Credit Management March 2018

The CICM magazine for consumer and commercial credit professionals

The CICM magazine for consumer and commercial credit professionals


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MARCH <strong>2018</strong> £12.00<br />

INSIDE<br />

Winners of the<br />

CICM British<br />

<strong>Credit</strong> Awards<br />

<strong>2018</strong><br />

Chain Reaction<br />

The cost of being in<br />

– and out – of debt<br />

People Power<br />

How self-serve is<br />

supporting customer<br />

engagement. Page 14<br />

Taken On Trust<br />

Sean Feast speaks to<br />

Joanna Elson of the Money<br />

Advice Trust. Page 22


FROM THE<br />

CROWD<br />

With over 2,400 qualifications awarded in the last<br />

three years, CICM is the recognised standard.<br />

Find out more about flexible options to suit your<br />

role and lifestyle.<br />

Visit qualifications.cicm.com

MARCH <strong>2018</strong><br />

www.cicm.com<br />


32<br />



11 – INSOLVENCY<br />

David Kerr looks at the Official<br />

Receiver’s and special manager’s roles<br />

in the liquidation of Carillion.<br />


John Ricketts takes a look back to the<br />

beginning of the century and the Clink<br />

prison and ponders what has changed.<br />

14 – SELF-SERVE<br />

The tactics used by DCAs to ease the<br />

pressure on customers to repay their<br />

debts.<br />

20 – LEGAL MATTERS<br />

The challenge from supermarkets<br />

against card companies and the delays<br />

and extra fees charged to process<br />

payments.<br />

22 – INSIDE OUT<br />

Joanna Elson shares stories of her time<br />

as a House of Commons Researcher and<br />

her love of the great outdoors.<br />

32 – COUNTRY FOCUS<br />

In the latest in the series of country<br />

profiles, Adam Bernstein turns his<br />

attention to Austria.<br />

14<br />



62 – EDUCATION<br />

CICM has started an exciting<br />

programme to introduce a new<br />

generation of CICM qualifications.<br />

@<strong>Credit</strong>_Magazine<br />

Publisher<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

The Water Mill, Station Road, South Luffenham<br />

OAKHAM, LE15 8NB<br />


President Stephen Baister FCICM / Chief Executive Philip King FCICM CdipAF MBA<br />

Executive Board Laurie Beagle FCICM – Chair / Glen Bullivant FCICM / Sue Chapple FCICM<br />

Larry Coltman FCICM / David Thornley FCICM(Grad) – Treasurer / Pete Whitmore FCICM – Vice Chair<br />

Advisory Council Laurie Beagle FCICM / Jason Braidwood FCICM(Grad) / Glen Bullivant FCICM / Sue Chapple FCICM<br />

Larry Coltman FCICM / Kim Delaney-Bowen MCICM / Victoria Herd FCICM(Grad) / Edward Judge FCICM<br />

Christelle Madie MCICM(Grad) / Robert Marr MCICM / Debbie Nolan FCICM / Bryony Pettifor FCICM(Grad) / Allan Poole MCICM<br />

Phil Rice FCICM / Charlie Robertson FCICM / Chris Sanders FCICM / Richard Seadon FCICM. / David Thornley FCICM(Grad)<br />

Debra Weston FCICM Pete Whitmore FCICM<br />

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

area, and click on the tab labelled ‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

<strong>Credit</strong> <strong>Management</strong> is distributed to the entire UK and international CICM<br />

membership, as well as additional subscribers<br />

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do<br />

not, unless stated, reflect those of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>. The Editor reserves the right to<br />

abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘<strong>Credit</strong> <strong>Management</strong>’ is a registered<br />

trade mark of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>.<br />

Telephone: 01780 722910<br />

Fax: 01780 721333<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

CMM: www.creditmanagement.org.uk<br />

Managing Editor<br />

Sean Feast<br />

Deputy Editor<br />

Alex Simmons<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

Email: andrew.morris@cicm.com<br />

Editorial Team<br />

Imogen Hart and Iona Yadallee<br />

Advertising<br />

Anthony Cave<br />

Telephone: 0203 603 7934<br />

Email: anthony.cave@cabbell.co.uk<br />

Printers<br />

Stephens & George Print Group<br />

2017 subscriptions<br />

UK: £108 per annum<br />

International: £140 per annum<br />

Single copies: £12.00 ISSN 0265-2099<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 3


We never used to have that<br />

nonsense with carbon paper<br />

Sean Feast<br />

Managing Editor<br />

DOUGLAS Adams, he of<br />

Hitchhikers fame, once<br />

famously said ‘we are<br />

stuck with technology<br />

when what we really want<br />

is just stuff that works’.<br />

Ask anyone in my office about my view on<br />

technology and they will tell you I am not<br />

its biggest fan. Computer kit that is billed as<br />

an ‘enabler’ to make my life easier, appears<br />

to be constantly conspiring against me to<br />

make even the simplest of tasks difficult<br />

and painful.<br />

Whereas I am as happy as Larry writing<br />

about sophisticated weapons systems<br />

and sensing and control technologies<br />

(in a life outside of credit) that I have no<br />

right to understand, I still only use my<br />

Mac as a glorified typewriter and am<br />

continually irritated by the reluctance of<br />

our high-tech wireless HP printer to print<br />

when I command it to. We never had that<br />

nonsense with carbon paper. And as for the<br />

psychedelic ‘wheel of death’ that appears<br />

with alarming regulatory on my screen,<br />

what more can I say?<br />

But while I am not especially technology<br />

savvy, neither do I like to think of myself<br />

as a luddite. (Others may disagree. That is<br />

their right.) I can see how technology has<br />

benefited people and society in the past,<br />

and will continue to do so in the future.<br />

I look at how technology helps people<br />

to live in their homes for longer, with<br />

the advent of telecare; I think of how<br />

precision engineering has transformed<br />

our manufacturing capabilities; I marvel<br />

at the ability for surgeons to perform<br />

operations by watching a television<br />

screen.<br />

Within the credit industry too,<br />

technology is helping to make us better<br />

at what we do, driving greater efficiencies<br />

and supporting our decision making. In<br />

the world of consumer debt collection, it<br />

is helping a new generation of customer<br />

to ‘self-serve’, and better engage and<br />

interact with their creditor in ways that<br />

are familiar and productive (see article on<br />

page 14). Artificial Intelligence (AI) and<br />

Virtual Reality (VR) are now increasingly<br />

commonplace, and no longer just a<br />

future imagined by a Tomorrow’s World<br />

audience.<br />

But while we should celebrate and<br />

embrace new technology, and I include<br />

myself in that sentiment, we should never<br />

lose sight of just how remarkable we can<br />

be as individuals. For those who think<br />

robots will replace humans in virtually<br />

every walk of life, I’ll leave you with this<br />

thought from writer and philosopher<br />

Elbert Hubbard: ‘One machine can do the<br />

work of fifty ordinary men. No machine<br />

can do the work of one extraordinary<br />

man’.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 4

For more information call 01206 322 575<br />

info@safecomputing.co.uk<br />

www.safe-financials.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 5

CMNEWS<br />

A round-up of news stories from the<br />

world of consumer and commercial credit<br />

Written by – Sean Feast and Alex Simmons<br />

CICM members take<br />

long-term view on Brexit<br />

Philip King FCICM<br />

Chief Executive of the CICM<br />

It is undoubtedly affecting<br />

business confidence, and<br />

while our members are<br />

clearly taking a pragmatic<br />

‘wait and see’ approach to<br />

their credit risk policies, it<br />

is similarly clear that their<br />

skills are going to be much<br />

in demand in the future.<br />

MEMBERS of the Chartered<br />

Institute of <strong>Credit</strong> <strong>Management</strong><br />

(CICM) appear untroubled by the<br />

impact of Brexit on their credit<br />

risk policies in the short term, but are more<br />

anxious about the effect it may have on new<br />

business opportunities.<br />

In the preliminary findings of an<br />

exclusive report by Sheffield Hallam<br />

University for the CICM, 70 percent said that<br />

Brexit would have ‘marginal’ or no impact at<br />

all on their credit risk policies over the next<br />

12 – 24 months. Beyond this period, they<br />

would review their terms and familiarise<br />

themselves with the post-Brexit plans of<br />

their customers. They also believe that the<br />

credit manager’s role will continue to evolve<br />

to have an even greater ‘risk’ focus.<br />

In terms of new business opportunities,<br />

however, a similar percentage (70 percent)<br />

said that new business would be affected<br />

‘significantly’ or ‘marginally’ in the next<br />

two years, and feared an increase in tariffs<br />

and other barriers to trade. Almost half (47<br />

percent) believe that export markets will be<br />

affected, that the cost of raw materials will<br />

rise and companies may have to lower their<br />

prices.<br />

Philip King, Chief Executive of the CICM,<br />

believes that the uncertainty of Brexit is still<br />

looming large: “It is undoubtedly affecting<br />

business confidence,” he says, “and while<br />

our members are clearly taking a pragmatic<br />

‘wait and see’ approach to their credit risk<br />

policies, it is similarly clear that their skills<br />

are going to be much in demand in the<br />

future.”<br />

As well as Brexit, the research also<br />

looked at the impact of the new General<br />

Data Protection Regulation (GDPR). Only a<br />

quarter (27 percent) said that it will be of<br />

benefit, and many felt that it would simply<br />

make their jobs more difficult. Gaining<br />

access to data will be more time consuming<br />

and complex, and could actually affect<br />

new business. Only 62 percent believed the<br />

changes would benefit the consumer, but<br />

that companies would be working harder to<br />

protect the data they held.<br />

The role of technology was also explored,<br />

with nearly all of those questioned agreeing<br />

that new technology had significantly<br />

impacted their business processes, people,<br />

and opportunities over the last three years.<br />

The single biggest benefit was seen to be an<br />

improvement in operational efficiency.<br />

The qualitative research was undertaken<br />

by four University students studying in<br />

their final year for a BA in Accounting and<br />

Finance. The results were presented at the<br />

CICM Think Tank in February, and will be<br />

reported in full in a later edition of <strong>Credit</strong><br />

<strong>Management</strong>. The research will also be<br />

available to members to view on line.<br />


ONLY a quarter (26 percent) of small-and<br />

medium-sized enterprises (SMEs) think their<br />

high street bank is able to meet their funding<br />

needs, research shows.<br />

Close Brothers Group surveyed 900 SMEs in<br />

the UK and said the findings suggest high street<br />

banks are lacking the specialist knowledge<br />

needed to support small businesses.<br />

Many SMEs are unaware of all the finance<br />

options available to them and will therefore<br />

go to the biggest banks as the first port of call<br />

when looking for finance. The high street bank<br />

rejection rate for first time borrowers is 50<br />

percent, and a third of SMEs give up after their<br />

first rejection for funding.<br />

Those SMEs who do access finance often<br />

opt for the wrong type of products, which could<br />

put them at risk and hinder their growth, Close<br />

Brothers warned.<br />

For example, an SME may choose an<br />

overdraft to finance new equipment or<br />

technology and run the risk of the bank being<br />

able to withdraw the facility at any time, leaving<br />

little or no time to repay the money.<br />

<strong>Credit</strong> card use is also prevalent among<br />

SMEs, with 47 percent using a personal card<br />

for business purposes. Meanwhile, one in eight<br />

SMEs use their personal savings for finance.<br />

Just 17 percent of SMEs said they feel their<br />

high street bank fully understands the specific<br />

challenges of their business.<br />

closebrothers.com<br />


EXPORTS of British gin have broken records again<br />

this year, with sales overseas breaking the half a<br />

billion-pound mark for the first time, according to the<br />

latest figures from HMRC. Some £530 million worth<br />

of British gin was sold abroad in 2017, the equivalent<br />

of around 189 million (70cl) bottles of British gin<br />

exported last year up from around 177 million<br />

bottles in 2016. Thanks to a surge in popularity in<br />

the juniper-based spirit, which has been dubbed the<br />

‘ginaissance’ British gin exports have more than<br />

doubled since 2008 when sales overseas were worth<br />

£258 million. Britain sends more gin around the<br />

world than it does beef, and exports of the spirit have<br />

increased 12 percent by value and seven percent<br />

by volume, in the last year. gov.uk/government/<br />

organisations/hm-revenue-customs<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 6

First supplier member joins CSA<br />

Styles&Wood has become a Supplier<br />

Member of the <strong>Credit</strong> Services Association<br />

(CSA), the first to join the extended category<br />

of membership since it was announced in<br />

November last year.<br />

Arctick, an award-winning enterprise<br />

Governance, Risk and Compliance (GRC)<br />

management software solution, has been<br />

developed by Styles&Wood to support CSA<br />

members and others within the credit<br />

industry with regulatory compliance.<br />

Peter Wallwork, Chief Executive of the<br />

CSA, says that Supplier Member status<br />

will provide Styles&Wood with a range of<br />

benefits: “It will afford them even greater<br />

visibility of the collections, debt sale and<br />

purchase market and in turn gives the<br />

CSA’s 300-strong membership greater<br />

visibility of a company and solution that<br />

can help support their operations and<br />

regulatory compliance.”<br />

Arctick’s Managing Executive, Ian<br />

Wilson is excited by the opportunities<br />

that Supplier Member status will bring:<br />

“We look forward to developing a close<br />

working relationship with the Association<br />

and its members,” he explains. “Our<br />

Arctick GRC RegTech solution enables<br />

firms to implement and evidence robust<br />

governance controls, aligned with the<br />

stringent expectations of the FCA under the<br />

latest senior management arrangements,<br />

systems and controls.”<br />

As a CSA Supplier Member, the Arctick<br />

team will be able to attend member-only<br />

meetings and other CSA events such as<br />

compliance meetings, roundtables, forums<br />

that offer sponsorship and profile building<br />

opportunities. “It also provides access to<br />

high quality discounted accredited training,<br />

compliance support and updates, a Supplier<br />

Directory listing, and we’d encourage any<br />

supplier that is actively engaged within the<br />

credit industry to seriously consider the<br />

advantages that Supplier Membership can<br />

bring.” csa-uk.com<br />

>NEWS<br />

IN BRIEF<br />


METRO Bank claims it will create 900<br />

new jobs in <strong>2018</strong>, increasing the number<br />

of employees to almost 4,000. A key<br />

area of investment is its apprenticeship<br />

scheme, with the bank last year becoming<br />

a certified employer provider, meaning<br />

that as well as hiring apprentices, it says<br />

it is also able to deliver apprenticeship<br />

training through its dedicated in-house<br />

facility, Metro Bank University. Elsewhere,<br />

TSB says it will create 15 new relationship<br />

manager roles to help support small<br />

businesses and entrepreneurs – on<br />

the ground in their local communities,<br />

delivering the kind of banking experience<br />

TSB believes small businesses need.<br />

The bank is now hiring in Manchester,<br />

Birmingham, Leicester and Edinburgh –<br />

and this is just the start of things to come.<br />

metrobankonline.co.uk/business<br />



The organisation behind the Current Account Switch Service, Bacs Payment Schemes<br />

(Bacs), has welcomed the announcement by UK Finance that the account opening process<br />

has been made simpler for small business owners. Account providers will now require<br />

the same basic set of information from new small business customers looking to open or<br />

switch an account. bacs.co.uk<br />

LLOYDS Banking Group plans to raise<br />

the proportion of staff from black, Asian<br />

or minority ethnic (BAME) backgrounds<br />

to eight percent of senior management<br />

by 2020. The bank is the first FTSE 100<br />

company to set a formal target to improve<br />

ethnic diversity among its top executives.<br />

It also aims to increase the proportion<br />

of non-white staff to ten percent of its<br />

total workforce by the end of the decade.<br />

Lloyds said 8.3 percent of its 75,000 staff<br />

and 5.6 percent of its 7,500 senior managers<br />

currently come from a BAME background,<br />

compared to 12 percent of the<br />

UK labour force, and 14 percent of the UK<br />

population. The bank, which owns Halifax<br />

and Scottish Widows, estimates one in<br />

ten of its customers are from a non-white<br />

background. lloydsbank.com<br />

P2P analyst first to break cover on risks of losing cash<br />

PEER-to-peer analysis firm 4th Way is<br />

urging investors to diversify after it claims<br />

stress testing revealed the odds of losing<br />

money in a severe recession can be 10<br />

times higher when lending to just one<br />

borrower on a P2P platform.<br />

The research applied international<br />

banking stress tests to P2P platforms such<br />

as Zopa, Funding Circle and RateSetter,<br />

and found when lending to 100 borrowers,<br />

investors have just a 0.1 percent chance of<br />

losing 20 percent or more of their original<br />

money.<br />

The research added that all the losses on<br />

bad loans are either partly or completely<br />

offset by interest earned over the years<br />

on good loans, and by any additional<br />

protection in place, such as reserve funds<br />

to cover expected bad debts. Re-lending in<br />

the years prior to and after the recession<br />

further lowers the risk, 4th Way said.<br />

The research also found that those<br />

lending to prime buy-to-let mortgage<br />

borrowers had a less than one percent<br />

chance of losing money. In contrast,<br />

investors lending to either a single prime<br />

borrower for a personal loan or to one<br />

super-prime business borrower could see<br />

the odds of losing most of their money rise<br />

to three percent.<br />

However, when lending to 100 prime<br />

individuals or super-prime business<br />

borrowers, the risk of losing 10 percent or<br />

more of their total loans was no more than<br />

0.1 percent.<br />

4th Way also assessed five of the biggest<br />

lenders – Zopa, Funding Circle, RateSetter,<br />

Assetz Capital and FundingSecure – and<br />

found this group has collectively paid out<br />

more than £600 million of interest versus<br />

under £200 million in bad debts.<br />

“Lending money to creditworthy<br />

business, personal and property borrowers<br />

in straightforward loans is an asset class<br />

that can be just as stable and reliable<br />

for individual investors as it has been<br />

for institutional money lenders since at<br />

least the invention of credit scores,” Neil<br />

Faulkner, Managing Director of 4thWay,<br />

says.<br />

“This is not to say that lenders will only<br />

lose money by not diversifying. There will<br />

be times when some lenders will do worse<br />

despite doing so, especially where they<br />

choose to take higher risks.<br />

“But not all investors are taking simple<br />

steps to diversify and this is something<br />

that the platforms themselves have to take<br />

more responsibility for. Information about<br />

minimum loans should be made clearer<br />

so investors can work out for themselves<br />

where to spread their money.”<br />

4thway.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 7

NEWS<br />

IN BRIEF<br />


THE CICM’s Technical Committee held<br />

its latest meeting on 6 February <strong>2018</strong>,<br />

where it discussed and debated various<br />

key issues including: A response to The<br />

Ministry of Justice consultation on Default<br />

County Court Judgements; The launch of<br />

an industry-wide <strong>Credit</strong> Reference Agency<br />

Information Notice (CRAIN) in readiness<br />

for the implementation of the new General<br />

Data Protection Regulation (GDPR) on<br />

25 May <strong>2018</strong>; The announcement by The<br />

Insolvency Service that an assessment<br />

of the impact of the voluntary industry<br />

measures introduced in November 2015<br />

to improve the transparency of connected<br />

party pre-pack sales in administration is<br />

to be undertaken; a response to The HM<br />

Treasury consultation on Breathing Space;<br />

a response to The BEIS consultation on<br />

retention payments in the construction<br />

industry.<br />

Support packages to prop up<br />

Carillion suppliers<br />

A further package of support for the<br />

businesses and workers affected by<br />

Carillion’s liquidation has been welcomed<br />

by Business Secretary, Greg Clark.<br />

Through delivery partners that include<br />

all the major high street lenders, the British<br />

Business Bank will provide support to make<br />

available up to £100 million of lending to<br />

small businesses who may not have the<br />

security otherwise needed for conventional<br />

bank lending using its Enterprise Finance<br />

Guarantee programme.<br />

This will be of benefit to small<br />

businesses including the chain of<br />

subcontractors to Carillion who may not<br />

have sufficient assets as security to access<br />

conventional loans. These guarantees can<br />

be used to support overdraft borrowing and<br />

refinancing of existing debt.<br />

The UK’s leading banks have also<br />

furthered their commitment to provide<br />

support to those affected with UK<br />

Finance confirming additional support for<br />

personal banking customers concerned<br />

about overdraft, mortgage or credit card<br />

repayments, as well as further financial<br />

support for small businesses to provide<br />

short-term relief to help keep them afloat.<br />

Greg Clark says the Government will<br />

support SMEs that are owed money by<br />

Carillion so they can continue trading:<br />

“The banks have responded to my request<br />

by agreeing to support businesses and<br />

individuals affected. This further guarantee<br />

will help those businesses who may not be<br />

able to provide the usual security for a loan.”<br />

Keith Morgan, British Business Bank<br />

CEO, says the Enterprise Finance Guarantee<br />

(EFG) is an important option for smaller<br />

businesses who need access to finance,<br />

but may not be able to meet a provider’s<br />

normal security requirements: “To help in<br />

these exceptional circumstances, we have<br />

designed additional flexibility into EFG that<br />

could be particularly suitable for firms in the<br />

Carillion supply chain. We would encourage<br />

lenders to work with their customers to use<br />

these new flexibilities to meet their needs.”<br />

This package is in addition to the more<br />

than £200 million announced by Lloyds<br />

Banking Group, HSBC and RBS.<br />

british-business-bank.co.uk<br />

This will be of benefit to small businesses including<br />

the chain of subcontractors to Carillion who may<br />

not have sufficient assets as security to access<br />

conventional loans.<br />


THE <strong>2018</strong> CICM British <strong>Credit</strong> Awards was<br />

held at the Lancaster Hotel on February<br />

8 to celebrate the best of the best in the<br />

industry. To read all about the winners<br />

and see a selection of photos from the<br />

glittering ceremony turn to the supplement<br />

on page 35.<br />


ILLEGAL money lender, Dharam Prakash<br />

Gopee has been sentenced to three and<br />

a half years imprisonment by a Judge<br />

in Southwark Crown Court after guilty<br />

verdicts for offences under the Consumer<br />

<strong>Credit</strong> Act 1974 and the Financial Services<br />

and Markets Act 2000. Between 2012<br />

and 2016, Mr Gopee acted as an illegal<br />

lender despite being refused a consumer<br />

credit licence by the OFT or securing<br />

any authorisation from the FCA. He<br />

loaned money to vulnerable consumers<br />

at high rates, securing the loans against<br />

their property, and then sought to take<br />

possession if they failed to pay. Over<br />

the four-year period, his own loan books<br />

showed that he issued approximately £1<br />

million of new loans and took in at least<br />

£2 million in payments from old and new<br />

consumers, none of whom were aware that<br />

did not have a licence. fca.org.uk<br />

Q1 D2R data shows large firms<br />

still paying invoices late<br />

Almost a third of all invoices are being paid<br />

late, according to new official statistics,<br />

starving small business and the supply<br />

chain of vital cash.<br />

The average reported time to pay was<br />

39.73 days with just less than half (49.45<br />

percent) paid within 30 days. More than a<br />

third (34.84 pwercent) were paid between 31<br />

and 60 days, and 15.71 percent were paid<br />

later than 60 days. The most troubling<br />

statistic, however, is that almost a third<br />

(31.22 percent) were paid beyond the agreed<br />

terms.<br />

The figures, produced exclusively for the<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

(CICM) by Graydon, the credit information<br />

and data intelligence business, stem from<br />

the new Payment Practices Reporting<br />

Regulations that oblige larger firms with<br />

a ‘Duty to Report’ their payment<br />

performance. To date some 540 companies<br />

have reported.<br />

Philip King, Chief Executive of the CICM,<br />

says that the first Quarter results confirm<br />

the initial snapshot findings in January, and<br />

that there are alarming trends: “If almost a<br />

third of invoices are being paid late then the<br />

suppliers are seeing a hole in their cashflow<br />

which is a major concern. For many small<br />

businesses, it’s about more than just the<br />

balance sitting in the current account.”<br />

Mr King repeated his warning, however, to<br />

look deeper into the figures when assessing<br />

risk: “One company, for example, reports<br />

that zero invoices are paid late – which<br />

looks good – yet the average time to pay is<br />

69 days, and only seven percent of invoices<br />

are paid within 30 days, and that’s far less<br />

encouraging. Its maximum contractual<br />

payment terms are 75 days.<br />

“Contrast that with another company that<br />

reports paying 57 percent of invoices outside<br />

the agreed terms, yet 52 percent within 30<br />

days, 28 percent between 31 and 60, and 20<br />

percent over 60 days. Its average time to pay<br />

is 56 days. Which company is the better bet?<br />

It is easy to draw conclusions that might be<br />

misleading – both good and bad. Sometimes<br />

you need to read between the lines.”<br />

The Payment Practices Reporting<br />

Regulations came into effect on 1 April 2017.<br />

Eventually, all of the approximately 15,000<br />

large companies will be obliged to report on<br />

a half-yearly basis.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 8

BoE warns of new threat to SMEs<br />

SMEs that use their own commercial<br />

property as loan collateral could be hit in<br />

the event of a market adjustment, the Bank<br />

of England (BoE) has warned.<br />

Three quarters of SMEs in Britain use<br />

their own commercial property as collateral<br />

to secure bank loans, according to figures<br />

from the central bank. But Alex Brazier,<br />

Executive Director for Financial Stability<br />

Strategy and Risk, warned that if SMEs<br />

secure these loans at stretched commercial<br />

property values, they can be exposed to any<br />

adjustment:<br />

“That channel can be pernicious if<br />

companies investing in commercial<br />

property at the top of the cycle are forced<br />

to reduce debt as prices fall and they break<br />

their loan covenants,” he says.<br />

“They can be forced into sales of property,<br />

driving prices down even further and<br />

making life even more difficult for those<br />

companies in the wider economy that have<br />

secured their debts on their property.”<br />

In a speech to the Brevan Howard<br />

Centre for Financial Analysis, Brazier<br />

reiterated the BoE’s warning last year<br />

that commercial property prices in the<br />

UK are stretched and are vulnerable to<br />

repricing – either through an increase in<br />

long-term interest rates or an adjustment<br />

Protecting the<br />


CITIZENS Advice has welcomed the<br />

announcement by the Department for<br />

Business, Energy and Industrial Strategy<br />

(BEIS) of a consultation on data sharing<br />

between energy companies and the<br />

Department for Work and Pensions to<br />

better identify energy customers who<br />

should be covered by the Ofgem’s safeguard<br />

tariff.<br />

Gillian Guy, Chief Executive at Citizens<br />

Advice, says identifying vulnerable energy<br />

customers not currently covered by the<br />

safeguard tariff is essential to better<br />

protect people from sky high bills: “This<br />

consultation takes us closer to ensuring<br />

that millions more vulnerable energy<br />

customers get the protections that are so<br />

sorely needed.<br />

“These proposed data matching powers<br />

must be brought into force as soon as<br />

possible to ensure lasting protection for<br />

this wider group of vulnerable customers<br />

as any delay leaves them exposed to<br />

unjustifiably high energy costs.<br />

“To make this scheme work it is essential<br />

that there are robust protections of people’s<br />

information and that companies are clear<br />

with consumers about how it is being used.”<br />

citizensadvice.org.uk<br />

That channel can be<br />

pernicious if companies<br />

investing in commercial<br />

property at the top of<br />

the cycle are forced to<br />

reduce debt as prices<br />

fall and they break their<br />

loan covenants<br />

of growth expectations. “At the UK-wide<br />

level, commercial property prices rest on<br />

persistently low interest rates but at the<br />

same time, they’re factoring in typical<br />

rental growth prospects and a degree of<br />

uncertainty around them,” Brazier said.<br />

“It seems unlikely that rates can be so<br />

persistently low without either weaker<br />

growth prospects or more uncertainty.”<br />

He warned that even if the ‘magic<br />

combination’ of persistently low rates<br />

and historically typical rental prospects<br />

comes true, valuation methodologies<br />

point to prices ten percent below today’s<br />

level. bankofengland.co.uk<br />

This consultation takes us closer to ensuring that<br />

millions more vulnerable energy customers get the<br />

protections that are so sorely needed.<br />

>NEWS<br />

IN BRIEF<br />

Nausicaa Delfas<br />


THE Financial Conduct Authority (FCA) has<br />

appointed Nausicaa Delfas as the Executive<br />

Director of International. Nausicaa will<br />

be responsible for setting and growing<br />

the FCA’s strategy for international<br />

engagement, and leading its delivery. This<br />

will involve leading relationships with<br />

foreign regulators, governments and<br />

other stakeholders, and facilitating the<br />

FCA’s work to shape the global regulatory<br />

agenda and international policy. fca.org.uk<br />


LINGERIE tycoon Baroness Michelle Mone<br />

has teamed up with her billionaire venture<br />

capitalist partner Doug Barrowman to<br />

launch a peer-to-peer platform powered<br />

by its own dedicated cryptocurrency. The<br />

pair have launched an initial coin offering<br />

(ICO), with a pre-sale going live on 1 <strong>March</strong>,<br />

to develop a venture capital investment<br />

platform called EQUI. Investors will be<br />

able to use EQUItokens to acquire stakes<br />

in venture capital projects identified by<br />

Barrowman and his team. Mone, who<br />

founded the lingerie company Ultimo,<br />

and Barrowman are founders of the<br />

platform and are supported by an advisory<br />

board of entrepreneurs including Mark<br />

Pearson, the founder of MyVoucherCodes<br />

and experts within the fields of<br />

investment, cryptocurrency and law.<br />

bitcoinexchangeguide.com/equi-capital<br />


THE latest Aldermore Future Attitudes<br />

report reveals that just under three quarters<br />

(73 percent) of SMEs, some 4.16 million<br />

bosses, are planning to work past the<br />

current state retirement age, with more<br />

than a third (35 percent) intending to<br />

work well into their 70s. The report, which<br />

surveyed over a 1,000 business decisionmakers<br />

across the UK, found that almost<br />

two thirds (63 percent) say they would like<br />

to be retired by the time they are 65, with<br />

nearly half (47 percent) saying they would<br />

ideally like to give up work between the<br />

ages of 56 and 65. However, less than two<br />

fifths (37 percent) of respondents believe<br />

they will be able to do so, and more than<br />

one in ten (11 percent) maintain that they<br />

will never be able to retire. aldermore.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 9

