begin to experience the benefits

of CETA in 2017, although they will only last

for as long as the UK remains a member of

the EU. Access to the agreement, and the

benefits that it brings will cease once the

UK leaves the EU. Ironically, UK companies

may then find themselves disadvantaged

by the agreement, if they are competing to

sell goods in Canada up against other EU

companies, who will still have the preferential

status. This is just one of the many wrinkles

that need to be ironed out as the UK learns

to negotiate trade agreements. You could get

a head start by studying with the Institute of

Export and International Trade: export.org.uk/

qualifications.



INTERNATIONAL

TRADE

MONTHLY ROUND-UP OF THE LATEST STORIES

IN GLOBAL TRADE BY ANDREA KIRKBY.

AUSSIE RULES FOR CAPITAL EQUIPMENT

BREXIT will force British exporters to look

for new markets or change their priorities,

and one market that seems set to benefit is

Australia. It’s already the UK’s 14th largest

export market, and an Institute of Export guide

points out that with Free Trade Agreements

across the Asia Pacific region, it can work

as a regional base for exporters. Despite low

commodity prices hitting its massive mining

sector, the country has maintained 25 years

of uninterrupted economic growth, and has

a developed economy with a strong finance

sector. All this, plus an English speaking

market, a legal market, and institutions which

look remarkably familiar to British exporters.

Capital equipment exporters will have the

biggest bite at the cherry; vehicles, industrial

machinery, scientific instruments, electrical and

power generation plant are all big export sectors.

Which isn’t to say other sectors can’t do well!

You’ll also benefit from the climb of the Aussie

dollar, one of the strongest currencies around this

year. That bodes well for the economy – though it

may make life difficult for Aussie exporters.

INDIA Vs CHINA

INDIA vs China is the local derby of the world

economy. This time around India looks to

be winning, with real GDP expected to rise

seven percent in both 2016 and 2017, and

insolvencies on the way down.

There are still problems though. Despite

government promises of reform, it’s still a

tricky place to do business, with different

regulations (and tax rates) in different states.

Late payment is a problem, and although

half of all B2B sales are for cash, it still has

the highest days’ sales outstanding in Asia,

with 55 percent of invoices paid late. That

can make keeping your cashflow healthy

something of a challenge despite the high

headline growth rates.

China, on the other hand, is seeing its

economy slow further; from 6.9 percent

in 2015 it’s likely that GDP growth will

undershoot the 6.5 percent target in 2016

and 2017. From being a rising tide that

floated all boats, the Chinese economy has

become a polarised game with big winners

and bigger losers – the winners in automotive,

transportation, technology, pharma, and retail,

and losers in chemicals and coal, construction

and metals. Watch out if you’re supplying

the ‘loser’ sectors; state-owned enterprises

in particular could be cutting back or even

closing down, and the risk of bad debt is high.

So while in both countries you’ll need to

manage customer credit wisely, and pursue

bad debts proactively, in China you’re also

going to need to pick the right sectors – and

if you’re selling into ‘loser’ sectors, you may

need to start trimming your exposures.



HEDGING YOUR BETS

NISSAN seems to be staying in Sunderland

– though it’s anybody’s guess how much

the Government had to promise it to get

that concession. What interested me about

Nissan’s announcement, though, was the

nuanced nature of its original decision –

keeping old models rolling out from its UK

plants but investing for further growth and the

production of new car models in the EU.

I think that’s a pretty good strategy for

many mid-sized exporters. If, unlike Nissan,

you don’t have privileged access to the ear

BLIMEY. No one thought President Trump

would really happen. And that puts a lot of

things up in the air; will he protect the Baltic

republics? What happens to Mexico and the

North American Free Trade Agreement? What

about Brexit in an era of US protectionism?

But in fact the big issue hasn’t changed

- when will the Fed raise interest rates? And

what will the impact be for the rest of the

world?

Bets are on a move in the short term. After

years of low and even negative interest rates,

CHEMICAL

REACTION

CHEMICALS have been doing well recently,

but suppliers to the sector need to watch out;

that success may not continue. The industry

has benefited from low feedstock prices as

the oil price has troughed, and the price of

naphtha – a key input – has fallen 60 percent

since 2013. But US firms have an advantage

over Europeans – they’re getting a shale gas

windfall too.

If oil prices rise, chemicals companies’

finances could be stretched. And that seems

likely to hurt UK and European firms more

than it will the Americans. If you’re supplying

the sector, keep tight control of your working

capital.

of the Prime Minister, perhaps you should

consider using its original strategy instead;

get your products for the EU market made

in the EU. It may cost in the short-term, but

it covers you whether we head for a ‘hard

Brexit’ or a softer Norwegian-style model.

And it’s going to be much easier to put in

place now, while we still have freedom of

movement for both labour and capital,

than it will be later. Insurance is never

cost-free – but it’s often sensible to buy it

nonetheless.

ALL BETS ARE OFF

a US move could herald the start of a new

cycle of hikes. That could lead to currency

volatility as well as to a fall in asset prices -

from the stock market to residential property.

Janet Yellen remains in place as head of the

Fed till 2018, though Trump could install new

members on the board, so policies aren’t

going to change overnight.

Keep your eyes on the economic news

and don’t be bamboozled by the political

coverage. It’s the Fed, not the President,

which will decide the future of interest rates.

DOING WHAT THE OTHERS CAN’T

NEWS IN BRIEF >

PEGLER YORKSHIRE

Pegler Yorkshire has achieved success in

Asia with its fittings, exhibiting at the big

Bangkok building trade show BMAM. Huge

infrastructure spend is coming on stream in

Asia and Pegler aims to get its fair share.

Key to Pegler’s strategy? First of all, going

to the right shows with the right products.

And secondly, having a Hong Kong office

that can provide support, as well as sales and

marketing, across the region. From Push Fit to

Xpress Press, it seems to be working.

WE ARE ALL RELATED

A lot of the coverage of Brexit and its impact

on trade has concentrated on single countries

or blocs – trade with the EU, with Canada,

or with Australia. But globalisation makes

it impossible to analyse a single trading

relationship without understanding how it

fits together with others. Euler Hermes has

produced a superb, thoughtful analysis of

global trade with its Trade Wars – The Force

Weakens – if you haven’t read it, you need to.

Though it has to be said you’ll need a high

tolerance for Star Wars references to get

through it!

CURRENCY UK

FOR THE LATEST

EXCHANGE RATES VISIT

CURRENCYUK.CO.UK OR

CALL 020 7738 0777

Currency UK is authorised and regulated

by the Financial Conduct Authority (FCA).

HIGH LOW TREND

GBP/EUR 1.1657 1.1049 Up

GBP/USD 1.2429 1.2104 Up

GBP/CHF 1.2364 1.1906 Up

A lovely press release from Cobham trumpets

its success in securing a 24-month contract

to provide aviation services to Aussie miner

Blackham Resources, flying into its Wiluna

operations. You might think it’s pretty easy

to operate small planes – but the difficulty,

according to Cobham, is the lack of an airstrip.

That’s where Cobham has an advantage

with its gravel runway kit – it can fly where

other operators can’t. That’s one of the best

examples of differentiation I’ve seen – and it’s

a clear reason for Cobham’s export success.

GBP/AUD 1.6463 1.5810 Up

GBP/CAD 1.6822 1.5931 Up

GBP/JPY 135.567 126.321 Up



COUNTRY FOCUS

Breaking

Adam Bernstein concludes his look at Russia and explores the potential

opportunities ahead on the World Cup 2018

THE Russian telecoms market is growing at two

percent a year and is Europe’s largest market

for mobile phones. As with the West, there is

demand for high speed mobile broadband

and also for help in improving communication services

in distant regions. That said, the fixed line network

still only covers about 28 percent of the population.

But where it is in situ, the World Bank the average

broadband speed is 7.4MB which is twice the global

average of 3.8MB.

WORLD CUP 2018

Despite the controversies, Russia is set to host the

World Cup in 2018 and the Government had given it a

budget $11.8 billion to stage the event. But the budget

has been cut more than once and it’s now down to $8.15

billion (February 2016) – a still not inconsiderable sum.

Opportunities include the design and construction of

new stadiums, training grounds, hotels,broadcasting

and media centres, the modernisation of airports and

other transport infrastructure.

BUSINESS FORM

While there are three types of business entity in Russia

– limited liability companies, joint-stock companies

and partnerships, many firms choose to work in Russia

via direct sales or distributor contracts because they

are not subject to Russian taxes, need no physical

presence in Russia via any corporate structure, and are

not responsible for Russian customs processes, taxes

and fees.

However, other options include opening a

representative office which is accredited for one to

three years, but can only carry out activities aimed

at generating profit, such as research. A branch of a

foreign legal entity is accredited for one, two, three

or five years and it can carry out all the functions of a

company.

It is possible to open a Russian subsidiary, of

which there are several forms, each of which has

different taxation, legal obligations, regulating bodies,

registration requirements and information disclosure

procedures.

LEGAL CONSIDERATIONS

Foreign investment in Russia is overseen by federal law

and it prohibits foreign investors from getting control,

or substantial stakes in Russian strategic industries,

and specifies that foreign entities are treated equally

with Russian firms. However, it does protect investors

against unfavourable changes in tax, customs and other

legislation for up to seven years.

Investors also have protection by being able to

recover damages resulting from illegal actions, or

inactivity of government authorities, local government

bodies or officials,protection from property seizure,

protection from adverse changes in tax and customs

legislation during the payback period of an investment

project, and a right to an unimpeded transfer of profits,

income etc. from investments.

The Unified State Chamber of Registration is the

major registering authority for most legal entities

operating in Russia. But there are a number of other

government bodies with responsibility for foreign trade

regulation and licences to operate may be required on

both the federal and regional level.



the ice

Despite the controversies,

Russia is set to host the

World Cup in 2018 and the

Government had given it a

budget $11.8 billion to stage

the event. But the budget has

been cut more than once and

it’s now down to $8.15 billion

(February 2016) – a still not

inconsiderable sum.

continues on page 34 >



COUNTRY FOCUS

continued from page 33

>

INTELLECTUAL PROPERTY

Russia has signed various international treaties on

intellectual property rights and grants patent protection

for 20 years from the date of the application, subject

to an annual payment. Patent protection for medicine,

pesticide or agrochemical products can be extended

for another five years with special permission. The

Federal Service for Intellectual Property, Patents and

Trademarks has responsibility for intellectual property.

As the World Intellectual Property Review has noted, the

examination and registration of intellectual property

rights by the Russian Federal Service for Intellectual

Property (Rospatent) is done efficiently and without

unnecessary delay. Rospatent and the IP Court issue

decisions on time and treat domestic and foreign

applicants equally.

TAX AND CONSIDERATIONS

Legislation on taxes and charges is based upon the tax

code which is administered by the Federal Tax Service.

As Russian commercial legislation, and tax legislation in

particular, contains provisions which can be interpreted

in more than one way, they often overlap or conflict.

Advice on tax and legal issues is highly recommended

especially as accounts must meet International

Accounting Standards (IAS) and Russian accounting

standards.

It’s worth noting that there are 28 Special Economic

Zones which grant certain tax, customs and other

concessions to residents and investing companies.

There are four types of zone – industrial and production;

technology and innovation; tourist and recreational; and

port.

VAT is generally applied at a standard rate of 18

percent, corporate profits are taxed at a maximum of

20 percent on net income (companies pay nine percent

tax on dividend income), payments by employers to

the Russian Pension Fund, Social Insurance Fund and

Medical Insurance Funds amount to 30 percent of total

payroll, and personal income tax is paid at a flat rate of

13 percent. Foreign nationals are considered a Russian

tax resident if they live in Russia for over half a year in

12 consecutive months. Non-residents are also subject

to personal income taxation on Russia generated

income.

The Federal Customs Service regulates all goods

imported into Russia and as with other nations, the

import of certain goods requires a licence.

ENTRY REQUIREMENTS

Lastly, every visitor needs a valid passport and visa.

The rules are strict and detail is available at eng.

customs.ru/.

Russia has signed various

international treaties on

intellectual property rights and

grants patent protection for

20 years from the date of the

application, subject to an annual

payment. Patent protection

for medicine, pesticide or

agrochemical products can be

extended for another five years

with special permission.





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their order-to-cash cycle, allowing their clients

to streamline their internal processes and

save time, money, overheads, resources and

ultimately to get paid faster.

By regularly listening to its clients and

experts DI understand that the order-2-cash

cycle can often be overly time-consuming,

disjointed and ultimately expensive. Many

credit teams have to work through a

convoluted series of internal or outsourced

systems that are frequently unsecure,

unreliable and do not integrate. DI prides

itself on the level of continued research,

development and reinvestment committed

annually and to that effect 2016 has been

one of their most exciting years to date. To

support the launch of WebSend 4, the latest

solution currently on Beta test, the senior

management team has expanded and several

new colleagues have been introduced to the

company. On 18 November 2016 DI moved

into brand new offices where the significant

increase in floor space future proofs its future

growth strategy.

HOW CAN WEBSEND HELP YOUR

BUSINESS?

The author of the Billentis Report 2016, B

Koch states, “Electronic and automated

invoice processes increase the visibility,

which allows cash flow and working capital

management to improve. Data Analytics

and reporting features build an excellent

basis for effective financial decisions and

to maximise discount saving potential.” By

eliminating spreadsheets and automating the

delivery process, empowering credit teams

to streamline workflow and enabling your

customers to self-serve, WebSend helps to

build a strategic relationship between the

credit controller and the customer.



WEBSEND 4 IN SUMMARY

eBilling and Document Delivery Module

– empowers credit teams to automate

and manage the delivery of their financial

documents through the WebSend portal

including email, print and post, EDI and

fax. The WebSend portal offers complete

traceability and provides a two-way interface

between customer and client via the query

management tool. In addition, both customer

and client have access to a whole host of

information and functionality to improve and

enhance the collection process.

