June 2017 Credit Management magazine

CM
CREDIT MANAGEMENT
JUNE 2017 £10.00
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CONTENTS
JUNE
2017
www.cicm.com
REGULARS
4 Editor’s column
6 News
14 CICMQ news
24 Legal Matters - DWF
28 International Trade
48 HR Matters
50 Forthcoming Events
54 New members
59 Cr£ditWho? directory
63 Crossword
18 COVER FEATURE
XX
FEATURES
11 - INSOLVENCY
David Kerr MCICM looks at how receiverships
are alive and kicking in the property sector.
26 - OUTSTANDING MATTERS
Is DSO an outdated measure of risk and
performance? Nigel Fields answers the question.
12 - VIEW FROM THE CHAIR
The upcoming General Election and Brexit
negotiations should be seen as an opportunity,
says Laure Beagle.
13 - BENCH PRESS
Amir Ali takes a closer look at money claims
and the evolution of civil justice.
16 - TEEING UP EDUCATION
The impact of the shake-up in education
following the last Budget will see the
introduction of T-Levels. Karen Young explains
their significance.
27 - TRADE TALK
What is Britain's position in future negotiations
with the EU over trade deals? Lesley Batchelor
delves into the various scenarios.
30 - LEGAL MATTERS
When professional privilege was overlooked in
cross-border insolvencies, Peter Walker looks at
how the Court of Appeal Judges reacted.
32 - CREDIT CONUNDRUM
Michael Feldwick examines the numerous
challenges facing receivables financing and
factoring companies.
30 LEGAL MATTERS
17 - INFORMATION AND TRUST
Matt Davies discusses the ABFA's work with the
ICAEW and a new guide.
18 - WOMEN IN CREDIT
Sean Feast talks to a number of leading
women in the credit industry about the gender
imbalance.
CICM GOVERNANCE
40 - COUNTRY FOCUS
Adam Bernstein continues his country focus
series with a look at the opportunities in South
Africa.
43 - EDUCATION
Credit management apprenticeships myths
and facts.
40 COUNTRY FOCUS
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
Victoria Herd FCICM(Grad)
Edward Judge FCICM
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
David Thornley FCICM(Grad)
Debra Weston FCICM
Pete Whitmore FCICM
The Recognised Standard
www.cicm.com June 2017 3

CREDIT MANAGEMENT
CM
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
THE
EDITOR’S
COLUMN
TAKING MY LIFE
IN MY HANDS
WOMEN at work. It’s a dangerous
subject for any man to tackle.
I recall a report that came out last
year that led to a deluge of media
coverage around the magnificent seven – the
seven women bosses of the FTSE 100. They
included bosses at Whitbread, GSK, Severn
Trent, Kingfisher, Imperial Tobacco, EasyJet,
and The Royal Mail.
I remember the news being extraordinary
because of the way it was reported, as
though these women must have superpowers
for daring to take the men on at their own
game. I remember also thinking that if there
are women in charge of only seven of the top
100 businesses, that means that men are in
charge of the other 93! At the time, there were
still twice as many men named John who were
CEOs or Chairmen of FTSE 100 companies as
there were women of all names.
When Cranfield University issued its
Female FTSE Report in July 2016, the overall
percentage of women on FTSE boards had
increased compared to 2015. Yet not all was
quite what it seemed: while the percentage of
women on the FTSE 100 had increased to 26
percent, and to 20.4 percent on the FTSE 250,
the rate of progress had slowed. Lord Davies’
target of 33 percent by 2020 seemed as
distant as ever. Most interesting to me was the
comment: ‘The pipeline of female talent needs
to be addressed with urgency’.
Perhaps the same applies to the credit
industry. While I don’t have any specific
statistics to hand, I would imagine that the
number of women in senior roles in credit
mirrors the sort of figures in the FTSE.
Certainly our panel of experts think so (see
article in page 18) and have good insight as
to why this might be and what can be done
about it. More importantly, perhaps, they
similarly recognise that for that position to
change, we need to create and nurture a new
pipeline of talent, to create the leaders of
tomorrow.
CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099
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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
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Email: anthony.cave@cabbell.co.uk
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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
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mark ‘Credit Management’ is a registered trade mark of the Chartered Institute of Credit Management.
4
June 2017 www.cicm.com
The Recognised Standard

THE
CREDIT CONTROL
RECRUITMENT
SPECIALISTS
www.portfoliocreditcontrol.com
Portfolio Credit Control are committed to supporting the CICM
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Managers and teams with the tools to ensure they
can attractand retain the best talent in the industry.
Portfolio Credit Control have compiled afreedefinitive
detailed salaryguide for 2017/2018 for London and
the Home Counties to help you when benchmarking
salaries within your team or for when recruiting your next
vacancy. Please contact one of our specialist consultants to
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Control Specialists
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The Recognised Standard
www.cicm.com June 2017 5

CMNEWS
A
round-up
of news stories
from the world
of consumer and
commercial
credit.
By Sean Feast and Alex Simmons
NEW HIGHS IN UK
BUSINESS CONFIDENCE
THE manufacturing sector is acting
as the primary driving force behind
business confidence in the UK,
according to the latest results (Q1 2017)
from the UK’s Credit Managers’ Index (CMI).
The Index also suggests a reduction in
market volatility with overall confidence and
business growth in both the manufacturing
and services sectors remaining high.
The 1.5-point rise experienced in
manufacturing sees it close at 62.7, an alltime
CMI high. The result also represents a
3.7-point year-on-year rise and the second
successive quarter that the sector has
improved. This indicates the positive effect
that currency fluctuations are having on
the UK’s exporting market since the Brexit
referendum.
The CMI’s headline figure, however, has
closed down 0.6 points to finish at 59.2.
This was primarily the result of a 1.6-point
reduction in the services sector, which closed
down at 57.5. Despite decreasing, the results
– which follow Q4 2016’s increases – are
broadly flat. The headline figure, for example,
“Reducing financial volatility
does not mean credit
professionals should let their
guards down and increased
vigilance in credit and
cashflow is of increasing
importance”
- Philip King FCICM
Philip King
remains above a 59.0-point threshold and
marks only the seventh time (and second
successive quarterly result) in the CMI’s
history that is above this threshold.
The survey also found that, with the
current uncertainties of global economics,
almost half (49 percent) of respondents
were using intelligence tools to identify risk
against a strategy of extending credit terms
to encourage growth. By comparison, only
9.4 percent said that they were taking a
conservative approach to credit management
and reducing limits across the board. When
asked if they were being more vigilant about
credit management now than during the
recession, 57 percent said it was about the
same, a third (31 percent) were more vigilant
but 12 percent thought the pressure had
lessened.
Philip King, Chief Executive of the CICM,
says the latest results are encouraging but
warns against overconfidence: “Reducing
financial volatility does not mean credit
professionals should let their guards down
and increased vigilance in credit and cashflow
is of increasing importance,” he says. “This is
especially so with negotiations for Brexit and
the upcoming General Election, which could,
and probably will, see increasing currency
fluctuations that affect our businesses in a
variety of different ways.
“Being unprepared for these fluctuations,
particularly those that have international
portfolios, could see businesses caught out
and finding themselves in extremely difficult
financial positions,” he adds.
The CMI also reports on confidence
regionally: Scotland is the only sector whose
result falls below the desired 52-point
threshold, closing down at 50.8; London
remains steady at 55.9; and seven regions
(up one from Q4 2016) are reporting results
above 60.0, with Northern Ireland’s 68.3 highly
commendable bearing in mind its fall below
the 52-point threshold in the Q4 2016.
Looking deeper into the CMI’s sectorspecific
results (it reports on 19 sectors),
Banks and Basic Resources are flashing
warning lights after both closed under 40.0
points; Telecoms, Retail and Travel and
Leisure all reported CMI results of 50.0,
which is lower than desired; while 14 sectors
reported positive results above 52.0, including
Healthcare, the sector leading the CMI count
at 70.0.
>WHISKEY GALORE
Business Growth Fund (BGF) has invested £5 million in an Irish
business that distils whiskey. London-based Renegade Spirits will
use the funds to scale up production of single malt whiskey at its
distillery in Waterford, Ireland. This latest investment marks the
second wave of growth for Renegade, having purchased Waterford’s
former Guinness brewery in December 2014 for conversion into a
modern distillery. To date, BGF has invested £1.2 billion in over 175
companies and claims it was the UK’s most active investor in 2016,
providing £387 million of funding to SMEs.
businessgrowthfund.co.uk
>REGULATION BOARD
The Board of the Financial Conduct Authority (FCA) has appointed an
additional six members to its FCA’s Regulatory Decisions Committee
(RDC). The committee is responsible for taking certain regulatory
decisions relating to enforcement and supervisory actions, and
firm authorisation and individual approval applications. The newest
members appointed to the RDC are Karen Johnston and Nick Lord.
They join Stuart McIntosh, Philip Marsden, Robin Mason and Malcolm
Nicholson who were appointed last year. Membership is drawn from
across a spectrum of business, consumer and industry experience.
fca.org.uk
6 June 2017 www.cicm.com
The Recognised Standard

NEWS
IN BRIEF
SUPPLY CHAINS IN
DANGER OF BREAKING DOWN
A new report suggests that more than a third
of small businesses have suffered a collapse
in the supply chain in the last 12 months, and
the situation is getting worse.
In the latest Supply Chain Funding index
(SCFi), published by YouGov and sponsored
by funding specialist URICA, the index fell
from 6.6 to 6.2, and confidence continues to
be impacted. In the same survey, however,
two-thirds of businesses expect turnover to
increase over the next twelve months; almost
a third expect turnover to increase by more
than ten percent.
Despite this apparent bullishness of the
SME sector, Dr John Ashcroft, an influential
economist, believes that many small firms
are walking a tightrope and supply chains
are becoming flimsier: “If the index slumps
further towards 5.5 I fear for the welfare of
many SMEs in the UK and their capacity to
capitalise on growth opportunities.”
Lindsay Whitelaw, chair and founder
of URICA, is similarly concerned: “What
the index tells us is extremely worrying for
businesses that are forecasting growth while,
at the same time, admitting their supply
chains are shaky. Many of these businesses
will see their plans wrecked by failing supply
chains. I genuinely believe if we can move
the index up by just ten percent we will see
a three percent improvement in growth and
productivity.”
The Supply Chain Funding index (SCFi)
measures the condition of business’ supply
chains (on a score of between 0 and ten),
taking into account its strength, payment and
credit terms, and forecasted growth.
scfindex.com
BOTTOM FALLS OUT OF
THE SPENDING BAG
CONSUMER spending growth fell to a threeyear
low in the first quarter of 2017, in a sign
that rising prices are hitting the public’s wallet,
according to research by Visa.
The rate of growth of consumer spending
slipped annually from 2.7 percent at the end
of 2016 to 0.9 percent in the first quarter of
the year, the weakest quarter since the end of
2013.
The growth rate dropped to 0.7 percent
alone in March, according to the Visa UK
Consumer Spending Index. However,
consumers have still been digging into their
wallets but mainly online with spending
through e-commerce channels increasing by
8.2 percent in March, up from three percent in
February 2017. This was the sharpest rate of
growth since last November.
In comparison, spending on the high street
declined 1.3 percent annually, but that was
an improvement on the 3.2 percent decline
recorded in February.
Kevin Jenkins, UK & Ireland Managing Director
at Visa, says there were still pockets of growth
in spending: “The leisure and hospitality
sectors have seen growth of 7.2 percent and
four percent as the index confirms an ongoing
trend of consumers prioritising experiences as
spend on food, clothing and household goods
continued to trail behind.” visa.co.uk
BRIDGING THE APP
Bridging lender Henley Finance has launched
a new App as it looks to make applying for
finance for property development easier.
The company claims that the App is the first
of its kind from a bridging finance company.
It aims to make the registration process
straightforward for new and existing clients,
while the app will also contain a ‘tool box’ for
the professional property developer which will
include a ‘price-per-square-foot calculator’ and
a ‘loan-to-value calculator’. The app will be free
to download from the App Store.
henleyfinance.co.uk
GROWING PAINS
The latest trade statistics from the Office of
National Statistics show that between Q4 2016
and Q1 2017, the total trade deficit (goods
and services) widened by £5.7 billion to
£10.5 billion; this followed a sharp narrowing
in Q4. The UK’s total trade deficit (goods and
services) widened by £2.3 billion between
February and March 2017 to £4.9 billion,
contributing nearly half of the quarterly deficit.
ons.gov.uk
CLOSE ENCOUNTER
Novitas, the Salisbury-based provider of loans
to the legal sector, will become part of Close
Brothers Invoice Finance and Rentals, following
an acquisition that is expected to strengthen
the merchant banking group’s existing offering.
Novitas provides working capital for law firms
as well as loans to their clients purchasing
specific legal services. Both lenders expect a
strong growth in the legal funding sector.
novitasloans.co.uk
BAG AND BOX
METRO Bank has provided a £11.67 million
debt facility to allow a pub operator, Cirrus
Inns, to purchase the freeholds of the Cross
Keys in Chelsea, the Sands End in Fulham as
well as the free-of-tie lease of Brown Cow, also
in Fulham. The purchases will expand Cirrus
Inns’ London estate to five pubs with 23 overall.
The independent pub operator also raised an
additional £10 million of equity, which went
towards the purchases and will be used for
future growth.
metrobankonline.co.uk/business
HEAD OF DEVELOPMENT
Rimilia has appointed Stephen Halliday as Head
of Development, with responsibility for driving
development of Rimilia’s financial solutions
and supporting the company’s programme of
investment in the latest technologies for robotic
process automation. Stephen has 17 years’
experience in finance and development: “After
almost two decades of working with blue-chip
utility and carrier logistics businesses, I have
plenty of first-hand experience of the problems
faced each day by finance teams,” he says.
rimilia.com
The Recognised Standard
www.cicm.com June 2017 7

NEWS
A new report has been published that
sets out a recommended delivery plan for
consolidating three payment systems and
their operators: Bacs Payment Schemes
(BPSL); Cheque and Credit Clearing Company
(C&CCC); and the Faster Payments Scheme
(FPSL).
The consolidation aims to further develop
the capability and capacity of the operators
by bringing them within a single organisation
and is intended to reduce the complexity and
costs of having three separate retail payment
system operators (PSOs).
This single entity would also become
responsible for delivering the next stage
of the development of the New Payments
Architecture (NPA), an industry-led initiative
that aims to increase competition and
resilience as well as enhance innovation
across the payments and banking industry.
THREE INTO ONE WILL GO
The plan was created by the PSO Delivery
Group, an independently chaired body set up
by the Payment Systems Regulator (PSR) and
the Bank of England. The plan now needs to
be reviewed and agreed by the boards of the
three operators. The PSR and the Bank of
England reviewed the Delivery Group’s report
before publication from the perspective of their
respective objectives and duties.
Hannah Nixon, Managing Director of the
PSR, says the report sets out a compelling
approach to deliver the new PSO which should
support the Forum’s vision: “The consolidation
can help facilitate the safe and secure
transition to, and management of, the new NPA
which we believe could deliver more dynamic
competition and innovation in payments.
Consumers will also benefit from new entrants
coming into the market and offering users of
payment services new, innovative products.” psr.org.uk
COMPLAINTS ARE
ON THE RISE
THE FCA has published the first set
of data on the number of complaints
reported by firms under new rules which
came into force on 30 June 2016.
The total number of complaints reported
by firms in the second half of 2016 was just
over three million. This number is higher than
previous reporting periods because under
the FCA’s new rules all complaints are now
captured in the data.
The data reflects the fact that under the
new rules, financial services firms have longer
to resolve complaints less formally. Firms now
have three days to address a complaint to a
consumer’s satisfaction; previously they had
as little as 24 hours.
The FCA believes the new data set is more
informative because it shows the number of
complaints against the size of the business.
It also provides greater insight about the
products that consumers complain about.
The FCA believes that greater
transparency of complaints information will
enable consumers looking to invest or buy
“This data will provide us with improved intelligence on
complaints including new detailed data to show where an
industry is potentially failing consumers at a product level.”
products to be better informed about the
products that have caused concern for others.
“Consumers want a simple way to
complain that does not leave them out of
pocket. And they want to be assured that their
concerns will be dealt with fairly and quickly,”
says Christopher Woolard, Executive Director
of Strategy and Competition at the FCA.
“This data will provide us with improved
intelligence on complaints including new
detailed data to show where an industry is
potentially failing consumers at a product
level.”
Payment protection insurance (PPI) is
the most complained about product. The
total number of PPI complaints was 895,000.
Excluding PPI, the number of complaints was
2.15 million. Current accounts were the next
most complained about product with around
514,000 grievances.
The total redress paid to consumers
was £1.9 billion in the second half of 2016.
When all redress payments related to PPI are
excluded, the redress figure is approximately
£0.3 billion during the same time period.
fca.org.uk
8 June 2017 www.cicm.com
The Recognised Standard

News in Numbers – provided by the Money Charity
THE.news . IN
NUMBERS
£2.04
BILLION
SPENT EVERY DAY ON PLASTIC
CARDS IN THE UK
£170
million
MORE GOVERNMENT DEBT A DAY
DURING
FEBRUARY 547,711
9.45
mILLION
(35 PERCENT) HOUSEHOLDS HAVE
NO SAVINGS
£120,230
average
126
purchases
WERE MADE EVERY SECOND USING
CREDIT CARDS IN MARCH
outstanding
MORTGAGE FOR
11.1 MILLION PEOPLE
28%
OF ISSUES CAB HANDLED
RELATED TO DEBT
ISSUES DEALT WITH BY
CITIZENS ADVICE BUREAUX
(CAB) IN MARCH
48,178
loans
APPROVED
FOR HOUSE PURCHASE
IN MARCH
EXPORT FINANCE MD
Bibby Financial Services (BFS) has appointed Craig
Durnell as Managing Director for its export finance
business, as the company looks to strengthen its support
for SMEs trading overseas. First joining BFS from RBS in
2014, Craig has held a variety of roles including Head
of Operations, and most recently, Head of South West
Business Centre. Prior to joining RBS, he spent more
than 23 years with HSBC in a variety of commercial and
leadership positions. bibbyfinancialservices.com
CYBER PROTECTION
ARC (Europe), the specialist debt collection agency
(DCA), has achieved the Government-backed Cyber
Essentials certification following a further upgrade of
its internal IT infrastructure and the introduction of an
enhanced firewall. The Cyber Essentials scheme accredits
those businesses that display significant levels of cyber
security and who have correctly implemented five key
controls that prevent up to 80 percent of cyber attacks.
In gaining accreditation, ARC’s IT systems were exposed
to an external vulnerability scan to test whether the firm
had effective and efficient cyber security measures in
five key areas: secure configurations; boundary firewalls
and internet gateways; access controls and administrative
privilege management; patch management; and malware
protection.
arceuropeltd.co.uk
NEW MD FOR DUFF
Duff & Phelps has appointed Allan Graham as Managing
Director within its restructuring advisory practice to
focus on the company's mid-market restructuring and
nationwide insolvency cases. He joins Duff & Phelps
from KPMG where his 27-year career included 19 years
as a restructuring partner. Allan will assist mid-market
corporates nationally and has particular expertise
advising manufacturing, recruitment, and printing and
packaging businesses. Allan is a qualified accountant,
insolvency practitioner and member of R3.
duffandphelps.com
BUN IN THE OVEN
Secure Trust Bank Commercial Finance has provided
a £2 million invoice finance facility to Stage Electrics
Partnerships, a provider of stage lighting and sound
equipment to theatres and the entertainment industry
including The Great British Bake Off. The facility is
enabling the business to expand and invest in two new
sites in Avonmouth and Patchway as it looks to improve
its margins within the next three years.
securetrustbank.com/commercial-finance
GROWING TENTACLES
Louise Young has joined Octopus from Masthaven
having served as senior underwriter at the bank
since January 2012. Paul Mann has also been added to
the ranks, having formerly served as residential and
commercial collections manager at Aldermore Bank
before a four-year spell as Senior Mortgage Underwriter
at Saffron Building Society. The appointments come
amid a major overhaul of the Octopus product range.
octopusproperty.com
CICM IN BRIEF
This month's briefing gives details on the CICM's
Virtual Summer School, the booking window for
online exams closes on 2 June, a vacancy to represent
members of CICM in the specialist area of Consumer
Credit, and the third CICM AGM to be held on 8 June
The Recognised Standard www.cicm.com June 2017
9

