Credit Management March 2018

CREDIT MANAGEMENT
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
MARCH 2018 £12.00
INSIDE
Winners of the
CICM British
Credit Awards
2018
Chain Reaction
The cost of being in
– and out – of debt
People Power
How self-serve is
supporting customer
engagement. Page 14
Taken On Trust
Sean Feast speaks to
Joanna Elson of the Money
Advice Trust. Page 22

STAND OUT
FROM THE
CROWD
With over 2,400 qualifications awarded in the last
three years, CICM is the recognised standard.
Find out more about flexible options to suit your
role and lifestyle.
Visit qualifications.cicm.com

MARCH 2018
www.cicm.com
CONTENTS
32
COUNTRY FOCUS -
ADAM BERNSTEIN
11 – INSOLVENCY
David Kerr looks at the Official
Receiver’s and special manager’s roles
in the liquidation of Carillion.
12 – DEBTOR PRISONS
John Ricketts takes a look back to the
beginning of the century and the Clink
prison and ponders what has changed.
14 – SELF-SERVE
The tactics used by DCAs to ease the
pressure on customers to repay their
debts.
20 – LEGAL MATTERS
The challenge from supermarkets
against card companies and the delays
and extra fees charged to process
payments.
22 – INSIDE OUT
Joanna Elson shares stories of her time
as a House of Commons Researcher and
her love of the great outdoors.
32 – COUNTRY FOCUS
In the latest in the series of country
profiles, Adam Bernstein turns his
attention to Austria.
14
MAKE YOUR CASE -
HEATHER GREIG-SMITH
62 – EDUCATION
CICM has started an exciting
programme to introduce a new
generation of CICM qualifications.
@Credit_Magazine
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
CICM GOVERNANCE
President Stephen Baister FCICM / Chief Executive Philip King FCICM CdipAF MBA
Executive Board Laurie Beagle FCICM – Chair / Glen Bullivant FCICM / Sue Chapple FCICM
Larry Coltman FCICM / David Thornley FCICM(Grad) – Treasurer / Pete Whitmore FCICM – Vice Chair
Advisory Council Laurie Beagle FCICM / Jason Braidwood FCICM(Grad) / Glen Bullivant FCICM / Sue Chapple FCICM
Larry Coltman FCICM / Kim Delaney-Bowen MCICM / Victoria Herd FCICM(Grad) / Edward Judge FCICM
Christelle Madie MCICM(Grad) / Robert Marr MCICM / Debbie Nolan FCICM / Bryony Pettifor FCICM(Grad) / Allan Poole MCICM
Phil Rice FCICM / Charlie Robertson FCICM / Chris Sanders FCICM / Richard Seadon FCICM. / David Thornley FCICM(Grad)
Debra Weston FCICM Pete Whitmore FCICM
View our digital version online at www.cicm.com Log on to the Members’
area, and click on the tab labelled ‘Credit Management magazine’
Credit Management is distributed to the entire UK and international CICM
membership, as well as additional subscribers
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do
not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to
abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered
trade mark of the Chartered Institute of Credit Management.
Telephone: 01780 722910
Fax: 01780 721333
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast
Deputy Editor
Alex Simmons
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Imogen Hart and Iona Yadallee
Advertising
Anthony Cave
Telephone: 0203 603 7934
Email: anthony.cave@cabbell.co.uk
Printers
Stephens & George Print Group
2017 subscriptions
UK: £108 per annum
International: £140 per annum
Single copies: £12.00 ISSN 0265-2099
The Recognised Standard / www.cicm.com / March 2018 / PAGE 3

EDITOR’S COLUMN
We never used to have that
nonsense with carbon paper
Sean Feast
Managing Editor
DOUGLAS Adams, he of
Hitchhikers fame, once
famously said ‘we are
stuck with technology
when what we really want
is just stuff that works’.
Ask anyone in my office about my view on
technology and they will tell you I am not
its biggest fan. Computer kit that is billed as
an ‘enabler’ to make my life easier, appears
to be constantly conspiring against me to
make even the simplest of tasks difficult
and painful.
Whereas I am as happy as Larry writing
about sophisticated weapons systems
and sensing and control technologies
(in a life outside of credit) that I have no
right to understand, I still only use my
Mac as a glorified typewriter and am
continually irritated by the reluctance of
our high-tech wireless HP printer to print
when I command it to. We never had that
nonsense with carbon paper. And as for the
psychedelic ‘wheel of death’ that appears
with alarming regulatory on my screen,
what more can I say?
But while I am not especially technology
savvy, neither do I like to think of myself
as a luddite. (Others may disagree. That is
their right.) I can see how technology has
benefited people and society in the past,
and will continue to do so in the future.
I look at how technology helps people
to live in their homes for longer, with
the advent of telecare; I think of how
precision engineering has transformed
our manufacturing capabilities; I marvel
at the ability for surgeons to perform
operations by watching a television
screen.
Within the credit industry too,
technology is helping to make us better
at what we do, driving greater efficiencies
and supporting our decision making. In
the world of consumer debt collection, it
is helping a new generation of customer
to ‘self-serve’, and better engage and
interact with their creditor in ways that
are familiar and productive (see article on
page 14). Artificial Intelligence (AI) and
Virtual Reality (VR) are now increasingly
commonplace, and no longer just a
future imagined by a Tomorrow’s World
audience.
But while we should celebrate and
embrace new technology, and I include
myself in that sentiment, we should never
lose sight of just how remarkable we can
be as individuals. For those who think
robots will replace humans in virtually
every walk of life, I’ll leave you with this
thought from writer and philosopher
Elbert Hubbard: ‘One machine can do the
work of fifty ordinary men. No machine
can do the work of one extraordinary
man’.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 4

For more information call 01206 322 575
info@safecomputing.co.uk
www.safe-financials.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit
Written by – Sean Feast and Alex Simmons
CICM members take
long-term view on Brexit
Philip King FCICM
Chief Executive of the CICM
It is undoubtedly affecting
business confidence, and
while our members are
clearly taking a pragmatic
‘wait and see’ approach to
their credit risk policies, it
is similarly clear that their
skills are going to be much
in demand in the future.
MEMBERS of the Chartered
Institute of Credit Management
(CICM) appear untroubled by the
impact of Brexit on their credit
risk policies in the short term, but are more
anxious about the effect it may have on new
business opportunities.
In the preliminary findings of an
exclusive report by Sheffield Hallam
University for the CICM, 70 percent said that
Brexit would have ‘marginal’ or no impact at
all on their credit risk policies over the next
12 – 24 months. Beyond this period, they
would review their terms and familiarise
themselves with the post-Brexit plans of
their customers. They also believe that the
credit manager’s role will continue to evolve
to have an even greater ‘risk’ focus.
In terms of new business opportunities,
however, a similar percentage (70 percent)
said that new business would be affected
‘significantly’ or ‘marginally’ in the next
two years, and feared an increase in tariffs
and other barriers to trade. Almost half (47
percent) believe that export markets will be
affected, that the cost of raw materials will
rise and companies may have to lower their
prices.
Philip King, Chief Executive of the CICM,
believes that the uncertainty of Brexit is still
looming large: “It is undoubtedly affecting
business confidence,” he says, “and while
our members are clearly taking a pragmatic
‘wait and see’ approach to their credit risk
policies, it is similarly clear that their skills
are going to be much in demand in the
future.”
As well as Brexit, the research also
looked at the impact of the new General
Data Protection Regulation (GDPR). Only a
quarter (27 percent) said that it will be of
benefit, and many felt that it would simply
make their jobs more difficult. Gaining
access to data will be more time consuming
and complex, and could actually affect
new business. Only 62 percent believed the
changes would benefit the consumer, but
that companies would be working harder to
protect the data they held.
The role of technology was also explored,
with nearly all of those questioned agreeing
that new technology had significantly
impacted their business processes, people,
and opportunities over the last three years.
The single biggest benefit was seen to be an
improvement in operational efficiency.
The qualitative research was undertaken
by four University students studying in
their final year for a BA in Accounting and
Finance. The results were presented at the
CICM Think Tank in February, and will be
reported in full in a later edition of Credit
Management. The research will also be
available to members to view on line.
>BANKS LEAVING SMES HIGH AND DRY
ONLY a quarter (26 percent) of small-and
medium-sized enterprises (SMEs) think their
high street bank is able to meet their funding
needs, research shows.
Close Brothers Group surveyed 900 SMEs in
the UK and said the findings suggest high street
banks are lacking the specialist knowledge
needed to support small businesses.
Many SMEs are unaware of all the finance
options available to them and will therefore
go to the biggest banks as the first port of call
when looking for finance. The high street bank
rejection rate for first time borrowers is 50
percent, and a third of SMEs give up after their
first rejection for funding.
Those SMEs who do access finance often
opt for the wrong type of products, which could
put them at risk and hinder their growth, Close
Brothers warned.
For example, an SME may choose an
overdraft to finance new equipment or
technology and run the risk of the bank being
able to withdraw the facility at any time, leaving
little or no time to repay the money.
Credit card use is also prevalent among
SMEs, with 47 percent using a personal card
for business purposes. Meanwhile, one in eight
SMEs use their personal savings for finance.
Just 17 percent of SMEs said they feel their
high street bank fully understands the specific
challenges of their business.
closebrothers.com
>BOTTOMS UP
EXPORTS of British gin have broken records again
this year, with sales overseas breaking the half a
billion-pound mark for the first time, according to the
latest figures from HMRC. Some £530 million worth
of British gin was sold abroad in 2017, the equivalent
of around 189 million (70cl) bottles of British gin
exported last year up from around 177 million
bottles in 2016. Thanks to a surge in popularity in
the juniper-based spirit, which has been dubbed the
‘ginaissance’ British gin exports have more than
doubled since 2008 when sales overseas were worth
£258 million. Britain sends more gin around the
world than it does beef, and exports of the spirit have
increased 12 percent by value and seven percent
by volume, in the last year. gov.uk/government/
organisations/hm-revenue-customs
The Recognised Standard / www.cicm.com / March 2018 / PAGE 6

First supplier member joins CSA
Styles&Wood has become a Supplier
Member of the Credit Services Association
(CSA), the first to join the extended category
of membership since it was announced in
November last year.
Arctick, an award-winning enterprise
Governance, Risk and Compliance (GRC)
management software solution, has been
developed by Styles&Wood to support CSA
members and others within the credit
industry with regulatory compliance.
Peter Wallwork, Chief Executive of the
CSA, says that Supplier Member status
will provide Styles&Wood with a range of
benefits: “It will afford them even greater
visibility of the collections, debt sale and
purchase market and in turn gives the
CSA’s 300-strong membership greater
visibility of a company and solution that
can help support their operations and
regulatory compliance.”
Arctick’s Managing Executive, Ian
Wilson is excited by the opportunities
that Supplier Member status will bring:
“We look forward to developing a close
working relationship with the Association
and its members,” he explains. “Our
Arctick GRC RegTech solution enables
firms to implement and evidence robust
governance controls, aligned with the
stringent expectations of the FCA under the
latest senior management arrangements,
systems and controls.”
As a CSA Supplier Member, the Arctick
team will be able to attend member-only
meetings and other CSA events such as
compliance meetings, roundtables, forums
that offer sponsorship and profile building
opportunities. “It also provides access to
high quality discounted accredited training,
compliance support and updates, a Supplier
Directory listing, and we’d encourage any
supplier that is actively engaged within the
credit industry to seriously consider the
advantages that Supplier Membership can
bring.” csa-uk.com
>NEWS
IN BRIEF
JOBS BONANZA
METRO Bank claims it will create 900
new jobs in 2018, increasing the number
of employees to almost 4,000. A key
area of investment is its apprenticeship
scheme, with the bank last year becoming
a certified employer provider, meaning
that as well as hiring apprentices, it says
it is also able to deliver apprenticeship
training through its dedicated in-house
facility, Metro Bank University. Elsewhere,
TSB says it will create 15 new relationship
manager roles to help support small
businesses and entrepreneurs – on
the ground in their local communities,
delivering the kind of banking experience
TSB believes small businesses need.
The bank is now hiring in Manchester,
Birmingham, Leicester and Edinburgh –
and this is just the start of things to come.
metrobankonline.co.uk/business
BLACK AND WHITE
OPEN ALL HOURS
The organisation behind the Current Account Switch Service, Bacs Payment Schemes
(Bacs), has welcomed the announcement by UK Finance that the account opening process
has been made simpler for small business owners. Account providers will now require
the same basic set of information from new small business customers looking to open or
switch an account. bacs.co.uk
LLOYDS Banking Group plans to raise
the proportion of staff from black, Asian
or minority ethnic (BAME) backgrounds
to eight percent of senior management
by 2020. The bank is the first FTSE 100
company to set a formal target to improve
ethnic diversity among its top executives.
It also aims to increase the proportion
of non-white staff to ten percent of its
total workforce by the end of the decade.
Lloyds said 8.3 percent of its 75,000 staff
and 5.6 percent of its 7,500 senior managers
currently come from a BAME background,
compared to 12 percent of the
UK labour force, and 14 percent of the UK
population. The bank, which owns Halifax
and Scottish Widows, estimates one in
ten of its customers are from a non-white
background. lloydsbank.com
P2P analyst first to break cover on risks of losing cash
PEER-to-peer analysis firm 4th Way is
urging investors to diversify after it claims
stress testing revealed the odds of losing
money in a severe recession can be 10
times higher when lending to just one
borrower on a P2P platform.
The research applied international
banking stress tests to P2P platforms such
as Zopa, Funding Circle and RateSetter,
and found when lending to 100 borrowers,
investors have just a 0.1 percent chance of
losing 20 percent or more of their original
money.
The research added that all the losses on
bad loans are either partly or completely
offset by interest earned over the years
on good loans, and by any additional
protection in place, such as reserve funds
to cover expected bad debts. Re-lending in
the years prior to and after the recession
further lowers the risk, 4th Way said.
The research also found that those
lending to prime buy-to-let mortgage
borrowers had a less than one percent
chance of losing money. In contrast,
investors lending to either a single prime
borrower for a personal loan or to one
super-prime business borrower could see
the odds of losing most of their money rise
to three percent.
However, when lending to 100 prime
individuals or super-prime business
borrowers, the risk of losing 10 percent or
more of their total loans was no more than
0.1 percent.
4th Way also assessed five of the biggest
lenders – Zopa, Funding Circle, RateSetter,
Assetz Capital and FundingSecure – and
found this group has collectively paid out
more than £600 million of interest versus
under £200 million in bad debts.
“Lending money to creditworthy
business, personal and property borrowers
in straightforward loans is an asset class
that can be just as stable and reliable
for individual investors as it has been
for institutional money lenders since at
least the invention of credit scores,” Neil
Faulkner, Managing Director of 4thWay,
says.
“This is not to say that lenders will only
lose money by not diversifying. There will
be times when some lenders will do worse
despite doing so, especially where they
choose to take higher risks.
“But not all investors are taking simple
steps to diversify and this is something
that the platforms themselves have to take
more responsibility for. Information about
minimum loans should be made clearer
so investors can work out for themselves
where to spread their money.”
4thway.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 7

NEWS
IN BRIEF
GETTING TECHNICAL
THE CICM’s Technical Committee held
its latest meeting on 6 February 2018,
where it discussed and debated various
key issues including: A response to The
Ministry of Justice consultation on Default
County Court Judgements; The launch of
an industry-wide Credit Reference Agency
Information Notice (CRAIN) in readiness
for the implementation of the new General
Data Protection Regulation (GDPR) on
25 May 2018; The announcement by The
Insolvency Service that an assessment
of the impact of the voluntary industry
measures introduced in November 2015
to improve the transparency of connected
party pre-pack sales in administration is
to be undertaken; a response to The HM
Treasury consultation on Breathing Space;
a response to The BEIS consultation on
retention payments in the construction
industry.
Support packages to prop up
Carillion suppliers
A further package of support for the
businesses and workers affected by
Carillion’s liquidation has been welcomed
by Business Secretary, Greg Clark.
Through delivery partners that include
all the major high street lenders, the British
Business Bank will provide support to make
available up to £100 million of lending to
small businesses who may not have the
security otherwise needed for conventional
bank lending using its Enterprise Finance
Guarantee programme.
This will be of benefit to small
businesses including the chain of
subcontractors to Carillion who may not
have sufficient assets as security to access
conventional loans. These guarantees can
be used to support overdraft borrowing and
refinancing of existing debt.
The UK’s leading banks have also
furthered their commitment to provide
support to those affected with UK
Finance confirming additional support for
personal banking customers concerned
about overdraft, mortgage or credit card
repayments, as well as further financial
support for small businesses to provide
short-term relief to help keep them afloat.
Greg Clark says the Government will
support SMEs that are owed money by
Carillion so they can continue trading:
“The banks have responded to my request
by agreeing to support businesses and
individuals affected. This further guarantee
will help those businesses who may not be
able to provide the usual security for a loan.”
Keith Morgan, British Business Bank
CEO, says the Enterprise Finance Guarantee
(EFG) is an important option for smaller
businesses who need access to finance,
but may not be able to meet a provider’s
normal security requirements: “To help in
these exceptional circumstances, we have
designed additional flexibility into EFG that
could be particularly suitable for firms in the
Carillion supply chain. We would encourage
lenders to work with their customers to use
these new flexibilities to meet their needs.”
This package is in addition to the more
than £200 million announced by Lloyds
Banking Group, HSBC and RBS.
british-business-bank.co.uk
This will be of benefit to small businesses including
the chain of subcontractors to Carillion who may
not have sufficient assets as security to access
conventional loans.
SHINING STARS
THE 2018 CICM British Credit Awards was
held at the Lancaster Hotel on February
8 to celebrate the best of the best in the
industry. To read all about the winners
and see a selection of photos from the
glittering ceremony turn to the supplement
on page 35.
BANG TO RIGHTS
ILLEGAL money lender, Dharam Prakash
Gopee has been sentenced to three and
a half years imprisonment by a Judge
in Southwark Crown Court after guilty
verdicts for offences under the Consumer
Credit Act 1974 and the Financial Services
and Markets Act 2000. Between 2012
and 2016, Mr Gopee acted as an illegal
lender despite being refused a consumer
credit licence by the OFT or securing
any authorisation from the FCA. He
loaned money to vulnerable consumers
at high rates, securing the loans against
their property, and then sought to take
possession if they failed to pay. Over
the four-year period, his own loan books
showed that he issued approximately £1
million of new loans and took in at least
£2 million in payments from old and new
consumers, none of whom were aware that
did not have a licence. fca.org.uk
Q1 D2R data shows large firms
still paying invoices late
Almost a third of all invoices are being paid
late, according to new official statistics,
starving small business and the supply
chain of vital cash.
The average reported time to pay was
39.73 days with just less than half (49.45
percent) paid within 30 days. More than a
third (34.84 pwercent) were paid between 31
and 60 days, and 15.71 percent were paid
later than 60 days. The most troubling
statistic, however, is that almost a third
(31.22 percent) were paid beyond the agreed
terms.
The figures, produced exclusively for the
Chartered Institute of Credit Management
(CICM) by Graydon, the credit information
and data intelligence business, stem from
the new Payment Practices Reporting
Regulations that oblige larger firms with
a ‘Duty to Report’ their payment
performance. To date some 540 companies
have reported.
Philip King, Chief Executive of the CICM,
says that the first Quarter results confirm
the initial snapshot findings in January, and
that there are alarming trends: “If almost a
third of invoices are being paid late then the
suppliers are seeing a hole in their cashflow
which is a major concern. For many small
businesses, it’s about more than just the
balance sitting in the current account.”
Mr King repeated his warning, however, to
look deeper into the figures when assessing
risk: “One company, for example, reports
that zero invoices are paid late – which
looks good – yet the average time to pay is
69 days, and only seven percent of invoices
are paid within 30 days, and that’s far less
encouraging. Its maximum contractual
payment terms are 75 days.
“Contrast that with another company that
reports paying 57 percent of invoices outside
the agreed terms, yet 52 percent within 30
days, 28 percent between 31 and 60, and 20
percent over 60 days. Its average time to pay
is 56 days. Which company is the better bet?
It is easy to draw conclusions that might be
misleading – both good and bad. Sometimes
you need to read between the lines.”
The Payment Practices Reporting
Regulations came into effect on 1 April 2017.
Eventually, all of the approximately 15,000
large companies will be obliged to report on
a half-yearly basis.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 8

BoE warns of new threat to SMEs
SMEs that use their own commercial
property as loan collateral could be hit in
the event of a market adjustment, the Bank
of England (BoE) has warned.
Three quarters of SMEs in Britain use
their own commercial property as collateral
to secure bank loans, according to figures
from the central bank. But Alex Brazier,
Executive Director for Financial Stability
Strategy and Risk, warned that if SMEs
secure these loans at stretched commercial
property values, they can be exposed to any
adjustment:
“That channel can be pernicious if
companies investing in commercial
property at the top of the cycle are forced
to reduce debt as prices fall and they break
their loan covenants,” he says.
“They can be forced into sales of property,
driving prices down even further and
making life even more difficult for those
companies in the wider economy that have
secured their debts on their property.”
In a speech to the Brevan Howard
Centre for Financial Analysis, Brazier
reiterated the BoE’s warning last year
that commercial property prices in the
UK are stretched and are vulnerable to
repricing – either through an increase in
long-term interest rates or an adjustment
Protecting the
VULNERABLE
CITIZENS Advice has welcomed the
announcement by the Department for
Business, Energy and Industrial Strategy
(BEIS) of a consultation on data sharing
between energy companies and the
Department for Work and Pensions to
better identify energy customers who
should be covered by the Ofgem’s safeguard
tariff.
Gillian Guy, Chief Executive at Citizens
Advice, says identifying vulnerable energy
customers not currently covered by the
safeguard tariff is essential to better
protect people from sky high bills: “This
consultation takes us closer to ensuring
that millions more vulnerable energy
customers get the protections that are so
sorely needed.
“These proposed data matching powers
must be brought into force as soon as
possible to ensure lasting protection for
this wider group of vulnerable customers
as any delay leaves them exposed to
unjustifiably high energy costs.
“To make this scheme work it is essential
that there are robust protections of people’s
information and that companies are clear
with consumers about how it is being used.”
citizensadvice.org.uk
That channel can be
pernicious if companies
investing in commercial
property at the top of
the cycle are forced to
reduce debt as prices
fall and they break their
loan covenants
of growth expectations. “At the UK-wide
level, commercial property prices rest on
persistently low interest rates but at the
same time, they’re factoring in typical
rental growth prospects and a degree of
uncertainty around them,” Brazier said.
“It seems unlikely that rates can be so
persistently low without either weaker
growth prospects or more uncertainty.”
He warned that even if the ‘magic
combination’ of persistently low rates
and historically typical rental prospects
comes true, valuation methodologies
point to prices ten percent below today’s
level. bankofengland.co.uk
This consultation takes us closer to ensuring that
millions more vulnerable energy customers get the
protections that are so sorely needed.
>NEWS
IN BRIEF
Nausicaa Delfas
NEW EXEC DIRECTOR
THE Financial Conduct Authority (FCA) has
appointed Nausicaa Delfas as the Executive
Director of International. Nausicaa will
be responsible for setting and growing
the FCA’s strategy for international
engagement, and leading its delivery. This
will involve leading relationships with
foreign regulators, governments and
other stakeholders, and facilitating the
FCA’s work to shape the global regulatory
agenda and international policy. fca.org.uk
STRAPPED FOR CASH
LINGERIE tycoon Baroness Michelle Mone
has teamed up with her billionaire venture
capitalist partner Doug Barrowman to
launch a peer-to-peer platform powered
by its own dedicated cryptocurrency. The
pair have launched an initial coin offering
(ICO), with a pre-sale going live on 1 March,
to develop a venture capital investment
platform called EQUI. Investors will be
able to use EQUItokens to acquire stakes
in venture capital projects identified by
Barrowman and his team. Mone, who
founded the lingerie company Ultimo,
and Barrowman are founders of the
platform and are supported by an advisory
board of entrepreneurs including Mark
Pearson, the founder of MyVoucherCodes
and experts within the fields of
investment, cryptocurrency and law.
bitcoinexchangeguide.com/equi-capital
BUSTING A GUT
THE latest Aldermore Future Attitudes
report reveals that just under three quarters
(73 percent) of SMEs, some 4.16 million
bosses, are planning to work past the
current state retirement age, with more
than a third (35 percent) intending to
work well into their 70s. The report, which
surveyed over a 1,000 business decisionmakers
across the UK, found that almost
two thirds (63 percent) say they would like
to be retired by the time they are 65, with
nearly half (47 percent) saying they would
ideally like to give up work between the
ages of 56 and 65. However, less than two
fifths (37 percent) of respondents believe
they will be able to do so, and more than
one in ten (11 percent) maintain that they
will never be able to retire. aldermore.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 9