Credit Control Module – provides a fully

featured and comprehensive credit control

system for your AR team. This includes

the ability to view and manage scheduled

outbound calls and letters; record the results

of completed calls and automate the issuing

of dunning letters all via the portal.

Dispute Management Module – a built in

escalation process and 360 degree view of

individual disputes. This helps to ensure that

all of your disputes are managed effectively

and resolved in the shortest possible time

which reduces the number that become legal

cases. One of the key features of the module

is the ability to create single line item disputes

within invoices.

POD and Scanning Solution – full and

immediate visibility of the POD and invoice

on the portal resulting in faster payment times.

FEATURES AND BENEFITS

OF WEBSEND 4

One provider, one point of contact

- uniform, seamless and streamlined -

the straight road approach

Automation and traceability – your

credit team is better informed and

gains greater control over the collection

process

Simple integration with all ERP systems

- limited IT input, limited disruption

Scalable, cloud based architecture -

secure, easily accessible and easily

modified

Bespoke and built to your current

internal processes - reduces internal

costs

THE CUSTOMER

USER EXPERIENCE IS

IMPROVED

A staggering 83 percent of invoices

are downloaded in the first hour across

all DI clients.

IMPROVED CUSTOMER

EXPERIENCE

One stop shop for your customers

financial interface

Online interactive query management

24/7 online, on-demand visibility and

flexibility for communication

Easy, single and multiple copy

document facility driven through the

‘Self Service’ function of the portal

Online payments and statement

reconciliation

Multiple document format

No cost to the customer

Reduced carbon footprint

Dedicated customer helpdesk:

o Portal migration conversion

o Technical assistance

IMPLEMENTATION

Websend can be implemented within six

weeks and a typical ROI can be realised in

three to six months.

Client retention is one of DI’s biggest success

stories and something it is very proud of. If

you would like to find out more about Data

Interconnect’s Websend solution, please get

in touch.

EMAIL: nickw@datainterconnect.co.uk

TEL: 01367 245777

WWW.datainterconnect.com

LINKED IN: https://www.linkedin.com/

company/data-interconnect-ltd

TWITTER: https://twitter.com/DIWebSend

Data Interconnects brand new offices.

TESTIMONIAL:

“Data Interconnect was chosen initially because

of its innovative solution which provides a one

stop shop for SIG customers.

“The ease of that a customer can access

their data was also a key criteria for SIG. I

believe the Data Interconnect solution, is one

of, if not the best I have seen in the market.

“SIG has a complex subsidiary setup and

therefore significant IT time and demanding

timescales was requested of DI and I am

delighted to say DI was able to deliver in full

and on time.

“SIG has now converted 30 percent of

its customers to eBilling. The main benefits

we have seen relate to the delivery of its

documents to customers on the same day, the

ability of customers to retrieve copy invoices

and statements (PODs work in progress, pay

their account and log a query with their credit

controller and cost savings when compared to

post.

“This has increased efficiencies within the

team and the addition of PODs will significantly

add to this efficiency as we transition to a

customer self-serve model reducing calls

inward to the teams by over 3,000 (forecast)

per month.”

Simon Johnson

Director of UK Credit Management SIG plc.

‘‘‘‘



OPINION

THE WINTER OF

DISCONTENT

Alex Coates on the potential bumps in the road ahead

for sterling after the Brexit referendum.

THE key to understanding sterling’s future post-

Brexit is understanding uncertainty and the

degree of uncertainty that exists at any point

in time. Financial markets hate uncertainty;

economically speaking they would prefer the worst

possible outcome from an election or referendum

than the uncertainty that precedes it. Economists even

have a term for a sudden increase in uncertainty – an

uncertainty shock. Without doubt, with the outcome

of the EU referendum, we have experienced an

uncertainty shock.

In the lead up to 23 June the market had a view,

related to future economic performance, that a vote for

Britain to leave the EU would result in a significantly

weaker pound. Indeed, the Brexit vote sparked a rapid

GBP sell off. Coupled with pre-vote movement in

sterling, namely its fairly consistent but paced decline

since February 2016, this shift in value represented

bump number one: what would happen if Britain voted

to leave?

Then came the smooth summer driving; GBP’s value

consolidated and even improved. As with any shock this

could be put down to market overreaction.

As we approached the end of August, however, there

were more bumps on the horizon. The first of which was

the next ‘point of uncertainty’ – how comprehensive

would the Brexit be? This was finally addressed at

October’s Conservative Party conference, where the

rhetoric from the UK PM was decidedly ‘hard Brexit’.

At the same conference, Theresa May stated that she

would trigger Article 50 (the disproportionality small

series of paragraphs in the Lisbon Treaty that explains

the ‘process’ of leaving) before the end of March 2017.

From a sterling point of view this was considered

disappointing as the market was expecting far more

detail, or far more certainty, by this point in time.

This statement did, however, make it seem likely

that the UK will have exited the EU in one form or

another by the end of March 2019. The only significant

A vote in favour of the reforms would be

considered positive by financial markets and

could boost the euro. December is likely to

be the start of one the most volatile winters in

currency market history.

detail in Article 50 is a provision that allows the EU and

the exiting state two years from the date of Article 50

notification to conclude new arrangements. Failure to do

so results in the exiting state falling out of the EU with

no new provisions in place, unless the European council

‘unanimously decides to extend this period’ .

On 3 November the headlines read ‘Brexit court

defeat for UK Government’. This was a surprise ruling

from the High Court that confirmed Theresa May could

not trigger Article 50 without parliamentary approval.

If the Government is unsuccessful in appealing the

High Court decision this will effectively delay the start

of the parliamentary ratification process, which in itself

is likely to push back the actual Article 50 trigger date.

Sterling’s response to this anchors itself in the

financial markets’ belief that delays to the trigger date

will do two things. One, soften the terms of the exit and

two, increase the probability that the UK could drift

into another general election that would undoubtedly

become a pseudo-referendum on the UK’s membership

in the EU.

What is the impact on GBP/USD? On 9 November, the

US took its own leap into uncertainty with the election

of Donald J Trump. Before this, USD strength was a

theme for all forecasts of the coming three to 12 months.

Indeed, with the euro suffering from an uncertain and

experimental monetary policy, the yen suffering from a

terminal decline, and sterling such a risk, USD was the

only sensible choice. In addition, for most of October

and the beginning of November, a December interest

rate hike in the US was almost completely priced-in.

With the Trump presidency such an unknown, the

expectation for a rate rise has diminished significantly

and, as such, the expectation is now for USD to weaken

through December and January. This may give GBP/USD

a false sense of positivity but will certainly be welcome

by purchasers of the US currency.

As for GBP/EUR, the European Central Bank (ECB)

President Mario Draghi mentioned December was

the time to ‘watch this space’, possibly indicating a

change in policy from the Bank. We also have the Italian

constitutional reforms referendum on 4 December.

A vote in favour of the reforms would be considered

positive by financial markets and could boost the euro.

December is likely to be the start of one the most

volatile winters in currency market history.



Although there is much debate over the

economic impact of the UK exiting Europe,

until we have technically left or at least have

seen the detail of what leaving looks like then

the only definitive impact will be that of the

theme of this article, namely uncertainty.

Many market participants are expecting significant

volatility in the FX markets at year-end. This is purely

based on the fact that, excluding GBP, we have seen

an extremely long run of low volatility, particularly

in EUR/USD. Coupled with reduced EUR uncertainty

after the Italian referendum and the December ECB

meeting, this could be the time when the fabled GBP/

EUR parity is most likely. At GBP/EUR 1.12 and GBP/

USD 1.22 in mid-November major market participants

said sterling was still overvalued by five to ten percent.

In part this is based on past sterling performance – not

a guarantee of future performance but a good indicator;

in 1975,1992 and 2008 we saw sudden 30 percent

declines in GBP followed by a more modestly paced

decline over the following two years.

The ECB is likely to begin tapering its quantitative

easing from March 2017, which will allow EUR to

strengthen, possibly at a time when there may be more

certainty around GBP. So if parity has not already been

seen by then we could well see it in the spring.

A topic that has seen little public discussion and

should be considered is what impact Brexit will have on

the euro (independent of the sterling)? There are many

reports that suggest EUR may be damaged more than

GBP by a Brexit, given that Britain imports around GBP

290 billion from the EU and exports GBP 220 billion .

This factor is even more significant when UK/Irish trade

is removed.

Sterling remains so weak, what will the Government

do about it? Obviously a weak currency is a good

stimulus for the economy, but it also attracts a lot of

hot money which creates bubbles and is a significant

risk to an economy’s long-term health. However, the

Bank of England (BoE) is very unlikely to raise rates,

and even more unlikely to go back to currency market

intervention. Although with USD 160+ billion in FX

reserves they could, but it’s just not the done thing

these days is it Switzerland, Japan, and China.

The economic data releases that we have been

seeing – figures that are considered ‘soundings’ of

the economy – have been broadly positive but these

will not save sterling. Although there is much debate

over the economic impact of the UK exiting Europe,

until we have technically left or at least have seen the

detail of what leaving looks like then the only definitive

impact will be that of the theme of this article, namely

uncertainty.

In summary, while the decision on Brexit has been

made and the debate on its merits still rages, the real

danger lies in the delay in execution. The economic

impact of uncertainty is likely to far outweigh any

negative impacts of leaving or remaining in the EU.

The impact of uncertainty on instantly accessible,

liquid financial markets is one thing; its impact on

household and investor decisions is another. The impact

is more delayed, far deeper and far longer lasting.

Alex Coates is Currency UK’s Operations Director. He has

over a decade’s experience in the FX world with a deep

understanding of technology.



SOAPBOX CHALLENGE

OYE MI

CANTO

Tom Berger wonders why professional

singers are required at major sporting fixtures.

SOAPBOX

challenge

I’M pretty keen on Britain. Actually, that’s

probably an understatement. Having been

brought up here, holidayed several times a

year here (a concoction of the Highlands,

the Pembrokeshire coastline and the obligatory

Cornwall), I’m now beginning my career here. It

wouldn’t be a stretch to go as far to say that I’m

probably a fairly proud British chap.

Before you think ‘here, we go not another piece

of commentary on Brexit, think again.

Because what really is annoying me currently,

and has done so for a good number of years,

is cantors and specifically, the soprano voices

that lead our national anthems at Twickenham

(otherwise known as ‘Twickers’ for the Barbourclad,

duck-egg blue trouser-wearing – red’s

apparently gone a bit ‘nouveau’ – England ‘rugger’

fan).

Really, I can’t think of any reason why we need

a professional warbler to ‘lead’ us into singing

God Save the Queen, particularly when you have

80,000 passionate England fans who are more than

capable of holding a tune to (depending on volume

of beer – not lager – drunk) the massed band of Her

Majesty’s regiments.

That’s not even taking into account the fact

that our anthem is reasonably simple: one verse

(that’s actually sung); seven lines; and 29 words

– not particularly difficult by any stretch of the

imagination.

So why on earth we need someone to

help us along the way, when the crowd

is more than happy with the musical

accompaniment and wording, is

beyond me. It also sounds odd;

the cantor is supposed to lead, but

they never have the ability to sing

at the same time as the masses,

almost mitigating the point of them

actually being there. Besides that, they usually wear

some ridiculous outfit that you would only expect

to be worn at a luxurious ball – not on the side of

a freezing playing field prior to the next grudge

Autumn International or Six Nations match. Get a

Barbour on.

And as for the players; well the England 22

– of 15 starters and seven subs – are generally

pretty good at blasting along in flat but enjoyable

overtones, usually slightly ahead of the band, who

are slightly ahead of the cantor.

I was pretty staggered when reading an article

a month or so ago about another England team –

the football one. Yes, yes I know they’re not flavour

of the millennium at the moment but really, do

we actually have to criticise some players for

appearing to sing the anthem in too much of a ‘fake’

manner? Just because he was giving the anthem a

belt – perhaps not something that they’re used to.

We don’t need to have a go at their singing abilities

or levels of vocal passion prior to a match and then

transport that into a ‘we were doomed from the

start’ article.

That, although annoying, is a bit beside the

point. We all have a fair amount of passion, none

more so (you would hope) than international-level

sportsmen and women. But on a more ‘down to

earth’ level, I would like to think everyone has

pride in themselves, or those things that surround

them – pride in work, perhaps the key to unlocking

one’s enjoyment of a career. Taking ownership,

being given responsibility for, and working hard

all help.

And what with the CICM’s British Credit Awards

now just around the corner, its time for a bit of ‘yes

team, we are that good.’

Tom Berger is still young.



ASK THE EXPERTS

LINES OF

COMMUNICATION

How do you ensure your board is aware of the success you achieve and the value

you add to the business? Nigel Fields MCICM is our expert this month.

SUCCESSFUL credit professionals have to

understand that it is not enough to simply

perform the job; this is only part of the battle

if you want to progress your career. It is

crucially important to manage the relationship with

all your stakeholders and peers. Here is how I have

tried to go about this:

Business Challenges: I think about the

priorities of the business (these are often very

different from my own) and look at challenges for

the senior management. I will take some time to

reflect on this and try to plan my own actions that

will assist with issues and problems. Sometimes, I

will recommend changes that I think will also be

agreeable with management and help the business.

This often gets me an audience with my peers to

take the recommendation forward.

Continual Improvement: I am not afraid to

make changes to help improve the order to cash

area within the business: for example, improving

simple processes; saving time or money; reducing

risks. I always need to do my homework first before

I shout, and this includes conducting my own

investigations and analysis. I can then share my

findings and present ideas with the knowledge that

I can respond to any questions thrown at me, and I

am fully conversant with the subject matter that I am

presenting and proposing.

Communication: Good communication is

essential, and I ensure we update the business

regularly. Updates include both the good and bad

news, provide statuses and comparisons, and show

performance and achievements. It is important to

state what is behind, what are our risks and how we

intend to manage the issues and challenges. I like to

use a consistent reporting format that is both simple

to prepare and very easy to understand. These

updates are scheduled into meetings for at least

the full calendar year. These meetings additionally

help to build relationships across departments and

thus makes it easier to get yourself onto a platform

within various business areas.