NEWS<br />

IN BRIEF<br />


The CICM Advisory Council elections<br />

have now started and members are being<br />

encouraged to consider standing for one of<br />

the 23 vacancies available. Those elected<br />

will provide guidance and help steer the<br />

direction of the Institute.<br />

Visit: cicm.com or email<br />

elections@cicm.com to find out more.<br />



EQUIFAX has launched technology to<br />

support Commercial <strong>Credit</strong> Data Sharing<br />

(CCDS), part of a scheme implemented<br />

by the last Government to give lenders a<br />

comprehensive picture of the financial<br />

health of companies with a turnover of up<br />

to £25 million.<br />

The CCDS uses data from nine banks<br />

and will be able to provide lenders with<br />

information on a company’s cash flow,<br />

debit and credit turnover, alongside<br />

minimum and maximum balances.<br />

The firm says this will be of particular<br />

benefit to SMEs that rarely apply for<br />

finance and have not built up a traditional<br />

credit score. It should also make it easier<br />

for smaller firms to access funding. The<br />

CCDS comes ahead of new EU General<br />

Data Protection Regulation, which is due to<br />

come into force from May.<br />

equifax.co.uk<br />


AT CICM<br />

The CICM is looking for an experienced<br />

Business Development professional to<br />

manage and develop commercial activity<br />

for the Institute. An understanding<br />

of credit management would be an<br />

advantage but is not essential.<br />

Visit: cicm.com/about-cicm/vacanciesat-cicm/<br />

for further details.<br />

CICM In Brief<br />

This month’s briefing includes details of<br />

the new CICM Mentor Hub, the CICM Trade<br />

<strong>Credit</strong> Conference at the <strong>Credit</strong> Summit on<br />

15 <strong>March</strong>, new Duty to Report data, and free<br />

webinars as part of the Shared Services<br />

Forum’s Big Share Week.<br />

Businesses are not saving<br />

for a rainy day<br />

BUSINESSES are failing to put enough cash<br />

into savings to cover unforeseen events,<br />

research from Aldermore has claimed.<br />

The research found self-employed and<br />

small businesses are holding inadequate<br />

amounts of savings, leaving them<br />

unprepared for times where they may not<br />

be able to work such as through illness.<br />

One fifth of businesses said they have no<br />

cash savings, while four in 10 hold less than<br />

£1,000. Fewer than one in 10 of those firms<br />

with a turnover of less than £10,000 held<br />

more than £1,000 in savings.<br />

Despite the low level of savings, more<br />

than half, 54 percent, said they have had<br />

periods where they have been unable to<br />


earn money because of ill-health.<br />

Aldermore has been calling for the<br />

establishment of an entrepreneur ISA<br />

that could follow a similar model to the<br />

help-to-buy ISA (HISA) but rather than<br />

allowing money to be put aside tax free<br />

for a property deposit, it could be used to<br />

launch a business. Similar to the HISA,<br />

the Government would pay a 25 percent<br />

matched bonus on contributions worth<br />

up to £3,000. Aldermore is also calling for<br />

a small business savings allowance that<br />

would let sole traders, limited companies<br />

and partnerships earn up to £4,000 of<br />

income from savings, tax-free per year.<br />

aldermore.co.uk<br />

Alan Watson –<br />

An Appreciation by Nigel Price<br />

ALAN Watson, a long-time member and<br />

ardent supporter of the CICM, died recently<br />

after a sudden and rapid deterioration<br />

in his health, at the age of 78.<br />

Alan began his career in credit management<br />

with the Mathew Hall business,<br />

moving to Briggs Amasco and then on to<br />

Tarmac, before crossing over to the world<br />

of insolvency in 1981, with a move to Cork<br />

Gully. This gave Alan a role, to which he<br />

was admirably suited, in advising and assisting<br />

credit professionals, particularly<br />

within the construction industry, when<br />

they were faced with the prospect of bad<br />

debts due to the potential, or actual, insolvencies<br />

of customers.<br />

As well as giving support on specific<br />

customer problems, Alan also spent a<br />

great deal of time in giving talks and passing<br />

on his extensive knowledge, and compendium<br />

of ‘war stories’, to gatherings of<br />

Institute members and his vast array of<br />

commercial client contacts, which must<br />

number in their hundreds.<br />

After admiring his professionalism as<br />

a competitor, in the world of insolvency<br />

work, for many years, I was lucky enough<br />

to have the privilege of working alongside<br />

him for 15 years or so, when, after retiring<br />

from Cork Gully, in 1999, Alan came<br />

to work with me at Moore Stephens and,<br />

later, at Begbies Traynor. Unsurprisingly,<br />

Alan’s loyal and extensive group of credit<br />

manager contacts, which he referred<br />

to as ‘the friends’, followed him and we<br />

then jointly hosted their industry credit<br />

forum, affectionately known as ‘the Bath<br />

meeting’, which Alan had run for many<br />

years.<br />

That forum still meets today and his<br />

memory will live on within it. We were<br />

all delighted that Alan was able to join<br />

us at our November meeting, last year,<br />

little knowing that it would be the last<br />

time that he would grace us with his presence.<br />

One member of that forum, Brian<br />

Lewis of Hanson summed him up very<br />

well, when he said: “I was lucky enough<br />

to know Alan Watson for almost 30 years<br />

and worked with him for a short time at<br />

PwC, where we shared the same cell. He<br />

always referred to me thereafter as his excell<br />

mate!<br />

“Throughout his life, Alan treated<br />

everyone he met with the same dignity,<br />

respect and thoughtfulness and no small<br />

amount of humour. Alan was a wealth of<br />

knowledge regarding all things insolvency.<br />

No question was too daft, he responded<br />

just the same, then took the mickey<br />

out of you! Alan was great company, a<br />

great mate and a great man.”<br />

As well as possessing, and willingly<br />

passing on, his encyclopaedic knowledge<br />

of credit management and insolvency,<br />

Alan was also one of the very best people<br />

you could ever be lucky enough to meet<br />

and he possessed a keen sense of humour.<br />

He loved mixing with friends, colleagues<br />

and meeting new people, and had a wonderful<br />

talent for making acquaintances,<br />

both old and new, feel incredibly valued<br />

and totally at ease.<br />

All in all, Alan was an exemplary professional,<br />

a loyal and very able colleague,<br />

a true gentleman, in every way, but also<br />

great fun to be with. He was an all-round<br />

‘good bloke’.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 10


The special manager<br />

The curious case of Carillion’s collapse and the<br />

unusual government intervention.<br />

AUTHOR – David Kerr MCICM<br />

David Kerr<br />

LEAVING aside any claims<br />

made by those in the football<br />

world, the title special<br />

manager has cropped up in<br />

recent reporting of one of the<br />

very significant insolvency<br />

cases. Those following the coverage of the<br />

Carillion collapse in January (with its £1.5<br />

billion of debt) will have noted perhaps that<br />

the usual references to administrators have<br />

disappeared, to be replaced by mention<br />

of the Official Receiver (OR) and special<br />

managers.<br />

So, what is a special manager, how does<br />

that role differ from that of an administrator<br />

or liquidator, and why is there one in this<br />

case? There was talk in the media of an<br />

administrator being appointed at one<br />

point, but in the end the company went into<br />

compulsory liquidation – in other words it<br />

was wound-up by the court.<br />

A number of factors have to be present to<br />

facilitate an administration in a case where<br />

some ongoing trading is essential, and not<br />

least among those is a source of funding.<br />

Whatever the reasons in this particular case,<br />

the result was a petition to the court for a<br />

liquidation. As with any such petition, once<br />

the court has made a winding-up order, or<br />

as in this case an order for a provisional<br />

liquidation, the company’s affairs fall into<br />

the hands of the Official Receiver.<br />

Compulsory liquidations are relatively<br />

rare, compared to the more common<br />

voluntary liquidation. The recentlyreleased<br />

figures for 2017 show there were<br />

under 2,800 compulsory liquidations in the<br />

year, compared to approximately 12,000<br />

creditors’ voluntary liquidations; and<br />

compulsory liquidations are in decline. The<br />

provisional figure for Q4 is down nearly 25<br />

percent on the same period in 2016.<br />


Surprising then to see this procedure used<br />

in such a high-profile case, especially as<br />

in most compulsory liquidations the OR is<br />

dealing with companies that have closed<br />

or are being shut down, trading having<br />

ceased. In the Carillion case, there were<br />

rather special circumstances and the<br />

need for special measures. The company<br />

was involved in many very substantial<br />

contracts – a number of those where it had<br />

been engaged by the Government to run<br />

building projects for the public sector, such<br />

as hospitals. It was the UK’s second-largest<br />

construction company, so an overnight<br />

shut-down and complete cessation was<br />

clearly not a sensible option. Its complex<br />

supply chain was also a factor, with the<br />

Government wanting to support continued<br />

trading amongst creditors.<br />

The OR’s role is to take charge of the<br />

company’s assets and ensure that essential<br />

matters are dealt with; it is largely a<br />

holding role, often in a case like this with<br />

a view to appointing a liquidator in due<br />

course. Indeed, in this case, the OR is<br />

provisional liquidator – a mechanism<br />

by which a liquidator can be appointed<br />

at short notice. The OR is part of the<br />

Government machinery – the liquidator of<br />

last resort in some senses, and part of the<br />

Insolvency Service – an executive agency<br />

of the Department for Business, Energy &<br />

Industrial Strategy.<br />

So in one sense at the moment the<br />

company is in state hands, but the OR’s<br />

offices do not have the resources to run<br />

a company the size and complexity of<br />

Carillion. This is where the private sector<br />

comes in (ironically perhaps given some<br />

of the debate triggered by the Carillion<br />

collapse). The special manager is a looselydefined<br />

role, but one provided for in statute<br />

– essentially, an appointment of a specialist,<br />

accountable to the OR, to help deal with the<br />

issues on the ground, and help the OR map<br />

a way forward. The court sets the terms<br />

of the special manager’s remit. PwC has<br />

been appointed to carry out this function –<br />

ensuring essential contract works continue<br />

and key staff are retained and paid. In<br />

due course, the provisional liquidator will<br />

be replaced by a (permanent) liquidator,<br />

who will take over the OR’s and special<br />

manager’s responsibilities.<br />

One aspect will remain with the OR.<br />

In its role as investigator, the OR will look<br />

at the conduct of the directors and report<br />

to colleagues in BEIS on whether any<br />

disqualification proceedings should be<br />

commenced. That is not to comment on<br />

the directors’ conduct in this case – it is a<br />

requirement in every liquidation.<br />

So, we have seen the rare appointment<br />

of a ‘special one’, but (perhaps as in other<br />

walks of life) it is a short-lived appointment!<br />

David Kerr MCICM is the Chief Executive<br />

of the Insolvency Practitioners Association<br />

(IPA).<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 11



AUTHOR – John Ricketts FCICM<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 12


John Ricketts considers the true ‘cost’ of debt to the<br />

individual, and whether government should be looking<br />

closer to home for the solution.<br />

WHEN the government<br />

called recently<br />

for evidence to<br />

gain further insight<br />

about how best to<br />

design, implement,<br />

administer and monitor a statutory debt<br />

management plan (DMP) and a six-week<br />

breathing space scheme, it set me thinking.<br />

It made me wonder just how far, as a<br />

nation, we have come in the treatment of<br />

fellow citizens who have the misfortune<br />

of being in debt.<br />

There is a quotation on the wall of our<br />

business’ reception area, that we call ‘an<br />

ode to treating customers fairly’ (TCF). It<br />

reads: ‘How far you go in life depends on<br />

you being tender with the young, compassionate<br />

with the aged, sympathetic<br />

with the striving and tolerant of the weak<br />

and strong, because someday in life you<br />

will have been all of these’. It was originally<br />

written by George Washington Carver<br />

(1864-1943), a man born into slavery<br />

who eventually reached high office and<br />

acclaim.<br />

So as a society, how compassionate<br />

and tolerant are we, and how far have<br />

we progressed in our management and<br />

responses to those in debt?<br />


Historically, it was commonplace to be<br />

imprisoned for being unable to pay one’s<br />

debts. And it came at a cost. During the<br />

18th and early 19th centuries, more than<br />

half of all prisoners were debtors, and a<br />

few years into their sentence, they could<br />

actually be more in debt than they were<br />

when they first arrived. This is because<br />

while having no money put them in<br />

prison in the first place, once there they<br />

had to pay for their keep. This put them<br />

further in debt, without the possibility of<br />

release until they had paid their creditors<br />

in full.<br />

When the <strong>Credit</strong> Services Association<br />

(CSA) was formed in 1906, there were still<br />

11,500 people in debtors’ prisons in the<br />

UK for the sole offence of being in debt.<br />

The most famous was the Clink prison,<br />

which had a debtors’ entrance in Stoney<br />

Street. This gave rise to the British slang<br />

term for being in prison or ‘in the clink’.<br />

Its location also led to the term ‘stoney<br />

broke’ for someone who is financially<br />

embarrassed.<br />

I’d like to think that such days are long<br />

behind us, but are they? It is still possible<br />

to be put in prison for some priority debts<br />

such as council tax or business rates, but<br />

only as a last resort and we certainly do<br />

not throw people into prison any more,<br />

simply for not having any cash or assets.<br />

But ironically, and perhaps a little<br />

worryingly, there is still a ‘cost’ to being<br />

in debt, although not by paying for your<br />

own keep in jail. Putting to one side the<br />

fee-charging Debt <strong>Management</strong> Companies<br />

(DMCs), nearly all of the modern day<br />

‘formal’ options for managing debt come<br />

at a cost and with terms and conditions attached<br />

that some would argue are close to<br />

denying an individual their liberty.<br />

Consider, for example, the Individual<br />

Voluntary Arrangement (IVA). Depending<br />

on who your creditors are, and the<br />

amount of your monthly contribution,<br />

the ‘cost’ of an IVA to you could amount<br />

to either the first five payments into the<br />

IVA, or £2,000.<br />

A Debt Relief Order (DRO), on the other<br />

hand, will cost you £90 – the amount<br />

the Insolvency Service charges to process<br />

a DRO application. You can't get any discounts<br />

or exemptions like you can with<br />

bankruptcy fees, so crucially the full £90<br />

needs to be paid before your application<br />

can be submitted.<br />

Want to make yourself bankrupt? If<br />

you apply for your own bankruptcy, you'll<br />

need to pay an adjudicator fee of £130 and<br />

a deposit of £550. This means you'll need<br />

to be able to pay £680 just to start the process<br />

(amid reports from the debt advice<br />

sector suggesting that some customers<br />

are saving for more than a year just to be<br />

able to declare themselves bankrupt!).<br />

Odd, when you consider that the reason<br />

for declaring yourself bankrupt is that<br />

you have no money to pay for anything!<br />


So, is there an alternative? I believe the<br />

answer lies within the debt collection industry<br />

itself. Although recently a headline<br />

unfairly described it as a ‘plague’, professional<br />

debt collection agencies have, in<br />

fact, long been a solution to debt, rather<br />

than making matters worse.<br />

The government, for example, has<br />

been consulting on a six-week breathing<br />

space scheme as though this is something<br />

new and dramatic. It isn’t. It is already<br />

part of the CSA’s Code of Practice, and has<br />

been for many years. The relevant clause<br />

states that our members will …’suspend<br />

any debt collection where a customer<br />

demonstrates they are seeking financial<br />

assistance and provide the customer<br />

breathing space of at least 30 days. Additional<br />

forbearance should be considered<br />

where appropriate.’<br />

The most famous was the<br />

Clink prison, which had<br />

a debtors’ entrance in<br />

Stoney Street. This gave<br />

rise to the British slang<br />

term for being in prison<br />

or ‘in the clink’.<br />

The government has also been<br />

consulting on a statutory DMP. With a<br />

debt collection industry already adhering<br />

to either the Financial Conduct Authority’s<br />

rule book, the CSA Code of Practice,<br />

or both, forbearance, affordability and<br />

fair outcomes are bye-words of our modern-day<br />

debt collection profession.<br />

There is unfortunately a habit among<br />

successive governments and their advisors<br />

to seek new answers to old problems,<br />

when the solution is already there. This<br />

is true of the most recent call for evidence.<br />

We appreciate there are some organisations<br />

that do not offer customers a<br />

breathing space at all, never mind as<br />

effectively as we do, and we agree that<br />

needs to change. We would therefore<br />

urge Ministers to take a closer look and<br />

learn from the positives that already<br />

exist in the debt collection industry<br />

and more specifically the CSA Code of<br />

Practice.<br />

John Ricketts FCICM is President of the<br />

<strong>Credit</strong> Services Association and Managing<br />

Director of Ardent <strong>Credit</strong> Services.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 13


AUTHOR – Heather Greig-Smith<br />



How are DCAs engaging with customers in this<br />

social media and smartphone era to make repaying<br />

debts easier?<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 14


MODERN collection<br />

agencies have long<br />

since abandoned the<br />

term ‘debtor’ – a word<br />

that comes loaded with<br />

stigma and judgement.<br />

Instead, they refer to those in debt as their<br />

customers, chasing high net promoter<br />

scores and aiming to offer positive<br />

experiences and financial empowerment.<br />

“As an industry, the term ‘debtor’ is<br />

hardly used now, and we’ve referred to our<br />

account holders as customers for many<br />

years to develop rapport and avoid any<br />

negative connotations of the word ‘debtor’,”<br />

says Leigh Berkley, Director of External<br />

Affairs and Development at Arrow Global.<br />

Julian Winfield, UK Country Manager<br />

for Hoist Finance takes a similar stance,<br />

but says that if the industry is serious<br />

about treating customers fairly, and<br />

treating debtors as customers, then it<br />

has to look at the customer journey, and<br />

improve their experience: “We have to<br />

look at the ‘traditional’ means of<br />

engagement – through letters, phone calls<br />

and texts – and challenge when and how<br />

these are appropriate, and whether there<br />

are better ways of communicating. And, if<br />

we are really serious about the experience,<br />

then we need to look at how customers are<br />

currently interacting, and adapt our own<br />

strategies accordingly.”<br />

An essential ingredient in transforming<br />

this experience for individuals in debt is<br />

the introduction of ‘self-serve’ and digital<br />

options, choices that have often previously<br />

been closed to those with problem debts.<br />

Phil McGilvray, Cabot <strong>Credit</strong><br />

<strong>Management</strong>’s Operations and Digital<br />

Director, says self-serve helps the<br />

company reach and support customers<br />

more effectively. It has been 18 months<br />

since the firm began implementing its<br />

digital approach. In that time, it has seen<br />

digital customer interactions become a<br />

significant part of the business.<br />

While the wider financial services<br />

arena may see automation as the key to<br />

cost reduction, those in collections are<br />

wary of pushing digital too far.<br />

“In the broader financial services<br />

industry, the number one objective is<br />

efficiency and cost reduction,” he says.<br />

“In the credit management space, the<br />

primary goal is customer engagement and<br />

effectiveness.”<br />

Julian agrees: “Self-serve is a natural<br />

evolution. It is being driven by the<br />

customer. Few of us today want to deal<br />

with issues by post or on the phone, at<br />

least when it is not appropriate to do so.<br />

We want convenience, and that invariably<br />

means dealing with an issue online. It<br />

also means managing that issue in our<br />

own time, when it suits us. As consumers,<br />

we get frustrated if we can only contact a<br />

business within certain times, or days of<br />

the week, when their call centre happens<br />

to be open. We want accessibility 24/7, and<br />

we often want to avoid human contact,<br />

unless it is absolutely necessary.”<br />

The watchword, he believes, is<br />

flexibility: “We have to reflect the needs<br />

of a new demographic, and a Millennial<br />

generation who have probably never<br />

written or received a letter in the last ten<br />

years.”<br />

Companies like Hoist and Cabot<br />

are wary of rushing to replace human<br />

interaction with technology, preferring to<br />

augment traditional channels.<br />

“We have a person behind all of our<br />

web chats, not a chat bot or artificial<br />

intelligence,” says Phil McGilvray. He adds<br />

that it is vital that customer data from all<br />

channels are available to staff in case an<br />

individual wants to switch to a telephone<br />

call.<br />

“In theory, some customers will selfserve,<br />

set up a plan online and never need<br />

a conversation with us. However, the vast<br />

majority will use a number of channels<br />

and we need to have the information<br />

available if a customer chooses to call.”<br />

Cabot also has a mobile app, something<br />

it says consumers are coming to expect –<br />

offering similar convenience to mobile<br />

banking. Many customers will have long<br />

relationships with a collections firm, so an<br />

app or an easy online option that can push<br />

notifications enhances their experience.<br />

“Registering with the app takes the<br />

grief out of the process as the customer<br />

can use their thumbprint to access<br />

their information instead of having to<br />

remember a password,” says Phil.<br />

He adds that customers tend to<br />

have had a digital relationship with the<br />

originating creditor – removing that is<br />

part of the stripping of customer care that<br />

has happened to ‘debtors’ in the past.<br />

“In the past creditors would cancel<br />

online accounts at 90 days overdue so the<br />

person had to use paper or telephone,”<br />

he says. “There shouldn’t be a digital<br />

difference.”<br />

While the use of self-serve frees call<br />

centre teams to help vulnerable customers<br />

or deal with complex cases, Phil stresses<br />

this is not a straightforward division. All<br />

customers are different.<br />

“Digital channels can actually create<br />

a better experience for vulnerable<br />

customers,” he explains. “We get feedback<br />

that digital interactions make their lives<br />

easier, for example receiving information<br />

via email and allowing them to work<br />

through it at their own pace and come<br />

back to us rather than being put on the<br />

spot on a phone call.”<br />

Leigh agrees that choice is the answer.<br />

“We’re keen to allow our customers to<br />

contact us by whichever channel suits<br />

them best, and at any time,” he says.<br />

“Online access to customer account<br />

information via smartphone is fast<br />

becoming the norm, and as a sector<br />

we must stay at the forefront of new<br />

developments such as Artificial<br />

Intelligence and Open Banking, GDPR<br />

and Blockchain.<br />

“This way, we will be able to react to<br />

the ever-changing needs of our customer<br />

base, providing simple and safe contact<br />

methods for every customer, while never<br />

forgetting that customers in vulnerable<br />

circumstances will always have the option<br />

to talk to a helpful, sympathetic human<br />

being.”<br />

The change in customer behaviour is<br />

staggering. David Sheridan, Operations<br />

Director at ARC Europe, says the<br />

proportion of customers engaging<br />

digitally has risen from less than five<br />

percent five years ago to over 40 percent<br />

today of all customer interactions. These<br />

numbers are constantly increasing.<br />

He adds that 70 percent of users are<br />

smartphone users, making mobile-led<br />

web design and navigation essential.<br />

“Many people don’t want to have<br />

a conversation, they make regular<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 15 continues on page 16 >


AUTHOR – Heather Greig-Smith<br />

Digital channels<br />

can actually create<br />

a better experience<br />

for vulnerable<br />

customers, we get<br />

feedback that digital<br />

interactions make<br />

their lives easier.<br />

payments without ever speaking to us. They<br />

aren’t on payment plans but are choosing to<br />

do it their own way,” he says.<br />

“They want to pay but don’t want to have<br />

detailed conversations about the whys and<br />

wherefores and do income and expenditures.<br />

We need to be flexible.”<br />

Part of truly being a customer instead<br />

of a debtor means being able to choose.<br />

Web demographics show that around half<br />

of those using ARC’s site are millennials.<br />

“Online, digital, convenient access is their<br />

preference,” says David. “People in debt don’t<br />

necessarily like to talk about it as they feel<br />

judged. On the website it’s more of a process<br />

of account management.”<br />

He adds that this is not without its<br />

challenges. “When you have a conversation<br />

with someone the team is trained to identify<br />

triggers and assess circumstances – the web<br />

will never have human empathy. It’s about<br />

balance.”<br />

Debbie Nolan, Commercial Director,<br />

Arvato Financial Solutions, agrees. “Given<br />

the hype around automation and artificial<br />

intelligence, there may be a discrepancy<br />

between expectation and reality, especially<br />

around whether you can automate everything<br />

and how much human input is still required.<br />

We would maintain that while automation<br />

can do a lot – it’s not a silver bullet.”<br />

Arvato is using machine learning<br />

to determine the best channels for<br />

communication with customers, but is<br />

introducing other initiatives over time.<br />

“There are still a lot of judgement-intensive<br />

tasks that require a person,” she says. “We<br />

have to move at the speed consumers move<br />

at.”<br />

This may be different in different<br />

locations. Arvato has a self-serve portal in<br />

Germany, which it intends to bring to the<br />

UK soon. Meanwhile, in Brazil, the culture<br />

requires What’sApp and Facebook Messenger<br />

solutions.<br />

Ultimately, self-serve and digital choice is<br />

part of the wider industry recognition that<br />

customer service should be at the heart of<br />

the business.<br />

Eddie Nott, UK Managing Director of 1st<br />

<strong>Credit</strong>, says listening to customers highlights<br />

the desire many have to take control of their<br />

financial situation.<br />

“In face-to-face feedback sessions,<br />

customers tell us that they are proud to get<br />

their finances in control,” he says.<br />

“Checking their balance and actively<br />

managing their account is an important<br />

part of that empowerment, for example the<br />

ability to log on and quickly make a payment<br />

if they have extra cash because they have<br />

worked extra shifts. It’s important that we<br />

give customers the ability to manage their<br />

own accounts if they want to.”<br />

The digital approach also gets a cautious<br />

‘thumbs up’ from the advice sector. Jane Tully,<br />

Director of External Affairs at the Money<br />

Advice Trust, says the work of creditors and<br />

collectors in this area is encouraging.<br />

“We are pleased to be working with<br />

organisations on improving their digital<br />

services to ensure they take account of<br />

people in vulnerable situations,” she says.<br />

However, she adds: “While channels, such<br />

as online portals and webchat, are accessible<br />

for many people, they may not be suitable for<br />

everyone.<br />

“It is important to remember those who are<br />

digitally excluded or in particular vulnerable<br />

situations must still be able to speak to<br />

someone and have access to additional<br />

support. Signposting to free debt advice,<br />

whatever the channel of communication,<br />

is also crucial as it may be challenging for<br />

people to make a repayment offer they can<br />

afford without first receiving debt advice.”<br />

Julian Winfield says there is an<br />

understandable nervousness among clients<br />

towards digital strategies. They need to be<br />

assured that their customers are being given<br />

the appropriate support to make the right<br />

decision: “We have a duty of care to ensure<br />

the most vulnerable are identified and<br />

supported. Vulnerability can be, after all,<br />

a transient state, and needs to be carefully<br />

monitored, so while putting customers in<br />

control of their own finances is desirable,<br />

we need to strike a balance to ensure that<br />

in trying to do the right thing, we are not<br />

making a difficult situation worse.<br />

There is clearly further to go, with many<br />

firms emphasising they are only at the<br />

beginning of their self-serve and digital<br />

journey. However, today’s 24-hour, online,<br />

‘always on’ culture is helping further banish<br />

the word debtor from the collections lexicon.<br />

Empowerment? A worthy replacement.<br />

Heather Greig-Smith is a freelance business<br />

journalist<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 16


Are you Risk Ready?<br />

Tom Danson, the new face of Atradius in the Midlands, brings a<br />

wealth of experience to his new role and all of it learned on the<br />

front line working to find the right solutions to match clients’<br />

needs in the London market. Tom considers what risk really<br />

means to different businesses and shares his passion for a<br />

proactive approach to credit risk management.<br />

Tom Danson<br />

Regional Manager Atradius<br />

Midlands Hub<br />

WHEN I talk to credit<br />

managers and financial<br />

directors the question of<br />

risk is always on their<br />

agenda. Some fear that they are too<br />

risk averse – “would my sales improve<br />

if I pushed the envelope further?” and<br />

others worry that their drive to stay<br />

ahead of the competition sometimes<br />

prompts them to take one risk to many.<br />

So, what is the perfect risk profile<br />

for a successful business – or is there<br />

even such a thing? `<br />

We know that risk varies by sector<br />

and market and so knowing the<br />

dynamics that are appropriate to<br />

your industry is what counts. What<br />

might seem normal for sector A would<br />

probably keep sector B up at night<br />

worrying about the risk. However,<br />

whatever sector you are in and<br />

whether you are a risk taker or not<br />

being proactive is vital.<br />

<strong>Credit</strong> managers understand that<br />

managing a company’s ongoing<br />

exposure to credit risks and conditions<br />

demands constant attention. Access<br />

to reliable and up to date information<br />

is critical to enable the right decisions.<br />

No matter where in the world you<br />

trade and what type of businesses<br />

you deal with, having the right level of<br />

detail about the trading conditions, the<br />

economic environment, the payment<br />

behaviours and strength of your<br />

chosen buyer is essential and access<br />

to a risk expert based on the ground in<br />

that market is a real advantage.<br />

Using the resources of your Trade<br />

<strong>Credit</strong> Insurer to complement your<br />

own industry knowledge is one way<br />

to access the depth and breadth of<br />

business intelligence you need to make<br />

an informed decision on whether to<br />

expose your business to a risk – or<br />

not. At Atradius our risk specialists are<br />

based across the globe, the eyes and<br />

ears on the ground in over 50 countries<br />

worldwide. With real-time information<br />

on more than 240 million companies<br />

our risk managers enable you to make<br />

the right choices for your business.<br />

All good credit managers take care<br />

to match their strategy to the market,<br />

after all that is the expertise that<br />

they bring to their business. However,<br />

what is much harder to plan for is<br />

the unexpected – an unforeseen risk<br />

that all too often results in a sudden<br />

default and a significant bad debt.<br />

The consequences for the bottom line<br />

can be significant too, just one large<br />

default can punch a sizable hole in<br />

the portfolio that is difficult to recover<br />

from.<br />

We have seen a rising trend<br />

in unexpected insolvencies and<br />

in particular, a rise in high value<br />

insolvencies. Everyone will remember<br />

Phones4U for example, ‘too big to fail’<br />

is no longer a reliable protection from<br />

Prudent credit management<br />

will steer you away from the<br />

risks you shouldn’t take but<br />

in today’s volatile economic<br />

environment managing<br />

uncertainty is just as<br />

important.<br />

risk and we only need to look at recent<br />

headlines to remind us that there are<br />

plenty of risks in the marketplace.<br />

Prudent credit management will steer<br />

you away from the risks you shouldn’t<br />

take but in today’s volatile economic<br />

environment managing uncertainty is<br />

just as important.<br />

Trade <strong>Credit</strong> Insurance can help<br />

improve your credit risk management<br />

and protect your bottom line against<br />

the impacts of unexpected default.<br />

Specialist brokers and credit insurers<br />

can provide detailed information on<br />

trading behaviours and practices in<br />

markets around the world as well as<br />

give access to business intelligence on<br />

specific potential customers. In other<br />

words quantifying and understanding<br />

the risks as well as providing<br />

protection against the impacts.<br />

But back to the questions we started<br />

with – is it better to be a risk taker<br />

or risk averse – what is the perfect<br />

risk profile for your business? To help<br />

you measure how ‘risk ready’ your<br />

business is we have worked with CICM<br />

to prepare a short Risk-Ready Survey,<br />

visit: https://atradius.co.uk/campaign/<br />

risk-ready-survey.html to find out how<br />

you shape up - just answer our risk<br />

questions and then look out for our<br />

survey results in the next edition.