NEWS
IN BRIEF
CICM ELECTIONS
The CICM Advisory Council elections
have now started and members are being
encouraged to consider standing for one of
the 23 vacancies available. Those elected
will provide guidance and help steer the
direction of the Institute.
Visit: cicm.com or email
elections@cicm.com to find out more.
SHARE AND
SHARE ALIKE
EQUIFAX has launched technology to
support Commercial Credit Data Sharing
(CCDS), part of a scheme implemented
by the last Government to give lenders a
comprehensive picture of the financial
health of companies with a turnover of up
to £25 million.
The CCDS uses data from nine banks
and will be able to provide lenders with
information on a company’s cash flow,
debit and credit turnover, alongside
minimum and maximum balances.
The firm says this will be of particular
benefit to SMEs that rarely apply for
finance and have not built up a traditional
credit score. It should also make it easier
for smaller firms to access funding. The
CCDS comes ahead of new EU General
Data Protection Regulation, which is due to
come into force from May.
equifax.co.uk
JOB VACANCY
AT CICM
The CICM is looking for an experienced
Business Development professional to
manage and develop commercial activity
for the Institute. An understanding
of credit management would be an
advantage but is not essential.
Visit: cicm.com/about-cicm/vacanciesat-cicm/
for further details.
CICM In Brief
This month’s briefing includes details of
the new CICM Mentor Hub, the CICM Trade
Credit Conference at the Credit Summit on
15 March, new Duty to Report data, and free
webinars as part of the Shared Services
Forum’s Big Share Week.
Businesses are not saving
for a rainy day
BUSINESSES are failing to put enough cash
into savings to cover unforeseen events,
research from Aldermore has claimed.
The research found self-employed and
small businesses are holding inadequate
amounts of savings, leaving them
unprepared for times where they may not
be able to work such as through illness.
One fifth of businesses said they have no
cash savings, while four in 10 hold less than
£1,000. Fewer than one in 10 of those firms
with a turnover of less than £10,000 held
more than £1,000 in savings.
Despite the low level of savings, more
than half, 54 percent, said they have had
periods where they have been unable to
OBITUARY
earn money because of ill-health.
Aldermore has been calling for the
establishment of an entrepreneur ISA
that could follow a similar model to the
help-to-buy ISA (HISA) but rather than
allowing money to be put aside tax free
for a property deposit, it could be used to
launch a business. Similar to the HISA,
the Government would pay a 25 percent
matched bonus on contributions worth
up to £3,000. Aldermore is also calling for
a small business savings allowance that
would let sole traders, limited companies
and partnerships earn up to £4,000 of
income from savings, tax-free per year.
aldermore.co.uk
Alan Watson –
An Appreciation by Nigel Price
ALAN Watson, a long-time member and
ardent supporter of the CICM, died recently
after a sudden and rapid deterioration
in his health, at the age of 78.
Alan began his career in credit management
with the Mathew Hall business,
moving to Briggs Amasco and then on to
Tarmac, before crossing over to the world
of insolvency in 1981, with a move to Cork
Gully. This gave Alan a role, to which he
was admirably suited, in advising and assisting
credit professionals, particularly
within the construction industry, when
they were faced with the prospect of bad
debts due to the potential, or actual, insolvencies
of customers.
As well as giving support on specific
customer problems, Alan also spent a
great deal of time in giving talks and passing
on his extensive knowledge, and compendium
of ‘war stories’, to gatherings of
Institute members and his vast array of
commercial client contacts, which must
number in their hundreds.
After admiring his professionalism as
a competitor, in the world of insolvency
work, for many years, I was lucky enough
to have the privilege of working alongside
him for 15 years or so, when, after retiring
from Cork Gully, in 1999, Alan came
to work with me at Moore Stephens and,
later, at Begbies Traynor. Unsurprisingly,
Alan’s loyal and extensive group of credit
manager contacts, which he referred
to as ‘the friends’, followed him and we
then jointly hosted their industry credit
forum, affectionately known as ‘the Bath
meeting’, which Alan had run for many
years.
That forum still meets today and his
memory will live on within it. We were
all delighted that Alan was able to join
us at our November meeting, last year,
little knowing that it would be the last
time that he would grace us with his presence.
One member of that forum, Brian
Lewis of Hanson summed him up very
well, when he said: “I was lucky enough
to know Alan Watson for almost 30 years
and worked with him for a short time at
PwC, where we shared the same cell. He
always referred to me thereafter as his excell
mate!
“Throughout his life, Alan treated
everyone he met with the same dignity,
respect and thoughtfulness and no small
amount of humour. Alan was a wealth of
knowledge regarding all things insolvency.
No question was too daft, he responded
just the same, then took the mickey
out of you! Alan was great company, a
great mate and a great man.”
As well as possessing, and willingly
passing on, his encyclopaedic knowledge
of credit management and insolvency,
Alan was also one of the very best people
you could ever be lucky enough to meet
and he possessed a keen sense of humour.
He loved mixing with friends, colleagues
and meeting new people, and had a wonderful
talent for making acquaintances,
both old and new, feel incredibly valued
and totally at ease.
All in all, Alan was an exemplary professional,
a loyal and very able colleague,
a true gentleman, in every way, but also
great fun to be with. He was an all-round
‘good bloke’.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 10

INSOLVENCY
The special manager
The curious case of Carillion’s collapse and the
unusual government intervention.
AUTHOR – David Kerr MCICM
David Kerr
LEAVING aside any claims
made by those in the football
world, the title special
manager has cropped up in
recent reporting of one of the
very significant insolvency
cases. Those following the coverage of the
Carillion collapse in January (with its £1.5
billion of debt) will have noted perhaps that
the usual references to administrators have
disappeared, to be replaced by mention
of the Official Receiver (OR) and special
managers.
So, what is a special manager, how does
that role differ from that of an administrator
or liquidator, and why is there one in this
case? There was talk in the media of an
administrator being appointed at one
point, but in the end the company went into
compulsory liquidation – in other words it
was wound-up by the court.
A number of factors have to be present to
facilitate an administration in a case where
some ongoing trading is essential, and not
least among those is a source of funding.
Whatever the reasons in this particular case,
the result was a petition to the court for a
liquidation. As with any such petition, once
the court has made a winding-up order, or
as in this case an order for a provisional
liquidation, the company’s affairs fall into
the hands of the Official Receiver.
Compulsory liquidations are relatively
rare, compared to the more common
voluntary liquidation. The recentlyreleased
figures for 2017 show there were
under 2,800 compulsory liquidations in the
year, compared to approximately 12,000
creditors’ voluntary liquidations; and
compulsory liquidations are in decline. The
provisional figure for Q4 is down nearly 25
percent on the same period in 2016.
A STRANGE APPOINTMENT
Surprising then to see this procedure used
in such a high-profile case, especially as
in most compulsory liquidations the OR is
dealing with companies that have closed
or are being shut down, trading having
ceased. In the Carillion case, there were
rather special circumstances and the
need for special measures. The company
was involved in many very substantial
contracts – a number of those where it had
been engaged by the Government to run
building projects for the public sector, such
as hospitals. It was the UK’s second-largest
construction company, so an overnight
shut-down and complete cessation was
clearly not a sensible option. Its complex
supply chain was also a factor, with the
Government wanting to support continued
trading amongst creditors.
The OR’s role is to take charge of the
company’s assets and ensure that essential
matters are dealt with; it is largely a
holding role, often in a case like this with
a view to appointing a liquidator in due
course. Indeed, in this case, the OR is
provisional liquidator – a mechanism
by which a liquidator can be appointed
at short notice. The OR is part of the
Government machinery – the liquidator of
last resort in some senses, and part of the
Insolvency Service – an executive agency
of the Department for Business, Energy &
Industrial Strategy.
So in one sense at the moment the
company is in state hands, but the OR’s
offices do not have the resources to run
a company the size and complexity of
Carillion. This is where the private sector
comes in (ironically perhaps given some
of the debate triggered by the Carillion
collapse). The special manager is a looselydefined
role, but one provided for in statute
– essentially, an appointment of a specialist,
accountable to the OR, to help deal with the
issues on the ground, and help the OR map
a way forward. The court sets the terms
of the special manager’s remit. PwC has
been appointed to carry out this function –
ensuring essential contract works continue
and key staff are retained and paid. In
due course, the provisional liquidator will
be replaced by a (permanent) liquidator,
who will take over the OR’s and special
manager’s responsibilities.
One aspect will remain with the OR.
In its role as investigator, the OR will look
at the conduct of the directors and report
to colleagues in BEIS on whether any
disqualification proceedings should be
commenced. That is not to comment on
the directors’ conduct in this case – it is a
requirement in every liquidation.
So, we have seen the rare appointment
of a ‘special one’, but (perhaps as in other
walks of life) it is a short-lived appointment!
David Kerr MCICM is the Chief Executive
of the Insolvency Practitioners Association
(IPA).
The Recognised Standard / www.cicm.com / March 2018 / PAGE 11

COMPOUND
SENTENCES
AUTHOR – John Ricketts FCICM
The Recognised Standard / www.cicm.com / March 2018 / PAGE 12

OPINION
John Ricketts considers the true ‘cost’ of debt to the
individual, and whether government should be looking
closer to home for the solution.
WHEN the government
called recently
for evidence to
gain further insight
about how best to
design, implement,
administer and monitor a statutory debt
management plan (DMP) and a six-week
breathing space scheme, it set me thinking.
It made me wonder just how far, as a
nation, we have come in the treatment of
fellow citizens who have the misfortune
of being in debt.
There is a quotation on the wall of our
business’ reception area, that we call ‘an
ode to treating customers fairly’ (TCF). It
reads: ‘How far you go in life depends on
you being tender with the young, compassionate
with the aged, sympathetic
with the striving and tolerant of the weak
and strong, because someday in life you
will have been all of these’. It was originally
written by George Washington Carver
(1864-1943), a man born into slavery
who eventually reached high office and
acclaim.
So as a society, how compassionate
and tolerant are we, and how far have
we progressed in our management and
responses to those in debt?
COUNTING THE COST
Historically, it was commonplace to be
imprisoned for being unable to pay one’s
debts. And it came at a cost. During the
18th and early 19th centuries, more than
half of all prisoners were debtors, and a
few years into their sentence, they could
actually be more in debt than they were
when they first arrived. This is because
while having no money put them in
prison in the first place, once there they
had to pay for their keep. This put them
further in debt, without the possibility of
release until they had paid their creditors
in full.
When the Credit Services Association
(CSA) was formed in 1906, there were still
11,500 people in debtors’ prisons in the
UK for the sole offence of being in debt.
The most famous was the Clink prison,
which had a debtors’ entrance in Stoney
Street. This gave rise to the British slang
term for being in prison or ‘in the clink’.
Its location also led to the term ‘stoney
broke’ for someone who is financially
embarrassed.
I’d like to think that such days are long
behind us, but are they? It is still possible
to be put in prison for some priority debts
such as council tax or business rates, but
only as a last resort and we certainly do
not throw people into prison any more,
simply for not having any cash or assets.
But ironically, and perhaps a little
worryingly, there is still a ‘cost’ to being
in debt, although not by paying for your
own keep in jail. Putting to one side the
fee-charging Debt Management Companies
(DMCs), nearly all of the modern day
‘formal’ options for managing debt come
at a cost and with terms and conditions attached
that some would argue are close to
denying an individual their liberty.
Consider, for example, the Individual
Voluntary Arrangement (IVA). Depending
on who your creditors are, and the
amount of your monthly contribution,
the ‘cost’ of an IVA to you could amount
to either the first five payments into the
IVA, or £2,000.
A Debt Relief Order (DRO), on the other
hand, will cost you £90 – the amount
the Insolvency Service charges to process
a DRO application. You can't get any discounts
or exemptions like you can with
bankruptcy fees, so crucially the full £90
needs to be paid before your application
can be submitted.
Want to make yourself bankrupt? If
you apply for your own bankruptcy, you'll
need to pay an adjudicator fee of £130 and
a deposit of £550. This means you'll need
to be able to pay £680 just to start the process
(amid reports from the debt advice
sector suggesting that some customers
are saving for more than a year just to be
able to declare themselves bankrupt!).
Odd, when you consider that the reason
for declaring yourself bankrupt is that
you have no money to pay for anything!
SOLUTION TO DEBT
So, is there an alternative? I believe the
answer lies within the debt collection industry
itself. Although recently a headline
unfairly described it as a ‘plague’, professional
debt collection agencies have, in
fact, long been a solution to debt, rather
than making matters worse.
The government, for example, has
been consulting on a six-week breathing
space scheme as though this is something
new and dramatic. It isn’t. It is already
part of the CSA’s Code of Practice, and has
been for many years. The relevant clause
states that our members will …’suspend
any debt collection where a customer
demonstrates they are seeking financial
assistance and provide the customer
breathing space of at least 30 days. Additional
forbearance should be considered
where appropriate.’
The most famous was the
Clink prison, which had
a debtors’ entrance in
Stoney Street. This gave
rise to the British slang
term for being in prison
or ‘in the clink’.
The government has also been
consulting on a statutory DMP. With a
debt collection industry already adhering
to either the Financial Conduct Authority’s
rule book, the CSA Code of Practice,
or both, forbearance, affordability and
fair outcomes are bye-words of our modern-day
debt collection profession.
There is unfortunately a habit among
successive governments and their advisors
to seek new answers to old problems,
when the solution is already there. This
is true of the most recent call for evidence.
We appreciate there are some organisations
that do not offer customers a
breathing space at all, never mind as
effectively as we do, and we agree that
needs to change. We would therefore
urge Ministers to take a closer look and
learn from the positives that already
exist in the debt collection industry
and more specifically the CSA Code of
Practice.
John Ricketts FCICM is President of the
Credit Services Association and Managing
Director of Ardent Credit Services.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 13

MAKE YOUR CASE
AUTHOR – Heather Greig-Smith
SELF-SERVING UP
EMPOWERMENT?
How are DCAs engaging with customers in this
social media and smartphone era to make repaying
debts easier?
The Recognised Standard / www.cicm.com / March 2018 / PAGE 14

MAKE YOUR CASE
MODERN collection
agencies have long
since abandoned the
term ‘debtor’ – a word
that comes loaded with
stigma and judgement.
Instead, they refer to those in debt as their
customers, chasing high net promoter
scores and aiming to offer positive
experiences and financial empowerment.
“As an industry, the term ‘debtor’ is
hardly used now, and we’ve referred to our
account holders as customers for many
years to develop rapport and avoid any
negative connotations of the word ‘debtor’,”
says Leigh Berkley, Director of External
Affairs and Development at Arrow Global.
Julian Winfield, UK Country Manager
for Hoist Finance takes a similar stance,
but says that if the industry is serious
about treating customers fairly, and
treating debtors as customers, then it
has to look at the customer journey, and
improve their experience: “We have to
look at the ‘traditional’ means of
engagement – through letters, phone calls
and texts – and challenge when and how
these are appropriate, and whether there
are better ways of communicating. And, if
we are really serious about the experience,
then we need to look at how customers are
currently interacting, and adapt our own
strategies accordingly.”
An essential ingredient in transforming
this experience for individuals in debt is
the introduction of ‘self-serve’ and digital
options, choices that have often previously
been closed to those with problem debts.
Phil McGilvray, Cabot Credit
Management’s Operations and Digital
Director, says self-serve helps the
company reach and support customers
more effectively. It has been 18 months
since the firm began implementing its
digital approach. In that time, it has seen
digital customer interactions become a
significant part of the business.
While the wider financial services
arena may see automation as the key to
cost reduction, those in collections are
wary of pushing digital too far.
“In the broader financial services
industry, the number one objective is
efficiency and cost reduction,” he says.
“In the credit management space, the
primary goal is customer engagement and
effectiveness.”
Julian agrees: “Self-serve is a natural
evolution. It is being driven by the
customer. Few of us today want to deal
with issues by post or on the phone, at
least when it is not appropriate to do so.
We want convenience, and that invariably
means dealing with an issue online. It
also means managing that issue in our
own time, when it suits us. As consumers,
we get frustrated if we can only contact a
business within certain times, or days of
the week, when their call centre happens
to be open. We want accessibility 24/7, and
we often want to avoid human contact,
unless it is absolutely necessary.”
The watchword, he believes, is
flexibility: “We have to reflect the needs
of a new demographic, and a Millennial
generation who have probably never
written or received a letter in the last ten
years.”
Companies like Hoist and Cabot
are wary of rushing to replace human
interaction with technology, preferring to
augment traditional channels.
“We have a person behind all of our
web chats, not a chat bot or artificial
intelligence,” says Phil McGilvray. He adds
that it is vital that customer data from all
channels are available to staff in case an
individual wants to switch to a telephone
call.
“In theory, some customers will selfserve,
set up a plan online and never need
a conversation with us. However, the vast
majority will use a number of channels
and we need to have the information
available if a customer chooses to call.”
Cabot also has a mobile app, something
it says consumers are coming to expect –
offering similar convenience to mobile
banking. Many customers will have long
relationships with a collections firm, so an
app or an easy online option that can push
notifications enhances their experience.
“Registering with the app takes the
grief out of the process as the customer
can use their thumbprint to access
their information instead of having to
remember a password,” says Phil.
He adds that customers tend to
have had a digital relationship with the
originating creditor – removing that is
part of the stripping of customer care that
has happened to ‘debtors’ in the past.
“In the past creditors would cancel
online accounts at 90 days overdue so the
person had to use paper or telephone,”
he says. “There shouldn’t be a digital
difference.”
While the use of self-serve frees call
centre teams to help vulnerable customers
or deal with complex cases, Phil stresses
this is not a straightforward division. All
customers are different.
“Digital channels can actually create
a better experience for vulnerable
customers,” he explains. “We get feedback
that digital interactions make their lives
easier, for example receiving information
via email and allowing them to work
through it at their own pace and come
back to us rather than being put on the
spot on a phone call.”
Leigh agrees that choice is the answer.
“We’re keen to allow our customers to
contact us by whichever channel suits
them best, and at any time,” he says.
“Online access to customer account
information via smartphone is fast
becoming the norm, and as a sector
we must stay at the forefront of new
developments such as Artificial
Intelligence and Open Banking, GDPR
and Blockchain.
“This way, we will be able to react to
the ever-changing needs of our customer
base, providing simple and safe contact
methods for every customer, while never
forgetting that customers in vulnerable
circumstances will always have the option
to talk to a helpful, sympathetic human
being.”
The change in customer behaviour is
staggering. David Sheridan, Operations
Director at ARC Europe, says the
proportion of customers engaging
digitally has risen from less than five
percent five years ago to over 40 percent
today of all customer interactions. These
numbers are constantly increasing.
He adds that 70 percent of users are
smartphone users, making mobile-led
web design and navigation essential.
“Many people don’t want to have
a conversation, they make regular
The Recognised Standard / www.cicm.com / March 2018 / PAGE 15 continues on page 16 >

MAKE YOUR CASE
AUTHOR – Heather Greig-Smith
Digital channels
can actually create
a better experience
for vulnerable
customers, we get
feedback that digital
interactions make
their lives easier.
payments without ever speaking to us. They
aren’t on payment plans but are choosing to
do it their own way,” he says.
“They want to pay but don’t want to have
detailed conversations about the whys and
wherefores and do income and expenditures.
We need to be flexible.”
Part of truly being a customer instead
of a debtor means being able to choose.
Web demographics show that around half
of those using ARC’s site are millennials.
“Online, digital, convenient access is their
preference,” says David. “People in debt don’t
necessarily like to talk about it as they feel
judged. On the website it’s more of a process
of account management.”
He adds that this is not without its
challenges. “When you have a conversation
with someone the team is trained to identify
triggers and assess circumstances – the web
will never have human empathy. It’s about
balance.”
Debbie Nolan, Commercial Director,
Arvato Financial Solutions, agrees. “Given
the hype around automation and artificial
intelligence, there may be a discrepancy
between expectation and reality, especially
around whether you can automate everything
and how much human input is still required.
We would maintain that while automation
can do a lot – it’s not a silver bullet.”
Arvato is using machine learning
to determine the best channels for
communication with customers, but is
introducing other initiatives over time.
“There are still a lot of judgement-intensive
tasks that require a person,” she says. “We
have to move at the speed consumers move
at.”
This may be different in different
locations. Arvato has a self-serve portal in
Germany, which it intends to bring to the
UK soon. Meanwhile, in Brazil, the culture
requires What’sApp and Facebook Messenger
solutions.
Ultimately, self-serve and digital choice is
part of the wider industry recognition that
customer service should be at the heart of
the business.
Eddie Nott, UK Managing Director of 1st
Credit, says listening to customers highlights
the desire many have to take control of their
financial situation.
“In face-to-face feedback sessions,
customers tell us that they are proud to get
their finances in control,” he says.
“Checking their balance and actively
managing their account is an important
part of that empowerment, for example the
ability to log on and quickly make a payment
if they have extra cash because they have
worked extra shifts. It’s important that we
give customers the ability to manage their
own accounts if they want to.”
The digital approach also gets a cautious
‘thumbs up’ from the advice sector. Jane Tully,
Director of External Affairs at the Money
Advice Trust, says the work of creditors and
collectors in this area is encouraging.
“We are pleased to be working with
organisations on improving their digital
services to ensure they take account of
people in vulnerable situations,” she says.
However, she adds: “While channels, such
as online portals and webchat, are accessible
for many people, they may not be suitable for
everyone.
“It is important to remember those who are
digitally excluded or in particular vulnerable
situations must still be able to speak to
someone and have access to additional
support. Signposting to free debt advice,
whatever the channel of communication,
is also crucial as it may be challenging for
people to make a repayment offer they can
afford without first receiving debt advice.”
Julian Winfield says there is an
understandable nervousness among clients
towards digital strategies. They need to be
assured that their customers are being given
the appropriate support to make the right
decision: “We have a duty of care to ensure
the most vulnerable are identified and
supported. Vulnerability can be, after all,
a transient state, and needs to be carefully
monitored, so while putting customers in
control of their own finances is desirable,
we need to strike a balance to ensure that
in trying to do the right thing, we are not
making a difficult situation worse.
There is clearly further to go, with many
firms emphasising they are only at the
beginning of their self-serve and digital
journey. However, today’s 24-hour, online,
‘always on’ culture is helping further banish
the word debtor from the collections lexicon.
Empowerment? A worthy replacement.
Heather Greig-Smith is a freelance business
journalist
The Recognised Standard / www.cicm.com / March 2018 / PAGE 16

ADVERTORIAL
Are you Risk Ready?
Tom Danson, the new face of Atradius in the Midlands, brings a
wealth of experience to his new role and all of it learned on the
front line working to find the right solutions to match clients’
needs in the London market. Tom considers what risk really
means to different businesses and shares his passion for a
proactive approach to credit risk management.
Tom Danson
Regional Manager Atradius
Midlands Hub
WHEN I talk to credit
managers and financial
directors the question of
risk is always on their
agenda. Some fear that they are too
risk averse – “would my sales improve
if I pushed the envelope further?” and
others worry that their drive to stay
ahead of the competition sometimes
prompts them to take one risk to many.
So, what is the perfect risk profile
for a successful business – or is there
even such a thing? `
We know that risk varies by sector
and market and so knowing the
dynamics that are appropriate to
your industry is what counts. What
might seem normal for sector A would
probably keep sector B up at night
worrying about the risk. However,
whatever sector you are in and
whether you are a risk taker or not
being proactive is vital.
Credit managers understand that
managing a company’s ongoing
exposure to credit risks and conditions
demands constant attention. Access
to reliable and up to date information
is critical to enable the right decisions.
No matter where in the world you
trade and what type of businesses
you deal with, having the right level of
detail about the trading conditions, the
economic environment, the payment
behaviours and strength of your
chosen buyer is essential and access
to a risk expert based on the ground in
that market is a real advantage.
Using the resources of your Trade
Credit Insurer to complement your
own industry knowledge is one way
to access the depth and breadth of
business intelligence you need to make
an informed decision on whether to
expose your business to a risk – or
not. At Atradius our risk specialists are
based across the globe, the eyes and
ears on the ground in over 50 countries
worldwide. With real-time information
on more than 240 million companies
our risk managers enable you to make
the right choices for your business.
All good credit managers take care
to match their strategy to the market,
after all that is the expertise that
they bring to their business. However,
what is much harder to plan for is
the unexpected – an unforeseen risk
that all too often results in a sudden
default and a significant bad debt.
The consequences for the bottom line
can be significant too, just one large
default can punch a sizable hole in
the portfolio that is difficult to recover
from.
We have seen a rising trend
in unexpected insolvencies and
in particular, a rise in high value
insolvencies. Everyone will remember
Phones4U for example, ‘too big to fail’
is no longer a reliable protection from
Prudent credit management
will steer you away from the
risks you shouldn’t take but
in today’s volatile economic
environment managing
uncertainty is just as
important.
risk and we only need to look at recent
headlines to remind us that there are
plenty of risks in the marketplace.
Prudent credit management will steer
you away from the risks you shouldn’t
take but in today’s volatile economic
environment managing uncertainty is
just as important.
Trade Credit Insurance can help
improve your credit risk management
and protect your bottom line against
the impacts of unexpected default.
Specialist brokers and credit insurers
can provide detailed information on
trading behaviours and practices in
markets around the world as well as
give access to business intelligence on
specific potential customers. In other
words quantifying and understanding
the risks as well as providing
protection against the impacts.
But back to the questions we started
with – is it better to be a risk taker
or risk averse – what is the perfect
risk profile for your business? To help
you measure how ‘risk ready’ your
business is we have worked with CICM
to prepare a short Risk-Ready Survey,
visit: https://atradius.co.uk/campaign/
risk-ready-survey.html to find out how
you shape up - just answer our risk
questions and then look out for our
survey results in the next edition.