Marketing of the credit professional: I need

to make sure that my business colleagues are

aware that I am personally keeping up-to-date with

what is going on. I will monitor media and will let

colleagues and management know of anything

interesting. I attend credit related conferences and

read articles in Credit Management. These titbits are

often shared with my business colleagues. It is my

own way of marketing what I do and what I know. I

will sometimes get a little bit of joking and banter,

but I know, and the team knows, that I am good at

what I do and am good to have around.

My way of working has not changed a great deal

during my career working in credit management.

But I have seen my career and position continually

grow within the businesses where I have worked

extending the scope, my responsibilities and

ultimately my position within the company.

Good communication is

essential, and I ensure we

update the business regularly.

Updates include both the

good and bad news, provide

statuses and comparisons,

and show performance and

achievements. It is important

to state what is issues and

challenges.



Region

7 6 5 4 3 2 1 0

2 1 PAYMENT 0 TRENDS 0 1 2 3 4 5 6 7 8

Scotland

orth West

umberside

t Midlands

t Midlands

ast Anglia

Wales

outh West

South East

Getting Worse

Scotland

Getting Better

North West

-0.7

Yorkshire & Humberside

West -3.4Midlands

-3.3

-3.0

-2.6

-10.4

-4.3

-4.2

-2.6

London -2.0

ern Ireland

East Midlands

East Anglia

-8.5

Wales

South West

South East

Getting Worse

Region

Top Five Prompter Payers

Northern

Ireland

12.6 DBT

Scotland

15.2 DBT

Wales

10.9 DBT

12.6 DBT

Getting Better

Region

ALL

Oct

TREATS

16 Change on Sept 16

West Midlands 9.4 -3.0

Scotland Financial & 15.2 Health &

Getting Worse

-0.7

Insurance

Social

South West 10.0 -4.2

Northern Ireland 12.6 -8.5

East Midlands 10.6 -2.6

North West +4.5 12.6 +0.4 -3.4

Wales 10.9 -4.3

London 12.3 -2.0

Yorkshire and Humberside 11.6 -3.3

South East 11.8 -2.6

AND NO TRICKS!

Mining &

pter Payers

Bottom Quarrying Five Poorer Education Payers

Getting Better -17.3 -10.8 -9.7

Oct 16 Change on Sept 16

9.4 -3.0 Getting Worse Scotland Financial & 15.2 Health & -0.7

Agriculture

West

Midlands

9.4 DBT

South West

10.0 DBT

Region Oct 16 Change on Sept 16

Region

11.6 DBT

South East

East 11.8 DBT

Midlands

10.6 DBT

Business

from home

London

-7.3

12.3 DBT

Business

from home

-7.3

Jason 10.0 Braidwood -4.2 FCICM(Grad), Head Northern of Ireland Credit Insurance and Collections Social

12.6 at -8.5 Creditsafe Group,

analyses 10.6 the latest -2.6 monthly business North West to business +4.5 payment 12.6 +0.4 performance -3.4 statistics.

10.9 -4.3

London 12.3 -2.0

at quite possibly the best set of figures we’ve

mberside 11.6 -3.3

South East 11.8 -2.6

IT’S fair to say that most of us who work

in the credit management industry are by

nature a somewhat cautious, and dare I

say it, even slightly pessimistic lot. We’ve

all heard the hard-luck stories and the lame

excuses and have developed somewhat

cynical responses to being told once again

‘the cheque’s in the post’. Experience has told

us not to look on the bright side, just for once

I’m going to.

I’m sitting here on a bright Autumn’s day

to complete my analysis of our trade payment

databases for October and it looks like good

news all round. I said last time that the bounce

back we’d seen after the sharp downturn in

May appeared to be continuing. We’re looking

0 1 2 3 4 5 6 7 8

Getting Better

-0.7

-3.4

-3.3

-3.0

-2.6

-10.4

-4.3

-4.2

-2.6

London -2.0

Northern Ireland

-8.5

Mining &

Northern

Ireland

12.6 DBT

Bottom Quarrying Five Poorer Education Payers

-17.3 -10.8

seen in the last two years, and certainly well

ahead of last Autumn’s poor performance.

We’ve even seen an improvement on the

position in the spring with positive moves in

days beyond terms in all regions of the UK,

and almost all trade sectors with only two

bucking that trend, and one of those by less

than half a day.

At this point I feel the need to inject the

traditional note of caution. This is just one

month’s figures and as we’ve seen before

things can just as rapidly go the other way.

However, with nearly five months of (on the

whole) improving data I think we can call this

a trend – and a very welcome and healthy

one as well. I can only hope that I’ll be writing

Scotland

15.2 DBT

North West

12.6 DBT

Yorkshire &

Humberside

11.6 DBT

East

Midlands

10.6 DBT

West

Midlands

North West Yorkshire & East Anglia

Wales 9.4 DBT

Humberside 11.7 DBT

10.9 DBT

Agriculture

-9.7

South West

10.0 DBT


London

12.3 DBT

East Anglia

11.7 DBT

Professional

& Scientific

-6.2

South East

11.8 DBT

something similar next month so that we can

look forward to the festive season and next

year.

Despite moves in the right direction

and the best figures in 18 months, we

can’t hide that we are still struggling with a

commercial culture that accepts late payment

as either a fact of life or some sort of perverse

badge of pride. If I were to sit down with my

colleagues in Germany or Scandinavia and

tell them I was excited about an average days

beyond terms that was hovering around ten

days, they’d be genuinely shocked and see

that as completely unacceptable.

There is always work to do, but it does at

least look as if we’re currently travelling in the

right direction.

25

20

15

10

5

0

25

15.7 15

Jan

20

15

10

5

Fe

0

Profes

& Scie

-6



Sector

Getting Better

Getting Worse

Mining &

Quarrying

-17.3

Top Five Prompter Payers

Financial &

Insurance

+4.5

Education

-10.8

INDUSTRY SECTORS

For the last couple of months I’ve started

Getting Worse

Health &

Social

+0.4

Business

Agriculture

from home

Getting Worse

-9.7

-7.3

Top Five Prompter Bottom Payers Six Poorer Payers

Professional

& Scientific

-6.2

Sector this part of the analysis, where Oct 16 we look Change at on Sept step 16 backwards Sector with a worsening of four Getting

Oct 16 and Better

Change on Sept 16



Education trade sectors to see how 3.1 the industries -10.8 with a half days. International Bodies 18.0 -5.0

IT and the Comms greatest exposure to 7.9 consumers -5.3 and West Midlands

Business Admin

9.4

& Support

-3.0

15.9 -4.8

Scotland Financial & 15.2 Health &

Getting Worse

-0.7

Insurance

Social

Real particularly Estate Retail are doing, 9.2 in an attempt -5.2

South

to

West

Energy Supply

10.0 -4.2

REGIONS

15.0 -2.4

Northern Ireland 12.6 -8.5

Agriculture see if we can gauge the state 9.6 of consumer -9.7

East Midlands

We start our Financial review and

10.6

of Insurance

-2.6

the regions and 13.5 +4.5

North West +4.5 12.6 +0.4 -3.4

Retail confidence. Well, once again 10.2 it looks -3.2

Wales

like nations of Hospitality

10.9 -4.3

the UK by looking at London. 13.4 I was -1.2

London 12.3 -2.0

Yorkshire and Humberside Mining and 11.6 Quarrying -3.3 13.4 -17.3 South East 11.8 -2.6

good news with a steady improvement. The

sector is now showing a DBT score of just

over ten days and has actually moved into

our list of the ‘Top Five Prompter payers’ for

what seems like the first time ever. In fact

this is the best set of figures we’ve seen

from Retail in well over two years and it

will be particularly interesting to see if this

continues over the next few months as we

move into the Christmas shopping season.

Elsewhere, we’ve also seen continued small

improvements in both the Entertainment

and Hospitality sectors, but these two are

still lagging behind Retail when they were

both well ahead earlier in the year.

If we now look at the more traditional

indicators of general economic

performance, we can also see some

more encouraging signs with continued

improvement from the Manufacturing sector

as well as Transport. You may remember

Manufacturing found itself back in the ‘Top

Five’ last month, and although it has seen

another step forward this month, it has

been squeezed out by some spectacular

results elsewhere with Education

in particular almost paying on time.

Construction has also taken another step

in the right direction and it’s interesting to

see the significant improvement in the Real

Estate sector which may yet pull through

that particular chain, or indeed be another

positive sign of consumer optimism.

If we look at our other movers this

month we can see that the blip for

Agriculture last month was just that and the

sector has climbed in the ‘Most Improved’

rankings and back where we usually see it

in our ‘Top Five’. Also, given our usual head

shaking at the performance of the wider

utility sectors, it’s nice to see a big positive

move from Mining and Quarrying, even if it

still scrapes into our ‘Bottom Six’.

On a slightly less positive note we

should also take a look at some of the key

service sectors where there might be some

cause for concern. Although we have seen

an improvement, the Business Support

sector remains in our ‘Bottom Six’ again

Yorkshire & Humberside -3.3

Insurance

West Midlands +4.5-3.0

East Midlands

East Anglia

Top Five Prompter Payers Wales

Sector

-2.6

-10.4

-4.3

Social

+0.4

Sector Oct 16 Change on Sept 16

Education

South West -4.2

3.1 -10.8

IT and Comms

South East

7.9 -2.6 -5.3

Real Estate 9.2 -5.2

Agriculture London 9.6 -2.0 -9.7

Retail 10.2 -3.2

Northern Ireland

-8.5

along with Finance and Insurance which have

to be singled out for displaying the only real

delighted to point out a second best score

for the capital in the last 18 months and I’m

pleased to say with further improvement we

are now seeing the lowest DBT score for

London in well over two years, and well below

its average in that time. If this trend of the last

couple of months can be continued, then it

really is good news for the whole country.

While staying with the good news, my

gloomy predictions last month that Northern

Ireland had somehow reverted to type with a

score of over 20 days beyond terms, appears

to have been misplaced. The province has

come back strongly despite the ongoing

concerns as to the effects on its economy

from Brexit in the longer term given the land

border with Ireland. Scotland has taken

Northern Ireland’s place as the worst paying

region and has also registered the smallest

improvement across the UK. However, before

we get too worried, it is an improvement and

indeed its second best score in the last year

and a half.

Just as we saw with Agriculture in the

industry review, East Anglia has bounced back

strongly from a bad month and it is worth

speculating whether the correlation between

these two may be a reflection of that region’s

economic profile. While the region has no

doubt seen a big recovery, it hasn’t got back

into our Top Five where the Midlands regions

are still holding sway, although they have been

split by a strong improvement by the South

West, and are being chased by Wales, which

like London, has seen its best performance in

more than two years.

We can only hope all this good news

continues through November but old credit

hand that I am I can also remember that other

Bonfire Night saying ‘Up like a rocket – down

like a stick!’ Let’s hope not.

Mining Northern &

Agricultu

North West Yorkshire -9.7 &

Sector Oct 16 Change 12.6 on Sept Humberside

DBT 16

-3.3

11.6 DBT

International Bodies

Financial

18.0

&

-5.0

Health &

Getting Worse

Business Admin West & Support Midlands15.9 Insurance -3.0 -4.8 Social

East

Energy Supply 15.0 +4.5 -2.4 +0.4 Midlands

Financial and East Insurance Midlands13.5 -2.6

+4.5

10.6 DBT

West

Hospitality 13.4 -1.2 Midlands

East Anglia -10.4Wales

9.4 DBT

Mining and Quarrying 13.4 10.9 -17.3

DBT

Quarrying Ireland

Education

Bottom Six Six Poorer North Poorer Payers

12.6

West Payers -3.4

DBT

Getting Better -17.3 -10.8

Yorkshire & Humberside

Top Five Five Prompter Payers Payers

London

12.3 DBT

South West -4.2

Sector Oct 16 Change on Sept 16

South West

Education South East3.1 -2.6 -10.810.0 DBT

IT and Comms 7.9 -5.3

Real Estate London9.2 -2.0 -5.2

Agriculture 9.6 -9.7

Northern Ireland -8.5

Retail 10.2 -3.2

Mining &

Getting Worse

Bottom Quarrying

Five

Five

Poorer Education

Poorer

Payers

Payers

-17.3

We’ve all heard the hard-luck

stories and the lame excuses and

have developed somewhat cynical

responses to being told once again

‘the cheque’s in the post’.

Scotland

Wales

-10.8

Getting Better

-0.7

-4.3

Top Five Five Prompter Prompter Payers Payers

Agriculture

-9.7

We can only hope all this

good news continues

through November but old

credit hand that I am I can

also remember that other

Bonfire Night saying ‘Up like

a rocket – down like a stick!’

Let’s hope not.

B

Busine

from ho

-7.3

Bo

Getting Better


R

West Midlands 9.4 -3.0 Getting Worse S

South West 10.0 -4.2

N

East Midlands 10.6 -2.6

N

Wales 10.9 -4.3

L

Yorkshire and Humberside 11.6 -3.3

S



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re o

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EDUCATION

GRADUATE STARS

Debbie Tuckwood, CICM Director of Learning and Development, speaks to a number

of students that have been inspired by Dr Salima Paul FCICM at Plymouth University.

PROFESSOR Salima Paul FCICM,

CICM Academic Chair, now attracts

150 students a year to her Credit

Management module at Plymouth

University. Learners complete the module

in their last year of business, economics,

accounting and finance degrees. All students

graduate with an excellent understanding

about the principles of effective credit

management and many are now putting their

skills to good use in member companies.

The CICM sponsors a prize for the Best

Credit Management student and EDF

Energy supports a prize for the best credit

management project. Sue Chapple, Head of

I&C Revenue Management, B2B EDF Energy,

says that the company is very pleased to

encourage students to specialise in credit

management.

This year Sandra Kinson received the EDF

Energy Prize for Best Credit Management

Project and was so inspired by the course

that she plans now to continue her studies at

Plymouth with a Masters Degree in Finance.

