Credit Management magazine May2017

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NEWS CONSUMERS AT RISK OF SHARING INFORMATION ONLINE FEWER than one in three people (31 percent) check the terms and conditions when sharing their personal information online in return for a service, according to a new poll for Payments UK. This passive approach lags far behind how customers choose to manage their data privacy on social media – half (51 percent) of people say they always check the privacy settings when sharing information on their social media accounts. The findings highlight the need to build customer understanding of how data is used at a time when regulatory and legislative changes are set to transform their options for allowing their personal information to be shared. A range of new payment services are being developed to take advantage of this data revolution that will deliver real benefits for customers, ranging from smarter money management products to faster cheque clearing. The research coincides with the publication of a new report by Payments UK – Changing Payments Landscape – which focuses on payments data and looks at key developments in data usage and storage, and the implications for the payment services of the future. Maurice Cleaves, Chief Executive of Payments UK, says new ways of storing, sharing and manipulating data have the potential to transform payment services in the UK: “It is vital that developments in this area put the customer first – the risks around holding and sharing data do not stand still, so customer confidence and trust will be key. There is also work to be done to ensure changes don’t exclude customers who are unwilling or unable to share their data from these new products and services.” The survey also found that the way data is used is changing – almost seven out of ten (68 percent) people surveyed agree that ‘providing personal information is an increasing part of modern life’, while a similar number (60 percent) feel ‘there is no alternative than to provide personal information for services’. However, this is matched by concern about how data is used – eight out of ten (83 percent) expressed concern that some companies share their personal data with other companies. “The next couple of years will fundamentally alter the way that data is used in financial transactions. Decisions will be made about how payment account data is accessed and shared securely, the impact of the new data Changing Payments Landscape How 2017 will change the way we pay for good A Payments UK Report January 2017 protection laws, and the delivery of open data. New financial services will be developed and new financial service providers will emerge,” Maurice concludes. paymentsuk.org.uk >NEWS IN BRIEF FINANCIAL FILLING METRO Bank has provided a dental practice, Haven Green Clinic, with over £3 million funding for the construction of a new surgery in Ealing, London. The new clinic includes ten patient treatment rooms, stateof-the-art digital equipment and a team of experienced and highly trained dental professionals. metrobankonline.co.uk PSR PUBLISHES ANNUAL PLAN THE Payment Systems Regulator (PSR) has published its Annual Plan and Budget for 2017/18 outlining its work programme for the year ahead. The plan includes a trio of new exploratory projects: the implications for consumers of a changing payments sector; the increasing use of payments data; and changing competitive dynamics. The PSR says that its budget for 2017/18 will be £12 million. psr.org.uk BRITISH BUSINESS BANK MERGER THE British Business Bank has merged with Government-backed lender the Start Up Loans Company. Both organisations will now collaborate to support microbusinesses and deliver the Government’s manifesto pledge to provide 75,000 start-up loans by 2020. The merger follows news that the Start Up Loans Company had surpassed £300 million of lending to businesses since launching in 2012. Keith Morgan, CEO of British Business Bank, says that the merger is a natural next step: “The bank has been working closely with the Start Up Loans Company for several years and this merger will bring the two organisations – which already have a shared sense of purpose and complementary skills – closer together. It means we can deliver a better service for smaller businesses.” The British Business Bank has provided advice to the Government on the Start Up Loans programme’s funding, objectives and performance – as well as overseeing the programme on its behalf – since 2014. The merger will allow both organisations to share their expertise, improve clarity for the small business community and combine their approaches for providing support. A transition period will now be in place while operations are brought together, with completion expected by 1 July 2017. Both organisations will stay in their current offices and retain all existing branding with no changes to frontline services. Tim Sawyer, CEO of Start Up Loans Company, added: “This merger recognises how successful our partnership with the bank has been and helps us improve our support for businesses who struggle to access other forms of finance. Providing more than 46,400 loans to businesses across the UK is a testament to the drive and ambition of people throughout the country.” british-business-bank.co.uk / startuploans. co.uk “The bank has been working closely with the Start Up Loans Company for several years and this merger will bring the two organisations closer together.” 12 May 2017 www.cicm.com The recognised standard
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Page 1 and 2: CREDIT MANAGEMENT CM MAY 2017 £10.
Page 3 and 4: CONTENTS MAY 2017 www.cicm.com REGU
Page 5 and 6: 0101100 1101010
Page 7 and 8: CICM WINS APPROVAL IN NEW APPRENTIC
Page 9 and 10: NEWS CREDIT WEEK PROMOTES IMPORTANC
Page 11: NEWS EXTRA Dominic Saville, Group C
Page 15 and 16: THE B2B DEBT RECOVERY SPECIALISTS T
Page 17 and 18: WEIGHING UP THE ACCREDITATION WEIGH
Page 19 and 20: OPINION DESPITE much speculation, n
Page 21 and 22: INTERVIEW EXERCISING MINDS Sean Fea
Page 23 and 24: "We want to do more of what we’re
Page 25 and 26: We could pay you on your customers
Page 27 and 28: TRADE TALK EXPORT OPTIMISM Lesley B
Page 29 and 30: MOTHER’S RUIN BRITISH booze is br
Page 31 and 32: DO YOU KNOW THE TRUE IDENTITYOF YOU
Page 33 and 34: OUT OF CONTROL? The advice sector i
Page 35 and 36: TECHNICAL BRIEFING GAME CHANGER STE
Page 37 and 38: SHERIFF’S ROLE? The Sheriff has f
Page 39 and 40: e 0South 1West 2 3 4 59.3 6 7-2.6 8
Page 41 and 42: SECTOR REVIEW - FITNESS AND SPORTS
Page 43 and 44: THE PERFECT VENUE FOR THIS YEAR’S
Page 45 and 46: CICM EDUCATION CONFERENCE 2017 22 J
Page 47 and 48: Discover what apprentices are sayin
Page 49 and 50: OPINION CELEBRATING CREDIT PROFESSI
Page 51 and 52: EXAM RESULTS Congratulations Congra
Page 53 and 54: PARTNERS TO TALK TO YOU... Safe’s
Page 55 and 56: BRANCH NEWS 60SECONDS WITH NORTH EA
Page 57 and 58: ACCOUNTS RECEIVABLE ADMINISTRATOR G
Page 59 and 60: Cr£ditWho? CICM Directory of Servi
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MONTHLY PRIZE CROSSWORD CREDIT CONU
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Credit Management magazine May2017

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