CICMQ<br />

ID Medical sets pulses racing<br />

FORMED in 2002, ID Medical is<br />

the UK’s leading multi-disciplinary<br />

healthcare recruiter,<br />

partnered with over 90 percent<br />

of NHS Trusts as well as<br />

private medical organisations<br />

nationwide.<br />

From its headquarters in Milton Keynes,<br />

it supports healthcare organisations in supplying<br />

the most professional and dedicated<br />

Doctors, Nurses and Allied Health Professionals<br />

to provide its premier level of patient<br />

care. With a critical mass of over 500<br />

employees, and a turnover of more than<br />

£140 million per annum, it is serviced with<br />

a credit team capacity of 17 staff.<br />

The company started on the CICMQ<br />

journey to give its team the knowledge and<br />

satisfaction of understanding their function<br />

is critical to business success.<br />

Neil Chick MCICM, Head of Collections<br />

and Fleet <strong>Management</strong> says that the CICM<br />

is the leader in the world of credit control:<br />

“Having the CICMQ Accreditation aligns<br />

our business with other big brand organisations<br />

honoured to be placed within the<br />

Best Practice Network.<br />

“The individual members of the team<br />

now hold the unrivalled belief that they<br />

can achieve what was perhaps perceived<br />

by some, initially, as a mission impossible.<br />

Maintaining the communications across<br />

the business to keep the focus streamlined<br />

and consistent has been key in the process,<br />

thereby ensuring that everyone remained<br />

on board throughout.”<br />

CICMQ Assessor, Pam Thomas commented<br />

on the high level of respect for Neil<br />

and the credit team within ID Medical from<br />

stakeholders: “CICMQ Accreditation will<br />

reinforce this profile, bringing recognition<br />

and even greater motivation. The <strong>Credit</strong><br />

Roadmap can be developed to provide a<br />

comprehensive plan for the future, putting<br />

<strong>Credit</strong> firmly in the driving seat.”<br />

CICMQ is the perfect cup of tea for TATA Global<br />

TATA Global Beverages (TGB) has evolved<br />

from a predominantly domestic Indian<br />

tea farming entity to the second largest<br />

tea company in the world, with over<br />

300 million servings of its brands such<br />

as Tata Tea and Tetley consumed every<br />

day. It recently achieved the prestigious<br />

CICMQ accreditation for the first time.<br />

The credit team is based in Greenford<br />

and headed up by Naaz Chouglay, Head<br />

of EMEA Transaction Processing. Her<br />

team of six manage the complete credit<br />

management, credit control and accounts<br />

payable process. The TGB customer base<br />

is made up of supermarkets, discounters,<br />

cash and carry, independent wholesalers<br />

and catering companies. TGB exports to<br />

EMEA through a distribution channel to<br />

countries like Spain, France, Switzerland,<br />

Portugal and Middle East.<br />

“The journey towards the accreditation<br />

was an advantage. Preparing for the<br />

Accreditation helped us to prioritise<br />

and focus on the alignment of the Sales<br />

and Finance Teams, which resulted in<br />

an improved reporting pack, tailoring it<br />

to the needs of the business, this in turn,<br />

has resulted in improved KPIs,” Naaz<br />

says.<br />

CICMQ Assessor, Jenny Oakley says<br />

despite this being a small team, with<br />

several long-serving members, all are<br />

very skilled and competent in their<br />

roles: “There is an air of quiet efficiency<br />

and professionalism around the<br />

department.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 18

Continual improvement at the <strong>Credit</strong> Centre<br />

“The opportunity to invite an industry<br />

expert into The <strong>Credit</strong> Centre to review,<br />

assess and offer recommendation for our<br />

ongoing development and improvement<br />

was the main driver for our seeking the<br />

CICMQ accreditation,” says David Harrison,<br />

<strong>Credit</strong> Manager.<br />

The <strong>Credit</strong> Centre provides a full credit<br />

management function to a number of<br />

privately-owned businesses including,<br />

among others, Aalco Metals, the UK's largest<br />

independent multi-metals stockholder and<br />

distributor. The 22 strong Bolton-based<br />

credit team are currently tasked with<br />

looking after 35 UK and Ireland based<br />

service centres, with a combined annual<br />

turnover in excess of £500 million.<br />

“The most significant issue we had<br />

to address while obtaining the CICMQ<br />

accreditation was establishing an<br />

enhanced identity that fully reflected<br />

the vigorous and professional service we<br />

provide to our service centre customers,”<br />

David adds. “With the guidance of CICMQ<br />

Assessor, Sharon Adams, we have created a<br />

distinctive logo for The <strong>Credit</strong> Centre that<br />

has been successfully and prominently<br />

incorporated into a re-branding of many of<br />

our working procedures.”<br />

Sharon said in her report: ‘The <strong>Credit</strong><br />

Centre had the full support in their<br />

application for external recognition of Best<br />

Practice and the successful achievement of<br />

CICMQ accreditation from their Finance<br />

Director, Andy Roberts. This was evident<br />

when he outlined his own perception of<br />

The <strong>Credit</strong> Centre and commended them<br />

on their performance and achievements so<br />

far’.<br />

Writing’s on the blackboard for Pearson<br />

ESTABLISHED some 173 years ago in<br />

London by Samuel Pearson, Pearson<br />

has grown to become a top 100 blue<br />

chip company that recently achieved the<br />

prestigious CICMQ accreditation.<br />

With expertise in educational<br />

courseware and assessment, and a<br />

range of teaching and learning services<br />

powered by technology, its products and<br />

services are used by millions of teachers<br />

and learners around the world every day.<br />

Pearson has 35,000 employees across<br />

70 countries worldwide, and with annual<br />

revenue exceeding $6.17 billion, its credit<br />

team consists of three CICM members<br />

who work in Harlow, three in Belfast and<br />

around 30 in India that form the Sales<br />

Ledger team, credit control and cash and<br />

bank team.<br />

Matthew Walters (MCICM), UK Head<br />

of <strong>Credit</strong> at Pearson says the company<br />

has gone through significant change<br />

over the last two years since its initial<br />

accreditation, so working with the CICMQ<br />

team was more important than ever:<br />

“The process has helped us overcome<br />

some of the challenges that we have<br />

been faced with, since the integration of<br />

our ERP system as well as the structural<br />

changes that have occurred. Personally,<br />

it's a great feeling to know I have led my<br />

teams through this important process.”<br />

CICMQ Head of Accreditation, Chris<br />

Sanders says the team cope with a number<br />

of challenges on a daily basis, but work<br />

with the entire business to resolve them:<br />

“During the Discovery Session,<br />

the team said they used CICMQ as a<br />

framework to ensure that the migration<br />

to India, Belfast and the new Oracle<br />

system was structured; this is exactly<br />

what CICMQ was designed for – to bring a<br />

structured framework to the methods and<br />

procedures of a credit function.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 19


CARD<br />

GAMES<br />

Multilateral Interchange Fees<br />

are commercially justifiable.<br />

AUTHOR – Peter Walker<br />

DEBIT cards are a means by<br />

which you may transfer some<br />

numbers from your bank account<br />

to the bank account of a<br />

seller, such as a supermarket.<br />

That is the simple perception,<br />

although credit card transactions involve a<br />

more complicated journey. The numbers, however,<br />

take a more complex electronic journey<br />

from your bank to that of the recipient. There is<br />

therefore a cost, and some supermarkets have<br />

protested, resulting in litigation about alleged<br />

unlawful agreements restricting competition.<br />

Judges have unfortunately made conflicting<br />

decisions, which have been reviewed recently<br />

by a judge, Phillips J, in the Commercial Court,<br />

but, although you may agree with the result,<br />

it is questionable whether his reasoning is<br />

helpful.<br />

In Sainsbury’s Supermarkets Ltd v Visa Europe<br />

Services LLC [2017] EWHC 3047 (Comm)<br />

he started by explaining that Sainsbury’s and<br />

other merchants accepted payments, those<br />

transfers of numbers, by means of debit and<br />

credit cards, such as those issued by Visa<br />

through a bank or other financial institution<br />

‘an Issuer’. This was part of a scheme involving<br />

an Acquirer, also a bank or other financial<br />

institution. The Acquirer charged those merchants<br />

their fees for their part in the transactions.<br />

That is known as a Merchant Service<br />

Charge ‘MSC’, which covers, for example, the<br />

fee paid by the Acquirer in this instance to<br />

Visa. Other charges covered by the MSC are the<br />

Interchange Fees payable by the Acquirers to<br />

the Issuers, and there were the Acquirers’ own<br />

fees ‘the Acquirer Margin’ negotiable between<br />

the Acquirers and the Merchants.<br />

In the UK the Interchange Fee is generally<br />

what is known as the Multilateral Interchange<br />

Fee set by Visa, rather than an alternative Bilateral<br />

Interchange Fee negotiated separately by<br />

two parties.<br />

The Multilateral Interchange Fee accounted<br />

for 90 percent of the MSC that Sainsbury’s<br />

had to pay. It challenged the Fee by reference<br />

to competition law, particularly Article 101 of<br />

the Treaty of the Functioning of the European<br />

Union 2012/C326/01, which directly affects<br />

the laws of the UK. Although Brexit could well<br />

change that, there is the equivalent section 2<br />

of the Competition Act 1998 affecting the UK.<br />

The judge, however, concentrated on Article<br />

101 of the Treaty.<br />


It prohibits certain agreements as being<br />

incompatible with the internal market. They<br />

include those which ‘have as their object or<br />

effect the prevention, restriction or distortion<br />

of competition within the internal market.’<br />

The price fixing of purchasing or selling<br />

prices or the fixing of other trading conditions<br />

is therefore banned. Undertakings must not<br />

‘limit or control production, markets, technical<br />

developments, or investments’. They may not<br />

‘share markets or sources of supply’ so undertakings<br />

may not place anyone at a disadvantage<br />

by the application of dissimilar conditions ‘to<br />

equivalent transactions with other trading parties’.<br />

The conclusion of contracts must not ‘be<br />

subject to supplementary usage’ which ‘have<br />

no connection with the subject matter…’. Any<br />

agreements prohibited by the Article ‘shall be<br />

automatically void’.<br />

There are differences between Article 101<br />

of the Treaty and section 2 of the Competition<br />

Act 1998. The Treaty refers to the internal<br />

market, but the Act is limited to the UK. The<br />

accomplishment of Brexit should not in consequence<br />

affect the general principles prohibiting,<br />

for example, ‘the prevention, restriction<br />

or distortion of competition within the United<br />

Kingdom’.<br />

These principles in the context of Multilateral<br />

Interchange Fees ‘MIF’ were part of an<br />

earlier case initiated by Sainsbury’s. They were<br />

considered in the Competition Appeal Tribunal<br />

(Sainsbury’s Supermarkets Ltd v Mastercard<br />

Inc [2016] Case No 1241/5/7/15 (T)). The<br />

Tribunal judges had to decide whether those<br />

fees had been set at an artificially high level.<br />

They were 90 percent of the Merchant Service<br />

Charge ‘MSC’ chargeable to Sainsbury’s. The<br />

judges also had to rule whether the MIF was a<br />

restriction on competition.<br />

There is, however, a possible exemption under<br />

Article 101(3). This includes an agreement,<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 20


AUTHOR – Peter Walker<br />

concerted practice, and the like contributing<br />

‘to improving the production or distribution<br />

of goods or to promoting technical progress,<br />

while allowing consumers a fair share of<br />

the resulting benefit.’ The agreement must<br />

not ‘impose on the undertakings concerned<br />

restrictions which are not indispensable to the<br />

attainment of these objectives. It must furthermore<br />

afford such undertakings ‘the possibility<br />

of eliminating competition in respect of a substantial<br />

part of the products in question.’<br />

There was another complication because<br />

the claimant was related to Sainsbury’s Bank<br />

plc, a participant in the Mastercard scheme.<br />

The claimant through this relationship could<br />

be regarded as a party to the alleged infringement,<br />

so the claim should then be barred because<br />

of illegality, i.e. ‘ex turpi causa non oritur<br />

actio’. That Latin phrase means that no right of<br />

action arises from a base cause. The Tribunal<br />

rejected this defence for various reasons<br />

including that, ‘Sainsbury’s Bank (and Sainsbury’s)<br />

does not bear ‘significant responsibility’<br />

for an infringement of Article 101 TFEU by<br />

MasterCard in relation to the setting of the UK<br />

MIF.’<br />

That was just part of the report of the case,<br />

which is around 300 pages long. The members<br />

of the Tribunal concluded that the agreement<br />

for Multilateral Interchange Fees was a restriction<br />

of competition under Article 101, and<br />

was not one of the allowed exceptions. There<br />

should instead have been a negotiated agreement<br />

between the two parties for a Bilateral<br />

Interchange Fee. Sainsbury’s was therefore<br />

awarded over £68 million.<br />


That would surely resolve Sainsbury’s case<br />

against Visa, but some other retailers challenged<br />

Mastercard, so Popplewell J had to<br />

consider that dispute in Asda Stores Ltd v<br />

Mastercard Inc. [2017] EWHC 93 (Comm). The<br />

retailers again questioned that Multilateral Interchange<br />

Fees charged by Mastercard were<br />

anti-competitive in breach of Article 101 of the<br />

Treaty. This was important to them, because<br />

since 2006 they had paid some £437 million in<br />

those Fees.<br />

Popplewell J consequently reviewed the<br />

decision of the Tribunal members in Sainsbury’s<br />

Supermarkets Ltd v Mastercard Inc. They had<br />

adopted what is called a counterfactual, a<br />

logical expression meaning in this context that<br />

a judge or judges should consider what would<br />

happen if the parties instead had made a<br />

voluntary bilateral exchange agreement, i.e.<br />

a contract negotiated between two of them<br />

rather than the multilateral interchange fees<br />

imposed by the Card company. This was<br />

unrealistic, because there would have to be a<br />

sufficient volume of retailers wishing to do so,<br />

and there was no evidence of there was such<br />

a volume. There was furthermore competition<br />

from the Visa scheme.<br />

Popplewell J ruled that, although the<br />

Multilateral Interchange Fees breached<br />

Article 101, the agreement benefited from<br />

the exemptions in Article 101(3). Participants,<br />

such as supermarkets, in such schemes<br />

benefited, because they had a commercial<br />

advantage over those competitors who<br />

would not accept payment cards. There<br />

was still room for disagreement for<br />

Phillips J in Sainsbury’s Supermarkets Ltd<br />

v Visa Europe Services LLC, but he should<br />

follow the decision in the Asda High Court case<br />

rather than the Tribunal Members’ ruling in<br />

Sainsbury’s v Mastercard.<br />


Phillips J noted that there were some differences<br />

in the card schemes. Mastercard similarly<br />

to Visa operated an open four-party scheme.<br />

Issuers offered both debit and credit cards and<br />

Mastercard stipulated the rules for the Multilateral<br />

Interchange Fees. Unlike Visa it offered<br />

a range of premium credit cards. American<br />

Express, Diners Club and some others operated<br />

three-party schemes, where, for example,<br />

American Express issued the cards and settled<br />

transactions with Merchants direct.<br />

After this explanation, Phillips J analysed<br />

the competitive aspect of Interchange Fees in<br />

the four-party scheme. Issuers of cards competed<br />

against each other, but so did Acquirers<br />

who were competing for the business of the<br />

Merchants. He noted that academics differed<br />

in their views about Interchange Fees.<br />

The European Commission furthermore<br />

had intervened to require Visa to reduce its<br />

levels of Multilateral Interchange Fees (24 July<br />

2002 (OJ L 318/17)). This exemption expired at<br />

the end of 2007. Visa later reached other agreements<br />

with the Commission. There was another<br />

development in Regulation (EU) 2015/75<br />

on Interchange Fees for card-based payment<br />

transactions.<br />

Whatever the regulations, Phillips J pointed<br />

out that he had to consider whether the Fees<br />

were anti-competitive and in breach of Article<br />

101. An agreement caught by the Article would<br />

reduce competitive intensity in the relevant<br />

market.<br />

He consequently rejected the reasoning in<br />

Asda v Mastercard concerning the anti-competitive<br />

nature of the agreement for Multilateral<br />

Interchange Fees. In any event, an agreement<br />

having the effect of restricting competition<br />

does not infringe Article 101 if it is objectively<br />

necessary for the main operation, i.e. in this<br />

case the entire scheme. The main operation<br />

itself must not infringe Article 101. This time<br />

Sainsbury’s lost the case.<br />

It is very complicated whether or not<br />

you agree with the decision of Phillips J – his<br />

conclusion that Multilateral Interchange<br />

Fees, in principle acceptable, seem to be<br />

commercially justifiable subject to safeguards.<br />

The judges of the Court of Appeal will have<br />

their say on this topic, and I appeal for a<br />

clarification of the reasoning.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 21



Sean Feast spoke to Joanna Elson OBE<br />

Cdir, Chief Executive of the Money<br />

Advice Trust (MAT), about life as a House<br />

of Commons Researcher, the debt advice<br />

sector, and the great outdoors.<br />

OSCAR Wilde once famously<br />

wrote that ‘everybody who<br />

is incapable of learning has<br />

taken to teaching’. Wilde<br />

clearly never met people like<br />

Joanna Elson, whose constant<br />

quest for learning has contributed to a career<br />

that has taken her from primary school teacher<br />

to Chief Executive of the Money Advice Trust.<br />

It has also led to the recognition of an OBE<br />

for her work in protecting some of the most<br />

vulnerable in society.<br />

Joanna’s journey to her current role has<br />

certainly been interesting. Her father, a civil<br />

servant with a specialist knowledge of farming,<br />

was continually on the move, taking his family<br />

with him. As such, Joanna’s early years were<br />

somewhat nomadic: “His work took him all<br />

over the country,” she explains, “until finally<br />

we moved from Newcastle to Nottingham,<br />

where we settled for ten years.”<br />

Educated at the local Comprehensive School<br />

– a vast establishment that had only recently<br />

merged the local grammar with two Secondary<br />

Moderns – she recalls little or nothing by way<br />

of career’s advice. A love of language, however,<br />

led her to university in Cardiff to read Modern<br />

English Studies: “It combined language with<br />

literature, and included a study of media and<br />

communications which I particularly enjoyed,<br />

and proved useful in my subsequent career.”<br />


While studying, she took on a number of casual<br />

jobs to help pay the bills and fund a university<br />

life. One was in a Post Office, putting mail into<br />

pigeon holes marked alphabetically, during<br />

which time they were visited by the then Prime<br />

Minister, Jim Callaghan.<br />

She also took on a number of temporary jobs<br />

in a wide range of workplaces: “No-one ever<br />

notices the ‘Temp’,” she continues, “but you<br />

notice everything, and being a fly on the wall<br />

you learn a great deal. I’d encourage anyone to<br />

get as much work and office experience as they<br />

can, especially when they’re young.”<br />

From University Joanna moved to London<br />

(“I never moved home again,” she laughs),<br />

where she spent time as a paid volunteer for<br />

the Community Service Volunteers, as well as<br />

some unpaid work in a play centre, working<br />

with disabled children. Attracted to the idea of<br />

teaching, she underwent Teacher Training as<br />

a post-Grad at Birmingham, before taking her<br />

first job as a Primary School teacher in Tower<br />

Hamlets.<br />

After two years Joanna realised that teaching<br />

was not for her: “I found the responsibility<br />

for those individual 30 children somewhat<br />

overwhelming,” she says, honestly. “The<br />

best teachers are those that can leave school<br />

problems at the front door, but I couldn’t quite<br />

do that.”<br />

She applied for and succeeded in gaining<br />

a job as a researcher for Joan Lestor MP (the<br />

late Baroness Lestor of Eccles, who for a time<br />

had been a Minister in the Wilson Cabinet)<br />

– her first introduction to Parliament and<br />

the workings of government. Further roles<br />

followed, working for a number of different<br />

MPs including Barbara Roche who held a<br />

series of briefs in the Home Office, the (then)<br />

Department of Trade and Industry (DTI) and<br />

the Cabinet Office. Joanna drafted speeches,<br />

researched issues and answered media queries,<br />

and perhaps her most exciting time came in<br />

1997 when she was seconded to the Labour<br />

Press Office in Millbank, under the watchful<br />

presence of Peter Mandelson (now Baron<br />

Mandelson PC). It was the day of the election<br />

that saw Tony Blair sweep to power:<br />

“It became clear that Labour was going<br />

to win, and that a large number of new and<br />

therefore relatively unknown politicians were<br />

going to be elected. It meant researching their<br />

backgrounds, interests and skills, and we<br />

worked all through the night.<br />

After the election, and having worked on<br />

a wide range of policy areas, Joanna joined<br />

the British Bankers’ Association (BBA) as an<br />

Executive Director eventually running its policy<br />

department for personal and small business<br />

customers. Her previous experience meant she<br />

was naturally inclined to matters of Corporate<br />

Social Responsibility (CSR), and her duties<br />

eventually included fundraising for the Money<br />

Advice Trust (MAT). After nine years with the<br />

BBA, and upon the departure of Robert Skinner<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 22

It became clear that Labour was<br />

going to win, and that a large number<br />

of new and therefore relatively<br />

unknown politicians were going to<br />

be elected. It meant researching their<br />

backgrounds, interests and skills,<br />

and we worked all through the night.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 23<br />

continues on page 24 >



(to be Chief Executive of the Banking<br />

Code Standards Board - now the Lending<br />

Standards Board), she moved to the Money<br />

Advice Trust as Chief Executive.<br />

“I had just had my third child, so the<br />

timing was not ideal.” she says, “but after<br />

being interviewed and offered the job, I<br />

simply threw myself into it. It combines<br />

two things that are important to me:<br />

tremendous job satisfaction and the<br />

opportunity to make a real and positive<br />

difference to peoples’ lives.”<br />


Joanna describes her role at the Money<br />

Advice Trust as being much like the<br />

conductor in an orchestra, making sure<br />

everything is happening in tune and at<br />

the right time. The Money Advice Trust’s<br />

vision is to help people tackle their debts<br />

and manage their money with confidence.<br />

It does so directly, through services<br />

like National Debtline (and its business<br />

equivalent, Business Debtline) and<br />

through the training and support of<br />

businesses and charities (including the<br />

free debt advice sector) that come into<br />

contact with people in debt or in financial<br />

difficulty.<br />

“National Debtline is an ‘assisted selfhelp’<br />

service,” Joanna explains, “giving<br />

customers the help and support to manage<br />

their debts with confidence; we work<br />

closely with other charities like Citizens<br />

Advice and StepChange to get people in<br />

need to the help they need as quickly and<br />

effectively as possible.”<br />

The figures are certainly impressive.<br />

Statistics for 2017 showed that National<br />

Debtline and Business Debtline provided<br />

help to more than 220,000 people by phone<br />

or webchat, with around 1.4 million visits<br />

to its sites. It also provided training to<br />

more than 160 creditor organisations on<br />

identifying and supporting customers in<br />

vulnerable circumstances.<br />

Joanna is very aware, however, that<br />

there is still much to be done. She sees<br />

real advantage in working collaboratively<br />

with other organisations and associations,<br />

across a range of sectors to find common<br />

ground and influence for good (“Good<br />

people make things happen,” she adds),<br />

and she is encouraged by how far such<br />

organisations and their members have<br />

come in recent years, particularly in the<br />

area of vulnerability.<br />


She would certainly like to see the<br />

Government doing more: “Consumers need<br />

to be able to get help and find help when<br />

they need it, and that is often a factor of<br />

resource. Demand is not the issue; there is<br />

not enough supply. We saw a 14 percent rise<br />

in the number of calls to National Debtline<br />

in 2017 compared to 2016. Customers<br />

need to be able to seek help early, and<br />

Government needs to ensure that such<br />

help is available.<br />

“Government – including local government<br />

- also needs to get its own house in<br />

order. We have seen the increased and, in<br />

my view, over use of bailiffs by Local Authorities<br />

(see report December 2017 issue<br />

of <strong>Credit</strong> <strong>Management</strong> page nine). It does<br />

not take much for an individual who is<br />

struggling to then fall into debt, and the<br />

public sector needs to catch up with the<br />

private sector, and learn from them as<br />

to the best ways of managing vulnerable<br />

people in debt.<br />

We need to look<br />

at regulation. The<br />

Financial Conduct<br />

Authority (FCA) regulates<br />

debt collection, but not<br />

enforcement and in<br />

certain areas, regulation<br />

needs to be better.<br />

“Also,” she continues, “we need to look<br />

at regulation. The Financial Conduct<br />

Authority (FCA) regulates debt collection,<br />

but not enforcement and in certain areas,<br />

regulation needs to be better.”<br />

Joanna says this includes looking at<br />

how commercially-based debt advice<br />

providers present themselves online: “If<br />

you type ‘National Debtline’ into Google,<br />

we are not necessarily the first name<br />

to appear, and this causes confusion<br />

for the public with other names that<br />

look similar, but are actually private<br />

sector organisations masquerading as<br />

charities.<br />

The Money Advice Trust was founded in 1991<br />

as an independent charity with the support<br />

of the Government, creditors and the advice<br />

sector more widely. One of its original<br />

aims was to work with partners to channel<br />

financial contributions from the creditor<br />

sector towards the funding of debt advice.<br />

By setting common standards and creating<br />

materials and courses, the Money Advice<br />

Trust and its partners have been at the<br />

forefront of ensuring quality and consistency<br />

of advice to people with debt problems.<br />

The Trust went on to run National Debtline,<br />

Business Debtline and to coordinate training<br />

across the sector through Wiseradviser.<br />

With demand for money advice consistently<br />

outstripping supply, finding more efficient<br />


So what will success look like for Joanna<br />

and her team? “Like many charities, we<br />

should be aiming to put ourselves out of<br />

business,” she confides.<br />

What it looks like in the short term,<br />

however, is to help more people in the most<br />

effective way, making steady, incremental<br />

improvements, stopping the wholesale<br />

use of bailiffs by Local Authorities, and<br />

giving consumers breathing space so that<br />

debt is not something to fear, as help is<br />

always available.<br />

The Money Advice Trust’s services<br />

have never been more in demand and,<br />

not surprisingly, Joanna’s energy and<br />

experience is also in demand. As well<br />

as being Chief Executive of the Money<br />

Advice Trust she is also on the Board of<br />

UK Finance as the consumer representative,<br />

a member of the advisory panel<br />

of the Commission for Financial Inclusion,<br />

the ABCUL/Lloyds Banking Group<br />

Grants Committee, H M Treasury’s Home<br />

Finance Forum, the Advisory Board at Birmingham<br />

University's Centre on Household<br />

Assets and Savings <strong>Management</strong> and<br />

served as the Chair of the BBA’s Financial<br />

Services Vulnerability Taskforce. She is<br />

also a Vice-Chair of the Friends Provident<br />

Foundation and a Chartered Director.<br />

With so much on, it is a surprise that<br />

Joanna has any time for a life outside of<br />

work, but since her days as a teacher, she<br />

has learned to leave most (though perhaps<br />

not all) of her worries at the front door.<br />

She is a keen walker, runner and cyclist,<br />

and likes nothing better than to be out<br />

with her husband, a head teacher, and<br />

their three children: “I guess I am an<br />

outdoors sort of person living a largely<br />

indoors sort of life,” she smiles.<br />

“Being outside keeps me on track.”<br />

ways of helping people with debt<br />

problems is core to the Trust’s work, such<br />

as the development of sector tools such<br />

as the Standard Financial Statement,<br />

CASHflow and free self-help packs for the<br />

advice sector to use with its clients.<br />

At the heart of the Trust’s approach<br />

is a belief that the best way to help<br />

people in debt is to empower them to<br />

help themselves. This assisted self-help<br />

approach allows people to control their<br />

own debt situation, resulting in better<br />

long–term financial health. The Trust’s<br />

head office is in Garlick Hill, London and<br />

its advice services are run from Tricorn<br />

House in Birmingham.<br />

The Trust employs c200 staff.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 24