NEWS
ACCA WELCOMES NEW MAYORS
THE Association of Chartered Certified
Accountants (ACCA) says the new directly
elected metro mayors will have a crucial
role in creating regional powerhouses for
economic growth and development.
John Williams, Head of ACCA UK, says
the response from members has been
clear: “Firms around the country are in
desperate need of better digital and transport
connectivity, and strong links between the
business community and education to equip
the workforce with the skills needed to flourish
in a 21st century global landscape.
“The new metro mayors will be in a unique
position to help deliver solutions to these
issues through building strong link between
city regions, including connections with major
financial centres in London, Cardiff, Glasgow
and Edinburgh.
“They also have a major role to play in
tackling the national skills gap: both directly
through Apprenticeships Grants but also throw
showing leadership in building links between
business and education, through initiatives
such as Local Enterprise Partnerships, to
ensure young people are getting access to the
training and opportunities they need to thrive.”
The ACCA also believes that the mayoral
elections represent an important milestone
in the devolution agenda, but for devolution
to work effectively local administrations must
be given more, if not total, control over local
public finances: “This will be critical in enabling
incoming mayors to tackle local challenges,”
he adds.
New metro mayors are being welcomed
following elections in Cambridgeshire and
Peterborough, Greater Manchester, Liverpool
City Region, Tees Valley, West Midlands and
West of England alongside directly elected
mayors in Doncaster and North Tyneside.
accaglobal.com
>NEWS
IN BRIEF
P2P AUTHORISATION
BOOSTS SECTOR’S
LEGITIMACY
ZOPA, described as the UK’s oldest
and largest peer-to-peer lender, has
been granted full authorisation by the
Financial Conduct Authority (FCA).
The platform has undergone a
rigorous 18-month approval process
since applying to the regulator and
can now apply to HMRC for ISA
manager status to offer the Innovative
Finance ISA (IFISA).
The announcement is said to herald
a significant moment for the industry
which has been waiting for the largest
players to become fully regulated to
move the sector into the mainstream.
The regulator’s stamp of approval
is expected to boost the sector’s
legitimacy to investors and financial
advisers.
“Zopa, both individually and as
a founder member of the Peer-to-
Peer Finance Association (P2PFA),
has campaigned for P2P lending to
be a regulated activity for a number
of years,” says Giles Andrews, Co-
Founder and Chairman of Zopa.
Zopa has lent more than £2.7 billion
to consumers and employs over 200
people, including over £800 million
over the last 12 months.
zopa.com
>TECHNICAL
DESK
THE CICM’s Technical Committee met
recently and discussed a number of issues
including: the General Data Protection
Regulation (GDPR) effective from 6 May
2018; the Duty To Report Regulations that
came into force on 6 April 2017; the new
Apprenticeship Levy; the FCA consultation
that proposes new rules and guidance
to address persistent credit card debt
and earlier intervention remedies; the
publication of the FCA’s Mission, Business
Plan for 2017/18, and a consultation on
proposals for regulation fees and levies;
the modernised Insolvency (England and
Wales) Rules 2016 that came into force
on 6 April 2017; the Standard Financial
Statement launched on 1 March 2017; and
a new fraudulent trend that may affect
legitimate companies and organisations in
the near future through abuse of the Courts
system that the National Fraud Intelligence
Bureau (NFIB) had identified.
CSA APPOINTS SENIOR
INDUSTRY LEADERS TO
WORKING PARTIES
THE Credit Services Association (CSA), the voice
of the UK debt collection and debt purchase
sectors, has co-opted two senior industry
figures into its Working Parties to further support
its members’ interests and steer the future
development and direction of the industry.
Pamela Mulcahy is joining the CSA’s Public
Affairs (PA) Working Party, headed by Portfolio
Director Leigh Berkley. As Public Affairs
Director at Marston Holdings, Pamela supports
the business’ strategic objectives through
stakeholder engagement, and understanding
and informing policy development.
Steven Preston is joining the CSA’s
Technology Working Party, headed by Portfolio
Director Stuart Sykes. Steven is an experienced
credit risk and collections professional
specialising in the delivery of risk transformation,
and system specification, selection and
installation projects across banking, utility, third
party organisations, BPO and mail order retail
companies.
Peter Wallwork, CSA Chief Executive, said
he is delighted with the additional experience
that Pamela and Steven bring: “I would be
similarly delighted to hear from members and
the wider credit industry community who feel
as passionately as they do and who have a
positive contribution to make to the future of our
industry.” csa-uk.com
10 June 2017 www.cicm.com
The Recognised Standard

INSOLVENCY
PROPERTY RECEIVERS –
A SURVIVING BREED
You may have thought that receiverships were dead. David Kerr MCICM
explains why that thought may be a little premature.
THE old receiver and manager of
the Companies Act 1948 morphed
into the administrative receiver of
the Insolvency Act 1986 and was
then killed off by the Enterprise Act 2002.
The flavour of the era now is for collective
insolvency procedures, theoretically
benefiting all creditors, rather than those
designed primarily to serve the interests
of one secured lender.
And yet whilst administration has
become the common ‘rescue’ procedure,
there is a corner of the receivership world
where the concept survives, and indeed
is gaining a new lease of life. Property
receivers operate under the Law of
Property Act 1925 or legal instruments
invoking similar powers; they have carried
on their trade throughout all of the above
changes and have been largely untouched
by them.
One of the important measures
introduced in 1986 was the licensing
of insolvency practitioners, and yet for
property receivers this too somehow
passed them by, so that those acting as
receivers of property (and property only
– not the whole of a debtor’s undertaking)
are not subject to any form of statutory
regulation. However, that anomaly was
remedied to some extent in 1999, when
the Insolvency Practitioners Association
(IPA), Royal Institution of Chartered
Surveyors (RICS), and the Non-
Administrative Receivers Association
(Nara) led a joint effort to replicate the
insolvency practitioners’ regulation
regime in the property receivership
domain.
This extension of regulation involved
a voluntary registration process that
encompassed a commitment to be
subject to monitoring inspections, with
reports submitted to a joint committee for
review. A directory of registered property
receivers, updated and published
annually, encouraged lenders to use
‘regulated’ receivers.
Those arrangements have now been
revised and modernised, and a new
Memorandum of Understanding has been
executed between IPA, RICS and Nara. This
provides for some important changes that
should increase transparency and reassure
stakeholders. All registered property
receivers will be monitored by the IPA, a
new website will carry information about
the standards applicable to their work (the
practice statements developed by Nara)
as well as a list of those signed up to the
scheme, and there will be a consultation
on those standards.
The new scheme will be launched on 1
July and will deliver a more robust regime
that is more readily understandable. Some
key aspects of the existing scheme are
retained, such as the entry examination,
requirements for ongoing education,
and monitoring. A newly formed Quality
Assurance Panel will deal with any cases
where monitoring reveals registered
receivers are found not to be acting in
compliance with the published standards,
and complaints about them will be subject
to the disciplinary procedures of the
receiver’s professional body.
SUMMARY OF KEY ASPECTS OF THE
REGISTERED PROPERTY RECEIVERS’
(RPR) SCHEME
• RICS and IPA will formally endorse
Practice Statements for RPRs, thereby
ensuring they have full regulatory force.
These Practice Statements will be placed
in the public domain, and processes for
enhanced stakeholder engagement in the
change or creation of future standards will
be implemented
• A Quality Assurance Panel will review
the monitoring outputs from the Scheme
against the Practice Statements where
compliance issues have been identified as
part of the monitoring processes, in order
to provide assurance that these standards
are being properly applied
• IPA will provide a formalised secretariat
function in respect of the Scheme,
ensuring a single point of enquiry for
Scheme members
• Scheme members will be required to
provide an annual confirmation that they
subscribe to the application of Practice
Statements and the criteria for Scheme
membership generally
• All Scheme members will be required
to participate in proportionate and
risk-based routine monitoring activity
of their functions as Registered Property
Receivers provided by the IPA on a riskbased
and proportionate basis
• A new Scheme-specific website will be
established, aimed at informing end users
and the public about the Scheme and
raising the Scheme’s profile
• Nara will continue to produce Practice
Statements for scheme members, subject
to RICS and IPA review and collaboration
and a process of stakeholder engagement,
and the Practice Statements will be
reinforced by the newly introduced
endorsement process
• Nara will continue to provide high
quality education and training for Scheme
members and prospective scheme
members, and promote the benefits of the
Scheme
• The requirement that all registrants are
members of a relevant professional body
will be retained, as will the examination
process for new applicants to the
Scheme to ensure the current levels of
professional education and qualification
are maintained
• Scheme members will be subject to the
disciplinary processes of the professional
body of which they are a member;
adverse monitoring outcomes and
complaint allegations arising through the
Scheme will be referred to the relevant
professional body for any disciplinary
action as may be necessary
• Registration under the scheme is the
sole mechanism entitling the Scheme
member to the designation ‘Registered
Property Receiver’.
David Kerr MCICM is the Chief Executive
of the Insolvency Practitioners Association
(IPA).
The Recognised Standard
www.cicm.com June 2017 11

FROM THE CHAIR
POLLS APART
Laurie Beagle sees the forthcoming election and Brexit
negotiations as an opportunity rather than a threat.
THE calling of an election I think
caught us all off guard. Perhaps
that was the strategy. For a time,
it will no doubt interrupt and
delay a number of ongoing initiatives
with which we are involved, but
hopefully not for long.
Our Chief Executive, Philip King,
has worked hard and should be
congratulated on the excellent links he
has built with the government especially
via the Department for Business, Energy
& Industrial Strategy (BEIS) and Small
Business Minister. This has not only
helped to raise the profile of the CICM
but also resulted in significant output,
not least of which is the Prompt Payment
Code.
CICM members have also recently
been taking part in interviews with BEIS
on the introduction of two new websites
being built for businesses. One is for
the Duty to Report portal, and the other
for the Small Business Commissioner.
The Institute has also been extending
its series of Managing Cashflow Guides,
including a new one entitled ‘Managing
cash through Brexit’ and produced in
partnership with the Federation of Small
Businesses (FSB).
Brexit, of course, is now a reality. With
the impending election, Brexit, whether
soft or hard, is back in the news. This
is the start of the story. Businesses who
already export are understandably
nervous. But they also recognise that
there will be plenty of opportunities
in the future should we wish to grasp
them. This is where you, the credit
professional, has a large part to play. It
is your skills that will help carry the day;
your understanding of risk; your ability
to access and interpret information
that supports sales. You are not just the
manager of the accounts receivable
ledger, but rather the key to the future
prosperity of your company.
The gun has sounded and we are
off the mark for the Apprenticeship
schemes. The future of our profession
is in us all encouraging the younger
generation to understand that Credit
Management, in its many forms, is a
worthwhile career. I totalled up my job
titles since starting as a credit controller
and it came to 11. We need to continue
getting the message out there that
Credit Management is a profession
- the same as Surveyors, Doctors,
Accountants etc – and that we have
a vital role to play in protecting and
developing our economy.
Yes, it is a big commitment, but we
are asking you and your company
to think about what more you can
bring to the profession, and its future.
Apprenticeships are there to train new
and young talent as well as up-skilling
current teams and team members.
They will provide a clear route to
development and career progression.
And one final point that should not
be missed is that funding is available
regardless of age. Very refreshing.
Laurie Beagle FCICM EIICM is the Chair of
the CICM Executive Board.
The gun has sounded and we are off the mark for the Apprenticeship schemes. The future
of our profession is in us all encouraging the younger generation to understand that Credit
Management, in its many forms, is a worthwhile career.
12 June 2017 www.cicm.com
The Recognised Standard

BENCH PRESS
MONEY, MONEY,
MONEY
We stand at a pivotal moment in the evolution of civil justice as far
as money claims are concerned. The next few months and years will
determine how effective, economic and desirable money claims remain,
says Amir Ali.
ECONOMICS are a major factor
– it is clear that successive
governments have viewed civil
justice as a cash cow. Not only
is it expected to be self-financing, but
also to finance other areas that would
otherwise be a burden on the taxpayer,
such as the criminal courts.
Despite paying substantial sums
that might more usually be expected
to provide an outstanding service,
Claimants have seen comparatively
limited investment in their area of the
court service. The increase in money
claim issue fees to five percent of value
for claims over £10,000 has seen a
reduction in larger claims. The idea of
risking further money to try to recover
an existing debt has always been
unpalatable. The size of the increases
now makes it an impediment to justice.
How perverse is the system, where a
claim is often now more likely to be
brought in a lower value case than a
larger one? Those who owe greater
sums of money are increasingly
immune from the risk of a Judgment,
while those who owe lower sums are
more likely to have one entered against
them. Our Civil Justice system has
always been based on fairness and this
proudly continues, yet in some ways
this now risks being undermined by its
own charging structure.
We have seen a continuation of
this approach in recent weeks, with
hearing fees no longer being refunded
where a court hearing is no longer
required. It was always understood
that the refunding of such fees was
designed to promote early settlement
between the parties. It is presumably
again the case that money is now seen
as more important than good case
management. It is extraordinary that it is
even necessary for a fee to be payable
for the Consent Order concluding the
claim and removing the hearing from
the list. Where else in society are you
expected to pay for a service and
denied a refund when you realise it is no
longer required? And are then actually
required to pay even more as a result?
If the court itself were reviewing such
a term under a contractual agreement,
would it be considered reasonable?
There are many reasons to be
optimistic for the future of Civil
Litigation. The Civil Structure Review
by Lord Justice Briggs was full of good
ideas. Lord Justice Jackson’s continuing
review of fixed costs will hopefully bring
greater certainty and transparency
around costs. There are many people
working hard within the Ministry of
Justice and the court system, striving
to provide the best service possible for
court users. We can only hope that all
of these efforts are not undermined by
the court fees themselves. The courts
should exist to provide a much-needed
service to society, not as a form of
taxation upon it.
Amir Ali is Chair of the Civil Court Users
Association (CCUA) – amir.ali@hcegroup.co.uk.
How perverse is the
system, where a
claim is often now
more likely to be
brought in a lower
value case than a
larger one?
The Recognised Standard
www.cicm.com June 2017 13

MORETON SMITH INVESTMENT PAYS
DIVIDENDS IN RENEWING CICMQ
IT’S been a busy period for Moreton
Smith, which has renewed its CICMQ
accreditation and retained its mantle as
the only debt collection agency to have
achieved the standard. The business’ third
certification has occurred in the context of a
recent acquisition by Marston Holdings.
Moreton Smith is an international debt
management service provider that offers
credit management services worldwide from
its central London base and via its partner
network.
The CICMQ Assessor’s report
emphasised the strength of current
processes, despite a number of
developments following the change in
ownership: ‘As expected, there are checks
and balances to pick up any issues. The staff
are motivated, experienced and strong in
international collections.’
John O’Donnell, Managing Director,
explains that Moreton Smith is seen as a
strategic and solid foothold in international
collections for Marston: “The investment
in Moreton Smith is continuing, with key
CICMQ gives our clients confidence
in the quality of our service and is a
great way to independently evidence
our robust systems and management
processes.
Marston resources supporting the existing
management team to help bring about further
process improvements.
“Reconciling the process changes with
CICMQ standards has added a layer of
complexity, but our understanding of the
aims that underpin the standard has helped
considerably.” he continues. “CICMQ gives
our clients confidence in the quality of our
service and is a great way to independently
evidence our robust systems and
management processes.”
The Assessor’s report also found a
‘high level of ownership and pride in the
achievement of good results for the business
and its clients.’ Also noted was Moreton
Smith’s recent attainment of the ISO 27001
Information Security Management standard,
evidence of its commitment to securely
processing client (and end customer) data.
“Notwithstanding recent achievements, we
are determined not to rest on our laurels and
will be supplementing training programmes
with CICM training and to further develop
professional qualifications.”
The investment in Moreton Smith
is continuing, with key Marston
resources supporting the existing
management team to help bring about
further process improvements.
‘‘
IN ASCENDANCE
We felt CICMQ was a
well-suited accreditation to
fit the combination of our
new business activities,
and going through the
process has ensured that
we are continuing to
develop. Our credit policy
has been updated and is
now robust, and this helps
us to better guide our credit
control team.
Debt recovery solutions provider Ascent
Performance Group (Commercial) joins
the Best Practice Network with first-time
CICMQ accreditation.
The accolade follows the business’
acquisition of the commercial debt recovery
division of P&A Receivables.
“We felt CICMQ was a well-suited
accreditation to fit the combination of our
new business activities,” Glen Walker, Chief
Compliance Officer, explains.
“Going through the process has ensured
that we are continuing to develop,” he
adds. “Our credit policy has been updated
and is now robust, and this helps us to
better guide our credit control team.
“Overall, the process has proven to
be worthwhile in benchmarking the firm
against other credit control practices,
and we plan to continue developing our
employees who will benefit from CICM
training.”
The Assessor’s report explained that the
Groups ‘measurement of the collections
operation is clear, and client feedback on
performance and the service it provides is
excellent.’
14 June 2017 www.cicm.com
The Recognised Standard

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The Recognised Standard
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www.cicm.com June 2017 15

OPINION
TEEING UP
EDUCATION
Karen Young discusses the skills gap in the UK and how the
Government’s announcement of T-Levels will help to reduce it.
THE recent Budget saw one of the most
drastic shake ups of the education
system in a generation, and was a
welcomed move by many to aid future
vocational careers.
‘T-Levels’ are planned for introduction in
the autumn. These are technical qualifications
providing skills based courses in fifteen
areas including accounting and finance,
digital, manufacturing, business, hospitality,
construction and social care.
The development will no doubt improve the
acute skills gaps within these professions, and
it’s particularly encouraging that accountancy
and finance will be included.
This grassroots investment is much
needed, as the industry is keen to develop
the entry routes into the sector to encourage
talent from all areas of the education system.
The CICM apprenticeship route is of course
an example of how this is already being
developed within credit management, with
specifically-designed courses for those
looking to become part of the growing credit
profession.
In addition, there was welcome news for
those already within the workforce in terms of
re-skilling to support a generation of workers
at risk of job automation. The Chancellor
announced the Department for Education will
invest £40 million in pilot schemes to support
building digital skills into our workforce.
It is correct that now is the time to tackle
the skills chasm in the UK jobs market headon.
At Hays we have consistently warned
of a widening skills gap across the country
as employers tell us they are struggling to
match the vacancies they have with the
skills of the available workforce. We want
to be encouraging more people into credit
management, especially as data from our
UK Salary and Recruiting Trends Guide 2017
revealed that the majority (75 percent) of
managers hiring finance roles say the shortage
of suitable candidates is their top recruitment
challenge this year.
We need to be promoting the job
opportunities in the profession to the next
generation – helping them to understand the
career paths and the rewards on offer. The
sector is optimistic, as our Guide indicated
93 percent of finance employers expect
their business activity to remain the same or
increase in 2017. Additionally, demand for
credit professionals should only increase. In
our mixed business conditions, both uncertain
economic conditions and business growth
create a greater need to manage risk and cash
flow, highlighting the importance of hiring
effective credit professionals.
T-Levels are an excellent opportunity
to generate a coherent dialogue between
business and schools, and if organised
properly, they should help address any
future skills shortages. By ensuring robust
qualifications and measurable targets are
in place, T-Levels will equip the younger
generation with vocational careers,
demonstrating a programme that has been
developed specifically with employers in mind.
The introduction of T-Levels to a younger
and digitally-minded generation will hopefully
combine an education in financial skills with
digital capabilities that already exist. This
way the initiative can become a two-way
partnership, as businesses work with the
younger generation to share knowledge.
It’s a pertinent time for change, thanks to
ongoing business development, corporate
deals, growth and a number of companies
relocating, the demand for a wide range of
financial skills looks set to stay high for the
foreseeable future.
Credit professionals are currently in high
demand by organisations, and salaries are
attractive, increasing by 3.7 percent on
average in the past year. Additionally, at 28
percent, finance skills were cited as one of the
top three skills most needed by organisations
to achieve their business objectives this year.
It’s clear that there are short- and longterm
fixes which need to be addressed. It
is vital that we tackle these now if we are to
close the gaps and make sure we have the
professionals in place who can start to make
headway as a leading workforce with a vast
amount of talented finance professionals.
T-Levels present a golden opportunity for
the UK to develop a well-trained and highlyskilled
domestic workforce that will see
Britain’s credit management industry primed
to compete successfully on a global level.
Karen Young is Director of Hays Accountancy
and Finance.
The CICM apprenticeship route is of course an example of how
this is already being developed within credit management, with
specifically-designed courses for those looking to become part of
the growing credit profession.
16 June 2017 www.cicm.com
The Recognised Standard

OPINION
INFORMATION
AND TRUST
Matthew Davies considers what has been holding the invoice
finance industry back.
SUPPLY versus demand arguments have
dominated the access to finance debate
for a decade since the global financial
crisis. Arguably, they did for long before
it as well but with the end of the good times the
political prominence of the debate increased
exponentially. Since then we have seen an everextending
phase of bank bashing – amazingly
Bob Diamond made his comments about ‘the
period of remorse and apology’ for the banks
needing to end in 2011. And we have seen some
fairly dramatic direct policy interventions in the
form of the establishment of the British Business
Bank, various public-backed lending schemes
including Funding for Lending, policy action
aimed at combating late payment, at fostering
greater competition, and with more yet to come
out of the CMA inquiry.
For the part of the Asset Based Finance
Association – which represents the invoice
finance and asset based lending industry and
includes both banks and non-banks within the
membership – we see ourselves as representing
a ‘challenger’ industry. At any one time, ABFA
Members will be advancing in the region of
£20 billion to more than 43,000 UK and Irish
businesses, but the industry could be providing
more finance to more businesses, and over recent
years we have been considering what is holding
the industry back.
The information gap is clearly an issue. All
studies find a persistent lack of awareness and
understanding of what different types of finance
are available, when they are appropriate (and
when they might not be), and where they can be
found. This information gap is as much an issue
for the rapidly evolving, technology-focused
finance providers as it is for more established
types of finance that have not always been
understood as well as they should be.
Which brings me to the point. The ABFA has
been pleased to work with the Corporate Finance
Faculty of the ICAEW on a detailed independent
guide to the industry and its products and
services – Growth through asset based finance.
Written to be accessible for both small
businesses and those that advise them, the guide
follows up on the British Business Bank and
ICAEW’s Business Finance Guide, which provides
an integrated source of information on the full
range of finance options available to businesses.
The new publication provides more information
about the products and how they work, as well as a
range of case studies.
Of course, the flip-side of better information
is ensuring that clients and prospective clients
– particularly smaller businesses that are most
apprehensive about taking external finance – feel
able to use the products with confidence.
The publication also covers the issue of
standards, in particular the ABFA’s Standards
Framework. The Framework sets the commitments
and principles that all ABFA Members will meet
in their dealings with clients and incorporates
independent means of investigation and, where
appropriate, redress where those standards are
found to have not been met. The chair of the
Professional Standards Council, Lucy Armstrong,
wrote a piece on the Framework in more detail in
CM earlier this year considering issues around the
treatment of SMEs as users of financial services.
With potentially choppy economic waters
ahead of the UK, information and trust have never
been more valuable commodities.
The ICAEW Corporate Finance Faculty best
practice guideline Growth through asset based
finance can be downloaded from:
icaew.com/-/media/corporate/files/
technical/corporate-finance/guidelines/
growth--through-asset-based-financeguideline-65pdf.ashx
The British Business Bank and ICAEW’s Business
Finance Guide can be found at:
thebusinessfinanceguide.co.uk/
Further information on the Standards Framework
can be found at: abfa.org.uk/standards.asp
Matthew Davies is Director of Policy and Communications and
Deputy Chief Executive Officer Asset Based Finance Association.
The Recognised Standard www.cicm.com June 2017
17