‘‘The credit management module made

you think for yourself and the knowledge and

vitality Salima put into her lectures made you

want to enquire more into the subject.

“Business always has limiting factors;

within manufacturing such as the output of

the slowest machinery. During and since the

recession, companies have increased credit

to win business and remain competitive.

Consequently, cashflow has become a

limiting factor, and businesses that have

failed to recognise this have fared less well

than those which have implemented credit

policies to remain in control of finances. As a

result, credit management has become more

significant in recent years and studying the

module has highlighted its importance to a

successful business.

“My enjoyment of the subject was

instigated by Salima and led to the prize and

a desire to continue my studies in this area. I

really appreciate this opportunity and would

like to thank Salima and EDF Energy for the

recognition.”

Acacia Harvey, pictured below with Dr

Debbie Tuckwood, CICM Director of Learning

and Development, won the CICM prize for

the best credit management student. Having

secured a finance role, she was equally

pleased with the course.

“The highlight of my final year at Plymouth

University was studying Credit Management

with Salima. Her enthusiasm for the module

was infectious and a great driver for the

success I had in the assignment. She is an

exceptional lecturer and has a way of making

everything interesting. Her ability to explain

things as they would happen in reality, often

through personal experiences, made the

content easy to grasp and meant I looked

forward to her teaching each week.

“The content within the module changed

my perspective of business and emphasised

the importance of credit management in

day-to-day business transactions and life

in general. Since University, I have started

working in finance and have found the

knowledge that I gained from the module

has been extremely useful and has enhanced

my understanding of the way the business

functions. In the future, I would like to

start my own business so the knowledge

and experience shared by Salima will be

invaluable.

“Winning the CICM prize was unexpected

and very gratefully received. It has given

me something to talk about with potential

employers and will hopefully set me apart for

any applications in the future.”

Left: Dr Debbie Tuckwood, Acacia Harvey, Sandra Kinson, Professor Salima Paul and Sue Chapple.



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‘‘

Below eight credit professionals outlined they have helped with their careers.

GETTING AHEAD

CICM qualifications are the gateway to a better and brighter future in credit management.

‘‘

EDUCATION

Classes for CICM qualifications start in January at teaching centres across the UK.

Virtual classes taught through the web and supported or unsupported home study are also

available. See CICM website for full details.

MARTIN JEFFERY MCICM(GRAD)

I completed the qualification to increase my knowledge and further

my career. CICM qualifications enabled me to take the first step

into a risk assessment role and ultimately up to Credit Manager. It

was also a solid base to study my Credit Management degree from

Thames Valley University.

Senior Risk Analyst Political Risk and Credit

Chubb

NEIL HOPKINS MCICM(GRAD)

The vast knowledge base of the course is very useful. I have now

reached Credit Manager in a £70 million turnover company; CICM is

a more recognised professional qualification now than ever.

Credit Manager

Hire Station

CHAM PATEL BSC (HONS),

MCICM(GRAD)

Better career prospects inspired me to get qualified, and many

companies now request that you are CICM qualified or studying.

CICM carries significant weight in the industry and has definitely

helped me in getting some of my roles.

Company Director

C&D Consultancy

ADRIAN VAUGHAN MCICM(GRAD)

I made the decision to obtain CICM qualifications to ensure I

was the best Credit Manager that I could be, and in return it has

enabled career opportunities that might not have been available

without it. CICM is rightly recognised as a standard of excellence. I

am proud to hold it and encourage others to obtain it.

Group Credit Services Manager

EVO Group

SARAH RINGROSE MCICM(GRAD)

A professional and recognised qualification which confirmed I

understood credit management inspired me to get qualified. CICM

qualifications have helped in my career as I have been able to apply

for more senior roles.

Head of Customer Experience

Autoglass

BEN WADE MCICM(GRAD)

A highly recognised qualification that I could apply and use to

enhance my day-to-day work and performance inspired me to get

qualified . Having the MCICM has proved to be highly regarded,

and as such given me a real CV differentiator in a competitive

market. The CICM overall has allowed me to establish good

networking contacts and keep relevant within an ever changing

industry.

Credit Manager

SGBD (UK)

EMMA HASTILOW MCICM(GRAD)

I studied to be taken seriously in my profession.

My qualifications have given me an invaluable amount of

knowledge and being a member of CICM keeps me one step

ahead of the rest in terms of changes in policies and procedures,

general updates in all market sectors and new ideas and tools

available.

Credit Manager

Helping Hands, Homecare Specialists

TONY ATKINSON MCICM(GRAD)

I wanted to be qualified to the professional industry standard

and the award of chartered status has been a welcome

recognition of that. Employers are able to trust the qualifications

as demonstrating the ability to apply the skills and knowledge

learned.

Credit Manager UK & ROI & Global Billing Manager

C & J Clark International Ltd, Street, Somerset


www.cicm.com December 2016

47

HR MATTERS

TRIBUNAL

CLAIMS

Gareth Edwards looks at the processes and

procedures employer’s should follow.

FROM 29 July 2013, most employees wishing to

pursue an employment tribunal claim against

their employer had to pay a fee to do so. So if

your business receives an Employment Tribunal

(ET) claim – an ET1 – what steps should you take?

The priority is to check the initial action required

by you. Employers have 28 days from receipt of the

ET1 to respond to the claim by filing form ET3 with the

appropriate ET. The importance of meeting this deadline

cannot be overstated. If you do not comply with the

deadline, the ET may enter a default judgment against

you.

The deadline will always be clearly set out within the

ET’s correspondence notifying you of the employee’s

claim. It may be possible to seek an extension to this

deadline, and to request one you should write to the ET

(copying in the claimant) explaining why an extension

is necessary. Extensions will only be granted by the ET

where there are good grounds. Even where an extension

is requested, try to make sure that the ET3 form is ready

to go before the 28-day deadline to err on the side of

caution.

The general rule is that an employee has three months

from the termination of their employment to contact

ACAS to initiate pre-claim conciliation regarding a

potentially unfair dismissal claim. If a worker is alleging

discrimination, they have three months from the date

of the alleged discriminatory act, or the last event in

a series of discriminatory acts about which they are

complaining, to contact ACAS regarding their complaint.

For wages claims, a worker will have three months less

one day from the date that the wages were due to be

paid to contact ACAS. If the employee or worker has

failed to get their claim in before the relevant deadline,

then the ET will have no jurisdiction to hear the claim. An

employee or worker will also need to confirm that they

have complied with pre-claim conciliation by setting out

details of their ACAS Certificate Number on the ET1.

Some legal protections only apply to employees –

for instance claims of unfair dismissal or for a statutory

redundancy payment. Generally speaking, an employee

Generally speaking, an employee can only

pursue an unfair dismissal complaint against

their employer once they have at least two years’

service with that employer, although there are

important exceptions to this rule.

can only pursue an unfair dismissal complaint

against their employer once they have at least two

years’ service with that employer, although there are

important exceptions to this rule.

Has the claimant pursued the right employer? It

maybe that you have been incorrectly identified as the

employer liable for a claim – for instance as a result

of a TUPE transfer. Has the claimant pursued claims in

the correct jurisdiction? If the claimant was engaged

outside of England and Wales and has no connection

with the UK, it may be that the ET’s based in England

and Wales do not have jurisdiction.

Usually, the claims will be clearly set out on the ET1

form, but there may be further allegations included

within any additional information attached to the ET1.

Your defence should respond to each specific complaint

that is being made.

Should the case proceed to a hearing, witness

evidence will be required from those involved in the

events giving rise to the claim. To be ready for this, and

to accurately draft the defence, take initial statements

from relevant employees. This is particularly useful

when the events leading to the claim will be fresher

and clearer in everyone’s mind. You should also begin

to collate any relevant documents and put together

your version of events and chronology. The disclosure

process will require all relevant evidence to be sent to

the claimant. For this reason, managers and employees

involved should be told to preserve documents.

Sometimes an ET1 form – and the claims – will

be unclear. If the ET1 is vague, part incomplete or

contradictory, then an employer could consider serving

the employee with a request for Further and Better

Particulars of the Claim. This will allow for specific

questions to be put to the employee regarding the

unclear parts of their claim. However, it can also give

the employee a second opportunity to get their claim

into shape.

Settlement is always an option to consider –

particularly if it appears that the employee has a

good chance of a successful claim. Other factors to

take into account when considering settlement will

be the possibility of any adverse publicity, damage

to reputation and the time and legal fees required to

defend any claim. You can also consider contacting

ACAS to help broker a deal.

Gareth Edwards is a partner in the employment team

at Veale Wasbrough Vizards. gedwards@vwv.co.uk.





CM April 2016.indd 1 22/03/2016 11:42



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PARTNERS

WITH THE BEST

IN BUSINESS

Hays Credit Management is the award winning national specialist division of Hays

Recruitment, dedicated exclusively to the recruitment of credit management professionals

in the public and private sectors. Whether you are looking to further your career in credit

management, strengthen your existing team, or would simply like an overview of the

market, it pays to speak to the market leaders.

hays.co.uk

We specialise in company information with

extensive company coverage, financial risk

metrics and comprehensive corporate

structures. Our Credit Catalyst combines our

international, standardised financial data with

a bespoke credit platform, so you can work

more efficiently, make better quality decisions

and spot risk quickly.

• Assess financial risk and corporate stability

• Get insight on the financial health of individual

companies and across your portfolio

• Manage your data more efficiently

bvdinfo.com

Data Interconnect provides integrated

e-billing and collection solutions via its

document delivery web portal, WebSend. By

providing improved Customer Experience

and Customer Satisfaction, with enhanced

levels of communication between both

parties, we can substantially speed up your

collection processes.

datainterconnect.com

American Express is a globally recognised provider

of payment solutions to the business sector

offering flexible collection capabilities to meet

company cashflow objectives across a range of

industries. Whether you are looking to accelerate

cashflow, create a competitive advantage to drive

business or looking to support your customers

in their growth American Express can tailor a

solution to support your needs.

www.americanexpress.com

Sidetrade helps Credit managers to reduce

excess DSO by up to 50percent and

increase Sales-to-Cash efficiency up to

80 percent. Its innovative, market-leader

solutions, which complement ERP, aim to

secure customers by reducing payment

delays and controlling risk. With clients of

all sizes and all industries in 65 countries,

Sidetrade enables 120,000 sales and financial

users to collaborate through its Cloud, thus

accelerating cash-flow generation.

www.sidetrade.com

Key IVR provide a suite of products to assist

companies across Europe with credit

management. The service gives the end-user

the means to make a payment when and

how they choose. Key IVR also provides a

state-of-the-art outbound platform delivering

automated messages by voice and SMS.

In a credit management environment,

these services are used to cost-effectively

contact debtors and connect them back into a

contact centre or automated payment line.

keyivr.co.uk

Tinubu Square is a trusted source of trade

credit intelligence for credit insurers and for

corporate customers. The company’s B2B

Credit Risk Intelligence solutions include the

Tinubu Risk Management Center, a cloudbased

SaaS platform; the Tinubu Credit

Intelligence service and the Tinubu Risk

Analyst advisory service. Over 250

companies rely on Tinubu Square to protect

their greatest assets: customer receivables.

tinubu.com

Rimilia provides award winning Cash

Application & Cash Allocation software

products that deliver industry leading

tangible benefits like no other. Having

products that really do what they say is

paramount – add to that a responsive

and friendly team that are focused

on new and ongoing benefit realisation and

you have the foundations for successful long

term business relationships.

rimilia.com

50




For further information and to discuss the opportunities of entering into a Corporate

Partnership with the CICM, contact Peter Collinson, Director of Business Development

and Marketing on 01780 727273 or email peter.collinson@cicm.com

Sanders Consulting is a niche consulting firm

specialising in improving Credit Management

Leadership & Performance for our clients.

We provide people and process focussed

pragmatic solutions, consultancy, strategy

days and performance improvement

workshops and we are proud to manage and

develop the CICMQ Programme and the

Best Practice Network on behalf of the CICM.

For more information please contact:

enquiries @chrissandersconsulting.com.

chrissandersconsulting.com

Credica are a UK based developer of specialist

Credit and Dispute Management software.

We have been successfully implementing our

software for over 15 years and have delivered

significant ROI for our diverse portfolio of

customers. We provide a highly configurable

system which enables our clients to gain

complete control over their debtors and to

easily communicate disputes with anyone in

their organisation.

credica.co.uk

CreditForce by Innovation Software is the

leading Collections and Working Capital

Management Systems used globally in over

26 countries and by over 20 percent of the

Top 100 Global Law Firms. Our systems

improve cash flow, reduce DSO, automate

cash allocation, control risk, automatically

generate intelligent workflows and tasks,

speed up query resolution and manage the

entire end-to-end collections cycle. Fully

integrated with over 40 leading ERP and

Accounting systems and delivered locally

or through Microsoft-Azure’s secure cloud

solutions.

www.creditforceglobal.com

Begbies Traynor is the UK’s leading Corporate

Rescue and Recovery practice, handling

more than 1000 cases per year. We operate

from a network of 37 UK offices, with clients

ranging from SME’s to quoted companies

and global banks.

As a business we have a close relationship

with CICM members and understand the

key role they play in the ongoing financial

health of their organisations. We also

understand the pressures that many face and

have developed a creditor services offering

to support their aims. Whether this is utilised

as a basic free consultation by phone, or a

full suite of services to cover all claims in any

insolvency, we can work with members to

provide a tailored solution.

begbies-traynor.com

M.A.H. is a global leader in Export Debt

Collection & Trade Dispute Resolution

Services. Headquartered in Switzerland,

we specialise in resolving cross-border

cases swiftly and amicably. Our mission is to

ensure that all creditors receive full payment

for products or services sold out of the UK

without expensive and lengthy litigation.