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The construction industry can be<br />

a tricky sector for credit managers,<br />

but these issues are nothing new.<br />

AUTHOR – Derek Scott FCICM<br />

I<br />

have found all the media coverage The contract still needed to be completed, but<br />

on the collapse of Carillion very payments for the scaffold were made direct to<br />

interesting, but unless you have us by the council at a more favourable rate.<br />

worked in construction, particularly Over the years I encountered many more<br />

in sub-contracting, then you cannot notoriously slow payers, but with quality<br />

possibly understand the real credit now in place. A combination of<br />

problem.<br />

Firstly, the awarding of contracts without<br />

any due diligence into the financial position<br />

of the nominated contractor goes back almost<br />

to the relief of Mafeking!<br />

There appears to have been no checks<br />

in relation to its balance sheet, last profit<br />

and loss accounts, or its ability to pay<br />

sub-contractors? Often the lowest tender<br />

is awarded the contract. This applies to<br />

government, councils, public utilities and<br />

major businesses.<br />

The problem does not always end with<br />

the main contractor, it’s possible you have a<br />

chain. There could be a managing contractor<br />

and sub-contractors who will need to use<br />

risk assessment and external credit circle<br />

intelligence meant these companies could be<br />

identified before any business was entered<br />

into.<br />

After initially considering guarantees, and<br />

finding these unsatisfactory, my payment<br />

agreements were born. These have been<br />

covered with some scorn over the years, but<br />

out of dozens I put in place, they were never<br />

the subject of any disputes.<br />

If in trade credit you have a totally black<br />

and white credit policy, it may make you<br />

look very efficient, but in truth, you could be<br />

stifling the growth of your company. A true<br />

professional trade credit manager must ‘think<br />

outside the box’ of basic credit management<br />

other sub-contractors. I know first-hand how rules. Of course, there are risks, but<br />

dangerous these types of chains can be.<br />

I entered the world of construction at<br />

the beginning of 1970, recruited to clear<br />

numerous debts, some going back several<br />

years, and to dramatically reduce a Days Sales<br />

Outstanding (DSO), which stretched back to<br />

the horizon.<br />

One substantial debt was in relation to<br />

scaffolding supplied for a refurbishment<br />

contract given to a contractor by a large city<br />

in Scotland. The contractor had an impressive<br />

name, and what appeared to be an equally<br />

impressive head office address. The branch<br />

claimed there were no major issues and that<br />

the delay in settlement was entirely down to<br />

slow payment by the council.<br />

Having failed to obtain payment I flew to<br />

Scotland to meet him. His head office address<br />

was a room above a sweet shop next door to<br />

a garage. Our meeting took place on a park<br />

bench in the middle of a field. His share<br />

capital was £100, two shares issued.<br />

I did manage to recover the majority of<br />

the outstanding money, but as he soon went<br />

out of business we still incurred a bad debt.<br />

taking them is what you really earn your<br />

money for.<br />

There were instances where our customers<br />

were good payers, and we enjoyed excellent<br />

relationships with them, but higher up<br />

the chain was a ‘bad apple’. This required<br />

some real PR, voicing our concerns to<br />

clients and in most cases we were able to<br />

get round the problem. There were few real<br />

‘no go’ companies, mostly major contractors<br />

with very slow payment policies using the<br />

sub-contractors as free bank loans.<br />

I would never claim that we wouldn’t<br />

have lost any money following the collapse<br />

of Carillion, but I doubt our debt would<br />

have stretched as far back as many of the<br />

substantial sums involved. There would<br />

also have been some serious concern coming<br />

through from our credit circle members.<br />

I’m keen to know if those with Carillion<br />

service contracts contacted the Government<br />

regarding late payments? I certainly would<br />

have and suggested that unless some action<br />

was taken, we would pull the plug on our<br />

labour.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 26

One MP has tabled a private members<br />

bill on retention as it appears there could<br />

be a substantial sum of retention in the<br />

outstanding debts of Carillion. Members<br />

of my circle were discussing the problem<br />

of slow release of retentions 40 years<br />

ago. However, like many other doubtful<br />

aspects of the construction industry,<br />

nothing changes.<br />

When I joined the scaffolding company,<br />

my main energies were naturally<br />

focused on the very old debts and DSO.<br />

However, when these were sorted retention<br />

was one area I really started to look at<br />

in more detail.<br />

There was no flagging system in place<br />

to identify when retentions were due<br />

for payment. I found several amounts<br />

that were long overdue for payment. We<br />

started to clear the due retentions, which<br />

did begin to reduce the balance. But,<br />

as we cleared each amount, a new one<br />

replaced it.<br />

A true professional<br />

trade credit manager<br />

must ‘think outside<br />

the box’ of basic credit<br />

management rules. Of<br />

course, there are risks,<br />

but taking them is what<br />

you really earn your<br />

money for.<br />

I began to negotiate reducing the<br />

retention periods, as I didn’t see why they<br />

should be in place for scaffolding. If the<br />

building falls down after a year, I refuse<br />

to believe that it could be down to the<br />

fault of our equipment. But, in view of<br />

some of the very poor workmanship and<br />

shortcuts that are now coming to light,<br />

I can understand why some contractors<br />

consider taking a retention as necessary.<br />

If we led the field in one area it was<br />

discounts. Some of which you may be<br />

aware of, but others I feel, are unique to<br />

construction. So why could there not be<br />

a retention discount? Simply, what is the<br />

cost of money not being in our bank for<br />

anything up to 12 months plus?<br />

One question raised by both MPs and<br />

the media, is why were the huge financial<br />

problems of Carillion not spotted before?<br />

They possibly do not realise how easy it is<br />

in construction to hide your true financial<br />

position using ‘creative accounting’.<br />

I have the seen the ‘wool pulled over the<br />

eyes’ of many auditors, bank audit teams<br />

and credit agencies over the years. Some<br />

of these ‘wool pulling’ tactics include the<br />

valuation of your various assets and stock,<br />

leaving balances on the books relating to<br />

already finalised contracts, un-invoiced<br />

income, provisions, and my all-time<br />

favourite ‘work in progress’.<br />

I am doubtful that any real lessons will<br />

be learned from the collapse of Carillion,<br />

and in due course we’ll more than likely<br />

be back here again.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 27

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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 28

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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 29


Is theft just a<br />

retail problem?<br />

Looking at debt that often goes unreported<br />

and unrecovered<br />

DD 0113 261 6158 E kevin.feehan@dwf.law W www.dwf.law/recover<br />

Kevin Feehan<br />

Director of the Recoveries team<br />

SHOPLIFTING – there’s a term<br />

most people are familiar with<br />

and it is recognised that major<br />

retailers, many of whom we<br />

act for, are the victim of this<br />

criminal behaviour.<br />

What is less recognised is that theft<br />

often occurs by those we trust most,<br />

those we employ and those we work with.<br />

This takes many forms such as expense<br />

fraud, stealing cash or goods that you<br />

have within your business or defrauding<br />

your IT systems. In fact, statistics show<br />

when theft is carried out by colleagues,<br />

the values are significantly higher than<br />

the type of incident we associate with<br />

shoplifting, with an average colleague theft<br />

accounting for a loss of £1,031 (per British<br />

Retail Consortium Crime Survey published<br />

2015). That is before you take into account<br />

the cost to your business in respect of the<br />

time and resource spent investigating the<br />

incident, and the time spent dealing with<br />

the HR disciplinary process.<br />

What also isn’t recognised or admitted,<br />

is that theft isn’t just a retail problem, it<br />

happens in every industry and in every<br />

sector of the economy, from transport and<br />

logistics, to manufacturing, banking, local/<br />

central government and professional<br />

services (if you are reading this and<br />

aren’t on that list, I'm afraid to say you<br />

aren’t exempt). It might be more<br />

visible in the retail sector, given it<br />

employs 2.9 million people, but similar<br />

numbers of people are employed in the<br />

manufacturing sector, the construction<br />

sector and almost seven million people<br />

are employed in the public sector. In the<br />

retail sector it is estimated that customer<br />

and colleague theft costs £660 million per<br />

annum, and that is despite an average<br />

spend per retailer of £6.7 million per<br />

annum on crime and loss prevention.<br />

Imagine how high those numbers might<br />

be in industries where they don't focus on<br />

identifying, pursuing and deterring this<br />

type of criminal behaviour!<br />

In today's economic climate, it<br />

isn’t uncommon for my team to see<br />

instructions to recover a loss suffered by<br />

a client as the result of theft that exceeds<br />

£30,000. Your business will have defined<br />

processes for dealing with debts owing<br />

to you (except the very smallest ones)<br />

and this may well include your credit<br />

control team pursuing payment and<br />

the use of an external company, such<br />

as DWF, to provide escalation and legal<br />

action if necessary. I imagine it’s safe to<br />

say that where the ‘debt’ relates to a loss<br />

suffered as the result of theft or fraud,<br />

you probably don't have a similar defined<br />

process, which means you probably don't<br />

look to recover the value that has been<br />

stolen from you.<br />

Beyond the obvious reason for seeking<br />

to recover the value that has been stolen<br />

from you (would you let a customer off<br />

£1,000 let alone £30,000 without trying<br />

to recover it), there are other very good<br />

reasons to seek to recover your loss. The<br />

most important is the deterrent factor. It<br />

is commonly said that there is a 10-80-10<br />

rule in relation to propensity to steal; ten<br />

percent never will, ten percent always will<br />

and 80 percent might if they thought the<br />

chances of getting away with it were great<br />

enough, or the reward high enough. You<br />

deter the 80 percent who ‘might’ by taking<br />

away the potential reward (getting your<br />

loss back) and by making it known that<br />

you do this.<br />

In fact, statistics show<br />

when theft is carried<br />

out by colleagues, the<br />

values are significantly<br />

higher than the type of<br />

incident we associate<br />

with shoplifting<br />

Where DWF is instructed to recover loss<br />

resulting from theft, it is often also asked<br />

to recover monies owed as the result of<br />

an overpayment of salary (overpayments<br />

due to late notice changes to payroll,<br />

excess holidays taken, non-repayment<br />

of loans and non-return of property<br />

etc.) as well. These can occur during<br />

the course of employment or following<br />

termination of employment (either in the<br />

type of scenario discussed above where<br />

you've been the victim of theft, or in the<br />

more straightforward situation where<br />

an employee leaves). Recovery of these<br />

overpayments is not always a simple<br />

process, but failure to seek to recover<br />

these debts is like throwing money away.<br />

This information is intended as a general<br />

discussion surrounding the topics covered<br />

and is for guidance purposes only. It does<br />

not constitute legal advice and should<br />

not be regarded as a substitute for taking<br />

legal advice. DWF is not responsible for<br />

any activity undertaken based on this<br />

information.<br />

As a CICM member you can receive free legal advice from<br />

DWF visit the cicm website and click on the free advice line.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 30

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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 31


Adam Bernstein<br />

focuses on Austria,<br />

looking at the people,<br />

economy and trading<br />

opportunities.<br />

Part one<br />

HUNGRY<br />

FOR A BIT OF<br />

AUSTRIA?<br />

Hallstatt lakeside town in the Alps, Austria


AUTHOR – Adam Bernstein<br />

LANDLOCKED and steeped<br />

in history, the largely<br />

mountainous nation that is<br />

Austria, famous for composers<br />

Mozart and JS Strauss,<br />

psychoanalyst Sigmund Freud,<br />

automotive engineer Ferdinand Porsche,<br />

the Alps and the Rothschild family of<br />

bankers and investors, is underestimated<br />

as an export destination.<br />

Formed post World War I from the<br />

remnants of the Austro-Hungarian<br />

Habsburg dynasty that itself was<br />

hammered into existence following a<br />

number of military encounters between<br />

European nations, the country has played<br />

a pivotal role in modern European history.<br />

Both the assassination of Archduke Franz<br />

Ferdinand of Austria in June 1914 and the<br />

rise to power of fellow countryman, Adolf<br />

Hitler, are inexorably tied to the Europe we<br />

see today.<br />

Today, Austria is a parliamentary democracy<br />

that comprises nine federal states.<br />

It’s stable politically and economically and<br />

has become an attractive location for the<br />

headquarters of many foreign firms.<br />


A mixed population, just under 25 percent<br />

(1.8 million out of an estimated 8.7<br />

million), live in the one city – the capital<br />

Vienna. There are, however, a number of<br />

other urban areas to note that include Graz<br />

(265,000), Linz (191,000), Salzburg (145,000)<br />

and Innsbruck (122,000). The country has<br />

been a member of the United Nations<br />

since 1955 and the European Union since<br />

1995 (and is in the borderless zone that was<br />

created by the Schengen Agreement). It is<br />

not a member of NATO, although it does<br />

have ties to the organisation. That said, the<br />

Organization for Security and Co-operation<br />

in Europe, Comprehensive Nuclear Test<br />

Ban Treaty Organization, and Organization<br />

of the Petroleum Exporting Countries are<br />

all homed in Austria.<br />

It’s interesting to note, but not surprising<br />

considering Austria’s geographical<br />

position, that the country has a relatively<br />

high number of foreign born inhabitants<br />

numbering 1.27 million, they make up<br />

15.2 percent of the total population. Of<br />

these, 764,000 were born outside of the EU.<br />

Statistik Austria, the country’s statistical<br />

office, believes that 415,000 are the<br />

descendants of foreign born immigrants<br />

that originally came from Germany, Turkey,<br />

Serbia, Croatia, Bosnia and Slovenia.<br />

Despite having a rich culture, it’s worth<br />

noting that the Financial Times reported<br />

(in October 2015) that despite spending<br />

€4.5 billion in 2013 on tertiary education,<br />

Austria has one of the lowest graduation<br />

rates. It also found that ‘literacy skills are<br />

poor compared with other industrialised<br />

countries.’ Partly this is the result of<br />

education only being compulsory to age 15,<br />

and partly because the educational system<br />

separates students into one of three school<br />

types that generally determine their future.<br />

Highly motivated, articulate children<br />

move on to a Gymnasium (school – not<br />

fitness club), which feeds universities. The<br />

majority attend middle school and move<br />

on to trade school. The FT found that the<br />

‘unlucky bottom nine percent attend high<br />

schools that prepare them for little more<br />

than low-skilled, low-paid jobs’.<br />

Nevertheless, Austria is, according to the<br />

World Bank, a ‘high income’ country with<br />

a GNI per capita of $45,239 and Trading<br />

Economics reckons that Austria’s economy<br />

is growing at 2.6 percent. Austria was in<br />

the first wave of countries who, in 1999,<br />

introduced the euro.<br />

There’s a strong<br />

industrial base that<br />

makes up 29 percent<br />

of the economy and a<br />

well-developed service<br />

sector that represents<br />

around 69 percent.<br />

Importantly, until<br />

Brexit at least, the UK<br />

faces no import tariffs.<br />

It’s telling that of Austria’s trading<br />

partners, Germany is its biggest (29 percent<br />

of exports and 37 percent of imports) and<br />

as of 2015, it’s other main import partners<br />

are Italy, China, Switzerland and the Czech<br />

Republic. Exports, on the other hand,<br />

go mainly to the USA, Italy, Switzerland,<br />

France and Slovakia.<br />

Imported goods are machinery and<br />

equipment, motor vehicles, chemicals,<br />

metal goods, oil and oil products; and<br />

foodstuffs. Exports are machinery and<br />

equipment, motor vehicles and parts, paper<br />

and paperboard, metal goods, chemicals,<br />

iron and steel, textiles, foodstuffs.<br />


The UK Government, in a 2015 export<br />

document, considers Austria to offer much<br />

potential to exporters, notwithstanding<br />

the effects of Brexit. There are in excess<br />

of 400,000 SMEs that make up 99 percent<br />

of all Austrian companies, there’s a strong<br />

industrial base that makes up 29 percent of<br />

the economy and a well-developed service<br />

sector that represents around 69 percent.<br />

Importantly, until Brexit at least, the UK<br />

faces no import tariffs.<br />

While selling to commerce means<br />

finding innovative solutions that are well<br />

priced – after all, no firm is going to move<br />

to a new supplier unless there’s good cause<br />

– public bodies find and select suppliers<br />

through a public tendering process. Details<br />

of tenders are published in a number of<br />

locations including the Wiener Zeitung<br />

and other newspapers, as well as on an<br />

official site run by the Bundesbeschaffung<br />

GmbH (BBG). Created in June 2001, the<br />

BBG acts as a central procurement agency<br />

for the federal Government of Austria in<br />

compliance with EU legislation. The agency<br />

is run as a limited liability company but is<br />

owned by the Austrian Ministry of Finance.<br />

More information is available at (bbg.gv.at/<br />

english/image-video/).<br />

Procurements worth less than €100,000<br />

are not subject to tendering regulations<br />

and can be purchased directly by the given<br />

body. The purchase of items that cost more<br />

than €100,000 and less than €414,000 are<br />

subject to Austrian regulations. Tenders<br />

that are below the EU threshold are listed<br />

on the official BBG website (bbg.gv.at/<br />

lieferanten/ausschreibungen/alle/).<br />

Purchases of goods or services worth<br />

more than €414,000 must be tendered<br />

through the EU. These are published on the<br />

TED database (ted.europa.eu/TED/misc/<br />

chooseLanguage.do).<br />

In terms of business sectors, Austria<br />

has interests in advanced manufacturing,<br />

especially in automotive – both traditional<br />

and electric. Healthcare is also a strong<br />

target for exporters because the country’s<br />

health system is very extensive which<br />

means opportunities for specialist,<br />

premium quality and price-competitive<br />

items.<br />

Those seeking to gain a foothold in the<br />

environmental sector should be aware that<br />

innovation is the key to success. Standard<br />

products and services will not do well and<br />

indeed, the Austrian market focuses on<br />

energy production and new manufacturing<br />

techniques.<br />

And with regard to services, there are<br />

strong opportunities in cyber-defence<br />

and cyber-security for those wanting to<br />

approach financial services, corporates<br />

and SMEs. Allied to this are opportunities<br />

in financial services, franchising,<br />

e-commerce and high-value luxury goods.<br />

Adam Bernstein is a freelance business<br />

writer<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 33


FECMA Country Profile<br />

Sean Feast speaks to Rudolf Keßler at the<br />

Bundesverband <strong>Credit</strong> <strong>Management</strong> Österreich.<br />

AUSTRIA is officially the<br />

Republic of Austria, a federal<br />

republic and a landlocked<br />

country with a population of<br />

more than 8.7 million people.<br />

Austria covers 32,386 sq mi<br />

and the majority of the population speaks<br />

local Bavarian dialects of German as their<br />

native language, and German in its standard<br />

form is the country's official language. Other<br />

local official languages are Hungarian,<br />

Burgenland Croatian, and Slovene.<br />

Austria is the 12th richest country in<br />

the world in terms of GDP per capita, has<br />

a well-developed social market economy,<br />

and a high standard of living. Until the 80s,<br />

many of Austria's largest industry firms<br />

were nationalised; in recent years, however,<br />

privatisation has reduced state holdings<br />

to a level comparable to other European<br />

economies.<br />

Germany has historically been the main<br />

trading partner with Austria. At least 67<br />

percent of Austria's imports come from<br />

other European Union member states.<br />

Tourism accounts for almost nine<br />

percent of Austrian GDP. In 2007, Austria<br />

ranked ninth worldwide in international<br />

tourism receipts, with $18.9 billion. In terms<br />

of international tourist arrivals, Austria was<br />

12th with 20.8 million people.<br />

The Financial crisis of 2007–2008 dented<br />

the Austrian economy causing the Hypo Alpe-<br />

Adria-Bank International to be purchased in<br />

December 2009 by the Government for one<br />

euro owing to credit difficulties, thus wiping<br />

out the €1.63 billion of BayernLB.<br />

Between 1995 and 2010, there were<br />

4,868 mergers and acquisitions involving<br />

Austrian companies worth 163 billion euros:<br />

Bank Austria by Bayerische Hypo- und<br />

Vereinsbank for 7.8 billion EUR in 2000,<br />

Porsche Holding Salzburg by Volkswagen<br />

Group for 3.6 billion euros in 2009, and<br />

Banca Comercială Română by Erste Group<br />

for 3.7 billion euros in 2005.<br />

Rudolf Keßler<br />

How many members do you have?<br />

We currently have 49 members<br />

Where are you based?<br />

Lugeck 1-2, 1010 Vienna<br />

What training do you provide?<br />

We have a training course in modern<br />

claims management that is run<br />

over two weekends. We also provide<br />

excellent networking opportunities.<br />

How would you describe the country’s<br />

attitude to late payment?<br />

Payment behaviour can be described as<br />

‘very good’ in Austria. According to 2017<br />

figures, companies are typically paid<br />

within 29 days (a fall of one day since<br />

2016). The other categories are ‘Private’<br />

(17 days), ‘Communities’ (30 days) and<br />

‘Countries’ (36 days).<br />

Are there any specific laws/regulation<br />

regarding late payment?<br />

A Late Payment law was launched in<br />

<strong>March</strong> 2013. This was a new statutory<br />

provision for payments made in a<br />

contractual relationship. The debtor<br />

has the choice between transferring the<br />

amount of money to the creditor (cash<br />

payment or transfer), or a bank transfer<br />

to a bank account of the creditor.<br />

In the event of subsequent changes<br />

to the creditor's domicile or its bank<br />

details, the creditor must bear the<br />

increase in risk and expense that is<br />

caused as a result. If the debt is paid by<br />

bank transfer, the debtor must grant the<br />

transfer order in good time so that the<br />

amount due is credited to the creditor's<br />

account when due. If the due date is not<br />

determined in advance, the debtor must<br />

issue the transfer order without undue<br />

delay after the occurrence of the event<br />

relevant for the due date. The debtor<br />

bears the risk of delay or failure to<br />

credit the creditor's account (unless<br />

the bank is at fault<br />

There is also special regulation<br />

for the entrepreneur/consumer<br />

relationships. If cash is not the<br />

customary method of payment<br />

within the contractual relationship,<br />

the entrepreneur must inform the<br />

consumer of their bank details such<br />

that the account can be settled. This<br />

does not apply to other methods<br />

of payment such as credit cards. If<br />

the debt owed by a consumer to a<br />

business owner is settled by bank<br />

transfer, the timeliness of fulfillment<br />

means that the consumer issues the<br />

transfer order on the due date.<br />

In terms of arrears, the statutory<br />

late payment interest rate is 9.2<br />

percent above the base rate. The base<br />

interest rate, which is valid on the<br />

first calendar day of a half year, is<br />

fixed for the respective half year. If the<br />

debtor is not at fault for the payment<br />

delay, interest of four percent per<br />

annum is payable.<br />

The duration of a statutory or<br />

contractual acceptance or review<br />

procedure is limited to 30 calendar<br />

days from the date of receipt of<br />

the goods or services. Contractual<br />

agreements are permissible over a<br />

period of acceptance or inspection<br />

lasting more than 30 days, but subject<br />

to the proviso that such an agreement<br />

is not grossly unfair to the creditor.<br />

In the event of delay in the<br />

payment of monetary claims,<br />

the creditor is entitled to claim a<br />

lump sum of €40 from the debtor<br />

as compensation for any costs of<br />

collection.<br />

Contractual provisions on the date<br />

of payment, the term of payment,<br />

the interest on arrears or the<br />

compensation for operating costs<br />

shall be null and void if they entail a<br />

serious disadvantage for the creditor.<br />

Contacts for further information:<br />

Lisa Mahr (Assistant)<br />

+43 720 982 970<br />

mahr@bvcm.at<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 34

Supplement special<br />

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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 35

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MANAGING cashflow, and<br />

challenging the ongoing<br />

scourge of late payment,<br />

continues to be a key theme<br />

for the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> (CICM) and other professional<br />

business organisations, who are determined<br />

to use their skills and influence to support<br />

British businesses in a post-Brexit world. We<br />

are determined, too, to share our knowledge<br />

and experience to help build an economy<br />

that is the platform for future growth and<br />

prosperity.<br />

Creating a community of like-minded<br />

professionals is part of what we do. We<br />

are committed to making a difference, to<br />

develop and share best practice, and work<br />

with Government to bring about change.<br />

We are committed, too, in developing a<br />

new generation of credit management<br />

professionals, while never losing sight of<br />

the needs of our existing members, and<br />

supporting them at every stage of their<br />

professional development.<br />

Government certainly recognises the<br />

vital role that our members play. Ministers<br />

are similarly alive to the need for better<br />

payment practices, as evidenced by the<br />

recent introduction of the Duty to Report<br />

regulations, and the appointment of the<br />

Small Business Commissioner. Professional<br />

credit management – and qualified credit<br />

managers – have never been more in<br />

demand.<br />

The CICM UK British <strong>Credit</strong> Awards seek<br />

to recognise individuals and companies that<br />

demonstrate the very highest standards<br />

of excellence and were voted for by a<br />

distinguished panel of judges. So whether<br />

you were a winner, highly commended, or<br />

simply made the short-list, you can be proud<br />

of what you have achieved.<br />

Philip King FCICM<br />

Chief Executive<br />

Philip King, FCICM<br />

Chief Executive of the CICM<br />

Judging Panel <strong>2018</strong>:<br />

Stephen Baister FCICM, (President) Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

Sean Feast MCIPR MPRCA, Director, Gravity London,<br />

Managing Editor of <strong>Credit</strong> <strong>Management</strong> magazine<br />

Amir Ali, Chairman, Civil Court Users Association (CCUA)<br />

Lesley Batchelor OBE, Director General of the Institute of Export and<br />

International Trade (IOE)<br />

Glenn Collins, Head of Technical Advisory at ACCA<br />

Matthew Davies, Director of Communication and Government Affairs, UK Finance<br />

Adrian Hyde, President of R3<br />

Debbie Nolan FCICM, Arvato UK and Ireland<br />

Charles Wilson FCICM, Chairman at Lovetts Solicitors<br />

Karen Young, Director, Hays Accountancy & Finance<br />

Brenda Linger FCICM, Vice President, CICM<br />

Sponsorship:<br />

Headline sponsor:<br />


Hosted by:<br />

Twitter:<br />

@cicm_hq<br />

#cicmawards<strong>2018</strong><br />

To view more photographs of the event visit:<br />


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

<strong>Credit</strong> Information Provider of the Year<br />

Winner<br />

Dun & Bradstreet<br />

Sponsored by<br />

Judges' comment: “Very strong entry with<br />

clear results, evidenced by impressive<br />

customer testimonials. An innovative<br />

product that should bring clear benefit to<br />

the credit function.”<br />

Finalists:<br />

CoCredo, <strong>Credit</strong> Assist,<br />

Graydon UK, PurplePatch<br />

Presenter: Josef Busuttil FCICM Federation of European <strong>Credit</strong> <strong>Management</strong> Associations<br />

Collector of award: Tim Vine, Head of European Trade <strong>Credit</strong><br />

<strong>Credit</strong> Insurance Specialist of the Year<br />

Winner<br />

<strong>Credit</strong> and<br />

Business Finance<br />

Sponsored by<br />

Judges' comment: “Since winning the<br />

award in 2017, this company has continued<br />

to innovate and push the boundaries of<br />

insurance broking.”<br />

Finalist:<br />

Nexus CIFS<br />

Presenter: Jo Kettner, CEO<br />

Collector of award: Matthew Green, Sales Director<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 38

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

Risk <strong>Management</strong> Achievement of the Year<br />

Winner<br />

Company Watch<br />

Sponsored by<br />

Judges' comment: “Company Watch has<br />

developed an algorithm to analyse key<br />

phrases from corporate reporting that<br />

enables it to better forecast corporate<br />

insolvencies.”<br />

Finalists: Aggregate Industries UK<br />

Alphabet GB, Graydon UK,<br />

Invictus Risk Solutions<br />

Presenter: Brian Morgan, Product Director<br />

Collector of award: Adam Tucker, Chief Data Scientist<br />

Consumer <strong>Credit</strong> Team of the Year<br />

Winner<br />

Lending Stream<br />

Sponsored by<br />

Judges' comment: “An exciting business<br />

doing exciting things, developing a new<br />

and innovative product (‘Drafty’) in a<br />

competitive sector.”<br />

Finalist:<br />

Cardiff University<br />

Presenter: Dr Stephen Baister FCICM President of the CICM<br />

Collector of award: Tushar Dar<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 40

