June 2017 Credit Management magazine

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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
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Page 21 and 22: ACHIEVING THE POSSIBLE Louise Schof
Page 23 and 24: The smooth processes of Working Cap
Page 25 and 26: LEGAL MATTERS "A MARVELLOUS AND VAL
Page 27 and 28: TRADE TALK NEGOTIATING TABLE Lesley
Page 29 and 30: ARGENTINA EMERGES EULER Hermes has
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Page 33 and 34: THE CICM MAGAZINE FOR CONSUMER AND
Page 35 and 36: ecover The Recognised Standard www.
Page 37 and 38: ENFORCEMENT AGENTS TIME TO PROVE YO
Page 39 and 40: .6 .4 s .8 rse Real 0 Estate 1 2 3
Page 41 and 42: In the first of a two-part article
Page 43 and 44: EDUCATION APPRENTICESHIP MYTH BUSTE
Page 45 and 46: LEGAL TRAINING Are you up-to-date w
Page 47 and 48: CICM EDUCATION CONFERENCE 2017 22 J
Page 49 and 50: unlimited credit information for an
Page 51 and 52: THE B2B DEBT RECOVERY SPECIALISTS T
Page 53 and 54: PARTNERS TO TALK TO YOU... Safe’s
Page 55 and 56: BRANCH NEWS 60SECONDS WITH THAMES V
Page 57 and 58: COLLECTIONS ADVISOR PROGRESS YOUR C
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June 2017 Credit Management magazine

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