Having recovered payments from 112

countries, we rank as first choice among major

international exporters, export credit insurers,

governmental organisations, and other B2B

customers in all industries.

mah-international.com

DWF is one of the UK’s largest legal

businesses with an award-winning reputation

for client service excellence and effective

operational management. Named by the

Financial Times as one of Europe’s most

innovative law firms and independently

ranked first of all top 20 law firms for quality

of legal advice and joint first of all national law

firms for service delivery and responsiveness.

www.dwf.law/recover

Safe’s Credit Control module manages the

entire credit lifecycle, from credit checking

through to cash collection and beyond,

providing detailed analysis of performance.

Safe’s single, intuitive and easy-to-use

application seamlessly brings together the

necessary data and tools you require to

achieve your objective of creating a profit

centre culture within your credit control

function.

safe-financials.co.uk

Think Inspire and Create Ltd - No Ordinary

Consultancy. The newly-launched consultancy

offers an inspired service that supports

businesses and encourages their people

to embrace change. We are committed to

sharing our passion and experience in credit

management, Performance management and

Process improvement.

Our vision is to make sure that the changes

you create are sustainable and enduring.

www.thinkinspireandcreate.com

Graydon UK provides its clients with

Credit Risk Management and Intelligence

information on over 100 million entities

across more than 190 countries. It provides

economic, financial and commercial insights

that help its customers make better decisions.

Leading credit insurance organisations,

Atradius, Coface and Euler Hermes, own

Graydon. It offers its seamless service through

a worldwide network of offices and partners.

graydon.co.uk



FORTHCOMING EVENTS

Full list of events can be found on our website: www.cicm.com/events

CICM EVENTS

1 DECEMBER

CICM REGIONAL WORKSHOP –

PERSONAL SKILLS; REVISITING THE BASICS

LEEDS

Following the success of our previous Credit Policy

Workshop, we are now inviting you to join our Personal

Skills Workshop in Leeds where we will not only remind

ourselves of core personal skills that are required to be

truly effective in our role, but also hear about the latest

thinking, tools and skills that will enable us to always

achieve the best outcome. This workshop and networking

event is free to all members with lunch and refreshments

included.

CONTACT : T: +44 (0)1780 722902 OR

E: EVENTS@CICM.COM.

VENUE : DELOITTE UK, 1 CITY SQUARE, LEEDS, LS1 2AL

2DECEMBER

CICM SHEFFIELD AND DISTRICT BRANCH –

FESTIVE PARTY NIGHT

ROTHERHAM

Join us to celebrate the festive season with a drinks

reception followed by a three course dinner.

CONTACT : E: sheffieldanddistrictbranch@cicm.com

VENUE : NEW YORK STADIUM, THE AESSEAL NEW YORK

STADIUM, NEW YORK WAY, ROTHERHAM, S60 1AH

6 DECEMBER

CICM NORTH EAST BRANCH –

CHRISTMAS QUIZ

NEWCASTLE UPON TYNE

Teams of up to six welcome (in the interests of fairness

please do not exceed this number – you can always submit

two smaller teams). Book early to avoid disappointment!

CONTACT : E: northeastbranch@cicm.com

VENUE : THE OLD GEORGE INN, CLOTH MARKET,

NEWCASTLE UPON TYNE, NE1 1EZ UNITED KINGDOM

7 DECEMBER

CICM THAMES VALLEY – TOPGOLF

SURREY

What is it ? Just picture a 240-yard outfield with dartboardlike

targets in the ground. The closer to the centre or

‘bull’s-eye’ you get your micro chipped ball, the more points

you get.

COST: £2 for a 30 day membership then £5.50 for one

game. Restaurant food and bar drinks available to be

purchased. We will meet at 19:00 as ‘walk-in guests’ –

providing bays are immediately available we will begin play.

If we need to wait, we may decide to eat first. (five max per

bay) Visit: http://topgolf.com/uk/

CONTACT : Please email: thamesvalleybranch@cicm.com

VENUE : TOPGOLF, MOATED FARM DRIVE, ADDLESTONE,

SURREY, KT15 2DW

8 DECEMBER

CORPORATE PARTNER, BEGBIES TRAYNOR –

FREE WEBINAR ON DEATH AND DEBT

ONLINE

Of all the sensitive debt collection challenges, coming

across the death of a debtor is probably the most difficult

to deal with, both in terms of tact and the complexity of

the overlap between insolvency and probate law. Michael

Locke ran the two leading cases on deceased insolvent

estates and specialises in handling such matters. This

webinar will explain his experience of the position of

creditor and family, explaining both the law, practice and

implications.

Time: 13:30 / Duration: 1 hour

CPD

6

VENUE : ONLINE

18 JANUARY 2017

CICM YORKSHIRE RIDINGS BRANCH

– ANNUAL GENERAL MEETING AND

CONFERENCE – WORTH THE RISK?

LEEDS

Annual General Meeting and Conference – Worth the Risk?

CONTACT : For further information, or to confirm your

attendance, please contact Julie-Anne Moody- Webster

MCICM,Branch Secretaryat E: yorkshireridingsbranch@

cicm.com

VENUE : TBC

25 JANUARY 2017

CICM LONDON BRANCH – BURNS NIGHT

TBC

Details to follow

CONTACT : TBC

VENUE : TBC

26 JANUARY 2017

CICM SOUTH WEST BRANCH – ANNUAL

GENERAL MEETING AND NETWORKING

EXETER

Entry fee is free for members and £5.00 per head for non

members. Cheques to be payable to CICM South West

Branch.

Receipt Required – YES/NO

Please return by 10 January 2017 to Gerry Thomas

MCICM(Grad), 21 Locarno Road, St Thomas, Exeter, Devon

EX4 1QD. Venue Tel: 01392 873317

Easy access and ample parking

Directions can be found on the following website: https://

www.staustellbrewery.co.uk/pub/exeter/the-cat–fiddle-inn

CONTACT : E: southwestbranch@cicm.com

VENUE : CAT AND FIDDLE, CLYST ST MARY, EXETER,

EX5 1DP.

TRAINING DAYS

6 DECEMBER

NEGOTIATING AND INFLUENCING SKILLS

VENUE : LONDON

8 DECEMBER

COLLECTING WITH CONFIDENCE

VENUE : LONDON

8 DECEMBER

ESSENTIAL TELEPHONE COLLECTION TECHNIQUES

VENUE : LONDON

9 DECEMBER

CICM WEBINAR - NEGOTIATING AND INFLUENCING SKILLS

VENUE : ONLINE

12 DECEMBER

CICM WEBINAR - TIME MANAGEMENT

VENUE : ONLINE

16 DECEMBER

CICM WEBINAR - TELEPHONE COLLECTIONS

VENUE : ONLINE

12 JANUARY 2017

CICM WEBINAR - CREDIT MANAGEMENT IN A NUTSHELL

VENUE : ONLINE

12 JANUARY 2017


VENUE : ONLINE

16 JANUARY 2017

CICM WEBINAR - NEGOTIATING AND INFLUENCING SKILLS

19 JANUARY 2017

CICM WEBINAR - TIME MANAGEMENT

VENUE : ONLINE

19 JANUARY 2017

GETTING STARTED IN CREDIT CONTROL AND COLLECTIONS

VENUE : LONDON

23 JANUARY 2017


VENUE : ONLINE

OTHER EVENTS

7-8 DECEMBER

FORUMS INTERNATIONAL – ITRF

(INTERNATIONAL TELECOMS RISK FORUM)

MARLOW

International Telecoms Risk Forum

CONTACT : For more information and an information pack,

E: itrf@forumsinternational.co.uk.

VENUE : TBC

8 DECEMBER

ICTF WEBCAST – FIVE BEST PRACTICES

FOR GLOBAL FINANCIAL SHARED SERVICE

CENTRES

ONLINE

This informative ICTF webinar explores five critical aspects

of order-to-cash within Financial Shared Service Centre

operations, including:

– Optimizing Global Cash-Flow Performance

– Reducing DSO (DBT), Reserves & Write-Offs to release

working capital trapped in inefficient OTC processes &

systems

– Decreasing DDO & Increase Deduction Dispute

Percentages and Recovery Rates > Move FTEE’s from

Reactive to Preventative Measures

– Optimizing FTE Requirements > Delivering Optimal

Financial Outcomes

– Supporting High-Volume Lower-Value Clients with Self

Service Portal Automation

CICM members can obtain a US$50 discount against the

advertised registration fees by emailing tim.lane@ictfworld.org

CONTACT : http://www.ictfworld.org/events/EventDetails.

aspx?id=867665&group=

VENUE : ONLINE

13 DECEMBER

CORPORATE LEGAL PARTNER, DWF –

FREE WEBINAR – LITIGATING TO TRIAL

ONLINE

Litigating to Trial – Safely shaping your best chance of

success

“The robots are coming!” – In an age of automation and

digitisation will the proposed Court reforms for an Online

Court put the Credit Manager in a position where, for the

first time, they can with ease run their own cases to Trial

without the need for a lawyer; or will they create a false

sense of security which takes them by the hand and blindly

leads them towards failure?

In this webinar James Perry, Solicitor and Director at DWF

LLP, will focus on the elements of a case he believes the

Online Court will not be able to deal with. He will explore

the skills and tools required to properly establish the facts

and law for each claim, to analytically (and objectively!)

assess each claim’s chances of success and to ensure

Credit Managers are giving themselves the very best

chance of a positive outcome at Trial. This is a not to be

missed webinar for anyone who does or is thinking of

doing contentious debt litigation.

CONTACT : HTTP://WWW.CICM.COM/EVENT/CORPORATE-

CONTACT : http://www.cicm.com/event/corporate-partner-

December 2016 www.cicm.com VENUE : ONLINE

VENUE : ONLINE

The recognised

PARTNER-DWF-FREE-WEBINAR-LITIGATING-TRIAL/

52begbies-traynor-free-webinar/

standard

CPD

9

NEW CICM MEMBERS

THE INSTITUTE WELCOMES NEW MEMBERS WHO HAVE RECENTLY JOINED

MEMBER BY EXAM

MEMBER

NAME

COMPANY

NAME

COMPANY

Victoria Painter

Loop Customer Management Ltd

Sharon Flynn

J Murphy & Sons Ltd

Stephen Rose

Sinclair Goldberg Price Ltd

Joye Shah

ACT Credit Management Ltd

Nashwa Van-Flute

ASSOCIATE

NAME

Edward Callender

Annette Livingstone

Brendan O’Connor

COMPANY

Aged Care Channel Ltd

AFFILIATE

NAME COMPANY NAME COMPANY

Warren Aburn

Marco Anholts

Nana Asante

Tony Baker

Natasha Biggs

Matthew Boyd

Jacqueline Broadhurst

Robert Brooke

Denise Burton

Adam Chancellor

Mark Chart

Marios Chryssavgis

Gilbert Cockett

Luke Cooper

Nicola Cresswell

Seonaid Crooks

Adam Dear

Jordon Delong

Laura Doig

Gemma Dowling

Kara Duckmanton

Lynsey Dudbridge

Sarah Louise East

Susan Eskriett

Trefor Farrow

Karen Firth

Nicola Fox

Wendy-Jayne Foy

Monique Foyle

Vladimir Gochev

Melissa Goldsmith

Tessa Goldsworthy

Stuart Goodwin

Luke Gould

Matthew Grierson

Danielle Hall

Ryan Hanily

Darren Harrison

Amy Hemmings

Lauren Hoey

Kristy Hofgartner

Nicola Holley-Smith

Matthew Hook

Chandlers Limited

First Central Insurance Management Ltd

Accra Brewery Ltd

One Step Solutions

Furley Page Solicitors

Rexel UK Ltd

Barcrest Group Ltd

York St John University

Suez Recycling & Recovery UK Ltd

Chandlers Limited

Qualco

Allianz Insurance plc

Hire Station Ltd

Euromoney Trading Limited

Mark Jarvis Bookmakers


Palmer & Harvey McLane Ltd

Andrews Sykes Hire Ltd

EVO Business Supplies Limited


Greencore Cakes & Desserts

Insight UK Direct Ltd

StepChange Debt Charity

Tangerine Confectionery Ltd


Edmundson Electrical

Huntsman Corporation

Hill Dickinson LLP

Springer Nature

One Step Solutions

Chandlers Limited

London School of Economics

Goodwin International Ltd

SIG Trading Ltd


Andrews Sykes Hire Ltd

Ashtead Plant Hire Co Ltd


ARP Enforcement Agency

Royal Mail

Malcolm Howell

Tina Hughes

Michael Jacobs

Danielle Jones

Stephen Jones

Anthony Khodadad

Alice Loveday

Katrina Mabbutt

Sarah Maher

Joanne Marriott

Gary Marvin

Rebecca McLean

Shaun McMaster

Matteo Mercadini

Victoria Mikneviciute

Nilesh Mistry

Vincent Murray

Gemma Nichols

Abigail O’Hare

Ruggero Pantaleoni

Chris Parker

Hollie Anne Parker

Laura Rodd

Lucie Ronde-Oustau

Mihaela Rusu

Judit Serkedi

Sahand Shabani

Chris Shaw

Renee Shaw

Sandeep Singh

Rachael Swift

Bethany Thomasson

Andrew Tonge

Anthony Tonks

Mark Tordoff

Elvis Trifon

Jack Vincent

Adrian Watkins

Safina Wazir

Holly Wheeler

Suneeta Williams

Claire Williams

One Step Solutions

AXA Icas Ltd

BCA Partner Finance

Furley Page Solicitors

Credit Management Group UK

M Khodadad


Xerxes Management Services Limited



Aggregate Industries

Alliance Boots


Royal bank of Scotland N.V

Care Management Group Ltd


One Step Solutions

BCA Partner Finance


Goodman Masson Recruitment Srevices


Shiner Limited

STA International Ltd

Bridgewater Support Solutions Ltd

London Urology Group

VF Northern Europe Ltd

FWD Training & Consultancy

Reed Specialist Recruitment ltd

Cushman & Wakefield LLP

Center Park Resources

Michael Page International

NCC Group

Frank Roberts & Sons Ltd


Bunting Auto Ltd



L F Europe

P W C

Northgate Vehicle Hire

Arcadis LLP

NOT A CICM MEMBER?

WHAT ARE YOU MISSING?