FEATURE SPECIAL
LADIES
FIRST
Why aren’t there more women in senior roles in credit and what could be
done to encourage more women into the industry? Sean Feast takes his life
in his hands by asking some leading players.
DESPITE having a woman as our Prime
Minister (at least at the time of going to
press), and a woman as our Monarch,
the importance of women in the
workplace is a constant subject of debate. Why
are women continually under-represented on the
Boards of the FTSE 100, and why are so few at the
very top of the tree? More specifically, why aren't
there more women in senior roles in credit?
Denise Crossley FCICM, CEO of Motormile
Finance UK, believes that part of the problem
is historic: “Sadly, I often feel that women are
still sometimes under-valued in the workplace,
particularly where their line managers are
older men who have been in their roles for a
considerable number of years,” she says. “In
some of the smaller credit business in particular,
some male managers just don’t appear to see a
woman as a true asset.”
While Denise is quick to point out that such
prehistoric attitudes are not true of all men,
her thoughts resonate with others. Dee Weston
FCICM, UK and Ireland Credit Manager for Avnet
says that she started in credit control more by
default than design, and credit was not promoted
as a career: “The first I was aware there was a
title of Credit Manager, was when I saw the role
advertised, but there was nothing to suggest
is was significant or could help my career
development. I applied as it noted supervision of
other personnel, and that appealed to me.”
What became immediately clear, however,
was that the world of credit – at a senior level at
least – was almost entirely male dominated: “If I
wanted to speak to a senior person among our
customers it was invariably male, their secretary
female, and their credit control team, female
too. But that was also reflected in the company I
worked for; the senior roles were all men.”
Claire Aynsley, Head of Regulatory
Compliance and Standards at the Credit Services
Association (CSA), definitely believes that
attitudes are changing: “The dinosaur era days
of men ‘bringing home the bacon’ are long gone,
and equality in the workplace is vastly improving.
“Even within our membership we are seeing
more females being employed in senior and
executive roles. As with the regulatory landscape,
not only are firms having a cultural change in
terms of their activity and their engagement
with customers, but the cultural changes can be
seen throughout organisations, leading to more
diversity. But more still needs to be done.”
Debbie Tuckwood, Head of Education and
Professional Development at the CICM, suspects
that the anomaly occurred because women’s
careers were more likely to be interrupted due to
family responsibilities and employers were less
prepared to offer flexible working: “With new
legislation, more family friendly working hours,
better childcare and increasing necessity for both
partners to work, hopefully more talented women
will continue their career and start to reach senior
roles,” she says.
“Clearly some may be reluctant to take on
roles which require significant travelling if their
families are young. However, as many credit
management departments are changing rapidly,
there are a host of business-critical projects which
require skilled leadership and may better suit
flexible hours. These both develop new skills
and are likely to open up opportunities during
these formative years. Also, better communication
means nowadays many meetings with colleagues
and customers are held remotely and so many
managers choose to work from home for at least
part the week.”
Denise, too, acknowledges that part of the
problem historically is the ‘traditional’ one of
women being primary carers, and the inflexibility
of working practices: “On occasions, women can
be put off applying for full time roles in credit as
the hours are predominantly 9.00am – 5.00pm,”
she says. “Such roles therefore don’t always offer
18 June 2017 www.cicm.com
The Recognised Standard

the flexibility required if women have young
children or elderly parents to care for.
“As a young mother myself with three children
to raise throughout many years, I was still
expected to work the same hours but without the
flexibility which, at times, was extremely difficult
in order to gain a work/life/family balance.”
Debbie Nolan, Business Development Director
at Arvato UK, agrees: “If you take time out for any
reason it’s difficult to catch up,” she says. “I’ve
been working in the BPO market for the last four
years, but fortunately I work for an organisation
that is supportive of my wider industry interests
and has allowed me to continue to attend events,
network and contribute to areas that weren’t
necessarily directly related to my actual role at
that time. This has allowed me to keep engaged
in the challenges and changes within the world of
credit, and meant that when an opportunity arose
to work in that environment again, I didn’t have so
much catching up to do.”
Debbie’s experience is perhaps fortunate,
but should women be doing more to encourage
other women into the industry, and mentor their
development?
“During my career, I have always endeavoured
to provide side by side training for potential
candidates (of all genders) wishing to enter the
world of credit, but lacking experience,” Denise
continues.
“If candidates can evidence a good command
of the English language alongside strong basic
mathematics, and plenty of common sense
(vitally important), then I will offer easy access
to internal promotions. I will also offer flexible
hours for working mums/carers, moving them to
more hours as their personal situations change
or evolve. Currently, our ‘rising stars’ project
caters for just that situation whereby we train
and mentor candidates who aspire to elevate
themselves within the business, but have no
formal experience.”
Dee Weston is an active champion of the
CICM: “The Finance Director (yes he was a man)
I joined as a Credit Manager first introduced me
to the notion that credit was a career, and then
you could gain qualifications, by that point I had
been working in credit for ten years. This was
also the first time I was made aware of the CICM.
“The dinosaur
era days of men
‘bringing home
the bacon’ are long
gone, and equality
in the workplace is
vastly improving’’
- Claire Aynsley
“Shouting the loudest doesn’t
always mean you will be
heard. I’ve found that by
creating a reputation for
honest delivery means that
I am trusted by the people
that I work with to deliver the
best outcome. I would mentor
anyone, male or female, to be
realistic about what can be
achieved, and when”
- Debbie Nolan
He encouraged me to qualify as it would help my
development and understanding of credit and its
purpose, and help seek gainful employment in the
future.”
Debbie Nolan helps her team to develop a
mechanism to be heard: “Shouting the loudest
doesn’t always mean you will be heard. I’ve found
that by creating a reputation for honest delivery
means that I am trusted by the people that I work
with to deliver the best outcome. I would mentor
anyone, male or female, to be realistic about what
can be achieved, and when.”
Debbie believes that there is no such thing
as ‘can’t be done’: “Anything can be achieved,
but there may need to be some compromise
over timings, detail or expectations. As long as
the changes are clearly communicated, well
negotiated and committed to, success will follow.”
So, what advice would our senior executives
give to a young woman starting out in credit
today?
“Start at the bottom if you have to and learn the
ropes,” Denise advises. “There is nothing better
than experience from the bottom up. Put yourself
forward for new jobs – they are never as hard as
you think!”
Denise started out as an Office Junior on a
Government training scheme. She was promoted
to a Director at 21, and bought her first debt
business at the age of 30: “I worked hard, listened
well and was employed by a wonderful gentleman
who taught me along the way and could see my
potential. If you have a polite manner, good work
ethic and a passion for what you want to achieve
then you can progress to the top via a route that
doesn’t preclude anyone, university educated or
not.
“Don’t be frightened or apprehensive; be brave
and, more importantly, be passionate in all that
you do and you will certainly succeed to be part
of a fantastic industry that can take you off in a
number of directions.”
Dee Weston believes that thanks to career
events, open days, social media and the press, as
well as organisations like the CICM, more women
are now aware that a career in credit can propel
them through the business ranks: “I would advise
any person to look at credit gainfully,” she says.
“I and my company promote CICM in the work
place; we bring in in-house tuition to encourage
continues on page 20 >
The Recognised Standard
www.cicm.com June 2017 19

Continues from previous page
>
members of the credit team, support and
encourage. Young women should also actively
engage in their local CICM branch to meet
like-minded professionals with huge amounts of
knowledge.”
Claire Aynsley is also a believer in learning
and development: “Better financial education
and a clearer perception of credit and debt will
encourage the Millennials to look outside of the
box,” she says. “And with Apprenticeships being
high on the Government’s agenda, we could see
more women starting a career in credit as well as
working their way up the ranks.”
Debbie believes networks are important:
“Create a network that supports the work that you
do but then also takes you out of your comfort
zone and helps you to understand how other
contributing parts of the industry work together,”
she says.
She also advises to read plenty: “There is so
much information available in industry journals,
blogs and on social media, it is far easier to
keep up-to-date on what is happening across the
industry then it was when I first started out!”
Debbie Tuckwood’s advice is to set your sights
high: “Clearly getting qualified early is key and it
is worth making yourself indispensable by being
proactive in the department and volunteering for
critical projects at work. Your company is more
likely then to tailor a role to suit you if you take a
break, or at least you have a first-class CV to find
an alternative employer who appreciates your
talents and offers more flexible hours.”
She also says that if you enjoy staff
development, consider teaching for the CICM
too: “We are always looking for new teachers for
our qualification courses and you’d have a perfect
family friendly role which keeps you up-to-date
and lets you run your classes from home through
our virtual classroom either during the day for
our apprentices or in the evening for our other
learners.”
“With new legislation, more
family friendly working
hours, better childcare
and increasing necessity
for both partners to work,
hopefully more talented
women will continue their
career and start to reach
senior roles,”
- Debbie Tuckwood
“Don’t be frightened or apprehensive; be
brave and, more importantly, be passionate
in all that you do and you will certainly
succeed to be part of a fantastic industry
that can take you off in a number of
directions”
- Denise Crossley FCICM
20 June 2017 www.cicm.com
The Recognised Standard

ACHIEVING
THE POSSIBLE
Louise Schofield, Operations
Director at Hoist Finance,
believes it should not be
‘unusual’ to see a woman in the
C-suite, but rather the ‘norm’
THERE were some statistics published a few years
ago that looked at the make-up of the consumer
collections industry. It suggested that it was not
quite as male-dominated as you’d think, and that
the male/female employee ratio was almost 50:50.
That might well be the case, but very few of those
women are in positions of real authority. I think
this highlights an important issue, and an issue
that has been ignored for too long.
Part of the problem, of course, is historic.
Certain elements of the ‘traditional’ banking and
financial services sector still operate with oldschool
thinking and attitudes. A company can only
be as good as the person at the top, and it still
takes an enlightened leader with an open mind to
drive real cultural change. This is not about paying
lip-service to women, but rather recognising that
women often bring a different set of skills, values
and perspective to any role they undertake.
While I’m glad to say that the boorish attitudes
of the past are gradually changing, there are
still far too few women represented on the Main
Boards of our major financial institutions, and
fewer still with the top job. Women, of course, can
have different challenges to progressing their
careers, not least having a family. Young families in
particular require women to have a strong social
network to balance work/children responsibilities.
But mothers, in particular, have many transferable
skills – especially in the customer-centric world
of consumer collections. They tend to be well
organised, multi-tasking and empathetic. They
also tend to be straight-talking and well able to
deal with tantrums - skills that are of undoubted
value in the workplace!
While I’m glad to
say that the boorish
attitudes of the
past are gradually
changing, there
are still far too few
women represented
on the Main Boards
of our major financial
institutions, and
fewer still with the
top job
- Louise Schofield
From my own point of view, I was always
ambitious, and throughout my career I have been
constantly looking for the next job, or the next
promotion, that would challenge me to achieve
more. I am inspired by people like Karen Brady,
and all that she has achieved. I am motivated by
not only developing my own skills, but also of
those around me, men and women, for the best
teams are almost always a mixture of the two. I
would never advocate positive discrimination;
it should always be about the best person for
the job, but that does not mean that the issue or
encouraging more women into senior roles should
not be addressed.
Go to any of the major industry conferences,
and you will hear about the latest regulation
or compliance issues, or learn about the latest
technologies designed to make us more efficient.
It is all very worthy stuff. But what you won’t see
so much of are those important ‘softer’ subjects:
how to recruit, motivate and inspire good people,
and especially women; how to be flexible in your
operations to accommodate more women into the
workforce, and at a senior level. Indeed, flexibility
works all ways, and the same approach regarding
childcare is warranted for mothers and fathers
alike.
As an industry, we have to be better. We have
to shake off the mantle of the past and look to the
future. It should not be ‘unusual’ to see a woman in
the C-suite, but rather the ‘norm’.
For women today starting out in their careers
in credit, be clear about what’s important to you.
Set goals, and work out how you are going to meet
those goals. When you see an obstacle in front of
you, knock it down and be prepared to go outside
of your comfort zone. Do that, and anything is
possible.
The Recognised Standard
www.cicm.com June 2017 21

ADVERTORIAL
GROWTH-ORIENTED
RELATIONSHIPS
Faster payments for suppliers, maximising terms for buyers:
how complementary solutions could help.
COMPANIES seeking to accelerate
growth tend to look to outside sources
for funding. Overdrafts, loans, and
venture capital can be the first ports of
call. But what if there was a cheaper source to be
found sitting in a company’s balance sheet?
In fact, working capital is recognised as one of
the lowest cost sources of capital. When unlocked
it can be a legitimate source of funding for
growth and securing competitive opportunities
that otherwise might not have been possible. A
2016 PWC report (1) estimates that a significant
£28 billion in the UK could be freed up for growth
(globally the figure is euro 1.1 trillion).
Not enough companies
know how to gain that
advantage. Working
capital is seen as a matter
of meeting liabilities
when they fall due. In fact,
the cash can be used to
target strategic objectives,
and carries implications
for departments far away
from finance.
Take the supply chain.
A single quick payment
means a counterparty can pay its own bills a
little faster. Faster transactions ripple through
the supply chain in a domino effect, speeding up
settlements and therefore shipments.
Sales teams can leverage working capital to
negotiate better payment terms. For example,
discounts to fast payers can be offered, in
recognition of the contribution they make to
improved working capital.
The challenge is that unilateral action on
working capital is rarely recommended. Moving
payment terms to suit one’s own enterprise
impacts on trade partners, by reducing their
working capital. What is needed is a solution
which helps both parties. A solution by
American Express can achieve this, granting both
The process means the supplier
gets bills paid promptly. And the
buyer gets an improvement to
days payable, helping cashflow.
The contribution to working
capital is obvious. There is also
a long list of secondary benefits.
sellers and buyers improved payment times
simultaneously.
Here’s how it works. The supplier identifies
key customers and arranges for them to use the
American Express solutions. Upon receiving an
invoice, the buyer provides approval to their
supplier who then draws down the
funds on their account, receiving them within
five banking days. The buyer then pays
American Express, in up to 55 days.(2)
The process means the supplier gets
bills paid promptly. And the buyer gets an
improvement to days payable, helping cashflow.
The contribution to working capital is
obvious. There is also a
long list of secondary
benefits.
Sales Managers
benefit from better
relationships with
clients. Instead of putting
accounts on hold due to
payment irregularities,
the sales team can
concentrate on driving
growth or growing
relationships.
The finance team is one the biggest
beneficiaries. Reliance on overdrafts can be
reduced. This transition to a precise payment
schedule means the finance team can construct
cash models to a new level of accuracy. As
working capital improves, the stress of a cash
crunch should recede.
The PWC report on working capital finds a
correlation between slow invoice settlement
and inefficient finance departments: ‘Analysis
of accounts receivables performance shows
that organisations with higher days sales
outstanding typically spend one and a half times
as much on their accounts receivable processes,
and deploy twice as many people to manage
them.’
22 June 2017 www.cicm.com
The Recognised Standard

The smooth processes of Working Capital
Solutions (WCS) can simplify receivables. This
liberates the credit team to focus on other
customer areas or debits.
Furthermore, there is an ethical dimension
to consider. The CICM administers the
Prompt Payment Code (PPC), demanding
on-time resolution of liabilities. This supports
a nationwide campaign by the Department
for Business Energy and Industrial Strategy
(BEIS) which warns that late payment hampers
investment, harms cashflow, and in extreme cases
can put businesses’ solvency at risk. WCS can
play a role in conforming to the PPC.
The solution is versatile, capable of being
tailored to the preferences of each user. For
example, it can be used to maximise days
payable outstanding (DPO), or only when
selling to give buyers more time to pay whilst
reducing days sales outstanding (DSO). WCS
can be adopted in a range of ways to support
your preferences. The team at American Express
provides experts to implement the solution.
Integration with an ERP system is possible,
though entirely optional.
WCS is a debt-neutral solution, operating
independently of other financing. Many
companies use WCS in parallel with bank
credit and other sources of capital. It can
be a complementary addition, rather than a
competitor to existing facilities.
The British Chamber of Commerce Quarterly
Economic Survey reveals the economy is
in a growth phase(3). A net 43 percent of
manufacturing firms and 35 percent of service
firms are confident turnover will increase in the
next 12 months. Working capital could be the
‘missing link’ for companies looking for the capital
to execute a growth strategy. The right technology
and solutions can direct capital to where it can work
hardest.
To find out more visit americanexpress.com/uk/
supercharge
References:
(1) PWC Working Capital Report [£28 billion in the UK could be
freed up for growth (globally PWC estimates the figure at euro 1.1
trillion)]:
pwc.com/gx/en/services/advisory/deals/business-recoveryrestructuring/working-capital-opportunity.html
(2) Fees apply according to the agreement terms
(3) BCC data in the final paragraph:
britishchambers.org.ukQESpercent20Summarypercent20Q4
percent202016.pdf
American Express Services Europe Limited has its registered
office at Belgrave House, 76 Buckingham Palace Road, London
SW1W 9AX, United Kingdom. It is registered in England and Wales
with Company Number 1833139 and authorised and regulated
by the Financial Conduct Authority.
The Recognised Standard
www.cicm.com June 2017 23

THE PERFECT VENUE FOR THIS YEAR’S
CICM FELLOWS’
LUNCH 2017
This year we are inviting you to a truly unique experience at the most
exclusive private members club in London. Join us for a spot of luxury with
a magical mix of 18th century splendour and 21st century avant-garde.
Home House is the perfect venue for this year’s Fellows' Lunch.
WEDNESDAY, 7 JUNE 2017
Arrival drinks served at 12:00
Tickets are £128.00+VAT per person
To book your seat, please email fellowslunch@cicm.com
HOME HOUSE, 20 PORTMAN SQUARE,
MARYLEBONE, LONDON W1H 6LW

LEGAL MATTERS
"A MARVELLOUS AND
VALUABLE SERVICE"
The CICM Legal Helpine in association with Corporate Partner DWF
Helping members to navigate the ever changing legal and regulatory landscape.
DD 0113 261 6169 E david.scottow@dwf.law W www.dwf.law/recover
David Scottow FCICM
THE ever changing legal and regulatory
landscape for credit professionals can
sometimes be complex to navigate.
As CICM Corporate Legal Partner,
DWF offers 30 minutes of free advice to all
members through the ‘free advice line’ section
on the CICM website. Since launching this
service a year ago, we have advised members
on a range of legal, technical and general
issues relating to credit management and debt
recovery as well as a whole range of legal
issues affecting credit professionals.
A member who contacted the advice line
shared his experience:
“I would like to express our thanks for the
excellent support received from CICM and
David Scottow from DWF. In spite of having
strong and carefully drafted contracts in place,
I found the new owners of a business we
rescued reluctant to convert verbal promises
into bank transfers.
“David gave some very pertinent advice,
made some excellent suggestions and
provided an estimate of costs that were
more than reasonable. However, David was
right when he warned about thinking beyond
winning in court and assessing the likelihood
of recovering the cash, (a significant sum),
from the client company. This prompted
me to make further checks that revealed
a disreputable plan to gain credibility with
key customers, push the business into
administration and pre-pack it avoiding trade,
professional and HMRC debts. Clearly, David
was right; we'd be throwing good money after
bad.
“We have decided to avoid the traditional
routes to recovery and have prepared an
alternative administration and pre-pack plan
which is under assessment by the bank, who
are not happy to have been told “alternative
truths’’ by the new owners. We may still lose
our money but we now have a chance of
recovery and have protected our reputation
with the bank and their panel of advisers.
“Thanks again for a marvellous and
valuable service.’’
This member was advised by David
Scottow, Senior Director and National Head
of Recoveries at DWF.
David leads the recoveries team at DWF
and has more than 40 years’ experience
in debt litigation, insolvency and credit
management. Having previously worked for
other leading law firms and in High Court
enforcement and with industry experience as
a credit manager, he has valuable insight and
understanding into the issues faced by clients.
Experienced in the recovery of both volume
and niche consumer and commercial debt,
David has represented clients of all sizes from
sole traders and SME’s to local authorities,
blue chip companies, financial institutions,
utility companies and government bodies.
David’s co-directors are equally wellqualified:
Director Technical, James Perry,
is a solicitor with over ten years of postqualification
experience and is responsible
for all disputed, defended and contentious
matters. Alongside James, Kevin Feehan
specialises in pre-legal collections and civil
recovery while Neil Jinks is responsible for
client relationship management and business
development.
“The 45-strong recoveries team operates
nationally and internationally across all of
our offices. DWF’s increasing client base is
attracted by our unique approach to debt
recovery work. We work collaboratively with
clients utilising debt segmentation and debtor
profiling, applying sophisticated collections
techniques as well as strategic litigation
and enforcement, helping us to achieve the
desired results for our clients. Many years of
working closely with the credit community has
helped us to support a growing list of clients,
who often come to us through personal
recommendations. For some clients, we can
turn their legal spend into a cost neutral or
even a cost positive solution – a surprise to
many when we open up a new revenue stream
from something that is usually a drain on their
finances and other valuable resources. As a
Yorkshireman, cost is a subject very close
to my heart and I can reassure you that our
market research reveals our fees to be more
competitive than most with none of the hidden
extras that are applied by some providers.
“My team and I are passionate about
CICM, the credit profession and legal debt
recovery, so I hope you will find our support
and guidance helpful through our Corporate
Legal Partnership with CICM.”
For more information or to arrange a
meeting, please contact:
Neil Jinks FCICM Director
M +44(0)7740 179515 E neil.jinks@dwf.law
David Scottow FCICM Senior Director
T +44(0)113 2616169 E david.scottow@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.
AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF
VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE.
The Recognised Standard
www.cicm.com June 2017 25