Commercial <strong>Credit</strong> Team of the Year<br />

Winner<br />

Kier<br />

Sponsored by<br />


Judges' comment: “A high performing<br />

team focused on continuous improvement.<br />

Clear goals and objectives, clearly met.”<br />

Finalists: Adecco UK & Ireland<br />

Aggregate Industries UK, Allied Bakeries<br />

Atradius Collections, Ian Williams<br />

European Metal Recycling, TXM Group, Veolia<br />

Environmental Services (UK), Xoservce<br />

Presenter: George Miles, Managing Director<br />

Collector of award: Martin Kirby, Head of Order to Cash<br />

Commercial Collections Team of the Year<br />

Winner<br />

HM Revenue and<br />

Customs Debt<br />

<strong>Management</strong><br />

Telephone Centre,<br />

Livingston<br />

Sponsored by<br />

Finalists: Accenture GCP Ireland<br />

Aggregate Industries, BT, JLL<br />

HM Revenue & Customs - Debt <strong>Management</strong><br />

Telephone Centre, Cumbernauld, Liverpool,<br />

Sthree, HM Revenue & Customs - Field Force<br />

HM Revenue & Customers - Large Business Unit<br />

Presenter: Laurie Beagle FCICM, Chair of the CICM<br />

Collector of award: Ronnie Peters and Derek Bryce<br />

Judges' comment: “HMRC showed a clear focus on people and engagement,<br />

with specific initiatives such as the use of Digital ambassadors and<br />

champions of health and wellbeing to further improve the business culture. A<br />

great team led by a great leader.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 41

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

Third Party Debt Collection Team of the Year<br />

Winner<br />

Hilton-Baird<br />

Collection Services<br />

Sponsored by<br />


Judges' comment: “A strong entry from a<br />

good business clearly doing good work,<br />

with excellent client testimonials and good<br />

evidence of customer satisfaction.”<br />

Finalists: Atradius Collections<br />

Flint Bishop, Grosvenor Services Group<br />

(a part of Echo Managed Services)<br />

HLW Keeble Hawson, Themis Global<br />

Presenter: Sean Feast, Managing Editor <strong>Credit</strong> <strong>Management</strong> magazine<br />

Collector of award: Alex Hilton-Baird, Managing Director<br />

Legal Team of the Year<br />

Winner<br />

Shoosmiths<br />

Sponsored by<br />

Judges' comment: “A clear winner;<br />

impressive entry from a stand-out<br />

company with tangible business results.”<br />

Finalists: Blaser Mills, DWF<br />

HLW Keeble Hawson, Flint Bishop<br />

Shakespeare Martineau, Shulmans<br />

Stevensdrake Solicitors<br />

Presenter: Wayne Whitford, Director<br />

Collector of award: Karen Savage, Partner & Head of Commercial Recoveries<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 42



If you are looking for an outstanding HCEO with nationwide coverage to enforce your<br />

outstanding judgments, HCE Group offers:<br />

› An extensive range of enforcement services<br />

› The largest High Court enforcement company in England and Wales<br />

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› Nationwide highly trained and qualified enforcement agents<br />

Get in touch today to find out how we can become your ideal enforcement partner.<br />


› Enforcement of judgments and tribunal awards<br />

› Eviction of activists, squatters and travellers<br />

› Eviction of commercial and residential tenants<br />

› Commercial landlord services<br />

› Tracing and process serving<br />

› Vehicle recovery and enquiry<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 43<br />

TO FIND OUT MORE or instruct us, call 08450 999 666 or visit www.hcegroup.co.uk

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

Project of the Year<br />

Winner<br />

Adler and Allan<br />

Sponsored by<br />

Judges' comment: “In a most impressive<br />

project, Adler and Allan took prompt and<br />

effective action to deliver real world impact<br />

in incredibly difficult circumstances.”<br />

Finalists: Flint Bishop, Aggregate Industries UK,<br />

Medway Council, QA, United Utilities<br />

Ascent Performance Group, DWF<br />

Business Services Organisation - Accounts<br />

Receivable, Hitachi Capital Invoice Finance<br />

Presenter: Luke Broadhurst, <strong>Credit</strong> Strategy<br />

Collector of award: Darren Allardyce, Group <strong>Credit</strong> Manager<br />

Best use of <strong>Credit</strong> Technology<br />

Winner<br />

Court Enforcement Services<br />

Sponsored by<br />

Presenter: Barry Seamons, Director | Collector of award: Daron Robinson, Operations Director<br />

Finalists: Ascent Performance Group, Acenture GCP Ireland,<br />

<strong>Credit</strong> Assist, Iwoca, Loomis, Aggregate Industries UK,<br />

Nimbla UCAS, Impellam Group,<br />

Judges' comment: “The results speak for themselves – a hugely<br />

impressive entry detailing a bespoke technology developed<br />

in-house, with strong commendations from its clients.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 44

Employer of the Year<br />

Winner<br />

Aggregate Industries UK<br />

Sponsored by<br />

Presenter: Karen Young, Director | Collector of award: Phil Rice, Head of <strong>Credit</strong><br />

Finalists: Adecco UK & Ireland, CoCredo, HM Revenue & Customs - Field Force<br />

Lending Stream, QA, Sodexo U&I<br />

Judges' comment: “A story of genuine<br />

engagement, putting people at the heart of<br />

the business.”<br />

Learning and Development Impact Award<br />

Winner<br />

High Court<br />

Enforcement<br />

Group<br />

Sponsored by<br />

Finalists: ABB, Aggregate Industries UK<br />

<strong>Credit</strong> <strong>Management</strong>, Trust Ford, QA<br />

<strong>Credit</strong> <strong>Management</strong> Training<br />

European Metal Recycling<br />

Hays Specialist Recruitment<br />

Saint Gobain Building Distribution<br />

Presenter: Dr Debbie Tuckwood, Head of Education & Professional Development CICM<br />

Collector of award: David Grimes, Head of Training and Development & Alan J Smith, Director of<br />

Corporate Governance.<br />

Judges' comment: “In another very competitive category, HCEG showed<br />

strong evidence of a real commitment to training, contributing to a high<br />

employee retention rate and increased productivity.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 45

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

Customer Service Hero award<br />

Winner<br />

Preet Garcha –<br />

Aggregate<br />

Industries UK<br />

Sponsored by<br />

Finalists: Callum Skears - Commsave<br />

Laura Patterson - Business Services Organisation<br />

(Accounts Receivable)<br />

Lauren Rogers - Adecco UK & Ireland<br />

Lauren Royle - Veolia<br />

Mustapha Mellali - AECOM Middle East<br />

Selina Purdy - Business Services Organisation<br />

(Accounts Receivable)<br />

Sinead McNamee - Business Services<br />

Organisation (Accounts Receivable)<br />

Presenter: Charlotte Turner, Director | Collector of award: Preet Garcha, Senior Specialist<br />

Judges' comment: “In another closely fought category, Preet stuck out as being<br />

dedicated to her employer her profession and her personal development. She<br />

is a credit to her company, the CICM and the industry.”<br />

Rising Star of the Year<br />

Winner<br />

Maxine Montgomery<br />

– HM Revenue and<br />

Customs<br />

Sponsored by<br />

Finalists: Amanda Willis - Adecco UK & Ireland<br />

Amy Dykes - HM Revenue & Customs<br />

Carolyn Mackay - Contract Scotland<br />

David Macgregor - HM Revenue & Customs<br />

Helen Felstead - Trust Ford<br />

Manying Liu - Veolia<br />

Paige Smith - Aggregate Industries UK<br />

Sarah Jordan - Business Services Organisation<br />

Sarah Hardacre - Sodexo UK&I<br />

Sharon Kelly - HM Revenue & Customs<br />

Presenter: Edward Thorne, Managing Director | Collector of award: Maxine Montgomery<br />

Judges' comment: “Described as being ‘head and shoulders above her peers’,<br />

Maxine demonstrates a flexibility and willingness to go the extra mile.”<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 46

Congratulations<br />

to the <strong>2018</strong> winners.<br />

Delighted to have been shortlisted this year for these categories:<br />

<strong>Credit</strong> Information Provider of the Year, Risk <strong>Management</strong> Achievement of the Year,<br />

and Alan Norton as the <strong>Credit</strong> Professional of the Year.<br />

Proud award winner:<br />

<strong>Credit</strong> Information Provider of the Year 2016<br />

Risk <strong>Management</strong> Achievement of the Year 2016 and 2017!<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 47<br />


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2018</strong><br />

<strong>Credit</strong> Professional of the Year<br />

Winner<br />

Phil Rice –<br />

Aggregate Industries<br />

Sponsored by<br />

Finalists: Alan Norton - Graydon UK<br />

Brendan Clarkson - Moore Stephens<br />

Derek Bryce - HM Revenue and Customs<br />

Diana Keeling - Ian Williams<br />

Elisabeth Doppelhofer - Adecco UK & Ireland<br />

Isaac Mireku - Harley-Davidson Europe<br />

Joanna Carnell - Trust Ford, David Scottow - DWF<br />

John Ricketts - Ardent <strong>Credit</strong> Services<br />

Lanslord Asumakah - Maglans Micro-<strong>Credit</strong><br />

Lynette Fegan - Business Services Organisation<br />

Nancy Cameron - HM Revenue & Customs<br />

Steve Charter - TXM Group<br />

Presenter: Richard Marriage, Managing Director | Collector of award: Phil Rice, Head of <strong>Credit</strong><br />

Judges' comment: “In a hugely competitive category, with a number of<br />

outstanding entries, Phil is highly respected among his peers and considered<br />

a beacon in the credit industry.”<br />

Responsible Approach to Consumers award<br />

Winner<br />

United Utilites<br />

Judges' comment:<br />

“Interesting initiative in<br />

a challenging and highly<br />

competitive industry.”<br />

Sponsored by<br />

Presenter: Lesley Batchelor OBE Director General, Institute of Export and International Trade | Collector of award: Michelle Atkinson, Head of Income<br />

This award is open to any organisation supporting consumers, and particularly those who are vulnerable, through any aspect of the credit<br />

life cycle. Entries might come from the advice sector, lenders, collection agencies, the enforcement sector, or organisations granting credit to<br />

consumers. The judges will be looking for evidence of an exemplary ‘treating customers fairly’ approach or measures to manage and support<br />

consumers suffering financial difficulty.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 48

Presenter: Brenda Linger FCICM, CICM Vice President<br />

Collector of award: Claire Seaton ACICM<br />



Winner<br />

Claire Seaton ACICM<br />

Presenter: Simon Blackwell, Managing Director<br />

Collector of award: Darren Allardyce, Group <strong>Credit</strong> Manager<br />

WINNER<br />


Winner<br />

Adler and Allan<br />

Sponsored by<br />

Sponsored by<br />

An annual award presented to the<br />

candidate who achieved the highest<br />

aggregate CICM examination pass-marks<br />

within the calendar year 2017.<br />

Presented to the winning entry that most<br />

impressed the judges.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 49

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 50

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 51




We believe a job well done should be celebrated.<br />

That’s why we’re pleased to have sponsored the<br />

award for ‘Employer of the Year’ at the recent<br />

CICM British <strong>Credit</strong> Awards.<br />

We are proud to have been involved in an event that<br />

raises the profile of the industry, recognises and rewards<br />

credit professionals for their hard work and commitment<br />

and promotes credit management as an exciting career.<br />

Whether you are looking for a credit risk analyst, team<br />

leader or credit control administrator, we can find the<br />

best talent to help meet your requirements, across the<br />

public and private sectors.<br />

We work exclusively in corporate partnership with the<br />

CICM, providing invaluable careers advice and support<br />

to our candidates and clients.<br />

Congratulations to all the winners and all those<br />

shortlisted for the awards.<br />

Whether you’re looking to recruit or considering your<br />

next career move, we have the expertise to help you.<br />

Contact your recruitment expert on 020 3465 0017 or visit<br />

hays.co.uk/offices.<br />

Proud sponsors of the<br />

CICM British <strong>Credit</strong> Awards <strong>2018</strong><br />

hays.co.uk/creditcontrol<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 52


VAT in the GCC<br />

What you need to know about the introduction<br />

of the tax in the Middle East.<br />

AUTHOR – Lesley Batchelor<br />

Lesley Batchelor<br />

THE recent imposition of<br />

Value Added Tax (VAT) in<br />

the United Arab Emirates<br />

and the Kingdom of Saudi<br />

Arabia (KSA), as part of the<br />

Gulf Cooperation Council’s<br />

(GCC) overall move towards introducing<br />

it throughout the region by the end of<br />

2019, is already impacting significantly on<br />

businesses trading into the Middle East.<br />

With China also reforming its own VAT<br />

regime in recent years, the GCC’s adoption<br />

of VAT could spark more emerging markets<br />

around the world into adopting the indirect<br />

tax for the first time.<br />

So how can businesses account for<br />

this new form of taxation in the GCC and<br />

prepare for its possible continual spread<br />

around the world?<br />


The OECD describes VAT as a tax on ‘final<br />

consumption that is broadly neutral towards<br />

the production process and international<br />

trade’. Though many ‘developed’ countries<br />

have been using it since the 70s and<br />

80s, it is in the last two decades that<br />

‘developing’ countries have introduced<br />

VAT. This has largely been done in order<br />

to replace lost revenues from trade taxes<br />

as countries have opened up their trading<br />

borders as part of the move towards a<br />

globalised economy.<br />

A common VAT framework in Europe<br />

was a key facilitator in the creation of<br />

the common market in the EU, removing<br />

unequal indirect taxes from markets<br />

within the union that were designed<br />

to protect member country’s domestic<br />

industries. Indeed, whether the UK<br />

continues its membership of the EU VAT<br />

union post-Brexit will have a significant<br />

impact on the nature of its future trading<br />

relationship with the EU.<br />

China’s VAT reform of 2016 – in which<br />

VAT was implemented as the country’s<br />

only indirect tax, rather than operating in<br />

conjunction with the Business Tax which<br />

had applied for a number of industries –<br />

also made many headlines. The reform<br />

was a key tactic in Beijing’s efforts to<br />

restructure the Chinese economy toward<br />

becoming more service-oriented and<br />

toward having a greater focus on valueadded<br />

manufacturing, rather than the<br />

labour-intensive low-end manufacturing<br />

it had been renowned for before.<br />


The GCC is now set to adopt VAT for the<br />

first time, with the KSA and UAE adopting<br />

it since the start of 2017. It was introduced<br />

at a standard rate of five percent – one of<br />

the lowest rates of VAT charged globally.<br />

This followed the signing of ‘The<br />

Unified Agreement for Value Added Tax<br />

of the Cooperation Council for the Arab<br />

States of the Gulf’ by all six GCC states in<br />

2017 – including Kuwait, Qatar, Bahrain<br />

and Oman as well. This committed all of<br />

the GCC nations to launch a harmonised<br />

VAT regime within two years – a move that<br />

will surely signal more open trade with<br />

and within the region.<br />


There are, however, going to be some<br />

differences in the application of the rules<br />

across the states as the agreement sets<br />

some requirements as compulsory and<br />

others as optional for consideration at<br />

a local level. This means that national<br />

and local economic and political<br />

circumstances may affect the exact<br />

implementation of VAT across the region.<br />

Unlike with direct taxes, when a VATregistered<br />

business sells to a goods or<br />

service business in the KSA and UAE,<br />

they will generally need to both charge<br />

an extra five percent on top of the sales<br />

from the customers of each eligible sale<br />

‘Output VAT’ and pay five percent VAT on<br />

top of the goods or services purchased<br />

from other taxable businesses ‘Input VAT’.<br />

Businesses need to account for<br />

five percent from all eligible sales<br />

separately from their revenue in order<br />

to later remit a portion of it to the KSA<br />

or UAE governments. Businesses need<br />

to note how much VAT they collect from<br />

customers and subtract from it the total<br />

VAT it paid in that same period.<br />

Businesses operating in both countries<br />

need to register for VAT and comply with<br />

VAT obligations including issuing tax<br />

invoices, filling periodical VAT returns,<br />

and so on. All resident businesses with<br />

taxable sales in the past 12 months – or<br />

expected sales in the next 12 months –<br />

that exceed a certain threshold will be<br />

required to register for, collect, and remit<br />

VAT.<br />

Note that some limited goods and<br />

services – like financial services or<br />

residential real estate – are exempted<br />

from VAT. There are also ‘zero-rated’<br />

goods and services that are legally taxable<br />

but taxed at a VAT rate of zero percent.<br />


If you’re uncertain about your VAT<br />

obligations when selling into the gulf<br />

region – or any other region for that<br />

matter – feel free to get in touch with us at<br />

the Institute of Export and International<br />

Trade.<br />

Lesley Batchelor OBE FCICM is Director<br />

General of The Institute of Export and International<br />

Trade.<br />

The reform was a key<br />

tactic in Beijing’s<br />

efforts to restructure<br />

the Chinese economy<br />

toward becoming more<br />

service-oriented and<br />

toward having a greater<br />

focus on value-added<br />

manufacturing<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 53


TRADE<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />


JAPAN'S firm economic expansion<br />

is continuing, and consumption<br />

is picking up – and in the funny<br />

world we live in now, a pick-up<br />

in inflation is considered good<br />

news (albeit only from zero to 0.3<br />

percent a year). Of course, the country is<br />

best known as an exporter, but is it a good<br />

import market for British goods?<br />

The answer seems to be yes. The UK's<br />

biggest single export to Japan is financial<br />

services, and Japan is also the UK's<br />

second largest market for royalty income<br />

and a good market for media sales<br />

(apparently Doctor Who has a particularly<br />

fervent following). Machinery, power<br />

generation, chemicals and pharma also<br />

do well, but we should be doing much<br />

more in new technologies (particularly lowcarbon)<br />

and in high end consumer brands.<br />

The demand is there – and for companies<br />

at the bleeding edge, they may find<br />

interesting projects, for instance in hybrid<br />

transport. Consumer goods manufacturers<br />

should look at the huge Japanese<br />

e-commerce sector, including giant<br />

Rakuten, as a way into the market. Building<br />

relationships is important anywhere, but<br />

it's the key to getting into the Japanese<br />

market. Finding a good distributor, or a<br />

good collaboration, may take time but will<br />

pay off in the long term. But you'll want to<br />

check out their financial standing as well<br />

as their business cards!<br />




Trade insurers are currently putting<br />

the boot into the UK retail sector,<br />

discontinuing cover for Maplins,<br />

New Look, and Poundland. You might<br />

remember that the last time we saw this<br />

kind of headline news was in 2008-9 when<br />

the economy was in the doldrums after<br />

the credit crunch, and Woolworths went<br />

bust shortly after it lost its cover.<br />

Now, as an exporter, you might not care<br />

about half the British high street going<br />

bust. But the likelihood is that insurers<br />

who are taking the pain are going to look<br />

to make up their losses elsewhere, and<br />

that means higher premiums on all kinds<br />

of trade insurance. Rycroft Associates<br />

expects a 'substantial' increase in trade<br />

credit insurance premiums in <strong>2018</strong>, after<br />

two decades during which the cost of<br />

insurance effectively halved.<br />

I have a nasty feeling that even if the<br />

problems are mainly UK-based (with<br />

insolvencies including Palmer & Harvey<br />

last year, and now Carillion), increased<br />

pain together with an upwards move in<br />

interest rates will eventually start pushing<br />

up prices for exporters, too. Make sure<br />

you're on top of what you're paying, and<br />

have alternative sourcing in place if your<br />

insurers get a bit too ambitious.<br />


It’s all change in Angola, with new president<br />

Joao Lourenço moving more quickly<br />

than expected to reform the economy.<br />

He's abandoned the dollar peg which had<br />

devoured the country’s foreign exchange<br />

reserves as low oil prices hit the economy,<br />

as well as replacing management at many<br />

state-owned enterprises. The bond markets<br />

love him – Angolan debt was the best<br />

performing emerging market paper in the<br />

last quarter of 2017.<br />

The upshot has been a 12 percent<br />

depreciation of the kwanza – and there’s<br />

likely to be further derating. That will put<br />

pressure on the country’s foreign exchange<br />

reserves and on government debt.<br />

However, Angola still looks like a good<br />

bet for exporters. It has high economic<br />

growth, with a young population, and the<br />

UK is already a large investor in the country.<br />

British firms do well in capital goods such<br />

as industrial machinery and chemicals,<br />

and there are great opportunities in the<br />

infrastructure and agriculture sectors - but<br />

education could be the real goldmine, as<br />

there are plans to make English compulsory<br />

in schools, and that should prime the<br />

pumps for private and advanced language<br />

training. Just make sure you’re not getting<br />

paid in kwanza - or get properly hedged.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 54




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Atradius has been picking its favourite<br />

emerging markets for <strong>2018</strong>, and it’s an<br />

interesting list, which includes only one<br />

of the four 'BRICs', India. There’s a strong<br />

Central American focus, with Costa Rica,<br />

Panama, and Colombia on the list, while<br />

Africa and Asia score two each – Morocco<br />

and Senegal, Indonesia and Vietnam.<br />

Emerging Europe has a single pick: the<br />

Czech Republic.<br />

It's a wide spread as far as sectors go.<br />

The auto sector will do well in Czechia and<br />

Morocco, both orientated towards the EU<br />

markets, as well as Vietnam with its zerotariff<br />

access to ASEAN states; construction<br />

and heavy machinery exporters can take<br />

advantage of huge infrastructure projects<br />

in Senegal, Costa Rica, Panama, and<br />

India, by far the largest market. There are<br />

opportunities in healthcare in Costa Rica<br />

and Panama, while private consumption is<br />

driving the consumer sector and retail in<br />

Senegal, Vietnam, Indonesia and India.<br />

Costa Rica is a small market – just<br />

5m population - and the economy is<br />

very US-dependent, but so far, Trump<br />

hasn't targeted the country. Manageable<br />

foreign debt, with a relatively high rate of<br />

dollarisation, make the economy pretty<br />

While Bitcoin soars and e-commerce<br />

expands, trade finance remains resolutely<br />

wedded to paper as a means of getting<br />

things done. That has a high cost – one<br />

bank reckons its trade finance staff spend<br />

50 percent of their time on checking and<br />

compliance, and checking paper-based<br />

documentation is time-consuming and<br />

can't easily be automated. Letters of<br />

<strong>Credit</strong> have taken a long time to<br />

dematerialise – despite huge advantages.<br />

Banco Bilbao Vizcaya Argenteria (BBVA)<br />

has used blockchain technology to reduce<br />

the time needed to authorise a Spain/<br />

Mexico deal from ten days to a couple of<br />

hours, but other banks are still not putting<br />

their toes in the water.<br />

Shippers still depend on paper, too.<br />

Unbelievably, CargoDocs didn’t really get<br />

started till 2010, issuing its first electronic<br />

Bill of Lading on January 25 that year. But<br />

while with 4,500 customers it's changing<br />

life in agricultural commodities, minerals,<br />


resilient. There are opportunities in the<br />

services sector, as well as in infrastructure<br />

- particularly green tech (Costa Rica aims<br />

to be carbon neutral by 2021) - but perhaps<br />

most interesting to note, the Costa Rican<br />

consumer loves a wee dram of whisky!<br />

Meanwhile Mexico, which has got<br />

on the wrong side of President Trump,<br />

is still chugging along at two percent<br />

economic growth. Though there’s some<br />

political uncertainty with elections ahead,<br />

government finances are good, with four<br />

months’ foreign exchange reserves, and<br />

that should give the country time to refocus<br />

its exports on Mercosur and the Pacific<br />

Alliance. Watch out for the weak peso, but<br />

don't write Mexico off as an export market.<br />

Meanwhile Mexico,<br />

which has got on the<br />

wrong side of President<br />

Trump, is still chugging<br />

along at two percent<br />

economic growth.<br />

and the energy sector, other sectors are still<br />

using dead trees to communicate with each<br />

other – with all the costs that involves.<br />

If you’re still using paper, it’s time you<br />

started looking for alternatives. And if your<br />

bank tells you that you’ve got to use paper,<br />

it might be time to look for an alternative<br />

bank as well!<br />

BBVA has used<br />

blockchain technology<br />

to reduce the time needed<br />

to authorise a Spain/<br />

Mexico deal from ten days<br />

to a couple of hours, but<br />

other banks are still not<br />

putting their toes in the<br />

water.<br />


GBP/EUR 1.149 1.225 Up<br />

GBP/USD 1.430 1.372 Down<br />

GBP/CHF 1.348 1.292 Down<br />

GBP/AUD 1.798 1.728 Up<br />

GBP/CAD 1.765 1.708 Up<br />

GBP/JPY 156.578<br />

149.125 Down<br />


It’s nice to see Colas UK winning a major<br />

contract for Hoima International Airport, in<br />

Uganda backed by UK Export Finance. Uganda<br />

is a great country for British exporters –<br />

rapidly urbanising, with good demographics<br />

and a lot of infrastructure projects as well<br />

as the oil and gas developments which are<br />

helping transform its economy.<br />

This deal makes history – at £215 million<br />

it's UKEF's largest ever loan to an African<br />

Government. But Colas isn't stopping there<br />

– the company has targeted East Africa<br />

as an area for strategic expansion, and as<br />

well as visiting Uganda with a UK trade<br />

delegation, spent time in Ethiopia, another<br />

booming market for construction and project<br />

management.<br />


I try to limit the number of stories I write<br />

about whisky, but the industry is so full of<br />

great business ideas it’s difficult to do so.<br />

The latest great idea is collaboration<br />

blending. Fusion Whisky blends whiskies<br />

made in Scotland with great whiskies from<br />

elsewhere. It's already known for The Glover,<br />

which marries Longmorn and Glen Garioch<br />

with the famed Hanyu from Japan, and<br />

it's just announced a blend of Amrut, from<br />

Bangalore, India, with The Macallan and Glen<br />

Elgin. Around 80 percent of this whisky will<br />

probably be exported.<br />

That underlines the global nature of today’s<br />

markets. In craft beer, too, collaborative<br />

brewing across national borders has become<br />

popular – Wetherspoons regularly invites<br />

foreign brewers to come and work with<br />

British breweries.<br />

I hate to think of the amount of paperwork<br />

Fusion Whisky has to do, though.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 55

Membership<br />

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to all of these benefits<br />

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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 56



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Here’s how you and your team can get involved<br />

Share your activities with us<br />

by emailing creditweek@cicm.com<br />

WIN<br />

A bottle of<br />

champagne<br />

Create a limerick<br />

Try your hand at writing a short limerick<br />

or poem about <strong>Credit</strong> Week or <strong>Credit</strong><br />

<strong>Management</strong>. Don’t forget to share it<br />

with us and we will send a bottle of<br />

champagne to our two favourites.<br />

Treat your team<br />

Whether you take them out for lunch<br />

or buy in a round of ice creams, let your<br />

team know their hard work hasn’t gone<br />

unnoticed.<br />

Frame your poster<br />

Download the ‘I Love <strong>Credit</strong>’ poster<br />

from our website, frame it in your<br />

office and take a photo to share with<br />

us. Bonus points will be given for those<br />

who get creative with the frames.<br />

Check for updates<br />

Be sure to keep checking our website<br />

throughout the week as we will be<br />

adding updates, competitions and<br />

webinars.<br />

Set challenges<br />

Take the opportunity to create a little<br />

competitive spirit among your team<br />

with a few achievable challenges –<br />

from hitting a KPI to having an<br />

employee of the week award.<br />

Get noticed<br />

Generate awareness in your company<br />

or your team by wearing fancy dress<br />

or hosting a bake-off competition<br />

between departments.<br />

<strong>Credit</strong> Week | 12-16 <strong>March</strong> <strong>2018</strong><br />

We hope that you will be able to join us throughout the week but even if you are<br />

unable to attend, we hope you will join us by participating in any of the above activities.<br />

Remember to share the things your are doing at creditweek@cicm.com<br />

and check back for updates at www.cicm.com<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 58


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The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 59