To find out more about becoming a member of the largest

professional credit management organisation in Europe, and the

full benefits that membership offers, call 01780722903, visit

www.cicm.com or email cicmmembership@cicm.com

WE LOOK FORWARD TO HEARING FROM YOU

CM

Credit Management

magazine for consumer

and commercial credit

professionals


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BRANCH NEWS

SOUTH WALES BRANCH

COLLECTIONS AND CURRY

THE South Wales Branch held a really

interesting event at Taffs Well Rugby Club.

Initially we had planned for a joint event with

another professional body, but sadly it didn’t

pan out as expected so we ploughed on to

organise our ‘six months since Brexit – what’s

changed?’ event.

We started the evening with two excellent

speakers. Stephen Thompson from Darwin

Gray Solicitors gave a talk on the importance

of T&Cs and when to get these in place.

This opened up a good discussion on those

points and some of the horror stories we have

encountered.

Then our very own Diane Keeling gave a

talk about managing a collections team and

some of the myths surrounding that. Her

personal story was amazing and has certainly

transformed the company she works for – no

wonder they recently won an award!

Time then for the curry, to refresh our

drinks and have a sit down and mingle with all

the attendees. As a committee we decided,

THE TURNER LECTURE

AROUND 80 members and guests were

entertained and enlightened at the 16th

Annual Turner Lecture in the auspicious

surrounding of the Strand, Fleet and Bell Suite

of the Law Society, Chancery Lane.

Following a drinks reception, this year’s

event took the form of an interactive question

and answer session with Kent Branch Vice

Chair, Richard Seadon, admirably playing the

David Dimbleby role of ‘Question Master’.

The esteemed panel fielding all the questions

were: Toby Riley-Smith QC from Henderson

Chambers; Atul Vadher, International Credit

Manager from French Connection; Chris

Sanders, Head of Accreditation for CICMQ;

and Debbie Tuckwood, Director of Learning

and Development at the CICM.

In true Question Time style, the majority of

the questions had been submitted in advance.

There was also time for questions from the

audience, testimonials from Hays to say how

important the CICM qualifications were for

employers seeking credit control staff, and

also from EDF explaining how the company

and its staff had benefitted from CICM

courses.

Atul described how he viewed the role of

the modern credit professional and outlined

some of the problems we all face, and Chris

gave an insight into the processes and

benefits of companies becoming CICMQaccredited.

mainly due to the topic, to open this event out

to all and sundry, so there was a good mix of

businesses in the room.

On to the main event – the debating panel.

On our panel we had Jason Braidwood, a CICM

member from Creditsafe, and Rob Warlow,

ex-Barclays Bank Head of Africa Operations

who now has his own business, Business

Loan Services, which helps companies secure

lending for a wide range of needs.

Manjit Biant, a University Lecturer teaching

Business and Finance, Global Financial Markets

and also sits on the board for the Welsh

Exporters Association, was also on the Panel.

We kicked off with a question that had been

emailed into us and then followed an hour of

really lively and good discussions with a wide

range of related topics being discussed.

We plan to run a similar event in another six

months, but cunningly will change the title to

‘One year since Brexit – what’s changed?’

Our next event is on 2 December in Cardiff.

Author: Steve White MCICM

Debbie covered questions on

qualifications, study pathway and the

available options for learning. This included

references to face-to-face teaching, virtual

CICM classes and in-house company training,

as well as the new Level 2 / Level 3 Trailblazer

Apprenticeship Scheme.

Last but not least, Toby Riley-Smith then

diplomatically handled questions put to him

by Stephen Baister on the enormous increase

in court fees and the ongoing Lord Justice

Briggs review of the Court Service.

Thanks must also go to Richard and to

Simon Paterson for their efforts in making the

event such a success.

Author: Kevin Artlett FCICM ACII

CURRENT JOB TITLE:

National Credit Control

Manager.

CURRENT COMPANY

NAME:

Phoenix

Pharmaceuticals.

NUMBER OF YEARS IN CREDIT

MANAGEMENT: 34 years.

NUMBER OF YEARS IN CURRENT ROLE:

15 years in January.

HOW DID YOU GET INTO CREDIT

MANAGEMENT?

I first of all started in sales ledger but I

was really good at getting money in the

bank so I naturally fell into credit control.

WHAT IS THE BEST THING ABOUT

WHERE YOU WORK?

They are a fantastic company who look

after you with things like discounts and

use of a well-being department.

WHAT MOTIVATES YOU?

At Phoenix there is a European league

table – I like to be at the top. Reputation

for me is everything!

WHAT IS YOUR FAVOURITE MEAL?

Some might think it is boring but fish and

chips.

WHAT IS YOUR FAVOURITE HOLIDAY

DESTINATION?

Disney World.

NAME THREE PEOPLE YOU WOULD

INVITE TO A DINNER PARTY AND WHY?

Hilary Clinton – I think she is such a

strong woman.

Donald Trump – just for a good argument

My mum – She would have everyone

speechless

60SECONDS

WHAT IS YOUR FAVOURITE PASTIME/

RELAXATION ACTIVITY?

I like to go to the beauty spa and get a

pedicure, but not a massage, that would

be too relaxed!

IF YOU WERE TO HAVE ONE SPECIAL

POWER, WHAT WOULD IT BE AND WHY?

Invisibility – so that I could hear what

everyone says about me!

WHAT IS THE BEST/WORST QUALITY IN

A LEADER?

Patience is the best quality in a leader

and being over aggressive is the worst.

WHO IS YOUR BUSINESS OR PERSONAL

HERO?

Hilary Clinton.

WHAT CAN’T YOU LIVE WITHOUT?

Chocolate!

WHAT WAS THE LAST THING YOU

WASTED MONEY ON?

Whatever the last thing was that I bought

my three daughters! Whatever they want

they get!

WHAT’S YOUR FAVOURITE QUOTE OR

MOTTO?

Treat others as you would like to be

treated.

IF YOU WEREN’T WORKING IN CREDIT

MANAGEMENT, WHAT WOULD YOU BE

DOING?

Politics.

WITH



DON’T MISS YOUR

NEXT BIG CAREER

MOVE IN CREDIT

At Hays Credit Management, our consultants are all affiliate members of

the CICM and understand both the demands you face and the skills you

need to thrive within your industry. We can therefore offer you personalised

career advice and the support that you need.

INTERIM CREDIT CONTROL MANAGER

DEVELOP AN EXPERT TEAM

Manchester, up to £60,000

As part of a relocation to its new Manchester office, an

ambitious credit control manager is required to work for

a large retail business to ensure the smooth relocation

and hiring of a large credit and sales team on a fantastic

12 month contract. With a key focus upon the continued

development of this new team, you will be targeted not

only with the collection of outstanding debts, but also

on staff retention. You will have previous experience

heading up varied projects within a credit team as well

as staff development, system implementation and O2C

process improvements. Ref: 2877745

Contact David Busfield on 0161 236 7272

or email david.busfield@hays.com

AR & CREDIT MANAGER

SUCCESS THROUGH EXPERTISE

Berkshire £50,000 + car allowance + bonus

A leading UK brand is seeking a best in class MCICM

(Grad) AR and credit manager to manage a team of

eight. You will be responsible for day-to-day people

management, setting KPI’s and establishing best practice

within the credit department. The role covers all aspects

of credit management including billing, credit insurance

and risk. This is an ideal opportunity to make a real

impact within a market-leading brand and in return,

you will receive excellent progression opportunities

within the organisation.

Ref: 2868374

Contact Tony Lambert on 07921 026446

or email tony.lambert@hays.com

This is just a selection of the many opportunities

we have available for credit professionals.

To find out more, visit us online.

hays.co.uk/creditcontrol



CREDIT MANAGER

DRIVE BUSINESS TARGETS

New Malden, £40,000-£50,000 + benefits

This FTSE 250 listed business with a global reach

is seeking an experienced credit manager for its

shared service centre. Working in a team of 70, you

will oversee 14 members of staff at varying levels.

You will be expected to drive the business, set targets

and regularly review performance by conducting 1-2-1

and debt reviews. The role will entail regular contact

with the UK Finance Director, where you will be able to

express yourself in a professional and concise manner.

A good understanding of credit policy and the ability

to follow company processes are also essential.

Ref: 2872362

Contact Laura Harmar on 020 8247 4042

or email laura.harmar@hays.com

CREDIT CONTROLLER

JOIN A GLOBAL LEADER

Birmingham, £22,000-£25,000

An experienced and commercially-minded credit

controller is required at one of the top professional

service organisations across the globe. Your primary

responsibility will be to enforce the company’s credit

control procedures within your allotted portfolio and

to review and analyse debt trends to ensure debtor days

are managed to an acceptable level. To be successful,

you will have experience working as a credit controller

within a professional services organisation. You will also

have the confidence and gravitas to communicate with

partners, clients and senior members of staff to increase

timely collections and relationships. Ref: 2878684

Contact Hollie Wildman on 0121 212 1814

or email hollie.wildman@hays.com

CREDIT CONTROLLER

TAKE OWNERSHIP OF CREDIT CONTROL

East Kilbride, £20,000-£22,000

This international company seeks an experienced credit

controller to join an initial three month contract with the

potential for a permanent opportunity. Reporting directly

into the Financial Controller, you will take ownership for

the credit control function in a busy finance department

and deal with clients in the UK and overseas, as well

as undertake all associated sales ledger and a variety

of finance duties. This includes but is not limited to

allocations, postings and reconciliations. This is an

exciting contract opportunity for a team player with an

adaptable attitude. Ref: 2743703

Contact Linda Brownlee on 0141 212 3666

or email linda.brownlee@hays.com

PROPERTY CREDIT MANAGER

ESTABLISH STRATEGY AND STRUCTURE

London, up to £45,000 + benefits

Owning nearly 100 sites, this leading service provider is

worth over £1 billion and is the home to almost 5,000

companies. With a strong emphasis on strategies

specific to property and associated control structures, a

highly motivated credit manager is required to focus on

maximising the profitability of collections and minimising

exposure to risk. You will also manage a team of two and

monitor any progress. You will have an analytical mind

and experience in credit environment within the property

sector. This is a fantastic opportunity where you can

achieve results and be rewarded accordingly.

Ref: 2846764

Contact Hannah East on 020 3465 0020

or email hannah.east@hays.com

CREDIT CONTROLLER

BUILD AND MAINTAIN RELATIONSHIPS

Leicester, up to £23,000

Based in Coalville, this large logistics company is looking

for a driven credit controller to work as part of a team

of four other credit controllers. Working closely to

the finance director, you will communicate figures

and reports on a weekly basis. Confidence will be

an essential part of your personality as building and

maintaining relationships with clients on an on-going

basis is mandatory. This is a fantastic opportunity for

a passionate individual looking to progress their career

within the credit field. In return, the company offers

on-going support and potential study packages.

Ref: 2808721

Contact Jaimini Tailor on 0116 251 1818

or email jaimini.tailor@hays.com

CREDIT CONTROLLER

MINIMISE BUSINESS RISK

Leeds, £20,000 + excellent benefits + pension

An established credit controller is required at this global

corporate business to join its high-performing business

collections team. The role will manage risk within the

customer base and you will be responsible for collecting

debt from a variety of sources. Previous business to

business credit control experience is essential. To be

successful, you will have excellent communication skills

and telephone manner, the ability to work under pressure

and be a team player who works well with others and

can influence key stakeholders. Ref: 2862467

Contact Catherine Hill on 0113 243 8384

or email catherine.hill@hays.com



PROGRESS WITH CONTINUING

PROFESSIONAL DEVELOPMENT (CPD)

The CICM Continuing Professional Development (CPD)

programme offers the tools to develop and achieve in your

credit management career. Undertaking CPD provides a focused

training and development plan that can be constantly reviewed

and updated. The benefits are reflected in your ongoing personal

achievement, experience and growth as a professional.

CPD also offers benefit to your employer, the ability to manage

your own self-development demonstrates a key strength and

highlights the potential of linking learning to actions and theory

to practice.

Get started today, visit www.cicm.com to download your

Development Plan and Progress Record.

BUILD SKILLS DEVELOPMENT

THEORY THROUGH QUALIFICATIONS

UP TO DATE KNOWLEDGE AND INFORMATION

NETWORKING

www.cicm.com

CPD

CPD

10

10



Cr£ditWho?

CICM Directory of Services

FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:

anthony.cave@cabbell.co.uk

COLLECTIONS

Controlaccount PLC

Compass House, Waterside

Hanbury Road, Bromsgrove

B60 4FD

T: 01527 549522 (Sales dept)

E: sales@controlaccount.com

W:www.controlaccount.com

Controlaccount has over 30 years of Credit Management and

Debt Recovery experience, helping National and International

SMEs and blue chip organisations, across a wide range of sectors.

We provide a fast, proactive collection service on a no-collection,

no-fee basis, and for some clients a zero cost option,

utilising the late payment act to fund collection procedures. Our

trained collectors take into account your need to recover debts,

whilst maintaining your reputation and preserving customer relationships.

If we can’t recover your outstanding debts through our

collection process, then our service won’t cost you a penny; and

with our additional in-house legal & Trace service as well as our

credit reporting and corporate monitoring services we are ready

to help you every step of the way.

Blaser Mills LLP

Rapid House

40 Oxford Road, High Wycombe,

Buckinghamshire. HP11 2EE

T: 01494 478660/478661

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen

gpb@blasermills.co.uk

W: www.blasermills.co.uk

Established in 1888, leading multi-disciplinary law firm Blaser

Mills specialises in services for businesses and individuals.

The Firm has particular expertise in Dispute Resolution and

Debt Recovery working with experienced credit managers and

finance directors providing solutions to both contested and

uncontested claims.

Blaser Mills provides an experienced team including CICM

qualified legal representatives and the Firm is cited in the

Legal 500 law directory based on quality of work and strong

client feedback.

Offices in Aylesbury, London (Central), London (Harrow), Old

Amersham, Rickmansworth, Staines-on-Thames.