CICMQ
ID Medical sets pulses racing
FORMED in 2002, ID Medical is
the UK’s leading multi-disciplinary
healthcare recruiter,
partnered with over 90 percent
of NHS Trusts as well as
private medical organisations
nationwide.
From its headquarters in Milton Keynes,
it supports healthcare organisations in supplying
the most professional and dedicated
Doctors, Nurses and Allied Health Professionals
to provide its premier level of patient
care. With a critical mass of over 500
employees, and a turnover of more than
£140 million per annum, it is serviced with
a credit team capacity of 17 staff.
The company started on the CICMQ
journey to give its team the knowledge and
satisfaction of understanding their function
is critical to business success.
Neil Chick MCICM, Head of Collections
and Fleet Management says that the CICM
is the leader in the world of credit control:
“Having the CICMQ Accreditation aligns
our business with other big brand organisations
honoured to be placed within the
Best Practice Network.
“The individual members of the team
now hold the unrivalled belief that they
can achieve what was perhaps perceived
by some, initially, as a mission impossible.
Maintaining the communications across
the business to keep the focus streamlined
and consistent has been key in the process,
thereby ensuring that everyone remained
on board throughout.”
CICMQ Assessor, Pam Thomas commented
on the high level of respect for Neil
and the credit team within ID Medical from
stakeholders: “CICMQ Accreditation will
reinforce this profile, bringing recognition
and even greater motivation. The Credit
Roadmap can be developed to provide a
comprehensive plan for the future, putting
Credit firmly in the driving seat.”
CICMQ is the perfect cup of tea for TATA Global
TATA Global Beverages (TGB) has evolved
from a predominantly domestic Indian
tea farming entity to the second largest
tea company in the world, with over
300 million servings of its brands such
as Tata Tea and Tetley consumed every
day. It recently achieved the prestigious
CICMQ accreditation for the first time.
The credit team is based in Greenford
and headed up by Naaz Chouglay, Head
of EMEA Transaction Processing. Her
team of six manage the complete credit
management, credit control and accounts
payable process. The TGB customer base
is made up of supermarkets, discounters,
cash and carry, independent wholesalers
and catering companies. TGB exports to
EMEA through a distribution channel to
countries like Spain, France, Switzerland,
Portugal and Middle East.
“The journey towards the accreditation
was an advantage. Preparing for the
Accreditation helped us to prioritise
and focus on the alignment of the Sales
and Finance Teams, which resulted in
an improved reporting pack, tailoring it
to the needs of the business, this in turn,
has resulted in improved KPIs,” Naaz
says.
CICMQ Assessor, Jenny Oakley says
despite this being a small team, with
several long-serving members, all are
very skilled and competent in their
roles: “There is an air of quiet efficiency
and professionalism around the
department.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 18

Continual improvement at the Credit Centre
“The opportunity to invite an industry
expert into The Credit Centre to review,
assess and offer recommendation for our
ongoing development and improvement
was the main driver for our seeking the
CICMQ accreditation,” says David Harrison,
Credit Manager.
The Credit Centre provides a full credit
management function to a number of
privately-owned businesses including,
among others, Aalco Metals, the UK's largest
independent multi-metals stockholder and
distributor. The 22 strong Bolton-based
credit team are currently tasked with
looking after 35 UK and Ireland based
service centres, with a combined annual
turnover in excess of £500 million.
“The most significant issue we had
to address while obtaining the CICMQ
accreditation was establishing an
enhanced identity that fully reflected
the vigorous and professional service we
provide to our service centre customers,”
David adds. “With the guidance of CICMQ
Assessor, Sharon Adams, we have created a
distinctive logo for The Credit Centre that
has been successfully and prominently
incorporated into a re-branding of many of
our working procedures.”
Sharon said in her report: ‘The Credit
Centre had the full support in their
application for external recognition of Best
Practice and the successful achievement of
CICMQ accreditation from their Finance
Director, Andy Roberts. This was evident
when he outlined his own perception of
The Credit Centre and commended them
on their performance and achievements so
far’.
Writing’s on the blackboard for Pearson
ESTABLISHED some 173 years ago in
London by Samuel Pearson, Pearson
has grown to become a top 100 blue
chip company that recently achieved the
prestigious CICMQ accreditation.
With expertise in educational
courseware and assessment, and a
range of teaching and learning services
powered by technology, its products and
services are used by millions of teachers
and learners around the world every day.
Pearson has 35,000 employees across
70 countries worldwide, and with annual
revenue exceeding $6.17 billion, its credit
team consists of three CICM members
who work in Harlow, three in Belfast and
around 30 in India that form the Sales
Ledger team, credit control and cash and
bank team.
Matthew Walters (MCICM), UK Head
of Credit at Pearson says the company
has gone through significant change
over the last two years since its initial
accreditation, so working with the CICMQ
team was more important than ever:
“The process has helped us overcome
some of the challenges that we have
been faced with, since the integration of
our ERP system as well as the structural
changes that have occurred. Personally,
it's a great feeling to know I have led my
teams through this important process.”
CICMQ Head of Accreditation, Chris
Sanders says the team cope with a number
of challenges on a daily basis, but work
with the entire business to resolve them:
“During the Discovery Session,
the team said they used CICMQ as a
framework to ensure that the migration
to India, Belfast and the new Oracle
system was structured; this is exactly
what CICMQ was designed for – to bring a
structured framework to the methods and
procedures of a credit function.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 19

LEGAL MATTERS
CARD
GAMES
Multilateral Interchange Fees
are commercially justifiable.
AUTHOR – Peter Walker
DEBIT cards are a means by
which you may transfer some
numbers from your bank account
to the bank account of a
seller, such as a supermarket.
That is the simple perception,
although credit card transactions involve a
more complicated journey. The numbers, however,
take a more complex electronic journey
from your bank to that of the recipient. There is
therefore a cost, and some supermarkets have
protested, resulting in litigation about alleged
unlawful agreements restricting competition.
Judges have unfortunately made conflicting
decisions, which have been reviewed recently
by a judge, Phillips J, in the Commercial Court,
but, although you may agree with the result,
it is questionable whether his reasoning is
helpful.
In Sainsbury’s Supermarkets Ltd v Visa Europe
Services LLC [2017] EWHC 3047 (Comm)
he started by explaining that Sainsbury’s and
other merchants accepted payments, those
transfers of numbers, by means of debit and
credit cards, such as those issued by Visa
through a bank or other financial institution
‘an Issuer’. This was part of a scheme involving
an Acquirer, also a bank or other financial
institution. The Acquirer charged those merchants
their fees for their part in the transactions.
That is known as a Merchant Service
Charge ‘MSC’, which covers, for example, the
fee paid by the Acquirer in this instance to
Visa. Other charges covered by the MSC are the
Interchange Fees payable by the Acquirers to
the Issuers, and there were the Acquirers’ own
fees ‘the Acquirer Margin’ negotiable between
the Acquirers and the Merchants.
In the UK the Interchange Fee is generally
what is known as the Multilateral Interchange
Fee set by Visa, rather than an alternative Bilateral
Interchange Fee negotiated separately by
two parties.
The Multilateral Interchange Fee accounted
for 90 percent of the MSC that Sainsbury’s
had to pay. It challenged the Fee by reference
to competition law, particularly Article 101 of
the Treaty of the Functioning of the European
Union 2012/C326/01, which directly affects
the laws of the UK. Although Brexit could well
change that, there is the equivalent section 2
of the Competition Act 1998 affecting the UK.
The judge, however, concentrated on Article
101 of the Treaty.
MARKET INCOMPATIBILITY
It prohibits certain agreements as being
incompatible with the internal market. They
include those which ‘have as their object or
effect the prevention, restriction or distortion
of competition within the internal market.’
The price fixing of purchasing or selling
prices or the fixing of other trading conditions
is therefore banned. Undertakings must not
‘limit or control production, markets, technical
developments, or investments’. They may not
‘share markets or sources of supply’ so undertakings
may not place anyone at a disadvantage
by the application of dissimilar conditions ‘to
equivalent transactions with other trading parties’.
The conclusion of contracts must not ‘be
subject to supplementary usage’ which ‘have
no connection with the subject matter…’. Any
agreements prohibited by the Article ‘shall be
automatically void’.
There are differences between Article 101
of the Treaty and section 2 of the Competition
Act 1998. The Treaty refers to the internal
market, but the Act is limited to the UK. The
accomplishment of Brexit should not in consequence
affect the general principles prohibiting,
for example, ‘the prevention, restriction
or distortion of competition within the United
Kingdom’.
These principles in the context of Multilateral
Interchange Fees ‘MIF’ were part of an
earlier case initiated by Sainsbury’s. They were
considered in the Competition Appeal Tribunal
(Sainsbury’s Supermarkets Ltd v Mastercard
Inc [2016] Case No 1241/5/7/15 (T)). The
Tribunal judges had to decide whether those
fees had been set at an artificially high level.
They were 90 percent of the Merchant Service
Charge ‘MSC’ chargeable to Sainsbury’s. The
judges also had to rule whether the MIF was a
restriction on competition.
There is, however, a possible exemption under
Article 101(3). This includes an agreement,
The Recognised Standard / www.cicm.com / March 2018 / PAGE 20

LEGAL MATTERS
AUTHOR – Peter Walker
concerted practice, and the like contributing
‘to improving the production or distribution
of goods or to promoting technical progress,
while allowing consumers a fair share of
the resulting benefit.’ The agreement must
not ‘impose on the undertakings concerned
restrictions which are not indispensable to the
attainment of these objectives. It must furthermore
afford such undertakings ‘the possibility
of eliminating competition in respect of a substantial
part of the products in question.’
There was another complication because
the claimant was related to Sainsbury’s Bank
plc, a participant in the Mastercard scheme.
The claimant through this relationship could
be regarded as a party to the alleged infringement,
so the claim should then be barred because
of illegality, i.e. ‘ex turpi causa non oritur
actio’. That Latin phrase means that no right of
action arises from a base cause. The Tribunal
rejected this defence for various reasons
including that, ‘Sainsbury’s Bank (and Sainsbury’s)
does not bear ‘significant responsibility’
for an infringement of Article 101 TFEU by
MasterCard in relation to the setting of the UK
MIF.’
That was just part of the report of the case,
which is around 300 pages long. The members
of the Tribunal concluded that the agreement
for Multilateral Interchange Fees was a restriction
of competition under Article 101, and
was not one of the allowed exceptions. There
should instead have been a negotiated agreement
between the two parties for a Bilateral
Interchange Fee. Sainsbury’s was therefore
awarded over £68 million.
A DIFFERENT RESULT
That would surely resolve Sainsbury’s case
against Visa, but some other retailers challenged
Mastercard, so Popplewell J had to
consider that dispute in Asda Stores Ltd v
Mastercard Inc. [2017] EWHC 93 (Comm). The
retailers again questioned that Multilateral Interchange
Fees charged by Mastercard were
anti-competitive in breach of Article 101 of the
Treaty. This was important to them, because
since 2006 they had paid some £437 million in
those Fees.
Popplewell J consequently reviewed the
decision of the Tribunal members in Sainsbury’s
Supermarkets Ltd v Mastercard Inc. They had
adopted what is called a counterfactual, a
logical expression meaning in this context that
a judge or judges should consider what would
happen if the parties instead had made a
voluntary bilateral exchange agreement, i.e.
a contract negotiated between two of them
rather than the multilateral interchange fees
imposed by the Card company. This was
unrealistic, because there would have to be a
sufficient volume of retailers wishing to do so,
and there was no evidence of there was such
a volume. There was furthermore competition
from the Visa scheme.
Popplewell J ruled that, although the
Multilateral Interchange Fees breached
Article 101, the agreement benefited from
the exemptions in Article 101(3). Participants,
such as supermarkets, in such schemes
benefited, because they had a commercial
advantage over those competitors who
would not accept payment cards. There
was still room for disagreement for
Phillips J in Sainsbury’s Supermarkets Ltd
v Visa Europe Services LLC, but he should
follow the decision in the Asda High Court case
rather than the Tribunal Members’ ruling in
Sainsbury’s v Mastercard.
TROUBLE IN STORE
Phillips J noted that there were some differences
in the card schemes. Mastercard similarly
to Visa operated an open four-party scheme.
Issuers offered both debit and credit cards and
Mastercard stipulated the rules for the Multilateral
Interchange Fees. Unlike Visa it offered
a range of premium credit cards. American
Express, Diners Club and some others operated
three-party schemes, where, for example,
American Express issued the cards and settled
transactions with Merchants direct.
After this explanation, Phillips J analysed
the competitive aspect of Interchange Fees in
the four-party scheme. Issuers of cards competed
against each other, but so did Acquirers
who were competing for the business of the
Merchants. He noted that academics differed
in their views about Interchange Fees.
The European Commission furthermore
had intervened to require Visa to reduce its
levels of Multilateral Interchange Fees (24 July
2002 (OJ L 318/17)). This exemption expired at
the end of 2007. Visa later reached other agreements
with the Commission. There was another
development in Regulation (EU) 2015/75
on Interchange Fees for card-based payment
transactions.
Whatever the regulations, Phillips J pointed
out that he had to consider whether the Fees
were anti-competitive and in breach of Article
101. An agreement caught by the Article would
reduce competitive intensity in the relevant
market.
He consequently rejected the reasoning in
Asda v Mastercard concerning the anti-competitive
nature of the agreement for Multilateral
Interchange Fees. In any event, an agreement
having the effect of restricting competition
does not infringe Article 101 if it is objectively
necessary for the main operation, i.e. in this
case the entire scheme. The main operation
itself must not infringe Article 101. This time
Sainsbury’s lost the case.
It is very complicated whether or not
you agree with the decision of Phillips J – his
conclusion that Multilateral Interchange
Fees, in principle acceptable, seem to be
commercially justifiable subject to safeguards.
The judges of the Court of Appeal will have
their say on this topic, and I appeal for a
clarification of the reasoning.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 21

INTERVIEW
INSIDE OUT
Sean Feast spoke to Joanna Elson OBE
Cdir, Chief Executive of the Money
Advice Trust (MAT), about life as a House
of Commons Researcher, the debt advice
sector, and the great outdoors.
OSCAR Wilde once famously
wrote that ‘everybody who
is incapable of learning has
taken to teaching’. Wilde
clearly never met people like
Joanna Elson, whose constant
quest for learning has contributed to a career
that has taken her from primary school teacher
to Chief Executive of the Money Advice Trust.
It has also led to the recognition of an OBE
for her work in protecting some of the most
vulnerable in society.
Joanna’s journey to her current role has
certainly been interesting. Her father, a civil
servant with a specialist knowledge of farming,
was continually on the move, taking his family
with him. As such, Joanna’s early years were
somewhat nomadic: “His work took him all
over the country,” she explains, “until finally
we moved from Newcastle to Nottingham,
where we settled for ten years.”
Educated at the local Comprehensive School
– a vast establishment that had only recently
merged the local grammar with two Secondary
Moderns – she recalls little or nothing by way
of career’s advice. A love of language, however,
led her to university in Cardiff to read Modern
English Studies: “It combined language with
literature, and included a study of media and
communications which I particularly enjoyed,
and proved useful in my subsequent career.”
CASUAL JOBS
While studying, she took on a number of casual
jobs to help pay the bills and fund a university
life. One was in a Post Office, putting mail into
pigeon holes marked alphabetically, during
which time they were visited by the then Prime
Minister, Jim Callaghan.
She also took on a number of temporary jobs
in a wide range of workplaces: “No-one ever
notices the ‘Temp’,” she continues, “but you
notice everything, and being a fly on the wall
you learn a great deal. I’d encourage anyone to
get as much work and office experience as they
can, especially when they’re young.”
From University Joanna moved to London
(“I never moved home again,” she laughs),
where she spent time as a paid volunteer for
the Community Service Volunteers, as well as
some unpaid work in a play centre, working
with disabled children. Attracted to the idea of
teaching, she underwent Teacher Training as
a post-Grad at Birmingham, before taking her
first job as a Primary School teacher in Tower
Hamlets.
After two years Joanna realised that teaching
was not for her: “I found the responsibility
for those individual 30 children somewhat
overwhelming,” she says, honestly. “The
best teachers are those that can leave school
problems at the front door, but I couldn’t quite
do that.”
She applied for and succeeded in gaining
a job as a researcher for Joan Lestor MP (the
late Baroness Lestor of Eccles, who for a time
had been a Minister in the Wilson Cabinet)
– her first introduction to Parliament and
the workings of government. Further roles
followed, working for a number of different
MPs including Barbara Roche who held a
series of briefs in the Home Office, the (then)
Department of Trade and Industry (DTI) and
the Cabinet Office. Joanna drafted speeches,
researched issues and answered media queries,
and perhaps her most exciting time came in
1997 when she was seconded to the Labour
Press Office in Millbank, under the watchful
presence of Peter Mandelson (now Baron
Mandelson PC). It was the day of the election
that saw Tony Blair sweep to power:
“It became clear that Labour was going
to win, and that a large number of new and
therefore relatively unknown politicians were
going to be elected. It meant researching their
backgrounds, interests and skills, and we
worked all through the night.
After the election, and having worked on
a wide range of policy areas, Joanna joined
the British Bankers’ Association (BBA) as an
Executive Director eventually running its policy
department for personal and small business
customers. Her previous experience meant she
was naturally inclined to matters of Corporate
Social Responsibility (CSR), and her duties
eventually included fundraising for the Money
Advice Trust (MAT). After nine years with the
BBA, and upon the departure of Robert Skinner
The Recognised Standard / www.cicm.com / March 2018 / PAGE 22

It became clear that Labour was
going to win, and that a large number
of new and therefore relatively
unknown politicians were going to
be elected. It meant researching their
backgrounds, interests and skills,
and we worked all through the night.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 23
continues on page 24 >

INTERVIEW
AUTHOR – SEAN FEAST
(to be Chief Executive of the Banking
Code Standards Board - now the Lending
Standards Board), she moved to the Money
Advice Trust as Chief Executive.
“I had just had my third child, so the
timing was not ideal.” she says, “but after
being interviewed and offered the job, I
simply threw myself into it. It combines
two things that are important to me:
tremendous job satisfaction and the
opportunity to make a real and positive
difference to peoples’ lives.”
MISSION AND VISION
Joanna describes her role at the Money
Advice Trust as being much like the
conductor in an orchestra, making sure
everything is happening in tune and at
the right time. The Money Advice Trust’s
vision is to help people tackle their debts
and manage their money with confidence.
It does so directly, through services
like National Debtline (and its business
equivalent, Business Debtline) and
through the training and support of
businesses and charities (including the
free debt advice sector) that come into
contact with people in debt or in financial
difficulty.
“National Debtline is an ‘assisted selfhelp’
service,” Joanna explains, “giving
customers the help and support to manage
their debts with confidence; we work
closely with other charities like Citizens
Advice and StepChange to get people in
need to the help they need as quickly and
effectively as possible.”
The figures are certainly impressive.
Statistics for 2017 showed that National
Debtline and Business Debtline provided
help to more than 220,000 people by phone
or webchat, with around 1.4 million visits
to its sites. It also provided training to
more than 160 creditor organisations on
identifying and supporting customers in
vulnerable circumstances.
Joanna is very aware, however, that
there is still much to be done. She sees
real advantage in working collaboratively
with other organisations and associations,
across a range of sectors to find common
ground and influence for good (“Good
people make things happen,” she adds),
and she is encouraged by how far such
organisations and their members have
come in recent years, particularly in the
area of vulnerability.
SUPPLY AND DEMAND
She would certainly like to see the
Government doing more: “Consumers need
to be able to get help and find help when
they need it, and that is often a factor of
resource. Demand is not the issue; there is
not enough supply. We saw a 14 percent rise
in the number of calls to National Debtline
in 2017 compared to 2016. Customers
need to be able to seek help early, and
Government needs to ensure that such
help is available.
“Government – including local government
- also needs to get its own house in
order. We have seen the increased and, in
my view, over use of bailiffs by Local Authorities
(see report December 2017 issue
of Credit Management page nine). It does
not take much for an individual who is
struggling to then fall into debt, and the
public sector needs to catch up with the
private sector, and learn from them as
to the best ways of managing vulnerable
people in debt.
We need to look
at regulation. The
Financial Conduct
Authority (FCA) regulates
debt collection, but not
enforcement and in
certain areas, regulation
needs to be better.
“Also,” she continues, “we need to look
at regulation. The Financial Conduct
Authority (FCA) regulates debt collection,
but not enforcement and in certain areas,
regulation needs to be better.”
Joanna says this includes looking at
how commercially-based debt advice
providers present themselves online: “If
you type ‘National Debtline’ into Google,
we are not necessarily the first name
to appear, and this causes confusion
for the public with other names that
look similar, but are actually private
sector organisations masquerading as
charities.
The Money Advice Trust was founded in 1991
as an independent charity with the support
of the Government, creditors and the advice
sector more widely. One of its original
aims was to work with partners to channel
financial contributions from the creditor
sector towards the funding of debt advice.
By setting common standards and creating
materials and courses, the Money Advice
Trust and its partners have been at the
forefront of ensuring quality and consistency
of advice to people with debt problems.
The Trust went on to run National Debtline,
Business Debtline and to coordinate training
across the sector through Wiseradviser.
With demand for money advice consistently
outstripping supply, finding more efficient
DEFINING SUCCESS
So what will success look like for Joanna
and her team? “Like many charities, we
should be aiming to put ourselves out of
business,” she confides.
What it looks like in the short term,
however, is to help more people in the most
effective way, making steady, incremental
improvements, stopping the wholesale
use of bailiffs by Local Authorities, and
giving consumers breathing space so that
debt is not something to fear, as help is
always available.
The Money Advice Trust’s services
have never been more in demand and,
not surprisingly, Joanna’s energy and
experience is also in demand. As well
as being Chief Executive of the Money
Advice Trust she is also on the Board of
UK Finance as the consumer representative,
a member of the advisory panel
of the Commission for Financial Inclusion,
the ABCUL/Lloyds Banking Group
Grants Committee, H M Treasury’s Home
Finance Forum, the Advisory Board at Birmingham
University's Centre on Household
Assets and Savings Management and
served as the Chair of the BBA’s Financial
Services Vulnerability Taskforce. She is
also a Vice-Chair of the Friends Provident
Foundation and a Chartered Director.
With so much on, it is a surprise that
Joanna has any time for a life outside of
work, but since her days as a teacher, she
has learned to leave most (though perhaps
not all) of her worries at the front door.
She is a keen walker, runner and cyclist,
and likes nothing better than to be out
with her husband, a head teacher, and
their three children: “I guess I am an
outdoors sort of person living a largely
indoors sort of life,” she smiles.
“Being outside keeps me on track.”
ways of helping people with debt
problems is core to the Trust’s work, such
as the development of sector tools such
as the Standard Financial Statement,
CASHflow and free self-help packs for the
advice sector to use with its clients.
At the heart of the Trust’s approach
is a belief that the best way to help
people in debt is to empower them to
help themselves. This assisted self-help
approach allows people to control their
own debt situation, resulting in better
long–term financial health. The Trust’s
head office is in Garlick Hill, London and
its advice services are run from Tricorn
House in Birmingham.
The Trust employs c200 staff.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 24

The Real Alternative for
High Court Enforcement
Who we are:
• The UK’s fastest growing High Court Enforcement Company
• Experienced team with track record for innovation and compliance
• New transparent approach for our clients
How we can help:
• We offer a personal, proactive & tailored service to meet your needs
• Guaranteed individual attention for each client
• CCJ Transfer up - fast & free administration service
• Exceptional Recovery Rates - consistently outperforming traditional rms
• Unique client access of your cases in real time via our Award-winning Field App
• Tracing, Process Serving & Commercial Rent Arrears Recovery (CRAR)
The Recognised Standard / www.cicm.com / March 2018 / PAGE 25

OPINION
CRUMBLING
OF CARILLION
The construction industry can be
a tricky sector for credit managers,
but these issues are nothing new.
AUTHOR – Derek Scott FCICM
I
have found all the media coverage The contract still needed to be completed, but
on the collapse of Carillion very payments for the scaffold were made direct to
interesting, but unless you have us by the council at a more favourable rate.
worked in construction, particularly Over the years I encountered many more
in sub-contracting, then you cannot notoriously slow payers, but with quality
possibly understand the real credit now in place. A combination of
problem.
Firstly, the awarding of contracts without
any due diligence into the financial position
of the nominated contractor goes back almost
to the relief of Mafeking!
There appears to have been no checks
in relation to its balance sheet, last profit
and loss accounts, or its ability to pay
sub-contractors? Often the lowest tender
is awarded the contract. This applies to
government, councils, public utilities and
major businesses.
The problem does not always end with
the main contractor, it’s possible you have a
chain. There could be a managing contractor
and sub-contractors who will need to use
risk assessment and external credit circle
intelligence meant these companies could be
identified before any business was entered
into.
After initially considering guarantees, and
finding these unsatisfactory, my payment
agreements were born. These have been
covered with some scorn over the years, but
out of dozens I put in place, they were never
the subject of any disputes.
If in trade credit you have a totally black
and white credit policy, it may make you
look very efficient, but in truth, you could be
stifling the growth of your company. A true
professional trade credit manager must ‘think
outside the box’ of basic credit management
other sub-contractors. I know first-hand how rules. Of course, there are risks, but
dangerous these types of chains can be.
I entered the world of construction at
the beginning of 1970, recruited to clear
numerous debts, some going back several
years, and to dramatically reduce a Days Sales
Outstanding (DSO), which stretched back to
the horizon.
One substantial debt was in relation to
scaffolding supplied for a refurbishment
contract given to a contractor by a large city
in Scotland. The contractor had an impressive
name, and what appeared to be an equally
impressive head office address. The branch
claimed there were no major issues and that
the delay in settlement was entirely down to
slow payment by the council.
Having failed to obtain payment I flew to
Scotland to meet him. His head office address
was a room above a sweet shop next door to
a garage. Our meeting took place on a park
bench in the middle of a field. His share
capital was £100, two shares issued.
I did manage to recover the majority of
the outstanding money, but as he soon went
out of business we still incurred a bad debt.
taking them is what you really earn your
money for.
There were instances where our customers
were good payers, and we enjoyed excellent
relationships with them, but higher up
the chain was a ‘bad apple’. This required
some real PR, voicing our concerns to
clients and in most cases we were able to
get round the problem. There were few real
‘no go’ companies, mostly major contractors
with very slow payment policies using the
sub-contractors as free bank loans.
I would never claim that we wouldn’t
have lost any money following the collapse
of Carillion, but I doubt our debt would
have stretched as far back as many of the
substantial sums involved. There would
also have been some serious concern coming
through from our credit circle members.
I’m keen to know if those with Carillion
service contracts contacted the Government
regarding late payments? I certainly would
have and suggested that unless some action
was taken, we would pull the plug on our
labour.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 26