Spinning Around<br />

The latest monthly business to business payment<br />

performance statistics.<br />

AUTHOR – Jason Braidwood FCICM(Grad)<br />

DOUBLE standards is a<br />

criticism that could be<br />

levelled at the culture<br />

of late payments in the<br />

UK. Businesses will be<br />

meticulous, and indeed<br />

relentless when it comes to chasing<br />

payment from their suppliers, but will<br />

adopt a far more relaxed approach to<br />

paying their own supplier invoices.<br />

The question is whether that approach<br />

is intentional or should be blamed on<br />

ineffective invoice processes within<br />

a business that make late or delayed<br />

payment an inevitability. On the basis that<br />

I’m a half-glass-full kind of person and<br />

giving the benefit of doubt, let us assume it<br />

is more likely down to failing processes or<br />

ineffectual technology.<br />

According to research by Sapio, one in<br />

three UK businesses cite invoice processing<br />

timescales as the primary reason for late<br />

payment. Frustratingly, this is the link<br />

in the chain that can be quite quickly<br />

improved. Invoicing processes do not<br />

need to be laborious – newer automation<br />

technologies take away the stress and can<br />

ensure that suppliers are paid instantly<br />

or well within agreed terms. This is<br />

particularly important and well received<br />

by smaller businesses, or any business that<br />

needs to keep a tight grip on cashflow.<br />

It is also a matter of reputation and<br />

responsibility; the foundations of any good<br />

business along with fair business conduct,<br />

but this can all be easily eroded through<br />

late payment. Avoiding any reputational<br />

shortcoming is paramount, but particularly<br />

when it can be a relatively ‘quick win’ such<br />

as prompt payment.<br />


Spinning around is a very apt description<br />

for patterns of payment we have seen<br />

across many of the sectors in the last<br />

month. Not in a Kylie Minogue ‘spinning<br />

around’ sense, but in a back-to-front,<br />

upside-down sense, where we’ve seen<br />

sectors do a complete 180 on their<br />

payment performance.<br />

Take the Public Administration sector,<br />

which has spun out in completely the<br />

wrong direction. The sector stood at the<br />

top of the leader board last month having<br />

dropped its days beyond terms (DBT)<br />

down by nearly eight days. Fortunes have<br />

reversed and the sector has piled on the<br />

pounds again, adding eight days back<br />

on to its total DBT. Interestingly, this is a<br />

trend we saw at the same time last year,<br />

so we could be seeing a seasonal slip in<br />

payment efficiencies for the sector.<br />

It is a similar story for the Energy<br />

sector, which last month managed to<br />

shed nearly four days from its DBT, only<br />

to add a whole week. That sees the sector<br />

pushing its average DBT to over 20 days – a<br />

staggering uplift and the first time we’ve<br />

seen a sector cross the 20-day threshold in<br />

the last 12 months. For a sector that has its<br />

own code of practice for accurate billing –<br />

it is debatable if they’re taking their own<br />

advice.<br />

Spinning in the right direction is the<br />

Mining sector that went from last place<br />

adding nearly three days to its DBT, to<br />

this month dropping back down again by<br />

nearly four days. The sector still stands at<br />

an average of 12.8 DBT, far higher than it<br />

should be but still positions it in the lower<br />

50 percent of the list of sectors.<br />

The same is also true of the Hospitality<br />

sector, which dropped the three days it<br />

had added at the start of <strong>2018</strong>. We heard<br />

recently that the sector is the ‘most sleep<br />

deprived profession in the UK’, but they’re<br />

certainly not sleeping on the job this<br />

month when it comes to efficiently paying<br />

its suppliers.<br />

According to research<br />

by Sapio, one in three UK<br />

businesses cite invoice<br />

processing timescales<br />

as the primary reason<br />

for late payment.<br />

Frustratingly, this is the<br />

link in the chain that<br />

can be quite quickly<br />

improved.<br />

Improved performance is always<br />

welcome news, but inconsistent<br />

performance is not. It leads to questions<br />

over responsible business practices,<br />

which in turn leads to reputational<br />

uncertainty.<br />


It was recently reported that fewer than<br />

20 big Scottish companies have complied<br />

with legislation aimed at tackling<br />

late payment to their suppliers. New<br />

regulations such as The Payment Practices<br />

and Performance Reporting (PPPR) mean<br />

that larger businesses (with revenues<br />

over £36 million or 250+ employees)<br />

should produce reports every six months<br />

outlining their payment practices and<br />

policies.<br />

This is pertinent news in light of the<br />

fact that our monthly tracking highlights<br />

that this month, Scotland is the worst<br />

performing region in terms of its payment<br />

practices, with DBT rising by over three<br />

days to reach 17 DBT, the worst performing<br />

region in over a year. It is also the second<br />

month in a row that Scotland has found<br />

itself in the ‘worst performing’ list – a sign<br />

the uptake of adhering to a better code of<br />

payment conduct is slow.<br />

To end on a brighter note, East Anglia<br />

has returned to its ‘best performing’ status<br />

having knocked nearly four days off its<br />

monthly DBT. This is the lowest DBT score<br />

for the region in the last quarter.<br />

Jason Braidwood FCICM(Grad),<br />

Head of <strong>Credit</strong> and Collections at<br />

<strong>Credit</strong>safe Business Solutions<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 60


Sector<br />

Scotland<br />

17.2 DBT<br />

Getting Better<br />

Getting Worse<br />

Mining and<br />

Quarrying<br />

-3.8<br />

Public<br />

Administration<br />

+8.0<br />

Hospitality<br />

-3.6<br />

Energy Supply<br />

+7.8<br />

Real Estate<br />

-1.6<br />

IT & Comms<br />

+6.5<br />

Agriculture,<br />

Forestry &<br />

Fishing<br />

-0.3<br />

Water &<br />

Waste<br />

+2.3<br />

Education<br />

0.0<br />

International<br />

Bodies<br />

+1.3<br />

Northern<br />

Ireland<br />

11.9 DBT<br />

0.2<br />

0.4<br />

0.8<br />

2.2<br />

2.2<br />

2.3<br />

3.3<br />

Getting Worse<br />

Wales<br />

North West<br />

12.8 DBT<br />

London<br />

West Midlands<br />

East Midlands<br />

Northern Ireland<br />

Top Five Prompter Payers<br />

Yorkshire & Humberside<br />

Top Five Prompter Payers January 18 Change from December 17<br />

Education 8.3 0.0<br />

Agriculture, Forestry & Fishing 8.9 -0.3<br />

Yorkshire &<br />

Entertainment 9.2 0.0<br />

Humberside<br />

Hospitality 10.1 -3.6<br />

12.5 DBT<br />

Real Estate 10.2 -1.6<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 61<br />

Bottom Five Poorest Payers<br />

The same is also true of the<br />

Sector Hospitality sector, which<br />

dropped the three days it<br />

Region<br />

had added at the start of<br />

<strong>2018</strong>. We heard recently that<br />

Bottom Five Poorest Payers January 18 Change from<br />

Energy Supply 20.1 7.8<br />

Professional and Scientific 17.3 0.2<br />

Public Administration 16.6 8.0<br />

Business Admin & Support 16.2 0.4<br />

Manufacturing 15.8 0.9<br />

East<br />

Midlands<br />

12.8 DBT<br />

Mining and<br />

the sector is the Getting ‘most Better<br />

Sector<br />

sleep<br />

West<br />

Quarrying Hospitality Real Estate<br />

Midlands<br />

East Anglia<br />

Getting Better<br />

deprived East Anglia profession -3.8 -3.6 -3.6 in the -1.6<br />

Wales 13.6 DBT<br />

13.4 DBT<br />

15.0 DBT<br />

UK’, but South they’re East -0.7<br />

Getting Worse<br />

certainly<br />

Public<br />

Administration Energy Supply<br />

Region<br />

London<br />

not sleeping<br />

North West<br />

on<br />

-0.1the job this<br />

15.2<br />

+8.0 +7.8<br />

DBT<br />

0.2 South West<br />

South East month<br />

Agriculture,<br />

Mining and<br />

Forestry &<br />

South West Quarrying Hospitality 12.1 Real DBTEstate<br />

Fishing<br />

Education 0.2 Wales<br />

Getting Better<br />

Getting Better 11.6 -3.8<br />

Region<br />

DBT -3.6 -1.6 -0.3 0.0<br />

Top Five Prompter<br />

0.4<br />

PayersLondon<br />

East Anglia -3.6<br />

Getting Worse<br />

Top Five Prompter Payers 0.8 West January 18 Midlands<br />

Change from December 17<br />

Public<br />

Water & International<br />

South East -0.7<br />

Administration Energy Supply IT & Comms Education Waste<br />

Bodies 8.3 Scotland 0.0<br />

2.2<br />

+8.0 +7.8<br />

Agriculture, Forestry & Fishing East 8.9 Midlands 17.2 DBT<br />

+6.5 +2.3<br />

-0.3<br />

North West -0.1<br />

+1.3<br />

Entertainment 9.2 0.0<br />

2.2 Northern Ireland<br />

ottom Five Poorest Payers<br />

0.2 South West<br />

Hospitality 10.1 -3.6<br />

Real Estate 2.3 Yorkshire 10.2 -1.6 & Humberside<br />

Getting Better 0.2 Wales Sector<br />

Region January 18 Top Change Five Prompter from December Payers 17<br />

Bottom Five Poorest 3.3Payers<br />

Scotland<br />

0.4 London<br />

Scotland East 17.2 Anglia -3.6 Top 3.3 Five Prompter Payers January 18 Change from December 17 Bottom Five Poorest Payers Northern<br />

Getting Worse January 18 Change from December 17<br />

Ireland<br />

Education 0.8 West 8.3 Midlands 0.0<br />

Energy Supply 20.1 7.8<br />

London 15.2 0.4<br />

11.9 DBT<br />

North West<br />

Agriculture, Forestry & Fishing 8.9 -0.3<br />

Professional and Scientific 17.3 0.2<br />

South East -0.7<br />

Wales 15.0 Entertainment 0.2<br />

9.2 0.0<br />

Public Administration 16.6 Scotland<br />

12.8 DBT<br />

2.2 East Midlands<br />

8.0<br />

Hospitality 10.1 -3.6<br />

Business Admin & Support 16.2 17.2 0.4 DBT<br />

West Midlands North 13.6 West -0.1 Real<br />

0.8<br />

2.2<br />

Estate<br />

Northern<br />

10.2 -1.6<br />

Ireland<br />

Manufacturing 15.8 0.9<br />

East Anglia 13.4 -3.6<br />

2.3 Yorkshire & Humberside<br />

0.2 South West<br />

West<br />

3.3<br />

Midlands<br />

Scotland<br />

Top Five Prompter Payers<br />

13.6 DBT<br />

Getting Worse<br />

Top Five Prompter Payers<br />

Region January 18 Change from December 17<br />

South West 11.6 0.2<br />

Northern Ireland 11.9 2.2<br />

South East 12.1 -0.7<br />

Yorkshire Scotland<br />

Humberside 12.5 2.3<br />

East Midlands 12.8 2.2<br />

Region<br />

Wales<br />

15.0 DBT<br />

IT & Comms<br />

+6.5<br />

Yorkshire &<br />

Humberside<br />

12.5 DBT<br />

East<br />

Midlands<br />

12.8 DBT<br />

Region January 18 Change from December 17 London Region<br />

15.2 DBT<br />

South West 11.6 0.2<br />

Scotland<br />

South East<br />

Northern Ireland Northern 11.9 2.2 South West<br />

London 12.1 DBT<br />

South East Ireland 12.1 -0.7 11.6 DBT<br />

Wales<br />

Yorkshire and Humberside 11.9 12.5 2.3<br />

West Midl<br />

DBT<br />

North West Yorkshire &<br />

East Midlands 12.8 2.2<br />

East Angli<br />

12.8 Humberside<br />

DBT<br />

12.5 DBT<br />

Bottom Five Poorest Payers<br />

Region January 18 Change from December 17<br />

Scotland 17.2 3.3<br />

London 15.2 0.4<br />

Wales 15.0 0.2<br />

West<br />

West Midlands 13.6 0.8<br />

Midlands<br />

East Anglia 13.4 -3.6<br />

Wales<br />

15.0 DBT<br />

13.6 DBT<br />

South West<br />

11.6 DBT<br />

Agriculture,<br />

Forestry &<br />

Fishing<br />

-0.3<br />

W<br />

Bottom F<br />

+<br />

Bottom Five P<br />

Energy Sup<br />

Professiona<br />

Public Adm<br />

Business Ad<br />

Manufactur<br />

Bottom<br />

East Angl<br />

13.4 DBT<br />

East<br />

Midlan<br />

12.8<br />

London<br />

15.2 DBT



CICM qualifications<br />

CICM has started an exciting programme to introduce a<br />

new generation of CICM qualifications. With a simpler<br />

structure clearly linked to credit and collections roles.<br />

Do you love your role and are looking to develop your career in credit and collections? Where<br />

better to start than a programme of study leading to internationally recognised qualifications.<br />

CICM qualifications are regulated by the qualifications regulators in England, Wales and Northern<br />

Ireland and delivered globally to give trusted credentials wherever your career takes you.<br />

WHAT’S NEW?<br />

Combined qualifications –<br />

One for each level<br />

No matter what your area of work<br />

or level of job role, there are CICM<br />

qualifications to work towards. Later<br />

this year, CICM will phase out separate<br />

qualifications in debt collection and<br />

credit management and introduce a<br />

new Certificate and Diploma in <strong>Credit</strong><br />

and Collections.<br />

><br />


The new qualifications will have a<br />

simpler structure which means that<br />

you need just two awards for a CICM<br />

Certificate or four for a CICM Diploma.<br />

You will earn a certificated CICM<br />

award for each assessment you pass,<br />

and internationally recognised digital<br />

badges with regulated certificates on<br />

completion of each qualification.<br />

Taking Control<br />

of Goods<br />



Level 2 Certificate in <strong>Credit</strong> and<br />

Collections<br />

The Level 2 Certificate in <strong>Credit</strong> and<br />

Collections is the new CICM qualification<br />

expectation for professionals working<br />

at operations level. Closely linked<br />

to the <strong>Credit</strong> Controller/Collector<br />

Apprenticeship, you can choose from<br />

seven awards covering credit control,<br />

debt collection and enforcement areas.<br />

You will earn a certificated CICM award<br />

for each assessment you pass and you<br />

need two awards for the CICM Level 2<br />

Certificate in <strong>Credit</strong> and Collections<br />

Level 2 is likely to be the starting point<br />

if you are new to the profession or have<br />

limited business education. If you would<br />

like to develop further, you could add a<br />

further two awards to achieve a Level<br />

2 Diploma in <strong>Credit</strong> and Collections, or<br />

start working directly towards CICM<br />

Level 3 awards.<br />

><br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 62


><br />


Level 3 Diploma in <strong>Credit</strong> Collections<br />

ACICM<br />

The Level 3 Diploma in <strong>Credit</strong> and<br />

Collections is the new CICM benchmark<br />

for advanced credit, collections and<br />

enforcement practioners or team<br />

leaders; holders will be eligible for<br />

Associate Membership of the Chartered<br />

Institute of <strong>Management</strong>. Closely linked<br />

to the Advanced <strong>Credit</strong> Controller/Debt<br />

Collections Specialist apprenticeship,<br />

the qualification covers in-depth<br />

business and more advanced, rolespecific<br />

knowledge and skills. Also, you<br />

will have the opportunity to specialise in<br />

credit risk, collections or recoveries and<br />

enforcement work. <strong>Credit</strong> professionals<br />

may start at this level, especially if they<br />

are well qualified or are involved in more<br />

complex work.<br />

You will earn a certificated CICM<br />

award for each assessment you pass<br />

and the Level 3 Diploma in <strong>Credit</strong> and<br />

Collections when you pass four awards,<br />

including either one of the <strong>Credit</strong><br />

<strong>Management</strong> Awards (Trade, Consumer,<br />

Export or the combined award) or the<br />

new CICM Debt Collections Award. This<br />

qualification gives you eligibility to<br />

Associate Membership and professional<br />

letters ACICM.<br />

All assessment will be at Level 3 and<br />

therefore you will no longer be able to<br />

transfer credit from Level 2 to the Level<br />

3 Diploma. As a result, if you would like<br />

recognition of any Level 2 <strong>Credit</strong> you<br />

have already achieved, you will need to<br />

complete your Level 3 Diploma in <strong>Credit</strong><br />

<strong>Management</strong> before this qualification is<br />

withdrawn after January 2020.<br />


Level 5 Diploma in <strong>Credit</strong> <strong>Management</strong> MCICM(Grad)<br />

CICM does not propose any major changes to the current Level 5<br />

Diploma because the standard is pitched at the right level for<br />

senior roles and is the perfect step for those looking to study at<br />

degree level.<br />

However, CICM recognises the current Diploma is significantly<br />

larger than previous versions which makes completing it difficult<br />

given the demanding roles of many managers. Also, depending on<br />

area of work, some modules are more relevant than others.<br />

As a result, CICM will require completion of only four out of six<br />

awards for the Level 5 Diploma in <strong>Credit</strong> <strong>Management</strong> from October<br />

<strong>2018</strong>. Going forward you can still study all areas and will receive<br />

CICM certificated awards for any additional Level 5 modules<br />

completed. In this way, CICM retains the current, highly valued<br />

modules, gives choice, and establishes opportunities for further<br />

study for those who perhaps are not looking immediately to take<br />

the next step to a MBA Degree.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 63<br />

What if you are part-way through a<br />

CICM qualification?<br />

CICM will continue to certificate awards up<br />

until and including January 2020 to give time<br />

for completion of qualifications under current<br />

arrangements. However, CICM will gradually<br />

replace old assignments with assessments<br />

linked to the new qualifications. Also, CICM<br />

will arrange exemption arrangements at no<br />

additional cost to you, so that where possible<br />

you can transfer to the new qualifications<br />

directly if you prefer.<br />

What to do next<br />

Look out for further advice in future<br />

communications. If you have any<br />

queries, please do not hesitate to email<br />

professionalqualifications@cicm.com. CICM<br />

will email all learners about the changes and<br />

so if you are not currently receiving emails<br />

from CICM, please send your current contact<br />

details to cicmmembership@cicm.com.

How is Brexit likely<br />

to impact your export<br />

operations?<br />

CICM export payments, procedures<br />

and Brexit implications<br />


Open training being held in central London on<br />

23 May and 11 October <strong>2018</strong>.<br />

£390+vat non-members: £310+vat members<br />


A tailored programme can be delivered at your offices at a<br />

time convenient for your team<br />


The current global financial situation<br />

poses many challenges for traders<br />

of all sizes who look to the export<br />

market to maintain, or improve,<br />

their profitability especially given<br />

uncertainty around Brexit. It is<br />

now more important than ever for<br />

exporters to understand export<br />

contract terms and the implications<br />

of the various terms of payment to<br />

their business. Careful selection of<br />

payment methods will avoid the need<br />

for costly downstream debt collection<br />

processes. New letter of credit rules,<br />

UCP 600 were introduced in 2007<br />

and International Standard Banking<br />

Practice was updated in 2013. You<br />

will be briefed on these protocols and<br />

recent rulings by the ICC leading to<br />

reduction in discrepant documents.<br />

Incoterms is currently under review<br />

and a new version, Incoterms 2020 is<br />

being prepared. You will be appraised<br />

of the current state of that review.<br />

This is a key opportunity for credit<br />

managers to update themselves on<br />

the latest processes and procedures to<br />

ensure that payments for their exports<br />

are made on time and export credit<br />

risk is minimised. You will be alerted to<br />

sensible preparation for Brexit.<br />


The training is designed for all<br />

managers and team members involved<br />

in the export process, credit control,<br />

finance, sales, documentation and<br />

shipping. It is suitable for those with<br />

no, or limited, experience and also as a<br />

comprehensive update for those with<br />

previous knowledge.<br />

Contact E: training@cicm.com or T: 01780 722907 to<br />

book your place and discuss your training requirements<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 64

6 years at the top<br />

of the game<br />

It’s not luck!<br />

Nexus Cifs Ltd, a member of the Nexus Group, has a proven track<br />

record of consistent performance and reliability as one of the most<br />

prolific credit insurance providers in the UK and Europe.<br />

Six consecutive years as finalists in the British <strong>Credit</strong> Awards is a<br />

testament to their continued success and growth in the industry.<br />

Visit www.nexusunderwriting.com/trade-credit or contact<br />

Ian Selby - Commercial Director<br />

DD: 020 3011 5623 M: 07917 540 307<br />

E: iselby@nexusunderwriting.com<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 65<br />

Nexus CIFS Ltd<br />

52-56 Leadenhall Street<br />

London EC3A 2EB<br />

T: +44 (0) 20 3011 5700<br />

W: www.nexusunderwriting.com/trade-credit<br />

E: info@nexusunderwriting.com



For further information and to discuss the opportunities of entering into a Corporate<br />

Partnership with the CICM, contact Peter Collinson, Director of Business Development<br />

and Marketing on 01780 727273 or email peter.collinson@cicm.com<br />

Hays <strong>Credit</strong> <strong>Management</strong> is the award winning national specialist<br />

division of Hays Recruitment, dedicated exclusively to the recruitment<br />

of credit management professionals in the public and private<br />

sectors. Whether you are looking to further your career in credit<br />

management, strengthen your existing team, or would simply like an<br />

overview of the market, it pays to speak to the market leaders.<br />

www.hays.co.uk<br />

HighRadius is the leading provider of Integrated<br />

Receivables solutions for automating credit, collections,<br />

cash allocation, deductions and eBilling operations.<br />

The solutions are delivered as a software-as-a-service<br />

(SaaS) or as SAP-certified Accelerators for SAP<br />

Finance Receivables <strong>Management</strong>. With a track record<br />

of reducing days sales outstanding (DSO), bad-debt<br />

and increasing operational efficiency, HighRadius<br />

solutions help teams achieve payback within a year.<br />

www.highradius.com<br />

We offer the most powerful comparable data<br />

resource on private companies.<br />

We capture and treat private company<br />

information for better decision making and<br />

increased efficiency, so we’re ideally suited to help<br />

credit professionals.<br />

Orbis, our global company database has<br />

information on 250 million companies, and offers:<br />

Standardised financials<br />

Financial strength metrics<br />

Extensive corporate structures<br />

www.bvdinfo.com<br />

Sanders Consulting is a niche consulting firm<br />

specialising in improving <strong>Credit</strong> <strong>Management</strong><br />

Leadership & Performance for our clients.<br />

We provide people and process focussed<br />

pragmatic solutions, consultancy, strategy days and<br />

performance improvement workshops and we<br />

are proud to manage and develop the CICMQ<br />

Programme and the Best Practice Network on<br />

behalf of the CICM. For more information please<br />

contact: enquiries @chrissandersconsulting.com.<br />

www.chrissandersconsulting.com<br />

Key IVR provide a suite of products to<br />

assist companies across Europe with credit<br />

management. The service gives the end-user<br />

the means to make a payment when and<br />

how they choose. Key IVR also provides a<br />

state-of-the-art outbound platform delivering<br />

automated messages by voice and SMS. In a<br />

credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

www.keyivr.co.uk<br />

<strong>Credit</strong>Force by Innovation Software is the leading<br />

Collections and Working Capital <strong>Management</strong><br />

Systems used globally in over 26 countries and by<br />

over 20 percent of the Top 100 Global Law Firms.<br />

Our systems improve cash flow, reduce DSO,<br />

automate cash allocation, control risk, automatically<br />

generate intelligent workflows and tasks, speed up<br />

query resolution and manage the entire end-toend<br />

collections cycle. Fully integrated with over 40<br />

leading ERP and Accounting systems and delivered<br />

locally or through Microsoft-Azure’s secure cloud<br />

solutions.<br />

www.creditforceglobal.com<br />

American Express is a globally recognised provider<br />

of payment solutions to the business sector<br />

offering flexible collection capabilities to meet<br />

company cashflow objectives across a range of<br />

industries. Whether you are looking to accelerate<br />

cashflow, create a competitive advantage to drive<br />

business or looking to support your customers<br />

in their growth American Express can tailor a<br />

solution to support your needs.<br />

www.americanexpress.com<br />

Credica are a UK based developer of specialist<br />

<strong>Credit</strong> and Dispute <strong>Management</strong> software. We<br />

