Credit Management magazine October 2017

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CM September 2017.indd 1 22/08/2017 11:07 CMNEWS A round-up of news stories from the world of consumer and commercial credit Written by – Sean Feast and Alex Simmons Small businesses remain ignorant of impact of new data regulation LESS than one in ten SME owners in the UK fully understand what the forthcoming EU General Data Protection Regulation (GDPR) actually means for their business, or have taken the appropriate steps to prepare themselves for it. The new framework, which is designed to strengthen and unify data protection for all individuals within the European Union (EU), will hand out tough punishments for those who fail to comply with new rules around the storage and handling of personal data. The regulation comes into force in May 2018, but nearly half (46 percent) of all SME bosses, representing more than 2.5million firms in the UK have not even heard of it. Furthermore, GDPR will also introduce a duty on all organisations to report certain data breaches to the relevant supervisory authority, and in some cases to the individuals affected, as well as giving customers the right to be forgotten which requires firms to erase all their information. This is a considerable step change and will affect many small and medium-sized organisations, particularly as recent industry figures show that two thirds (66 percent) of SMEs have been a victim of cyber-crime since their launch. In the latest Aldermore SME business owners Future Attitudes study, more than a fifth (22 percent) of SMEs and their customers have been directly affected by a data breach in the past two years. More than half (55 percent) of business owners are concerned about cyber-crime and the impact it might have on their firms, a further two in five (39 percent) SME bosses also anticipate that a cyber-attack could have a significant financial impact on their business. Surprisingly only a third (34 percent) of businesses see protection against cybercrime as a high priority and have taken steps to protect themselves, considering cyber-crime can involve something as simple as having business emails hacked and subsequent data stolen or intercepted. A further fifth (22 percent) realise it is an important issue but haven’t found the time to look into appropriate safeguards, with a further one in ten (12 percent) saying that they cannot afford to shield themselves adequately. What is perhaps even more surprising is that a quarter (25 percent) of business owners say protection against cyberattacks is not an important issue for their businesses. The research also reveals that only a half (49 percent) of UK SMEs currently have data breach policies in place around the use of email, internet and mobile devices. Ignorance and fear of the principlesbased GDPR appears to mirror concerns expressed at the CSA’s UK Credit and Collections Conference (UKCCC) by Jo Pedder, Head of Policy & Engagement at the Information Commissioner’s Office (ICO). Although those in the credit industry appear to be considerably better briefed, there are still those who see GDPR as little more than a ‘debtors’ charter’, especially in relation to the concept of having one’s credit history erased. She stressed, however, that its intentions were still being misunderstood: “GDPR is a way of capitalising on the opportunities opened up by the digital world,” She said. “It is not there to impede innovation.” aldermore.co.uk csa-uk.com CM CREDIT MANAGEMENT SEPTEMBER 2017 £10.00 GDPR The new face of data regulation Kevin Reed gives his take on Carillion's woes. Page 15 Interview with an alternative finance pioneer. Page 16 THE CICM MAGAZINE FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS September's issue of Credit Management magazine >FINANCIAL CROWN Fintech is helping London maintain its place as the world’s top financial centre despite Brexit uncertainty, a new report suggests. The Global Financial Centres Index (GFCI) measures financial centres based on the business environment, human capital, infrastructure, financial sector development and reputation. The research shows that confidence dropped in most areas over the past six months. However, London remained in first place, despite a slight fall in its fortunes. zyen.com >OUT THE STABLE Lloyds Bank Commercial Banking has launched its new direct bank feed service to help clients with their daily accounting processes. The service sends current account transaction information safely and securely to a participating accounting software provider so businesses don’t have to manually input their bank statements. Previously, businesses would have to manually upload files from their online banking system and, in some cases, use unauthorised third-party software with inherent security risks. commercialbanking.lloydsbank.com The Recognised Standard / www.cicm.com / October 2017 / PAGE 6