One MP has tabled a private members
bill on retention as it appears there could
be a substantial sum of retention in the
outstanding debts of Carillion. Members
of my circle were discussing the problem
of slow release of retentions 40 years
ago. However, like many other doubtful
aspects of the construction industry,
nothing changes.
When I joined the scaffolding company,
my main energies were naturally
focused on the very old debts and DSO.
However, when these were sorted retention
was one area I really started to look at
in more detail.
There was no flagging system in place
to identify when retentions were due
for payment. I found several amounts
that were long overdue for payment. We
started to clear the due retentions, which
did begin to reduce the balance. But,
as we cleared each amount, a new one
replaced it.
A true professional
trade credit manager
must ‘think outside
the box’ of basic credit
management rules. Of
course, there are risks,
but taking them is what
you really earn your
money for.
I began to negotiate reducing the
retention periods, as I didn’t see why they
should be in place for scaffolding. If the
building falls down after a year, I refuse
to believe that it could be down to the
fault of our equipment. But, in view of
some of the very poor workmanship and
shortcuts that are now coming to light,
I can understand why some contractors
consider taking a retention as necessary.
If we led the field in one area it was
discounts. Some of which you may be
aware of, but others I feel, are unique to
construction. So why could there not be
a retention discount? Simply, what is the
cost of money not being in our bank for
anything up to 12 months plus?
One question raised by both MPs and
the media, is why were the huge financial
problems of Carillion not spotted before?
They possibly do not realise how easy it is
in construction to hide your true financial
position using ‘creative accounting’.
I have the seen the ‘wool pulled over the
eyes’ of many auditors, bank audit teams
and credit agencies over the years. Some
of these ‘wool pulling’ tactics include the
valuation of your various assets and stock,
leaving balances on the books relating to
already finalised contracts, un-invoiced
income, provisions, and my all-time
favourite ‘work in progress’.
I am doubtful that any real lessons will
be learned from the collapse of Carillion,
and in due course we’ll more than likely
be back here again.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 27

THE
CREDIT CONTROL
RECRUITMENT
SPECIALISTS
www.portfoliocreditcontrol.com
As a market leading credit control recruitment
specialist, we are proud to have supported the
credit control sector since 2008, providing unrivalled
market knowledge and expertise. We provide a
comprehensive and highly tailored service across
permanent, contract and temporary recruitment.
Our highly experienced recruitment consultants match
the highest calibre individuals with the most progressive
opportunities across the credit control profession.
We recruit into all industry sectors, with clients ranging from
FTSE100 to SMEs, as well as providing coverage to the
whole of the UK.
An award winning recruitment agency, having won places on
The Sunday Times 100 Best Small Companies to Work For,
The Sunday Times Fast Track 100 and The Recruiter Hot 100.
ROLES WE RECRUIT FOR:
CREDIT CONTROLLER
SENIOR CREDIT CONTROLLER
CREDIT MANAGER
HEAD OF CREDIT CONTROL
CREDIT AND BILLING MANAGER
COLLECTIONS ASSISTANT
COLLECTIONS MANAGER
SALES LEDGER/ACCOUNTS RECEIVABLE
CREDIT ANALYST
If you are planning to recruit or looking for the next step
in your career please get in touch with the Credit Control
recruitment specialists on 020 7650 3199 or contact us at
recruitment@portfoliocreditcontrol.com.
We look forward toworking with you.
020 7650 3199
www.portfoliocreditcontrol.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 28

In uncertain times...
it’sgood to be in the know
Wherever youtrade, the risk of non-paymentisalwayspresent. Whether it’sacustomer becoming
insolvent, aprotractedpaymentdefault, less stable economic environments or political interference.
Atradius trade credit insurance can protect your business from financialloss, with areputation for service
that is second to none. Everyone in our team, which includesspecialist underwriters and customer service
experts, as well as ourworldwide professionalbroker network, is focused solely on helping our customers
achieve thesuccess they deserve and looking aftertheir best interests.
0800 31 21 21 @atradiusUK www.atradius.co.uk
Take oursurveyatwww.atradius.co.uk/campaign/risk-ready-survey.html
ELECTIONS2018
Nominations open
The Advisory Council influences the future direction of the Chartered Institute of Credit
Management. Its members reflect the diverse range of skills, roles and experience amongst
the Institute’s membership, and bring valuable expertise and knowledge.
Being a member of the CICM Advisory Council is your opportunity to:
‣ Make a valuable contribution to the credit profession and the CICM
‣ Participate in the Institute’s governance
‣ Assist in raising the profile of the largest recognised professional
body in the world for the credit management community
There are 23 Advisory Council positions open for nomination representing our
11 regions and the trade, consumer, international and credit services sectors.
Your Institute needs you
Please visit www.cicm.com or
email elections@cicm.com to find out more.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 29

LEGAL MATTERS
Is theft just a
retail problem?
Looking at debt that often goes unreported
and unrecovered
DD 0113 261 6158 E kevin.feehan@dwf.law W www.dwf.law/recover
Kevin Feehan
Director of the Recoveries team
SHOPLIFTING – there’s a term
most people are familiar with
and it is recognised that major
retailers, many of whom we
act for, are the victim of this
criminal behaviour.
What is less recognised is that theft
often occurs by those we trust most,
those we employ and those we work with.
This takes many forms such as expense
fraud, stealing cash or goods that you
have within your business or defrauding
your IT systems. In fact, statistics show
when theft is carried out by colleagues,
the values are significantly higher than
the type of incident we associate with
shoplifting, with an average colleague theft
accounting for a loss of £1,031 (per British
Retail Consortium Crime Survey published
2015). That is before you take into account
the cost to your business in respect of the
time and resource spent investigating the
incident, and the time spent dealing with
the HR disciplinary process.
What also isn’t recognised or admitted,
is that theft isn’t just a retail problem, it
happens in every industry and in every
sector of the economy, from transport and
logistics, to manufacturing, banking, local/
central government and professional
services (if you are reading this and
aren’t on that list, I'm afraid to say you
aren’t exempt). It might be more
visible in the retail sector, given it
employs 2.9 million people, but similar
numbers of people are employed in the
manufacturing sector, the construction
sector and almost seven million people
are employed in the public sector. In the
retail sector it is estimated that customer
and colleague theft costs £660 million per
annum, and that is despite an average
spend per retailer of £6.7 million per
annum on crime and loss prevention.
Imagine how high those numbers might
be in industries where they don't focus on
identifying, pursuing and deterring this
type of criminal behaviour!
In today's economic climate, it
isn’t uncommon for my team to see
instructions to recover a loss suffered by
a client as the result of theft that exceeds
£30,000. Your business will have defined
processes for dealing with debts owing
to you (except the very smallest ones)
and this may well include your credit
control team pursuing payment and
the use of an external company, such
as DWF, to provide escalation and legal
action if necessary. I imagine it’s safe to
say that where the ‘debt’ relates to a loss
suffered as the result of theft or fraud,
you probably don't have a similar defined
process, which means you probably don't
look to recover the value that has been
stolen from you.
Beyond the obvious reason for seeking
to recover the value that has been stolen
from you (would you let a customer off
£1,000 let alone £30,000 without trying
to recover it), there are other very good
reasons to seek to recover your loss. The
most important is the deterrent factor. It
is commonly said that there is a 10-80-10
rule in relation to propensity to steal; ten
percent never will, ten percent always will
and 80 percent might if they thought the
chances of getting away with it were great
enough, or the reward high enough. You
deter the 80 percent who ‘might’ by taking
away the potential reward (getting your
loss back) and by making it known that
you do this.
In fact, statistics show
when theft is carried
out by colleagues, the
values are significantly
higher than the type of
incident we associate
with shoplifting
Where DWF is instructed to recover loss
resulting from theft, it is often also asked
to recover monies owed as the result of
an overpayment of salary (overpayments
due to late notice changes to payroll,
excess holidays taken, non-repayment
of loans and non-return of property
etc.) as well. These can occur during
the course of employment or following
termination of employment (either in the
type of scenario discussed above where
you've been the victim of theft, or in the
more straightforward situation where
an employee leaves). Recovery of these
overpayments is not always a simple
process, but failure to seek to recover
these debts is like throwing money away.
This information is intended as a general
discussion surrounding the topics covered
and is for guidance purposes only. It does
not constitute legal advice and should
not be regarded as a substitute for taking
legal advice. DWF is not responsible for
any activity undertaken based on this
information.
As a CICM member you can receive free legal advice from
DWF visit the cicm website and click on the free advice line.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 30

www.portfoliocreditcontrol.com
PROUD SPONSORS OF
CUSTOMER SERVICE
HERO OF THE YEAR
would like to congratulate all the
nominees and winners at the CICM
Credit Management Awards 2018
We are proud to be the only, truly specialist credit control
recruitment agency in the UK. Solely recruiting for credit
controllers and credit professionals, our market knowledge
and industry experience has remained steadfast at the
forefront of the sector since 2008.
Recognised as an award-winning recruiter, we have been placed
in The Sunday Times 10 Best Companies to Work For, The Sunday
Times Fast Track 100 and the Recruiter Hot 100. We are also an
audited and compliant member of the REC. Our unique attributes
enable us to fill your next credit control vacancy simply and swiftly.
We understand the hard and soft skills of a credit controller
and we pride ourselves on finding you the perfect match.
All our temporary candidates are fully referenced and come
with a first day free trial – so, if you aren’t happy you don’t
pay a penny to ensure your full confidence.
We have immediately available multi-lingual credit
controllers to deliver effective debt management
across the globe.
Unparalleled market knowledge of our sector with
immediately available specialists in the areas
of Corporate, Consumer, International,
Credit Control and Collections.
Give us a call on 020 7650 3199
or email recruitment@portfoliocreditcontrol.com
www.portfoliocreditcontrol.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 31

COUNTRY FOCUS
Adam Bernstein
focuses on Austria,
looking at the people,
economy and trading
opportunities.
Part one
HUNGRY
FOR A BIT OF
AUSTRIA?
Hallstatt lakeside town in the Alps, Austria

COUNTRY FOCUS
AUTHOR – Adam Bernstein
LANDLOCKED and steeped
in history, the largely
mountainous nation that is
Austria, famous for composers
Mozart and JS Strauss,
psychoanalyst Sigmund Freud,
automotive engineer Ferdinand Porsche,
the Alps and the Rothschild family of
bankers and investors, is underestimated
as an export destination.
Formed post World War I from the
remnants of the Austro-Hungarian
Habsburg dynasty that itself was
hammered into existence following a
number of military encounters between
European nations, the country has played
a pivotal role in modern European history.
Both the assassination of Archduke Franz
Ferdinand of Austria in June 1914 and the
rise to power of fellow countryman, Adolf
Hitler, are inexorably tied to the Europe we
see today.
Today, Austria is a parliamentary democracy
that comprises nine federal states.
It’s stable politically and economically and
has become an attractive location for the
headquarters of many foreign firms.
AN INTERESTING MIX
A mixed population, just under 25 percent
(1.8 million out of an estimated 8.7
million), live in the one city – the capital
Vienna. There are, however, a number of
other urban areas to note that include Graz
(265,000), Linz (191,000), Salzburg (145,000)
and Innsbruck (122,000). The country has
been a member of the United Nations
since 1955 and the European Union since
1995 (and is in the borderless zone that was
created by the Schengen Agreement). It is
not a member of NATO, although it does
have ties to the organisation. That said, the
Organization for Security and Co-operation
in Europe, Comprehensive Nuclear Test
Ban Treaty Organization, and Organization
of the Petroleum Exporting Countries are
all homed in Austria.
It’s interesting to note, but not surprising
considering Austria’s geographical
position, that the country has a relatively
high number of foreign born inhabitants
numbering 1.27 million, they make up
15.2 percent of the total population. Of
these, 764,000 were born outside of the EU.
Statistik Austria, the country’s statistical
office, believes that 415,000 are the
descendants of foreign born immigrants
that originally came from Germany, Turkey,
Serbia, Croatia, Bosnia and Slovenia.
Despite having a rich culture, it’s worth
noting that the Financial Times reported
(in October 2015) that despite spending
€4.5 billion in 2013 on tertiary education,
Austria has one of the lowest graduation
rates. It also found that ‘literacy skills are
poor compared with other industrialised
countries.’ Partly this is the result of
education only being compulsory to age 15,
and partly because the educational system
separates students into one of three school
types that generally determine their future.
Highly motivated, articulate children
move on to a Gymnasium (school – not
fitness club), which feeds universities. The
majority attend middle school and move
on to trade school. The FT found that the
‘unlucky bottom nine percent attend high
schools that prepare them for little more
than low-skilled, low-paid jobs’.
Nevertheless, Austria is, according to the
World Bank, a ‘high income’ country with
a GNI per capita of $45,239 and Trading
Economics reckons that Austria’s economy
is growing at 2.6 percent. Austria was in
the first wave of countries who, in 1999,
introduced the euro.
There’s a strong
industrial base that
makes up 29 percent
of the economy and a
well-developed service
sector that represents
around 69 percent.
Importantly, until
Brexit at least, the UK
faces no import tariffs.
It’s telling that of Austria’s trading
partners, Germany is its biggest (29 percent
of exports and 37 percent of imports) and
as of 2015, it’s other main import partners
are Italy, China, Switzerland and the Czech
Republic. Exports, on the other hand,
go mainly to the USA, Italy, Switzerland,
France and Slovakia.
Imported goods are machinery and
equipment, motor vehicles, chemicals,
metal goods, oil and oil products; and
foodstuffs. Exports are machinery and
equipment, motor vehicles and parts, paper
and paperboard, metal goods, chemicals,
iron and steel, textiles, foodstuffs.
A LAND OF OPPORTUNITIES
The UK Government, in a 2015 export
document, considers Austria to offer much
potential to exporters, notwithstanding
the effects of Brexit. There are in excess
of 400,000 SMEs that make up 99 percent
of all Austrian companies, there’s a strong
industrial base that makes up 29 percent of
the economy and a well-developed service
sector that represents around 69 percent.
Importantly, until Brexit at least, the UK
faces no import tariffs.
While selling to commerce means
finding innovative solutions that are well
priced – after all, no firm is going to move
to a new supplier unless there’s good cause
– public bodies find and select suppliers
through a public tendering process. Details
of tenders are published in a number of
locations including the Wiener Zeitung
and other newspapers, as well as on an
official site run by the Bundesbeschaffung
GmbH (BBG). Created in June 2001, the
BBG acts as a central procurement agency
for the federal Government of Austria in
compliance with EU legislation. The agency
is run as a limited liability company but is
owned by the Austrian Ministry of Finance.
More information is available at (bbg.gv.at/
english/image-video/).
Procurements worth less than €100,000
are not subject to tendering regulations
and can be purchased directly by the given
body. The purchase of items that cost more
than €100,000 and less than €414,000 are
subject to Austrian regulations. Tenders
that are below the EU threshold are listed
on the official BBG website (bbg.gv.at/
lieferanten/ausschreibungen/alle/).
Purchases of goods or services worth
more than €414,000 must be tendered
through the EU. These are published on the
TED database (ted.europa.eu/TED/misc/
chooseLanguage.do).
In terms of business sectors, Austria
has interests in advanced manufacturing,
especially in automotive – both traditional
and electric. Healthcare is also a strong
target for exporters because the country’s
health system is very extensive which
means opportunities for specialist,
premium quality and price-competitive
items.
Those seeking to gain a foothold in the
environmental sector should be aware that
innovation is the key to success. Standard
products and services will not do well and
indeed, the Austrian market focuses on
energy production and new manufacturing
techniques.
And with regard to services, there are
strong opportunities in cyber-defence
and cyber-security for those wanting to
approach financial services, corporates
and SMEs. Allied to this are opportunities
in financial services, franchising,
e-commerce and high-value luxury goods.
Adam Bernstein is a freelance business
writer
The Recognised Standard / www.cicm.com / March 2018 / PAGE 33

INTERVIEW
FECMA Country Profile
Sean Feast speaks to Rudolf Keßler at the
Bundesverband Credit Management Österreich.
AUSTRIA is officially the
Republic of Austria, a federal
republic and a landlocked
country with a population of
more than 8.7 million people.
Austria covers 32,386 sq mi
and the majority of the population speaks
local Bavarian dialects of German as their
native language, and German in its standard
form is the country's official language. Other
local official languages are Hungarian,
Burgenland Croatian, and Slovene.
Austria is the 12th richest country in
the world in terms of GDP per capita, has
a well-developed social market economy,
and a high standard of living. Until the 80s,
many of Austria's largest industry firms
were nationalised; in recent years, however,
privatisation has reduced state holdings
to a level comparable to other European
economies.
Germany has historically been the main
trading partner with Austria. At least 67
percent of Austria's imports come from
other European Union member states.
Tourism accounts for almost nine
percent of Austrian GDP. In 2007, Austria
ranked ninth worldwide in international
tourism receipts, with $18.9 billion. In terms
of international tourist arrivals, Austria was
12th with 20.8 million people.
The Financial crisis of 2007–2008 dented
the Austrian economy causing the Hypo Alpe-
Adria-Bank International to be purchased in
December 2009 by the Government for one
euro owing to credit difficulties, thus wiping
out the €1.63 billion of BayernLB.
Between 1995 and 2010, there were
4,868 mergers and acquisitions involving
Austrian companies worth 163 billion euros:
Bank Austria by Bayerische Hypo- und
Vereinsbank for 7.8 billion EUR in 2000,
Porsche Holding Salzburg by Volkswagen
Group for 3.6 billion euros in 2009, and
Banca Comercială Română by Erste Group
for 3.7 billion euros in 2005.
Rudolf Keßler
How many members do you have?
We currently have 49 members
Where are you based?
Lugeck 1-2, 1010 Vienna
What training do you provide?
We have a training course in modern
claims management that is run
over two weekends. We also provide
excellent networking opportunities.
How would you describe the country’s
attitude to late payment?
Payment behaviour can be described as
‘very good’ in Austria. According to 2017
figures, companies are typically paid
within 29 days (a fall of one day since
2016). The other categories are ‘Private’
(17 days), ‘Communities’ (30 days) and
‘Countries’ (36 days).
Are there any specific laws/regulation
regarding late payment?
A Late Payment law was launched in
March 2013. This was a new statutory
provision for payments made in a
contractual relationship. The debtor
has the choice between transferring the
amount of money to the creditor (cash
payment or transfer), or a bank transfer
to a bank account of the creditor.
In the event of subsequent changes
to the creditor's domicile or its bank
details, the creditor must bear the
increase in risk and expense that is
caused as a result. If the debt is paid by
bank transfer, the debtor must grant the
transfer order in good time so that the
amount due is credited to the creditor's
account when due. If the due date is not
determined in advance, the debtor must
issue the transfer order without undue
delay after the occurrence of the event
relevant for the due date. The debtor
bears the risk of delay or failure to
credit the creditor's account (unless
the bank is at fault
There is also special regulation
for the entrepreneur/consumer
relationships. If cash is not the
customary method of payment
within the contractual relationship,
the entrepreneur must inform the
consumer of their bank details such
that the account can be settled. This
does not apply to other methods
of payment such as credit cards. If
the debt owed by a consumer to a
business owner is settled by bank
transfer, the timeliness of fulfillment
means that the consumer issues the
transfer order on the due date.
In terms of arrears, the statutory
late payment interest rate is 9.2
percent above the base rate. The base
interest rate, which is valid on the
first calendar day of a half year, is
fixed for the respective half year. If the
debtor is not at fault for the payment
delay, interest of four percent per
annum is payable.
The duration of a statutory or
contractual acceptance or review
procedure is limited to 30 calendar
days from the date of receipt of
the goods or services. Contractual
agreements are permissible over a
period of acceptance or inspection
lasting more than 30 days, but subject
to the proviso that such an agreement
is not grossly unfair to the creditor.
In the event of delay in the
payment of monetary claims,
the creditor is entitled to claim a
lump sum of €40 from the debtor
as compensation for any costs of
collection.
Contractual provisions on the date
of payment, the term of payment,
the interest on arrears or the
compensation for operating costs
shall be null and void if they entail a
serious disadvantage for the creditor.
Contacts for further information:
Lisa Mahr (Assistant)
+43 720 982 970
mahr@bvcm.at
The Recognised Standard / www.cicm.com / March 2018 / PAGE 34

Supplement special
The CICM
British Credit
Awards 2018
THE RECOGNISED STANDARD IN CREDIT MANAGEMENT
The Recognised Standard / www.cicm.com / March 2018 / PAGE 35

We could pay you on your customers’ behalf
within as little as 5 days, at the same time
providing them with up to 55 days to pay
us back. Similarly, we could accelerate
payments to your suppliers and provide
you with longer payment terms.
It’s a win-win solution.
In the role of Credit Manager,
American Express® understands your need
for a payment solution that increases DPO
and reduces DSO.
Our working capital solutions are flexible,
simple and innovative, offering a new type
of credit line, so your business can extend
cost benefits to selected customers across
credit lines and reduce risk.
For more information, visit:
americanexpress.co.uk/supercharge
Terms and fees apply.
WORKING CAPITAL SOLUTIONS
American Express Services Europe Limited is authorised and regulated by the Financial Conduct Authority.

Recognising the best
in credit management
MANAGING cashflow, and
challenging the ongoing
scourge of late payment,
continues to be a key theme
for the Chartered Institute of Credit
Management (CICM) and other professional
business organisations, who are determined
to use their skills and influence to support
British businesses in a post-Brexit world. We
are determined, too, to share our knowledge
and experience to help build an economy
that is the platform for future growth and
prosperity.
Creating a community of like-minded
professionals is part of what we do. We
are committed to making a difference, to
develop and share best practice, and work
with Government to bring about change.
We are committed, too, in developing a
new generation of credit management
professionals, while never losing sight of
the needs of our existing members, and
supporting them at every stage of their
professional development.
Government certainly recognises the
vital role that our members play. Ministers
are similarly alive to the need for better
payment practices, as evidenced by the
recent introduction of the Duty to Report
regulations, and the appointment of the
Small Business Commissioner. Professional
credit management – and qualified credit
managers – have never been more in
demand.
The CICM UK British Credit Awards seek
to recognise individuals and companies that
demonstrate the very highest standards
of excellence and were voted for by a
distinguished panel of judges. So whether
you were a winner, highly commended, or
simply made the short-list, you can be proud
of what you have achieved.
Philip King FCICM
Chief Executive
Philip King, FCICM
Chief Executive of the CICM
Judging Panel 2018:
Stephen Baister FCICM, (President) Chartered Institute of Credit Management
Sean Feast MCIPR MPRCA, Director, Gravity London,
Managing Editor of Credit Management magazine
Amir Ali, Chairman, Civil Court Users Association (CCUA)
Lesley Batchelor OBE, Director General of the Institute of Export and
International Trade (IOE)
Glenn Collins, Head of Technical Advisory at ACCA
Matthew Davies, Director of Communication and Government Affairs, UK Finance
Adrian Hyde, President of R3
Debbie Nolan FCICM, Arvato UK and Ireland
Charles Wilson FCICM, Chairman at Lovetts Solicitors
Karen Young, Director, Hays Accountancy & Finance
Brenda Linger FCICM, Vice President, CICM
Sponsorship:
Headline sponsor:
PALADIN
Hosted by:
Twitter:
@cicm_hq
#cicmawards2018
To view more photographs of the event visit:
www.cicmbritishcreditawards.com

The CICM
British Credit
Awards 2018
Credit Information Provider of the Year
Winner
Dun & Bradstreet
Sponsored by
Judges' comment: “Very strong entry with
clear results, evidenced by impressive
customer testimonials. An innovative
product that should bring clear benefit to
the credit function.”
Finalists:
CoCredo, Credit Assist,
Graydon UK, PurplePatch
Presenter: Josef Busuttil FCICM Federation of European Credit Management Associations
Collector of award: Tim Vine, Head of European Trade Credit
Credit Insurance Specialist of the Year
Winner
Credit and
Business Finance
Sponsored by
Judges' comment: “Since winning the
award in 2017, this company has continued
to innovate and push the boundaries of
insurance broking.”
Finalist:
Nexus CIFS
Presenter: Jo Kettner, CEO
Collector of award: Matthew Green, Sales Director
The Recognised Standard / www.cicm.com / March 2018 / PAGE 38

The CICM
British Credit
Awards 2018
Risk Management Achievement of the Year
Winner
Company Watch
Sponsored by
Judges' comment: “Company Watch has
developed an algorithm to analyse key
phrases from corporate reporting that
enables it to better forecast corporate
insolvencies.”
Finalists: Aggregate Industries UK
Alphabet GB, Graydon UK,
Invictus Risk Solutions
Presenter: Brian Morgan, Product Director
Collector of award: Adam Tucker, Chief Data Scientist
Consumer Credit Team of the Year
Winner
Lending Stream
Sponsored by
Judges' comment: “An exciting business
doing exciting things, developing a new
and innovative product (‘Drafty’) in a
competitive sector.”
Finalist:
Cardiff University
Presenter: Dr Stephen Baister FCICM President of the CICM
Collector of award: Tushar Dar
The Recognised Standard / www.cicm.com / March 2018 / PAGE 40

Commercial Credit Team of the Year
Winner
Kier
Sponsored by
PALADIN
Judges' comment: “A high performing
team focused on continuous improvement.
Clear goals and objectives, clearly met.”
Finalists: Adecco UK & Ireland
Aggregate Industries UK, Allied Bakeries
Atradius Collections, Ian Williams
European Metal Recycling, TXM Group, Veolia
Environmental Services (UK), Xoservce
Presenter: George Miles, Managing Director
Collector of award: Martin Kirby, Head of Order to Cash
Commercial Collections Team of the Year
Winner
HM Revenue and
Customs Debt
Management
Telephone Centre,
Livingston
Sponsored by
Finalists: Accenture GCP Ireland
Aggregate Industries, BT, JLL
HM Revenue & Customs - Debt Management
Telephone Centre, Cumbernauld, Liverpool,
Sthree, HM Revenue & Customs - Field Force
HM Revenue & Customers - Large Business Unit
Presenter: Laurie Beagle FCICM, Chair of the CICM
Collector of award: Ronnie Peters and Derek Bryce
Judges' comment: “HMRC showed a clear focus on people and engagement,
with specific initiatives such as the use of Digital ambassadors and
champions of health and wellbeing to further improve the business culture. A
great team led by a great leader.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 41

The CICM
British Credit
Awards 2018
Third Party Debt Collection Team of the Year
Winner
Hilton-Baird
Collection Services
Sponsored by
CREDIT MANAGEMENT
Judges' comment: “A strong entry from a
good business clearly doing good work,
with excellent client testimonials and good
evidence of customer satisfaction.”
Finalists: Atradius Collections
Flint Bishop, Grosvenor Services Group
(a part of Echo Managed Services)
HLW Keeble Hawson, Themis Global
Presenter: Sean Feast, Managing Editor Credit Management magazine
Collector of award: Alex Hilton-Baird, Managing Director
Legal Team of the Year
Winner
Shoosmiths
Sponsored by
Judges' comment: “A clear winner;
impressive entry from a stand-out
company with tangible business results.”
Finalists: Blaser Mills, DWF
HLW Keeble Hawson, Flint Bishop
Shakespeare Martineau, Shulmans
Stevensdrake Solicitors
Presenter: Wayne Whitford, Director
Collector of award: Karen Savage, Partner & Head of Commercial Recoveries
The Recognised Standard / www.cicm.com / March 2018 / PAGE 42