Think Inspire and Create Ltd

T: 0844 414 6056

E: info@thinkinspireandcreate.com

W: www.thinkinspireandcreate.com

Think Inspire and Create Ltd - No Ordinary Consultancy

The newly-launched consultancy offers an inspired service that

supports businesses and encourages their people to embrace

change. If you want to drive forward sustainable change in your

business, Think, Inspire and Create Ltd can optimise the way you

deliver your strategy.

Using a unique Think, Create and Inspire ethos the team works with

businesses, embedding cross-skilled consultants within companies,

to facilitate creative thinking, set goals and find enduring solutions

to challenges.

Think, Inspire and Create Ltd is committed to sharing its passion and

experience in the following areas:

• Credit management • Performance management • Operational

design & Management • People Engagement • Process Change

Management • System design and deployment • Organisation

design.

Our vision is to make sure that the changes you create are sustainable

and enduring. Find out more www.thinkinspireandcreate.com

COURT ENFORCEMENT SERVICES

Premium Collections Limited

Office 3, Caidan House Business Centre, Canal Road,

Timperley, Altrincham, Cheshire, WA14 1TD

T: 0161 962 4695.

F: 0333 121 3843

E: enquiries@premiumcollections.co.uk

W: www.premiumcollections.co.uk

Premium Collections Limited has the credit management solution

to suit you. Operating on a national and international basis we

can tailor a package of products and services to meet your

requirements. Staffed by dedicated professionals with over 60

years combined experience of handling virtually every type of

debt issue, the company was formed in December 2002 and

is owned by our Managing Director, Paul Daine FCICM. Paul’s

particular areas of expertise are the motor finance, insurance

and international debt collection sectors. Services include B2B

collections, B2C collections, international collections, absconder

tracing, asset repossessions, status reporting and litigation

support.

INTERNATIONAL COLLECTIONS

Lovetts Solicitors

Lovetts, Bramley House, The Guildway, Old Portsmouth

Road, Guildford, Surrey GU3 1LR

T: +44(0)1483 457500 E: info@lovetts.co.uk

W: www.lovetts.co.uk

Lovetts has been recovering debts for 30 years! When you

want the right expertise to recover overdue debts why not use a

specialist? Lovetts’ only line of business is the recovery of

business debts and any resulting commercial litigation.

We provide:

• Letters Before Action, prompting positive outcomes in more than

80 percent of cases • Overseas Pre-litigation collections with

multi-lingual capabilities • 24/7 access to our online debt

management system ‘CaseManager’

Don’t just take our word for it, here’s recent customer feedback:

“...All our service expectations have been exceeded...”

“...The online system is particularly useful and is extremely easy

to use... “...Lovetts has a recognisable brand that generates

successful results...”

CONSULTANCY

Court Enforcement Services

Wayne Whitford – Director

M: +44 (0)7834 748 183

T : +44 (0)1992 663 399

E : wayne@courtneforcementservices.co.uk

W: www.courtenforcementservices.co.uk

High Court Enforcement that will Empower You!

We help law firms and in-house debt recovery and legal teams to

enforce CCJs by transferring them up to the High Court. Setting us

apart in the industry, our unique and Award Winning Field Agent

App helps to provide information in real time and transparency,

empowering our clients when they work with us.

• Free Transfer up process of CCJ’s to High Court

• Exceptional Recovery Rates

• Individual Client Attention and Tailored Solutions

• Real Time Client Access to Cases

CREDIT INFORMATION

M.A.H. INTERNATIONAL CORPORATION

Breitenweg 6, 6370 Stans, Switzerland

Ms. Melina Schuler – Business Development Manager

T: ++41 41 618 30 54

F: ++41 41 620 90 26

E: m.schuler@mah-international.com

W: www.mah-international.com

M.A.H. is a global leader in Export Debt Collection & Trade

Dispute Resolution Services. Our head office is located

in Stans, our group law office in Zurich. We specialise in

resolving cross-border cases swiftly and amicably (99

percent of our cases are settled out of court).

We have recovered payments from 112 countries on all five

continents for exporters and other B2B customers of all sizes

in all industries. We rank as first choice among international

export companies, export credit insurers, and governmental

organisations.

Our mission is to ensure that all creditors receive full payment

for products or services sold out of the UK without expensive,

stressful, and lengthy litigation.

Contact us to benefit from our personalised, full-package,

No Collection – No Fee services, provided by our qualified

multilingual global negotiators, collection attorneys, and

affiliate local partner law firms in 65 countries.


Sanders Consulting Associates Ltd

T: +44(0)1525 720226

E: enquiries@chrissandersconsulting.com

W: www.chrissandersconsulting.com

Sanders Consulting is an independent niche consulting firm

specialising in leadership and performance improvement in all

aspects of the order to cash process. Chris Sanders FCICM, the

principal, is well known in the industry with a wealth of experience

in operational credit management, billing, change and business

process improvement. A sought after speaker with cross industry

international experience in the business-to-business and businessto-consumer

markets, his innovative and enthusiastic approach

delivers pragmatic people and process lead solutions and significant

working capital improvements to clients. Sanders Consulting are

proud to manage CICMQ on behalf of and under the supervision

of the CICM.

CoCredo Limited

Missenden Abbey, Great Missenden, Bucks, HP16 0BD

T: 01494 790 600

E: helpdesk@cocredo.com

W: www.cocredo.co.uk

We provide live online company credit reports and related business

information within the UK and overseas. We have direct feeds from

Dun & Bradstreet, Companies House and other premium providers.

We provide business information on over 256 million companies

across 221 countries. Our information is updated over 500,000

times per day and we have some excellent tracking mechanisms

which provide proactive daily monitoring of changes in the global

information on record. We can offer a wealth of additional services

including XML Integration, D.N.A portfolio management, CoData

marketing information, Companies House documents, Consumer

and Director Searches. We pride ourselves in delivering award

winning customer service, offering you unrivalled support and

analysis to protect your business.


Cr£ditWho?


FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:


Company Watch

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER

T: +44 (0)20 7043 3300

E: info@companywatch.net

W: www.companywatch.net

What would happen if one of your key customers failed? Do

you rely on company information that is up to 18 months’ old?

Company Watch provides a credit management system that’s

predicted around 90 percent of company failures. Not only

that, our interactive system allows you to input more up-to-date

accounts, and to stress-test company financials to generate an

instantly updated analysis of a company’s financial health. With

a portfolio and email alert system, and a user interface showing

5-year trends along with everything you need to know at a

glance, Company Watch is an invaluable resource in the credit

management process.

CREDIT INFORMATION

Graydon UK

66 College Road, 2nd Floor,

Hygeia Building, Harrow,

Middlesex, HA1 1BE

T: +44 (0)208 515 1400

E: customerservices@graydon.co.uk

W: www.graydon.co.uk

Graydon UK is a specialist in Credit Risk Management and

Intelligence, providing access to business information on over

100 million entities across more than 190 countries. Its mission

is to convert vast amounts of data from diverse data sources into

invaluable information. Based on this, it generates economic,

financial and commercial insights that help its customers make

better business decisions and ultimately gain competitive advantage.

Graydon is owned by Atradius, Coface and Euler Hermes, Europe's

leading credit insurance organisations. It offers a comprehensive

network of offices and partners worldwide to ensure a seamless

service.

EFCIS Limited t/as ICBA UK

Specialist Trade Credit Insurance Broker

The Office, Mill House Farm, Mill Street, Hastingwood,

Essex, CM17 9JF

T: 01279 437662

E: amoylan@efcis.com

W: www.efcis.com

EFCIS Limited - Trade Credit Insurance, Debt Collection, Dispute

Resolution and Legal action for small/medium & multinational

businesses. EFCIS secures limits for clients where the financials

alone do not support the full limit. We are tenacious when

negotiating settlement of claims, securing full payment for claims

and proactively working with our clients in claims avoidance.

We are the industry’s only Broker to develop policy compliance

software to ensure client’s maximum benefit and protection

from the policy. We believe that a well-managed ledger supports

business growth within increased profit and an improved return

on investment.

CREDIT MANAGEMENT SOFTWARE

Creditsafe Business Solutions

Bryn House, Caerphilly Business Park, Van Rd,

Caerphilly, CF83 3GG

T: 0292 088 6500.

E: ukinfo@creditsafeuk.com

W: www.creditsafeuk.com

Creditsafe is Europe’s most used supplier of credit & business

intelligence. Creditsafe have helped over 60,000 customers

across Europe and the USA with a range of products which

includes our UK, European and International Company Credit

Reports, which reach over 129 countries and 90m companies;

customer and supplier Risk Tracker and our 3D Ledger product

which has captured over 35 million Trade Payment Data

Experiences since its launch in 2012. All of which will help

companies manage their exposure to risk, make informed

decisions in relation to credit limits whilst looking at how you

can identify gaps within your sales ledger to prioritise collections

and leverage sales.

Top Service Ltd

2&3 Regents Court, Farmoor Lane, Redditch,

Worcestershire, B98 0SD

T: 0152 750 3990.

E: enquiries@top-service.co.uk

W: www.top-service.co.uk

Top Service is the only credit reference and debt recovery

agency to specialise in the UK construction sector. Top Service

customers benefit from sector specific information, detailed

payment history intelligence and realtime trade references in

addition to standard credit information. There are currently

3,000 construction sector companies subscribing to the service,

ranging from multi-national organisations to small family firms.

The company prides itself on high levels of customer service

and does not tie its customers into restrictive contracts. Top

Service offers a 25 percent discount to all CICM Members as

well as four free credit checks of your choice.

BUREAU VAN DIJK

Northburgh House,

10 Northburgh Street,

London,

EC1V 0PP

T: +44 (0)20 7549 5000

E: bvd@bvdinfo.com

W: www.bvdinfo.com

We specialise in company information with extensive company

coverage, financial risk metrics and comprehensive corporate

structures.

Our information helps you make better quality decisions.

•Assess financial risk and corporate stability

•Get insight on the financial health of individual companies and across

your portfolio

•Manage your data more efficiently

Our Credit Catalyst combines our international, standardised financial

data with a bespoke credit platform, so you can work more efficiently,

make better quality decisions and spot risk quickly.

•Comprehensive coverage of companies across the globe

•Standardised reports so you can benchmark and compare companies

•Financial strength indicators from a range of providers

CREDIT INSURANCE

Arthur J. Gallagher

Insurance Brokers Limited

7 Floor, Temple Point, 1 Temple Row

Birmingham B2 5LG

T: 0121 203 3127

W: www.ajginternational.com

With the risk of default by customers still a major threat to UK and

Global companies there has never been a better time to consider

trade credit insurance. Arthur J. Gallagher’s Credit and Surety team,

which now includes the 2014 – CICM award winning ‘broker of

the year’ team, has considerable experience and market influence

and recognises the unique nature of the credit insurance market.

Our team of experienced professionals deal with a wide range of

businesses, from SME to large corporate and global risks. Please

contact us to discuss how a specifically tailored trade credit solution

can benefit your business

Innovation Software

Innovation Software, Innovation House,

New Road, Rochester, Kent, ME1 1BG.

T: +44 (0)1634 812300

E: jay.inamdar@innovationsoftware.uk.com

W: www.creditforceglobal.com

Innovation Software are the authors of CreditForce, the leading

Collections and Working Capital Management Systems. Our solutions are

used in over 26 countries and by over 20 percent of the Top 100 Global

Law Firms.

Our solutions have optimised Accounts Receivables processes for over

20 years and power Business Intelligence, with functionality to:

• improve cash flow • reduce DSO • control risk

• automate cash allocation • speed up query resolution

• improve customer relationship management

• automatically generate intelligent workflows and tasks

• manage the entire end-to-end collections cycle.

Fully integrated with over 40 leading ERP and Accounting systems,

including SAP, Oracle, Microsoft Dynamics and product partners with

Thomson Reuters Elite we can deliver on either your own computing

infrastructure or through Microsoft Azure’s award winning and secure

cloud service.CreditForce remains the choice solution for world class

businesses.

Book a demonstration by calling T: +44 (0)1634 812 300 or visit

www.creditforceglobal.com for more information.

Co-pilot Limited

73 Flask Walk, London, NW3 1ET

T: +44(0) 20 7813 2182

E: info@co-pilot.co.uk W: www.co-pilot.co.uk

Credit Managers who manage large or multiple ledgers have come to

realise that they need to use specialist software to achieve or maintain

performance improvement – be that risk, collections or both.

For many Credit Managers a key question is where to start. How do

you examine and evaluate the options? How and when do you start the

budgeting process? What are the steps?

Co-pilot has advised on credit management software for a number of

years. We have good knowledge of the available solutions, what’s good,

how they work and what type of solution best fits given situations. We

combine this with considerable experience of credit management Best

Practice so that you can pull everything together into one place and

achieve a flexible and sustainable position going forward.

We work with you through a structured evaluation process which is

designed to enable you to have a clear view of what you can achieve

going forward, what is practicable, the business case implications,

the preferred supplier(s) and what the implementation process would

sensibly look like (in our opinion, there is no such thing as “Plug and

play”).

60



Cr£ditWho?


FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:


Prof. Schumann GmbH

innovative information systems

Weender Landstr. 23, 37130 Göttingen, Germany

T: +49 551 38315 0 F: +49 551 38315 20

E: info@prof-schumann.de W: www.prof-schumann.de

Our Credit Application Manager (CAM) is a leading credit risk

management solution for major corporations, as well as insurance,

factoring and leasing companies. In their daily work, CAM allows

credit and sales managers to call up all the available information

about a customer or risk in a few seconds for decision support: realtime

data from wherever they are. CAM keeps an eye on customers

whose payment behaviour stands out or who have overdue invoices!

CAM provides an up-to-date forecast of customers’ payments.

Additionally, CAM has automated interfaces for connecting to

leading suppliers of company credit data, payment record pools and

commercial credit insurers. The system is characterised by its great

flexibility. We have years of experience in consulting and software

support for accounts receivable management.