ASK THE EXPERTS
OUTSTANDING MATTERS
DSO (Days Sales Outstanding) is a common measure used to measure risk and
performance. But how useful is it? Nigel Fields provides his expert advice.
DSO is a very widely used method
that is intended to help evaluate how
effective a company is at collecting its
trade receivables. It is a metric used to
measure the average number of days it takes
a company to collect what is owed to them
after a sale has been completed. Put perhaps
more simply, it is the average credit period
stated in days.
How to Calculate DSO: DSO = Accounts
receivable/total credit sales x number of days
in period.
A low DSO is an indicator that a company
is working within its credit period and
collecting its receivables quickly; generally,
this is a positive sign.
A high DSO is an indicator that a company
may have extended credit terms and is
collecting its receivables later. This may mean
the company is allowing longer credit terms
and/or there might be a lack of effort or focus
on credit collections.
Typically, you do not really want the DSO
to exceed your terms by terms + 15 days. If
you operate on payment terms of 30 days,
and you’re seeing a DSO of between 30 to 45,
you’re doing well. Similarly if you operate on
payment terms of 90 days and you’re seeing
DSO of up to 105, you are also doing well, but
in the context of two very different numbers.
The conventional methodology for
calculating Days Sales Outstanding leans
very heavily on a company’s payment terms,
average sales, or even a running 12-month
average. Consequently, this approach
overlooks the impact of where sales fluctuate
(such as in movies) and can often provide
a very misleading picture of the collection
team’s performance. It also often requires
considerable investigation and explanation.
A simple example will help illustrate the
point: if your sales increase and your past
due receivables stay the same in a month,
your DSO will go down. But this does not
mean your collection efforts have become more
efficient. Personally, I never use DSO as an
indicator for success or failure with collections
as it is too easily impacted by short-term
fluctuations in either terms, sales volumes or
collections.
I am a strong believer that the best measure
for receivables collection performance, and one
that also readily identifies potential issues (as
well as being very easy to calculate) is simply to
use aged values and percentages of your total
accounts receivable.
I have found this to be the most meaningful
and the best metric of all. It allows for a very
quick indicator of collection performance, and
very speedily highlights issues that need to be
addressed. DSO can be useful, but it is not the
‘be-all and end-all’ indicator of your accounts
receivable performance.
Nigel Fields is a member of the CICM Think Tank and
Executive Director of Credit at Fox Entertainment Group
I am a strong believer that the best measure for receivables collection
performance, and one that also readily identifies potential issues (as well as
being very easy to calculate) is simply to use aged values and percentages
of your total accounts receivable.
26 June 2017 www.cicm.com
The Recognised Standard

TRADE TALK
NEGOTIATING TABLE
Lesley Batchelor OBE FCICM considers the issue
of Free Trade Agreements post-Brexit.
ONCE the UK has negotiated its exit
from the EU, it will be in a position
where it needs to start negotiating
deals with partners around the world.
Any discussions could potentially include the
EU, depending on whether the two parties
successfully agree a trade agreement as part
of the negotiations for leaving.
Any Free Trade Agreements (FTA) that
the UK goes on to negotiate with new
partners could become a major factor for UK
businesses when deciding where they could
export their goods and services to.
One of the major impacts that an FTA can
have on companies selling goods to overseas
countries is tariff reductions. When countries
negotiate FTAs with other countries, they do
so with the view to reducing tariffs on goods
that the countries want to facilitate easy trade
on. Therefore, many of the tariff reductions
that the UK has as part of its being in the EU
will no longer be applicable upon its leaving
– again, depending on the outcome of the
negotiations.
If you are selling into a country with which
the UK does not have an agreement in place,
the likelihood will be that the UK will need to
sell according to World Trade Organization
(WTO) rules. Under WTO rules, and since the
Uruguay Round concluded in 1994, no one
country can place less favourable tariffs for
a particular good being sold into it than that
which it has set for the ‘Most favoured Nation’
(MFN).
According to fullfact.org: ‘The principle
of non-discrimination means that WTO
members must not treat any member less
advantageously than any other: grant one
country preferential treatment, and the same
must be done for everyone else’.
This will mean that the UK will not be able
to have a better tariff situation than any other
country does when selling into countries it
has no FTA with. The UK will be on the same
footing importing and exporting goods into and
from the USA, for example, as one of the USA’s
less preferred trading nations who are part
of the WTO – like Bolivia, say. Until an FTA is
agreed between the UK and the US, WTO rules
would incur higher tariff costs for UK businesses
looking to import or export goods from the US.
In reference to trade with the EU, fullfact.org
states: ‘Given that MFN tariffs would be imposed
on many of the UK’s goods exports to the EU, it
might mean many exporters become less price
competitive than their counterparts operating
within the EU, and those within countries
with which the EU has preferential trading
relationships.
‘The House of Commons Library says that
because the UK has negotiated as part of the EU
at the WTO, it is likely that we will inherit the EU’s
tariff regime when we leave. This would mean
that UK consumers could face higher prices, at
least initially, when buying imports from the EU.’
In effect, if we don’t get an FTA or transition
deal with the EU as part of the negotiations for
leaving it, tariff costs will make exporting into
the EU more expensive and the same applies for
importing too.
For UK businesses looking to determine the
impact of WTO tariffs on selling into different
markets, and then the potential impact of FTAs
as and when they are agreed, it will be important
to know how to determine what tariffs you’ll need
to pay for the goods you are selling.
Use the following process to find tariffs
you’ll pay when exporting or importing goods:
determine the Harmonized System (HS) code of
the product(s) you want to export; confirm the
correct code by speaking with an expert; and
check the tariff schedule of your target market.
A useful tool for checking your HS and then
your tariffs is Market Access DataBase madb.
europa.eu/madb/indexPubli.htm.
Exporting and importing services will also
be affected by the FTAs the UK manages
to secure in the coming years. The North
American Free Trade Agreement (NAFTA)
and Comprehensive Economic and Trade
Agreement (CETA) are both examples of trade
deals in which a service provider is treated
as a national rather than an international
company. They remove barriers such as
demanding a physical presence in the
overseas market. These FTAs also facilitate
trading services by making visas easier to
attain for entering between these markets.
When the UK has left the EU, it will be
important for UK businesses to be vigilant and
current with the UK’s new trade agreements
with partners including and beyond the EU.
Reality is that any FTAs coming to fruition
will have a significant impact on costs – and
therefore profits to be made – selling into
overseas markets.
For a comprehensive understanding of how
FTAs work and how you can prepare for them
as a business, we recommend checking out
the Institute of Export and International Trade’s
bitesize module: The World Trade Organisation
Explained (export.org.uk/store/ViewProduct.
aspx?id=8766417).
SOURCES: fullfact.org/europe/uk-leaving-eutrade
and tradeready.ca/2017/topics/marketentry-strategies/how-can-canadian-smesbenefit-from-free-trade-agreements-anyway
Lesley Batchelor OBE FCICM is Director
General of The Institute of Export and
International Trade
The Recognised Standard
www.cicm.com June 2017
27

INTERNATIONAL
TRADE
MONTHLY ROUND-UP OF THE LATEST STORIES
IN GLOBAL TRADE BY ANDREA KIRKBY.
CHINA continues to navigate the choppy waters
between planned deceleration and crash landing,
and the Bank of China has started to tighten
its fiscal policy and is moving rates upwards a
touch. This is likely to mark the beginning of a
process of corporate deleveraging, which along
with Renminbi devaluation could put the squeeze
on some companies. Firms that are highly
indebted, or which are large importers, could find
life getting much harder.
CHERRYPICKING CHINA
According to Coface, payments experience
improved in China last year, but there's an
increasing gap between good and bad payers.
The proportion of companies experiencing
overdue payments fell from 80 percent to 68
percent of those surveyed, but ultra-long term
overdues (180 days plus) are on the rise. Over a
third of companies now have over two percent
of their turnover tied up in these overdues,
unlikely ever to be paid – and if your margins are
low, a two percent write-off could wreck the
business.
Coface warns that chemicals, electronics
and industrial machinery sectors all look risky.
But worst of the lot is construction, where
higher costs and a slowing real estate sector
will exacerbate low margins. So, if you're
trading into China, pick your customers very
carefully and keep an even closer eye than
usual on your overdues.
BREXIT PROBABILITIES
EULER Hermes has just produced an
interesting piece of research looking at the
likely impact on Brexit on exporters and on
the British economy. It reckons there's a 25
percent chance of an extensive free trade
agreement that replicates in many ways what
we have now. That would have a very limited
impact on the economy, and sterling would
probably appreciate against the euro in a relief
rally.
Euler Hermes puts the probability of a more
limited free trade agreement at 55 percent.
That might not be too bad for exporters of
goods, who would see tariffs of just one to
three percent, but service providers would see
ten percent added to their prices, and sterling
depreciating five to seven percent wouldn't
make up all the difference. Euler Hermes
reckons the limited-free-trade scenario would
see the economy decelerating and insolvencies
increasing – so the most likely future for Brexit
Britain is a depressing one.
But worse, there's a 20 percent chance of
no agreement at all. That doesn't just mean
tariffs – it means restrictive non-tariff barriers,
leading to what Euler Hermes calls ‘supply
chain chaos’. Some £30 billion of goods
exports will be lost while services will see
even higher losses at £36 billion as the loss
of financial services passporting destroys the
City's ability to compete. Under this scenario,
Euler Hermes reckons sterling will fall 20
percent, inflation will accelerate, and Britain will
enter full scale recession from 2019 onwards.
And that's a one in five chance. It's a
disaster waiting to happen. Make sure you've
done your research, and got a contingency
plan for what happens if the muck does hit the
spreader.
SLOW TRAIN TO CHINA
THERE'S a romance to great trains – the
Flying Scotsman, the Orient Express, the
Trans Siberian. From April 2017 there's also
an export train to China.
China has been running trains to Europe
for a while, though it's a rather one-sided
trade, with nearly two thousand train loads
coming to Europe, and only 500 or so making
the return journey. It's the new Silk Road – or
rather, Silk Rail. Now the first train has headed
out from the UK, loaded with soft drinks,
vitamins, baby products, pharmaceuticals.
It's vastly cheaper than flying goods
out, and ideal for high value products with
relatively low weight and mass – though the
train hasn't got the immense load carrying
capability of sea transport. It’s worth looking
into if you've got the right kind of product.
As for me, I'm wondering if they'll sign me
on as a driver...
28
June 2017 www.cicm.com
The Recognised Standard

ARGENTINA EMERGES
EULER Hermes has just improved its rating
for Argentina, as President Macri’s plan
begins to bear fruit. Growth is returning,
inflation is dropping (though still at 20
percent), and exports are beginning to rise.
Crucially, Argentina has regained access
to international capital markets, giving the
country the ability to fund investment in its
future.
The British Government has already
noticed, and announced a £1 billion
export credit support for British exporters
to Argentina in March. Infrastructure
opportunities abound, and the large
agricultural sector in Argentina also gives
PYRAMID SELLING
Since Egypt abandoned its dollar peg in November 2016, the Egyptian pound
has devalued 50 percent and inflation has surged. But the latest figures
suggest the shock treatment has worked, with inflation starting to subside;
the rise in import costs should help close the trade deficit, while cuts
in public subsidies should help balance the budget. Foreign currency
reserves increased from three to seven months of imports – a better
safety margin. Economic recovery is now expected in 2018 though
growth rates will still be low at 1.5 percent.
However dim this picture looks, there are some interesting
opportunities for British exporters. The Government has
made education a priority, aiming to increase participation
in technical and university education by 50 percent before
2021, and there's a wave of investment going into both
public and private sector schools and universities. A
public/private partnership approach opens the way to
British education providers. Tourism infrastructure,
too, is being improved, and there are more
conventional infrastructure opportunities in
desalination plants, waste water treatment, and
power generation, as well as in the oil and gas
sector.
You'll need to be brave to make the most
of Egypt, and you'll need a strategy for
dealing with the still vulnerable currency.
But Egypt does look more interesting
than it has for a while.
THE pundits told us it would be Le Pen and
Macron going into the second round of the
French election, and they weren't wrong.
But many were still hesitant to forecast the
outcome of the second round. In the event,
Macron won very handily indeed. That removes
one of the major political risks this year,
leaving only the German elections to come.
And with the right wing and anti-EU Alternativ
fur Deutschland now engaged in a vicious
internal struggle after leader Frauke Petry said
she won't stand in elections for Chancellor,
and leaking support in the polls, it looks like
Germany too will vote for a pro-EU candidate.
That’s not necessarily great news for the
UK. Macron takes the same tough line on
Brexit as President Hollande – if you're not
signed up to free movement and the European
agritech businesses a great chance to
prosper. There’s also a high growth ICT
sector which gives opportunities for
hardware, software, content and consultancy
sales – and given the Mercosur agreement,
Argentina's not a bad place to set up in order
to access other Latin American markets.
A word of warning though. Getting paid
can take a lot of persistence, and the judicial
system is slow if you need to enforce a
contract. Plus, of course, although an EU/
Mercosur agreement is due at the end of the
year, and should make trade easier, you can’t
count on being able to benefit from it after
2019.
DISASTER AVERTED?
Court of Justice, sorry, no single market. And
as shown by the recent news that Trump –
having said he'd put a new trade deal with
Britain at the front of the queue – has now
bumped it down the list in order to prioritise
an EU deal, a resurgent EU could make life
tougher for British exporters.
Macron has a tough job to do. If he doesn't
manage to reduce unemployment and give
ordinary French voters a feeling that things
are looking up, the far right could still gain
traction. (Remember too that one of the other
big surprises of the election was the terrific
performance of leftist Jean-Luc Melenchon,
another anti-EU politician.) But for the moment,
he seems to be playing his cards well in
advance of the next big hurdle, elections for
the legislature in June.
NEWS IN BRIEF >
WINDS OF CHANGE
THE UK renewables sector has become one of
our star exporters over the last year, signing over
500 contracts in more than 40 different countries.
We’re exporting wind and tidal turbines, but
we are also exporting expertise with numerous
consultancy contracts as well as gaining business
for wave and tidal testing centres in Cornwall
and Orkney.
That’s great stuff – but as trade body
RenewableUK points out, Brexit together with
lack of government support risk letting business
down. Our exporters need help to ensure they
continue to prosper; let’s hope they’ll get it.
MILKY MILKY
KENDAL Nutricare is in the finals of the FSB/
Worldpay Business Awards 2017. And it's all
down to its success in exporting its Kendamil
infant formula powdered milk.
It's not simple. There’s a halal version for the
Middle East, Kendamil Halal, while the kosher
Kendamil Mehadrin does well in North America.
And Kendamil's USP is that it’s made with full
cream milk – unlike its skimmed milk opposition.
It's done particularly well in China, where a
contaminated baby milk scandal in 2008 has led
consumers to switch to the more trusted British
product. Proof that paying close attention to what
your markets want can take your business out of
the ordinary and into another class.
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 1.1969 1.1660 Up
GBP/USD 1.1969 1.1660 Up
GBP/CHF 1.3054 1.2460 Up
GBP/AUD 1.7620 1.6410 Up
GBP/CAD 1.7818 1.6551 Up
GBP/JPY 147.80 135.89 Up
The Recognised Standard www.cicm.com June 2017
29

LEGAL MATTERS
CARELESS
TALK
Peter Walker illustrates how the legal professional privilege appeared
to have been overlooked in very complicated cross-border insolvencies,
and how the judges of the Court of Appeal responded.
CREDIT professionals who consult solicitors will
not usually want their conversations with their
lawyers used as evidence in a subsequent trial
in court. Those conversations, normally noted
in attendance notes, will be subject to legal professional
privilege, so a debtor cannot demand to see those
documents. The extent of this rule was reviewed in a
complicated case involving people and companies from
many parts of the world,
In Shlosberg v Avonwick Holdings Ltd [2017] 2 WLR
1075 the judges of London’s Court of Appeal were asked
to rule on whether a firm of English solicitors should
continue to act for two of the parties. A bankrupt was
concerned that the firm would reveal documents that
should have been subject to legal professional privilege.
The bankrupt was a Russian businessman domiciled
in England. He was the beneficial owner of a company
incorporated in St Vincent and the Grenadines. His
family were the beneficiaries of a discretionary trust
owning another company.
Yet another company (‘Avonwick’) registered in
the British Virgin Islands, then came onto the scene.
It was beneficially owned by the wife of a Ukrainian
businessman. The bankrupt, then not bankrupt – that
was to come later – approached that businessman with
an investment proposal concerning a Dutch company.
The bankrupt was a Russian businessman
domiciled in England. He was the beneficial owner
of a company incorporated in St Vincent and the
Grenadines. His family were the beneficiaries of a
discretionary trust owning another company.
There was a plan to delist its shares in London and to
re-list them in Hong Kong with the prospect of increasing
their value.
To achieve this aim money was needed to repay bank
loans. The bankrupt was prepared to lend half of the
US$200 million needed, and the Ukrainian businessman
was willing to lend US$ 100 million to the bankrupt to
provide all the cash needed.
Avonwick became the lender of the US$100 million
borrowed by the bankrupt’s company, and he was the
guarantor. The US$200 million was lent to a Liechtenstein
company of the owner of the Dutch company; all very
confusing!
The Liechtenstein company then failed to repay its
loan on the due date, so the bankrupt’s company did not
repay the money it had borrowed from Avonwick. The
bankrupt’s company responded by starting arbitration
proceedings against the Liechtenstein company. It was
resolved by a series of settlement agreements, but the
Liechtenstein company was placed in liquidation.
ENFORCING THE JUDGMENT
This was followed by a statutory demand served by
Avonwick on the bankrupt and on his company for over
US$180 million being the loan of US$100 million and
interest. There followed litigation, and different firms of
solicitors represented the two defendants.
The defendants refused to disclose certain
documents relating to the arbitration, but they released
some of them before the trial. The trial judge, Sales J,
gave judgment for Avonwick, and awarded over US$195
million plus interest. He also awarded costs on an
indemnity basis, the maximum possible.
Credit professionals well know that a favourable
court judgment is not the same as getting the money.
30 June 2017 www.cicm.com
The Recognised Standard