THE ENFORCEMENT TEAM
THAT RECOVERS MORE
If you are looking for an outstanding HCEO with nationwide coverage to enforce your
outstanding judgments, HCE Group offers:
› An extensive range of enforcement services
› The largest High Court enforcement company in England and Wales
› More authorised HCEOs than any other firm, bringing unrivalled expertise and knowledge
› Nationwide highly trained and qualified enforcement agents
Get in touch today to find out how we can become your ideal enforcement partner.
INSTRUCT US FOR
› Enforcement of judgments and tribunal awards
› Eviction of activists, squatters and travellers
› Eviction of commercial and residential tenants
› Commercial landlord services
› Tracing and process serving
› Vehicle recovery and enquiry
The Recognised Standard / www.cicm.com / March 2018 / PAGE 43
TO FIND OUT MORE or instruct us, call 08450 999 666 or visit www.hcegroup.co.uk

The CICM
British Credit
Awards 2018
Project of the Year
Winner
Adler and Allan
Sponsored by
Judges' comment: “In a most impressive
project, Adler and Allan took prompt and
effective action to deliver real world impact
in incredibly difficult circumstances.”
Finalists: Flint Bishop, Aggregate Industries UK,
Medway Council, QA, United Utilities
Ascent Performance Group, DWF
Business Services Organisation - Accounts
Receivable, Hitachi Capital Invoice Finance
Presenter: Luke Broadhurst, Credit Strategy
Collector of award: Darren Allardyce, Group Credit Manager
Best use of Credit Technology
Winner
Court Enforcement Services
Sponsored by
Presenter: Barry Seamons, Director | Collector of award: Daron Robinson, Operations Director
Finalists: Ascent Performance Group, Acenture GCP Ireland,
Credit Assist, Iwoca, Loomis, Aggregate Industries UK,
Nimbla UCAS, Impellam Group,
Judges' comment: “The results speak for themselves – a hugely
impressive entry detailing a bespoke technology developed
in-house, with strong commendations from its clients.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 44

Employer of the Year
Winner
Aggregate Industries UK
Sponsored by
Presenter: Karen Young, Director | Collector of award: Phil Rice, Head of Credit
Finalists: Adecco UK & Ireland, CoCredo, HM Revenue & Customs - Field Force
Lending Stream, QA, Sodexo U&I
Judges' comment: “A story of genuine
engagement, putting people at the heart of
the business.”
Learning and Development Impact Award
Winner
High Court
Enforcement
Group
Sponsored by
Finalists: ABB, Aggregate Industries UK
Credit Management, Trust Ford, QA
Credit Management Training
European Metal Recycling
Hays Specialist Recruitment
Saint Gobain Building Distribution
Presenter: Dr Debbie Tuckwood, Head of Education & Professional Development CICM
Collector of award: David Grimes, Head of Training and Development & Alan J Smith, Director of
Corporate Governance.
Judges' comment: “In another very competitive category, HCEG showed
strong evidence of a real commitment to training, contributing to a high
employee retention rate and increased productivity.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 45

The CICM
British Credit
Awards 2018
Customer Service Hero award
Winner
Preet Garcha –
Aggregate
Industries UK
Sponsored by
Finalists: Callum Skears - Commsave
Laura Patterson - Business Services Organisation
(Accounts Receivable)
Lauren Rogers - Adecco UK & Ireland
Lauren Royle - Veolia
Mustapha Mellali - AECOM Middle East
Selina Purdy - Business Services Organisation
(Accounts Receivable)
Sinead McNamee - Business Services
Organisation (Accounts Receivable)
Presenter: Charlotte Turner, Director | Collector of award: Preet Garcha, Senior Specialist
Judges' comment: “In another closely fought category, Preet stuck out as being
dedicated to her employer her profession and her personal development. She
is a credit to her company, the CICM and the industry.”
Rising Star of the Year
Winner
Maxine Montgomery
– HM Revenue and
Customs
Sponsored by
Finalists: Amanda Willis - Adecco UK & Ireland
Amy Dykes - HM Revenue & Customs
Carolyn Mackay - Contract Scotland
David Macgregor - HM Revenue & Customs
Helen Felstead - Trust Ford
Manying Liu - Veolia
Paige Smith - Aggregate Industries UK
Sarah Jordan - Business Services Organisation
Sarah Hardacre - Sodexo UK&I
Sharon Kelly - HM Revenue & Customs
Presenter: Edward Thorne, Managing Director | Collector of award: Maxine Montgomery
Judges' comment: “Described as being ‘head and shoulders above her peers’,
Maxine demonstrates a flexibility and willingness to go the extra mile.”
The Recognised Standard / www.cicm.com / March 2018 / PAGE 46

Congratulations
to the 2018 winners.
Delighted to have been shortlisted this year for these categories:
Credit Information Provider of the Year, Risk Management Achievement of the Year,
and Alan Norton as the Credit Professional of the Year.
Proud award winner:
Credit Information Provider of the Year 2016
Risk Management Achievement of the Year 2016 and 2017!
The Recognised Standard / www.cicm.com / March 2018 / PAGE 47
www.graydon.co.uk

The CICM
British Credit
Awards 2018
Credit Professional of the Year
Winner
Phil Rice –
Aggregate Industries
Sponsored by
Finalists: Alan Norton - Graydon UK
Brendan Clarkson - Moore Stephens
Derek Bryce - HM Revenue and Customs
Diana Keeling - Ian Williams
Elisabeth Doppelhofer - Adecco UK & Ireland
Isaac Mireku - Harley-Davidson Europe
Joanna Carnell - Trust Ford, David Scottow - DWF
John Ricketts - Ardent Credit Services
Lanslord Asumakah - Maglans Micro-Credit
Lynette Fegan - Business Services Organisation
Nancy Cameron - HM Revenue & Customs
Steve Charter - TXM Group
Presenter: Richard Marriage, Managing Director | Collector of award: Phil Rice, Head of Credit
Judges' comment: “In a hugely competitive category, with a number of
outstanding entries, Phil is highly respected among his peers and considered
a beacon in the credit industry.”
Responsible Approach to Consumers award
Winner
United Utilites
Judges' comment:
“Interesting initiative in
a challenging and highly
competitive industry.”
Sponsored by
Presenter: Lesley Batchelor OBE Director General, Institute of Export and International Trade | Collector of award: Michelle Atkinson, Head of Income
This award is open to any organisation supporting consumers, and particularly those who are vulnerable, through any aspect of the credit
life cycle. Entries might come from the advice sector, lenders, collection agencies, the enforcement sector, or organisations granting credit to
consumers. The judges will be looking for evidence of an exemplary ‘treating customers fairly’ approach or measures to manage and support
consumers suffering financial difficulty.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 48

Presenter: Brenda Linger FCICM, CICM Vice President
Collector of award: Claire Seaton ACICM
THE SIR ROGER
CORK PRIZE
Winner
Claire Seaton ACICM
Presenter: Simon Blackwell, Managing Director
Collector of award: Darren Allardyce, Group Credit Manager
WINNER
OF WINNERS
Winner
Adler and Allan
Sponsored by
Sponsored by
An annual award presented to the
candidate who achieved the highest
aggregate CICM examination pass-marks
within the calendar year 2017.
Presented to the winning entry that most
impressed the judges.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 49

The Recognised Standard / www.cicm.com / March 2018 / PAGE 50

The Recognised Standard / www.cicm.com / March 2018 / PAGE 51

CREDIT TO
THE EXPERTS
SHARING SUCCESS
We believe a job well done should be celebrated.
That’s why we’re pleased to have sponsored the
award for ‘Employer of the Year’ at the recent
CICM British Credit Awards.
We are proud to have been involved in an event that
raises the profile of the industry, recognises and rewards
credit professionals for their hard work and commitment
and promotes credit management as an exciting career.
Whether you are looking for a credit risk analyst, team
leader or credit control administrator, we can find the
best talent to help meet your requirements, across the
public and private sectors.
We work exclusively in corporate partnership with the
CICM, providing invaluable careers advice and support
to our candidates and clients.
Congratulations to all the winners and all those
shortlisted for the awards.
Whether you’re looking to recruit or considering your
next career move, we have the expertise to help you.
Contact your recruitment expert on 020 3465 0017 or visit
hays.co.uk/offices.
Proud sponsors of the
CICM British Credit Awards 2018
hays.co.uk/creditcontrol
The Recognised Standard / www.cicm.com / March 2018 / PAGE 52

TRADE TALK
VAT in the GCC
What you need to know about the introduction
of the tax in the Middle East.
AUTHOR – Lesley Batchelor
Lesley Batchelor
THE recent imposition of
Value Added Tax (VAT) in
the United Arab Emirates
and the Kingdom of Saudi
Arabia (KSA), as part of the
Gulf Cooperation Council’s
(GCC) overall move towards introducing
it throughout the region by the end of
2019, is already impacting significantly on
businesses trading into the Middle East.
With China also reforming its own VAT
regime in recent years, the GCC’s adoption
of VAT could spark more emerging markets
around the world into adopting the indirect
tax for the first time.
So how can businesses account for
this new form of taxation in the GCC and
prepare for its possible continual spread
around the world?
GLOBAL TREND
The OECD describes VAT as a tax on ‘final
consumption that is broadly neutral towards
the production process and international
trade’. Though many ‘developed’ countries
have been using it since the 70s and
80s, it is in the last two decades that
‘developing’ countries have introduced
VAT. This has largely been done in order
to replace lost revenues from trade taxes
as countries have opened up their trading
borders as part of the move towards a
globalised economy.
A common VAT framework in Europe
was a key facilitator in the creation of
the common market in the EU, removing
unequal indirect taxes from markets
within the union that were designed
to protect member country’s domestic
industries. Indeed, whether the UK
continues its membership of the EU VAT
union post-Brexit will have a significant
impact on the nature of its future trading
relationship with the EU.
China’s VAT reform of 2016 – in which
VAT was implemented as the country’s
only indirect tax, rather than operating in
conjunction with the Business Tax which
had applied for a number of industries –
also made many headlines. The reform
was a key tactic in Beijing’s efforts to
restructure the Chinese economy toward
becoming more service-oriented and
toward having a greater focus on valueadded
manufacturing, rather than the
labour-intensive low-end manufacturing
it had been renowned for before.
THE LATEST ADOPTERS
The GCC is now set to adopt VAT for the
first time, with the KSA and UAE adopting
it since the start of 2017. It was introduced
at a standard rate of five percent – one of
the lowest rates of VAT charged globally.
This followed the signing of ‘The
Unified Agreement for Value Added Tax
of the Cooperation Council for the Arab
States of the Gulf’ by all six GCC states in
2017 – including Kuwait, Qatar, Bahrain
and Oman as well. This committed all of
the GCC nations to launch a harmonised
VAT regime within two years – a move that
will surely signal more open trade with
and within the region.
NEED TO KNOW BASIS
There are, however, going to be some
differences in the application of the rules
across the states as the agreement sets
some requirements as compulsory and
others as optional for consideration at
a local level. This means that national
and local economic and political
circumstances may affect the exact
implementation of VAT across the region.
Unlike with direct taxes, when a VATregistered
business sells to a goods or
service business in the KSA and UAE,
they will generally need to both charge
an extra five percent on top of the sales
from the customers of each eligible sale
‘Output VAT’ and pay five percent VAT on
top of the goods or services purchased
from other taxable businesses ‘Input VAT’.
Businesses need to account for
five percent from all eligible sales
separately from their revenue in order
to later remit a portion of it to the KSA
or UAE governments. Businesses need
to note how much VAT they collect from
customers and subtract from it the total
VAT it paid in that same period.
Businesses operating in both countries
need to register for VAT and comply with
VAT obligations including issuing tax
invoices, filling periodical VAT returns,
and so on. All resident businesses with
taxable sales in the past 12 months – or
expected sales in the next 12 months –
that exceed a certain threshold will be
required to register for, collect, and remit
VAT.
Note that some limited goods and
services – like financial services or
residential real estate – are exempted
from VAT. There are also ‘zero-rated’
goods and services that are legally taxable
but taxed at a VAT rate of zero percent.
SUPPORT IS AT HAND
If you’re uncertain about your VAT
obligations when selling into the gulf
region – or any other region for that
matter – feel free to get in touch with us at
the Institute of Export and International
Trade.
Lesley Batchelor OBE FCICM is Director
General of The Institute of Export and International
Trade.
The reform was a key
tactic in Beijing’s
efforts to restructure
the Chinese economy
toward becoming more
service-oriented and
toward having a greater
focus on value-added
manufacturing
The Recognised Standard / www.cicm.com / March 2018 / PAGE 53

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
JAPANESE JUMP
JAPAN'S firm economic expansion
is continuing, and consumption
is picking up – and in the funny
world we live in now, a pick-up
in inflation is considered good
news (albeit only from zero to 0.3
percent a year). Of course, the country is
best known as an exporter, but is it a good
import market for British goods?
The answer seems to be yes. The UK's
biggest single export to Japan is financial
services, and Japan is also the UK's
second largest market for royalty income
and a good market for media sales
(apparently Doctor Who has a particularly
fervent following). Machinery, power
generation, chemicals and pharma also
do well, but we should be doing much
more in new technologies (particularly lowcarbon)
and in high end consumer brands.
The demand is there – and for companies
at the bleeding edge, they may find
interesting projects, for instance in hybrid
transport. Consumer goods manufacturers
should look at the huge Japanese
e-commerce sector, including giant
Rakuten, as a way into the market. Building
relationships is important anywhere, but
it's the key to getting into the Japanese
market. Finding a good distributor, or a
good collaboration, may take time but will
pay off in the long term. But you'll want to
check out their financial standing as well
as their business cards!
TRADE INSURANCE
NIGHT OF THE
LONG KNIVES?
Trade insurers are currently putting
the boot into the UK retail sector,
discontinuing cover for Maplins,
New Look, and Poundland. You might
remember that the last time we saw this
kind of headline news was in 2008-9 when
the economy was in the doldrums after
the credit crunch, and Woolworths went
bust shortly after it lost its cover.
Now, as an exporter, you might not care
about half the British high street going
bust. But the likelihood is that insurers
who are taking the pain are going to look
to make up their losses elsewhere, and
that means higher premiums on all kinds
of trade insurance. Rycroft Associates
expects a 'substantial' increase in trade
credit insurance premiums in 2018, after
two decades during which the cost of
insurance effectively halved.
I have a nasty feeling that even if the
problems are mainly UK-based (with
insolvencies including Palmer & Harvey
last year, and now Carillion), increased
pain together with an upwards move in
interest rates will eventually start pushing
up prices for exporters, too. Make sure
you're on top of what you're paying, and
have alternative sourcing in place if your
insurers get a bit too ambitious.
ANGOLAN ALARM BELLS
It’s all change in Angola, with new president
Joao Lourenço moving more quickly
than expected to reform the economy.
He's abandoned the dollar peg which had
devoured the country’s foreign exchange
reserves as low oil prices hit the economy,
as well as replacing management at many
state-owned enterprises. The bond markets
love him – Angolan debt was the best
performing emerging market paper in the
last quarter of 2017.
The upshot has been a 12 percent
depreciation of the kwanza – and there’s
likely to be further derating. That will put
pressure on the country’s foreign exchange
reserves and on government debt.
However, Angola still looks like a good
bet for exporters. It has high economic
growth, with a young population, and the
UK is already a large investor in the country.
British firms do well in capital goods such
as industrial machinery and chemicals,
and there are great opportunities in the
infrastructure and agriculture sectors - but
education could be the real goldmine, as
there are plans to make English compulsory
in schools, and that should prime the
pumps for private and advanced language
training. Just make sure you’re not getting
paid in kwanza - or get properly hedged.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 54

CURRENCY UK
EXCHANGE RATES VISIT
CURRENCYUK.CO.UK OR
CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
PROMISE OF EMERGING MARKETS
Atradius has been picking its favourite
emerging markets for 2018, and it’s an
interesting list, which includes only one
of the four 'BRICs', India. There’s a strong
Central American focus, with Costa Rica,
Panama, and Colombia on the list, while
Africa and Asia score two each – Morocco
and Senegal, Indonesia and Vietnam.
Emerging Europe has a single pick: the
Czech Republic.
It's a wide spread as far as sectors go.
The auto sector will do well in Czechia and
Morocco, both orientated towards the EU
markets, as well as Vietnam with its zerotariff
access to ASEAN states; construction
and heavy machinery exporters can take
advantage of huge infrastructure projects
in Senegal, Costa Rica, Panama, and
India, by far the largest market. There are
opportunities in healthcare in Costa Rica
and Panama, while private consumption is
driving the consumer sector and retail in
Senegal, Vietnam, Indonesia and India.
Costa Rica is a small market – just
5m population - and the economy is
very US-dependent, but so far, Trump
hasn't targeted the country. Manageable
foreign debt, with a relatively high rate of
dollarisation, make the economy pretty
While Bitcoin soars and e-commerce
expands, trade finance remains resolutely
wedded to paper as a means of getting
things done. That has a high cost – one
bank reckons its trade finance staff spend
50 percent of their time on checking and
compliance, and checking paper-based
documentation is time-consuming and
can't easily be automated. Letters of
Credit have taken a long time to
dematerialise – despite huge advantages.
Banco Bilbao Vizcaya Argenteria (BBVA)
has used blockchain technology to reduce
the time needed to authorise a Spain/
Mexico deal from ten days to a couple of
hours, but other banks are still not putting
their toes in the water.
Shippers still depend on paper, too.
Unbelievably, CargoDocs didn’t really get
started till 2010, issuing its first electronic
Bill of Lading on January 25 that year. But
while with 4,500 customers it's changing
life in agricultural commodities, minerals,
PAPERLESS WORLD?
resilient. There are opportunities in the
services sector, as well as in infrastructure
- particularly green tech (Costa Rica aims
to be carbon neutral by 2021) - but perhaps
most interesting to note, the Costa Rican
consumer loves a wee dram of whisky!
Meanwhile Mexico, which has got
on the wrong side of President Trump,
is still chugging along at two percent
economic growth. Though there’s some
political uncertainty with elections ahead,
government finances are good, with four
months’ foreign exchange reserves, and
that should give the country time to refocus
its exports on Mercosur and the Pacific
Alliance. Watch out for the weak peso, but
don't write Mexico off as an export market.
Meanwhile Mexico,
which has got on the
wrong side of President
Trump, is still chugging
along at two percent
economic growth.
and the energy sector, other sectors are still
using dead trees to communicate with each
other – with all the costs that involves.
If you’re still using paper, it’s time you
started looking for alternatives. And if your
bank tells you that you’ve got to use paper,
it might be time to look for an alternative
bank as well!
BBVA has used
blockchain technology
to reduce the time needed
to authorise a Spain/
Mexico deal from ten days
to a couple of hours, but
other banks are still not
putting their toes in the
water.
HIGH LOW TREND
GBP/EUR 1.149 1.225 Up
GBP/USD 1.430 1.372 Down
GBP/CHF 1.348 1.292 Down
GBP/AUD 1.798 1.728 Up
GBP/CAD 1.765 1.708 Up
GBP/JPY 156.578
149.125 Down
UP UP AND AWAY
It’s nice to see Colas UK winning a major
contract for Hoima International Airport, in
Uganda backed by UK Export Finance. Uganda
is a great country for British exporters –
rapidly urbanising, with good demographics
and a lot of infrastructure projects as well
as the oil and gas developments which are
helping transform its economy.
This deal makes history – at £215 million
it's UKEF's largest ever loan to an African
Government. But Colas isn't stopping there
– the company has targeted East Africa
as an area for strategic expansion, and as
well as visiting Uganda with a UK trade
delegation, spent time in Ethiopia, another
booming market for construction and project
management.
FUSION WHISKY
I try to limit the number of stories I write
about whisky, but the industry is so full of
great business ideas it’s difficult to do so.
The latest great idea is collaboration
blending. Fusion Whisky blends whiskies
made in Scotland with great whiskies from
elsewhere. It's already known for The Glover,
which marries Longmorn and Glen Garioch
with the famed Hanyu from Japan, and
it's just announced a blend of Amrut, from
Bangalore, India, with The Macallan and Glen
Elgin. Around 80 percent of this whisky will
probably be exported.
That underlines the global nature of today’s
markets. In craft beer, too, collaborative
brewing across national borders has become
popular – Wetherspoons regularly invites
foreign brewers to come and work with
British breweries.
I hate to think of the amount of paperwork
Fusion Whisky has to do, though.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 55

Membership
Benefits
CICM membership gives you access
to all of these benefits
Credit Management
magazine
National and
regional events
Knowledge
Hub
Qualifications
and training
Professional letters
after your name
Branches around
the country
Industry
resources
Monthly
e-newsletter
Webinars
Mentor
Hub
Recruitment
Hub
Monthly
technical brief
Networking and collaboration
including social media
Legal, insolvency and
business advice lines
Continuing Professional
Development (CPD)
Benefits that keep you informed, help you in your
work and support your professional development
For details visit www.cicm.com,
call us on 01780 722900, or email
cicmmembership@cicm.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 56

IS AMLCOMPLIANCE
DRIVING YOU
NUTS?
There’s
no need
to make life
complicated, you
have three problems;
we have one solution!
We deliver AML, Sanctions &PEP checks “all-in-one”
search, individual checks take 5seconds, business checks take
longer, 1-2 minutes! Daily monitoring of all your clients for Sanction &
PEP changes for the lifetime of your contract isincluded atnoextra cost.
Automatic enhanced due diligence, biography, adverse media and photographic
evidence is also included inyour basic AML price. You’d be nuts not to view
our demonstration!
Call us now to book afree demonstration on:
0113 333 9835
Or visit us online:
SMARTSEARCHUK.COM
POWEREDBY
SmartSearch delivers UK and International Business checks in the UK and International
Markets with inclusive Worldwide Sanction &PEP screening, Daily Monitoring, Email
Alerts and Automated Enhanced Due Diligence.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 56 57

LET’S DO CREDIT WEEK!
Here’s how you and your team can get involved
Share your activities with us
by emailing creditweek@cicm.com
WIN
A bottle of
champagne
Create a limerick
Try your hand at writing a short limerick
or poem about Credit Week or Credit
Management. Don’t forget to share it
with us and we will send a bottle of
champagne to our two favourites.
Treat your team
Whether you take them out for lunch
or buy in a round of ice creams, let your
team know their hard work hasn’t gone
unnoticed.
Frame your poster
Download the ‘I Love Credit’ poster
from our website, frame it in your
office and take a photo to share with
us. Bonus points will be given for those
who get creative with the frames.
Check for updates
Be sure to keep checking our website
throughout the week as we will be
adding updates, competitions and
webinars.
Set challenges
Take the opportunity to create a little
competitive spirit among your team
with a few achievable challenges –
from hitting a KPI to having an
employee of the week award.
Get noticed
Generate awareness in your company
or your team by wearing fancy dress
or hosting a bake-off competition
between departments.
Credit Week | 12-16 March 2018
We hope that you will be able to join us throughout the week but even if you are
unable to attend, we hope you will join us by participating in any of the above activities.
Remember to share the things your are doing at creditweek@cicm.com
and check back for updates at www.cicm.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 58

TINUBU SQUARE
SPONSOR 2018
“Because the Tinubu solution works
internationally. We now have the flexibility
to expand the system into other territories,
and it makes servicing of the solution much
easier to carry out. It can be easily adapted
to suit whichever territory our client is
located in and will work out the cost and the
cover that can be applied in that territory
based on local, real-time intelligence.
Frankly, we couldn’t do this without Tinubu
Square.”
www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler of the Trade
Credit digital transformation. Tinubu Square enables organizations across the
world to significantly reduce their exposure to risk and their financial, operational
and technical costs with best-in-class technology solutions and services.
Tinubu Square provides SaaS solutions and services to different businesses
including credit insurers, receivables financing organizations and multinational
corporations. Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in Paris, London,
New York, Montreal and Singapore.
PARIS LONDON MONTRE AL NEW-YORK SINGAPORE
The Recognised Standard / www.cicm.com / March 2018 / PAGE 59