Safe Computing Limited

20, Freeschool Lane, Leicester, LE1 4FY

T: 0844 583 2134

E: info@safecomputing.co.uk

W: www.safe-financials.co.uk

Designed to manage your customer credit accounts effectively,

Safe Credit Control enables your credit management team to:

• Improve cash flow

• Reduce debtor days

• Increase customer service

• Cut the cost of cash collection

• Eliminate manual processes

• Speed up the query resolution process

Safe’s unique approach is centred on changing the perception

of the credit control function from a series of reactive processes

to proactive ones. Credit controllers are traditionally regarded

as an essential element in business to chase late payments

and respond to customer queries. Safe Credit Control has taken

the concepts of customer relationship management (CRM) and

applied it to the credit control function, providing a softer,

service orientated team of customer service representatives.

Credica Ltd

Building 168, Maxell Avenue, Harwell Oxford,

Oxon. OX11 0QT

T: 01235 856400

E: info@credica.co.uk

W: www.credica.co.uk

Our highly configurable and extremely cost effective Collections and

Query Management System has been designed with three goals in

mind:

• To improve your cashflow

• To reduce your cost to collect

• To provide meaningful analysis of your business

Evolving over 15 years and driven by the input of 1000s of Credit

Professionals across the UK and Europe, our system is successfully

providing significant and measurable benefits for our diverse

portfolio of clients.

We would love to hear from you if you feel you would benefit from

our ‘no nonsense’ and human approach to computer software.

STA International

3rd Floor, Colman House,

King Street , Maidstone , ME14 1DN

T: +44(0)844 324 0660.

E: enquiries@staonline.com

W: http://www.stainternational.com

GETTING BUSINESS PAID

STA is an award winning B2B and B2C debt collection, confidential

credit control and tracing supplier. ISO9001 quality accredited, and

with the CSAs Collector Accreditation Initiative, duty-of-care is as

important to us as it is to you. Specialising in international debt, in the

past 12 months we’ve collected from 146 countries worldwide. “Your

Debts Online” gives you transparent access to our collection success

and detailed management information, keeping you in control of your

account. We look forward to getting your business paid.

Tinubu Square UK

Holland House,

4 Bury Street, London

EC3A 5AW

T: +44 (0)207 469 2577

E: uksales@tinubu.com

W: www.tinubu.com

Tinubu Square offers companies across the world the appropriate

SaaS platform solutions and services to significantly reduce their

exposure to risk, and their financial, operational and technical

costs. Easy to implement, our solutions provide an accurate

picture of a customers’ financial health through the entire

order-to-cash cycle, improve cash flow, and facilitate control

of risk across the organization whether group-wide or locally.

Founded in 2000, Tinubu Square is an award winning expert in

the trade credit insurance industry, with offices in Paris, London,

New York, Montreal and Singapore. Some of the largest

multinational corporations, credit insurers and receivables

financing organizations depend on Tinubu to provide them with the

means to drive greater trade credit risk efficiency.

Data Interconnect Ltd

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,

Oxfordshire. SN7 7BP

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011

E: sales@datainterconnect.co.uk

W: www.datainterconnect.com

Data Interconnect provides integrated e-billing and collection

solutions via its document delivery web portal, WebSend. By

providing improved Customer Experience and Customer Satisfaction,

with enhanced levels of communication between both parties, we

can substantially speed up your collection processes.

Rimilia

Corbett House, Westonhall Road, Bromsgrove, B60 4AL

T: +44 (0)1527 872123

E: enquiries@rimilia.com

W: www.rimilia.com

Rimilia excels in the design, development and implementation of

Intelligent Finance Solutions that drive value from existing manually

intensive finance processes associated with accounts receivable,

cash allocation, credit management, bank reconciliation and cash

forecasting. Based in the heart of the UK, our operations extend to

Europe, USA and Asia. Experienced in the field of technology and

accounting, our approach to business revolves around integrity

and enabling organisations to unlock their full potential though

innovation. Rimilia is proud to be a leading innovative supplier of

finance solutions that make a positive change to the blue chip clients

it supplies.

FINANCIAL PR

Gravity London

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com

W: www.gravitylondon.com

Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the best

in its field. It has a particular expertise in the credit sector, building

long-term relationships with some of the industry’s best-known

brands working on often challenging briefs. As the partner agency

for the Credit Services Association (CSA) for the past 13 years,

and the Chartered Institute of Credit Management since 2006, it

understands the key issues affecting the credit industry and what

works and what doesn’t in supporting its clients in the media and

beyond.

INSOLVENCY

Begbies Traynor Group plc

340 Deansgate, Manchester, M3 4LY.

T: 0161 837 1700 F: 08432181728

E: michael.locke@Begbies-Traynor.com

W: www.begbies-traynorgroup.com

Begbies Traynor is the UK’s leading independent Corporate

Rescue and Recovery practice, handling more than 1000 cases

per year. We offer a bespoke solution for credit professionals, that

is used by many of the UK’s leading companies. Benefits of this

system include;

• Access to a bespoke online case management system

• UK coverage at creditors meetings;

• Assistance with retention of title claims;

• Proactive monitoring of dividend prospects

• Advice on antecedent transactions;

• A dedicated relationship manager to assist with your insolvency

portfolio and answer any queries.



Cr£ditWho?


FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:


LEGAL MATTERS

DWF LLP

Neil Jinks FCICM – Director

M: +44 (0)7740 179 515

T: +44 (0)121 647 2524

E: neil.jinks@dwf.law

W: www.dwf.law/recover

Described by market commentators as “blazing a trail”, DWF is one

of the UK’s largest legal businesses with an award-winning reputation

for client service excellence and effective operational management.

Named by the Financial Times as one of Europe’s most innovative

law firms and independently ranked first of all top 20 law firms for

quality of legal advice and joint first of all national law firms for service

delivery and responsiveness. DWF offers a full range of cost effective

debt recovery solutions including pre-legal collections, debt litigation,

enforcement, insolvency proceedings and ancillary services including

tracing, process serving, debtor profiling and consultancy.

PAYMENT SOLUTIONS

CICMos (CICM Online Services)

WWW.CICM.COM

T: 01780 722 907.

E: training@cicm.com

W: www.cicmos.com

CICMOS has been designed to help busy credit managers by

providing them with a suite of online tools to support and

quickly develop their teams. The virtual learning centre is an

open platform system, accessed via the website, which is

easy to use, modular and each module is completely optional,

which means the system can be tailored to suit specific

requirements and time constraints. This wide ranging system

is more than just a training tool it is easy to set up and use

and can be accessed securely via the CICMOS website for a

low annual subscription.

RECRUITMENT

PORTFOLIO

CREDIT CONTROL

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Hays Credit Management is working in partnership with the CICM

and specialise in placing experts into credit control jobs and

credit management jobs. Hays understands the demands of this

challenging environment and the skills required to thrive within

it. Whatever your needs, we have temporary, permanent and

contract based opportunities to find your ideal role. Our candidate

registration process is unrivalled, including face-to-face screening

interviews and a credit control skills test developed exclusively

for Hays by the CICM. We offer CICM members a priority service

and can provide advice across a wide spectrum of job search and

recruitment issues.

ANTI MONEY LAUNDERING

American Express

76 Buckingham Palace Road,

London

SW1W 9TQ

T: +44 (0)1273 696933

W: www.americanexpress.com

American Express is working in partnership with the CICM and is

a globally recognised provider of payment solutions to businesses.

Specialising in providing flexible collection capabilities to drive a

number of company objectives including:

•Accelerate cashflow

•Improved DSO

•Offer extended terms to customers

•Provide an additional line of bank independent credit to drive

growth

•Reduce risk

•Create competitive advantage with your customers

As experts in the field of payments and with a global reach,

American Express is working with credit managers to drive growth

within businesses of all sectors. By creating an additional lever

to help support supplier/client relationships American Express is

proud to be an innovator in the business payments space.

PROFESSIONAL BODIES

Chartered Institute of

Credit Management (CICM)

The Water Mill, Station Road, South Luffenham,

OAKHAM, LE15 8NB

T: 01780 722910 E: info@cicm.com

W: www.cicm.com

The Chartered Institute of Credit Management (CICM) is Europe’s

largest credit management organisation. The trusted leader

in expertise for all credit matters, it represents the profession

across trade, consumer, and export credit, and all credit-related

services. Formed over 70 years ago, it is the only such organisation

accredited by Ofqual and it offers a comprehensive

range of services and bespoke solutions for the credit professional

(www.cicm.com) as well as services and advice for the

wider business community (www.creditmanagement.org.uk).

Portfolio Credit Control

Portfolio Credit Control, New Liverpool House,

15 Eldon Street, London, EC2M 7LD

T: 0207 650 3199

E: recruitment@portfoliocreditcontrol.com

W: www.portfoliocreditcontrol.com

Portfolio Credit Control, solely specialises in the recruitment of

permanent, temporary and contract Credit Control, Accounts

Receivable and Collections staff. Part of an award winning

recruiter we speak to and meet credit controllers all day everyday

understanding their skills and backgrounds to provide you with tried

and tested credit control professionals. We have achieved enormous

growth because we offer a uniquely specialist approach to our

clients, with a commitment to service delivery that exceeds your

expectations every single time.

SmartSearch

Station Court, Station Road, Guiseley, Leeds, LS20 8EY

T: 0113 238 7660

F: 0113 238 7669

E: info@smartsearchuk.com

W: www.smartsearchuk.com

SmartSearch is the first system to bring together Business

and Individual AML Verification on a single platform. Our data

providers Experian and Dow Jones provide SmartSearch

access to over one billion data items enabling AML

verification in all Markets. AML verification data subjects are

automatically screened against the latest Sanction, PEP and

SIP Lists. Ongoing monitoring for the duration of your contract

is provided at no extra cost. Efficient processes; less than 3

minutes to execute a business AML check and a sub 60 second

individual check. Why not let your Compliance Team test drive

SmartSearch for 14 days free of charge? (Ref:CM101)

ATTENTION PRODUCT

AND SERVICE PROVIDERS

You can connect with them all now by having a listing in CreditWho.

For just £1,247 + VAT per annum:

- your business will be listed in Credit Management magazine, which goes out to all our

members and subscribers and has an estimated readership of over 25,000.

TO BOOK YOUR LISTING IN CREDITWHO CONTACT:

ANTHONY CAVE ON 020 3603 7934

For even greater exposure to our membership and a closer association with CICM,

why not enquire about becoming a Corporate Partner.

To find out more contact Peter Collinson (07584 993548).

CICM Corporate Partners now get CreditWho included.

62

September 2016 www.cicm.com


CREDIT MANAGEMENT

CM

MONTHLY PRIZE CROSSWORD

CREDIT CONUNDRUM

FOR ALL EMAIL ENTRIES FOR THE CROSSWORD PLEASE EMAIL: ANDREW.MORRIS@CICM.COM

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved - CROSSWORD NBR 12

NAME ....................................................................................................................................

ADDRESS ..............................................................................................................................

...............................................................................................................................................

POST CODE .................................. TELEPHONE NUMBER .....................................................

The CICM is registered with the UK’s Information

Commissioner under the Data Protection Act 1998

(the "Act"). All the data contained on this form, is

held and processed electronically in accordance

with the Act.

The Institute holds and processes your personal

data in order to give you the full benefits of being

a member and for administrative purposes.

We might from time to time notify you by post or

email of details of CICM events or other similar

CICM services or products which we think

September be of interest to you. If you do not wish

to receive such notification please tick here q

If you subsequently decide that you do not wish

to receive such notifications please email the

Institute at unsubscribe@cicm.com or write to the

Data Controller at the address given below.

The Data Protection Act gives you the right at any

time to see a copy of all the data that we hold

about you. If you would like a copy, please send a

letter requesting this information together with a

cheque for £10 payable to :

The Chartered Institute of Credit Management

to: Data Controller, CICM, The Water Mill,

Station Road, South Luffenham, OAKHAM,

LE15 8NB.

£20 CROSSWORD PRIZE

THERE WILL BE THREE PRIZES OF £20 EACH FOR

THE FIRST THREE NAMES DRAWN EVERY MONTH

ACROSS:

1. Satisfy

5. Office worker

10. Extent

14. Snip

15. Bog hemp

16. Meal in a shell

17. Renunciation

19. Mining finds

20. Mist

21. Stave off

22. An edict of the Russian tsar

23. An appliance for frozen food

25. Fertile areas

27. Hankering

28. Having a higher rank

31. American retailer

34. Show-off

35. Letter after sigma

36. Constellation bear

DOWN:

1. Stave

2. Bower

3. Slight color

4. An uncle

5. Cowardly

6. Not earlier

7. Arab chieftain

8. Exuberantly

9. Cognizance

10. Writer of “Dracula”

11. Leeches

12. Air force heroes

13. Schnozzola

18. Stares

22. End ___

24. Tropical American wildcat

26. Mimics

28. Rise rapidly

29. Horse feed

37. Aquatic mammals

38. Collections

39. Dawn goddess

40. Covered with protective barbs

41. Sheriff’s group

42. Earthquake waves

44. Altitude (abbrev.)

45. Fable writer

46. A person who disputes

50. Put out

52. French for “Man”

54. Fuss

55. Narrow opening

56. A young unmarried woman

(archaic)

58. Wash

59. Mountain crest

60. Pigeon-___

61. Pitcher

62. Units of force

63. Terminates

30. Ploy

31. Cooking fat

32. God of love

33. Soothing

34. Outer boundary

37. Japanese wrestling

38. Drunkards

40. Headquarters

41. Layers

43. Spay

44. Battalions

46. Overact

47. Claw

48. Stagnated

49. Female students

50. Small island

51. Shredded cabbage

53. Portent

56. Father

57. French for “Summer”

CLOSING DATE: 16 DECEMBER

CROSSWORD WINNERS ARE:

Mrs R Gordon ACICM, Atul Vadher FCICM and Chris Gait MCICM

For the chance of winning £20, forward your completed solution to:

Art Editor, Andrew Morris, Chartered Institute of Credit Management,

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.



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December 2016 Credit Management magazine

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