three cases of counsel, of solicitor and of attorney. The
rule has been much developed since then, but in Bolton
v Corporation of Liverpool [1833] 1 My and K 88 Lord
Brougham affirmed in the style of his time, that otherwise
‘No man will dare to consult a professional adviser with a
view to his defence or to the enforcement of his rights.’
Lord Nicholls of Birkenhead in R v Derby Magistrates
Court noted that the accused had been publicly
acquitted of murder, so had ‘a legitimate interest in not
disclosing material which would point in the opposite
direction.’ He was entitled to claim the privilege.
In the Avonwick case there were other factors such as
sections 283(4) and section 436 of the Insolvency Act.
The question was whether or not the property in the
documents as being part of the bankrupt’s estate vested
in the Trustees in Bankruptcy. Section 436, for example,
defined property very widely.
Sales J granted a worldwide freezing order against the
bankrupt, his company, and the company owned by the
bankrupt’s discretionary trust.
It was all too much for the bankrupt, who then
became officially bankrupt. A winding-up order was
made against his company.
Avonwick was not satisfied, and commenced
proceedings against the company owned by the
bankrupt’s discretionary trust under section 423 of
the Insolvency Act 1986. This provision relates to
‘transactions defrauding creditors’. To further its
case Avonwick obtained disclosures of the remaining
documents relating to the arbitration.
Avonwick then added many of the other companies
and people involved in the loan transactions, but
it initially did not include the bankrupt. Section
285(3) of the Insolvency Act imposes a stay on the
commencement of proceedings against a bankrupt. All
such barriers were eventually overcome.
There was then an interruption. Firstly, shortly after
their appointment the trustees in bankruptcy had
appointed a firm of solicitors. In accordance with section
311(1) of the Insolvency Act they required the bankrupt
to provide information concerning his affairs.
DUEL REPRESENTATION
That is very clear, but Avonwick had appointed the same
firm. The bankrupt’s solicitors were concerned about
this dual representation, and were not satisfied that
the safeguards put in place by the firm were sufficient
to protect the bankrupt. In this aspect of the affair the
bankrupt became the claimant and Avonwick became
the defendant. The judges of the Court of Appeal
consequently had to decide whether to prevent the firm
of solicitors acting both for the trustees in bankruptcy
and for the principal creditor.
This is important because the firm of solicitors would
have documents about the legal advice given to a
client. This information is subject to legal professional
privilege, and should not be disclosed to anyone other
than the client. There is a potential problem when the
firm is effectively acting for two parties with differing
interests.
The principles were reviewed by the Law Lords in a
murder case, R v Derby Magistrates Court, Ex p B [1996]
AC 487. The appellant did not want his former solicitor
to produce certain documents in committal proceedings
against his stepfather. The appellant had firstly admitted
to a murder, then retracted his story, and finally claimed
that his stepfather was the murderer. He was acquitted,
but some years later the stepfather was charged with the
crime. The appellant gave evidence, but refused to allow
the disclosure of notes made by his solicitors at the time
he was making the original statements.
The Law Lords referred to the decision in Wilson v
Rastall [1792] 4 Term Rep. 753, where it was decided
that in those days the privilege was confined to the
PRIVILEGE AS A FUNDAMENTAL RIGHT
In response the Master of the Rolls in the Court of
Appeal, Sir Terence Etherton MR, noted various
previous judgments including one in the Alberta Court
of Appeal in Canada. In Deloitte & Touche Inc v Bennett
Jones Verchere [2001] 206 DLR (4th) 280 the judges
considered similar Canadian statutory provisions, and
concluded that privilege was a personal right, personal
to the bankrupt, and was not property. In R v Dunwoody
[2004] 212 ALR 103 the judges of the Supreme Court of
Queensland, Australia, added that the right can only be
removed by statute.
In the UK the provisions of section 311(1) of the
Insolvency Act 1986 could possibly have been such a
removal. It gives the trustee in bankruptcy the power to
take possession ‘of all books, papers and other records’
relating to ‘the bankrupt’s estate or affairs’ and which
belong to him or her or which are under his or her
control ‘(including any which would be privileged from
disclosure in any proceedings)’.
Sir Terence Etherton MR was not convinced. He
referred to the decisions in the Derby Magistrates and in
other cases, which kept ‘in focus the status of privilege
as a fundamental right.’
He also referred to the decision of Stanley Burton QC
sitting as a deputy judge of the Chancery Division in the
case In re Cook [1999] BPIR 881. The deputy judge ruled
that the bankruptcy trustee could authorise a solicitor,
who had formerly acted for a bankrupt, to provide
information to the Serious Fraud Office, i.e. a waiver of
the privilege. Sir Terence Etherton MR did not follow
the case, and said that, through no fault of his own, the
deputy judge’s reasoning and decision was incorrect.
He concluded in the Avonwick case that nothing
waived the bankrupt’s privilege. He approved the ruling
to that effect in the lower court, in that he confirmed the
injunction requiring the firm of solicitors to cease acting
for the creditor in respect of any matter relating to the
bankrupt or his affairs.
This was another complication in already
complicated litigation. It is, however, good to know that
any notes made by solicitors in a meeting with clients,
perhaps including credit professionals, will remain
confidential and subject to legal professional privilege.
The Avonwick case, on the other hand, illustrates that in
complicated cases mistakes can be made. If, however,
solicitors already representing a creditor should be
appointed, care must be taken to ensure that there is no
conflict of interest between the two roles.
The question was whether or not the property
in the documents as being part of the bankrupt’s
estate vested in the Trustees in Bankruptcy. Section
436, for example, defined property
very widely.
The Recognised Standard
www.cicm.com June 2017 31

OPINION
CREDIT
CONUNDRUM
Michael Feldwick MCICM(Grad) explores the different
challenges that receivables financing companies face.
ALONGSIDE the credit management
function, businesses can also use
invoice financing – asset-based lending
to finance accounts receivable – or
invoice factoring through which companies
sell their accounts receivable to improve their
working capital.
But when it comes to improving their risk
management processes, many receivables
financing and factoring companies face unique
challenges over and above those faced by
credit professionals. They are working with
multiple customers, who themselves have
multiple customers and, as a result, often have
to manage multiple credit insurers’ policies.
For them it’s crucial to optimise their credit
risk programmes through timely and accurate
information collection and invoicing.
But that is not the only consideration.
In recent years, banks offering receivables
financing arrangements have been obliged to
comply with the Basel III regulations. While
these are designed to ensure the solvency
of lenders, they have also introduced higher
capital requirements and new rules on
managing liquidity that have been challenging
and expensive to meet. Changes have been
made following criticism that the rules are overly
detrimental to trade finance businesses, but
the fact remains that a higher amount of the
organisation’s regulatory capital must now be
allocated, at least notionally, to every loan or
finance arrangement made.
Against this backdrop, it has become vital
for receivables financing companies to be much
sharper, not just in terms of governance, but
also in finding ways to identify risk, to introduce
accurate controls, and to aggregate their credit
exposure across the ledger. There has also
been greater collaboration with credit insurers
where credit insurance is wrapped around the
transaction.
Increasingly companies offering nonrecourse
finance wrapped with credit insurance
are turning to technology for help. For the
majority of receivables financing companies and
factors, the primary requirement from dedicated
trade credit management solutions is to assess
their clients’ financial performances in order to
make credit risk decisions. But there are many
other benefits, including greater visibility across
portfolios, the opportunity to make pre-sales
processes more reliable and support for rapid
decision making which leads to improved
customer relationships. These types of
solutions are being utilised as a way to support
fundamental processes that extend beyond the
finance function and facilitate business growth.
CASE IN POINT
One of the UK’s leading invoice financing
specialists provides an interesting example of
how technology has made a big difference to its
operation. It integrated a Software-as-a-Service
(SaaS) solution to provide credit intelligence and
operational reporting when launcing a nonrecourse
programme. The programme had been
growing very quickly and became too large to
manage manually.
The organisation was concerned about the
impact of introducing another system, and
specifically looked for an ‘open’, cloud-based
solution that could be integrated without
disruption. It immediately identified that the
solution could process and analyse a high
level of data and was able to reduce overall
manpower and keep a core team of just
five. One of the major bonuses was that the
intelligence being gathered about the payment
performance of customers could also be shared
with the credit insurers, and because the
solution was acting as a bridge, it could also
draw in information from the credit insurers too.
The result was access to vital, actionable data
in real-time for all the parties involved.
Because decisions could be taken based
on accurate intelligence, the invoice financing
company was able to take more calculated risks
in terms of its credit limits, and this allowed its
programme to expand by 25 percent in just a
year.
In the same way that businesses are
using credit insurance to protect their risk, so
receivables financing and factoring companies
are increasingly becoming credit insured for
the same reason, and software technology has
a big part to play in reducing the costs of that
insurance, supporting the compliance of the
conditions and in alleviating tight regulatory
controls.
The accuracy and management of
information across the lender’s portfolio reduces
their risk and should enable them to command
the best terms available from credit insurers.
The grading of the insurance company can
influence the capital that they have to hold, so
whilst still complying with governance, they
are also given more freedom to trade. The
bottom line is that access to real-time customer
information has multiple benefits, regardless of
who holds the debt.
Michael Feldwick MCICM(Grad) is Head of UK
and Ireland, Tinubu Square.
32 June 2017 www.cicm.com
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Credit Management magazine for consumer
and commercial credit professionals
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36 June 2017 www.cicm.com
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ENFORCEMENT AGENTS
TIME TO PROVE YOUR CONTINUOUS
PROFESSIONAL DEVELOPMENT
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to reduce work downtime. Find a convenient time before or
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Visit www.qualifications.cicm.com to find out more and book.
‘This is the definitive guide for CPD and
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Barrie Minney. Chair, Local Authority Civil Enforcement Forum.
Senior Enforcement Agent, Brighton & Hove City Council
‘HCEOA are proud to have developed this Best Practice
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which can be easily accessed near home or work.’
Andrew Wilson. Chair, High Court Enforcement Officer Association & Solicitor
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PAYMENT TRENDS
BALMY SPRING
Jason Braidwood FCICM(Grad), Head of Credit and Collections at Creditsafe
Group, analyses the latest monthly business-to-business payment performance
8 7 6 5 4 3 2 1 0
0 1 2 3 4 5 6 7 8
Getting Better
APRIL 2017 was nothing if not
beyond payment terms (DBT). This is a level
eventful. United Airlines +0.6 and Scotland White not achieved since September last year, and
House Press Secretary, Sean Spicer, a significant improvement from 16 DBT in
+2.4
battled for the award for worst North PR West March.
disaster, before the biggest +0.1 news of Yorkshire the month & Humberside
In complete contrast, should there be a
(and year to date) broke when Theresa May prize for the most spectacular fall from grace,
announced a ‘snap’ West general Midlands election 0 on 8 the Education sector would be the runaway
June.
winner. Having reached its lowest (DBT) level
Thankfully, back East in Midlands the world of credit -0.2 to date in March, which was also the lowest
management things East have Anglia not been quite -0.1 so ever score recorded by our audit across all
turbulent (no pun intended). While April did sectors, the sector shot up to ten (DBT) during
see the industry-wide average Wales for bill -1.6 paying April, a huge 500 percent increase.
creep up to 13 days beyond terms (DBT) after However, when looking in wider context
what was a record-breaking +1.5 month South in March West over the three years we have been reporting
(11 days), this is consistent with the same on industry payment trends, such a fluctuation
South East -1.4
time last year and a 19 percent decrease on is not a complete anomaly for the Education
the same time two years ago. +1.8 London sector. It’s one that has experienced both
As we know all too well, fighting the culture highs and lows at various points throughout
of late payments Northern remains Ireland
ongoing -1.2 battle
for businesses of all sizes across all sectors.
Getting Worse
The role of the credit management industry
in this fight remains as crucial as ever, but Sector Sector
perhaps none more so than now after post
Article 50 ripples have spread.
While it’s not been a bad start to the
second quarter of the year, now is not the
time for complacency. If the picture across
our core industry sectors is to remain as rosy
Financial
as the foundations laid during quarter one,
& Insurance Manufacturing
then we will need to see some improvement Getting Better -6.5 -1.8
moving forward.
INDUSTRY SECTORS
If there was a special award for the most
improved sector this month, then the Finance
and Insurance sector would be raising its
glass once again. For the second month in
a row the industry has topped our ‘Getting
Better’ table, with further improvement in April
seeing the sector fall to an average nine days
Getting Worse
Top Five Prompter Payers Apr-17 Change on Mar 17 Bottom Five Poorer Payers Apr-17 Chang
38 June 2017 www.cicm.com
Entertainment 7.6 0.0
International The Bodies Recognised Standard 19.3 1.5
Agriculture, Forestry and Fishing 8.2 -0.6
Energy Supply 17.3 3.9
Education
+8.3
Top Five Prompter Payers
Business
from Home
+4.7
the years, albeit with no clear distinguishable
pattern in terms of time periods.
On a more positive note, Manufacturing,
so often the flag-bearer for the general health
of the UK’s economy as a whole, started
quarter two on a solid footing. The sector saw
payment conditions improve from 14 (DBT) in
March to 13 days in April.
Meanwhile, the Retail sector, like
Manufacturing also a key indicator for the
economy’s strength, opened quarter two with
a repeat performance March at an average of
ten days beyond payment terms.
REGIONS
April was essentially a case of steady as you
go from a regional standpoint, with no change
in payment conditions across East Anglia, the
South East, South West, West Midlands or
Yorkshire and Humberside.
The best performing area was Northern
Ireland, which dropped down to ten (DBT)
having been at 12 during March.
Agriculture,
Forestry
& Fishing
-0.6
Energy Supply
+3.9
Public
Administration
-0.1
Health
& Social
+3.3
Business Admin
& Support
0.0
Transportation
& Storage
+3.3
Bottom Five Poorest Payers

.6
.4
s
.8
rse
Real 0 Estate 1 2 3 4 59.3 6 0.6 7 8
Bottom
Hospitality
Five Poorest Payers
9.6 0.0
International Bodies 19.3 1.5
Getting Energy Better Supply 17.3 3.9
Water & Waste 17.1 0.1
Scotland
Mining Quarrying 16.5 2.4
Construction 14.2 0.0
North West
.1 Yorkshire & Humberside
s 0
s
ia
.5
st
d
Getting Better
Sector
Getting Worse
Bottom SectorFive Poorest Payers
Top Region Five Prompter Payers
-0.2
-0.1
-1.6
South West
-1.4
London
-1.2
Financial
& Insurance
-6.5
Education
+8.3
Top Five Prompter Payers +8.3
Manufacturing
-1.8
Business
from Home
+4.7
Agriculture,
Forestry
& Fishing
-0.6
17 Bottom Five Poorer Payers Apr-17 Change on Mar 17
Agriculture,
International Bodies Financial 19.3 1.5 Forestry
& Insurance Manufacturing & Fishing
Energy Supply 17.3 3.9
Getting Better -6.5 -1.8 -0.6
,
ergy Supply
+3.9
Water & Waste 17.1 0.1
Mining and Quarrying 16.5 2.4
Getting Construction Worse
Education
14.2 0.0
Business
from Home
+4.7
Top Five Prompter Payers Apr-17 Change on Mar 17
Entertainment Business Admin
7.6 0.0
& Support
Agriculture, Forestry and Fishing 8.2 -0.6
Financial and 0.0 Insurance 9.1 -6.5
Real Estate 9.3 0.6
Health
Hospitality
Transportation
9.6 0.0
Public
Administration
-0.1
& Social
+3.3
& Storage
+3.3
Top Five Prompter Payers Apr-17 Change on Mar 17
Entertainment 7.6 0.0
Agriculture, Forestry and Fishing 8.2 -0.6
Financial and Insurance 9.1 -6.5
17 Bottom Five Poorer Payers Apr-17 Change on Mar 17
This is actually its best ever performance, and
if there is further improvement next month, it
would join the South West, West Midlands,
East Anglia and Wales as the only regions to
ever reach single figures for (DBT).
Alongside Northern Ireland, the only
two other regions to improve their payment
performance were Wales and the East
Midlands, both of which paid their bills on
average ten days beyond terms having been
at 11 in March.
The slowest paying regions in April were
Scotland and the North West, with businesses
in both areas paying their bills on average 14
days beyond terms. However, this represented
a bigger fall from grace for the North West,
having been at 12 (DBT) in March.
Elsewhere, the South West maintained its
performance from March during April, again
being the only region to record single figures
as it held its level of nine days. This is 25
percent under the regional-wide average for
the month.
Region
Health
8 7 6 5 4 3 Transportation 2 1 0
& Social
& Storage
+3.9
+3.3 +3.3
Energy Supply
Energy Supply
+3.9
Public
Administration
-0.1
If there was a special award for the most
improved sector this month, then the
Finance and Insurance sector would be
raising its glass once again.
Public
Administration
-0.1
& Social West Midlands
& Storage 0
+3.3 +3.3
East Midlands -0.2
International Bodies 19.3 1.5
East Anglia -0.1
Energy Supply 17.3 3.9
Water & Waste Wales 17.1 -1.6 0.1
Mining and Quarrying 16.5 2.4
Construction +1.5 14.2 South West 0.0
South East -1.4
+1.8 London
Northern Ireland -1.2
International Bodies 19.3 1.5
Energy Supply
Getting Worse
17.3 3.9
Water & Waste 17.1 0.1
Mining and Quarrying 16.5 2.4
Construction 14.2 0.0
10
Financial
& Insurance M
5
Getting Better -6.5
Region Apr-17 Change on Mar 17
Getting Worse
0
Wales 9.1 -1.6
North West
Educatio
South East 9.6 -1.4 Getting Worse Scotland
+8.3
East Anglia 10.0 -0.1
Yorkshire and Humbers
Northern Ireland
Scotland
10.3 -1.2
London
13.8 DBT
East Midlands 10.4 -0.2
West Midlands
Top Five Prompter Payers
Northern
Ireland
10.3 DBT
Business Admin
& Support
0.0
Region
Health
Business Admin
& Support
0.0
+0.6
+2.4
+0.1
Transportation
Bottom Five Poorest Payers
Wales
9.1 DBT
North West
14.3 DBT
0 1 2 3 4 5 6 7 8
Getting Better
Scotland
North West
Yorkshire & Humberside
Bottom Five Poorer Payers Apr-17 Change on Mar 17
Bottom Five Poorest Payers
Bottom Five Poorer Payers Apr-17 Change on Mar 17
West
Midlands
11.1 DBT
South West
10.8 DBT
Region
Yorkshire &
Humberside
13.6 DBT
East
Midlands
10.4 DBT
London
13.4 DBT
East Anglia
10.0 DBT
South East
9.6 DBT
25
20
15
Bottom Five Poore
s
The Recognised Standard
Financial
Bottom Five Poorest Payers
& Insurance
Manufacturing
Agriculture,
Forestry
& Fishing
www.cicm.com Public June 2017 Business Admin 39
Administration & Support

COUNTRY FOCUS
The country has a wealth of natural
resources, a good banking system,
a reasonable tax structure and a
business culture that chimes with
that of the UK.
Aerial View of Cape Town Coastline South Africa
40 June 2017 www.cicm.com
The Recognised Standard

In the first of a two-part article in our ongoing country
focus series, Adam Bernstein delves into the South African
economy and what the future may have in store.
SOUTH Africa has a long and interesting
history. While it has some of the oldest
human fossil sites in the world, it’s more
(recently) known for the Zulu and Boer
wars, apartheid and the freedom movement led
by the late Nelson Mandela.
The country has an area of some 1.22km 2 but is
only 24th in the world rankings on landmass. It’s
a parliamentary democracy that has a population
of around 55 million (2015 estimate – almost
double the 29 million population in 1980) that
speak 11 official languages because of diverse
origins, cultures and religions. Visitors to the
country will find it easy to see why it’s been
termed the Rainbow Nation; considering South
Africa’s history and long reviled former policy
of apartheid, the country has made great strides
towards racial harmony.
ECONOMIC WEAKLING
The country’s economy is the second largest
in Africa, after Nigeria. It’s GDP (based on
purchasing power parity in 2016) is $736 billion.
To put this into context, Nigeria’s equivalent GDP
is $1,088 billion, while the UK’s is $2787 billion.
Despite South Africa’s relative wealth, the country
is struggling with poverty and unemployment.
The post-apartheid economy has picked
up – after 1994, inflation and public finances
were stabilised and, since 2004, the economy
has grown but that growth has slowed in recent
years. According to Focus Economics, growth in
2011 was 3.2 percent but by 2015, was only 1.3
percent.
Part of the problem for the poor performance
of the economy is that under the current
president, Jacob Zuma, state-owned firms have
grown in importance yet they’ve remained
unprofitable. Some figures suggest that in 20
years these organisations have needed around
$2.3 billion in bailouts.
According to the World Bank’s 2017 Doing
Business rankings, South Africa comes 74 (out
of 190) for ease of starting a business, 105 for
registering a property, 62 for obtaining credit,
139 for trading across borders, 113 for enforcing
contracts, and 50 when resolving an insolvency.
These rankings, barring the resolution of
insolvency, are worse than for the previous year.
The country has a wealth of natural resources, a
good banking system, a reasonable tax structure
and a business culture that chimes with that of the
UK. Just as noteworthy, is that South Africa has a
time difference of one or two hours (depending
on region) and can be considered a gateway
to the rest of Africa. As a member of the Global
Agreement on Tariffs and Trade and the World
continues on page 42 >
www.cicm.com June 2017 41

continued from page 41
>
Trade Organization, the country has
reformed its trade and tariff regime
and now also has free trade agreements
with the EU and the Southern African
Development Community (which
seeks to ‘achieve development, peace
and security, and economic growth,
to alleviate poverty, and enhance
the standard and quality of life of the
peoples of Southern Africa’).
The UK Government’s Department for
International Trade still considers South
Africa a high-growth market. It reports
that the UK is one of South Africa's
most significant trading partners, with
over £10 billion in two-way trade in
goods and services. At present, the
largest UK exports to South Africa are
vehicles, drinks, pharmaceuticals,
petroleum-based products and nonmetallic
minerals. The UK Government
says the country’s capital markets are
well structured (which makes finance
easier to raise). The sectors considered
most important are finance, retail
and wholesale, government services,
catering and hospitality, manufacturing,
property and business services.
FUTURE CHALLENGES
While the country is well-developed
and promising, it has several challenges
that the Government needs to tackle.
In particular, South Africa has a high
unemployment rate (it peaked at 31
percent in 2003 but was 27 percent in
late 2016), problems with poverty, poor
skills and a capacity shortage, a need
forinfrastructure improvements for
energy, transport and water, and a high
crime rate (most crime statistics are up
on 2016 according to BusinessTech).
It’s also worth noting the
Government’s policy of Broad-Based
Black Economic Empowerment
(B-BBEE) which aims to bring about
the involvement or participation of
previously disadvantaged communities
(PDCs) into the mainstream economy.
The definition of PDCs, according to
the policy, is people of colour, women
of all races, and the disabled. The
policy is only of relevance to corporate
governance and has no effect on those
who merely export to South Africa.
That said, those that intend to set
up a business or acquire an existing
business in South Africa whose annual
revenue is likely to exceed R5 million
(around £300,000 as of February 2017)
and which will carry out business
with government departments,
public entities or enterprises, or with
companies who supply goods and
services to them, must provide their
B-BBEE status. More on this can be read
at southafrica.doingbusinessguide.
co.uk/the-guide/broad-based-blackeconomic-empowerment.
THREE REGIONS
Almost aligned with Pareto’s rule, it’s
important to recognise that 65 percent
of South Africa’s GDP comes from
just three of the country’s regions –
Gauteng, Kwazulu-Natal, and Western
Cape. Starting with the first in the list,
Gauteng is the country’s economic
core that, while only 1.4 percent of
South Africa’s landmass, brings in 34
percent of GDP. The area surrounding
Johannesburg is reckoned to be home
to around 14.6 million people and
economic activities include finance, IT,
property, media, healthcare, transport,
leisure and gold mining.
Kwazulu-Natal adds 17 percent
to the nation’s GDP and has two of
Africa’s largest ports – Durban and
Richards Bay. Durban is the busiest
container port in Africa and has
a stable business base. Richards
Bay is highly industrialised and
is the largest deep water port on
the continent. Manufacturing in
the region offers opportunities in
transport, communications, printing
and publishing, food and beverage
production, non-electrical machinery,
iron and steel, textiles and finance.
Farming is also a considerable activity
here. The petroleum and chemical
products sectors have grown by 50
percent in ten years while transport
equipment has grown 52 percent in the
same period.
To be continued...
42 June 2017 www.cicm.com
The Recognised Standard