have been successfully implementing our software<br />

for over 15 years and have delivered significant<br />

ROI for our diverse portfolio of customers. We<br />

provide a highly configurable system which enables<br />

our clients to gain complete control over their<br />

debtors and to easily communicate disputes with<br />

anyone in their organisation.<br />

www.credica.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 66

Proud supporters<br />

of CICMQ<br />

With over 90 years’ experience, we have an<br />

in-depth understanding of the importance of<br />

maintaining customer relationships whilst efficiently<br />

and effectively collecting monies owed, we deliver<br />

when it comes to collecting outstanding debts.<br />

Our Client focus is reflected in the customer<br />

relationships. Structuring our service to meet your<br />

specific needs, providing a collection strategy that<br />

echoes your business character, trading patterns<br />

and budget.<br />

www.atradiuscollections.com/uk/<br />

Graydon UK provides its clients with <strong>Credit</strong><br />

Risk <strong>Management</strong> and Intelligence information<br />

on over 100 million entities across more than<br />

190 countries. It provides economic, financial and<br />

commercial insights that help its customers<br />

make better decisions. Graydon is owned by<br />

Atradius, a leading European credit insurance<br />

organisation. It offers its seamless service<br />

through a worldwide network of offices and<br />

partners.<br />

www.graydon.co.uk<br />

Rimilia provides award winning Cash Application<br />

& Cash Allocation software products that deliver<br />

industry leading tangible benefits like no other.<br />

Having products that really do what they say<br />

is paramount – add to that a responsive and<br />

friendly team that are focused on new and<br />

ongoing benefit realisation and you have the<br />

foundations for successful long term business<br />

relationships.<br />

www.rimilia.com<br />

Safe’s <strong>Credit</strong> Control module manages the entire<br />

credit lifecycle, from credit checking through to<br />

cash collection and beyond, providing detailed<br />

analysis of performance. Safe’s single, intuitive and<br />

easy-to-use application seamlessly brings together<br />

the necessary data and tools you require to<br />

achieve your objective of creating a profit centre<br />

culture within your credit control function.<br />

www.safe-financials.co.uk<br />

Dun & Bradstreet grows the most valuable<br />

relationships in business. Whether your customer<br />

portfolio spans a city, a country or the globe, Dun<br />

& Bradstreet delivers the data, analytics and insight<br />

to grow your most profitable relationships and<br />

obtain a global, unified view of your customer<br />

relationships across credit and collections.<br />

www.dnb.co.uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools,<br />

automated workflows for payment processing<br />

and bill review and state of the art fraud<br />

detection, behavioural analytics and regulatory<br />

compliance. Every day, we help our customers by<br />

making complex business payments simple, secure<br />

and seamless.<br />

www.bottomline.com/uk<br />

Data Interconnect provides integrated e-billing<br />

and collection solutions via its document delivery<br />

web portal, WebSend. By providing improved<br />

Customer Experience and Customer Satisfaction,<br />

with enhanced levels of communication between<br />

both parties, we can substantially speed up your<br />

collection processes.<br />

www.datainterconnect.com<br />

DWF is one of the UK’s largest legal businesses<br />

with an award-winning reputation for client service<br />

excellence and effective operational management.<br />

Named by the Financial Times as one of Europe’s<br />

most innovative law firms and independently<br />

ranked first of all top 20 law firms for quality of<br />

legal advice and joint first of all national law firms<br />

for service delivery and responsiveness.<br />

www.dwf.law/recover<br />

Tinubu Square is a trusted source of trade<br />

credit intelligence for credit insurers and for<br />

corporate customers. The company’s B2B<br />

<strong>Credit</strong> Risk Intelligence solutions include the<br />

Tinubu Risk <strong>Management</strong> Center, a cloud-based<br />

SaaS platform; the Tinubu <strong>Credit</strong> Intelligence<br />

service and the Tinubu Risk Analyst advisory<br />

service. Over 250 companies rely on Tinubu<br />

Square to protect their greatest assets: customer<br />

receivables.<br />

www.tinubu.com<br />

Moore Stephens is a top ten accounting and<br />

advisory network. Our national creditor services<br />

team has expert insights in debt recovery. This,<br />

combined with unparalleled industry and sector<br />

knowledge, enables our team to assist creditors in<br />

recovering outstanding debts.<br />

www.moorestephens.co.uk<br />

Organisations around the world rely on Company<br />

Watch’s industry-leading financial analytics to drive<br />

their credit risk processes. Our financial risk<br />

modelling and ability to map medium to long-term<br />

risk as well as short-term credit risk set us apart<br />

from other credit reference agencies. With our<br />

unique H-Score® predicting almost 90 percent<br />

of corporate insolvencies in advance, it is the risk<br />

management tool of choice, providing actionable<br />

intelligence in an uncertain world.<br />

www.companywatch.net<br />

The Recognised Standard<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 67


Take it or leave it<br />

Gareth Edwards gives some insight into<br />

new holiday pay case law<br />

THE Working Time Regulations<br />

1998 set out workers’ rights<br />

to paid annual leave and in<br />

a landmark ruling by the<br />

European Court of Justice (ECJ)<br />

late last year, UK law has been<br />

found to be incompatible with EU legislation.<br />

In essence, the ECJ has confirmed that where<br />

a worker is refused their paid annual holiday,<br />

their entitlement to paid annual leave will carry<br />

over to the next holiday year.<br />

The case, King v The Sash Windows<br />

Workshop Limited, was brought by Conley<br />

King, who was engaged by The Sash Window<br />

Workshop Limited (SSW) from June 1999 until<br />

October 2012 as a self-employed commission<br />

only salesman. Mr King’s contract made no<br />

reference to the issue of annual leave and<br />

throughout his time at SSW Mr King had not<br />

taken any paid holiday. Over the period that he<br />

was engaged by SSW to provide it with services,<br />

he was offered an employment contract<br />

however he turned this down, choosing instead<br />

to remain self-employed. Following the end<br />

of the relationship, Mr King brought a claim<br />

for unpaid holiday pay in the Employment<br />

Tribunal (ET) pursuing 24.15 weeks’ pay. SSW<br />

opposed this claim, arguing that the Working<br />

Time Regulations 1998 state that if paid holiday<br />

is not taken in a leave year, then it is lost and<br />

cannot be carried over.<br />

The ET found that Mr King was a ‘worker’<br />

which entitled him to paid annual leave. A<br />

number of appeals then followed the initial<br />

decision with the case making its way to the<br />

Court of Appeal (CA) before being referred to<br />

the ECJ regarding the question of holiday pay<br />

entitlement.<br />


The ECJ noted that SSW had benefitted from<br />

Mr King not taking the annual leave that he,<br />

as a worker, had been entitled to and went<br />

on to say that denying workers their holiday<br />

pay effectively prevents them from exercising<br />

their right to paid annual leave. In addition,<br />

the ECJ said that a claim for accrued annual<br />

leave entitlement cannot be prevented because<br />

another holiday year has started, and that this<br />

principle was incompatible with EU law.<br />

Crucially, the ECJ said that the normal time<br />

limits concerning how much holiday can be<br />

carried over do not apply when an organisation<br />

has failed to grant paid annual leave to their<br />

workers. This means that a worker could be<br />

AUTHOR – Gareth Edwards<br />

entitled to claim the accrued, but unused,<br />

holiday entitlement when their appointment<br />

ends. Further, they can claim compensation for<br />

the leave that they decided not to take because<br />

that leave would be unpaid.<br />


This decision has potentially far reaching<br />

consequences for businesses who engage<br />

workers – particularly when read alongside the<br />

recent decisions in the so called ‘gig economy’<br />

involving the likes of Uber, CitySprint and<br />

Addison Lee. It is clear that the decision in<br />

this case could result in significant liabilities<br />

for organisations operating in the gig economy.<br />

While the ruling only applies to the first four<br />

weeks of annual leave entitlement required<br />

under the relevant EU legislation, rather than<br />

all 5.6 weeks of UK holiday, businesses could<br />

face substantial bills if they need to pay several<br />

workers for several years of unpaid annual<br />

leave on the termination of their engagement.<br />

In the meantime, the case has been<br />

referred back to the Court of Appeal who will<br />

need to determine how UK legislation is to be<br />

interpreted in line with this recent decision.<br />

For the moment, firms should remain alert to<br />

this decision and keep track of its progression.<br />

It was made clear by the ECJ that it is the<br />

responsibility of the organisation to understand<br />

its obligations and that it is irrelevant if it<br />

wrongly considers a worker not to be entitled to<br />

annual leave because of a misunderstanding of<br />

their status. Significantly, where an organisation<br />

does not allow workers to exercise their right to<br />

paid annual leave then it is for that business to<br />

bear the consequences, and potential costs, of<br />

accrued but unused holiday pay.<br />

In light of this decision, this means looking<br />

carefully at those individuals engaged on a<br />

self-employed basis such as those individuals<br />

who provide their services through the gig<br />

economy. The direction of travel in some of<br />

the cases above creates a risk that individuals<br />

engaged on a contractor basis can argue that<br />

they were actually workers; they could argue<br />

that they should receive back holiday pay in<br />

respect to holiday that they were unable to take.<br />

This gives the risk of an individual being found<br />

to be a worker’s real teeth; Conley King was able<br />

to recover 13 years’ worth of untaken annual<br />

leave entitlement.<br />

Gareth Edwards is a partner in the employment<br />

team at Veale Wasbrough Vizards. gedwards@<br />

vwv.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 68

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 69

New CICM members<br />

The Institute welcomes new members<br />

who have recently joined<br />

MEMBER<br />

NAME<br />



NAME<br />


Lydia Catterall<br />

Stephen Darkin<br />

Mark Durant<br />

Teresa Jones<br />

Penelope Calvarese<br />

Julie Dootson<br />

Geraldine Malone<br />

John Martin<br />

Hilti (Gt Britain) Ltd<br />

Pearson Group<br />

Andrews Sykes Hire Ltd<br />

Resourcing Solutions Ltd<br />

Weightmans LLP<br />

Neil Skinner<br />

Susan Wells<br />

HMCTS - Her Majesty's Courts and<br />

Tribunal Service<br />

Pendennis Shipyards<br />


NAME<br />


FELLOW<br />

NAME<br />


Kelly Anderson<br />

Declan Burke<br />

Wai Leung Cheung<br />

Sameh Elghazzawy<br />

Emma Parsons<br />

Jane Morrey<br />

Carsten Muessig<br />

Nadia Piemontese<br />

Ford & Slater<br />

ID Medical<br />

Rhenus Logistics<br />

Flowserve GB Ltd<br />

BNP Paribas Leasing Solutions<br />

Weightmans LLP<br />

Hertz Europe Service Centre Ltd<br />

John O'Sullivan<br />

Shay Waldron<br />

Magnet Networks Ltd<br />



Kelly Bailey<br />

Chantal Banton<br />

Ross Barden<br />

Jennifer Barron<br />

Sarah Basham<br />

Shawn Bell<br />

Louise Bent<br />

Rebecca Bonser<br />

James Brock<br />

Shona Brumpton<br />

Emma Campbell<br />

Julia Carr<br />

Stephanie Casse<br />

Alessandro Catalli<br />

Dawn Chambers<br />

Caroline Chapman<br />

Fay Cunningham<br />

Ashish Dhokia<br />

Christopher Dixon<br />

Jordan Doherty<br />

Steven Duly<br />

Aleksey Esakov-Tijonov<br />

Iain Fishlock<br />

Dave Forster<br />

James Fraser<br />

Emma Galinski<br />

Mark Griffiths<br />

Katherine Harris<br />

Amy Hatton<br />

Robyn Hill<br />

Van Tam Ho<br />

Simon Hodge<br />

Michelle Hoyte-Morgan<br />

Rachel Jackson<br />

Andrew Jellett<br />

Liam Johnson<br />

Louis Johnson<br />

Megan Johnston<br />

Christopher Jones<br />

Dimitris Kamberis<br />

Khaled Kammoun<br />

Saras Kanungo<br />

Stephanie Kelly<br />

Kadery Kibria<br />

Patrick Knight<br />

Badr Lahbi<br />

Vinsum Leung<br />

Hannah Lightfoot<br />

Eela Lucas<br />

Emma Lyons<br />

Hannah Lyon-Wall<br />

Jennifer MacDonald<br />

Jean Paul Manichino Lamboley<br />

Wesley Maye-Edwards<br />

Carlsberg UK<br />

E.ON UK<br />

One Step Solutions<br />

Kerry Logistics UK Limited<br />

Gallowglass Ltd<br />

Premier Foods Group Ltd<br />

E.ON UK<br />

Southwark Council<br />

Frontier Agriculture Ltd<br />

Frontier Agriculture Ltd<br />

Sidey Solutions Ltd<br />

Carlsberg UK<br />

Les Mills Fitness UK Ltd<br />

Siderise Holdings Ltd<br />

Serco Grup plc<br />

Carlsberg UK<br />

Viewsat<br />

UK Fuels Limited<br />

Britvic Soft Drinks Ltd<br />

Chandlers Limited<br />

Forest Environmental Limited<br />

Informa UK Ltd<br />

Worldpay UK Limited<br />

Oodle Finance<br />

Frontier Agriculture Ltd<br />

CICM<br />

Herbert Smith<br />

Dukes Bailiffs Ltd<br />

SEC Recruitment Ltd<br />

One Step Solutions<br />

Twenty 3 Six Ltd<br />

Kingsway Tyres (Stamford) Ltd<br />

Nisa Retail Limited<br />

Carlsberg UK<br />

Kerry Logistics UK Limited<br />

RSK Plc<br />

Sergas Group<br />

Your Support Line<br />

Worldpay UK Limited<br />

Gullivers Travel Agency<br />

Medway Council<br />

Kerry Logistics UK Limited<br />

Carlsberg UK<br />

Carlsberg UK<br />

Brighton & Hove City Council<br />

Carlsberg UK<br />

Financial & <strong>Credit</strong> Insurance Services Ltd<br />

PP O'Connor Ltd<br />

Nuxe Laboratory<br />

Bristow & Sutor<br />

David McAlinden<br />

Sylvia McGill<br />

Ashley Mcnally<br />

Nela Mencner<br />

John Milner<br />

Lewis Mitchell<br />

Philip Morgan<br />

James Morris<br />

David Morrison<br />

Katherine Murray<br />

Mark Nathan<br />

Abraham Nkrumah-Baah<br />

Robert Parsonage<br />

Thomas Peacock<br />

Leanne Pirie<br />

Peter Rhodes<br />

Elizabeth Ripley<br />

Deepak Robinson<br />

Clifford Rowe<br />

Kelly Rushmore<br />

Peter Sacre<br />

Victoria Salter<br />

Samantha Samsonroy<br />

Emir Sertbay<br />

Emma Skinner<br />

Dipesh Soma<br />

Alessandro Stagnaro<br />

Victoria Stephen<br />

Samuel Swain<br />

Sarah Tabor-Thickett<br />

Neal Taylor<br />

Rohan Tracey<br />

Paula Trotter<br />

Wendy Truesdale<br />

Robert Walker<br />

Samantha Walsh<br />

James Warren<br />

Grace Weston<br />

Jeffrey Wild<br />

Charmaine Witter<br />

Frauke Wolff<br />

Craig Wyatt<br />

Steven Barr<br />

Lisa Bottiglieri<br />

Veronica Collins<br />

Chantelle Harvey<br />

Berna Joseph<br />

Ross Main<br />

Louise Martin<br />

Mark Speight<br />

Timothy Turner<br />

Stephen Wadham<br />

Daniel Wicks<br />

Adele Williams<br />

MKB Law<br />

NHBC National House Building Council<br />

Barbon Insurance Group Limited<br />

Premier Farnell<br />

Andrew Wilson & Co<br />

Bristow & Sutor<br />

Andrew James Enforcement Limited<br />

Hays Accountancy Personnel<br />

Bristow & Sutor<br />

Ipos MORI UK Ltd<br />

Chandlers Limited<br />

CDH Savings and Loans Company Limited<br />

Worldpay UK Limited<br />

Worldpay UK Limited<br />

UK Fuels Limited<br />

Christie Digital Systems Inc. UK<br />

Informa UK Ltd<br />

Barclays Bank<br />

Sheffield City Council<br />

Morson International<br />

E.ON UK<br />

Close Brothers Motor Finance<br />

McArthurGlen UK Ltd<br />

MAE Construction<br />

Carlsberg UK<br />

Bristow & Sutor<br />

Brighton & Hove City Council<br />

BKL LLP<br />

Britvic Soft Drinks Ltd<br />

Total Debt Relief Ltd<br />

One Step Solutions<br />

Flow Energy<br />

Carlsberg UK<br />

Kerry Logistics UK Limited<br />

E.ON UK<br />

Tepilo<br />

Frontier Agriculture Ltd<br />

Bridgewater Support Solutions Ltd<br />

Carlsberg UK<br />

Kerry Logistics UK Limited<br />

Worldpay UK Limited<br />

Nike UK Ltd<br />

Safenet Uk Ltd<br />

NHBC National House Building Council<br />

Myunidays Limited<br />

LeasePlan UK Ltd<br />

BAUM <strong>Management</strong> Sarl<br />

Assure Services (NI) Ltd<br />

Shawbrook Bank<br />

Legal Recoveries and Collections Ltd<br />

Adler and Allan Ltd<br />

Anixter Ltd<br />

Border Holdings (UK) Ltd<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 70


Business<br />

Development<br />

Manager<br />

(an understanding of credit management will be an<br />

advantage but is not essential)<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong> (CICM)<br />

is looking for an experienced Business Development<br />

professional to manage and develop commercial activity<br />

for the Institute.<br />

The over-arching goal will be to ensure all revenue streams<br />

are maximised and support the business in achieving its<br />

strategic objectives. The role reports directly to the Chief<br />

Executive.<br />

To view the full job description and apply, visit<br />

www.cicm.com/about-cicm/vacancies-at-cicm/<br />

Closing date 18 <strong>March</strong> <strong>2018</strong><br />

CICM events not to be missed<br />

Webinar<br />

<strong>Credit</strong> Reports – a beginner’s guide.<br />

Hosted by Company Watch<br />

Thursday, 22 <strong>March</strong> <strong>2018</strong> @ 1:30pm<br />

Personal Skills Workshop;<br />

All Change! A survival guide<br />

Change is an impact on all of us. This workshop will give us<br />

the tools need to not only cope with change but to rise to the<br />

challenge.<br />

London – Wednesday, 18 April <strong>2018</strong> – Hays Offices,<br />

107 Cheapside, London, EC2V 6DN<br />

Manchester - Thursday, 3 May <strong>2018</strong> – DWF LLP.<br />

2 Hardman St, Manchester M3 3AA<br />

Industry Workshop; Let’s Build a Rocket, Guys!<br />

Learn about High Performing Working Practices and how<br />

to use the Best Practice approach to launch you and your<br />

organisation into the stratosphere.<br />

London – Wednesday, 3 October <strong>2018</strong> - Hays Offices,<br />

107 Cheapside, London, EC2V 6DN<br />

Leeds – Wednesday, 10 October <strong>2018</strong> DWF, Bridgewater Place,<br />

Water Lane, Leeds, LS11 5DY<br />

Fellows Lunch – House of Commons<br />

One of the most iconic buildings in the world, no other venue<br />

is more instantly recognized than the Palace of Westminster.<br />

It is impossible to walk through its corridors or dine in its<br />

imposing function rooms without a deep sense of awe.<br />

House of Commons, London – Friday, 8 June <strong>2018</strong><br />

Please email fellowslunch@cicm.com for further details.<br />

Law Conference, hosted by DWF LLP<br />

London, Wednesday, 28 November <strong>2018</strong><br />

The Walkie Talkie Building, 20 Fenchurch St, London,<br />

EC3M 3AG<br />

CICM Best Practice Events<br />

Manchester – Tuesday, 20 February<br />

Hosted by Hilti (GB) Ltd<br />

Belfast – Wednesday, 23 May<br />

To book your place at any of these events, please<br />

contact Becki at events@cicm.com or register online<br />

at www.cicm.com/events<br />

Insolvency Conference, hosted by Moore Stephens<br />

London – Thursday, 17 May <strong>2018</strong> - 150 Aldersgate Street,<br />

London, EC1A 4AB<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 71


Preparing for success<br />

The first interview went well and you’ve been called back<br />

for the all-important second interview. What’s next?<br />

AUTHOR – Karen Young, Director at Hays<br />

Karen Young<br />

The objectives of the<br />

interviewer at this stage<br />

will differ from the first<br />

time round as they delve<br />

further into your motivation<br />

for the job, your skills,<br />

whether you’re a good fit for<br />

the company culture and<br />

addressing any reservations<br />

they may hold from the first<br />

interview.<br />

YOU’VE made a good first<br />

impression at the first<br />

interview and have been<br />

asked back for a second<br />

interview. The company<br />

is now seriously considering<br />

hiring you and as a result you’ll be<br />

feeling more confident as you take a step<br />

closer to securing the job. However, you<br />

may still be wondering what to expect as a<br />

second interview can differ from the first<br />

in a number of ways.<br />

A more senior figure will most likely<br />

be conducting the second interview depending<br />

on the size of the company. Confirm<br />

this with your recruiter beforehand<br />

so you can do some research into the person,<br />

either on LinkedIn or via the company<br />

website. Check the format of the interview<br />

beforehand as well, you don’t want to<br />

find yourself preparing for a one-on-one<br />

interview to then be faced with a panel of<br />

stakeholders or delivering a presentation.<br />

You’ll feel more confident knowing who<br />

will be on the other side of the table.<br />

The objectives of the interviewer at<br />

this stage will differ from the first time<br />

round as they delve further into your motivation<br />

for the job, your skills, whether<br />

you’re a good fit for the company culture<br />

and addressing any reservations they may<br />

hold from the first interview.<br />

Your level of interest in the opportunity:<br />

People are often turned down at<br />

interview because employers just don’t<br />

believe they are highly motivated or want<br />

the job enough. Don’t underestimate the<br />

effectiveness of vocalising your interest.<br />

The interviewer will be looking to determine<br />

whether you’re still interested in<br />

the opportunity after having learnt more<br />

about the company and role in the initial<br />

interview stages and through your research.<br />

Speak about what you found interesting<br />

from the first interview and use the<br />

opportunity to ask any questions you may<br />

have. This will give the interviewer an indication<br />

of how well you would perform if<br />

offered the job, so make sure this comes<br />

across.<br />

Communicating your skills and experience:<br />

The interviewer will want to explore<br />

your skills further and hear detailed<br />

evidence of your competencies. ‘Describe<br />

a time you have used effective management<br />

skills’ or ‘how would you approach<br />

a difficult situation’ are likely questions<br />

at this stage. <strong>Credit</strong> management professionals<br />

often need to explain complex financial<br />

topics to colleagues who may not<br />

be as familiar with the world of credit or<br />

finance, so be sure to answer questions<br />

clearly and succinctly to demonstrate this<br />

ability.<br />

Are you the right ‘fit’? They will also<br />

want to establish whether you’ll be a good<br />

fit for the culture of the organisation and<br />

you may be taken around the office to meet<br />

potential colleagues. Be yourself throughout<br />

this exercise, as assessing cultural fit<br />

is essential for you to be confident it is the<br />

right role for you. With this in mind, perhaps<br />

prepare your own questions such as<br />

asking what the team is like, or what your<br />

interviewer enjoys about working there.<br />

Address any doubts the interviewer<br />

may have: It’s possible that the interviewer<br />

may be holding some reservations from<br />

the first interview that they’ll be looking<br />

to address in the second. Recall any questions<br />

that you were asked multiple times,<br />

or anything you struggled to answer and<br />

ask your recruiter for feedback to help<br />

you address these second-time round. If<br />

there are any gaps between your skills and<br />

the job requirements consider addressing<br />

these with your recruiter, or commit to<br />

learning them in the future. Emphasise<br />

that you’re a fast learner and are keen to<br />

develop yourself, showing the interviewer<br />

that you’ll be worth any investment the organisation<br />

will put into your training and<br />

development.<br />

Salary expectations: Salary and notice<br />

period are often a topic of conversation<br />

at this stage. Have this information ready<br />

beforehand. If you’re unsure of how to<br />

negotiate your salary discuss with your recruiter<br />

or consult a tool such as our online<br />

salary checker which can help you understand<br />

what your potential earnings could<br />

be.<br />

Remember, good lasting impressions<br />

count. Thank your interviewer for their<br />

time and contact your recruiter as quickly<br />

as possible after the interview to reiterate<br />

your interest in the role.<br />

Understanding the purpose of second<br />

interviews can help you to improve your<br />

preparation strategy and show an interviewer<br />

exactly why they should hire you<br />

above everyone else.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 72

Supported by<br />

Headline partner<br />



Where the UK and European credit industry attends a<br />

week of conferences, meetings and networking events<br />

Headline partner<br />

Headline partner<br />








Hosted by<br />



Platinum partner<br />

#creditweek<br />

creditstrategy.co.uk/credit-week<br />

Email: events@creditstrategy.co.uk<br />

Call: 020 7940 4835<br />

<strong>Credit</strong> Week headline partner<br />

<strong>Credit</strong> Summit headline partner<br />

<strong>Credit</strong> Awareness week partner<br />

Platinum partners<br />

Gold partners<br />

Silver partners<br />


Bronze partners<br />

Yakara<br />

Helping customers connect<br />

Category sponsor<br />

Event partners<br />

Event supporters<br />

Hitachi Capital (UK) PLC<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 73


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


1 <strong>March</strong><br />

CICM South Wales Branch (2 CPD hours)<br />


Annual General Meeting and Debt Protocols<br />

Start: 18:00 for members for AGM. 18:30 for Guests<br />

Finish: 21:00<br />

Contact : Diana Keeling Email:<br />

southwalesbranch@cicm.com<br />

VENUE : Holiday Inn Cardiff, Merthyr Road,<br />

Tongwynlais, Cardiff, CF15 7LH<br />

7 <strong>March</strong><br />

CICM West Midlands Branch<br />


Invitation to CICM West Midlands Awards Night<br />

Contact : E: scorpionpjc@gmail.com or<br />

westmidlandsbranch@cicm.com T: 01902 673672<br />

VENUE : Crowne Plaza, Holiday Street,<br />

Birmingham, B1 1HH<br />

8 <strong>March</strong><br />

CICM Bristol and West Branch<br />

BISTOL<br />

Annual General Meeting and Wine Tasting<br />

Evening<br />

Contact : Marcus Knocker (01934) 523976 / 07974<br />

233153<br />

VENUE : Avery’s Wine Cellars, 9 Culver Street,<br />

Bristol, BS1 5LD<br />

12-16 <strong>March</strong><br />

CICM Supporting <strong>Credit</strong> Week <strong>2018</strong><br />

LONDON<br />

CICM is proud to be official supporters of ‘<strong>Credit</strong><br />

Week’, embracing the largest gathering of credit<br />

industry professionals across the continent.<br />

​To secure the special pricing, CICM members<br />

should call 020 7940 4835 quoting their CICM<br />

membership number.<br />

Contact : https://www.creditstrategy.co.uk/eventstp/events-tp/general-terms-and-conditions<br />

14 <strong>March</strong><br />

CICM Wessex Branch<br />


Annual General Meeting and Networking<br />

Contact : Paul Davies (01489) 550480 / 07787<br />

343432<br />

VENUE : Debtcol Offices, Eagle Point, Little Park,<br />

Farm Road, Segensworth, PO15 5TD<br />

15 <strong>March</strong><br />

CICM Sheffield and District Branch<br />


GDPR ‘Are You Ready?’ (2 CPD hours)<br />

Contact : Myron Fedak T: 07973770632<br />

VENUE : Mercure Sheffield Parkway Hotel<br />

Britannia Way, Catcliffe, Sheffield, S60 5BD<br />

15 <strong>March</strong><br />

CICM North West / Merseyside & North.<br />

Wales Branches<br />


Networking and Annual General Meeting<br />

Contact : David Thornley T: (01282) 687117 /<br />

07843164187<br />

VENUE : Aimia Foods Penny Lane, Haydock,<br />

WA11 0QZ<br />

19 <strong>March</strong><br />

CICM North East Branch<br />


AGM and ‘The Art of Listening’ Presentation<br />

Contact : (Further details will be communicated<br />

via the CICM website (Branch events)<br />

imminently – visit www.cicm.com/branches/<br />

north-east . Email northeastbranch@cicm.com<br />

VENUE : Muckle LLP, Time Central, 32<br />

Gallowgate, Newcastle upon Tyne NE1 4BF<br />

20 <strong>March</strong><br />

CICM Northern Ireland Branch<br />


Here, Now and The Future of <strong>Credit</strong> in Northern<br />

Ireland. Focusing on the challenges facing the<br />

<strong>Credit</strong> Profession in NI today and how we can<br />

secure our future by developing an effective,<br />

proactive and commercial approach<br />

Contact : Members E: northernirelandbranch@<br />

cicm.com to book.<br />

Non-members book online at:<br />

https://cicm-march18.eventbrite.co.uk<br />

VENUE : Titanic Belfast, Queen Quay, Belfast,<br />

Londonderry BT3 9EP United Kingdom<br />

20 <strong>March</strong><br />

CICM East of England Branch<br />


AGM, Insolvency Update and CICM HQ Update<br />

Contact : (01277) 201554 / 07710 392934 Carol Baker,<br />

Branch Secretary, eastofenglandbranch@cicm.com<br />

VENUE : FRP Advisory, Jupiter House, Warley Hill<br />

Business Park, The Drive, Brentwood, CM13 3BE<br />

22 <strong>March</strong><br />

CICM London Branch<br />

LONDON<br />

Annual General Meeting and Presentation.<br />

Edward Judge of Irwin Mitchell will be giving a<br />

presentation upon “Recent Legal Issues affecting<br />

<strong>Credit</strong> Managers”.<br />

Contact : Kabir Gulabkhan T: 07738242320<br />

VENUE : Hays Recruitment 107 Cheapside,<br />

London, EC2V 6DN<br />

22 <strong>March</strong><br />

Corporate Partner Company Watch Webinar :<br />

<strong>Credit</strong> Reports – a beginner’s guide<br />

ONLINE <br />

In this presentation we will examine the different<br />

elements contained in credit reports .<br />

Contact : http://bit.ly/2FgAZe5<br />

22 <strong>March</strong><br />

CICM Kent Branch – AGM<br />


Annual General Meeting. Booking deadline:<br />

28 <strong>March</strong> <strong>2018</strong><br />

Contact : Kevin Artlett T: 07905 611186<br />

VENUE : St George Hotel, 8 New Road Avenue,<br />

Chatham, ME4 6BB<br />

22 <strong>March</strong><br />

CICM Thames Valley Branch<br />

SLOUGH<br />

Curry Night - Details to follow<br />

Contact : Heidi Pocock T: 07540929150<br />

VENUE : Yew Tree The Indian Courtyard<br />

Collinswood Road, Farnham Common, Slough,<br />

SL2 3LQ<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 74<br />

22 <strong>March</strong><br />

CICM Sussex and Surrey Branch<br />


Annual General Meeting<br />

Contact : Natascha Whitehead T: (01483) 564692 /<br />

0777 078 6433<br />

VENUE : Thales UK, Manor Royal, Crawley, RH10 9HA<br />


DAYS<br />

14 <strong>March</strong><br />


VENUE : London<br />

16 <strong>March</strong><br />



VENUE : London<br />

16 <strong>March</strong><br />



20 <strong>March</strong><br />


VENUE : London<br />

20 <strong>March</strong><br />


VENUE : London<br />

28 <strong>March</strong><br />


VENUE : London<br />


1 <strong>March</strong><br />

Hays <strong>Credit</strong> Network Event<br />


We are delighted to invite you to our networking<br />

seminar in High Wycombe with our expert<br />

speakers from the CICM and Blaser Mills LLP.<br />

Contact : Refister your place: https://<br />

r1.surveysandforms.com/e421q03a-5b2t1ta2<br />

VENUE : Blaser Mills LLP, 40 Oxford Road, High<br />

Wycombe, HP11 2EE<br />

5 <strong>March</strong><br />

Regulatory Strategies<br />

LEEDS<br />

GDPR – Are you ready?<br />

Contact : http://bit.ly/2FnuLJL<br />

VENUE : Queens Hotel, City Square, Leeds, LS1 1PJ<br />

6/7 <strong>March</strong><br />

ICTF – 2-day Webinar: Incoterms 2010 –<br />

what every credit professional should know!<br />

ONLINE<br />

During this 2-day webcast, you will learn<br />

everything you need to know about Incoterms and<br />

why they are so important in international trade.<br />

Contact : http://bit.ly/2HBecKH<br />

7 <strong>March</strong><br />

Experian <strong>Credit</strong> Forum – BPF Polymers and<br />

Comp.<br />

LONDON<br />

Contact : Please contact Brent.cumming@<br />

experian.com on 07885 675 092<br />

VENUE : Cardinal Place, Experian London

Manage<br />

<strong>Credit</strong> Risk<br />

Drive<br />

Profitable Growth<br />

© Dun & Bradstreet, Inc. <strong>2018</strong><br />

The D&B <strong>Credit</strong> line of products delivers Dun & Bradstreet’s industry-leading data and analytics in a<br />

modern, user-friendly platform to help you manage business credit risk, drive profitable growth, and<br />

integrate analytics across your business.<br />

To learn more about D&B <strong>Credit</strong>, visit dnb.co.uk/nextgen or give us a call on +44 (0)800 001234.<br />

In the UK Dun & Bradstreet Limited is certified to ISO 27001 and is authorised & regulated by the<br />

Financial Conduct Authority in relation to providing credit The references Recognised on Standard non-limited / www.cicm.com companies. / <strong>March</strong> <strong>2018</strong> / PAGE 75<br />

© Dun & Bradstreet, Inc. <strong>2018</strong>



CAREER<br />



Stockton-on-Tees, £50,941-£62,260 + bonus<br />

+ flexible working hours<br />

A global shared centre requires a highly experienced<br />

accounts receivable manager. With strong emphasis<br />

on the Accounts Receivable function, this role will focus<br />

on implementing and developing changes in order to<br />

improve the efficiency of the function’s procedures as<br />

well as considering the impact of these changes for the<br />

whole company. You will monitor records of amounts<br />

owed to the company and assure prompt collection<br />

of payments, working with credit managers to ensure<br />

appropriate cash management. To be successful, you<br />

will have strong experience managing and encouraging<br />

a team within accounts. Ref: 3219043<br />

Contact Elizabeth Enright on 01642 226716<br />

or email elizabeth.enright@hays.com<br />



Walton-on-Thames, up to £34,000<br />

An ambitious and motivated credit control supervisor<br />

is required at an international luxury retail brand. With a<br />

strong emphasis on maintaining customer relationships,<br />

this newly created role has two direct reports and requires<br />

a hands on approach. You will be responsible for all debtor<br />

reporting and deputise in the <strong>Credit</strong> Control Manager’s<br />

absence, who is soon looking to retire. To be successful, you<br />

will have a flexible and adaptable attitude to change whilst<br />

contributing to the continuous improvement of the credit<br />

control function. This is a fantastic opportunity for a smooth<br />

handover into a credit management position. Ref: 3183985<br />

Contact Chelya Katende on 020 8247 4042<br />

or email chelya.katende@hays.com<br />



Southampton, up to £35,000<br />

A fantastic credit manager job has become available at<br />

a leading business that is growing at a fast pace. In this<br />

role, you will work closely with the Financial Controller,<br />

overseeing a team of 5-6 staff. You will manage the<br />

team responsible for chasing overdue payments, credit<br />

checks, cash allocation, billing and query management.<br />

Other duties will include weekly and monthly reporting,<br />

reviewing aged debt and developing controls and<br />

processes to improve efficiency. In return, you will receive<br />

a competitive salary with an excellent pension scheme and<br />

free parking.<br />

Ref: 3203999<br />

Contact Emily Oakes on 07872 158536<br />

or email emily.oakes@hays.com<br />



Bournemouth, up to £30,000<br />

An exciting opportunity in Bournemouth has arisen at this<br />

expanding UK market leader as it continues to achieve<br />

its growth plans. You will be responsible for all billing<br />

and credit control requirements and oversee a team of<br />

five assistants. Previous billing, direct debt and existing<br />

supervisory experience are essential. This role would<br />

suit an individual who enjoys coaching and motivating<br />

a team. In return, you will receive a competitive salary,<br />

non-contractual bonus, an excellent pension scheme<br />

and life assurance as well as scope for career progression<br />

as the business continues to expand. Ref: 3213192<br />

Contact Emily Oakes on 07872 158536<br />

or email emily.oakes@hays.com<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 76