PAYMENT TRENDS
Spinning Around
The latest monthly business to business payment
performance statistics.
AUTHOR – Jason Braidwood FCICM(Grad)
DOUBLE standards is a
criticism that could be
levelled at the culture
of late payments in the
UK. Businesses will be
meticulous, and indeed
relentless when it comes to chasing
payment from their suppliers, but will
adopt a far more relaxed approach to
paying their own supplier invoices.
The question is whether that approach
is intentional or should be blamed on
ineffective invoice processes within
a business that make late or delayed
payment an inevitability. On the basis that
I’m a half-glass-full kind of person and
giving the benefit of doubt, let us assume it
is more likely down to failing processes or
ineffectual technology.
According to research by Sapio, one in
three UK businesses cite invoice processing
timescales as the primary reason for late
payment. Frustratingly, this is the link
in the chain that can be quite quickly
improved. Invoicing processes do not
need to be laborious – newer automation
technologies take away the stress and can
ensure that suppliers are paid instantly
or well within agreed terms. This is
particularly important and well received
by smaller businesses, or any business that
needs to keep a tight grip on cashflow.
It is also a matter of reputation and
responsibility; the foundations of any good
business along with fair business conduct,
but this can all be easily eroded through
late payment. Avoiding any reputational
shortcoming is paramount, but particularly
when it can be a relatively ‘quick win’ such
as prompt payment.
INDUSTRY SPOTLIGHT
Spinning around is a very apt description
for patterns of payment we have seen
across many of the sectors in the last
month. Not in a Kylie Minogue ‘spinning
around’ sense, but in a back-to-front,
upside-down sense, where we’ve seen
sectors do a complete 180 on their
payment performance.
Take the Public Administration sector,
which has spun out in completely the
wrong direction. The sector stood at the
top of the leader board last month having
dropped its days beyond terms (DBT)
down by nearly eight days. Fortunes have
reversed and the sector has piled on the
pounds again, adding eight days back
on to its total DBT. Interestingly, this is a
trend we saw at the same time last year,
so we could be seeing a seasonal slip in
payment efficiencies for the sector.
It is a similar story for the Energy
sector, which last month managed to
shed nearly four days from its DBT, only
to add a whole week. That sees the sector
pushing its average DBT to over 20 days – a
staggering uplift and the first time we’ve
seen a sector cross the 20-day threshold in
the last 12 months. For a sector that has its
own code of practice for accurate billing –
it is debatable if they’re taking their own
advice.
Spinning in the right direction is the
Mining sector that went from last place
adding nearly three days to its DBT, to
this month dropping back down again by
nearly four days. The sector still stands at
an average of 12.8 DBT, far higher than it
should be but still positions it in the lower
50 percent of the list of sectors.
The same is also true of the Hospitality
sector, which dropped the three days it
had added at the start of 2018. We heard
recently that the sector is the ‘most sleep
deprived profession in the UK’, but they’re
certainly not sleeping on the job this
month when it comes to efficiently paying
its suppliers.
According to research
by Sapio, one in three UK
businesses cite invoice
processing timescales
as the primary reason
for late payment.
Frustratingly, this is the
link in the chain that
can be quite quickly
improved.
Improved performance is always
welcome news, but inconsistent
performance is not. It leads to questions
over responsible business practices,
which in turn leads to reputational
uncertainty.
REGIONAL SPOTLIGHT
It was recently reported that fewer than
20 big Scottish companies have complied
with legislation aimed at tackling
late payment to their suppliers. New
regulations such as The Payment Practices
and Performance Reporting (PPPR) mean
that larger businesses (with revenues
over £36 million or 250+ employees)
should produce reports every six months
outlining their payment practices and
policies.
This is pertinent news in light of the
fact that our monthly tracking highlights
that this month, Scotland is the worst
performing region in terms of its payment
practices, with DBT rising by over three
days to reach 17 DBT, the worst performing
region in over a year. It is also the second
month in a row that Scotland has found
itself in the ‘worst performing’ list – a sign
the uptake of adhering to a better code of
payment conduct is slow.
To end on a brighter note, East Anglia
has returned to its ‘best performing’ status
having knocked nearly four days off its
monthly DBT. This is the lowest DBT score
for the region in the last quarter.
Jason Braidwood FCICM(Grad),
Head of Credit and Collections at
Creditsafe Business Solutions
The Recognised Standard / www.cicm.com / March 2018 / PAGE 60

PAYMENT TRENDS
Sector
Scotland
17.2 DBT
Getting Better
Getting Worse
Mining and
Quarrying
-3.8
Public
Administration
+8.0
Hospitality
-3.6
Energy Supply
+7.8
Real Estate
-1.6
IT & Comms
+6.5
Agriculture,
Forestry &
Fishing
-0.3
Water &
Waste
+2.3
Education
0.0
International
Bodies
+1.3
Northern
Ireland
11.9 DBT
0.2
0.4
0.8
2.2
2.2
2.3
3.3
Getting Worse
Wales
North West
12.8 DBT
London
West Midlands
East Midlands
Northern Ireland
Top Five Prompter Payers
Yorkshire & Humberside
Top Five Prompter Payers January 18 Change from December 17
Education 8.3 0.0
Agriculture, Forestry & Fishing 8.9 -0.3
Yorkshire &
Entertainment 9.2 0.0
Humberside
Hospitality 10.1 -3.6
12.5 DBT
Real Estate 10.2 -1.6
The Recognised Standard / www.cicm.com / March 2018 / PAGE 61
Bottom Five Poorest Payers
The same is also true of the
Sector Hospitality sector, which
dropped the three days it
Region
had added at the start of
2018. We heard recently that
Bottom Five Poorest Payers January 18 Change from
Energy Supply 20.1 7.8
Professional and Scientific 17.3 0.2
Public Administration 16.6 8.0
Business Admin & Support 16.2 0.4
Manufacturing 15.8 0.9
East
Midlands
12.8 DBT
Mining and
the sector is the Getting ‘most Better
Sector
sleep
West
Quarrying Hospitality Real Estate
Midlands
East Anglia
Getting Better
deprived East Anglia profession -3.8 -3.6 -3.6 in the -1.6
Wales 13.6 DBT
13.4 DBT
15.0 DBT
UK’, but South they’re East -0.7
Getting Worse
certainly
Public
Administration Energy Supply
Region
London
not sleeping
North West
on
-0.1the job this
15.2
+8.0 +7.8
DBT
0.2 South West
South East month
Agriculture,
Mining and
Forestry &
South West Quarrying Hospitality 12.1 Real DBTEstate
Fishing
Education 0.2 Wales
Getting Better
Getting Better 11.6 -3.8
Region
DBT -3.6 -1.6 -0.3 0.0
Top Five Prompter
0.4
PayersLondon
East Anglia -3.6
Getting Worse
Top Five Prompter Payers 0.8 West January 18 Midlands
Change from December 17
Public
Water & International
South East -0.7
Administration Energy Supply IT & Comms Education Waste
Bodies 8.3 Scotland 0.0
2.2
+8.0 +7.8
Agriculture, Forestry & Fishing East 8.9 Midlands 17.2 DBT
+6.5 +2.3
-0.3
North West -0.1
+1.3
Entertainment 9.2 0.0
2.2 Northern Ireland
ottom Five Poorest Payers
0.2 South West
Hospitality 10.1 -3.6
Real Estate 2.3 Yorkshire 10.2 -1.6 & Humberside
Getting Better 0.2 Wales Sector
Region January 18 Top Change Five Prompter from December Payers 17
Bottom Five Poorest 3.3Payers
Scotland
0.4 London
Scotland East 17.2 Anglia -3.6 Top 3.3 Five Prompter Payers January 18 Change from December 17 Bottom Five Poorest Payers Northern
Getting Worse January 18 Change from December 17
Ireland
Education 0.8 West 8.3 Midlands 0.0
Energy Supply 20.1 7.8
London 15.2 0.4
11.9 DBT
North West
Agriculture, Forestry & Fishing 8.9 -0.3
Professional and Scientific 17.3 0.2
South East -0.7
Wales 15.0 Entertainment 0.2
9.2 0.0
Public Administration 16.6 Scotland
12.8 DBT
2.2 East Midlands
8.0
Hospitality 10.1 -3.6
Business Admin & Support 16.2 17.2 0.4 DBT
West Midlands North 13.6 West -0.1 Real
0.8
2.2
Estate
Northern
10.2 -1.6
Ireland
Manufacturing 15.8 0.9
East Anglia 13.4 -3.6
2.3 Yorkshire & Humberside
0.2 South West
West
3.3
Midlands
Scotland
Top Five Prompter Payers
13.6 DBT
Getting Worse
Top Five Prompter Payers
Region January 18 Change from December 17
South West 11.6 0.2
Northern Ireland 11.9 2.2
South East 12.1 -0.7
Yorkshire Scotland
Humberside 12.5 2.3
East Midlands 12.8 2.2
Region
Wales
15.0 DBT
IT & Comms
+6.5
Yorkshire &
Humberside
12.5 DBT
East
Midlands
12.8 DBT
Region January 18 Change from December 17 London Region
15.2 DBT
South West 11.6 0.2
Scotland
South East
Northern Ireland Northern 11.9 2.2 South West
London 12.1 DBT
South East Ireland 12.1 -0.7 11.6 DBT
Wales
Yorkshire and Humberside 11.9 12.5 2.3
West Midl
DBT
North West Yorkshire &
East Midlands 12.8 2.2
East Angli
12.8 Humberside
DBT
12.5 DBT
Bottom Five Poorest Payers
Region January 18 Change from December 17
Scotland 17.2 3.3
London 15.2 0.4
Wales 15.0 0.2
West
West Midlands 13.6 0.8
Midlands
East Anglia 13.4 -3.6
Wales
15.0 DBT
13.6 DBT
South West
11.6 DBT
Agriculture,
Forestry &
Fishing
-0.3
W
Bottom F
+
Bottom Five P
Energy Sup
Professiona
Public Adm
Business Ad
Manufactur
Bottom
East Angl
13.4 DBT
East
Midlan
12.8
London
15.2 DBT

EDUCATION
COMING SOON
CICM qualifications
CICM has started an exciting programme to introduce a
new generation of CICM qualifications. With a simpler
structure clearly linked to credit and collections roles.
Do you love your role and are looking to develop your career in credit and collections? Where
better to start than a programme of study leading to internationally recognised qualifications.
CICM qualifications are regulated by the qualifications regulators in England, Wales and Northern
Ireland and delivered globally to give trusted credentials wherever your career takes you.
WHAT’S NEW?
Combined qualifications –
One for each level
No matter what your area of work
or level of job role, there are CICM
qualifications to work towards. Later
this year, CICM will phase out separate
qualifications in debt collection and
credit management and introduce a
new Certificate and Diploma in Credit
and Collections.
>
SIMPLER STRUCTURE
The new qualifications will have a
simpler structure which means that
you need just two awards for a CICM
Certificate or four for a CICM Diploma.
You will earn a certificated CICM
award for each assessment you pass,
and internationally recognised digital
badges with regulated certificates on
completion of each qualification.
Taking Control
of Goods
WHAT’S AT EACH LEVEL?
OPERATIONS LEVEL –
Level 2 Certificate in Credit and
Collections
The Level 2 Certificate in Credit and
Collections is the new CICM qualification
expectation for professionals working
at operations level. Closely linked
to the Credit Controller/Collector
Apprenticeship, you can choose from
seven awards covering credit control,
debt collection and enforcement areas.
You will earn a certificated CICM award
for each assessment you pass and you
need two awards for the CICM Level 2
Certificate in Credit and Collections
Level 2 is likely to be the starting point
if you are new to the profession or have
limited business education. If you would
like to develop further, you could add a
further two awards to achieve a Level
2 Diploma in Credit and Collections, or
start working directly towards CICM
Level 3 awards.
>
The Recognised Standard / www.cicm.com / March 2018 / PAGE 62

EDUCATION
>
ADVANCED LEVEL –
Level 3 Diploma in Credit Collections
ACICM
The Level 3 Diploma in Credit and
Collections is the new CICM benchmark
for advanced credit, collections and
enforcement practioners or team
leaders; holders will be eligible for
Associate Membership of the Chartered
Institute of Management. Closely linked
to the Advanced Credit Controller/Debt
Collections Specialist apprenticeship,
the qualification covers in-depth
business and more advanced, rolespecific
knowledge and skills. Also, you
will have the opportunity to specialise in
credit risk, collections or recoveries and
enforcement work. Credit professionals
may start at this level, especially if they
are well qualified or are involved in more
complex work.
You will earn a certificated CICM
award for each assessment you pass
and the Level 3 Diploma in Credit and
Collections when you pass four awards,
including either one of the Credit
Management Awards (Trade, Consumer,
Export or the combined award) or the
new CICM Debt Collections Award. This
qualification gives you eligibility to
Associate Membership and professional
letters ACICM.
All assessment will be at Level 3 and
therefore you will no longer be able to
transfer credit from Level 2 to the Level
3 Diploma. As a result, if you would like
recognition of any Level 2 Credit you
have already achieved, you will need to
complete your Level 3 Diploma in Credit
Management before this qualification is
withdrawn after January 2020.
SENIOR LEVEL –
Level 5 Diploma in Credit Management MCICM(Grad)
CICM does not propose any major changes to the current Level 5
Diploma because the standard is pitched at the right level for
senior roles and is the perfect step for those looking to study at
degree level.
However, CICM recognises the current Diploma is significantly
larger than previous versions which makes completing it difficult
given the demanding roles of many managers. Also, depending on
area of work, some modules are more relevant than others.
As a result, CICM will require completion of only four out of six
awards for the Level 5 Diploma in Credit Management from October
2018. Going forward you can still study all areas and will receive
CICM certificated awards for any additional Level 5 modules
completed. In this way, CICM retains the current, highly valued
modules, gives choice, and establishes opportunities for further
study for those who perhaps are not looking immediately to take
the next step to a MBA Degree.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 63
What if you are part-way through a
CICM qualification?
CICM will continue to certificate awards up
until and including January 2020 to give time
for completion of qualifications under current
arrangements. However, CICM will gradually
replace old assignments with assessments
linked to the new qualifications. Also, CICM
will arrange exemption arrangements at no
additional cost to you, so that where possible
you can transfer to the new qualifications
directly if you prefer.
What to do next
Look out for further advice in future
communications. If you have any
queries, please do not hesitate to email
professionalqualifications@cicm.com. CICM
will email all learners about the changes and
so if you are not currently receiving emails
from CICM, please send your current contact
details to cicmmembership@cicm.com.

How is Brexit likely
to impact your export
operations?
CICM export payments, procedures
and Brexit implications
BOOK YOUR PLACE NOW –
Open training being held in central London on
23 May and 11 October 2018.
£390+vat non-members: £310+vat members
➢IN-COMPANY TRAINING –
A tailored programme can be delivered at your offices at a
time convenient for your team
WHAT WILL YOU GAIN?
The current global financial situation
poses many challenges for traders
of all sizes who look to the export
market to maintain, or improve,
their profitability especially given
uncertainty around Brexit. It is
now more important than ever for
exporters to understand export
contract terms and the implications
of the various terms of payment to
their business. Careful selection of
payment methods will avoid the need
for costly downstream debt collection
processes. New letter of credit rules,
UCP 600 were introduced in 2007
and International Standard Banking
Practice was updated in 2013. You
will be briefed on these protocols and
recent rulings by the ICC leading to
reduction in discrepant documents.
Incoterms is currently under review
and a new version, Incoterms 2020 is
being prepared. You will be appraised
of the current state of that review.
This is a key opportunity for credit
managers to update themselves on
the latest processes and procedures to
ensure that payments for their exports
are made on time and export credit
risk is minimised. You will be alerted to
sensible preparation for Brexit.
WHO WILL BENEFIT?
The training is designed for all
managers and team members involved
in the export process, credit control,
finance, sales, documentation and
shipping. It is suitable for those with
no, or limited, experience and also as a
comprehensive update for those with
previous knowledge.
Contact E: training@cicm.com or T: 01780 722907 to
book your place and discuss your training requirements
The Recognised Standard / www.cicm.com / March 2018 / PAGE 64

6 years at the top
of the game
It’s not luck!
Nexus Cifs Ltd, a member of the Nexus Group, has a proven track
record of consistent performance and reliability as one of the most
prolific credit insurance providers in the UK and Europe.
Six consecutive years as finalists in the British Credit Awards is a
testament to their continued success and growth in the industry.
Visit www.nexusunderwriting.com/trade-credit or contact
Ian Selby - Commercial Director
DD: 020 3011 5623 M: 07917 540 307
E: iselby@nexusunderwriting.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 65
Nexus CIFS Ltd
52-56 Leadenhall Street
London EC3A 2EB
T: +44 (0) 20 3011 5700
W: www.nexusunderwriting.com/trade-credit
E: info@nexusunderwriting.com

MEET THE PARTNERS
THEY'RE WAITING TO TALK TO YOU...
For further information and to discuss the opportunities of entering into a Corporate
Partnership with the CICM, contact Peter Collinson, Director of Business Development
and Marketing on 01780 727273 or email peter.collinson@cicm.com
Hays Credit Management is the award winning national specialist
division of Hays Recruitment, dedicated exclusively to the recruitment
of credit management professionals in the public and private
sectors. Whether you are looking to further your career in credit
management, strengthen your existing team, or would simply like an
overview of the market, it pays to speak to the market leaders.
www.hays.co.uk
HighRadius is the leading provider of Integrated
Receivables solutions for automating credit, collections,
cash allocation, deductions and eBilling operations.
The solutions are delivered as a software-as-a-service
(SaaS) or as SAP-certified Accelerators for SAP
Finance Receivables Management. With a track record
of reducing days sales outstanding (DSO), bad-debt
and increasing operational efficiency, HighRadius
solutions help teams achieve payback within a year.
www.highradius.com
We offer the most powerful comparable data
resource on private companies.
We capture and treat private company
information for better decision making and
increased efficiency, so we’re ideally suited to help
credit professionals.
Orbis, our global company database has
information on 250 million companies, and offers:
Standardised financials
Financial strength metrics
Extensive corporate structures
www.bvdinfo.com
Sanders Consulting is a niche consulting firm
specialising in improving Credit Management
Leadership & Performance for our clients.
We provide people and process focussed
pragmatic solutions, consultancy, strategy days and
performance improvement workshops and we
are proud to manage and develop the CICMQ
Programme and the Best Practice Network on
behalf of the CICM. For more information please
contact: enquiries @chrissandersconsulting.com.
www.chrissandersconsulting.com
Key IVR provide a suite of products to
assist companies across Europe with credit
management. The service gives the end-user
the means to make a payment when and
how they choose. Key IVR also provides a
state-of-the-art outbound platform delivering
automated messages by voice and SMS. In a
credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
www.keyivr.co.uk
CreditForce by Innovation Software is the leading
Collections and Working Capital Management
Systems used globally in over 26 countries and by
over 20 percent of the Top 100 Global Law Firms.
Our systems improve cash flow, reduce DSO,
automate cash allocation, control risk, automatically
generate intelligent workflows and tasks, speed up
query resolution and manage the entire end-toend
collections cycle. Fully integrated with over 40
leading ERP and Accounting systems and delivered
locally or through Microsoft-Azure’s secure cloud
solutions.
www.creditforceglobal.com
American Express is a globally recognised provider
of payment solutions to the business sector
offering flexible collection capabilities to meet
company cashflow objectives across a range of
industries. Whether you are looking to accelerate
cashflow, create a competitive advantage to drive
business or looking to support your customers
in their growth American Express can tailor a
solution to support your needs.
www.americanexpress.com
Credica are a UK based developer of specialist
Credit and Dispute Management software. We
have been successfully implementing our software
for over 15 years and have delivered significant
ROI for our diverse portfolio of customers. We
provide a highly configurable system which enables
our clients to gain complete control over their
debtors and to easily communicate disputes with
anyone in their organisation.
www.credica.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 66

Proud supporters
of CICMQ
With over 90 years’ experience, we have an
in-depth understanding of the importance of
maintaining customer relationships whilst efficiently
and effectively collecting monies owed, we deliver
when it comes to collecting outstanding debts.
Our Client focus is reflected in the customer
relationships. Structuring our service to meet your
specific needs, providing a collection strategy that
echoes your business character, trading patterns
and budget.
www.atradiuscollections.com/uk/
Graydon UK provides its clients with Credit
Risk Management and Intelligence information
on over 100 million entities across more than
190 countries. It provides economic, financial and
commercial insights that help its customers
make better decisions. Graydon is owned by
Atradius, a leading European credit insurance
organisation. It offers its seamless service
through a worldwide network of offices and
partners.
www.graydon.co.uk
Rimilia provides award winning Cash Application
& Cash Allocation software products that deliver
industry leading tangible benefits like no other.
Having products that really do what they say
is paramount – add to that a responsive and
friendly team that are focused on new and
ongoing benefit realisation and you have the
foundations for successful long term business
relationships.
www.rimilia.com
Safe’s Credit Control module manages the entire
credit lifecycle, from credit checking through to
cash collection and beyond, providing detailed
analysis of performance. Safe’s single, intuitive and
easy-to-use application seamlessly brings together
the necessary data and tools you require to
achieve your objective of creating a profit centre
culture within your credit control function.
www.safe-financials.co.uk
Dun & Bradstreet grows the most valuable
relationships in business. Whether your customer
portfolio spans a city, a country or the globe, Dun
& Bradstreet delivers the data, analytics and insight
to grow your most profitable relationships and
obtain a global, unified view of your customer
relationships across credit and collections.
www.dnb.co.uk
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools,
automated workflows for payment processing
and bill review and state of the art fraud
detection, behavioural analytics and regulatory
compliance. Every day, we help our customers by
making complex business payments simple, secure
and seamless.
www.bottomline.com/uk
Data Interconnect provides integrated e-billing
and collection solutions via its document delivery
web portal, WebSend. By providing improved
Customer Experience and Customer Satisfaction,
with enhanced levels of communication between
both parties, we can substantially speed up your
collection processes.
www.datainterconnect.com
DWF is one of the UK’s largest legal businesses
with an award-winning reputation for client service
excellence and effective operational management.
Named by the Financial Times as one of Europe’s
most innovative law firms and independently
ranked first of all top 20 law firms for quality of
legal advice and joint first of all national law firms
for service delivery and responsiveness.
www.dwf.law/recover
Tinubu Square is a trusted source of trade
credit intelligence for credit insurers and for
corporate customers. The company’s B2B
Credit Risk Intelligence solutions include the
Tinubu Risk Management Center, a cloud-based
SaaS platform; the Tinubu Credit Intelligence
service and the Tinubu Risk Analyst advisory
service. Over 250 companies rely on Tinubu
Square to protect their greatest assets: customer
receivables.
www.tinubu.com
Moore Stephens is a top ten accounting and
advisory network. Our national creditor services
team has expert insights in debt recovery. This,
combined with unparalleled industry and sector
knowledge, enables our team to assist creditors in
recovering outstanding debts.
www.moorestephens.co.uk
Organisations around the world rely on Company
Watch’s industry-leading financial analytics to drive
their credit risk processes. Our financial risk
modelling and ability to map medium to long-term
risk as well as short-term credit risk set us apart
from other credit reference agencies. With our
unique H-Score® predicting almost 90 percent
of corporate insolvencies in advance, it is the risk
management tool of choice, providing actionable
intelligence in an uncertain world.
www.companywatch.net
The Recognised Standard
The Recognised Standard / www.cicm.com / March 2018 / PAGE 67

HR MATTERS
Take it or leave it
Gareth Edwards gives some insight into
new holiday pay case law
THE Working Time Regulations
1998 set out workers’ rights
to paid annual leave and in
a landmark ruling by the
European Court of Justice (ECJ)
late last year, UK law has been
found to be incompatible with EU legislation.
In essence, the ECJ has confirmed that where
a worker is refused their paid annual holiday,
their entitlement to paid annual leave will carry
over to the next holiday year.
The case, King v The Sash Windows
Workshop Limited, was brought by Conley
King, who was engaged by The Sash Window
Workshop Limited (SSW) from June 1999 until
October 2012 as a self-employed commission
only salesman. Mr King’s contract made no
reference to the issue of annual leave and
throughout his time at SSW Mr King had not
taken any paid holiday. Over the period that he
was engaged by SSW to provide it with services,
he was offered an employment contract
however he turned this down, choosing instead
to remain self-employed. Following the end
of the relationship, Mr King brought a claim
for unpaid holiday pay in the Employment
Tribunal (ET) pursuing 24.15 weeks’ pay. SSW
opposed this claim, arguing that the Working
Time Regulations 1998 state that if paid holiday
is not taken in a leave year, then it is lost and
cannot be carried over.
The ET found that Mr King was a ‘worker’
which entitled him to paid annual leave. A
number of appeals then followed the initial
decision with the case making its way to the
Court of Appeal (CA) before being referred to
the ECJ regarding the question of holiday pay
entitlement.
ECJ’s JUDGMENT
The ECJ noted that SSW had benefitted from
Mr King not taking the annual leave that he,
as a worker, had been entitled to and went
on to say that denying workers their holiday
pay effectively prevents them from exercising
their right to paid annual leave. In addition,
the ECJ said that a claim for accrued annual
leave entitlement cannot be prevented because
another holiday year has started, and that this
principle was incompatible with EU law.
Crucially, the ECJ said that the normal time
limits concerning how much holiday can be
carried over do not apply when an organisation
has failed to grant paid annual leave to their
workers. This means that a worker could be
AUTHOR – Gareth Edwards
entitled to claim the accrued, but unused,
holiday entitlement when their appointment
ends. Further, they can claim compensation for
the leave that they decided not to take because
that leave would be unpaid.
THE IMPACT
This decision has potentially far reaching
consequences for businesses who engage
workers – particularly when read alongside the
recent decisions in the so called ‘gig economy’
involving the likes of Uber, CitySprint and
Addison Lee. It is clear that the decision in
this case could result in significant liabilities
for organisations operating in the gig economy.
While the ruling only applies to the first four
weeks of annual leave entitlement required
under the relevant EU legislation, rather than
all 5.6 weeks of UK holiday, businesses could
face substantial bills if they need to pay several
workers for several years of unpaid annual
leave on the termination of their engagement.
In the meantime, the case has been
referred back to the Court of Appeal who will
need to determine how UK legislation is to be
interpreted in line with this recent decision.
For the moment, firms should remain alert to
this decision and keep track of its progression.
It was made clear by the ECJ that it is the
responsibility of the organisation to understand
its obligations and that it is irrelevant if it
wrongly considers a worker not to be entitled to
annual leave because of a misunderstanding of
their status. Significantly, where an organisation
does not allow workers to exercise their right to
paid annual leave then it is for that business to
bear the consequences, and potential costs, of
accrued but unused holiday pay.
In light of this decision, this means looking
carefully at those individuals engaged on a
self-employed basis such as those individuals
who provide their services through the gig
economy. The direction of travel in some of
the cases above creates a risk that individuals
engaged on a contractor basis can argue that
they were actually workers; they could argue
that they should receive back holiday pay in
respect to holiday that they were unable to take.
This gives the risk of an individual being found
to be a worker’s real teeth; Conley King was able
to recover 13 years’ worth of untaken annual
leave entitlement.
Gareth Edwards is a partner in the employment
team at Veale Wasbrough Vizards. gedwards@
vwv.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 68