EDUCATION
APPRENTICESHIP
MYTH BUSTER
Debbie Tuckwood dispels a few myths about apprenticeships and outlines
how the CICM can help you set up credit management training.
APPRENTICESHIPS are only for
new starters
No. You can apply for apprenticeship
funding to upskill existing teams. Also,
funding arrangements changed in May 2017,
which means that now there is no age limit
to funding and even those with a degree can
access funding for the Level 3 Diploma in
Credit Management if they are registered as
an apprentice.
Credit controllers can learn as much
from accounting or other business
related apprenticeships
No. Credit controllers and collectors are
far better off studying for the new credit
management apprenticeships. Employers
have designed these new apprenticeships
to cover the specific knowledge, skills and
behaviours required for these specialised
roles. If you look at the new Level 2, 3 and
5 apprenticeship standards on the CICM or
Government apprenticeship website, you can
see the content.
You need a local college provider
to access credit controller/collector
apprenticeships
It is great if you have a local college provider
who supports credit controller/collector
apprenticeships. However, if not, FWD
Training, the CICM’s training provider, can
deliver the apprenticeship anywhere in the UK.
FWD provides apprenticeship administration
and coaching and will arrange for your
apprentices to join regular daytime virtual
classes for the qualification run by CICM
expert teachers.
Also, your company could deliver the
apprenticeship if it is registered as an
Apprenticeship Training Provider or has
another preferred training provider. CICM is
happy to advise on what is required for the
new credit management apprenticeships.
My company would need specialist
credit management teachers to deliver
the apprenticeship
Not necessarily. Some companies, such
as E.ON, have expert trainers and so can
provide all the training for their Level 2 credit
controller apprentices. Others, however, run
the apprenticeship themselves because they
are registered as an Apprenticeship Training
Organisation and then arrange for their
credit controller apprentices to join CICM
apprenticeship qualification classes.
My company would need a large
group to set up a credit controller
apprenticeship
No. Even if you have only one apprentice,
you could run the apprenticeship and sign
your apprentice up to one of the CICM open
apprenticeship groups for technical training.
My company cannot reclaim the full
cost of the apprenticeship from their
levy
This is not correct. Provided you have enough
funds in your levy pot, you would be able to
reclaim 100 percent of costs for your credit
management apprenticeship. There is a very
simple calculation to work out the size of your
apprenticeship levy – see the CICM website
for details.
Apprenticeships are free if I work for a
non-levy paying company
No. Your company would have to pay
ten percent towards the cost of the
apprenticeship, unless you have less than
50 employees and your apprentice is aged
16-18 when the Government will cover 100
percent of costs. However, regardless of the
company size, you will gain extra payments if
your apprentice is under 19 requires additional
learning support, or is from a disadvantaged
background. Also English and Maths tuition, if
required, is fully-funded.
I can't include CICM training days in
my apprenticeship training
This is a myth. CICM advisers can work
with you to find the best apprenticeship
training solution for you. Some companies
are combining virtual classes in credit
management with training days and
assignments on telephone collections,
negotiation and influencing and customer
relations and cash collections.
My apprentices would have to follow
the same qualification pathway
No. The Level 3 Advanced Credit Controller/
Debt Collection Apprenticeship expects
apprentices to specialise in credit risk,
advan0ced telephone collections or
enforcement and recovery. Also, CICM
qualifications are flexible which means that
you can choose the best pathway to suit
you and your apprentices. Some Level 3
apprentices may want to follow the standard
CICM pathway if they hope to progress to the
CICM Level 5 Diploma. This would involve
examined courses in credit management,
business environment, business law and
accounting principles. Others may prefer to
combine the credit management examined
unit with training and assignments. Even if
you have only one apprentice who wanted
to complete a subject, such as business
law or accounting, CICM could support with
specialist training if they joined a CICM open
apprenticeship class. Your apprenticeship
provider could liaise with CICM to arrange this
for you.
It will be difficult to recruit a credit
controller apprentice
This should not be the case because your
apprenticeship learning provider will support
you with recruitment. They will promote
the role on the Government's 'recruit an
apprenticeship' website and arrange all the
sign up paperwork and funding arrangements.
Also CICM has 'I love credit' leaflets which you
can use to promote your credit management
roles at selection days or local events. These
are freely available for members. See the
CICM website or contact the CICM for full
advice and guidance (apprenticeships@cicm.
com or 01780 722909).
Debbie Tuckwood BA (Hons) FCIEA Doc Soc Sci is
Head of Education and Professional Development.
The Recognised Standard
www.cicm.com June 2017 43

EDUCATION
TIPPING THE BALANCE
AGAINST
CREDITORS
Robert Addlestone believes the new Pre-Action Protocol (PAP)
for Debt Claims does not make pleasant reading for creditors.
“The new Protocol would
seem to tip the balance
in favour of debtors and
away from creditors. It is
easy to see how creditors
can and will abuse its
well-intentioned terms.
THE Master of the Rolls has released
the new Pre-Action Protocol for Debt
Claims which comes into force on 1
October 2017. The Protocol does not
apply to business-to-business debts unless
the debtor is a sole trader.
Letter of Claim
The Letter of Claim should contain the
following:
• The amount of the debt and whether interest
or other charges are continuing
• Where the debt arises from an oral
agreement, details of who made the
agreement, what was agreed (including as
far as possible what words were used) and
where and when it was agreed
• Where the debt arises from a written
agreement, the date of the agreement, the
parties to it and the fact that a copy of the
written agreement can be requested from the
creditor
• If regular instalments are currently being
offered by the debtor, an explanation of why
the offer is not acceptable.
It must enclose:
• An up-to-date statement of account for the
debt including details of any interest and
administration of charges
• A standard Information Sheet and Reply
Form.
Time Limits
The letter of claim must give 30 days for a
response before court proceedings are started.
The Protocol states: ‘Account should be
taken of the possibility that a reply was posted
towards the end of the 30-day period’. How
that will work in practice is unclear but it may
mean that, in effect, 33 days must be given.
If a debtor indicates they are seeking debt
advice the creditor must allow the debtor ‘a
reasonable period for advice to be obtained’
and should not start court proceedings less
than 30 days from receipt of the completed
Reply Form or 30 days from the creditor
providing any documents requested,
whichever is the later.
In practice this means that if the debtor
states they are seeking debt advice, 60
days (or 63 days) should be given before
proceedings are issued.
If a debtor wishes to seek advice but cannot
do so within 30 days he must provide details
as to why the advice cannot be obtained
within 30 days and the creditor should then
allow ‘reasonable extra time’.
Where the debtor has responded to a
Letter of Claim but agreement has not been
reached then the creditor should give at least
14 days’ notice before issuing any court
proceedings.
Encouragement of ADR
The Protocol encourages Alternative Dispute
Resolution (ADR) and there is a specific
provision setting out that the parties should
undertake a review of ‘their respective
positions’ to see if ‘proceedings can be avoid’.
Failure to Comply
The Protocol sets out that the court will take
into account non-compliance when giving
directions for the management of proceedings,
although it will consider whether all parties
have complied ‘in substance’ with the terms of
the Protocol and is not likely to be concerned
with minor or technical infringements. In
practice this may mean that proceedings are
stayed until the Protocol is complied with.
Conclusion
The new Protocol would seem to tip the
balance in favour of debtors and away from
creditors. It is easy to see how debtors can,
and will, abuse its well-intentioned terms.
Full details of the Protocol and its
implementation will form part of the CICM’s
legal training suite (see opposite page).
Robert Addlestone is Litigation Partner at CW
Harwood & Co Solicitors and a CICM trainer.
44 June 2017 www.cicm.com
The Recognised Standard

LEGAL
TRAINING
Are you up-to-date with
significant changes?
The Ministry of Justice has announced that The Pre-Action Protocol
for Debt Claims has been made by the Master of the Rolls as Head of
Civil Justice. The Protocol comes into force on 1 October 2017.
Join a CICM training day to refresh your legal knowledge
Learn from CICM legal experts – a range of legal recovery programmes available. All
have been updated to incorporate the very significant changes. The CICM Insolvency
programme includes changes to the Insolvency Rules that came into effect in April 2017.
CICM Open training (Legal):
Debt recovery through the courts: 15 June, 7 September and 6 December
Advanced debt recovery through the courts: 6 July, and 11 October
Insolvency & Bankruptcy: 17 July
Handling your own small claims: 4 August and 11 October
CICM members: £390 +vat. Non-members: £310 + VAT
To book your place contact training@cicm.com. 01780 722907
In-company training
If you have a number of people to train we can deliver a tailored training programme at
your offices at a time convenient for you.
For further details contact training@cicm.com
or telephone: 01780 722907
The Recognised Standard
www.cicm.com June 2017 45

ial requirements, Process improvement, Strategic
s and leadership, Legal proceedings and insolvency
EDUCATION
ered in January, June & September.
arning and Development team to register your interest
80 722909, or email creditacademy@cicm.com). The
d units listed lead to the CICM Level 3 Diploma in Credit
nd are essential to progress to the Institute’s Graduate
d the CICM What Level courses 5 Diploma are in Credit available?
Management.
Level 3 Diploma in Credit Management units – Credit
Management (trade, export and consumer), Business Law, Business
Environment and Accounting Principles
ed any special software or
wledge?
Level 5 Diploma in Credit Management units – Strategic planning,
Advanced credit risk management, Compliance with legal, regulatory,
ethical and social requirements, Process improvement, Strategic
communications and leadership, Legal proceedings and insolvency
ed is a PC with internet access, and a telephone
dline.)
Classes are offered in January, June and September – Contact
the Learning and Development team to register your interest
(telephone 01780 722909, or email creditacademy@cicm.com). The
es it actually work?
level 3 examined units listed lead to the CICM Level 3 Diploma in Credit
Management and are essential to progress to the Institute’s Graduate
conference call and sign onto Programme, the CICM Level 5
a website to join the
Diploma in Credit Management.
view the tutor’s materials on screen and hear the
er learners in the classroom.
Do I need any special software or IT
knowledge?
ill it cost me?
No, all you need is a PC with internet access, and a telephone (mobile
or landline.)
395 - £450. This includes landline phone costs, calls from
erseas may incur charges. You will need to procure a
How does it actually work?
he subject (£40-£45). These are available through the
You dial into a conference call and sign onto a website to join the class.
You will view the tutor’s materials on screen and hear the tutor and
other learners in the classroom.
uch What time will will it cost I me?
need to set
The costs are £395 - £450. This includes landline phone costs, calls
from mobiles and overseas may incur charges. You will need to
el 3 examined purchase a units study - text Credit for the Management subject (£40-£45). and These Business are available
prise of through 10 x the 11/2 CICM hour website.
sessions, Accounting
siness Law will be 12 x 2 hour sessions, and the Level
of 6 x 2 How hour sessions much per time unit. will I need to set
aside?
o prepare C lasses for for each Level lesson 3 examined and units complete - Credit Management homework and Business
week. Environment Also there comprise will be of revision 10 x 11/2 hour work sessions, provided. Accounting
You will ’’Due to my busy work life and remote home
Principles and Business Law will be 12 x 2 hour sessions, and the Level
a minimum
5 of five to six hours a week on home study,
units comprise of 6 x 2 hour sessions per unit.
location the virtual learning classes suit
uire significantly You will need more to prepare than for this. each lesson and complete homework
“
my schedule perfectly. Initially I had some
questions each week. Also there will be revision work provided. You will
Due to my busy work life and remote home
need to spend a minimum of five to six hours a week on home study, misgivings around receiving adequate levels
location the virtual learning classes suit my
it be some boring?
units require significantly more than this.
of support by not being face to face but
schedule
this was perfectly.
soon quashed Initially
as I had
there some
is a misgivings
lot of
are guided through the lesson by your tutor, who will
Won’t it be boring?
around f tools and exercises to help you get the most out of
communication
receiving adequate
with the
levels
tutors
of
via
support
email
by
Not at all! You are guided through the lesson by your tutor, who will
not e. You use will a variety be using of tools PowerPoint, and exercises to group help you discussions,
from
being
day
face
one
to
up
face
to
but
the
this
exams’’.
was soon quashed
get the most out of
as there is a lot of communication with the tutors
es, individual your online work time. and You will multi-choice be using PowerPoint, polling group questions. discussions,
paired exercises, individual work and multi-choice polling questions. via email KATYA from LAW day — SENIOR one up to SALES the exams. LEDGER
”
CONSULTANT EXPERIAN
Katya Law
are What the are benefits the benefits to to me?
Senior Sales Ledger Consultant
cation: - at Convenient home/work location: at home/work
’’An exciting and convenient way to learn
Experian
- Experienced CICM tutor on-hand
ICM tutor on-hand
in the comfort of your own home, I would
- Opportunity to develop own learning
“
o develop - Accessible own learning
recommend this to anyone’’.
from almost anywhere - no travel costs to college
m almost - Other anywhere learners to - work No with
travel costs to college
A new exciting and convenient way to
s to work with
learn
ROY in
AVEYARD the comfort
— CREDIT of your
AND
own home, I
Do you have an exemption policy?
would
COLLECTIONS recommend
ADVISERTENET this to anyone.
”
GROUP
Yes, if you have business related qualifications, you can apply for LIMITED
have an exemption an (fees exemption apply). Please verify this prior policy?
to enrolling.
Roy Aveyard
Credit & Collections Adviser
business related qualifications, you can apply for an
s apply). Please verify this prior to enrolling.
Tenet Group Limited
June 2017 www.cicm.com
46 The Recognised Standard

CICM EDUCATION
CONFERENCE 2017
22 June 10am-4pm
Education, Education, Education! Book now for CICM's
unmissable, annual Education Conference being held in
Birmingham on Thursday 22 June.
Reserve your place at this popular free event to discover
from education specialists and senior credit and collections
managers about 'Inspiring the future: next steps for credit
professionals'.
With a programme packed with forward-thinking and
inspirational speakers, the conference will quickly bring
you up-to-date with the new credit controller/collections
apprenticeships and help progress your professional
development and CICM qualifications.
A focus this year will be on professional identity and
senior managerial roles. Find out about the skills required
for senior roles and the value of the CICM Level 5 Diploma
and MBA degrees. A range of workshop sessions will suit
you and new learners, and give plenty of opportunities to
ask questions and meet like-minded credit professionals.
Meet the first credit controller apprentices and their employers
Find out how to get started and progress with CICM qualifications
Improve your Level 5 assignment writing skills
Discover from others about the skills required for senior managerial roles
We expect this event to be very popular and places are limited so to
avoid disappointment, email educationconference@cicm.com or call
Becki Sharpe our CICM events co-ordinator on +44(0)1780 722902
The Recognised Standard www.cicm.com June 2017
47

HR MATTERS
HR ROUNDUP
Gareth Edwards looks at several recent cases on notice
periods, the minimum wage and dress codes.
WHEN does a notice period take effect?
Newcastle Upon Tyne NHS Foundation
Trust v Haywood offers guidance.
In the case, Ms Haywood worked for
Newcastle Primary Care NHS Trust. Following a transfer
to Newcastle upon Tyne NHS Foundation Trust, Haywood
was informed that she was at risk of redundancy.
Haywood met with two representatives of the Trust on
13 April 2011 to discuss the situation and informed them
that she was on annual leave from 19-27 April 2011.
While away, the decision was made to make her
redundant and Haywood was sent a notice of termination
by post on 20 April 2011. Notice of termination was also
sent by email to her husband's email address, however,
neither the letter nor the email were seen by Haywood
until she returned from holiday.
The notice of termination gave 12 weeks’ notice. The
date the notice was deemed to take effect was significant
because if it was on or before 26 April 2011, her
employment would have terminated just before her 50th
birthday and her pension entitlement would be reduced
significantly.
The Trust argued that termination should have
occurred 12 weeks after the notice was sent or,
alternatively, received.
Haywood disagreed and claimed that the effective
date of termination should be 12 weeks after she actually
read the notice of termination. The High Court found for
Haywood. The Trust appealed to the Court of Appeal
which held that notice of termination was given on the
date Haywood actually personally received the notice.
Accordingly, Haywood received notice on 27 April
2011 when she actually read the letter. This meant that
her redundancy took effect after her 50th birthday and
she was entitled to a more generous pension.
DISQUALIFIED OVER THE NATIONAL
MINIMUM WAGE
A nursery owner from Manchester has been disqualified
for six years from being a director of a limited company
after failing to pay 12 members of staff the national
minimum wage.
Joanne Ward had been the owner and sole director
of Cygnets To Swans Limited. As a result of some routine
checks carried out by HMRC’s national minimum wage
enforcement officers in 2012 and 2013, it was discovered
that the company had failed to pay 12 employees the
national minimum wage since 2010 and the company was
therefore issued with a £5,000 penalty. The maximum
penalty at the time. This sum remained outstanding when
the company went into liquidation on 8 October 2015.
Ward was subsequently disqualified from running
a limited company for a period of six years, with effect
from 24 February 2016.
Robert Clarke, Group Leader at Insolvent
Investigations North, said: “The Insolvency Service
pursues directors who break employment laws. Not
paying staff the national minimum wage is a clear
breach of a director’s duties. Running a limited
company means you have statutory obligations as well
as protections, and this should serve as a warning to
other directors who are tempted to underpay staff.”
DRESS CODES AND THE ECJ
The European Court of Justice (ECJ) has handed down
judgments in two cases concerning headscarves in the
workplace.
In Achbita v G4S Secure Solutions (Belgium), Ms
Achbita, a muslim, worked as a receptionist for G4S
where there was an unwritten rule that prohibited
employees from wearing visible signs of their political,
philosophical or religious beliefs in the workplace.
This was later included within the employee code of
conduct. Achbita decided to wear her headscarf at work
and refused to comply with the rule. She was dismissed
by G4S.
In Bougnaoui v Micropole SA (France), Ms Bougnaoui,
also a muslim, was employed by Micropole SA. She was
informed that she would not be permitted to wear her
headscarf at all due to the customer facing nature of
her role. Despite this, Bougnaoui wore her headscarf
to a customer site visit and the customer subsequently
made a complaint and requested that Bougnaoui not
wear the headscarf in future. She refused to comply with
the customer’s wishes and she too was dismissed.
In Achbita, the ECJ concluded that the internal
rule treated all employees of the company equally.
It could not find any evidence that the internal rule
was applied differently to Achbita compared to other
employees. The ECJ found that G4S’s actions did not
constitute direct discrimination. However, the ECJ
indicated that the dress code rule was capable of
amounting to indirect discrimination. In Bougnaoui, the
ECJ concluded that Micropole’s actions were directly
discriminatory as Micropole acted in response to a
customer's objections.
Gareth Edwards is a partner in the employment team
at Veale Wasbrough Vizards. gedwards@vwv.co.uk.
48 June 2017 www.cicm.com
The Recognised Standard

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The Recognised Standard
brought to you by
www.cicm.com June 2017 49