Braintree, £29,000 + pension + parking<br />

+ subsidised canteen<br />

Due to an internal promotion, a US owned business<br />

with a small finance team is looking for a credit controller<br />

to join its team. You will be responsible for collections<br />

via telephone and email, credit checking, inter-company<br />

reconciliations, liaising with the sales team for non-payers,<br />

self-billing, invoicing, analysis and debtor reporting.<br />

Working to strict deadlines, this role would suit an<br />

individual who likes to improve processes and get<br />

involved with the business to make a difference. You will<br />

have worked in a similar role and be confident in credit.<br />

With a high volume of Excel work, knowledge of pivot<br />

tables and V look ups would be beneficial. Ref: 3221535<br />

Contact Gemma Booty on 01245 782131<br />

or email gemma.booty@hays.com<br />



Bedford, £23,000<br />

A motivated credit controller is required at this<br />

family-owned, leading toy manufacturer. Reporting into<br />

the Finance Manager, you will join a small finance team<br />

and be solely in charge of the <strong>Credit</strong> function for the<br />

business. Looking after 250 accounts, you will set credit<br />

limits and liaise with credit insurers. In return, the role<br />

offers variety and a very friendly culture. If you are an<br />

individual who enjoys problem solving and a role where<br />

no two days are the same, this is the job for you.<br />

Ref: 3223225<br />

Contact Emma Ruttle on 01908 870254<br />

or email emma.ruttle@hays.com<br />



London, £25,000-£27,000 + targeted bonus<br />

A market-leading UK media advertising company<br />

is looking for an accomplished credit controller to join<br />

its finance team. Duties will include chasing payment,<br />

cash application, account reconciliation and reporting.<br />

This role will suit someone who is looking to take on<br />

extra responsibility. You will need to be personable as you<br />

will have the opportunity to not only build relationships<br />

over the phone but also to lead face-to-face meetings<br />

with large media agencies. To be successful, you will be<br />

confident with a can-do attitude.<br />

Ref: 3185214<br />

Contact Julia Foster on 020 3465 0020<br />

or email julia.foster2@hays.com<br />



Nottingham, up to £22,000<br />

An outstanding opportunity has become available to<br />

work as part of a global, widely recognised logistics<br />

business. You will be targeted with collecting overdue<br />

debts, reduction of debtor days and setting up payment<br />

plans where required. You will be charged with analysing<br />

potential debt risk, resolving customer queries, and liaising<br />

with internal and external stakeholders where needed.<br />

A focus on developing client relationships, and account<br />

management will also be required. This role will suit an<br />

experienced credit controller who is familiar working on<br />

high value key accounts and enjoys working in a fast-paced<br />

environment, dedicated to achieving results. Ref: 3182335<br />

Contact Matt Leech on 0115 947 7500<br />

or email matt.leech2@hays.com<br />

This is just a small selection of the many<br />

opportunities we have available for credit<br />

professionals. To find out more email<br />

hayscicm@hays.com or visit us online.<br />

hays.co.uk/creditcontrol<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 77

Paladin Commercial would like to congratulate<br />

Kier Group<br />

as winners of<br />

Commercial <strong>Credit</strong> Team of the Year <strong>2018</strong><br />

At the CICM British <strong>Credit</strong> Awards <strong>2018</strong><br />

www.paladincommercial.co.uk<br />

Contact: george@paladincommercial.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 78

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />





SmartSearch<br />

Harman House, Station Road,<br />

Guiseley, Leeds, LS20 8BX<br />

T: 01132387660<br />

F: 0113 238 7669<br />

E: info@smartsearchuk.com<br />

W: www.smartsearchuk.com<br />

KYC, AML and CDD all rely on a combination of deep data with<br />

broad coverage, highly automated flexible technology with an<br />

innovative and intuitive customer interface. Key features include<br />

automatic Worldwide Sanction & PEP checking, Daily Monitoring,<br />

Automated Enhanced Due Diligence and pro-active customer<br />

management. Choose SmartSearch as your benchmark.<br />


Controlaccount PLC<br />

Compass House, Waterside<br />

Hanbury Road, Bromsgrove<br />

B60 4FD<br />

T: 01527 549522 (Sales dept)<br />

E: sales@controlaccount.com<br />

W:www.controlaccount.com<br />

Controlaccount has over 30 years of <strong>Credit</strong> <strong>Management</strong> and<br />

Debt Recovery experience, helping National and International<br />

SMEs and blue chip organisations, across a wide range of sectors.<br />

We provide a fast, proactive collection service on a no-collection,<br />

no-fee basis, and for some clients a zero cost option,<br />

utilising the late payment act to fund collection procedures. Our<br />

trained collectors take into account your need to recover debts,<br />

whilst maintaining your reputation and preserving customer relationships.<br />

If we can’t recover your outstanding debts through our<br />

collection process, then our service won’t cost you a penny; and<br />

with our additional in-house legal & Trace service as well as our<br />

credit reporting and corporate monitoring services we are ready<br />

to help you every step of the way.<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside,<br />

Cardiff Bay, Cardiff, CF10 4WZ<br />

United Kingdom<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering<br />

over a billion EUROs in collections at any one time, we deliver<br />

when it comes to collecting outstanding debts. With over 90<br />

years’ experience, we have an in-depth understanding of<br />

the importance of maintaining customer relationships whilst<br />

efficiently and effectively collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our<br />

service to meet your specific needs. We work closely with clients<br />

to provide them with a collection strategy that echoes their<br />

business character, trading patterns and budget.<br />

For further information contact: Hans Meijer, UK and Ireland<br />

Country Director (hans.meijer@atradius.com).<br />

Blaser Mills LLP<br />

Rapid House<br />

40 Oxford Road, High Wycombe,<br />

Buckinghamshire. HP11 2EE<br />

T: 01494 478660/478661<br />

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen<br />

gpb@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

Established in 1888, leading multi-disciplinary law firm Blaser<br />

Mills specialises in services for businesses and individuals.<br />

The Firm has particular expertise in Dispute Resolution and<br />

Debt Recovery working with experienced credit managers and<br />

finance directors providing solutions to both contested and<br />

uncontested claims.<br />

Blaser Mills provides an experienced team including CICM<br />

qualified legal representatives and the Firm is cited in the<br />

Legal 500 law directory based on quality of work and strong<br />

client feedback.<br />

Offices in Aylesbury, London (Central), London (Harrow), Old<br />

Amersham, Rickmansworth, Staines-on-Thames.<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway, Old Portsmouth<br />

Road, Guildford, Surrey GU3 1LR<br />

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

W: www.lovetts.co.uk<br />

Lovetts has been recovering debts for 30 years! When you<br />

want the right expertise to recover overdue debts why not use a<br />

specialist? Lovetts’ only line of business is the recovery of<br />

business debts and any resulting commercial litigation.<br />

We provide:<br />

• Letters Before Action, prompting positive outcomes in more than<br />

80 percent of cases • Overseas Pre-litigation collections with<br />

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

management system ‘CaseManager’<br />

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

“...All our service expectations have been exceeded...”<br />

“...The online system is particularly useful and is extremely easy<br />

to use... “...Lovetts has a recognisable brand that generates<br />

successful results...”<br />


St George’s House, 56 Peter Street, Manchester, M2 3NQ<br />

W: www.stripes-solicitors.co.uk<br />

T: 0161 832 5000<br />

95percent success rate in disputed<br />

litigation cases over several decades<br />

Stripes technical excellence, tenacity and commercial insight has<br />

led to this 95 percent success rate over several decades. We have<br />

been particularly recommended as a leading law firm by the Legal<br />

500 in the litigious field for representing clients with significant and<br />

complex issues.<br />

Our specialist commercial debt recovery and insolvency team work<br />

with businesses ranging from SMEs to larger PLCs recovering<br />

business debts on a no cost or fixed fee basis and often<br />

recovering debts within days. We aim to understand your business<br />

and tailor our services to suit your requirements. Our online service<br />

provides you with 24/7 access to manage your account, to upload<br />

new debtor cases and to generate new legal instructions.<br />

Sanders Consulting Associates Ltd<br />

T: +44(0)1525 720226<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Sanders Consulting is an independent niche consulting firm<br />

specialising in leadership and performance improvement in all<br />

aspects of the order to cash process. Chris Sanders FCICM, the<br />

principal, is well known in the industry with a wealth of experience<br />

in operational credit management, billing, change and business<br />

process improvement. A sought after speaker with cross industry<br />

international experience in the business-to-business and businessto-consumer<br />

markets, his innovative and enthusiastic approach<br />

delivers pragmatic people and process lead solutions and significant<br />

working capital improvements to clients. Sanders Consulting are<br />

proud to manage CICMQ on behalf of and under the supervision<br />

of the CICM.<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183<br />

T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

High Court Enforcement that will Empower You!<br />

We help law firms and in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. Setting us<br />

apart in the industry, our unique and Award Winning Field Agent<br />

App helps to provide information in real time and transparency,<br />

empowering our clients when they work with us.<br />

• Free Transfer up process of CCJ’s to High Court<br />

• Exceptional Recovery Rates<br />

• Individual Client Attention and Tailored Solutions<br />

• Real Time Client Access to Cases<br />


<strong>Credit</strong>safe Business Solutions<br />

Bryn House, Caerphilly Business Park, Van Rd,<br />

Caerphilly, CF83 3GG<br />

T: 0292 088 6500.<br />

E: ukinfo@creditsafeuk.com<br />

W: www.creditsafeuk.com<br />

<strong>Credit</strong>safe is Europe’s most used supplier of credit & business<br />

intelligence. <strong>Credit</strong>safe have helped over 60,000 customers<br />

across Europe and the USA with a range of products which<br />

includes our UK, European and International Company <strong>Credit</strong><br />

Reports, which reach over 129 countries and 90m companies;<br />

customer and supplier Risk Tracker and our 3D Ledger product<br />

which has captured over 35 million Trade Payment Data<br />

Experiences since its launch in 2012. All of which will help<br />

companies manage their exposure to risk, make informed<br />

decisions in relation to credit limits whilst looking at how you<br />

can identify gaps within your sales ledger to prioritise collections<br />

and leverage sales.<br />

continues on page 80 ><br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 79

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />


CoCredo Limited<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790 600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

Celebrating 15 years in business, CoCredo’s award winning credit<br />

reporting and monitoring systems have helped to protect and secure<br />

over £27 billion of turnover on behalf of our customers. Our company<br />

data is updated 500,000 per day and ensures customers have the<br />

most current information in the market place. Access to the online<br />

portal is available 365 days a year 24/7 from anywhere in the world.<br />

At CoCredo we aggregate data from a range of leading providers<br />

across the globe so that our customers can view the best available<br />

data in one easy to use report. We also offer customers XML<br />

Integration and D.N.A. Portfolio <strong>Management</strong>.<br />

From simply looking at a prospect through to acquisition, to<br />

monitoring, we pride ourselves on helping our customers every step of<br />

the way. CICM members receive their first five credit reports for free.<br />

Graydon UK<br />

66 College Road, 2nd Floor,<br />

Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Graydon UK is a specialist in <strong>Credit</strong> Risk <strong>Management</strong> and Intelligence,<br />

providing access to business information on over 100 million entities<br />

across more than 190 countries. Its mission is to convert vast amounts<br />

of data from diverse data sources into invaluable information. Based<br />

on this, it generates economic, financial and commercial insights that<br />

help its customers make better business decisions and ultimately<br />

gain competitive advantage. Graydon is owned by Atradius, a leading<br />

European credit insurance organisation. It offers a comprehensive<br />

network of offices and partners worldwide to ensure a seamless<br />

service.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections and<br />

Query <strong>Management</strong> System has been designed with three goals in<br />

mind:<br />

• To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of <strong>Credit</strong><br />

Professionals across the UK and Europe, our system is successfully<br />

providing significant and measurable benefits for our diverse<br />

portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />


Northburgh House, 10 Northburgh Street, London, EC1V 0PP<br />

T: +44 (0)20 7549 5000E: bvd@bvdinfo.com<br />

W: www.bvdinfo.com<br />

We offer the most powerful comparable data resource on private<br />

companies. We capture and treat private company information for<br />

better decision making and increased efficiency, so we’re ideally suited<br />

to help credit professionals. Orbis, our global company database has<br />

information on 250 million companies, and offers:<br />

• Standardised financials so you can assess companies globally<br />

• Financial strength metrics using a range of models and including a<br />

qualitative score for when detailed financials aren’t available<br />

• Projected financials<br />

• Extensive corporate structures so you can assess the complete group<br />

– or take the financial stability of the parent into account<br />

<strong>Credit</strong> Catalyst is a platform where you can combine information from<br />

Orbis with you own knowledge of your customers and get dashboard<br />

views of your portfolio.<br />

Register for your free trial at bvdinfo.com.<br />


Prof. Schumann GmbH<br />

innovative information systems<br />

Weender Landstr. 23, 37130 Göttingen, Germany<br />

T: +49 551 38315 0 F: +49 551 38315 20<br />

E: info@prof-schumann.de W: www.prof-schumann.de<br />

Our <strong>Credit</strong> Application Manager (CAM) is a leading credit risk<br />

management solution for major corporations, as well as insurance,<br />

factoring and leasing companies. In their daily work, CAM allows<br />

credit and sales managers to call up all the available information<br />

about a customer or risk in a few seconds for decision support: realtime<br />

data from wherever they are. CAM keeps an eye on customers<br />

whose payment behaviour stands out or who have overdue invoices!<br />

CAM provides an up-to-date forecast of customers’ payments.<br />

Additionally, CAM has automated interfaces for connecting to<br />

leading suppliers of company credit data, payment record pools and<br />

commercial credit insurers. The system is characterised by its great<br />

flexibility. We have years of experience in consulting and software<br />

support for accounts receivable management.<br />

Top Service Ltd<br />

2&3 Regents Court, Farmoor Lane, Redditch,<br />

Worcestershire, B98 0SD<br />

T: 0152 750 3990.<br />

E: enquiries@top-service.co.uk<br />

W: www.top-service.co.uk<br />

Top Service is the only credit reference and debt recovery<br />

agency to specialise in the UK construction sector. Top Service<br />

customers benefit from sector specific information, detailed<br />

payment history intelligence and realtime trade references in<br />

addition to standard credit information. There are currently<br />

3,000 construction sector companies subscribing to the service,<br />

ranging from multi-national organisations to small family firms.<br />

The company prides itself on high levels of customer service<br />

and does not tie its customers into restrictive contracts. Top<br />

Service offers a 25 percent discount to all CICM Members as<br />

well as four free credit checks of your choice.<br />

Innovation Software<br />

Innovation Software, Innovation House,<br />

New Road, Rochester, Kent, ME1 1BG.<br />

T: +44 (0)1634 812300<br />

E: jay.inamdar@innovationsoftware.uk.com<br />

W: www.creditforceglobal.com<br />

Innovation Software are the authors of <strong>Credit</strong>Force, the leading<br />

Collections and Working Capital <strong>Management</strong> Systems. Our solutions are<br />

used in over 26 countries and by over 20 percent of the Top 100 Global<br />

Law Firms.<br />

Our solutions have optimised Accounts Receivables processes for over<br />

20 years and power Business Intelligence, with functionality to:<br />

• improve cash flow • reduce DSO • control risk<br />

• automate cash allocation • speed up query resolution<br />

• improve customer relationship management<br />

• automatically generate intelligent workflows and tasks<br />

• manage the entire end-to-end collections cycle.<br />

Fully integrated with over 40 leading ERP and Accounting systems,<br />

including SAP, Oracle, Microsoft Dynamics and product partners with<br />

Thomson Reuters Elite we can deliver on either your own computing<br />

infrastructure or through Microsoft Azure’s award winning and secure<br />

cloud service.<strong>Credit</strong>Force remains the choice solution for world class<br />

businesses.<br />

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

www.creditforceglobal.com for more information.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 80

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />


Safe Computing Limited<br />

20, Freeschool Lane, Leicester, LE1 4FY<br />

T: 0844 583 2134<br />

E: info@safecomputing.co.uk<br />

W: www.safe-financials.co.uk<br />

Designed to manage your customer credit accounts effectively,<br />

Safe <strong>Credit</strong> Control enables your credit management team to:<br />

• Improve cash flow<br />

• Reduce debtor days<br />

• Increase customer service<br />

• Cut the cost of cash collection<br />

• Eliminate manual processes<br />

• Speed up the query resolution process<br />

Safe’s unique approach is centred on changing the perception<br />

of the credit control function from a series of reactive processes<br />

to proactive ones. <strong>Credit</strong> controllers are traditionally regarded<br />

as an essential element in business to chase late payments<br />

and respond to customer queries. Safe <strong>Credit</strong> Control has taken<br />

the concepts of customer relationship management (CRM) and<br />

applied it to the credit control function, providing a softer,<br />

service orientated team of customer service representatives.<br />

STA International<br />

3rd Floor, Colman House, King Street Maidstone , ME14 1DN<br />

T: +44(0)844 324 0660.<br />

E: enquiries@staonline.com<br />

W: www.stainternational.com<br />


STA is an award winning B2B and B2C debt collection, confidential<br />

credit control and tracing supplier. ISO9001 quality accredited, and<br />

with the CSAs Collector Accreditation Initiative, duty-of-care is as<br />

important to us as it is to you. Specialising in international debt, in the<br />

past 12 months we’ve collected from 146 countries worldwide. “Your<br />

Debts Online” gives you transparent access to our collection success<br />

and detailed management information, keeping you in control of your<br />

account. We look forward to getting your business paid.<br />

Tinubu Square UK<br />

Holland House,<br />

4 Bury Street, London . EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com W: www.tinubu.com<br />

Tinubu Square offers companies across the world the appropriate<br />

SaaS platform solutions and services to significantly reduce their<br />

exposure to risk, and their financial, operational and technical<br />

costs. Easy to implement, our solutions provide an accurate<br />

picture of a customers’ financial health through the entire<br />

order-to-cash cycle, improve cash flow, and facilitate control<br />

of risk across the organization whether group-wide or locally.<br />

Founded in 2000, Tinubu Square is an award winning expert in<br />

the trade credit insurance industry, with offices in Paris, London,<br />

New York, Montreal and Singapore. Some of the largest<br />

multinational corporations, credit insurers and receivables<br />

financing organizations depend on Tinubu to provide them with the<br />

means to drive greater trade credit risk efficiency.<br />

Data Interconnect Ltd<br />

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,<br />

Oxfordshire. SN7 7BP<br />

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Data Interconnect provides integrated e-billing and collection<br />

solutions via its document delivery web portal, WebSend. By<br />

providing improved Customer Experience and Customer Satisfaction,<br />

with enhanced levels of communication between both parties, we<br />

can substantially speed up your collection processes.<br />

Proud supporters<br />

of CICMQ<br />

Rimilia<br />

Corbett House, Westonhall Road, Bromsgrove, B60 4AL<br />

T: +44 (0)1527 872123 E: enquiries@rimilia.com<br />

W: www.rimilia.com<br />

Rimilia excels in the design, development and implementation of<br />

Intelligent Finance Solutions that drive value from existing manually<br />

intensive finance processes associated with accounts receivable,<br />

cash allocation, credit management, bank reconciliation and cash<br />

forecasting. Based in the heart of the UK, our operations extend to<br />

Europe, USA and Asia. Experienced in the field of technology and<br />

accounting, our approach to business revolves around integrity<br />

and enabling organisations to unlock their full potential though<br />

innovation. Rimilia is proud to be a leading innovative supplier of<br />

finance solutions that make a positive change to the blue chip clients<br />

it supplies.<br />

HighRadius<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

HighRadius is the leading provider of Integrated Receivables<br />

solutions for automating receivables and payment functions such<br />

as credit, collections, cash allocation, deductions and eBilling.<br />

The Integrated Receivables suite is delivered as a software-as-aservice<br />

(SaaS). HighRadius also offers SAP-certified Accelerators<br />

for SAP S/4HANA Finance Receivables <strong>Management</strong>, enabling<br />

large enterprises to maximize the value of their SAP investments.<br />

HighRadius Integrated Receivables solutions have a proven track<br />

record of reducing days sales outstanding (DSO), bad-debt and<br />

increasing operation efficiency, enabling companies to achieve an<br />

ROI in less than a year.<br />


Dun & Bradstreet<br />

Marlow International, Parkway Marlow<br />

Buckinghamshire SL7 1AJ<br />

Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />

Dun & Bradstreet grows the most valuable relationships in business.<br />

By uncovering truth and meaning from data, we connect our<br />

customers with the prospects, suppliers, clients and partners that<br />

matter most, and have since 1841. Whether your customer portfolio<br />

spans a city, a country or the globe, Dun & Bradstreet delivers the<br />

data, analytics and insight to grow your most profitable relationships<br />

and navigate credit risk. By combining your insights with our own,<br />

Dun & Bradstreet facilitates a global, unified view of your customer<br />

relationships across credit and collections.<br />

Gravity London<br />

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

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

W: www.gravitylondon.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the best<br />

in its field. It has a particular expertise in the credit sector, building<br />

long-term relationships with some of the industry’s best-known<br />

brands working on often challenging briefs. As the partner agency<br />

for the <strong>Credit</strong> Services Association (CSA) for the past 13 years,<br />

and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since 2006, it<br />

understands the key issues affecting the credit industry and what<br />

works and what doesn’t in supporting its clients in the media and<br />

beyond.<br />


Moore Stephens<br />

Moore Stephens LLP,<br />

150 Aldersgate Street,<br />

London EC1A 4AB<br />

T: +44 (0) 20 7334 9191<br />

E: Brendan.clarkson@moorestephens.com<br />

W: www.moorestephens.co.uk<br />

Moore Stephens is a top ten accounting and advisory network, with<br />

offices throughout the UK.<br />

Our clients range from individuals and entrepreneurs, through<br />

to large organisations and complex international businesses. We<br />

partner with them, supporting their aspirations and helping them<br />

to thrive in a challenging world.<br />

Our national creditor services team has expert insights in debt<br />

recovery which, combined with their unparalleled industry and<br />

sector knowledge, enables them to assist creditors in recovering<br />

outstanding debts.<br />


DWF LLP<br />

Neil Jinks FCICM – Director<br />

M: +44 (0)7740 179 515 T: +44 (0)121 516 7462<br />

E: neil.jinks@dwf.law W: www.dwf.law/recover<br />

Described by market commentators as “blazing a trail”, DWF is one<br />

of the UK’s largest legal businesses with an award-winning reputation<br />

for client service excellence and effective operational management.<br />

Named by the Financial Times as one of Europe’s most innovative<br />

law firms and independently ranked first of all top 20 law firms for<br />

quality of legal advice and joint first of all national law firms for service<br />

delivery and responsiveness. DWF offers a full range of cost effective<br />

debt recovery solutions including pre-legal collections, debt litigation,<br />

enforcement, insolvency proceedings and ancillary services including<br />

tracing, process serving, debtor profiling and consultancy.<br />

continues on page 82 ><br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 81

Cr£ditWho?<br />

CICM Directory of Services<br />




anthony.cave@cabbell.co.uk<br />


American Express<br />

76 Buckingham Palace Road,<br />

London<br />

SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is<br />

a globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

•Accelerate cashflow<br />

•Improved DSO<br />

•Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth<br />

•Reduce risk<br />

•Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />

Bottomline Technologies<br />

115 Chatham Street<br />

Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses pay<br />

and get paid. Businesses and banks rely on Bottomline for domestic<br />

and international payments, effective cash management tools,<br />

automated workflows for payment processing and bill review and<br />

state of the art fraud detection, behavioural analytics and regulatory<br />

compliance. Businesses around the world depend on Bottomline<br />

solutions to help them pay and get paid, including some<br />

of the world’s largest systemic banks, private and publicly traded<br />

companies and Insurers. Every day, we help our customers by<br />

making complex business payments simple, secure and seamless.<br />


Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> (CICM)<br />

The Water Mill, Station Road, South Luffenham,<br />

OAKHAM, LE15 8NB<br />

T: 01780 722910 E: info@cicm.com<br />

W: www.cicm.com<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong> (CICM) is Europe’s<br />

largest credit management organisation. The trusted leader<br />

in expertise for all credit matters, it represents the profession<br />

across trade, consumer, and export credit, and all credit-related<br />

services. Formed over 70 years ago, it is the only such organisation<br />

accredited by Ofqual and it offers a comprehensive<br />

range of services and bespoke solutions for the credit professional<br />

(www.cicm.com) as well as services and advice for the<br />

wider business community (www.creditmanagement.org.uk).<br />

CICMos (CICM Online Services) WWW.CICM.COM<br />

T: 01780 722 907. E: training@cicm.com<br />

W: www.cicmos.com<br />

CICMOS has been designed to help busy credit managers by<br />

providing them with a suite of online tools to support and<br />

quickly develop their teams. The virtual learning centre is an<br />

open platform system, accessed via the website, which is<br />

easy to use, modular and each module is completely optional,<br />

which means the system can be tailored to suit specific<br />

requirements and time constraints. This wide ranging system<br />

is more than just a training tool it is easy to set up and use<br />

and can be accessed securely via the CICMOS website for a<br />

low annual subscription.<br />




Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively<br />

for Hays by the CICM. We offer CICM members a priority service<br />

and can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



& SERVICE<br />


You can connect with them<br />

all now by having a listing in<br />

<strong>Credit</strong>Who.<br />

FOR JUST<br />

£1,247 + VAT per annum:<br />

- your business will be listed in<br />

<strong>Credit</strong> <strong>Management</strong> magazine,<br />

which goes out to all our<br />

members and subscribers and<br />

has an estimated readership of<br />

over 25,000.<br />



ANTHONY CAVE ON: 020 3603 7934<br />

Portfolio <strong>Credit</strong> Control<br />

Portfolio <strong>Credit</strong> Control, New Liverpool House,<br />

15 Eldon Street, London, EC2M 7LD<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> Control, Accounts<br />

Receivable and Collections staff. Part of an award winning<br />

recruiter we speak to and meet credit controllers all day everyday<br />

understanding their skills and backgrounds to provide you with tried<br />

and tested credit control professionals. We have achieved enormous<br />

growth because we offer a uniquely specialist approach to our<br />

clients, with a commitment to service delivery that exceeds your<br />

expectations every single time.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 82

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved<br />


NAME ....................................................................................................................................<br />

ADDRESS ..............................................................................................................................<br />

...............................................................................................................................................<br />

POST CODE .................................. TELEPHONE NUMBER .....................................................<br />

The CICM is registered with the UK’s Information<br />

Commissioner under the Data Protection Act 1998 (the<br />

"Act"). All the data contained on this form, is held and<br />

processed electronically in accordance with the Act.<br />

The Institute holds and processes your personal data in<br />

order to give you the full benefits of being a member and for<br />

administrative purposes.<br />

We might from time to time notify you by post or email of<br />

details of CICM events or other similar CICM services or<br />

products which we think September be of interest to you. If<br />

you do not wish to receive such notification please<br />

tick here q<br />


For all email entries for the crossword please email: andrew.morris@cicm.com<br />

If you subsequently decide that you do not wish to<br />

receive such notifications please email the Institute at<br />

unsubscribe@cicm.com or write to the Data Controller at<br />

the address given below.<br />

The Data Protection Act gives you the right at any time to<br />

see a copy of all the data that we hold about you. If you<br />

would like a copy, please send a letter requesting this<br />

information together with a cheque for £10 payable to :<br />

The Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

to: Data Controller, CICM, The Water Mill, Station Road,<br />

South Luffenham, OAKHAM, LE15 8NB.<br />




ACROSS:<br />

1. Shame<br />

6. Hairdo<br />

10. Not hard<br />

14. Hyrax<br />

15. Caribou<br />

16. River of Spain<br />

17. From the inside<br />

19. Period<br />

20. A Japanese feudal baron<br />

21. 59 in Roman numerals<br />

22. Labyrinth<br />

23. Master of ceremonies<br />

25. Doorkeeper<br />

26. Go on horseback<br />

30. Coming<br />

32. Relating to urine<br />

35. Competitor<br />

39. Casual eatery<br />

DOWN:<br />

1. Corrosive<br />

2. ___ fide<br />

3. Against<br />

4. Appear<br />

5. Lofty nest<br />

6. American Dental Association<br />

7. Cut down<br />

8. Remedy<br />

9. African antelope<br />

10. Dressmaker<br />

11. A religion based on sorcery<br />

12. Immobilized<br />

13. Laser printer powder<br />

18. French for "Name"<br />

24. Islet<br />

25. Loosen, as laces<br />

26. Country bumpkin<br />

27. Colored part of an eye<br />

28. Platter<br />

CLOSING DATE: 14 <strong>March</strong> <strong>2018</strong><br />

40. Spectator<br />

41. A reversion to the state<br />

43. Blight<br />

44. Unfurl<br />

46. Blackthorn<br />

47. Vice ___<br />

50. Spats<br />

53. Decorative case<br />

54. A Buddhist temple<br />

55. Narcotic<br />

60. Big party<br />

61. In all<br />

63. Mimics<br />

64. Sleigh<br />

65. Fruit of the oak tree<br />

66. Where a bird lives<br />

67. Combustible pile<br />

68. Verse<br />

29. Fanatic<br />

31. Covetousness<br />

33. Sporting venue<br />

34. Lion sound<br />

36. Absent Without Leave<br />

37. Roman emperor<br />

38. Tall woody plant<br />

42. Completely<br />

43. Santa's helper<br />

45. Rubbish<br />

47. A strict vegetarian<br />

48. French for "Storehouse"<br />

49. Governs<br />

51. Mist<br />

52. Lance<br />

54. Stinging insect<br />

56. Skin irritation<br />

57. Greeting at sea<br />

58. School session<br />

59. Sea eagle<br />

62. Lyric poem<br />



Frank Carroll MCICM, David Feder FCICM and Steve Rawlings ACICM<br />

For the chance of winning £20, forward your completed solution to:<br />

Art Editor, Andrew Morris, Chartered Institute of <strong>Credit</strong> <strong>Management</strong>,<br />

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.<br />

The Recognised Standard / www.cicm.com / <strong>March</strong> <strong>2018</strong> / PAGE 83

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