NEWS IN BRIEF It's new visual identity is designed to show the interconnected nature of the Group New ID for Callcredit CABOT IPO DELAYED CABOT Credit Management’s planned £1 billion pound initial public offering has been delayed by the resignation from its board of the former boss of Provident Financial. A filing by Cabot shows former Provident Financial Chief Executive Peter Crook stepped down as a Director on 8 September. Cabot had planned to announce its intention to float in London but his departure has delayed the process. Crook left Provident after more than a decade in August following a profit warning by the British subprime lender, its second in two months, which sparked a 66 percent share price fall. Provident also suspended its dividend and disclosed that the Financial Conduct Authority was investigating a product sold by its Vanquis Bank business. Cabot is still planning to press ahead with its flotation this year. The Canada Pension Plan Investment Board (CPPIB) and private equity firm Apax Partners had separately expressed interest in buying Cabot this year, although the talks did not develop. cabotcm.com CALLCREDIT Information Group has reported record results and at the same time has launched a new identity designed to position the business for continued growth both in the UK and internationally. The Group recorded an 18 percent increase in gross revenue to £201 million (2015: £170 million). Over the same period, group operating profits outpaced revenues, growing by over 20 percent. Growth during the period was said to be both organic and acquisitive. The Group’s client base expanded with a number of key account wins across multiple sectors and was augmented by a number of strategic acquisitions. The company bought customer experience specialist, Numero, in March 2016 and device fraud protection firm, Recipero, in September 2016. In September 2017, it acquired leading Spanish fraud prevention and anti-money laundering business, the Confirma group of companies, and appointed a head of Spain. Callcredit says that its new visual identity is designed to show the interconnected nature of the Group, how it is able to transform data into meaningful insights and answers so its clients and consumers can make faster and more informed decisions. callcredit.co.uk DOWN TOOLS BIBBY Financial Services has agreed a £1.6 million funding facility for Toolspec Manufacturing Company. The new facility is a combination of £1.3 million in invoice discounting and £300,000 through asset finance. Established in 1961, the Bedfordshire-based manufacturer is a specialist welding and fabricating business, that provides a range of welding products for the automotive and agricultural industries to well-known businesses including Jaguar Land Rover, JCB and Case New Holland. bibbyfinancialservices.com Phillips & Cohen shortlisted in contact centre awards CALLMINER and Phillips & Cohen Associates have been shortlisted for the ‘Best Customer Insight/Voice of the Customer Initiative’ by the European Contact Centre and Customer Service Awards 2017. The ‘Best Customer Insight/Voice of the Customer Initiative’ Award recognises organisations which have successfully implemented a robust model for collecting and analysing Voice of the Customer data. Phillips & Cohen was shortlisted for achieving significant customer experience benefits from its deployment of the CallMiner Eureka speech analytics solution. The entry showed how interaction analytics helped its call centre to drive successful customer outcomes, enhance competitive strengths and improve key metrics, by analysing 100 percent of customer calls to deliver a truly accurate picture of the voice of the customer. Nick Cherry, COO, Phillips & Cohen Associates, says Voice of the customer feedback is a real game-changer for the business as the nature of its work makes it a challenge to obtain through traditional feedback and survey methods: “CallMiner Eureka provides us with meaningful trend analysis and voice of the customer measures we simply didn’t have before.” The Winners will be announced on 28 November at the ECCCSAs Award Gala Dinner. phillips-cohen.co.uk Voice of the customer feedback is a real gamechanger for the business as the nature of its work makes it a challenge to obtain through feedback. Nick Cherry MCICM COO, Phillips & Cohen Associates The Recognised Standard / www.cicm.com / October 2017 / PAGE 7
Page 1 and 2: CREDIT MANAGEMENT CM OCTOBER 2017
Page 3 and 4: OCTOBER 2017 www.cicm.com CONTENTS
Page 5: Notall credit collection systems ar
Page 9 and 10: Goldman Sachs to launch new consume
Page 11 and 12: INSOLVENCY Pre-packs - back on the
Page 13 and 14: For more information call 01206 322
Page 15 and 16: EDUCATION Visit CICMOS for personal
Page 17 and 18: THE CREDIT CONTROL RECRUITMENT SPEC
Page 19 and 20: VIEW FROM THE SEA FRONT AUTHOR - DA
Page 21 and 22: OURAML SOLUTION WILL HELPYOU SEAL T
Page 23 and 24: THE RECOGNISED STANDARD CICM Britis
Page 25 and 26: w HQ PROFILE - MEMBER ENGAGEMENT Su
Page 27 and 28: TRADE TALK The importance of Free T
Page 29 and 30: CURRENCY UK BREXIT GLOOM WE'RE not
Page 31 and 32: Who we are covering 96% of the worl
Page 33 and 34: COUNTRY FOCUS AUTHOR - ADAM BERNSTE
Page 35 and 36: THE B2B DEBT RECOVERY SPECIALISTS T
Page 37 and 38: OPINION AUTHOR - ADAM BERNSTEIN bec
Page 39 and 40: PAYMENT TRENDS Sector Sector Scotla
Page 41 and 42: OPINION Unintentional consequences
Page 43 and 44: LEGAL MATTERS compounded by ten per
Page 45 and 46: OPINION AUTHOR - CHRIS SANDERS that
Page 47 and 48: EDUCATION IN BRIEF: ABB is a pionee
Page 49 and 50: THE CICM MAGAZINE FOR CONSUMER AND
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Credit Management magazine October 2017

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