FORTHCOMING EVENTS
Full list of events can be found on our website: www.cicm.com/events
CICM EVENTS
1 JUNE
CICM SUSSEX AND SURREY BRANCH –
CREDIT MANAGEMENT BREAKFAST SEMINAR
WEYBRIDGE
Come and join us for a credit management breakfast
seminar at Mercedes Benz World. Based at the historic
Brooklands motor racing circuit in Weybridge.
CONTACT : Natascha Whitehead. Natascha.
whitehead@hays.com / T: 0777 078 6433 or email
sussexandsurreybranch@cicm.com
VENUE : MERCEDES BENZ WORLD. BROOKLANDS
DRIVE, WEYBRIDGE, KT13 0SL
4 JUNE
CICM KENT BRANCH – SUMMER SOCIAL,
BRITISH RACING AND SPORTS CAR CLUB
BRANDS HATCH
This year’s event will be at the exciting British Racing &
Sports Car Club (BRSCC) Club Car Championship event at
Brands Hatch
CONTACT : Contact E: kentbranch@cicm.com. Alternatively,
please telephone Simon Paterson on T: +44 (0)7775
195727 or Kevin Artlett on +44 (0)7905 611186.
VENUE : BRANDS HATCH, GROUND FLOOR SUITE
A7, BRABHAM STEWART COMPLEX, BRANDS HATCH
CIRCUIT DA3 8NG
6 JUNE
CICM THAMES VALLEY BRANCH –
BREWERY TOUR
MARLOW
Brewery talk by the owners on a social, historical & political
view of brewing and our brewing methods
Cost: £13.00 for entrance + 5 drink tokens, £6.50 for
entrance + 2 drink tokens or soft drink option for drivers
(pay on the door).
CONTACT : To book your place please email
thamesvalleybranch@cicm.com
VENUE : CHILTERN HILLS AONB, BENCOMBE FARM,
MARLOW BOTTOM, MARLOW, SL7 3LT
7 JUNE
FELLOWS’ LUNCH 2017
LONDON
This year we are inviting you to a truly unique experience at
the most exclusive private members club in London. Join
us for a spot of luxury with a magical mix of 18th century
splendour and 21st century avant-garde – Home House is
the perfect venue for this year’s Fellows’ Lunch.
Arrival drinks served at 11:30.
Tickets are £128.00+VAT per person
CONTACT : To book your seat, please email:
fellowslunch@cicm.com
VENUE : HOME HOUSE, 20 PORTMAN SQUARE,
MARYLEBONE, LONDON, W1H 6LW
7 JUNE
CICM WESSEX BRANCH – LISTENING TO
REPLY AND NOT LISTENING TO UNDERSTAND
SOUTHAMPTON
Presentation by: Hayley Monks of Think Inspire & Create.
CONTACT : To reserve your place, please email
wessexbranch@cicm.com
VENUE : PWC SAVANNAH HOUSE, 3 OCEAN WAY,
SOUTHAMPTON, SO14 3TJ
8 JUNE
CICM WEST MIDLANDS BRANCH –
SUMMER SOCIAL
BIRMINGHAM
SUMMER SOCIAL BBQ
CONTACT : To reserve your place, please contact
either Rachel Summerfield or Kim Delaney at E:
westmidlandsbranch@cicm.com
VENUE : THE STUDIO, 7 CANNON STREET,
BIRMINGHAM, B2 5EP
15 JUNE
CICM SUSSEX AND SURREY BRANCH –
NETWORKING BREAKFAST (2 CPD HOURS)
CRAWLEY
Come and take part in a networking workshop over a
coffee and bacon roll. You don’t need to be a Picasso to
engage with this session.
CONTACT : Please contact the branch direct at E:
sussexandsurreybranch@cicm.com.
VENUE : THALES UK, MANOR ROYAL, CRAWLEY,
RH10 9HA
20 JUNE
CICM SHEFFIELD AND DISTRICT BRANCH
– A NIGHT AT THE MUSEUM WITH SOUTH
YORKSHIRE POLICE
SHEFFIELD
Detective Speare, from the Financial Crime Investigation
Unit of Specialist Crime Services at South Yorkshire Police
will talk to us about current fraud and cyber-crime trends
CONTACT : Paula at: sheffieldanddistrictbranch@cicm.com
VENUE : NATIONAL EMERGENCY SERVICES MUSEUM
OLD POLICE/FIRE STATION, WEST BAR, SHEFFIELD, S3 8PT
22 JUNE
CICM EDUCATION CONFERENCE 2017
BIRMINGHAM
Book now for CICM’s unmissable, annual CICM Education
Conference.
CONTACT : We expect this event to be very popular and
places are limited, so to avoid disappointment, please
email: educationconference@cicm.com or call Becki
Sharpe, our CICM events co-ordinator, on +44 (0)1780
722902.
VENUE : BIRMINGHAM CHAMBER OF COMMERCE
75 HARBORNE ROAD, BIRMINGHAM, B15 3DH
7 JULY
CICM SOUTH WALES BRANCH
CARDIFF
The South Wales branch are delighted to be having a joint
event with the Cardiff Financial Professionals
CONTACT : Contact: Diana Keeling FCICM, Events
Coordinator at E: southwalesbranch@cicm.com or T: +44
(0)7921 492348.
VENUE : FUEL ROCK BAR, 5 WOMANBY ST, CARDIFF,
CF10 1BR
11 JULY
CICM EAST OF ENGLAND BRANCH – (5 CPD)
LONDON
‘Improving Credit Management in the Workplace’
Conference. More details on our online events calendar.
CONTACT : Please email eastofenglandbranch@cicm.com
VENUE : GOODMAN MASSON, 120 ALDERSGATE STREET,
LONDON, EC1A 4JQ
TRAINING DAYS
15 JUNE
ADVANCED CREDIT RISK
VENUE : LONDON
15 JUNE
DEBT RECOVERY THROUGH THE COURTS
VENUE : LONDON
21 JUNE
COLLECTING WITH CONFIDENCE
VENUE : LONDON
OTHER EVENTS
2 JUNE
POLISH INSTITUTE OF CREDIT MANAGEMENT
POLAND
The Polish Institute of Credit Management invites you to
the first edition of the conference Credit Risk, an event
dedicated to receivables management and trade credit risk
in Business to Business in Poland.
30 percent discount for CICM members.
CONTACT : Visit website: http://creditrisk.pl/language/en/
VENUE : PARK INN BY RADISSON KRAKOW HOTEL
MONTE CASSINO 2, 30-337 KRAKOW, POLAND
6 JUNE
FORUMS INTERNATIONAL – SENIOR
MANAGEMENT CREDIT FORUM (SMF)
STRATFORD UPON AVON
Senior Management Credit Forum (SMF)
CONTACT : For more information email:
smf@forumsinternational.co.uk
VENUE : STRATFORD MANOR, STRATFORD UPON AVON
13 JUNE
FORUMS INTERNATIONAL –
PHARMACEUTICALS & MEDICAL DEVICES
CREDIT FORUM (PMF)
STRATFORD UPON AVON
CONTACT : For more information email :
pmf@forumsinternational.co.uk
VENUE : STRATFORD MANOR, STRATFORD UPON AVON
14 JUNE
ICTF WEBCAST: INTERNATIONAL
COMMERCIAL ARBITRATION – WHAT GLOBAL
TRADE CREDITORS SHOULD KNOW!
ONLINE
Learn how to take advantage of international commercial
arbitration to protect your rights and maximize recoveries
when selling globally.
CONTACT : VISIT WEBSITE FOR MORE DETAILS
- http://www.ictfworld.org/events/EventDetails.
aspx?id=963113&group=
VENUE : ONLINE
50 June 2017 www.cicm.com
The Recognised Standard

THE B2B DEBT RECOVERY SPECIALISTS
The Debt Recovery
Pre-Action Protocol goes
live on 1st October 2017
Request your free toolkit
Planning ahead is essential and many creditors are still
unaware that:
• The protocol applies to businesses claiming debts from
individuals (this includes sole traders and potentially other
classes of debtor that creditors may not have considered);
Request your free
Pre-Action
Protocol Toolkit
This toolkit contains various checklists,
flowcharts, tips, advice and a timeline
for you to consider ahead of the
1st of October deadline.
www.fbdebt.co.uk/PAP
• The steps creditors need to take before issuing
a claim against certain debtors will change;
• Creditors may need to adopt different processes to deal
with different debts within their business; and
• More information will have to be provided in letters before
action.
To request your free toolkit from your complete commercial
debt recovery solicitors, visit www.fbdebt.co.uk/PAP
Contact us for an exploratory discussion
to benchmark our results against your
in-house team or a current provider.
0800 044 8120
The Recognised Standard
CCR
credit
excellence
awards2015
in association with
WINNER
www.cicm.com June 2017 51

MEET THE
THEY'RE WAITING
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.
www.hays.co.uk
HighRadius is the leading provider of Integrated
Receivables solutions for automating credit, collections,
cash allocation, deductions and eBilling operations.
The solutions are delivered as a software-as-a-service
(SaaS) or as SAP-certified Accelerators for SAP
Finance Receivables Management. With a track record
of reducing days sales outstanding (DSO), bad-debt
and increasing operational efficiency, HighRadius
solutions help teams achieve payback within a year.
www.highradius.com
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
www.bvdinfo.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.
www.chrissandersconsulting.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.
www.keyivr.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-toend
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
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
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.
www.credica.co.uk
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
52 June 2017 www.cicm.com
The Recognised Standard

PARTNERS
TO TALK TO YOU...
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.
www.safe-financials.co.uk
Dun & Bradstreet grows the most valuable
relationships in business. Whether your customer
portfolio spans a city, a country or the globe, Dun
& Bradstreet delivers the data, analytics and insight
to grow your most profitable relationships and
obtain a global, unified view of your customer
relationships across credit and collections.
www.dnb.co.uk
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.
www.rimilia.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.
www.datainterconnect.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.
www.graydon.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
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 cloud-based
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.
www.tinubu.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
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.
www.mah-international.com
The Recognised Standard
The Recognised Standard
www.cicm.com June 2017 53

NEW CICM MEMBERS
THE INSTITUTE WELCOMES NEW MEMBERS
WHO HAVE RECENTLY JOINED
MEMBER
NAME
COMPANY
ASSOCIATE
NAME
COMPANY
Aaron Caddis
Frederik Reek
Lloyd Gilmore
Richard Howells
Capgemini UK plc
Nederlands Loodswezen BV
Benedict Mackenzie
Brook Street (UK) Ltd
Diane Mather
Kelly Walker
Xerxes Stallworthy
Amari Metals Ltd
United Utilities
Kier Group Ltd
AFFILIATE
NAME COMPANY NAME COMPANY
Joseph Agbenyefia
Jade Anderson
Veronika Baikatsova
Dawn Beeby
Stacey Bowie
Aiden Brock
Rachel Buckle
Faye Byrne
Laura Caccetta
Elizabeth Cahill
Greg Clark
Chelsea Collins
Brian Connolly
Georgina Crompton
Philip Dabbes
Katie Dorman
Emma Doward
Jamie England
Nicolle Every
Paige Ford
Natalie Foster
Lauren Foye
Iain Freeman
Stephanie Gale
Tina Glen
Ian Glover
Liam Goy
Joshua Haines
Ricardo Harewood
Alison Harlick
Matthew Harrod
Kirsty Haswell
Ryan Heapy
Christiane Hempen
Andrew Hoszowskyj
Michael Hurst
Daniela Ionica
Graham Jennings
Karen Jones
Rachel Jones
Lauren Jones
Sarah Joyce
Monali Kale
Dishreet Kaur
Fiona Kelly
Daniel Kemp
Richard Kernick
Suzana Lugonja
Cinzia Luppi
John Mallett
Puma Energy Ghana
Informa UK Ltd
Ramirent Shared Services AS
Processing.com
Interserve Construction Limited
Arbutnot Latham
HSBC
npower Ltd
Healthcare Locums Ltd
Lexismexis
Lorien Resourcing Ltd
Computer Resources Group
BT Plc
Amicus
Metro Rod Ltd
HKA Global Ltd
npower Ltd
Spire Healthcare
Matthew Clark Wholesale Ltd
Queen Mary University of London
SIG Trading Ltd
Corporate Learning Concept Ltd
Lowell Financial Ltd
npower Ltd
Addiko Bank AG
24hr Bailiffs
BT Plc
OfficeTeam Ltd
Amari Metals Ltd
Processing.com
Smarter Buy Store
BT Plc
Citrix System Ltd
Bristow & Sutor
BT Plc
ICICI Bank Uk
H & T Group
ID Medical
PHMG
PH Media Group
Matthew Clark Wholesale Ltd
xoserve Ltd
Rolls Royce
Lyreco UK Ltd
Santander Consumer (UK) plc
EVO Business Supplies Limited
Arbutnot Latham
Laisha Mansfield
Tom Mcconalogue
Victoria McCourt
Nicole Melia
Leanne Middleton
Melanie Middleton
Eve Davis
Gill Morland
Nancy Moye
James Thomasson
Micah Hall
Mauro Pizzol
Paul Stretton
Paul McGinty
Prosper Uzande
Morgan Davis
Maria Wilson
Ophelia Cooper
Sian Phillips
Amber Mughal
Faraz Mushtaq
Susan Nunnington
Joshua Olden
Collins Osei
Dee Paterson
Thushanthi Perera
Rebecca Peters
Goryslaw Poleszczek
Liette Pym
Shaista Rasool Gatta
Steve Riley
Richard Rutter
Alexander Sadler
Brian Seal
Denise Sherwood
Alasdair Skeoch
Stephen Smith
Simon Squires
Alex Stephens
Victoria Stevens
Jessica Stretton
Sonia Swaithes
Gerard Thornton
Luke Walker
Melvin Warren
Amanda Wheeler
Alexandra Williams
Dean Williams
Michelle Young
Matthew Clark Wholesale Ltd
Allport Cargo Services
Smarter Buy Store
BT Plc
Amari Metals Ltd
Amari Metals Ltd
DPD Group
Lorien Resourcing Ltd
Informa UK Ltd
Amari Metals Ltd
Glide Ltd
Extra Energy
Andrew Wilson & Co
Oakwood
BT Plc
University of West London
Capital Law LLP
Zenith
Extra Energy
xoserve Ltd
LSE Retail Group
Tsys- virgin money
DP Performance Solutions Ltd
BT Plc
Lincoln Electric (UK) Ltd
Heating Plumbing Supplies Ltd
Hertz Rent-A-Car
Conexus Recovery & Field Service Ltd
Chandlers Limited
UK Fuels
Atom Bank
Brighthouse
Conexus Recovery & Field Service Ltd
XL Catlin
ENI Trading and Shipping
Amari Metals Ltd
npower Ltd
SPX Europe Shared Services Ltd
Lorien Resourcing Ltd
Discreet Investigations
Leathams Ltd
npower Ltd
Crowe Horwath
Ove Arup & Partners (International) Ltd
54 June 2017 www.cicm.com
The Recognised Standard

BRANCH NEWS
60SECONDS
WITH
THAMES VALLEY BRANCH
AGM AND APPRENTICESHIP BRIEFING
CLOSE to 30 members attended Thames
Valley branch’s AGM at Sonning Golf
Club. The formal business of the AGM
saw the branch report on another active
year with a slight increase in the number
of events organised from 2015. The most
significant achievement for the branch
was its continued and increasing activity
around promoting credit as a career with
attendance at six career fairs. Goals were
set for 2017 with the expectation that this
would be the branch’s busiest year on
record in terms of events organised, career
fairs attended and other efforts to increase
visibility of the branch and credit as a
profession.
Debbie Tuckwood then talked us through
a presentation entitled Apprenticeships –
the tipping point for Credit Management.
After explaining some of the benefits that
apprenticeships offer, and the need for
qualifications within our industry, Debbie
shared with us the names of the companies
already involved, how the CICM can help
companies wishing to start the scheme, and
advised that the Government website on
apprenticeships now had guidance relating
to credit management apprenticeships.
Useful information on how the new May
2017 Apprenticeship Levy will work plus a
summary of its key features then followed –
a clear message came out that companies
liable to pay the levy should ‘use it or lose
it’. Debbie ended with suggesting some
actions people could now take around
considering apprenticeships in their
Dr Debbie Tuckwood
companies and provided links for further
information on the subject.
Bryony Pettifor concluded the
presentation session by giving us an
insight into her team’s experience around
qualifications and apprenticeships. Bryony
also gave a comprehensive update to
the audience on the efforts of the CICM
Advisory Council Working Party on Careers
and ended by reminding everyone that as
credit professionals we are entitled to sign
passport photographs.
Thanks were then given to all involved,
with some taking the opportunity to network
while having another tea or coffee.
Author: Gary Baker, Branch Chair
FULL NAME
Dean Cottle
CURRENT JOB TITLE:
Credit Manager
CURRENT COMPANY NAME:
Hays Specialist Recruitment Ltd
NUMBER OF YEARS IN CREDIT
MANAGEMENT: 15
NUMBER OF YEARS IN CURRENT ROLE:
Three
WHAT IS THE BEST THING ABOUT
WHERE YOU WORK?
I like the fact that I work for world-wide
and market leader in recruitment, that is
always looking to be the best in class.
WHAT MOTIVATES YOU?
The success of my teams and the
development of individuals within them is
what motivates me each day.
WHAT SKILL DO YOU THINK HAS
HELPED YOU MOST IN YOUR CREDIT
CAREER SO FAR?
Willingness to learn new skills and
determination to succeed.
NAME THREE PEOPLE YOU WOULD
INVITE TO A DINNER PARTY AND WHY?
John Terry, Frank Lampard and Gordon
Ramsey – as an avid Chelsea fan it would
be amazing to have dinner with two
legends. We’d also need good food which
is where Gordon would come in!
WHAT IS YOUR FAVOURITE PASTIME/
RELAXATION ACTIVITY?
Watching football either Chelsea or my
son play for his club team.
WHAT IS THE BEST/WORST QUALITY IN
A LEADER?
The best has to be to lead by example
and not expecting your team to do jobs
you wouldn’t. The worst would be, being
out of touch with your team or losing their
support and trust.
WHAT CAN'T YOU LIVE WITHOUT?
Family and football.
WHAT’S BEEN YOUR MOST REWARDING
MOMENT IN YOUR CREDIT CAREER?
My current team, they are truly supportive
and are great at what they do.
WHAT HAS SURPRISED YOU THE MOST
ABOUT WORKING IN CREDIT?
The variety of tasks and issues that can
arise on a daily basis, no one day is the
same.
WHERE DO YOU SEE YOUR CAREER IN
FIVE YEARS’ TIME?
Hopefully heading up the credit control
team here at Hays
The Recognised Standard
www.cicm.com June 2017 55

TAKE CONTROL
OF YOUR CREDIT
CAREER
SALES LEDGER CLERK
MAINTAIN HIGH VOLUME INVOICES
Richmond, up to £30,000
A rare opportunity has arisen at an established
construction company for an experienced sales
ledger clerk. With a strong emphasis on administration
and invoice management, the role will focus upon
maintaining the sales ledger and providing exceptional
customer service when dealing with customers
over the phone. You will be responsible for cash and
receipt posting, cash allocation and administration
for a high volume of accounts. While the role is not
collections or target focussed, it requires an independent
and self-motivated individual who works well under
pressure. This is a fantastic opportunity providing
long-term stability. Ref: 2988941
Contact Chelya Katende on 020 8247 4042
or email chelya.katende@hays.com
CREDIT CONTROLLER/
ACCOUNTS ASSISTANT
IMPROVE DEBT LEVELS
London, £25,500-£28,000
A prestigious charitable organisation that provides homes
for thousands of people across the UK is now seeking a
driven credit controller/accounts assistant. This role will
focus on providing a support service to the organisation’s
management teams for the financial aspects of residential
fees. You will provide a particular focus on the credit
control aspects of residential fees to improve debt levels.
You will also be responsible for the accounts payable
function of the finance team whilst processing invoices
and inputting cashbook transactions. This is an excellent
opportunity to split your working experience between
both credit control and accounts payable. Ref: 3000913
Contact Steven O’Connell on 020 7259 8745
or email steven.oconnell@hays.com
HOUSING INCOME OFFICER/
CREDIT CONTROLLER
PROVIDE EXCEPTIONAL SERVICE
London, up to £30,000
One of the leading housing associations in London,
managing over 25,000 affordable rented homes and
housing approximately 40,000 people is now seeking
an enthusiastic housing income officer/credit controller.
Within this role, you will provide advice on affordable
payment options, make regular contact with clients to
secure payments and advise and support customers
to successfully manage their rent accounts. This role
requires someone who is able to chase outstanding rent
payments with sensitivity but in a robust manner. You
will enjoy working in a driven team where collaboration
is very important as you will be working with other
departments in the organisation. Ref: 3024579
Contact Steven O’Connell on 020 7259 8745
or email steven.oconnell@hays.com
CREDIT CONTROLLER
MANAGE IMPORTANT CLIENT
RELATIONSHIPS
Nottingham, up to £25,000
An exciting opportunity has arisen in a leading global sales
and services provider for a motivated credit controller. You
will be responsible for protecting the company’s investment
in its debtors by exercising effective credit control over
all active accounts. You will aim to collect outstanding
accounts in a manner that produces optimum cash flow
and minimises bad debts whilst ensuring continuity
of the business. Providing a real focus on relationship
development is essential. Maintenance of its established
business is imperative so a strong track record of meeting
customer expectations is highly desirable alongside a
proven record of effective credit control. Ref: 3010903
Contact James Morris on 0115 947 7500
or email james.morris@hays.com
hays.co.uk/creditcontrol
56 June 2017 www.cicm.com
The Recognised Standard