The Recognised Standard / www.cicm.com / March 2018 / PAGE 69

New CICM members
The Institute welcomes new members
who have recently joined
MEMBER
NAME
COMPANY
MEMBER BY EXAM
NAME
COMPANY
Lydia Catterall
Stephen Darkin
Mark Durant
Teresa Jones
Penelope Calvarese
Julie Dootson
Geraldine Malone
John Martin
Hilti (Gt Britain) Ltd
Pearson Group
Andrews Sykes Hire Ltd
Resourcing Solutions Ltd
Weightmans LLP
Neil Skinner
Susan Wells
HMCTS - Her Majesty's Courts and
Tribunal Service
Pendennis Shipyards
ASSOCIATE
NAME
COMPANY
FELLOW
NAME
COMPANY
Kelly Anderson
Declan Burke
Wai Leung Cheung
Sameh Elghazzawy
Emma Parsons
Jane Morrey
Carsten Muessig
Nadia Piemontese
Ford & Slater
ID Medical
Rhenus Logistics
Flowserve GB Ltd
BNP Paribas Leasing Solutions
Weightmans LLP
Hertz Europe Service Centre Ltd
John O'Sullivan
Shay Waldron
Magnet Networks Ltd
AFFILIATE
NAME COMPANY NAME COMPANY
Kelly Bailey
Chantal Banton
Ross Barden
Jennifer Barron
Sarah Basham
Shawn Bell
Louise Bent
Rebecca Bonser
James Brock
Shona Brumpton
Emma Campbell
Julia Carr
Stephanie Casse
Alessandro Catalli
Dawn Chambers
Caroline Chapman
Fay Cunningham
Ashish Dhokia
Christopher Dixon
Jordan Doherty
Steven Duly
Aleksey Esakov-Tijonov
Iain Fishlock
Dave Forster
James Fraser
Emma Galinski
Mark Griffiths
Katherine Harris
Amy Hatton
Robyn Hill
Van Tam Ho
Simon Hodge
Michelle Hoyte-Morgan
Rachel Jackson
Andrew Jellett
Liam Johnson
Louis Johnson
Megan Johnston
Christopher Jones
Dimitris Kamberis
Khaled Kammoun
Saras Kanungo
Stephanie Kelly
Kadery Kibria
Patrick Knight
Badr Lahbi
Vinsum Leung
Hannah Lightfoot
Eela Lucas
Emma Lyons
Hannah Lyon-Wall
Jennifer MacDonald
Jean Paul Manichino Lamboley
Wesley Maye-Edwards
Carlsberg UK
E.ON UK
One Step Solutions
Kerry Logistics UK Limited
Gallowglass Ltd
Premier Foods Group Ltd
E.ON UK
Southwark Council
Frontier Agriculture Ltd
Frontier Agriculture Ltd
Sidey Solutions Ltd
Carlsberg UK
Les Mills Fitness UK Ltd
Siderise Holdings Ltd
Serco Grup plc
Carlsberg UK
Viewsat
UK Fuels Limited
Britvic Soft Drinks Ltd
Chandlers Limited
Forest Environmental Limited
Informa UK Ltd
Worldpay UK Limited
Oodle Finance
Frontier Agriculture Ltd
CICM
Herbert Smith
Dukes Bailiffs Ltd
SEC Recruitment Ltd
One Step Solutions
Twenty 3 Six Ltd
Kingsway Tyres (Stamford) Ltd
Nisa Retail Limited
Carlsberg UK
Kerry Logistics UK Limited
RSK Plc
Sergas Group
Your Support Line
Worldpay UK Limited
Gullivers Travel Agency
Medway Council
Kerry Logistics UK Limited
Carlsberg UK
Carlsberg UK
Brighton & Hove City Council
Carlsberg UK
Financial & Credit Insurance Services Ltd
PP O'Connor Ltd
Nuxe Laboratory
Bristow & Sutor
David McAlinden
Sylvia McGill
Ashley Mcnally
Nela Mencner
John Milner
Lewis Mitchell
Philip Morgan
James Morris
David Morrison
Katherine Murray
Mark Nathan
Abraham Nkrumah-Baah
Robert Parsonage
Thomas Peacock
Leanne Pirie
Peter Rhodes
Elizabeth Ripley
Deepak Robinson
Clifford Rowe
Kelly Rushmore
Peter Sacre
Victoria Salter
Samantha Samsonroy
Emir Sertbay
Emma Skinner
Dipesh Soma
Alessandro Stagnaro
Victoria Stephen
Samuel Swain
Sarah Tabor-Thickett
Neal Taylor
Rohan Tracey
Paula Trotter
Wendy Truesdale
Robert Walker
Samantha Walsh
James Warren
Grace Weston
Jeffrey Wild
Charmaine Witter
Frauke Wolff
Craig Wyatt
Steven Barr
Lisa Bottiglieri
Veronica Collins
Chantelle Harvey
Berna Joseph
Ross Main
Louise Martin
Mark Speight
Timothy Turner
Stephen Wadham
Daniel Wicks
Adele Williams
MKB Law
NHBC National House Building Council
Barbon Insurance Group Limited
Premier Farnell
Andrew Wilson & Co
Bristow & Sutor
Andrew James Enforcement Limited
Hays Accountancy Personnel
Bristow & Sutor
Ipos MORI UK Ltd
Chandlers Limited
CDH Savings and Loans Company Limited
Worldpay UK Limited
Worldpay UK Limited
UK Fuels Limited
Christie Digital Systems Inc. UK
Informa UK Ltd
Barclays Bank
Sheffield City Council
Morson International
E.ON UK
Close Brothers Motor Finance
McArthurGlen UK Ltd
MAE Construction
Carlsberg UK
Bristow & Sutor
Brighton & Hove City Council
BKL LLP
Britvic Soft Drinks Ltd
Total Debt Relief Ltd
One Step Solutions
Flow Energy
Carlsberg UK
Kerry Logistics UK Limited
E.ON UK
Tepilo
Frontier Agriculture Ltd
Bridgewater Support Solutions Ltd
Carlsberg UK
Kerry Logistics UK Limited
Worldpay UK Limited
Nike UK Ltd
Safenet Uk Ltd
NHBC National House Building Council
Myunidays Limited
LeasePlan UK Ltd
BAUM Management Sarl
Assure Services (NI) Ltd
Shawbrook Bank
Legal Recoveries and Collections Ltd
Adler and Allan Ltd
Anixter Ltd
Border Holdings (UK) Ltd
The Recognised Standard / www.cicm.com / March 2018 / PAGE 70

VACANCY AT CICM
Business
Development
Manager
(an understanding of credit management will be an
advantage but is not essential)
The Chartered Institute of Credit Management (CICM)
is looking for an experienced Business Development
professional to manage and develop commercial activity
for the Institute.
The over-arching goal will be to ensure all revenue streams
are maximised and support the business in achieving its
strategic objectives. The role reports directly to the Chief
Executive.
To view the full job description and apply, visit
www.cicm.com/about-cicm/vacancies-at-cicm/
Closing date 18 March 2018
CICM events not to be missed
Webinar
Credit Reports – a beginner’s guide.
Hosted by Company Watch
Thursday, 22 March 2018 @ 1:30pm
Personal Skills Workshop;
All Change! A survival guide
Change is an impact on all of us. This workshop will give us
the tools need to not only cope with change but to rise to the
challenge.
London – Wednesday, 18 April 2018 – Hays Offices,
107 Cheapside, London, EC2V 6DN
Manchester - Thursday, 3 May 2018 – DWF LLP.
2 Hardman St, Manchester M3 3AA
Industry Workshop; Let’s Build a Rocket, Guys!
Learn about High Performing Working Practices and how
to use the Best Practice approach to launch you and your
organisation into the stratosphere.
London – Wednesday, 3 October 2018 - Hays Offices,
107 Cheapside, London, EC2V 6DN
Leeds – Wednesday, 10 October 2018 DWF, Bridgewater Place,
Water Lane, Leeds, LS11 5DY
Fellows Lunch – House of Commons
One of the most iconic buildings in the world, no other venue
is more instantly recognized than the Palace of Westminster.
It is impossible to walk through its corridors or dine in its
imposing function rooms without a deep sense of awe.
House of Commons, London – Friday, 8 June 2018
Please email fellowslunch@cicm.com for further details.
Law Conference, hosted by DWF LLP
London, Wednesday, 28 November 2018
The Walkie Talkie Building, 20 Fenchurch St, London,
EC3M 3AG
CICM Best Practice Events
Manchester – Tuesday, 20 February
Hosted by Hilti (GB) Ltd
Belfast – Wednesday, 23 May
To book your place at any of these events, please
contact Becki at events@cicm.com or register online
at www.cicm.com/events
Insolvency Conference, hosted by Moore Stephens
London – Thursday, 17 May 2018 - 150 Aldersgate Street,
London, EC1A 4AB
The Recognised Standard / www.cicm.com / March 2018 / PAGE 71

OPINION
Preparing for success
The first interview went well and you’ve been called back
for the all-important second interview. What’s next?
AUTHOR – Karen Young, Director at Hays
Karen Young
The objectives of the
interviewer at this stage
will differ from the first
time round as they delve
further into your motivation
for the job, your skills,
whether you’re a good fit for
the company culture and
addressing any reservations
they may hold from the first
interview.
YOU’VE made a good first
impression at the first
interview and have been
asked back for a second
interview. The company
is now seriously considering
hiring you and as a result you’ll be
feeling more confident as you take a step
closer to securing the job. However, you
may still be wondering what to expect as a
second interview can differ from the first
in a number of ways.
A more senior figure will most likely
be conducting the second interview depending
on the size of the company. Confirm
this with your recruiter beforehand
so you can do some research into the person,
either on LinkedIn or via the company
website. Check the format of the interview
beforehand as well, you don’t want to
find yourself preparing for a one-on-one
interview to then be faced with a panel of
stakeholders or delivering a presentation.
You’ll feel more confident knowing who
will be on the other side of the table.
The objectives of the interviewer at
this stage will differ from the first time
round as they delve further into your motivation
for the job, your skills, whether
you’re a good fit for the company culture
and addressing any reservations they may
hold from the first interview.
Your level of interest in the opportunity:
People are often turned down at
interview because employers just don’t
believe they are highly motivated or want
the job enough. Don’t underestimate the
effectiveness of vocalising your interest.
The interviewer will be looking to determine
whether you’re still interested in
the opportunity after having learnt more
about the company and role in the initial
interview stages and through your research.
Speak about what you found interesting
from the first interview and use the
opportunity to ask any questions you may
have. This will give the interviewer an indication
of how well you would perform if
offered the job, so make sure this comes
across.
Communicating your skills and experience:
The interviewer will want to explore
your skills further and hear detailed
evidence of your competencies. ‘Describe
a time you have used effective management
skills’ or ‘how would you approach
a difficult situation’ are likely questions
at this stage. Credit management professionals
often need to explain complex financial
topics to colleagues who may not
be as familiar with the world of credit or
finance, so be sure to answer questions
clearly and succinctly to demonstrate this
ability.
Are you the right ‘fit’? They will also
want to establish whether you’ll be a good
fit for the culture of the organisation and
you may be taken around the office to meet
potential colleagues. Be yourself throughout
this exercise, as assessing cultural fit
is essential for you to be confident it is the
right role for you. With this in mind, perhaps
prepare your own questions such as
asking what the team is like, or what your
interviewer enjoys about working there.
Address any doubts the interviewer
may have: It’s possible that the interviewer
may be holding some reservations from
the first interview that they’ll be looking
to address in the second. Recall any questions
that you were asked multiple times,
or anything you struggled to answer and
ask your recruiter for feedback to help
you address these second-time round. If
there are any gaps between your skills and
the job requirements consider addressing
these with your recruiter, or commit to
learning them in the future. Emphasise
that you’re a fast learner and are keen to
develop yourself, showing the interviewer
that you’ll be worth any investment the organisation
will put into your training and
development.
Salary expectations: Salary and notice
period are often a topic of conversation
at this stage. Have this information ready
beforehand. If you’re unsure of how to
negotiate your salary discuss with your recruiter
or consult a tool such as our online
salary checker which can help you understand
what your potential earnings could
be.
Remember, good lasting impressions
count. Thank your interviewer for their
time and contact your recruiter as quickly
as possible after the interview to reiterate
your interest in the role.
Understanding the purpose of second
interviews can help you to improve your
preparation strategy and show an interviewer
exactly why they should hire you
above everyone else.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 72

Supported by
Headline partner
EUROPE’S LARGEST GATHERING
OF CREDIT PROFESSIONALS
Where the UK and European credit industry attends a
week of conferences, meetings and networking events
Headline partner
Headline partner
COLLECTIONS &
CUSTOMER SERVICE
CREDIT RISK
FUTURE OF
DISTRIBUTION
TCF, CONDUCT RISK
& COMPLIANCE
Hosted by
UTILITIES &
TELECOMS
Platinum partner
#creditweek
creditstrategy.co.uk/credit-week
Email: events@creditstrategy.co.uk
Call: 020 7940 4835
Credit Week headline partner
Credit Summit headline partner
Credit Awareness week partner
Platinum partners
Gold partners
Silver partners
TRANSACTIVE
Bronze partners
Yakara
Helping customers connect
Category sponsor
Event partners
Event supporters
Hitachi Capital (UK) PLC
The Recognised Standard / www.cicm.com / March 2018 / PAGE 73

FORTHCOMING EVENTS
Full list of events can be found on our website: www.cicm.com/events
CICM EVENTS
1 March
CICM South Wales Branch (2 CPD hours)
CARDIFF
Annual General Meeting and Debt Protocols
Start: 18:00 for members for AGM. 18:30 for Guests
Finish: 21:00
Contact : Diana Keeling Email:
southwalesbranch@cicm.com
VENUE : Holiday Inn Cardiff, Merthyr Road,
Tongwynlais, Cardiff, CF15 7LH
7 March
CICM West Midlands Branch
BIRMINGHAM
Invitation to CICM West Midlands Awards Night
Contact : E: scorpionpjc@gmail.com or
westmidlandsbranch@cicm.com T: 01902 673672
VENUE : Crowne Plaza, Holiday Street,
Birmingham, B1 1HH
8 March
CICM Bristol and West Branch
BISTOL
Annual General Meeting and Wine Tasting
Evening
Contact : Marcus Knocker (01934) 523976 / 07974
233153
VENUE : Avery’s Wine Cellars, 9 Culver Street,
Bristol, BS1 5LD
12-16 March
CICM Supporting Credit Week 2018
LONDON
CICM is proud to be official supporters of ‘Credit
Week’, embracing the largest gathering of credit
industry professionals across the continent.
​To secure the special pricing, CICM members
should call 020 7940 4835 quoting their CICM
membership number.
Contact : https://www.creditstrategy.co.uk/eventstp/events-tp/general-terms-and-conditions
14 March
CICM Wessex Branch
SEGENSWORTH
Annual General Meeting and Networking
Contact : Paul Davies (01489) 550480 / 07787
343432
VENUE : Debtcol Offices, Eagle Point, Little Park,
Farm Road, Segensworth, PO15 5TD
15 March
CICM Sheffield and District Branch
SHEFFIELD
GDPR ‘Are You Ready?’ (2 CPD hours)
Contact : Myron Fedak T: 07973770632
VENUE : Mercure Sheffield Parkway Hotel
Britannia Way, Catcliffe, Sheffield, S60 5BD
15 March
CICM North West / Merseyside & North.
Wales Branches
HAYDOCK
Networking and Annual General Meeting
Contact : David Thornley T: (01282) 687117 /
07843164187
VENUE : Aimia Foods Penny Lane, Haydock,
WA11 0QZ
19 March
CICM North East Branch
NEWCASTLE UPON TYNE
AGM and ‘The Art of Listening’ Presentation
Contact : (Further details will be communicated
via the CICM website (Branch events)
imminently – visit www.cicm.com/branches/
north-east . Email northeastbranch@cicm.com
VENUE : Muckle LLP, Time Central, 32
Gallowgate, Newcastle upon Tyne NE1 4BF
20 March
CICM Northern Ireland Branch
BELFAST
Here, Now and The Future of Credit in Northern
Ireland. Focusing on the challenges facing the
Credit Profession in NI today and how we can
secure our future by developing an effective,
proactive and commercial approach
Contact : Members E: northernirelandbranch@
cicm.com to book.
Non-members book online at:
https://cicm-march18.eventbrite.co.uk
VENUE : Titanic Belfast, Queen Quay, Belfast,
Londonderry BT3 9EP United Kingdom
20 March
CICM East of England Branch
BRENTWOOD
AGM, Insolvency Update and CICM HQ Update
Contact : (01277) 201554 / 07710 392934 Carol Baker,
Branch Secretary, eastofenglandbranch@cicm.com
VENUE : FRP Advisory, Jupiter House, Warley Hill
Business Park, The Drive, Brentwood, CM13 3BE
22 March
CICM London Branch
LONDON
Annual General Meeting and Presentation.
Edward Judge of Irwin Mitchell will be giving a
presentation upon “Recent Legal Issues affecting
Credit Managers”.
Contact : Kabir Gulabkhan T: 07738242320
VENUE : Hays Recruitment 107 Cheapside,
London, EC2V 6DN
22 March
Corporate Partner Company Watch Webinar :
Credit Reports – a beginner’s guide
ONLINE
In this presentation we will examine the different
elements contained in credit reports .
Contact : http://bit.ly/2FgAZe5
22 March
CICM Kent Branch – AGM
CHATHAM
Annual General Meeting. Booking deadline:
28 March 2018
Contact : Kevin Artlett T: 07905 611186
VENUE : St George Hotel, 8 New Road Avenue,
Chatham, ME4 6BB
22 March
CICM Thames Valley Branch
SLOUGH
Curry Night - Details to follow
Contact : Heidi Pocock T: 07540929150
VENUE : Yew Tree The Indian Courtyard
Collinswood Road, Farnham Common, Slough,
SL2 3LQ
The Recognised Standard / www.cicm.com / March 2018 / PAGE 74
22 March
CICM Sussex and Surrey Branch
CRAWLEY
Annual General Meeting
Contact : Natascha Whitehead T: (01483) 564692 /
0777 078 6433
VENUE : Thales UK, Manor Royal, Crawley, RH10 9HA
TRAINING
DAYS
14 March
COLLECTING WITH CONFIDENCE
VENUE : London
16 March
CICM WEBINAR - CREDIT MANAGEMENT IN
A NUTSHELL
VENUE : London
16 March
CICM WEBINAR - TELEPHONE COLLECTIONS
VENUE : ONLINE
20 March
DEBT RECOVERY THROUGH THE COURTS
VENUE : London
20 March
INVOICING AND RECEIPTING
VENUE : London
28 March
HANDLING YOUR OWN SMALL CLAIMS CASES
VENUE : London
OTHER EVENTS
1 March
Hays Credit Network Event
HIGH WYCOMBE
We are delighted to invite you to our networking
seminar in High Wycombe with our expert
speakers from the CICM and Blaser Mills LLP.
Contact : Refister your place: https://
r1.surveysandforms.com/e421q03a-5b2t1ta2
VENUE : Blaser Mills LLP, 40 Oxford Road, High
Wycombe, HP11 2EE
5 March
Regulatory Strategies
LEEDS
GDPR – Are you ready?
Contact : http://bit.ly/2FnuLJL
VENUE : Queens Hotel, City Square, Leeds, LS1 1PJ
6/7 March
ICTF – 2-day Webinar: Incoterms 2010 –
what every credit professional should know!
ONLINE
During this 2-day webcast, you will learn
everything you need to know about Incoterms and
why they are so important in international trade.
Contact : http://bit.ly/2HBecKH
7 March
Experian Credit Forum – BPF Polymers and
Comp.
LONDON
Contact : Please contact Brent.cumming@
experian.com on 07885 675 092
VENUE : Cardinal Place, Experian London

Manage
Credit Risk
Drive
Profitable Growth
© Dun & Bradstreet, Inc. 2018
The D&B Credit line of products delivers Dun & Bradstreet’s industry-leading data and analytics in a
modern, user-friendly platform to help you manage business credit risk, drive profitable growth, and
integrate analytics across your business.
To learn more about D&B Credit, visit dnb.co.uk/nextgen or give us a call on +44 (0)800 001234.
In the UK Dun & Bradstreet Limited is certified to ISO 27001 and is authorised & regulated by the
Financial Conduct Authority in relation to providing credit The references Recognised on Standard non-limited / www.cicm.com companies. / March 2018 / PAGE 75
© Dun & Bradstreet, Inc. 2018

TAKE CONTROL
OF YOUR CREDIT
CAREER
ACCOUNTS RECEIVABLE MANAGER
IMPLEMENT AND DEVELOP CHANGE
Stockton-on-Tees, £50,941-£62,260 + bonus
+ flexible working hours
A global shared centre requires a highly experienced
accounts receivable manager. With strong emphasis
on the Accounts Receivable function, this role will focus
on implementing and developing changes in order to
improve the efficiency of the function’s procedures as
well as considering the impact of these changes for the
whole company. You will monitor records of amounts
owed to the company and assure prompt collection
of payments, working with credit managers to ensure
appropriate cash management. To be successful, you
will have strong experience managing and encouraging
a team within accounts. Ref: 3219043
Contact Elizabeth Enright on 01642 226716
or email elizabeth.enright@hays.com
CREDIT CONTROL SUPERVISOR
PROGRESS TO CREDIT MANAGER
Walton-on-Thames, up to £34,000
An ambitious and motivated credit control supervisor
is required at an international luxury retail brand. With a
strong emphasis on maintaining customer relationships,
this newly created role has two direct reports and requires
a hands on approach. You will be responsible for all debtor
reporting and deputise in the Credit Control Manager’s
absence, who is soon looking to retire. To be successful, you
will have a flexible and adaptable attitude to change whilst
contributing to the continuous improvement of the credit
control function. This is a fantastic opportunity for a smooth
handover into a credit management position. Ref: 3183985
Contact Chelya Katende on 020 8247 4042
or email chelya.katende@hays.com
CREDIT MANAGER
DRIVE PROCESS EXCELLENCE
Southampton, up to £35,000
A fantastic credit manager job has become available at
a leading business that is growing at a fast pace. In this
role, you will work closely with the Financial Controller,
overseeing a team of 5-6 staff. You will manage the
team responsible for chasing overdue payments, credit
checks, cash allocation, billing and query management.
Other duties will include weekly and monthly reporting,
reviewing aged debt and developing controls and
processes to improve efficiency. In return, you will receive
a competitive salary with an excellent pension scheme and
free parking.
Ref: 3203999
Contact Emily Oakes on 07872 158536
or email emily.oakes@hays.com
BILLING & CREDIT SUPERVISOR
MANAGE AN EXPERT TEAM
Bournemouth, up to £30,000
An exciting opportunity in Bournemouth has arisen at this
expanding UK market leader as it continues to achieve
its growth plans. You will be responsible for all billing
and credit control requirements and oversee a team of
five assistants. Previous billing, direct debt and existing
supervisory experience are essential. This role would
suit an individual who enjoys coaching and motivating
a team. In return, you will receive a competitive salary,
non-contractual bonus, an excellent pension scheme
and life assurance as well as scope for career progression
as the business continues to expand. Ref: 3213192
Contact Emily Oakes on 07872 158536
or email emily.oakes@hays.com
The Recognised Standard / www.cicm.com / March 2018 / PAGE 76

CREDIT CONTROLLER
WORK IN A STANDALONE ROLE
Braintree, £29,000 + pension + parking
+ subsidised canteen
Due to an internal promotion, a US owned business
with a small finance team is looking for a credit controller
to join its team. You will be responsible for collections
via telephone and email, credit checking, inter-company
reconciliations, liaising with the sales team for non-payers,
self-billing, invoicing, analysis and debtor reporting.
Working to strict deadlines, this role would suit an
individual who likes to improve processes and get
involved with the business to make a difference. You will
have worked in a similar role and be confident in credit.
With a high volume of Excel work, knowledge of pivot
tables and V look ups would be beneficial. Ref: 3221535
Contact Gemma Booty on 01245 782131
or email gemma.booty@hays.com
CREDIT CONTROLLER
TAKE THE LEAD
Bedford, £23,000
A motivated credit controller is required at this
family-owned, leading toy manufacturer. Reporting into
the Finance Manager, you will join a small finance team
and be solely in charge of the Credit function for the
business. Looking after 250 accounts, you will set credit
limits and liaise with credit insurers. In return, the role
offers variety and a very friendly culture. If you are an
individual who enjoys problem solving and a role where
no two days are the same, this is the job for you.
Ref: 3223225
Contact Emma Ruttle on 01908 870254
or email emma.ruttle@hays.com
CREDIT CONTROLLER
GO THE EXTRA MILE
London, £25,000-£27,000 + targeted bonus
A market-leading UK media advertising company
is looking for an accomplished credit controller to join
its finance team. Duties will include chasing payment,
cash application, account reconciliation and reporting.
This role will suit someone who is looking to take on
extra responsibility. You will need to be personable as you
will have the opportunity to not only build relationships
over the phone but also to lead face-to-face meetings
with large media agencies. To be successful, you will be
confident with a can-do attitude.
Ref: 3185214
Contact Julia Foster on 020 3465 0020
or email julia.foster2@hays.com
CREDIT CONTROLLER
WORK WITH A GLOBAL BUSINESS
Nottingham, up to £22,000
An outstanding opportunity has become available to
work as part of a global, widely recognised logistics
business. You will be targeted with collecting overdue
debts, reduction of debtor days and setting up payment
plans where required. You will be charged with analysing
potential debt risk, resolving customer queries, and liaising
with internal and external stakeholders where needed.
A focus on developing client relationships, and account
management will also be required. This role will suit an
experienced credit controller who is familiar working on
high value key accounts and enjoys working in a fast-paced
environment, dedicated to achieving results. Ref: 3182335
Contact Matt Leech on 0115 947 7500
or email matt.leech2@hays.com
This is just a small selection of the many
opportunities we have available for credit
professionals. To find out more email
hayscicm@hays.com or visit us online.
hays.co.uk/creditcontrol
The Recognised Standard / www.cicm.com / March 2018 / PAGE 77

Paladin Commercial would like to congratulate
Kier Group
as winners of
Commercial Credit Team of the Year 2018
At the CICM British Credit Awards 2018
www.paladincommercial.co.uk
Contact: george@paladincommercial.co.uk
The Recognised Standard / www.cicm.com / March 2018 / PAGE 78