COLLECTIONS ADVISOR
PROGRESS YOUR CAREER
London, £18,000-£22,000 + benefits
A great opportunity for an ambitious collections advisor
has arisen to join a fast growing leisure business.
Your duties will include making and receiving a high
volume of calls, taking payments over the phone, cash
posting/allocation, creating various reports, resolving
queries, and working to targets. You will be working for
a company where customer service is paramount so
this must be a passion for you too. If you are someone
who likes to get involved in streamlining processes and
procedures and implementation of the same, this will be
very well received. You will need strong Excel skills and
previous experience in B2C collections. Ref: 3017943
Contact Julia Foster on 020 3465 0020
or email julia.foster2@hays.com
DEBT RECOVERY ASSISTANT
BUILD STRONG RELATIONSHIPS
Kilmarnock, £18,000
Working exclusively with Hays, this company is recruiting
for a professional debt recovery assistant. You will join
a well-established collections department and take
ownership of your own portfolio of clients. As a debt
recovery assistant, you will chase outstanding debt,
process payments, handle queries as well as all associated
responsibilities that come with managing your own
ledger. The portfolio base is diverse and high profile,
as such strong communication skills are essential.
The organisation is part of a larger international group so
there is scope for progression and personal development.
This is a fantastic opportunity for an ambitious and
professional debt recovery candidate. Ref: 3006975
Contact Linda Brownlee on 0141 212 3666
or email linda.brownlee@hays.com
CREDIT CONTROLLER
JOIN A LEADING COMPANY
Wrexham, up to £21,000
An award-winning, innovative organisation requires an
experienced credit controller to join its growing team.
You will work on the credit control team and report
directly into the Financial Controller. In this role, you will
be responsible for chasing payments in a B2B department,
cash allocation, raising credit notes, dealing with queries
and ad hoc credit control duties. You will have previous
experience in credit control and systems, an excellent
telephone manner and work well within a team. Due to
the vast client base you will need to be able to adapt and
communicate to all levels. Ref: 3001994
Contact Samantha Ballentyne on 01244 350 125
or email samantha.ballentyne@hays.com
CREDIT CONTROLLER
SUCCESS THROUGH EXPERTISE
Croydon, £12-£12.50/hour
A successful health and social care provider is looking for
a tenacious and determined credit controller to join its
team on a temporary basis. You will be responsible for
ensuring that all payments owed are collected promptly
and in accordance with the company’s internal policies
and procedures. You will have excellent negotiating
skills, be organised and focussed, and have the ability
to work as part of a team as well as individually. You will
have previous experience as a credit controller, in using
complex accounting systems, and are expected to adopt
a professional and caring attitude. Ref: 3019359
Contact Usman Khalid on 020 8686 4686
or email usman.khalid@hays.com
This is just a small selection of the many
opportunities we have available for credit
professionals. To find out more email
hayscicm@hays.com or visit us online.
The Recognised Standard
www.cicm.com June 2017 57

BE ONE CLICK AWAY
FROM OUR WEBSITE
How to set up a great one click link to the CICM website on
your mobile phone. Follow these four simple steps...
Step 1 Step 2 Step 3 Step 4
Go to cicm.com > Click highlighted icon at bottom of screen > Click add to Home screen icon
> Click add icon at top right of screen > CICM icon will appear on your screen
Step 1 Step 2 Step 3 Step 4
Open cicm.com in Google Chrome browser > Tap Menu button > Tap add shortcut to Home screen
> Icon will appear on your screen. Menu button on other Android devices may be displayed differently.
THE RECOGNISED STANDARD IN CREDIT MANAGEMENT
T: +44 (0)1780 722900 | WWW.CICM.COM
58 June 2017 www.cicm.com
The Recognised Standard

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
COLLECTIONS
Controlaccount PLC
Compass House, Waterside
Hanbury Road, Bromsgrove
B60 4FD
T: 01527 549522 (Sales dept)
E: sales@controlaccount.com
W:www.controlaccount.com
Controlaccount has over 30 years of Credit Management and
Debt Recovery experience, helping National and International
SMEs and blue chip organisations, across a wide range of sectors.
We provide a fast, proactive collection service on a no-collection,
no-fee basis, and for some clients a zero cost option,
utilising the late payment act to fund collection procedures. Our
trained collectors take into account your need to recover debts,
whilst maintaining your reputation and preserving customer relationships.
If we can’t recover your outstanding debts through our
collection process, then our service won’t cost you a penny; and
with our additional in-house legal & Trace service as well as our
credit reporting and corporate monitoring services we are ready
to help you every step of the way.
Blaser Mills LLP
Rapid House
40 Oxford Road, High Wycombe,
Buckinghamshire. HP11 2EE
T: 01494 478660/478661
E: Jackie Ray jar@blasermills.co.uk or Gary Braathen
gpb@blasermills.co.uk
W: www.blasermills.co.uk
Established in 1888, leading multi-disciplinary law firm Blaser
Mills specialises in services for businesses and individuals.
The Firm has particular expertise in Dispute Resolution and
Debt Recovery working with experienced credit managers and
finance directors providing solutions to both contested and
uncontested claims.
Blaser Mills provides an experienced team including CICM
qualified legal representatives and the Firm is cited in the
Legal 500 law directory based on quality of work and strong
client feedback.
Offices in Aylesbury, London (Central), London (Harrow), Old
Amersham, Rickmansworth, Staines-on-Thames.
Think Inspire and Create Ltd
T: 0844 414 6056
E: info@thinkinspireandcreate.com
W: www.thinkinspireandcreate.com
Think Inspire and Create Ltd - No Ordinary Consultancy
The newly-launched consultancy offers an inspired service that
supports businesses and encourages their people to embrace
change. If you want to drive forward sustainable change in your
business, Think, Inspire and Create Ltd can optimise the way you
deliver your strategy.
Using a unique Think, Create and Inspire ethos the team works with
businesses, embedding cross-skilled consultants within companies,
to facilitate creative thinking, set goals and find enduring solutions
to challenges.
Think, Inspire and Create Ltd is committed to sharing its passion and
experience in the following areas:
• Credit management • Performance management • Operational
design & Management • People Engagement • Process Change
Management • System design and deployment • Organisation
design.
Our vision is to make sure that the changes you create are sustainable
and enduring. Find out more www.thinkinspireandcreate.com
COURT ENFORCEMENT SERVICES
Premium Collections Limited
Office 3, Caidan House Business Centre, Canal Road,
Timperley, Altrincham, Cheshire, WA14 1TD
T: 0161 962 4695.
F: 0333 121 3843
E: enquiries@premiumcollections.co.uk
W: www.premiumcollections.co.uk
Premium Collections Limited has the credit management solution
to suit you. Operating on a national and international basis we
can tailor a package of products and services to meet your
requirements. Staffed by dedicated professionals with over 60
years combined experience of handling virtually every type of
debt issue, the company was formed in December 2002 and
is owned by our Managing Director, Paul Daine FCICM. Paul’s
particular areas of expertise are the motor finance, insurance
and international debt collection sectors. Services include B2B
collections, B2C collections, international collections, absconder
tracing, asset repossessions, status reporting and litigation
support.
COLLECTIONS LEGAL
STRIPES SOLICITORS LIMITED
St George’s House, 56 Peter Street, Manchester, M2 3NQ
W: www.stripes-solicitors.co.uk
T: 0161 832 5000
95percent success rate in disputed
litigation cases over several decades
Stripes technical excellence, tenacity and commercial insight has
led to this 95 percent success rate over several decades. We have
been particularly recommended as a leading law firm by the Legal
500 in the litigious field for representing clients with significant and
complex issues.
Our specialist commercial debt recovery and insolvency team work
with businesses ranging from SMEs to larger PLCs recovering
business debts on a no cost or fixed fee basis and often
recovering debts within days. We aim to understand your business
and tailor our services to suit your requirements. Our online service
provides you with 24/7 access to manage your account, to upload
new debtor cases and to generate new legal instructions.
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
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...”
The Recognised Standard
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all
aspects of the order to cash process. Chris Sanders FCICM, the
principal, is well known in the industry with a wealth of experience
in operational credit management, billing, change and business
process improvement. A sought after speaker with cross industry
international experience in the business-to-business and businessto-consumer
markets, his innovative and enthusiastic approach
delivers pragmatic people and process lead solutions and significant
working capital improvements to clients. Sanders Consulting are
proud to manage CICMQ on behalf of and under the supervision
of the CICM.
CoCredo Limited
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790 600
E: helpdesk@cocredo.com
W: www.cocredo.co.uk
We provide live online company credit reports and related business
information within the UK and overseas. We have direct feeds from
Dun & Bradstreet, Companies House and other premium providers.
We provide business information on over 256 million companies
across 221 countries. Our information is updated over 500,000
times per day and we have some excellent tracking mechanisms
which provide proactive daily monitoring of changes in the global
information on record. We can offer a wealth of additional services
including XML Integration, D.N.A portfolio management, CoData
marketing information, Companies House documents, Consumer
and Director Searches. We pride ourselves in delivering award
winning customer service, offering you unrivalled support and
analysis to protect your business.
www.cicm.com June 2017 59

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
Company Watch
Centurion House, 37 Jewry Street, LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
What would happen if one of your key customers failed? Do
you rely on company information that is up to 18 months’ old?
Company Watch provides a credit management system that’s
predicted around 90 percent of company failures. Not only
that, our interactive system allows you to input more up-to-date
accounts, and to stress-test company financials to generate an
instantly updated analysis of a company’s financial health. With
a portfolio and email alert system, and a user interface showing
5-year trends along with everything you need to know at a
glance, Company Watch is an invaluable resource in the credit
management process.
CREDIT INFORMATION
Graydon UK
66 College Road, 2nd Floor,
Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Graydon UK is a specialist in Credit Risk Management and
Intelligence, providing access to business information on over
100 million entities across more than 190 countries. Its mission
is to convert vast amounts of data from diverse data sources into
invaluable information. Based on this, it generates economic,
financial and commercial insights that help its customers make
better business decisions and ultimately gain competitive advantage.
Graydon is owned by Atradius, Coface and Euler Hermes, Europe's
leading credit insurance organisations. It offers a comprehensive
network of offices and partners worldwide to ensure a seamless
service.
EFCIS Limited t/as ICBA UK
Specialist Trade Credit Insurance Broker
The Office, Mill House Farm, Mill Street, Hastingwood,
Essex, CM17 9JF
T: 01279 437662
E: amoylan@efcis.com
W: www.efcis.com
EFCIS Limited - Trade Credit Insurance, Debt Collection, Dispute
Resolution and Legal action for small/medium & multinational
businesses. EFCIS secures limits for clients where the financials
alone do not support the full limit. We are tenacious when
negotiating settlement of claims, securing full payment for claims
and proactively working with our clients in claims avoidance.
We are the industry’s only Broker to develop policy compliance
software to ensure client’s maximum benefit and protection
from the policy. We believe that a well-managed ledger supports
business growth within increased profit and an improved return
on investment.
CREDIT MANAGEMENT SOFTWARE
Creditsafe Business Solutions
Bryn House, Caerphilly Business Park, Van Rd,
Caerphilly, CF83 3GG
T: 0292 088 6500.
E: ukinfo@creditsafeuk.com
W: www.creditsafeuk.com
Creditsafe is Europe’s most used supplier of credit & business
intelligence. Creditsafe have helped over 60,000 customers
across Europe and the USA with a range of products which
includes our UK, European and International Company Credit
Reports, which reach over 129 countries and 90m companies;
customer and supplier Risk Tracker and our 3D Ledger product
which has captured over 35 million Trade Payment Data
Experiences since its launch in 2012. All of which will help
companies manage their exposure to risk, make informed
decisions in relation to credit limits whilst looking at how you
can identify gaps within your sales ledger to prioritise collections
and leverage sales.
Top Service Ltd
2&3 Regents Court, Farmoor Lane, Redditch,
Worcestershire, B98 0SD
T: 0152 750 3990.
E: enquiries@top-service.co.uk
W: www.top-service.co.uk
Top Service is the only credit reference and debt recovery
agency to specialise in the UK construction sector. Top Service
customers benefit from sector specific information, detailed
payment history intelligence and realtime trade references in
addition to standard credit information. There are currently
3,000 construction sector companies subscribing to the service,
ranging from multi-national organisations to small family firms.
The company prides itself on high levels of customer service
and does not tie its customers into restrictive contracts. Top
Service offers a 25 percent discount to all CICM Members as
well as four free credit checks of your choice.
BUREAU VAN DIJK
Northburgh House,
10 Northburgh Street,
London,
EC1V 0PP
T: +44 (0)20 7549 5000
E: bvd@bvdinfo.com
W: www.bvdinfo.com
We specialise in company information with extensive company
coverage, financial risk metrics and comprehensive corporate
structures.
Our information helps you make better quality decisions.
•Assess financial risk and corporate stability
•Get insight on the financial health of individual companies and across
your portfolio
•Manage your data more efficiently
Our Credit Catalyst combines our international, standardised financial
data with a bespoke credit platform, so you can work more efficiently,
make better quality decisions and spot risk quickly.
•Comprehensive coverage of companies across the globe
•Standardised reports so you can benchmark and compare companies
•Financial strength indicators from a range of providers
CREDIT INSURANCE
Arthur J. Gallagher
Insurance Brokers Limited
7 Floor, Temple Point, 1 Temple Row
Birmingham B2 5LG
T: 0121 203 3127
W: www.ajginternational.com
With the risk of default by customers still a major threat to UK and
Global companies there has never been a better time to consider
trade credit insurance. Arthur J. Gallagher’s Credit and Surety team,
which now includes the 2014 – CICM award winning ‘broker of
the year’ team, has considerable experience and market influence
and recognises the unique nature of the credit insurance market.
Our team of experienced professionals deal with a wide range of
businesses, from SME to large corporate and global risks. Please
contact us to discuss how a specifically tailored trade credit solution
can benefit your business
Innovation Software
Innovation Software, Innovation House,
New Road, Rochester, Kent, ME1 1BG.
T: +44 (0)1634 812300
E: jay.inamdar@innovationsoftware.uk.com
W: www.creditforceglobal.com
Innovation Software are the authors of CreditForce, the leading
Collections and Working Capital Management Systems. Our solutions are
used in over 26 countries and by over 20 percent of the Top 100 Global
Law Firms.
Our solutions have optimised Accounts Receivables processes for over
20 years and power Business Intelligence, with functionality to:
• improve cash flow • reduce DSO • control risk
• automate cash allocation • speed up query resolution
• improve customer relationship management
• automatically generate intelligent workflows and tasks
• manage the entire end-to-end collections cycle.
Fully integrated with over 40 leading ERP and Accounting systems,
including SAP, Oracle, Microsoft Dynamics and product partners with
Thomson Reuters Elite we can deliver on either your own computing
infrastructure or through Microsoft Azure’s award winning and secure
cloud service.CreditForce remains the choice solution for world class
businesses.
Book a demonstration by calling T: +44 (0)1634 812 300 or visit
www.creditforceglobal.com for more information.
Co-pilot Limited
73 Flask Walk, London, NW3 1ET
T: +44(0) 20 7813 2182
E: info@co-pilot.co.uk W: www.co-pilot.co.uk
Credit Managers who manage large or multiple ledgers have come to
realise that they need to use specialist software to achieve or maintain
performance improvement – be that risk, collections or both.
For many Credit Managers a key question is where to start. How do
you examine and evaluate the options? How and when do you start the
budgeting process? What are the steps?
Co-pilot has advised on credit management software for a number of
years. We have good knowledge of the available solutions, what’s good,
how they work and what type of solution best fits given situations. We
combine this with considerable experience of credit management Best
Practice so that you can pull everything together into one place and
achieve a flexible and sustainable position going forward.
We work with you through a structured evaluation process which is
designed to enable you to have a clear view of what you can achieve
going forward, what is practicable, the business case implications,
the preferred supplier(s) and what the implementation process would
sensibly look like (in our opinion, there is no such thing as “Plug and
play”).
60 June 2017 www.cicm.com
The Recognised Standard

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
Prof. Schumann GmbH
innovative information systems
Weender Landstr. 23, 37130 Göttingen, Germany
T: +49 551 38315 0 F: +49 551 38315 20
E: info@prof-schumann.de W: www.prof-schumann.de
Our Credit Application Manager (CAM) is a leading credit risk
management solution for major corporations, as well as insurance,
factoring and leasing companies. In their daily work, CAM allows
credit and sales managers to call up all the available information
about a customer or risk in a few seconds for decision support: realtime
data from wherever they are. CAM keeps an eye on customers
whose payment behaviour stands out or who have overdue invoices!
CAM provides an up-to-date forecast of customers’ payments.
Additionally, CAM has automated interfaces for connecting to
leading suppliers of company credit data, payment record pools and
commercial credit insurers. The system is characterised by its great
flexibility. We have years of experience in consulting and software
support for accounts receivable management.
Safe Computing Limited
20, Freeschool Lane, Leicester, LE1 4FY
T: 0844 583 2134
E: info@safecomputing.co.uk
W: www.safe-financials.co.uk
Designed to manage your customer credit accounts effectively,
Safe Credit Control enables your credit management team to:
• Improve cash flow
• Reduce debtor days
• Increase customer service
• Cut the cost of cash collection
• Eliminate manual processes
• Speed up the query resolution process
Safe’s unique approach is centred on changing the perception
of the credit control function from a series of reactive processes
to proactive ones. Credit controllers are traditionally regarded
as an essential element in business to chase late payments
and respond to customer queries. Safe Credit Control has taken
the concepts of customer relationship management (CRM) and
applied it to the credit control function, providing a softer,
service orientated team of customer service representatives.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford,
Oxon. OX11 0QT
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections and
Query Management System has been designed with three goals in
mind:
• To improve your cashflow
• To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of Credit
Professionals across the UK and Europe, our system is successfully
providing significant and measurable benefits for our diverse
portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
STA International
3rd Floor, Colman House,
King Street , Maidstone , ME14 1DN
T: +44(0)844 324 0660.
E: enquiries@staonline.com
W: 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.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
HighRadius is the leading provider of Integrated Receivables
solutions for automating receivables and payment functions such
as credit, collections, cash allocation, deductions and eBilling.
The Integrated Receivables suite is delivered as a software-as-aservice
(SaaS). HighRadius also offers SAP-certified Accelerators
for SAP S/4HANA Finance Receivables Management, enabling
large enterprises to maximize the value of their SAP investments.
HighRadius Integrated Receivables solutions have a proven track
record of reducing days sales outstanding (DSO), bad-debt and
increasing operation efficiency, enabling companies to achieve an
ROI in less than a year.
DATA AND ANALYTICS
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire
SL7 1AJ
Telephone: (0800) 001-234
Website: www.dnb.co.uk
Dun & Bradstreet grows the most valuable relationships in business.
By uncovering truth and meaning from data, we connect our
customers with the prospects, suppliers, clients and partners that
matter most, and have since 1841. Whether your customer portfolio
spans a city, a country or the globe, Dun & Bradstreet delivers the
data, analytics and insight to grow your most profitable relationships
and navigate credit risk. By combining your insights with our own,
Dun & Bradstreet facilitates a global, unified view of your customer
relationships across credit and collections.
The Recognised Standard
www.cicm.com June 2017 61

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
FINANCIAL PR
PROFESSIONAL BODIES
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.
LEGAL MATTERS
DWF LLP
Neil Jinks FCICM – Director
M: +44 (0)7740 179 515
T: +44 (0)121 516 7462
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
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.
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).
PROFESSIONAL BODIES
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
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.
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
THE ONLY AML RESOURCE YOU NEED
SmartSearch
Harman House, Station Road,
Guiseley, Leeds, LS20 8BX
T: 01132387660
F: 0113 238 7669
E: info@smartsearchuk.com
W: www.smartsearchuk.com
KYC, AML and CDD all rely on a combination of deep data with
broad coverage, highly automated flexible technology with an
innovative and intuitive customer interface. Key features include
automatic Worldwide Sanction & PEP checking, Daily Monitoring,
Automated Enhanced Due Diligence and pro-active customer
management. Choose SmartSearch as your benchmark.
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 June 2017 www.cicm.com
The Recognised Standard

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 JUNE 2017
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. Smudge
5. Loose flesh under the jaws
10. Tatters
14. Pear-shaped instrument
15. Not cool
16. Wings
17. Leave out
18. Endanger
20. God of wine
22. A canvas shoe
23. Goblin
24. Amount of hair
25. Furnace
32. European blackbird
33. Deploy
34. Mayday
37. Beseech
DOWN:
1. Untidy one
2. Mountain lion
3. Ear-related
4. In an ill-natured manner
5. Chewy jellied candy
6. 1 1 1 1
7. Which person?
8. What we kiss with
9. Extent
10. Radiolocation
11. Same
12. Stares
13. Clairvoyants
19. Attempt again
21. Sharpen
25. Rapscallions
26. Roman emperor
27. Outcropping
28. Sexually assaults
29. Got up
38. Make a parody of
39. Grumble
40. Soak
41. Visitor
42. Back tooth
43. Compulsively
45. Gesture of indifference
49. Mineral rock
50. Spotter
53. Lithesome
57. Unfeeling
59. Relating to aircraft
60. C C C C
61. Electronic letters
62. Badgers
63. Anagram of "Sees"
64. Squalid
65. "Iliad" city
30. Moves briskly
31. Buffoon
34. A period of discounted prices
35. By mouth
36. Agile
38. A type of large sandwich
39. Pledge
41. 60s dancers
42. Bog
44. Alone
45. Slash
46. Houses
47. Hemp cords
48. An edict of the Russian tsar
51. Applications
52. An indefinite period
53. Slender
54. Beloved
55. Therefore
56. Optimistic
58. Bleat
CLOSING DATE: 12 JUNE
LAST MONTHS CROSSWORD WINNERS
Atul Vadher FCICM, Sian Marshall and Tony Allen
For the chance of winning £20, forward your completed solution to:
Art Editor, Andrew Morris, Chartered Institute of Credit Management,
The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.
The Recognised Standard
www.cicm.com June 2017 63

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