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
ANTI MONEY LAUNDERING
COLLECTIONS LEGAL
CONSULTANCY
THE ONLY AML RESOURCE YOU NEED
SmartSearch
Harman House, Station Road,
Guiseley, Leeds, LS20 8BX
T: 01132387660
F: 0113 238 7669
E: info@smartsearchuk.com
W: www.smartsearchuk.com
KYC, AML and CDD all rely on a combination of deep data with
broad coverage, highly automated flexible technology with an
innovative and intuitive customer interface. Key features include
automatic Worldwide Sanction & PEP checking, Daily Monitoring,
Automated Enhanced Due Diligence and pro-active customer
management. Choose SmartSearch as your benchmark.
COLLECTIONS
Controlaccount PLC
Compass House, Waterside
Hanbury Road, Bromsgrove
B60 4FD
T: 01527 549522 (Sales dept)
E: sales@controlaccount.com
W:www.controlaccount.com
Controlaccount has over 30 years of Credit Management and
Debt Recovery experience, helping National and International
SMEs and blue chip organisations, across a wide range of sectors.
We provide a fast, proactive collection service on a no-collection,
no-fee basis, and for some clients a zero cost option,
utilising the late payment act to fund collection procedures. Our
trained collectors take into account your need to recover debts,
whilst maintaining your reputation and preserving customer relationships.
If we can’t recover your outstanding debts through our
collection process, then our service won’t cost you a penny; and
with our additional in-house legal & Trace service as well as our
credit reporting and corporate monitoring services we are ready
to help you every step of the way.
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside,
Cardiff Bay, Cardiff, CF10 4WZ
United Kingdom
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
Atradius Collections Ltd is an established specialist in business
to business collections. As the collections division of the Atradius
Crédito y Caución, we have a strong position sharing history,
knowledge and reputation.
Annually handling more than 110,000 cases and recovering
over a billion EUROs in collections at any one time, we deliver
when it comes to collecting outstanding debts. With over 90
years’ experience, we have an in-depth understanding of
the importance of maintaining customer relationships whilst
efficiently and effectively collecting monies owed.
The individual nature of our clients’ customer relationships is
reflected in the customer focus we provide, structuring our
service to meet your specific needs. We work closely with clients
to provide them with a collection strategy that echoes their
business character, trading patterns and budget.
For further information contact: Hans Meijer, UK and Ireland
Country Director (hans.meijer@atradius.com).
Blaser Mills LLP
Rapid House
40 Oxford Road, High Wycombe,
Buckinghamshire. HP11 2EE
T: 01494 478660/478661
E: Jackie Ray jar@blasermills.co.uk or Gary Braathen
gpb@blasermills.co.uk
W: www.blasermills.co.uk
Established in 1888, leading multi-disciplinary law firm Blaser
Mills specialises in services for businesses and individuals.
The Firm has particular expertise in Dispute Resolution and
Debt Recovery working with experienced credit managers and
finance directors providing solutions to both contested and
uncontested claims.
Blaser Mills provides an experienced team including CICM
qualified legal representatives and the Firm is cited in the
Legal 500 law directory based on quality of work and strong
client feedback.
Offices in Aylesbury, London (Central), London (Harrow), Old
Amersham, Rickmansworth, Staines-on-Thames.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway, Old Portsmouth
Road, Guildford, Surrey GU3 1LR
T: +44(0)1483 457500 E: info@lovetts.co.uk
W: www.lovetts.co.uk
Lovetts has been recovering debts for 30 years! When you
want the right expertise to recover overdue debts why not use a
specialist? Lovetts’ only line of business is the recovery of
business debts and any resulting commercial litigation.
We provide:
• Letters Before Action, prompting positive outcomes in more than
80 percent of cases • Overseas Pre-litigation collections with
multi-lingual capabilities • 24/7 access to our online debt
management system ‘CaseManager’
Don’t just take our word for it, here’s recent customer feedback:
“...All our service expectations have been exceeded...”
“...The online system is particularly useful and is extremely easy
to use... “...Lovetts has a recognisable brand that generates
successful results...”
STRIPES SOLICITORS LIMITED
St George’s House, 56 Peter Street, Manchester, M2 3NQ
W: www.stripes-solicitors.co.uk
T: 0161 832 5000
95percent success rate in disputed
litigation cases over several decades
Stripes technical excellence, tenacity and commercial insight has
led to this 95 percent success rate over several decades. We have
been particularly recommended as a leading law firm by the Legal
500 in the litigious field for representing clients with significant and
complex issues.
Our specialist commercial debt recovery and insolvency team work
with businesses ranging from SMEs to larger PLCs recovering
business debts on a no cost or fixed fee basis and often
recovering debts within days. We aim to understand your business
and tailor our services to suit your requirements. Our online service
provides you with 24/7 access to manage your account, to upload
new debtor cases and to generate new legal instructions.
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all
aspects of the order to cash process. Chris Sanders FCICM, the
principal, is well known in the industry with a wealth of experience
in operational credit management, billing, change and business
process improvement. A sought after speaker with cross industry
international experience in the business-to-business and businessto-consumer
markets, his innovative and enthusiastic approach
delivers pragmatic people and process lead solutions and significant
working capital improvements to clients. Sanders Consulting are
proud to manage CICMQ on behalf of and under the supervision
of the CICM.
COURT ENFORCEMENT SERVICES
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183
T : +44 (0)1992 663 399
E : wayne@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
High Court Enforcement that will Empower You!
We help law firms and in-house debt recovery and legal teams to
enforce CCJs by transferring them up to the High Court. Setting us
apart in the industry, our unique and Award Winning Field Agent
App helps to provide information in real time and transparency,
empowering our clients when they work with us.
• Free Transfer up process of CCJ’s to High Court
• Exceptional Recovery Rates
• Individual Client Attention and Tailored Solutions
• Real Time Client Access to Cases
CREDIT INFORMATION
Creditsafe Business Solutions
Bryn House, Caerphilly Business Park, Van Rd,
Caerphilly, CF83 3GG
T: 0292 088 6500.
E: ukinfo@creditsafeuk.com
W: www.creditsafeuk.com
Creditsafe is Europe’s most used supplier of credit & business
intelligence. Creditsafe have helped over 60,000 customers
across Europe and the USA with a range of products which
includes our UK, European and International Company Credit
Reports, which reach over 129 countries and 90m companies;
customer and supplier Risk Tracker and our 3D Ledger product
which has captured over 35 million Trade Payment Data
Experiences since its launch in 2012. All of which will help
companies manage their exposure to risk, make informed
decisions in relation to credit limits whilst looking at how you
can identify gaps within your sales ledger to prioritise collections
and leverage sales.
continues on page 80 >
The Recognised Standard / www.cicm.com / March 2018 / PAGE 79

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
CREDIT INFORMATION
CoCredo Limited
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790 600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
Celebrating 15 years in business, CoCredo’s award winning credit
reporting and monitoring systems have helped to protect and secure
over £27 billion of turnover on behalf of our customers. Our company
data is updated 500,000 per day and ensures customers have the
most current information in the market place. Access to the online
portal is available 365 days a year 24/7 from anywhere in the world.
At CoCredo we aggregate data from a range of leading providers
across the globe so that our customers can view the best available
data in one easy to use report. We also offer customers XML
Integration and D.N.A. Portfolio Management.
From simply looking at a prospect through to acquisition, to
monitoring, we pride ourselves on helping our customers every step of
the way. CICM members receive their first five credit reports for free.
Graydon UK
66 College Road, 2nd Floor,
Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Graydon UK is a specialist in Credit Risk Management and Intelligence,
providing access to business information on over 100 million entities
across more than 190 countries. Its mission is to convert vast amounts
of data from diverse data sources into invaluable information. Based
on this, it generates economic, financial and commercial insights that
help its customers make better business decisions and ultimately
gain competitive advantage. Graydon is owned by Atradius, a leading
European credit insurance organisation. It offers a comprehensive
network of offices and partners worldwide to ensure a seamless
service.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk
W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections and
Query Management System has been designed with three goals in
mind:
• To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of Credit
Professionals across the UK and Europe, our system is successfully
providing significant and measurable benefits for our diverse
portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Organisations around the world rely on Company Watch’s
industry-leading financial analytics to drive their credit risk
processes. Our financial risk modelling and ability to map medium
to long-term risk as well as short-term credit risk set us apart
from other credit reference agencies.
Quality and rigour run through everything we do, from our unique
method of assessing corporate financial health via our H-Score®,
to developing analytics on our customers’ in-house data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of choice,
providing actionable intelligence in an uncertain world.
BUREAU VAN DIJK
Northburgh House, 10 Northburgh Street, London, EC1V 0PP
T: +44 (0)20 7549 5000E: bvd@bvdinfo.com
W: www.bvdinfo.com
We offer the most powerful comparable data resource on private
companies. We capture and treat private company information for
better decision making and increased efficiency, so we’re ideally suited
to help credit professionals. Orbis, our global company database has
information on 250 million companies, and offers:
• Standardised financials so you can assess companies globally
• Financial strength metrics using a range of models and including a
qualitative score for when detailed financials aren’t available
• Projected financials
• Extensive corporate structures so you can assess the complete group
– or take the financial stability of the parent into account
Credit Catalyst is a platform where you can combine information from
Orbis with you own knowledge of your customers and get dashboard
views of your portfolio.
Register for your free trial at bvdinfo.com.
CREDIT MANAGEMENT SOFTWARE
Prof. Schumann GmbH
innovative information systems
Weender Landstr. 23, 37130 Göttingen, Germany
T: +49 551 38315 0 F: +49 551 38315 20
E: info@prof-schumann.de W: www.prof-schumann.de
Our Credit Application Manager (CAM) is a leading credit risk
management solution for major corporations, as well as insurance,
factoring and leasing companies. In their daily work, CAM allows
credit and sales managers to call up all the available information
about a customer or risk in a few seconds for decision support: realtime
data from wherever they are. CAM keeps an eye on customers
whose payment behaviour stands out or who have overdue invoices!
CAM provides an up-to-date forecast of customers’ payments.
Additionally, CAM has automated interfaces for connecting to
leading suppliers of company credit data, payment record pools and
commercial credit insurers. The system is characterised by its great
flexibility. We have years of experience in consulting and software
support for accounts receivable management.
Top Service Ltd
2&3 Regents Court, Farmoor Lane, Redditch,
Worcestershire, B98 0SD
T: 0152 750 3990.
E: enquiries@top-service.co.uk
W: www.top-service.co.uk
Top Service is the only credit reference and debt recovery
agency to specialise in the UK construction sector. Top Service
customers benefit from sector specific information, detailed
payment history intelligence and realtime trade references in
addition to standard credit information. There are currently
3,000 construction sector companies subscribing to the service,
ranging from multi-national organisations to small family firms.
The company prides itself on high levels of customer service
and does not tie its customers into restrictive contracts. Top
Service offers a 25 percent discount to all CICM Members as
well as four free credit checks of your choice.
Innovation Software
Innovation Software, Innovation House,
New Road, Rochester, Kent, ME1 1BG.
T: +44 (0)1634 812300
E: jay.inamdar@innovationsoftware.uk.com
W: www.creditforceglobal.com
Innovation Software are the authors of CreditForce, the leading
Collections and Working Capital Management Systems. Our solutions are
used in over 26 countries and by over 20 percent of the Top 100 Global
Law Firms.
Our solutions have optimised Accounts Receivables processes for over
20 years and power Business Intelligence, with functionality to:
• improve cash flow • reduce DSO • control risk
• automate cash allocation • speed up query resolution
• improve customer relationship management
• automatically generate intelligent workflows and tasks
• manage the entire end-to-end collections cycle.
Fully integrated with over 40 leading ERP and Accounting systems,
including SAP, Oracle, Microsoft Dynamics and product partners with
Thomson Reuters Elite we can deliver on either your own computing
infrastructure or through Microsoft Azure’s award winning and secure
cloud service.CreditForce remains the choice solution for world class
businesses.
Book a demonstration by calling T: +44 (0)1634 812 300 or visit
www.creditforceglobal.com for more information.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 80

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
FINANCIAL PR
Safe Computing Limited
20, Freeschool Lane, Leicester, LE1 4FY
T: 0844 583 2134
E: info@safecomputing.co.uk
W: www.safe-financials.co.uk
Designed to manage your customer credit accounts effectively,
Safe Credit Control enables your credit management team to:
• Improve cash flow
• Reduce debtor days
• Increase customer service
• Cut the cost of cash collection
• Eliminate manual processes
• Speed up the query resolution process
Safe’s unique approach is centred on changing the perception
of the credit control function from a series of reactive processes
to proactive ones. Credit controllers are traditionally regarded
as an essential element in business to chase late payments
and respond to customer queries. Safe Credit Control has taken
the concepts of customer relationship management (CRM) and
applied it to the credit control function, providing a softer,
service orientated team of customer service representatives.
STA International
3rd Floor, Colman House, King Street Maidstone , ME14 1DN
T: +44(0)844 324 0660.
E: enquiries@staonline.com
W: www.stainternational.com
GETTING BUSINESS PAID
STA is an award winning B2B and B2C debt collection, confidential
credit control and tracing supplier. ISO9001 quality accredited, and
with the CSAs Collector Accreditation Initiative, duty-of-care is as
important to us as it is to you. Specialising in international debt, in the
past 12 months we’ve collected from 146 countries worldwide. “Your
Debts Online” gives you transparent access to our collection success
and detailed management information, keeping you in control of your
account. We look forward to getting your business paid.
Tinubu Square UK
Holland House,
4 Bury Street, London . EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com W: www.tinubu.com
Tinubu Square offers companies across the world the appropriate
SaaS platform solutions and services to significantly reduce their
exposure to risk, and their financial, operational and technical
costs. Easy to implement, our solutions provide an accurate
picture of a customers’ financial health through the entire
order-to-cash cycle, improve cash flow, and facilitate control
of risk across the organization whether group-wide or locally.
Founded in 2000, Tinubu Square is an award winning expert in
the trade credit insurance industry, with offices in Paris, London,
New York, Montreal and Singapore. Some of the largest
multinational corporations, credit insurers and receivables
financing organizations depend on Tinubu to provide them with the
means to drive greater trade credit risk efficiency.
Data Interconnect Ltd
Unit 7, Radcot Estate, 7 Park Rd, Faringdon,
Oxfordshire. SN7 7BP
T: +44 (0) 1367 245777 F: +44 (0) 1367 240011
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Data Interconnect provides integrated e-billing and collection
solutions via its document delivery web portal, WebSend. By
providing improved Customer Experience and Customer Satisfaction,
with enhanced levels of communication between both parties, we
can substantially speed up your collection processes.
Proud supporters
of CICMQ
Rimilia
Corbett House, Westonhall Road, Bromsgrove, B60 4AL
T: +44 (0)1527 872123 E: enquiries@rimilia.com
W: www.rimilia.com
Rimilia excels in the design, development and implementation of
Intelligent Finance Solutions that drive value from existing manually
intensive finance processes associated with accounts receivable,
cash allocation, credit management, bank reconciliation and cash
forecasting. Based in the heart of the UK, our operations extend to
Europe, USA and Asia. Experienced in the field of technology and
accounting, our approach to business revolves around integrity
and enabling organisations to unlock their full potential though
innovation. Rimilia is proud to be a leading innovative supplier of
finance solutions that make a positive change to the blue chip clients
it supplies.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
HighRadius is the leading provider of Integrated Receivables
solutions for automating receivables and payment functions such
as credit, collections, cash allocation, deductions and eBilling.
The Integrated Receivables suite is delivered as a software-as-aservice
(SaaS). HighRadius also offers SAP-certified Accelerators
for SAP S/4HANA Finance Receivables Management, enabling
large enterprises to maximize the value of their SAP investments.
HighRadius Integrated Receivables solutions have a proven track
record of reducing days sales outstanding (DSO), bad-debt and
increasing operation efficiency, enabling companies to achieve an
ROI in less than a year.
DATA AND ANALYTICS
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
Dun & Bradstreet grows the most valuable relationships in business.
By uncovering truth and meaning from data, we connect our
customers with the prospects, suppliers, clients and partners that
matter most, and have since 1841. Whether your customer portfolio
spans a city, a country or the globe, Dun & Bradstreet delivers the
data, analytics and insight to grow your most profitable relationships
and navigate credit risk. By combining your insights with our own,
Dun & Bradstreet facilitates a global, unified view of your customer
relationships across credit and collections.
Gravity London
Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB
T: +44(0)207 330 8888. E: sfeast@gravitylondon.com
W: www.gravitylondon.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the best
in its field. It has a particular expertise in the credit sector, building
long-term relationships with some of the industry’s best-known
brands working on often challenging briefs. As the partner agency
for the Credit Services Association (CSA) for the past 13 years,
and the Chartered Institute of Credit Management since 2006, it
understands the key issues affecting the credit industry and what
works and what doesn’t in supporting its clients in the media and
beyond.
INSOLVENCY
Moore Stephens
Moore Stephens LLP,
150 Aldersgate Street,
London EC1A 4AB
T: +44 (0) 20 7334 9191
E: Brendan.clarkson@moorestephens.com
W: www.moorestephens.co.uk
Moore Stephens is a top ten accounting and advisory network, with
offices throughout the UK.
Our clients range from individuals and entrepreneurs, through
to large organisations and complex international businesses. We
partner with them, supporting their aspirations and helping them
to thrive in a challenging world.
Our national creditor services team has expert insights in debt
recovery which, combined with their unparalleled industry and
sector knowledge, enables them to assist creditors in recovering
outstanding debts.
LEGAL MATTERS
DWF LLP
Neil Jinks FCICM – Director
M: +44 (0)7740 179 515 T: +44 (0)121 516 7462
E: neil.jinks@dwf.law W: www.dwf.law/recover
Described by market commentators as “blazing a trail”, DWF is one
of the UK’s largest legal businesses with an award-winning reputation
for client service excellence and effective operational management.
Named by the Financial Times as one of Europe’s most innovative
law firms and independently ranked first of all top 20 law firms for
quality of legal advice and joint first of all national law firms for service
delivery and responsiveness. DWF offers a full range of cost effective
debt recovery solutions including pre-legal collections, debt litigation,
enforcement, insolvency proceedings and ancillary services including
tracing, process serving, debtor profiling and consultancy.
continues on page 82 >
The Recognised Standard / www.cicm.com / March 2018 / PAGE 81

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London
SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is
a globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
•Accelerate cashflow
•Improved DSO
•Offer extended terms to customers
•Provide an additional line of bank independent credit to drive
growth
•Reduce risk
•Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive growth
within businesses of all sectors. By creating an additional lever
to help support supplier/client relationships American Express is
proud to be an innovator in the business payments space.
Bottomline Technologies
115 Chatham Street
Reading
Berks RG1 7JX | UK
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
Bottomline Technologies (NASDAQ: EPAY) helps businesses pay
and get paid. Businesses and banks rely on Bottomline for domestic
and international payments, effective cash management tools,
automated workflows for payment processing and bill review and
state of the art fraud detection, behavioural analytics and regulatory
compliance. Businesses around the world depend on Bottomline
solutions to help them pay and get paid, including some
of the world’s largest systemic banks, private and publicly traded
companies and Insurers. Every day, we help our customers by
making complex business payments simple, secure and seamless.
PROFESSIONAL BODIES
Chartered Institute of
Credit Management (CICM)
The Water Mill, Station Road, South Luffenham,
OAKHAM, LE15 8NB
T: 01780 722910 E: info@cicm.com
W: www.cicm.com
The Chartered Institute of Credit Management (CICM) is Europe’s
largest credit management organisation. The trusted leader
in expertise for all credit matters, it represents the profession
across trade, consumer, and export credit, and all credit-related
services. Formed over 70 years ago, it is the only such organisation
accredited by Ofqual and it offers a comprehensive
range of services and bespoke solutions for the credit professional
(www.cicm.com) as well as services and advice for the
wider business community (www.creditmanagement.org.uk).
CICMos (CICM Online Services) WWW.CICM.COM
T: 01780 722 907. E: training@cicm.com
W: www.cicmos.com
CICMOS has been designed to help busy credit managers by
providing them with a suite of online tools to support and
quickly develop their teams. The virtual learning centre is an
open platform system, accessed via the website, which is
easy to use, modular and each module is completely optional,
which means the system can be tailored to suit specific
requirements and time constraints. This wide ranging system
is more than just a training tool it is easy to set up and use
and can be accessed securely via the CICMOS website for a
low annual subscription.
RECRUITMENT
PORTFOLIO
CREDIT CONTROL
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the CICM
and specialise in placing experts into credit control jobs and
credit management jobs. Hays understands the demands of this
challenging environment and the skills required to thrive within
it. Whatever your needs, we have temporary, permanent and
contract based opportunities to find your ideal role. Our candidate
registration process is unrivalled, including face-to-face screening
interviews and a credit control skills test developed exclusively
for Hays by the CICM. We offer CICM members a priority service
and can provide advice across a wide spectrum of job search and
recruitment issues.
ATTENTION
PRODUCT
& SERVICE
PROVIDERS
You can connect with them
all now by having a listing in
CreditWho.
FOR JUST
£1,247 + VAT per annum:
- your business will be listed in
Credit Management magazine,
which goes out to all our
members and subscribers and
has an estimated readership of
over 25,000.
TO BOOK YOUR
LISTING IN CREDITWHO CONTACT:
ANTHONY CAVE ON: 020 3603 7934
Portfolio Credit Control
Portfolio Credit Control, New Liverpool House,
15 Eldon Street, London, EC2M 7LD
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
Portfolio Credit Control, solely specialises in the recruitment of
permanent, temporary and contract Credit Control, Accounts
Receivable and Collections staff. Part of an award winning
recruiter we speak to and meet credit controllers all day everyday
understanding their skills and backgrounds to provide you with tried
and tested credit control professionals. We have achieved enormous
growth because we offer a uniquely specialist approach to our
clients, with a commitment to service delivery that exceeds your
expectations every single time.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 82

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved
CREDIT CONUNDRUM
NAME ....................................................................................................................................
ADDRESS ..............................................................................................................................
...............................................................................................................................................
POST CODE .................................. TELEPHONE NUMBER .....................................................
The CICM is registered with the UK’s Information
Commissioner under the Data Protection Act 1998 (the
"Act"). All the data contained on this form, is held and
processed electronically in accordance with the Act.
The Institute holds and processes your personal data in
order to give you the full benefits of being a member and for
administrative purposes.
We might from time to time notify you by post or email of
details of CICM events or other similar CICM services or
products which we think September be of interest to you. If
you do not wish to receive such notification please
tick here q
MONTHLY PRIZE CROSSWORD
For all email entries for the crossword please email: andrew.morris@cicm.com
If you subsequently decide that you do not wish to
receive such notifications please email the Institute at
unsubscribe@cicm.com or write to the Data Controller at
the address given below.
The Data Protection Act gives you the right at any time to
see a copy of all the data that we hold about you. If you
would like a copy, please send a letter requesting this
information together with a cheque for £10 payable to :
The Chartered Institute of Credit Management
to: Data Controller, CICM, The Water Mill, Station Road,
South Luffenham, OAKHAM, LE15 8NB.
£20 CROSSWORD PRIZE
THREE PRIZES OF £20 DRAWN EVERY MONTH
YOU NEED TO BE A MEMBER TO ENTER
ACROSS:
1. Shame
6. Hairdo
10. Not hard
14. Hyrax
15. Caribou
16. River of Spain
17. From the inside
19. Period
20. A Japanese feudal baron
21. 59 in Roman numerals
22. Labyrinth
23. Master of ceremonies
25. Doorkeeper
26. Go on horseback
30. Coming
32. Relating to urine
35. Competitor
39. Casual eatery
DOWN:
1. Corrosive
2. ___ fide
3. Against
4. Appear
5. Lofty nest
6. American Dental Association
7. Cut down
8. Remedy
9. African antelope
10. Dressmaker
11. A religion based on sorcery
12. Immobilized
13. Laser printer powder
18. French for "Name"
24. Islet
25. Loosen, as laces
26. Country bumpkin
27. Colored part of an eye
28. Platter
CLOSING DATE: 14 March 2018
40. Spectator
41. A reversion to the state
43. Blight
44. Unfurl
46. Blackthorn
47. Vice ___
50. Spats
53. Decorative case
54. A Buddhist temple
55. Narcotic
60. Big party
61. In all
63. Mimics
64. Sleigh
65. Fruit of the oak tree
66. Where a bird lives
67. Combustible pile
68. Verse
29. Fanatic
31. Covetousness
33. Sporting venue
34. Lion sound
36. Absent Without Leave
37. Roman emperor
38. Tall woody plant
42. Completely
43. Santa's helper
45. Rubbish
47. A strict vegetarian
48. French for "Storehouse"
49. Governs
51. Mist
52. Lance
54. Stinging insect
56. Skin irritation
57. Greeting at sea
58. School session
59. Sea eagle
62. Lyric poem
LAST MONTH'S
CROSSWORD WINNERS
Frank Carroll MCICM, David Feder FCICM and Steve Rawlings ACICM
For the chance of winning £20, forward your completed solution to:
Art Editor, Andrew Morris, Chartered Institute of Credit Management,
The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.
The Recognised Standard / www.cicm.com / March 2018 / PAGE 83

Winners
Choose
Rimilia!
Rimilia at the British
Credit Awards
Rimilia are delighted to support the CICM
British Credit Awards, recognising
achievements over the last 12 months. Well
done to all the nominees and winners, in
particular our Rimilia customers.
Alloc8
Data Intelligence
World Intelligent class cash Analytics
allocation & solution Predictive AI
with unrivalled match
rates and fast ROI.
Cash Allocation
Credit Management
World class cash Alloc8 Collect’s Make the right calls
allocation solution predictive analytics at the right bank time reconciliation with
with unrivalled match
software with
predictive analytics and
decision making to unrivalled benefits.
rates and fast ROI. real-time intelligence.
increase value call out.
Bank Reconciliation
Automated self-learning
Works bank in reconcilliation
any country,
using any payment
solution with unrivalled
type and currency.
benefits.
Book a demonstration...
01527 872123
enquiries@rimilia.com • www.rimilia.com
Follow us: