Credit Management November 2018

The CICM magazine for consumer and commercial credit professionals

The CICM magazine for consumer and commercial credit professionals


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CM<br />

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



Stepping Out<br />

An island of<br />

opportunity<br />

Kevin Reed looks at<br />

the latest political<br />

promises. Page 13<br />

The true value of<br />

being a winner.<br />

Page 42

Are bad debts<br />

iving you the hump<br />

cedar-rose.com<br />

Cedar Rose Business <strong>Credit</strong> Reports<br />

Available for almost all countries where camels hang out.

24<br />



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

www.cicm.com<br />


13 – OPINION<br />

What the two main political parties<br />

said about business in their autumn<br />

conferences.<br />

20<br />



20 – INTERVIEW<br />

Dewi Fox fondly recalls a career that<br />

included a spell at Birds Eye and an<br />

adventure in Australia.<br />

26 – TRADE TALK<br />

Lesley Batchelor talks about the need to<br />

support British exporters.<br />

38 – OPINION<br />

How the credit industry should prepare<br />

for Brexit and new legislation.<br />

32<br />




Winners of a CICM British <strong>Credit</strong><br />

Award speak about the impact on their<br />

respective businesses.<br />

50 – HR MATTERS<br />

Is installing CCTV to spy on employees<br />

legal?<br />


Hadley Eames bemoans his<br />

generation’s obsession with creating<br />

the right online image.<br />

Publisher<br />

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

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

OAKHAM, LE15 8NB<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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


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

Executive Board Pete Whitmore FCICM – Chair / Debbie Nolan FCICM(Grad) – Vice Chair<br />

Glen Bullivant FCICM – Treasurer / Larry Coltman FCICM, Victoria Herd FCICM(Grad), Bryony Pettifor FCICM(Grad)<br />

Advisory Council Sarah Aldridge FCICM(Grad) / Laurie Beagle FCICM / Kim Delaney-Bowen MCICM / Glen Bullivant FCICM<br />

Lauren Carter FCICM / Brendan Clarkson FCICM / Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM<br />

Laural Jefferies MCICM / Diana Keeling FCICM / Martin Kirby FCICM / Christelle Madie FCICM<br />

Julie-Anne Moody-Webster MCICM / Debbie Nolan FCICM(Grad) / Bryony Pettifor FCICM(Grad) /Allan Poole MCICM<br />

Phil Rice FCICM / Chris Sanders FCICM / Paul Taylor MCICM / Pete Whitmore FCICM.<br />

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

Any articles published relating to English law will differ from laws in Scotland and Wales.<br />

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Alex Simmons<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

Imogen Hart and Iona Yadallee<br />

Advertising<br />

Grace Ghattas<br />

Telephone: 020 3603 7946<br />

Email: grace@cabbell.co.uk<br />

Printers<br />

Stephens & George Print Group<br />

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

UK: £90 per annum<br />

International: £115 per annum<br />

Single copies: £12.00<br />

ISSN 0265-2099<br />

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


The problem with<br />

‘not invented here’<br />

Sean Feast FCICM<br />

Managing Editor<br />

IT is always much easier to be in<br />

opposition rather than power.<br />

In opposition, you can carp<br />

from the sidelines; you can go<br />

against every idea and decision<br />

and say that it either won’t work<br />

or that it’s not enough. I have yet to hear<br />

a party in opposition not claim that it will<br />

fix the NHS, invest in more housing, and<br />

eliminate poverty and social injustice once<br />

and for all.<br />

Brexit is a great example of this. I have<br />

absolutely no idea what we should do for<br />

best or whether the various ideas that<br />

seem to involve Norway in the one breath,<br />

and Canada in the next, are good, bad or<br />

indifferent. All I do know is that if the<br />

Government says one thing, the opposition<br />

says the other.<br />

Perhaps this is natural instinct. Maybe<br />

we are all of us inclined occasionally to<br />

suspect anything ‘not invented here’. Take<br />

the Prompt Payment Code. It is much easier<br />

to be one of the many who suggest the Code<br />

has failed, rather than the few who know<br />

the opposite is true. But that does not mean<br />

the few should stay silent.<br />

The labour MP Rachel Reeves recently<br />

described the Code as being ‘wholly<br />

ineffective’, a lazily ill-informed claim<br />

without any foundation in fact – not that<br />

she even bothered to check – and a<br />

statement that went frustratingly uncountered<br />

by those who should have known<br />

better (see news page 6). Did she know<br />

that the Code has helped facilitate the<br />

collection of unpaid invoices totalling<br />

more than £3 million in the last four<br />

years? Did she know that the Code has<br />

been successful in making businesses<br />

reverse poor payment practice decisions?<br />

Did she know that the CICM is currently<br />

mediating between suppliers and some<br />

of the country’s best-known brands to<br />

resolve their payment disputes? Did she ask<br />

whether signatories have been removed<br />

from the Code?<br />

But perhaps it is unfair to single out<br />

Ms Reeves for special attention. She is<br />

only jumping on an already very busy<br />

bandwagon that includes various business<br />

leaders, politicians and the press who<br />

choose for their own ends to repeat the<br />

lie, rather than seek to discover the facts.<br />

Does this mean the Code is perfect? No,<br />

of course not. Can it be improved? Yes<br />

certainly. But if we are going to have a<br />

grown-up conversation about the Code,<br />

then let us do so in the context of what it<br />

is for, and what it has so far achieved. And<br />

let us understand that what has so far been<br />

achieved is without any ongoing financial<br />

or promotional support being given by<br />

Government to the CICM for administering<br />

the Code on its behalf.<br />

When it comes to ‘not invented here’ I<br />

have a word of advice for Ms Reeves and<br />

her like. Just because it wasn’t your idea,<br />

doesn’t make it a bad one. Good leaders,<br />

politicians and successful businessmen<br />

are not necessarily the ones that come up<br />

with the good ideas, but rather are able to<br />

identify a good idea when they see it, and<br />

execute accordingly.<br />

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



CICM British <strong>Credit</strong> Awards 2019<br />

7 February 2019<br />

Royal Lancaster, London<br />

The shortlist for the 2019 Awards will be announced on Monday 26 <strong>November</strong><br />

The entries are in… and the shortlist will be<br />

revealed soon.<br />

Don’t miss this fantastic evening of networking and<br />

celebration of all of the incredible achievements across the<br />

credit and collections community. With a fabulous line up of<br />

entertainment, it’s the one event in the credit calendar not to<br />

be missed!<br />

The CICM British <strong>Credit</strong> Awards is central to our ethos,<br />

rewarding outstanding achievement and innovation shown<br />

by individuals and organisations.<br />





cicmbritishcreditawards.com<br />

Table bookings<br />

Please contact Natasha Witter on:<br />

T: 020 7484 9876<br />

E: natasha.witter@incisivemedia.com<br />


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


CMNEWS<br />

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

world of consumer and commercial credit<br />

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

CICM Chief defends code<br />

from harmful criticism<br />

Philip King FCICM<br />

Chief Executive of the CICM<br />

THE Chief Executive of the CICM,<br />

Philip King FCICM, has mounted<br />

a robust defence of the Prompt<br />

Payment Code (PPC) against<br />

ill-informed and swingeing generalisations<br />

from Opposition spokespeople, a leading<br />

business organisation, and even the<br />

Government itself.<br />

Mr King has also promised to defend the<br />

reputation of the Institute in administering<br />

the Code in the context of damaging<br />

inferences of a lack of independence in<br />

its challenge process, and the unfair and<br />

inaccurate portrayal of the Code as a<br />

‘failure’.<br />

In a strongly-worded letter to the Small<br />

Business Minister, Kelly Tollhurst, and seen<br />

by <strong>Credit</strong> <strong>Management</strong>, Mr King said that<br />

he was particularly frustrated that recent<br />

comments by Labour’s Rachel Reeves MP<br />

went unchallenged: “She described the<br />

Code as ‘wholly ineffective’,” he says, “and<br />

the Government was loud in its silence.<br />

Facilitating collection of unpaid invoices<br />

totalling more than £3 million in the last<br />

four years, making businesses reverse<br />

poor payment practice decisions,<br />

supporting process change, mediating<br />

between suppliers and buyers, and<br />

removing signatories from the Code is<br />

hardly ‘ineffective’.<br />

“In the last few weeks, I have had some<br />

seven meetings with major organisations<br />

and signatories that have led to changes in<br />

contract wording, processes and/or action<br />

plans to improve payment performance.<br />

Failing to talk about such success, however,<br />

merely compounds the issue, and silence<br />

seems to confirm the negative judgment of<br />

others.”<br />

Mr King’s comments are in response<br />

to the announcement by the Business<br />

Secretary at the Conservative Party<br />

Conference of plans to strengthen the Code<br />

and launch a Call for Evidence around<br />

the issue of late payment and its possible<br />

remedies.<br />

“For the avoidance of any doubt,” Mr<br />

King writes, “we are fully supportive of the<br />

proposal for responsibility of the Prompt<br />

Payment Code to fall under the auspices of<br />

the Small Business Commissioner (SBC),<br />

Paul Uppal. It is a sentiment I shared with<br />

the Commissioner personally, and with<br />

Government (ie BEIS) officials, early in <strong>2018</strong><br />

soon after his appointment. It is an obvious<br />

and desirable outcome, and to that extent<br />

we are surprised that it should be part of<br />

a consultation since the SBC already sits<br />

under the auspices of BEIS and the Code is<br />

part of the Department’s domain.”<br />

Mr King says that adding Mr Uppal to the<br />

PPC Compliance Board is similarly a logical<br />

step. A further proposal is that the Board<br />

should meet more regularly, in which case<br />

he hopes the SBC’s office will be able to<br />

provide the additional administration and<br />

resource required: “For the record,” he writes,<br />

“the paucity of referrals to the Board is<br />

because challenges have been successfully<br />

resolved without the need for the Board to<br />

be involved. However, if the Board is going<br />

to be more active, it will need to have more<br />

cases to review.”<br />

Mr King believes that the ‘weakness’ in<br />

the Code has nothing to do with who or<br />

who does not sit on the Compliance Board,<br />

neither on how regularly or otherwise<br />

that Board meets, nor in how effective<br />

the challenge process has been. The<br />

weakness stems from a failure of successive<br />

Ministers – and indeed governments – to<br />

understand the purpose of the Code and the<br />

effectiveness of the challenge process in<br />

resolving complicated payment disputes.<br />

“It also stems from a fundamental lack<br />

of awareness of the challenge process as<br />

a direct result of a lack of investment in<br />

publicity and promotion,” he says. “Aside<br />

from two modest grants to develop the<br />

website, the CICM has received no further<br />

financial support from BEIS either for<br />

promotion or, indeed, the Code’s day-to-day<br />

administration. All of those costs have to be<br />

borne by the Institute itself.”<br />

Mr King says Carillion is not, as stated, an<br />

example of where the Code has ‘failed’ but<br />

rather shows how such a lack of investment<br />

is further complicating an already difficult<br />

issue: “Carillion is often lazily stated as<br />

proof positive that the Code has failed. Not<br />

a single business organisation, however,<br />

ever raised a challenge to Carillion as a<br />

signatory to the Code, or complained about<br />

its behaviour. Even the Federation of Small<br />

Business (FSB), a vociferous and respected<br />

defender of its members, was wholly silent<br />

on the issue until after the event, when a<br />

challenge beforehand could have allowed<br />

more businesses to mitigate their risk.<br />

Not a single Minister, either, has chosen to<br />

highlight this point.”<br />

Despite his concerns, Mr King says that<br />

the Institute remains committed to playing<br />

a leading role in tackling the scourge of<br />

late payment, and in working closely with<br />

the Government and the Small Business<br />

Commissioner in the continuing drive to<br />

change the payment culture.<br />

“Certainly, further change is needed and<br />

required,” he adds, “and the Code would<br />

certainly be strengthened by introducing<br />

measures that will allow it to be more<br />

proactive in challenging poor payment<br />

behaviour. But we need to put an end to<br />

baseless allegations that do nothing to<br />

inform intelligent debate.”<br />

The Institute is contacting Members<br />

for their opinions regarding the call for<br />

evidence. Please visit http://bit.ly/2AcmRla<br />

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

CICM senior team celebrates<br />

successful launch of Ireland branch<br />

DUBLIN’S Croke Park paid host to the<br />

launch of the Irish branch of the Chartered<br />

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

more than 60 delegates gathering to hear<br />

presentations from senior executives from<br />

the CICM team.<br />

The Best Practice in <strong>Credit</strong> <strong>Management</strong><br />

event kicked off with a presentation by<br />

Chief Executive, Philip King talking about<br />

why the gathering of credit management<br />

professionals was so important in<br />

developing skills, learning from experts and<br />

peers, and driving best practice.<br />

Sue Chapple, CICM Strategic Relationship<br />

Manager, gave an update on CICM<br />

membership and its benefits. Paula Carney-<br />

Hoffler, Client <strong>Credit</strong> Risk and Compliance<br />

Manager at Hugh J Ward & Co Solicitors<br />

brought GDPR, and the consequences of<br />

failing to comply, to life. Paul Taylor MCICM,<br />

Regional Representative for Scotland and<br />

Northern Ireland, and now Ireland too,<br />

shared what a CICM Branch can do for<br />

credit professionals in the local area.After<br />

a brief networking break, Brian Morgan<br />

from Rimilia and Declan Flood of Irish<br />

<strong>Credit</strong> <strong>Management</strong> Training delivered<br />

presentations on the practical application<br />

of technology, best practice, and good<br />

communication skills. Lunch was followed<br />

by Hays and DWF Law providing insights<br />

into their relevant areas of expertise as they<br />

impact on credit management teams and<br />

individuals. Useful tips and nuggets were<br />

eagerly captured by delegates.<br />

The conference, professionally chaired by<br />

Larry Coltman, CICM Vice President, closed<br />

with Philip King summarising the day’s<br />

content and urging attendees to ‘take what<br />

they had learned back to their workplace’,<br />

and encouraging them to be proud of their<br />

profession and their professionalism.<br />

Following the conference, the inaugural<br />

AGM of the Ireland branch of the CICM was<br />

held and, as reported in <strong>Credit</strong> <strong>Management</strong><br />

last month, a committee elected to drive<br />

branch activity forward.<br />

For more information on doing business<br />

in Ireland, see the Country Focus article on<br />

page 32.<br />


FLYLOLO, a flight operator specialising in purchasing seats on ‘peak season’ flights<br />

and selling them to individuals and families at reduced rates, is flying high following<br />

the granting of a revolving credit facility by Reward Finance Group. Flylolo buys<br />

aircraft seats in bulk by finding under-utilised aircraft to obtain the best prices.<br />

loloflights.com<br />

>NEWS<br />

IN BRIEF<br />

Record Fine<br />

THE Financial Conduct Authority (FCA)<br />

and Tesco Bank are negotiating a penalty<br />

over an ‘unprecedented and serious’<br />

cyber-attack that took place in late 2016,<br />

with regulators considering a fine of<br />

over £30 million. The incident, which<br />

saw the bank forced to notify 9,000 of<br />

its customers after data was stolen and<br />

provide a total refund of £2.5 million,<br />

could see the largest fine ever issued by<br />

the FCA in regard to cyber security.<br />

fca.org.uk<br />

Fintech impact<br />

RESEARCH from DLA Piper shows<br />

that up to a third of financial services<br />

firms expect central banks to hold<br />

cryptocurrencies on their balance sheets<br />

within five years. The study shows that<br />

over two thirds of retail and investment<br />

banks feel they are being impacted<br />

upon by fintech, while a third of banks<br />

have engaged with fintech companies<br />

to change the way they operate – and<br />

55 percent are prepared to do so in the<br />

next two years. The poll saw 74 percent<br />

of banks warn that regulation and<br />

compliance was restricting their ability<br />

to adopt new business models and<br />

technologies. dlapiper.com<br />

Board boost<br />

UK Finance has appointed David<br />

Postings, Global Chief Executive, Bibby<br />

Financial Services and Mark Barnett,<br />

President of Mastercard UK, Ireland,<br />

Nordics & Baltics, to its 22-strong board.<br />

John Jenkins, former CEO, Amicus<br />

Finance and Jayne-Anne Gadhia, CEO,<br />

Virgin Money, have both announced<br />

their intention to step down from the UK<br />

Finance Board, following the completion<br />

of corporate transactions involving their<br />

firms. ukfinance.org.uk<br />

Northern Ireland Branch of CICM secures sponsorship<br />

BAKER Tilly Mooney Moore has<br />

become a new sponsor of the Chartered<br />

Institute of <strong>Credit</strong> <strong>Management</strong> (CICM)<br />

Northern Ireland branch. The Belfastbased<br />

independent accountancy and<br />

advisory firm will offer support to<br />

CICM NI through a range of initiatives<br />

including sponsoring the Institute’s<br />

Education Support Programme.<br />

The programme will guide<br />

participants who are working towards<br />

their professional credit management<br />

qualifications with face-to-face<br />

training, support and study sessions.<br />

Darren Bowman, Director of<br />

Business Recovery and Insolvency at<br />

Baker Tilly Mooney Moore, says for the<br />

first time in Northern Ireland, people<br />

who want to study credit management<br />

or who have already embarked upon<br />

a study path, will have the chance to<br />

receive support, including personal<br />

training, from credit management<br />

experts: “It’s an excellent opportunity<br />

for interested people to obtain their<br />

CICM qualifications and advance their<br />

career.”<br />

CICM NI Chairman Paul Taylor<br />

says the branch is pleased to welcome<br />

Baker Tilly Mooney Moore as a<br />

Corporate Sponsor: “This partnership<br />

highlights the firm’s commitment to<br />

professionalism and best practice in<br />

the credit industry and we look forward<br />

to sharing their expertise with our<br />

members and students.”<br />

This partnership highlights<br />

the firm’s commitment to<br />

professionalism and best<br />

practice in the credit<br />

industry and we look forward<br />

to sharing their expertise<br />

with our members and<br />

students.<br />

CICM NI Chairman<br />

Paul Taylor MCICM<br />

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

NEWS<br />

IN BRIEF<br />

Equifax fined by ICO<br />

for failing to protect<br />

personal information<br />

Jonathan Biggin<br />

Chief Operating Officer<br />

New COO for Hitachi<br />

HITACHI Capital UK has appointed Jonathan<br />

Biggin as its new Chief Operating Officer.<br />

Jonathan brings over 20 years of experience<br />

in financial services to the role, having<br />

held senior positions at Barclays, American<br />

Express and Bank of America. In his new<br />

role, Jonathan will oversee operational<br />

efficiency across the firm’s information<br />

technology, human resources and group<br />

change departments.<br />

hitachicapital.co.uk.<br />

Bank fraud bonanza<br />

FIGURES from UK Finance show that over<br />

£500 million was stolen from customers<br />

of British banks in the first half of <strong>2018</strong>. Of<br />

this, £358 million was lost to unauthorised<br />

fraud, including transactions made without<br />

account holders' knowledge, while £145<br />

million involved authorised push payment<br />

(APP) scams where people are conned<br />

into sending money to another account.<br />

Purchase scams, where account holders<br />

were conned into paying for products or<br />

services that do not exist, were the most<br />

common form of APP fraud, while there were<br />

also 3,866 reported cases of impersonation<br />

scams, in which criminals posed as<br />

representatives of a financial institution or<br />

the police. Two-thirds of all unauthorised<br />

fraud was successfully thwarted by UK<br />

financial institutions. ukfinance.org.uk<br />

New P2PFA member<br />

CROWDPROPERTY has become the newest<br />

member of the P2PFA, bringing the body’s<br />

membership back up to nine. Latest data<br />

from the P2PFA reveals that the industry<br />

contributed more than £1 billion to the UK<br />

economy in the second quarter of <strong>2018</strong>. New<br />

lending to businesses by members of the<br />

P2PFA has grown by almost £100 million<br />

quarter-on-quarter over the course of the last<br />

year, reaching nearly £750 million in the Q2<br />

<strong>2018</strong>. p2pfa.org.uk<br />

Barclays PPI error<br />

BARCLAYS has apologised after it told<br />

a number of customers using claims<br />

management firms that they did not hold PPI<br />

policies when they did. Barclays says a ‘very<br />

small’ proportion of customers were given<br />

incorrect information. It added that it is<br />

‘proactively contacting’ affected customers to<br />

make amends. barclays.co.uk<br />

THE Information Commissioner’s<br />

Office (ICO) has issued Equifax Ltd<br />

with a £500,000 fine for failing to<br />

protect the personal information of<br />

up to 15 million UK citizens during a cyber<br />

attack that took place in the summer of 2017<br />

in the US and affected 146 million customers<br />

globally (see <strong>Credit</strong> <strong>Management</strong> news<br />

December 2017).<br />

The ICO investigation found that although<br />

the information systems in the US were<br />

compromised, Equifax was responsible<br />

for the personal information of its UK<br />

customers. The UK arm of the company<br />

failed to take appropriate steps to ensure<br />

that its American parent Equifax Inc, which<br />

was processing the data on its behalf, was<br />

duly protecting the information.<br />

The ICO’s investigation, which was carried<br />

out in parallel with the Financial Conduct<br />

Authority (FCA), revealed ‘multiple failures’<br />

at the credit reference agency that led to<br />

personal information being retained for<br />

longer than necessary and vulnerable to<br />

unauthorised access.<br />

The company contravened five out of<br />

eight data protection principles of the<br />

Data Protection Act 1998 including failure<br />

to secure personal data, poor retention<br />

practices and the lack of a legal basis for<br />

international transfers of UK citizens’ data.<br />

Elizabeth Denham, the Information<br />

Commissioner, says the loss of personal<br />

information where there’s the potential for<br />

financial fraud undermines consumer trust<br />

in digital commerce: “This is compounded<br />

when the company is a global firm whose<br />

business relies on personal data. Equifax has<br />

received the highest fine possible under the<br />

1998 legislation because of the number of<br />

victims, the type of data at risk and because<br />

it has no excuse for failing to adhere to its<br />

own policies and controls as well as the law.”<br />

The ICO found measures that should<br />

Brits doubt ability to clear debts<br />

ALMOST a third of British people don’t<br />

believe they will ever clear their debts,<br />

according to new research by Equifax. The<br />

same research also found that 12 percent of<br />

people do not think they can even reduce<br />

their debt levels. Young people are the most<br />

pessimistic with only half of 18-24 year-olds<br />

confident they can clear all of their debts.<br />

The findings are published in the context<br />

of statistics released by StepChange that<br />

show that 326,897 people contacted the<br />

charity for help with their debts in just the<br />

first six months of <strong>2018</strong>. In its latest Mid-<br />

Year Update, of the 180,644 who received<br />

full debt advice and a recommended<br />

debt solution, two thirds were under 40,<br />

have been in place to manage the<br />

personal information were ‘inadequate<br />

and ineffective’. Investigators unearthed<br />

significant problems with data retention,<br />

IT system patching and audit procedures.<br />

The investigation also found that the US<br />

Department of Homeland Security had<br />

warned Equifax about a critical vulnerability<br />

as far back as March last year. Sufficient<br />

steps to address the vulnerability were not<br />

taken, meaning that a consumer facing<br />

portal wasn’t appropriately patched.<br />

The personal information lost or<br />

compromised during the incident ranged<br />

from names and dates of birth to addresses,<br />

passwords, driving licence information and<br />

financial details.<br />

“Many of the people affected would not<br />

have been aware the company held their<br />

data. Learning about the cyber attack<br />

would have been unexpected and is<br />

likely to have caused particular distress.<br />

Multinational data companies like Equifax<br />

must understand what personal data they<br />

hold and take robust steps to protect it. The<br />

Boards need to ensure that internal controls<br />

and systems work effectively to meet legal<br />

requirements and customers’ expectations.<br />

“Equifax showed a serious disregard for<br />

its customers and the personal information<br />

entrusted to it, and that led to this<br />

substantial fine.<br />

An Equifax spokesperson said it has<br />

received the Monetary Penalty Notice from<br />

the Information Commissioner’s Office (ICO)<br />

and is considering the detailed points made:<br />

“Equifax has cooperated fully with the ICO<br />

throughout its investigation, and we are<br />

disappointed in the findings and the penalty.<br />

The criminal cyber attack against our US<br />

parent company last year was a pivotal<br />

moment for our company. We apologise<br />

again to any consumers who were put at<br />

risk." ico.org.uk<br />

compared to only one third of the UK<br />

population falling into this age group. Only<br />

18 percent of clients were home-owners,<br />

against around 62 percent of the general<br />

population. Around half of its clients<br />

experienced debt because of job loss,<br />

reduced income, or health issues.<br />

In the first half of <strong>2018</strong>, over 30 percent<br />

of the Charity’s new clients were behind<br />

on their council tax – by far the highest<br />

category of debt arrears. Almost half (48<br />

percent) of new clients in the first half of the<br />

year with council tax arrears had a deficit<br />

budget – with more money going out than<br />

coming in – compared to just 30 percent of<br />

all clients. stepchange.org<br />

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

Consulting ban for big four<br />

ACCOUNTANCY firms could be banned from<br />

doing consultancy work for companies<br />

whose books they check, according to<br />

the ‘Developments in Audit’ report, by the<br />

Financial Reporting Council (FRC). It said<br />

the Big Four auditing firms – Deloitte, EY,<br />

KPMG and PwC – frequently give lucrative<br />

consultancy services to large corporates<br />

whose books they also check, prompting<br />

worries that they may not provide sufficient<br />

challenge to the management of such<br />

companies when auditing them.<br />

It said it would review its own guidelines<br />

for auditing and ethical standards, which<br />

currently allow the firms to undertake both<br />

HOIST Finance has entered into an<br />

agreement to acquire an Italian credit<br />

management company, broadening its<br />

offering to the Italian banking sector.<br />

The agreement will see Hoist lease and<br />

subsequently acquire the business as a<br />

going concern of the Italian debt collection<br />

companies Maran S.p.A. and R&S S.rl.<br />

(Maran Group) in a multistep process, in<br />

co-operation with creditors (concordato<br />

preventivo) in accordance with Italian<br />

insolvency law.<br />

Founded in 1993 Maran Group<br />

is described as a well-reputed debt<br />

collection agency with a customer base,<br />

including the larger Italian banks and<br />

financial institutions. The Maran Group<br />

has one operational centre employing<br />

approximately 200 people. Completion<br />

of the acquisition is subject to certain<br />

conditions and is expected to take place<br />

during the first half of 2019.“The acquisition<br />

of the Maran Group will add capacity and<br />

competence to our current activities in Italy<br />

auditing and consultancy for clients at<br />

the same time. The document highlighted<br />

growing concerns from firms about audit<br />

quality in the wake of scandals such as<br />

KPMG’s involvement in Carillion’s collapse.<br />

But the FRC itself is under pressure<br />

from the government after a review into the<br />

organisation’s role and effectiveness began<br />

in June, following accusations from the<br />

Work and Pensions Committee that it was<br />

‘toothless and useless’. The independent<br />

review is being led by Sir John Kingman,<br />

Chairman of Legal and General and<br />

former second permanent secretary to the<br />

Treasury. frc.org.uk<br />

TESCO hit for 'avoidable' attack<br />

THE Financial Conduct Authority (FCA) has fined Tesco Personal Finance (Tesco Bank)<br />

£16.4 million for failing to exercise due skill, care and diligence in protecting its personal<br />

current account holders against a cyber attack that took place in <strong>November</strong> 2016.<br />

Cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card, its financial<br />

crime controls and in its Financial Crime Operations Team to carry out the attack.<br />

Those deficiencies left Tesco Bank’s personal current account holders vulnerable to<br />

a largely avoidable incident that occurred over 48 hours and which netted the cyber<br />

attackers £2.26 million. fca.org.uk<br />

Hoist set to acquire Italian business<br />

and create an integrated servicing platform<br />

that enables us to be a full-service debt<br />

restructuring partner to the Italian financial<br />

sector,” says Klaus-Anders Nysteen, CEO of<br />

Hoist Finance.<br />

“Following the acquisition, we will be<br />

able to offer the full spectrum of services<br />

sought after by the Italian banking sector,<br />

providing both servicing and portfolio<br />

acquisitions. The acquisition will also<br />

broaden our competence in other asset<br />

classes,” says Clemente Reale, Country<br />

Manager Hoist Finance Italy.<br />

hoistfinance.com<br />

Following the<br />

acquisition, we will be<br />

able to offer the full<br />

spectrum of services<br />

sought after by the<br />

Italian banking sector.<br />

>NEWS<br />

IN BRIEF<br />


BIBBY Financial Services has provided a<br />

£5 million Invoice Finance facility to<br />

Nigel Fredericks Trading, a London<br />

-based meat wholesaler.<br />

The long-standing business was founded<br />

in 1890 and sells high-quality meat,<br />

poultry and game to catering clients.<br />

bibbyfinancialservices.com<br />

Full Octane<br />

OCTANE Capital has appointed Donna-<br />

Louise House as Senior <strong>Credit</strong> Manager<br />

who will report to Matt Smith, Director of<br />

Risk. Donna-Louise started her career in<br />

credit risk at GE Capital before moving<br />

onto Shawbrook Bank, where she was a<br />

Lending Manager in the short-term loans<br />

division. More recently she worked at<br />

LendInvest for two years as underwriting<br />

manager followed by a short stint at<br />

Falcon Bridging Finance, as Head of<br />

Underwriting. octanecapital.co.uk<br />

Breaking the rules<br />

THE Competition and Markets Authority<br />

has said it is taking action against Lloyds<br />

Banking Group after the lender failed to<br />

tell thousands of customers about their<br />

right to cancel their PPI. The watchdog<br />

said it was taking action against Lloyds<br />

for ‘serious breaches’ after it failed to<br />

remind 14,000 customers between 2012<br />

and <strong>2018</strong> that they still have a policy<br />

and can cancel it. A spokeswoman<br />

for the bank, which has paid over £18<br />

billion in compensation claims over<br />

mis-sold PPI, said it was writing to all<br />

affected customers to apologise. gov.uk/<br />

government/organisations/competitionand-markets-authority<br />

RBS challenges<br />

ROYAL Bank of Scotland is looking to<br />

launch a standalone digital-only bank<br />

called Bo as a rival to challenger banks<br />

such as Monzo, Revolut and Starling. It<br />

is expected to launch in 2019, with the<br />

aim of migrating one million NatWest<br />

customers to the mobile platform. Bo is<br />

expected to utilise artificial intelligence<br />

(AI) to help customers manage their<br />

financial affairs. personal.rbs.co.uk/<br />

personal.html<br />


THIS month's briefing includes details of<br />

the first AGM and conference of the Ireland<br />

Branch of the CICM, best practice on deduction<br />

recovery, five ways to inspire a learning culture,<br />

and the 12th Annual European AML and<br />

Financial Crime Conference.<br />

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

Construction growth<br />

slips to six-month low<br />

>NEWS<br />

IN BRIEF<br />

GROWTH in UK construction hit<br />

a six-month low in September,<br />

according to the latest Purchasing<br />

Managers’ Index (PMI). The IHS<br />

Markit/CIPS UK Construction PMI slipped<br />

to 52.1 in September, down on 52.9 in<br />

August and against the neutral 50-point<br />

benchmark.<br />

Civil engineering was the worst<br />

performing sub-category, and while housing<br />

and commercial construction increased at a<br />

solid pace, the index signalled the weakest<br />

upturn in output for six months.<br />

Delivery times for construction products<br />

and materials continued to lengthen and<br />

intense supply chain pressures were<br />

attributed to stock shortages at vendors and<br />

stretched transportation capacity. However,<br />

the downturn in vendor performance was<br />

slightly less marked than the three-and-ahalf<br />

year low seen in August.<br />

There was a sharp and accelerated<br />

increase in average cost burdens in<br />

September, with the overall rate of input<br />

price inflation the fastest for three months.<br />

Respondents cited higher fuel prices and<br />

greater raw material costs, particularly<br />

timber.<br />

The degree of positive sentiment reported<br />

by respondents was the second-lowest since<br />

February 2013, amid political uncertainty<br />

and investor concerns about Brexit.<br />

The end of the third quarter saw a mild<br />

improvement in the performance of the UK<br />

manufacturing sector. Rates of expansion<br />

in output and new orders gained traction,<br />

while the trend in new export business saw<br />

a modest recovery following August's solid<br />

contraction.<br />

Elsewhere, the latest edition of the<br />

‘Economic & Construction Market Review’<br />

from Barbour ABI shows the residential<br />

sector continues to flourish. In August,<br />

contract values were £2.2 billion, accounting<br />

for 36.2 percent of all contracts awarded.<br />

However, this is still some way behind the<br />

recent peak of March <strong>2018</strong> when £2.4 billion<br />

contracts – including 25 percent more<br />

residential units – were awarded.<br />

The infrastructure sector saw award<br />

values exceed the £1 billion threshold<br />

for the first time in six months, with the<br />

current quarter being 6.8 percent ahead of<br />

2017. Boosted by a number of large utilities<br />

contracts, infrastructure led the table of<br />

the biggest value contract awards across<br />

construction with five of the top ten projects<br />

for August being from this sector.<br />

Meanwhile, the latest Global Economic<br />

Conditions Survey (GECS) from ACCA<br />

(the Association of Chartered Certified<br />

Accountants) and IMA (Institute of<br />

<strong>Management</strong> Accountants) has revealed<br />

economic confidence in the UK has dipped<br />

to its lowest level since the second quarter<br />

of 2017. ihsmarkit.com barbour-abi.com<br />

accaglobal.com<br />

Fraud hits the younger hardest<br />

CIFAS has released new figures that show<br />

a marked increase in the number of young<br />

people falling victim to identity fraud.<br />

The new figures reveal that Cifas<br />

members identified a 24 percent increase<br />

in cases of under-21-year-olds falling<br />

victim to impersonation fraud in the first<br />

nine months of this year, a significant rise<br />

from the same period in 2017. The majority<br />

of fraud for under-21s related to plastic<br />

payment cards – such as bank, debit, credit<br />

or store cards – with 34 percent of all cases<br />

reported in that sector, a 79 percent increase<br />

in the past year.<br />

Cifas has also reported a steep rise in the<br />

number of young people acting as ‘money<br />

mules’, with a 26 percent rise in reported<br />

incidences in those aged 21-and-under<br />

between 2017 and <strong>2018</strong>. So far in <strong>2018</strong>, 9,636<br />

under-21 money mule perpetrators were<br />

identified in the UK by Cifas members.<br />

On behalf of the Home Office-led Joint<br />

Fraud Taskforce, Cifas recently launched<br />

new lesson plans with the PSHE Association<br />

to educate young people about how<br />

serious money mule fraud is. The lesson<br />

plans also provide young people with an<br />

understanding of the protective behaviours<br />

needed to keep themselves safe from online<br />

scams and identity fraud more widely.<br />

Mark Carney<br />

Governor of Bank of England<br />

Risky business<br />

A survey by the Bank of England<br />

(BoE) has found just one in ten banks<br />

are managing climate risks for the<br />

long-term. Mark Carney, the Bank’s<br />

Governor, said lenders need to do more<br />

to ensure they are better prepared to<br />

mitigate environmental risks. The<br />

survey found that 70 percent of lenders<br />

were managing risks in some way,<br />

while 30 percent considered climate<br />

change a corporate social responsibility<br />

matter rather than a strategic issue.<br />

bankofengland.co.uk<br />

Fake invoices<br />

THE Boss of a financing company has<br />

received a ten-year ban after heading<br />

a false invoice scheme to secure £4<br />

million of illegitimate funds. David<br />

Andrew Marsden was the director<br />

of finance company First Capital<br />

Factors (FCF). The company offered<br />

recourse factoring facilities for small<br />

and medium businesses. To be able to<br />

purchase their clients’ invoices, FCF<br />

secured funding from other companies.<br />

However, one of FCF’s funders spotted<br />

irregularities within FCF’s portfolio and<br />

sought advice from a business advisory<br />

firm in August 2016, who agreed with<br />

these concerns.<br />

The funder used its statutory right<br />

as a fixed charge holder to appoint an<br />

administrator and following further<br />

enquiries, it was discovered that David<br />

Marsden instructed a number of his<br />

clients to produce false invoices, before<br />

he submitted them to FCF’s funders to<br />

secure illegitimate funds.<br />

gov.uk/government/organisations/<br />

insolvency-service<br />

Northern Gaze<br />

THE Scottish specialist lending market<br />

is set to double in size next year due to<br />

the influx of new lenders with much<br />

improved criteria, product choice and<br />

rates, according to Your Expert Group.<br />

The specialist finance broker said that,<br />

due to a saturated specialist lending<br />

sector in England, challenger banks<br />

and alternative finance providers were<br />

looking at new markets.<br />

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

SMES appear unwilling to borrow<br />

ALMOST two thirds of UK small- and<br />

medium-sized enterprises (SMEs) are<br />

not willing to borrow money to fund the<br />

expansion of their business, amid ‘subdued’<br />

attitudes towards external financing,<br />

according to the latest ‘BDRC SME Finance<br />

Monitor’.<br />

Just 34 percent of SMEs were using<br />

external finance in the second quarter of<br />

this year. During the same period last year,<br />

38 percent of SMEs said that they were<br />

using external financing.<br />

However, although fewer SMEs are<br />

seeking funding, the approval rate for<br />

funding applications is rising. By the end<br />

of August <strong>2018</strong>, 85 percent of business loan<br />

applications were approved, compared with<br />

78 percent by the end of August 2017.<br />

“The latest data continues to show a<br />

clear trend that demand rather than supply<br />

issues are predominately contributing<br />

to continued lower levels of lending to<br />

SMEs,” says Keith Morgan, Chief Executive<br />

of British Business Bank. “This suggests<br />

smaller businesses could benefit from<br />

being encouraged and enabled to seek out<br />

the finance best suited to their needs.”<br />

High Street banks remained the primary<br />

source of SME funding, according to the<br />

BDRC report, with 67 percent of loan<br />

applications made to a main bank. Only<br />

17 percent of applications were made to<br />

another existing provider, while just seven<br />

percent were made to a new provider. Four<br />

percent of loan-seeking SMEs chose to<br />

use an online platform, while five percent<br />

went ‘elsewhere’. The BDRC data suggested<br />

that SMEs are not being put off by the<br />

scarcity of financing options, with just five<br />

percent indicating that access to finance<br />

was a major barrier. Legislation and red<br />

tape, political uncertainty and the current<br />

economic climate were instead listed as<br />

the major hurdles to business growth by<br />

British SMEs. bva-bdrc.com/products/smefinance-monitor<br />

Future leaders struggling to cope<br />

THE latest Aldermore Future Attitudes<br />

study has revealed that a third (33<br />

percent) of bosses at UK small and<br />

medium-sized enterprises (SMEs),<br />

equating to 1.81 million firms with fewer<br />

than 250 employees, have personally<br />

suffered from anxiety, depression or<br />

another kind of mental health problem in<br />

the past five years.<br />

The report, which surveyed more than<br />

1,000 business decision-makers across<br />

the UK, found that of those business<br />

leaders who have struggled with poor<br />

mental health, over three quarters (78<br />

percent) believe this has affected their<br />

ability to work effectively. A further three<br />

fifths (61 percent) also admitted that<br />

their involvement in their business was<br />

a factor that contributed towards their<br />

problems.<br />

The most common catalyst for mental<br />

health issues amongst SME bosses was<br />

a loss of business revenue or decreasing<br />

profits (40 percent). This was closely<br />

followed by key debtors not paying on<br />

time (30 percent) and insufficient working<br />

capital (29 percent). Aldermore’s figures<br />

show an average of 28 working days are<br />

lost every year, equating to over 185 hours<br />

for each SME. Despite this, almost a<br />

third (30 percent) of UK business leaders<br />

believe that their organisations do not<br />

provide adequate mental health support<br />

in the workplace. Nearly two in five (37<br />

percent) also think the Government could<br />

do more in this space. aldermore.co.uk<br />

The most common<br />

catalyst for mental<br />

health issues amongst<br />

SME bosses was a loss<br />

of business revenue<br />

or decreasing profits<br />

(40 percent). This was<br />

closely followed by key<br />

debtors not paying on<br />

time (30 percent)<br />

>NEWS<br />

IN BRIEF<br />


GOLDMAN Sachs has made its UK retail<br />

banking debut through its Marcus digital<br />

banking brand. Marcus – named after<br />

founder Marcus Goldman – offers an<br />

interest rate of 1.5 percent, which apparently<br />

represents the best rate on the market, and<br />

has a minimum saving level of £1.<br />

marcus.co.uk<br />

New Director<br />

IRISH peer-to-peer platform Initiative<br />

Ireland has appointed Brian Ó Nualláin<br />

as Director of Investment and Wealth<br />

<strong>Management</strong>. He was previously Business<br />

Development Director for Ireland at<br />

Aviva Investors. Initiative Ireland sets<br />

up syndicates of loans for P2P lenders to<br />

fund and back residential development<br />

projects. In December 2017, the platform<br />

raised €1.5 million for a loan to North<br />

Strand Five Lamps for a development in<br />

Dublin – said to be the country’s largest<br />

P2P loan to date. The firms said its senior<br />

debt fund, which has an initial target raise<br />

of €35 million (£31.2 million) and a cap of<br />

€150m, will finance additional loans via the<br />

company’s syndicated finance platform.<br />

initiativeireland.ie<br />

Crypto regulations<br />

THE Government needs to introduce<br />

new regulations to protect investors<br />

from crypto-assets, the Treasury Select<br />

Committee says in its latest report. The<br />

report states the two major concerns for the<br />

Committee are initial coin offerings (ICO)<br />

and money laundering. It also argues that<br />

the Government needs to decide whether or<br />

not it wishes to encourage the asset class<br />

to grow, as new regulations would both<br />

protect and attract investors to develop<br />

their portfolios. The report highlights the<br />

dangers of ICOs which have exposed a<br />

regulatory loophole and needs amending<br />

promptly. Currently, it appears there is little<br />

the FCA can do to prevent investors from<br />

being defrauded or suffering significant<br />

losses other than presenting the risks that<br />

the individual is exposed to. Due to ICOs<br />

falling outside of the regulatory perimeter,<br />

the committee encourages the Regulated<br />

Activities Order (RAO) to be updated and to<br />

include ICOs as ‘a matter of urgency’. This<br />

process would involve recognising ICOs as<br />

a regulated activity and that a body such as<br />

the FCA monitor such activities. This has<br />

previously been done with crowdfunding.<br />

brc.org.uk<br />

At a cost<br />

A report from Citizens Advice shows that<br />

loyalty to providers of essential services<br />

including banking, insurance and telecoms<br />

is costing consumers more than £4 billion a<br />

year, with the charity raising the issue with<br />

the Government’s Competition and Markets<br />

Authority. citizensadvice.org.uk<br />

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


Individual Voluntary<br />

Arrangements (IVAs)<br />

Are IVAs a good deal for creditors?<br />

AUTHOR – David Kerr MCICM<br />

David Kerr<br />

IVAs were introduced into the<br />

insolvency legislation in England<br />

and Wales in 1986 and have<br />

been a feature of the personal<br />

insolvency landscape ever since,<br />

though the take up was modest<br />

to start with. They now account for more<br />

than 50,000 new cases each year and have<br />

overtaken bankruptcy as a procedure of<br />

choice for debtors in financial difficulty.<br />

But what factors determine whether they<br />

enter an IVA or some alternative debt<br />

resolution process? And, what about<br />

creditors’ interests?<br />

The IVA market has changed<br />

considerably; it is now the preserve of<br />

a small number of specialist service<br />

providers, usually corporate organisations<br />

focusing solely on running IVAs. In<br />

2017, just ten providers accounted for 80<br />

percent of all the new IVAs started. These<br />

corporates are in the main not traditional<br />

insolvency firms, and the insolvency<br />

practitioners (IPs) in them may not<br />

be principals, but instead employed<br />

managers of cases – though of course the<br />

law requires a licensed IP to be in control.<br />

This brings challenges for regulators.<br />


In September, the Insolvency Service<br />

(IS) published a report of its review of<br />

how regulation is working in this area,<br />

and how well it meets the regulatory<br />

objectives and serves debtors’ interests.<br />

It raised some interesting issues, many of<br />

which are already being addressed, but<br />

strangely its focus was less on creditors’<br />

interests than may have been expected.<br />

Sure, creditors get a mention in the<br />

context of whether fees and expenses are<br />

fair and reasonable for example, but the<br />

main attention (understandably perhaps)<br />

was on regulators and the impact<br />

on debtors. In choosing an IVA, the<br />

regulatory microscope is trained on what<br />

is best for the debtor, rather than returns<br />

for creditors.<br />

It is true of course that the creditors<br />

in most consumer IVAs are financial<br />

institutions, which are well organised<br />

in terms of voting and representation<br />

generally, and it should be said that the<br />

report is concentrated on these supposed<br />

straightforward consumer cases, not the<br />

occasional bespoke IVAs conducted by<br />

more traditional IP firms. But creditors<br />

do have a say, and notwithstanding<br />

imperfections in the handling of high<br />

volume IVA cases they often prefer an<br />

IVA to the alternatives. A bankruptcy is<br />

likely to cost more and produce less for<br />

creditors.<br />

The IS looked at the volume top<br />

ten through the eyes of the regulators,<br />

and their monitoring and regulation<br />

measures. For the most part, the<br />

monitoring visit processes were found<br />

to be satisfactory, but the IS quibbled<br />

about steps taken subsequently by the<br />

regulators’ committees – whether they<br />

were robust enough in terms of sanctions,<br />

publicity and remedial action.<br />


The monitoring process has hitherto<br />

largely been geared towards the regulator’s<br />

ongoing assessment of an IP’s fitness to<br />

act. This means outcomes from inspection<br />

reports have tended to look forward, and<br />

place emphasis on steps being taken to<br />

address any defaults in an IP’s (or his/her<br />

firm’s) systems and procedures. The IP’s<br />

response to visit findings has therefore<br />

been important in that assessment,<br />

and where appropriate regulators have<br />

relied on assurances given, re-testing as<br />

necessary.<br />

It should not be the case that every<br />

issue of non-compliance or conduct at a<br />

level other than optimal or best practice<br />

be reported for disciplinary action; that<br />

would change the whole characteristic<br />

of the monitoring programme, which has<br />

played an important and successful part<br />

in raising and maintaining generally very<br />

high standards among UK IPs.<br />

It is different, of course, if there are<br />

what the IS calls ‘significant’ adverse<br />

consequences for sometimes vulnerable<br />

debtors, where for example they have<br />

suffered some identifiable loss as a result<br />

of an act or default by an IP. Here the IS<br />

suggests there should be some unspecified<br />

remedial action (e.g. in relation to advice<br />

given at the outset), while recognising the<br />

difficulty and limits of what is practically<br />

possible; and what about creditors’<br />

views? Suppose a debtor entered into an<br />

IVA when he or she might have filed for<br />

bankruptcy instead? If a consequence<br />

of a debtor paying creditors over a fiveyear<br />

period in an IVA is that he or she<br />

parts with more cash to repay debts than<br />

would be the case in a bankruptcy, then<br />

can it really be said that is a bad outcome<br />

for creditors, provided the repayment<br />

obligation is affordable and sustainable?<br />

But creditors do have a<br />

say, and notwithstanding<br />

imperfections in the<br />

handling of high volume<br />

IVA cases they often prefer<br />

an IVA to the alternatives.<br />


The financial institutions, usually<br />

through agents appointed to act on their<br />

behalf, vote on IVA proposals and on the<br />

costs and charges incurred in those cases.<br />

There is, though, a presumption that they<br />

are provided with accurate information<br />

in a transparent way. Where that is found<br />

not to be the case, then regulators must<br />

act to maintain trust in the profession.<br />

There is also a strong case for regulators<br />

to publish more information about the<br />

regulatory steps they have taken, as this is<br />

vital for creditors if they are to play their<br />

full part in controlling costs etc and to<br />

ensure they can have confidence in the<br />

regulatory system.<br />

David Kerr MCICM is an insolvency<br />

practitioner with extensive regulatory<br />

experience.<br />

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


Empty promises<br />

What the two main political parties said about<br />

business during their recent conferences.<br />

AUTHOR – Kevin Reed<br />

Kevin Reed<br />

IN the dense fog that is Brexit, it<br />

might have been easy to overlook the<br />

recent information and direction<br />

of travel coming out of the current<br />

government’s and opposition’s party<br />

conferences.<br />

But there was enough content, ideas<br />

and tone for it to be well worthwhile a fewhundred<br />

words of my writing – and a few<br />

minutes of your time to digest.<br />

Let’s start with Theresa May’s speech.<br />

Perhaps understandably (and pragmatically),<br />

speaking from power means that it’s easier<br />

to lean on rhetoric, along with details of<br />

‘life-changingly positive’ actions taken in<br />

the recent past. Oh, and putting the boot in<br />

against the opposition’s speeches from a week<br />

earlier.<br />

And there was no shortage of any of those<br />

elements in the Prime Minister’s keynote.<br />

She spoke of reducing ‘the deficit by<br />

four-fifths’, following Labour Government<br />

borrowing during the banking crisis.<br />

Although she failed to mention that the<br />

budget deficit target was two years’ behind<br />

schedule – and further targets set by former<br />

chancellor George Osborne, namely to meet a<br />

surplus including investment by 2020, seem<br />

way off.<br />

The speech meandered around antinationalisation,<br />

and improved infrastructure<br />

spending to boost the economy. The latest<br />

iteration of the UK Corporate Governance<br />

Code, which includes ‘comply or explain’<br />

requirements to improve the workers’ voice<br />

in the boardroom, was also touched upon. For<br />

a factory worker in Sports Direct or Amazon<br />

– where working practices have been heavily<br />

criticised – one wonders if such a statement<br />

will have any resonance at all, or if the rule<br />

change will have any impact.<br />

For opposition shadow chancellor John<br />

McDonnell, well, you would expect punchier<br />

and (hope for) more focused announcements.<br />

The key corporate announcement was,<br />

as you’d expect from Labour, focused on<br />

disseminating profits among workers – but<br />

with those workers also having more rights<br />

and ownership of the business they work in.<br />

Large businesses would have to transfer<br />

up to 10 percent of shares into an ‘inclusive<br />

ownership fund’. Dividend payouts would be<br />

capped at £500 per worker, and any surplus<br />

paid into government coffers.<br />

What would effectively be a new levy on<br />

private business, some £2 billion, is predicted<br />

to be transferred annually. From a positive<br />

point of view, it’s a clear initiative by Labour<br />

to align employees with both the actions of a<br />

company, and its performance.<br />

US research earlier this year (Inequality.<br />

org) found employee-owners have a third<br />

higher median income, and median<br />

household net wealth is 92 percent higher<br />

for employee-owners compared to nonemployee-owners.<br />

But employee, or shared,<br />

ownership is not a magic bullet and doesn’t<br />

guarantee corporates’ fortune.<br />

After years of double-digit growth and<br />

bonuses for its partners, both Waitrose and<br />

John Lewis brands shed thousands of jobs last<br />

year. Structural and competitive headwinds<br />

in retail and department store markets finally<br />

caught up with them. The fabled staff bonus<br />

is now single-digit.<br />

For the CBI, demarcating 10 percent of<br />

shares would ‘hobble UK’s ambitions on a<br />

global stage’ and reduce the value of shares<br />

held by ‘ordinary people’.<br />

“At a time of great uncertainty, this<br />

is no way to build the foundations of<br />

competitiveness and productivity that will<br />

improve people’s lives,” said CBI directorgeneral<br />

Carolyn Fairbairn in response.<br />

May pointed out that McDonnell’s plan was<br />

a ‘giant stealth tax on enterprise’. However,<br />

May also spoke of employees – improving<br />

rules so those in the gig economy can’t have<br />

their ‘workers’ rights undermined’. But for<br />

entrepreneurial sole traders and flexible<br />

freelancers in Britain, they could well point<br />

out that the way they are treated for tax and<br />

employment purposes is the worst of both<br />

worlds: the Government pushing to tax them;<br />

employers unwilling to give them employee<br />

rights. ‘Employed or self-employed’ tax<br />

rule IR35 was, of course, absent from May’s<br />

speech. It’s worth pointing out that people<br />

have taken to working flexibly to improve<br />

their situation and manage increasingly<br />

complex lives. The number of self-employed<br />

and freelancers stands at five million, from<br />

3.3 million in 2001.<br />

Freelancers and small business<br />

contractors – those looking to find ways to<br />

create new products and services as quickly<br />

and as mobile as possible, were absent from<br />

both keynotes. In a nation full of ideas and<br />

enterprise, there was little in the way of new<br />

or coherent thinking from the two parties.<br />

Kevin Reed is a freelance journalist and<br />

former editor of both Accountancy Age and<br />

Financial Director.<br />

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


Educating the bailiff<br />

Enforcement against goods is still a blunt instrument.<br />

AUTHOR – Andrew Wilson MCICM<br />

ENFORCEMENT against<br />

goods is a blunt instrument<br />

more suited to the 19th<br />

than the 21st Century,<br />

when putting a man in<br />

possession was still a<br />

common practice. Before the days of<br />

walking possession, it made economic<br />

sense to actually have a possession man<br />

billeted in the debtor's home or business<br />

until payment in full was made. These<br />

gents had questionable personal habits<br />

and hygiene and were a strong incentive<br />

to settle up, if only to get them off the<br />

premises! They were paid in cash on a<br />

Friday afternoon, when they all trooped<br />

into the office and the female staff were<br />

sent home at lunchtime to avoid any<br />

possible contact with them.<br />

Things really changed after the Second<br />

World War, when walking possession<br />

became the norm, but I am far too young<br />

to remember any of this.<br />

Taking Control of Goods, introduced<br />

in April 2014, is really not much different;<br />

we have controlled goods agreements<br />

instead of walking possession, more<br />

provisions about vehicles (as cars are<br />

often a debtor's main asset after his<br />

house) and the ability to secure all or<br />

part of a debtor's premises (but, sadly,<br />

without possession men). However, the<br />

main leverage is still removal and sale of<br />

a debtor's goods.<br />

One thing that has changed is<br />

that bailiffs are better educated, as is<br />

reflected in the ‘new’ title of ‘certificated<br />

enforcement agent’. They must have<br />

passed a Level 2 exam in Taking Control<br />

of Goods to be granted a certificate by a<br />

District Judge (if he/she considers them<br />

as a fit and proper person). Level 2 is the<br />

equivalent of GCSE A* to C (now 9 to 4)<br />

and many European enforcement agents<br />

are required to be university graduates.<br />

It’s some progress, but a small step.<br />

That is why CICM and other institutions,<br />

such as Chartered Institute of Legal<br />

Executions (CILEX), are now offering<br />

a Level 3 (A Level) qualification in<br />

Advanced Enforcement. All High Court<br />

Enforcement Officers Association<br />

(HCEOA) members will be encouraged<br />

to make this qualification a requirement<br />

for their bailiffs in the field and their<br />

more senior administrative staff. Better<br />

training and qualifications enable<br />

High Court bailiffs to confidently deal<br />

with more articulate debtors and their<br />

representatives.<br />

The Level 3 qualification also has<br />

the benefit of being a relevant starting<br />

point for those wanting to become<br />

High Court Enforcement Officers, as<br />

Level 3 is the requirement for aspiring<br />

candidates starting the Level 4 (1st Year<br />

Undergraduate) Diploma course with<br />

CICM, which is the academic requirement<br />

to apply to become authorised.<br />

Like solicitors and accountants, there<br />

is also a practical side, based on a twoyear<br />

training contract, with evidence of<br />

competence shown in a Training Log.<br />


This all helps, but enforcement against<br />

goods is still a blunt instrument, with the<br />

bailiff knowing little or nothing about<br />

the debtor at the address to which he has<br />

been directed.<br />

The answer must be access to<br />

information about debtors. But this must<br />

be made available only after judgment<br />

and be carefully restricted to those<br />

instructed through the courts, ensuring<br />

that otherwise strictly confidential<br />

information does not end up in the<br />

public domain.<br />

That would certainly ‘Stop the Knock’<br />

in many cases, as one of the other six<br />

methods of enforcing a judgment could<br />

be used with is more suited to the debtor's<br />

circumstances.<br />

This is doable, as demonstrated by<br />

how easy it is to tax your car. By joining<br />

up the DVLA, MOT and Insurance<br />

Company databases, you can complete<br />

the process with a card payment, in a<br />

matter of minutes.<br />

Is it likely to happen in the near future?<br />

The industry is making good progress in<br />

this area, but there is still some way to go.<br />

Andrew Wilson MCICM is Chairman<br />

of the High Court Enforcement Officers<br />

Association (HCEOA).<br />

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

Fast, fair and effective<br />

enforcement<br />

FAST. 48 hour average judgment transfer and very prompt<br />

attendance after notice expiry.<br />

FAIR. Robust vulnerability policies and nationally accredited<br />

training for all our teams.<br />

EFFECTIVE. The largest team of authorised HCEOs and<br />

highly trained enforcement agents.<br />

With our impressive industry leading recovery rates,<br />

nationwide coverage and dedicated Client Services team,<br />

you can trust HCE Group to collect more for you and<br />

your clients.<br />

Instruct us for<br />

Enforcement of judgments and tribunal awards<br />

Eviction of activists, squatters and travellers<br />

Eviction of commercial and residential tenants<br />

Commercial landlord services<br />

Tracing and process serving<br />

Vehicle recovery and enquiry<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 15<br />

To find out more or instruct us<br />

08450 999 666<br />


CICMQ<br />

CICMQ serves up a treat<br />

The Silver Spoon Company<br />

ONE of the UK’s leading<br />

sugar, baking and treats<br />

brands, The Silver Spoon<br />

Company, has achieved<br />

CICMQ accreditation<br />

after excelling in a<br />

number of key areas during assessment.<br />

Among the achievements, Silver Spoon’s<br />

credit control team of three reduced the<br />

company’s debt to an all-time low in this<br />

financial year.<br />

Founded in 1994, the company has<br />

its own portfolio of leading UK brands<br />

including Silver Spoon, Billingtons and<br />

Truvia. The Silver Spoon Company works<br />

with farmers in the East of England to<br />

grow their own sugar beet.<br />

Gary Auckland, Customer Service Team<br />

Leader at The Silver Spoon Company,<br />

says the accreditation has allowed the<br />

company to review and improve its<br />

procedures, and improve the way it reports<br />

information to the wider business: “We<br />

have seen considerable results since we<br />

implemented the changes, which has been<br />

recognised by all at Silver Spoon.”<br />

Top Marks for Imperial<br />

Imperial College London<br />

IMPERIAL College London, one of the<br />

world’s leading universities, has achieved<br />

CICMQ accreditation, demonstrating the<br />

College’s continued excellence in meeting<br />

the CICM’s standard of Quality in <strong>Credit</strong><br />

<strong>Management</strong>.<br />

Imperial College London is a world<br />

top ten university with an international<br />

reputation for excellence in teaching and<br />

research. It is home to 17,000 students and<br />

8,000 staff, who come from more than 100<br />

countries across the world.<br />

Gavin Jones FCICM, Head of Income at<br />

Imperial College, says documentation was<br />

integral to the assessment process: “Over<br />

the years, the College has adapted to the<br />

ever-diversifying types of business and<br />

multiple income streams it works with.<br />

Processes, policies and systems have<br />

had to improve to accommodate this,<br />

and unifying these processes was a key<br />

challenge.<br />

“As part of the CICMQ process, we<br />

have committed to providing training<br />

and development opportunities for staff,<br />

and currently have eight members of the<br />

income team working towards various<br />

levels of CICM qualifications.”<br />

Better connected<br />

with CICMQ<br />

EQUINIX has become CICMQ accredited<br />

for the first time, and since then it has<br />

been selected as one of the Finance<br />

department’s key achievements this<br />

year.<br />

As one of the world’s leading<br />

colocation data centre providers, the<br />

company has stakeholders that are<br />

not only based across 20 European<br />

countries, but also in America and<br />

APAC. CICMQ is one aspect that has<br />

helped it to raise the profile of the credit<br />

department.<br />

“The CICMQ journey allows an<br />

independent credit professional to<br />

review processes, procedures and the<br />

overall operation of the department and<br />

provide feedback. It is only by having<br />

that expert view from the outside do<br />

you really receive a true assessment<br />

of where you sit within a best practice<br />

benchmark,” says Nick Williams MCICM,<br />

Senior Manager (EMEA), <strong>Credit</strong> and<br />

Collections Equinix.<br />

High five for<br />

Aggregate<br />

AGGREGATE Industries has joined<br />

the most elite group of CICMQ<br />

accredited companies by achieving<br />

re-accreditation for the fourth time.<br />

Aggregate Industries is at the<br />

forefront of the construction and<br />

infrastructure industries. With over 330<br />

sites and more than 4,100 employees,<br />

it produces, imports and supplies<br />

construction materials, exports<br />

aggregate and offers national road<br />

surfacing and contracting services.<br />

Having completed CICMQ assessment<br />

for the first time in 2010, Aggregate now<br />

has a full-time equivalent of 34 in its<br />

credit services team, a number of whom<br />

are undertaking Level 3 and Level 5<br />

exams.<br />

“CICMQ re-accreditation enables<br />

us to differentiate ourselves from our<br />

competitors and demonstrate to our<br />

business that we are adding value<br />

and that the support we give them is<br />

a recognised high standard,” says Phil<br />

Rice FCICM, Head of <strong>Credit</strong>, Aggregate<br />

Industries. “It also allowed us to<br />

benchmark ourselves and share best<br />

practice with other CICMQ accredited<br />

companies.”<br />

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


The benefits of implementing<br />

a ‘Two Supplier’ strategy<br />

AUTHOR – Michael Higgins<br />

FOR many businesses,<br />

the idea of using a single<br />

outsourced supplier to assist<br />

with credit management<br />

remains a relatively new<br />

concept, let alone using<br />

two. But the ‘‘Two Supplier’’ strategy<br />

can have significant benefits in creating<br />

choice and flexibility, improving quality,<br />

strengthening contingency plans and<br />

competitive pricing.<br />


Whether it be a trace agent or High Court<br />

Enforcement Officer, the two supplier<br />

strategy is one that has allowed Lovetts to<br />

compare service levels and performance,<br />

ensuring we maximise and enhance our<br />

debt collection success over the years.<br />

Equally, as a supplier of debt recovery and<br />

legal services we have always been happy<br />

to work in this way, recognising that the<br />

different strengths and perspectives the<br />

firm and indeed our competitors provide<br />

offer different ways of doing things.<br />


A study by ISG Director Michael Kushner<br />

describes the use of multiple suppliers<br />

as an ‘agile’ practice and one that has<br />

evolved from a maturing outsourcing<br />

market. Sarah Burnett, research director<br />

for Public Sector BPO at Nelson Hall, says<br />

that the introduction of a second supplier<br />

represents ‘‘a desire to adopt best-of-breed<br />

for a particular process or domain and<br />

ensure access to superior capability’’.<br />

In other words, healthy competition is<br />

still a key driving force behind business<br />

innovation.<br />


Having two or even more suppliers<br />

offering the same service allows<br />

companies to better protect themselves<br />

against unforeseen circumstances, e.g.<br />

if a supplier goes out of business or they<br />

are unable to supply what was agreed at<br />

the last minute. It’s another reason why<br />

an increasing number of companies have<br />

made it a companywide policy to always<br />

contract two suppliers for the same<br />

service.<br />


And of course, having multiple providers<br />

in the same area can only help with costefficiencies.<br />

The common apprehension<br />

here is that this practice implies ‘playing<br />

one party off against the other’ to drive<br />

down costs, but this is not necessarily the<br />

case. By assessing what individual service<br />

providers are delivering in a professional<br />

and impartial way, you’ll be able to better<br />

understand where third-party investments<br />

are most effectively being made.<br />

Ultimately, being open to a two<br />

supplier service strategy and beyond<br />

keeps your business open for growth and<br />

development, and it’s a way of working<br />

that Lovetts is experienced in both as a<br />

buyer and as a service provider ourselves.<br />

Michael Higgins,<br />

Managing Director, Lovetts.<br />

Do your customers owe you money?<br />

At Lovetts Solicitors, we’re here to help<br />

you formally recover your business debts.<br />

With over 20 years experience in all<br />

aspects of debt collection and recovery,<br />

we know exactly how to help you.<br />

Lovetts<br />




IS RIGHT?<br />

Solicitors are to publish pricing<br />

online from December but will this<br />

limit choice?<br />

AUTHOR – James Perry<br />

WORKING life as<br />

a debt recovery Solicitor<br />

is a rich tapestry of<br />

clients whose business<br />

threads are every imaginable<br />

colour, debtors<br />

every imaginable material and chances of<br />

success (based on numerous other variables)<br />

every imaginable shape and size. That variety,<br />

which I get to enjoy every working day, is the<br />

reason why I do what I do. How then, I ask myself,<br />

as I read the Solicitors Regulation Authority<br />

(SRA) guidance published on 2 October am<br />

I going to maintain client choice (and act in<br />

my client’s best interests) to accommodate all<br />

sectors and all debt types when I am forced by<br />

the SRA to publish my pricing online in<br />

December?<br />

My clients are not numbers to me. They<br />

are each unique and I want to be able to treat<br />

them as such so I can properly look after them<br />

by pricing accordingly. Some of you might say<br />

well of course he doesn’t want to publish his<br />

figures, but believe me there is far more to this<br />

than that. The big problem is the number of<br />

products I sell, all of which are individual and<br />

unique depending on my client. I fully support<br />

transparency, but exactly how am I going to<br />

price for the client who pulls up in a truck<br />

with papers strewn in the back and gives no<br />

explanation, while at the same time also pricing<br />

for the client who sends me the info as data that<br />

plugs straight into my case management system<br />

and automatically generates that first letter?<br />

How do I then price for everyone in between?<br />

I’m normally quite good at this sort of<br />

problem but today’s riddle is baffling. If I pick<br />

a mean average to simplify things and make<br />

my life easy then my really good clients, who<br />

do everything they are told, are going to suffer<br />

because the not so good ones will always<br />

increase the average cost. Everyone naturally<br />

quotes for that worse-case scenario because we<br />

know the bad job will always drain the profit<br />

out of the good jobs. Solicitors are of course<br />

naturally risk-averse and intimately aware of<br />

the potential risks. That kind of awareness<br />

will also drive up a price where there could be<br />

problems. It means I have to caveat everything<br />

I price to get my point across but then that just<br />

begins to look messy. This is evidenced by my<br />

waste paper basket which is overflowing with<br />

drafts at the moment!<br />


I think a big rethink is seriously required that<br />

takes full account of all the practical problems.<br />

There needs to be an understanding that we are<br />

trying to balance a great number of things here.<br />

If a solution to a problem is not always going<br />

to be linear then it should never be treated as<br />

being linear. We need to step back and think<br />

carefully about whether publishing low fees<br />

just to win work will put teams out of business<br />

(and/or ruin good service levels) or alternatively<br />

whether publishing high fees will put people<br />

off completely and mean people choose not<br />

to access justice. These rules will certainly<br />

damage net recoveries because instead of me<br />

listening to a future client and bending to their<br />

needs (as I do now), they will have no choice<br />

but to accept what we think might work, and<br />

we will have to stick to what we have published<br />

on our websites. Unfortunately, the publishing<br />

of prices locks you in to that price and I think<br />

that makes the whole thing too rigid. The<br />

customer’s needs will no longer be able to come<br />

first because the regulations will get in the way<br />

of the principle. This is what happens when we<br />

start treating services as pure products; where<br />

the dividing lines have to be set.<br />

For example, how will a procurement<br />

exercise work? It looks as though it will be<br />

pretty short and sweet because if you want to<br />

drive a price down for a service caught by the<br />

regulation then you can only drive it down as far<br />

as the price that is published by the lawyer on<br />

their website. If you wanted to offer something<br />

lower wouldn't the lawyer have to amend the<br />

website first, and then wouldn't they start to get<br />

a barrage of calls when they do from existing<br />

clients paying higher prices? The chaos this<br />

could create is obvious.<br />

Sometimes we cost according to what<br />

our enforcement charges will be but these<br />

regulations do not include enforcement costs<br />

– which is odd given that this is the easier<br />

part of the puzzle to cost. This creates another<br />

problem because some of our lower prices at<br />

the front-end are based on the fees charged at<br />

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

the enforcement stages when we have secured<br />

a Judgment. It means our published fees might<br />

look cheap at the front-end, and we will have<br />

to publish those prices only, but they are only<br />

set at that price because they are connected<br />

to the profit we expect to make on the debts<br />

at the back-end when we make our recovery<br />

through enforcement methods. These intricate<br />

interconnections between parts of the services<br />

we offer are difficult to list in a table, and I<br />

think this point has also been missed by the<br />

regulations.<br />

We might also offer debt recovery services<br />

for free but this could be because we get another<br />

part of a client’s legal portfolio. For example, in<br />

return we might get a client’s entire portfolio of<br />

corporate transactions and that will be where<br />

we make our profit as a business. One legal<br />

team will sometimes help to feed another and<br />

it is frustrating to see that this option will now<br />

become tangled in the regulations. What would<br />

happen in this type of situation? Would I still<br />

publish that I do this small amount of work<br />

for free and brace myself for a barrage of calls?<br />

Would I then upset clients who don't get my<br />

services for free? Again, there are seemingly far<br />

more questions than answers.<br />


Finally, as if the logistics of how to pitch price are<br />

not bad enough there are also safety concerns<br />

here regarding these regulations. The SRA is<br />

asking us to publish details of all fee-earners<br />

that charge on a file. The examples given in the<br />

guidance contain details of names, positions,<br />

qualifications, previous jobs and general<br />

experience. If this is what we must publish then<br />

how easy does that make it for a debtor to track<br />

that person down? Perhaps they will obtain a<br />

photograph from a LinkedIn profile to figure out<br />

precisely who is demanding money from them.<br />

We have all had circumstances in our careers<br />

where a debtor has been threatening. I had<br />

one who made a payment in full then smashed<br />

a mirror in my reception as he left! Do these<br />

regulations protect staff who, sometimes for<br />

very good reasons, do not want their profiles up<br />

online? We are of course more than happy to let<br />

clients know who is doing their work and what<br />

experience and qualifications they have, but how<br />

James Perry<br />

Debt recovery<br />

as a legal service<br />

is unique and<br />

it does not fit<br />

easily into<br />

these regulations<br />

in quite the<br />

same way as it<br />

does for probate,<br />

conveyancing or<br />

licensing.<br />

comfortable are we giving the same information<br />

to debtors? Do they also need to know by name,<br />

position and experience who is chasing them<br />

for payment? So would anyone like to prep me<br />

that ten-dimensional spreadsheet containing all<br />

possible variables and prices because I’m really<br />

struggling? Any Einsteins among us?<br />

In all seriousness I am frustrated as to why<br />

the SRA would insist on pricing information<br />

for debt recovery claims worth less than<br />

£100,000 and I am hoping the points I have<br />

made have been missed and therefore can<br />

still be considered. Debt recovery as a legal<br />

service is unique and it does not fit easily into<br />

these regulations in quite the same way as it<br />

does for probate, conveyancing or licensing.<br />

Those areas are far more static and easier<br />

to price in many ways. In theory it sounds<br />

great – you would get a price list for the service<br />

you want. But the problem is that clients don't<br />

want to pick from a dropdown list. I think<br />

until you scratch below the surface of this<br />

concept you don't realise it just cannot work in<br />

practice.<br />

Finally, if I were to rip you off the SRA and<br />

Solicitors Disciplinary Tribunal (SDT) would<br />

strike me off. It is as simple as that. The remedy<br />

you need to protect your interests already<br />

exists and you don’t need me to publish my<br />

pricing online to improve on that unless of<br />

course you value that higher than your range<br />

of options. Solicitors are bound by far greater<br />

professional obligations than debt collection<br />

agencies and that really should be sufficient.<br />

We are placed under a professional obligation to<br />

tell you in our client retainers who will do the<br />

work, for how much and the likely costs of the<br />

entire instruction. Clients need the freedom to<br />

contract and they need to find the best fit for all<br />

their little foibles. If that is taken away then the<br />

rich tapestry we currently cater for and enjoy<br />

catering for will have to be viewed through a<br />

black and white lens in the future and be treated<br />

like an ‘off the peg’ item rather than a tailormade<br />

one.<br />

James Perry is Vice Chairman of the<br />

Law Society’s Civil Litigation Committee<br />

and Director – Technical of the Recoveries team<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 19

Ice Magic<br />

Sean Feast FCICM speaks to Dewi Fox<br />

MCICM about swimming, Arctic Rolls,<br />

and the challenges of running a medium<br />

size debt collection agency.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 20


AUTHOR – Sean Feast FCICM<br />

DEWI Fox is a proud<br />

Welshman, born in St<br />

Asaph which is famous<br />

for being one of the<br />

smallest cities in the<br />

UK and the birthplace<br />

of goal-scoring legend, Ian Rush. But<br />

while his Christian name betrays his<br />

welsh roots, there is little in his accent<br />

to suggest he is anything but English, a<br />

result of living in the land of St George<br />

since he was three.<br />

“My father was a career civil servant,”<br />

Dewi explains, “and worked for the<br />

Inland Revenue as a Tax Collector, maybe<br />

collections were in the genes – which is a<br />

very sad thought!” He moved around with<br />

his job to Wrexham and Chester before<br />

moving south to Kingston-upon-Thames,<br />

and so we finally ended up in Walton-on-<br />

Thames where I have been ever since.”<br />

Educated at a Sacelsian School, a<br />

Catholic State school in Chertsey, Dewi<br />

did well academically but was keener<br />

on all sports, especially swimming and<br />

playing football, reaching the National<br />

Schools Finals in the former, and playing<br />

at County level in football. “Sport was my<br />

passion,” Dewi admits. “We used to have<br />

what we called ‘Mad Wednesday’ where<br />

I would go swimming in the morning<br />

before school, then play football with the<br />

school team in the afternoon before going<br />

on to train with Wimbledon later in the<br />

day, and then finishing with another stint<br />

in the pool. By the end of it, they used<br />

to drag me out of the pool virtually half<br />

asleep.”<br />

Such diligence and commitment paid<br />

off: in the National Schools Finals in<br />

the Isle of Man he finished fourth in his<br />

chosen stroke, the backstroke. The part<br />

he remembers best, however, was the<br />

journey home: “I shared a carriage with<br />

Sharon Davies,” he smiles.<br />


With so much time needed for training<br />

and only so many hours in a day, Dewi<br />

ultimately gave up his swimming in<br />

favour of football: “Swimming is about<br />

ten percent talent and 90 percent time in<br />

the pool,” he explains.<br />

Dewi thus began to shape his days and<br />

weekends around his football, working a<br />

paper round, various Saturday jobs and<br />

playing football mid-week and Sundays.<br />

Work, Dewi says, was something that<br />

came naturally to him, and he was<br />

seldom without a job, even if he had to<br />

lie about his age to get one. Earning<br />

money was important, especially when<br />

an opportunity came to play football in<br />

Canada. “My parents were of modest<br />

means,” he says, “and so I worked to earn<br />

enough money to pay for the trip myself.”<br />

As Fifth Form gave way to the Lower<br />

Sixth, Dewi’s interest in his three chosen A<br />

Levels, Maths, Economics and Computer<br />

Science, began to wane. He applied for<br />

and was offered a place at Loughborough<br />

(“I wanted to go for the sport,” he says),<br />

but in the end he didn’t go: “Some of<br />

our Computer Science lessons were on a<br />

Monday and Friday afternoon, away from<br />

the school at Brooklands Tech College,”<br />

he explains, “but after a while a few of us<br />

stopped going and just went to the pub<br />

instead!”<br />

Scraping through his exams, and with<br />

little on the horizon other than an appetite<br />

for work, Dewi first took a summer job in<br />

a factory making arm rests for aircraft<br />

seats (“They were all much older than<br />

me and listened to Radio Two all day,” he<br />

laughs. “It used to drive me nuts.”) , while<br />

he looked for a proper job.<br />


His last Saturday job had been working<br />

in the post room at the Head Office of<br />

Birds Eye Walls where he got to know<br />

the Computer Operators well. They<br />

encouraged him to apply for a post as a<br />

computer programmer, a role usually<br />

reserved for graduates: “I passed the<br />

aptitude test,” he says, “and they offered<br />

me a job in the IT department. It meant<br />

spending three months in operations<br />

before joining the programming team.<br />

“I was the youngest in the department<br />

by quite a few years as everyone else had<br />

been to university but it was the dream<br />

job. We had a bar on site (my boss liked<br />

a drink) and a football team, and it was<br />

only a ten-minute walk from where I<br />

lived. By the time I left, the IT department<br />

probably had something like 100 people<br />

in it, almost evenly split by those who<br />

smoked at their desks and those that<br />

didn’t (remembering this is the 1980s).<br />

Everyone went to the bar on a Friday<br />

lunchtime, and we had the benefit of a<br />

staff shop, though by the time I left I was<br />

sick of Vienetta and Arctic Rolls!”<br />

After four and a half years at Birds Eye<br />

Walls, Dewi had saved enough money to<br />

go travelling, and spent 12 months in the<br />

US, Australia, Asia and Africa. Within<br />

those 12 months he worked for six weeks<br />

and three days precisely. The six weeks<br />

was spent as a computer programmer<br />

Everyone went to the bar<br />

on a Friday lunchtime,<br />

and we had the benefit<br />

of a staff shop, though by<br />

the time I left I was sick of<br />

Vienetta and Arctic Rolls.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 21 continues on page 22 >


AUTHOR – Sean Feast FCICM<br />

in Sydney, where he earned Aus$30 an<br />

hour at a time when his rental apartment<br />

in Rose Bay (walking distance of Bondi<br />

Beach) cost only Aus$35 a week. Of the<br />

three additional days, two were spent as<br />

a decorator in San Diego (“I wasn’t much<br />

good at it,” he admits) and the third<br />

dipping trees into some form of liquid<br />

treatment in Queensland, without so<br />

much as a rubber glove in sight!<br />


Returning to the UK, he took various jobs<br />

in IT, including a spell in recruitment and<br />

sales, before a family connection led to<br />

him being offered a role at Frederickson’s<br />

as an Office Manager. “At the time there<br />

were only about 15 of us,” he remembers,<br />

“and it was both a successful business and<br />

a fun place to work. It was also ahead of its<br />

time in the technology it used,” he adds.<br />

From Freddies he was poached by<br />

Thames <strong>Credit</strong> in Bromley, initially as<br />

Head of Collections and then Head of<br />

Operations. Thames <strong>Credit</strong> was a much<br />

larger business than Freddies at the time,<br />

and Dewi was obliged to keep a seating<br />

plan of the office so he would know<br />

the name of anyone leaving their desk<br />

to speak to him! It was while he was at<br />

Thames <strong>Credit</strong> that he was approached by<br />

an old school friend with an idea of setting<br />

up their own agency, at which point Dewi<br />

started developing a bespoke IT platform<br />

in his spare time. With the new system<br />

ready for action, and the first client in the<br />

bag, the new business was born.<br />

ARC Europe thus came into being in<br />

2001 as both a purchaser and collector,<br />

and in the early days, as now, its pitch<br />

was in its ability to develop bespoke<br />

solutions matched to a client’s specific<br />

requirements and demands. It was<br />

far from plain sailing: “The early days<br />

were tough,” Dewi recalls, “and winning<br />

new clients was a particular challenge.<br />

Steadily we began to grow the business<br />

and employ some part-time sales people,<br />

and through one of these we secured our<br />

first gym.”<br />


This, Dewi says, was a game changer: “I<br />

flew up to Glasgow to meet the client, and<br />

came away with the business,” he explains.<br />

“Most of our work was around customer<br />

retention; the gym wanted to keep their<br />

customers if they could, and collect from<br />

those if they couldn’t. Previously they’d<br />

used a firm of solicitors, but within the<br />

first month alone we blew them out of the<br />

water.”<br />

The second game changer came in an<br />

oval shape, Egg. “It was very innovative<br />

for its time in the way it engaged with<br />

agencies,” Dewi remembers. “It set up<br />

what it called ‘DCA World’ which was<br />

effectively its new panel (to include<br />

1st placement, 2nd placement, legal,<br />

trace etc) and we were awarded the 2nd<br />

placement work. We learned a great deal<br />

from it as a business which we rolled<br />

out to our clients in other sectors. It was<br />

also the first time I ever heard the initials<br />

‘TCF’!”<br />

Egg, Dewi explains, brought a very<br />

different style to business, incentivising<br />

successful agencies by inviting them<br />

to events, including a table football<br />

tournament at Pride Park (“We lost to<br />

Moorcroft in the final, only because they<br />

had a ringer,” Dewi jokes). One of the<br />

more exciting events was the Yorkshire<br />

Three Peaks challenge: “The last peak was<br />

a tough climb on our hands and knees in<br />

snow and some of us nearly didn’t make<br />

it.”<br />

The serious side to such fun activities<br />

was a greater understanding of the client/<br />

agency relationship, and an opportunity<br />

for agencies to get to know one another<br />

better. The good times came to an end<br />

with the sale of Egg in 2011, and the<br />

decision by Barclaycard to dissolve the<br />

panel. Happily for ARC, it coincided with<br />

the acquisition of a new portfolio within<br />

the insurance sector. Dewi remembers<br />

the negotiations well:<br />

“It was an initial portfolio of around<br />

60,000 accounts with an average balance<br />

of £200 per account,” he explains. “I<br />

offered the client two pence in the pound<br />

and a share of anything over six percent.<br />

They declined, until I explained our<br />

position, and what a larger debt buyer<br />

might offer and the hoops they would<br />

have to go through to get there, and in the<br />

end, we settled at two and a half pence<br />

and a share on everything above seven<br />

and a half percent. Remarkably, the deal<br />

probably took ten minutes to complete<br />

with a hand shake, but we were all happy<br />

and they are still a client today.”<br />


Since those early days, ARC has tended<br />

to stick to the knitting and focus on those<br />

areas in which it has proven expertise:<br />

financial services (including banks and<br />

high cost/short-term lending); insurance;<br />

and lifestyle, notably gyms. So, has Dewi<br />

seen many changes since the advent of<br />

the Financial Conduct Authority (FCA)<br />

as the new regulator? The answer is an<br />

emphatic yes:<br />

“The impact of the FCA has been even<br />

greater than we imagined,” he says. “For<br />

a start, we have had to invest in staff and<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 22


AUTHOR – Sean Feast FCICM<br />

A member of the<br />

Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong><br />

(CICM) for more than 20<br />

years, Dewi still engages<br />

with the Institute as an<br />

active member of the<br />

Think Tank, along with<br />

fellow ARC Director<br />

David Sheridan who<br />

recently became a<br />

Fellow.<br />

roles that didn’t even exist prior to the FCA<br />

coming into being, notably around quality<br />

assurance and compliance. This need to<br />

invest in new people, however, has come<br />

just as the market for high cost/shortterm<br />

lending has shrunk by more than 40<br />

percent, and we're experiencing similar<br />

declines in some other sectors.<br />

“We are therefore faced with a<br />

conundrum: you have to be of a certain<br />

size to meet the FCA requirements and<br />

match client expectations, but you need<br />

more business to cover the additional<br />

costs at the time when business is<br />

more difficult to find and markets are<br />

contracting.”<br />

The need to control costs has led many<br />

agencies, ARC among them, to explore<br />

how technology can help. New customer<br />

engagement strategies such as rich text<br />

SMS and web-chat via a new website are all<br />

helping improve both efficiencies and the<br />

customer experience, and a move towards<br />

full ‘self-service’ is the next logical step.<br />


How clients measure success is also an<br />

ongoing challenge, Dewi says, as no one<br />

client is ever the same: “One of the more<br />

imaginative financial services firms is<br />

predominantly outcomes based, with<br />

very low commission on collections,” he<br />

explains, “so we are measured on whether<br />

a customer completes an Income and<br />

Expenditure form, or whether we can set<br />

up a payment arrangement for example,<br />

more than the money collected. Call<br />

Quality is the key metric.”<br />

But Dewi says that such measurements<br />

can change overnight: “Different clients<br />

have different ways of measuring success,<br />

but even when a client has a change in<br />

senior management, we can find ourselves<br />

being measured differently again.”<br />

Despite the additional challenges, and<br />

the additional costs of compliance in<br />

particular, Dewi says that most of their<br />

clients have been reasonable in adjusting<br />

margins and rewards. One increased<br />

their fees in accordance with their<br />

own ‘treating suppliers fairly’ (or more<br />

formally entitled ‘Responsible Business<br />

Practices’) charter, but not every client has<br />

been so understanding: “We have had to<br />

exit some business,” Dewi says, “because<br />

it was simply not profitable. Turnover<br />

and volume are important, but so too is<br />

profitability. It becomes a numbers game.”<br />

A member of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong> (CICM) for more<br />

than 20 years, Dewi still engages with the<br />

Institute as an active member of the Think<br />

Tank, along with fellow ARC Director<br />

David Sheridan who recently became a<br />

Fellow. He also maintains good relations<br />

with the <strong>Credit</strong> Services Association (CSA),<br />

and is proud to have been one of the very<br />

first to have gained a CSA Diploma – with<br />

a distinction.<br />


Within business, Dewi is keen to find the<br />

right balance between working hard and<br />

having fun: “Within the team we’ve all set<br />

ourselves some personal goals,” he tells<br />

me. “These include: to cycle 100 miles; to<br />

catch a certain size of fish; to lose some<br />

weight; and even to get a boyfriend! My<br />

own challenge is to swim 400 metres in<br />

less than five minutes and 30 seconds.”<br />

Of all the personal attributes that Dewi<br />

holds in the highest regard, good manners<br />

come in first place. “Working hard will get<br />

you a long way, but having good manners<br />

will get you even further in life. I don’t<br />

agree that to be successful you have to be<br />

ruthless and tread on others to get on. I<br />

just don’t see it.”<br />

When discussing education for<br />

the next generation, Dewi thinks that<br />

apprenticeships, and especially those<br />

that lead to a degree, are also invaluable:<br />

“Schools often channel youngsters<br />

down the University route when it is not<br />

always appropriate. Getting a degree as<br />

an apprentice, where you are learning<br />

on the job and earning money while<br />

you’re doing it, is an excellent initiative.<br />

“Unfortunately, my two sons didn’t take<br />

that route and are currently piling up the<br />

debt at Uni, but I’m sure they’ll be OK.”<br />

Dewi is definitely a glass half full man,<br />

often with beer in it!<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 23


Acquiring<br />

Knowledge<br />

Why might further consolidation in the debt purchase<br />

and collections industry be good for the consumer?<br />

AUTHOR – Julian Winfield<br />

Julian Winfield<br />

MERGERS and Acquisitions<br />

are much in the<br />

news of late, although<br />

not always for the right<br />

reasons. The sight of<br />

the CEO of Sainsbury’s<br />

caught singing ‘we’re in the money’ off<br />

camera in the summer will long live in the<br />

memory not only for the poor vocals, but<br />

also for the disastrous message it conveyed<br />

as to the real purpose and benefit of bringing<br />

two companies (Sainsbury’s and Asda)<br />

together.<br />

Whenever businesses merge or are<br />

acquired, teams of PR professionals<br />

are quick to promote the message that<br />

consolidation is good for the long-term<br />

future of the businesses concerned, good<br />

for the staff, and good for the consumer.<br />

Whether this is borne out in reality in a<br />

large number of cases is a moot point,<br />

and it depends very much on the industry<br />

concerned.<br />

Too often we see acquisitions followed a<br />

year or so down the line after the dust has<br />

settled by large numbers of redundancies<br />

and branch closures, and little or no<br />

evidence of any tangible customer<br />

advantage. Indeed, in some cases the<br />

consumer is arguably worse off than they<br />

were had the status quo remained.<br />

In the debt purchase and debt collection<br />

industry, however, we would maintain<br />

that there are significant advantages to<br />

be had, and the benefits of consolidation<br />

go far beyond the savings to be made on<br />

bricks and mortar, systems integration or<br />

rationalising back-room staff. While these<br />

will inevitably help to reduce costs and<br />

drive greater operational efficiency, they<br />

are only one part of the attraction.<br />

They also go beyond the opportunity to<br />

share best practice, innovation and thought<br />

leadership which are similarly appealing.<br />

The ability to learn from others, and the<br />

opportunity of bringing in additional skillsets<br />

and talents cannot be underestimated.<br />


The real benefit, however, and something<br />

that is virtually unique to our industry, is<br />

the advantage that comes from ‘acquiring’<br />

additional data. ‘Big’ data is, of course, a<br />

hot topic. What is important, however, is<br />

not the volume of data you have, but rather<br />

how you use it to make better-informed<br />

decisions that ultimately lead to improved<br />

outcomes for the customer.<br />

Take, for example, the case of Mr Smith,<br />

whose credit card debt we own. If, through<br />

acquisition or merger, we now not only<br />

have access to his credit card data, but also<br />

greater visibility of his car finance or mail<br />

order debt, then we have a much better<br />

understanding of Mr Smith’s true financial<br />

position.<br />

In certain respects, the debt purchaser<br />

is able to assume a similar role to that of a<br />

debt management business or charity, with<br />

a much greater insight into affordability<br />

and creating a more appropriate (and<br />

accurate) I&E. We can take an holistic view<br />

of his circumstances, as they do, which in<br />

turn helps us to help him on his journey to<br />

financial rehabilitation and rebuilding his<br />

credit profile.<br />

Consolidation in any industry brings<br />

challenges, but it also brings opportunity.<br />

While there are far fewer players in the debt<br />

purchase and collections industry today<br />

than there were a decade or so ago, further<br />

consolidation is not only inevitable, but I<br />

would argue preferable. It will certainly be<br />

in the consumers’ interests.<br />

Julian Winfield is Chief Executive,<br />

Hoist Finance UK<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 24

A <strong>Credit</strong> Manager walks into a bar…<br />

…and the Finance Director’s buying. Well, why not? DSO is down,<br />

collections run like clockwork and the <strong>Credit</strong> Controllers spend their time<br />

building rapport with customers, not ploughing through chase letters<br />

or wrestling complicated spreadsheets.<br />

For over 15 years, Credica software has improved cashflow and reduced<br />

collection costs for some of the UK’s biggest names.<br />

We want to find out how we can help you too.<br />

Call us on<br />

01235 856400<br />

or visitt<br />

www.credica.co.uk<br />

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01235 856400 • info@credica.co.uk • www.credica.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 25


Championing<br />

small businesses<br />

The importance of helping smaller companies to export.<br />

AUTHOR – Lesley Batchelor OBE FCICM<br />

AT the start of October,<br />

The Institute of Export &<br />

International Trade was<br />

honoured to be awarded<br />

the title ‘WTO-ICC Small<br />

Business Champion’ by the<br />

World Trade Organisation (WTO) and the<br />

International Chamber of Commerce (ICC).<br />

This followed the final of an international<br />

competition that we ran for Micro, Small &<br />

Medium Enterprises (MSMEs) all over the<br />

world, inviting them to submit their export<br />

plans using an online planning tool on our<br />

Open to Export platform.<br />

The competition was our way of<br />

contributing to a more inclusive trading<br />

world and we were humbled to meet the 12<br />

finalists who pitched for the cash prize of<br />

$5,000, eight of whom travelled to Geneva<br />

to join us for a competition showcase at the<br />

WTO Public Forum.<br />

Our stand throughout the Forum was<br />

abuzz with inspiring entrepreneurs. Our<br />

finalists supported each other with their<br />

pitches and exchanged ideas and advice<br />

about how to export successfully. What was<br />

truly inspiring though, was the significant<br />

impact that each of these companies is<br />

already having in their respective homes.<br />

The winning company, Dytech from<br />

Zambia, which makes honey-based<br />

products, is just one such example of the<br />

vital role that trade plays in developing<br />

communities. As it grows, Dytech<br />

employs and trains individuals from<br />

poorer communities, 40 percent of whom<br />

are women. By giving Dytech $5,000 to<br />

implement its export strategy, we are<br />

helping Zambian men and women<br />

to escape poverty and gain skilful<br />

employment, creating skills and work<br />

that could have lifelong impacts.<br />


We were honoured to be named a ‘WTO-<br />

ICC Small Business Champion’ because<br />

the need to champion small businesses<br />

is paramount in bringing more people<br />

out of poverty and spreading prosperity<br />

through the world.<br />

Despite all the anxieties we have<br />

going into 2019, it remains the case that<br />

much progress has been made in recent<br />

times. Much of this has been down to<br />

a globalised and liberalised trading<br />

system, with the World Bank reporting<br />

that the 1990 poverty rate was halved by<br />

2010, five years ahead of target.<br />

Protectionist politics and fears<br />

about automation linger of course. In<br />

respect to the latter, trepidation may<br />

be exaggerated. In his opening plenary<br />

speech to the WTO Public Forum, WTO<br />

Director General, Roberto Azevêdo,<br />

noted that technological advances could<br />

lead to additional global trade growth<br />

of around 30 percent, and though<br />

technology could replace 75 million jobs<br />

over the next four years, in the same time<br />

it could also create 133 million new ones.<br />


The WTO’s mission is to ensure that global<br />

trade growth works for everyone, and<br />

the phrase ‘inclusive trade’ is a key one<br />

– especially when protectionist policies<br />

are returning to the table. In this sense,<br />

new and growing companies can often be<br />

the most inspiring and innovative causes<br />

for hope, not least because the great ideas<br />

and employers of tomorrow can’t all come<br />

from big business.<br />

By backing small businesses<br />

irrespective of where they come from –<br />

something technology indeed facilitates –<br />

we can truly spread opportunity in trade so<br />

that it includes people from developing as<br />

well as developed countries, spreading it<br />

to people of all races, genders, sexualities<br />

and backgrounds.<br />

It was truly inspiring, for instance,<br />

that seven of our 12 finalists were<br />

women hailing from Vietnam, Mongolia,<br />

Belize, Saint Kitts, Jordan, Trinidad, and<br />

Scotland.<br />


Global trade should be inclusive and the<br />

case for the benefits of exporting has<br />

to be made to MSMEs. Wherever you<br />

are, whatever the size of your business,<br />

exporting helps to spread risk, increase<br />

sales and boost efficiency.<br />

Indeed, we learnt recently that in<br />

the UK alone companies that export<br />

become 34 percent more productive<br />

than those that don’t. By dealing with<br />

people in different cultures you learn so<br />

much about the world and other ways of<br />

doing business – something we certainly<br />

found spending time with our finalists in<br />

Geneva. Exporting can only do all these<br />

things when you know how it’s done<br />

properly. That’s why we were delighted<br />

to open up the Open to Export project<br />

to MSMEs around the world – using our<br />

own technologies to help them trade<br />

successfully.<br />

By giving SMEs the tools and<br />

information they need to export properly,<br />

we’re doing our bit to facilitate, encourage,<br />

and to champion the world’s SMEs. In so<br />

doing, we’re making trade more inclusive,<br />

doing our bit to reduce poverty and<br />

increase opportunity everywhere and for<br />

everyone.<br />

Lesley Batchelor OBE FCICM is Director<br />

General of The Institute of Export and<br />

International Trade.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 26

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TRADE<br />

Monthly round-up<br />

of the latest stories<br />

in global trade by<br />

Andrea Kirkby.<br />


SPORADIC skirmishing has<br />

begun to look more like trench<br />

warfare, as President Trump<br />

imposed tariffs on another $200<br />

billion of Chinese products,<br />

and China retaliated almost<br />

immediately with tariffs on $60 billion<br />

of American trade. Trump has already<br />

threatened to respond to any Chinese<br />

retaliation – and so the escalation looks<br />

set to continue, with neither player likely<br />

to back down. So far, stock markets have<br />

shrugged off the impact. But Jim Paulsen,<br />

a well-regarded Wall Street strategist, says<br />

‘the Teflon could quickly disappear’ if US<br />

growth starts to slow. That could bring stock<br />

markets tumbling.<br />

However, it's not stock markets that<br />

I'm most worried about. China doesn't<br />

actually import that much from the US,<br />

so retaliating by imposing tariffs will<br />

get increasingly difficult. I'm wondering<br />

whether China would take the brutal step<br />

of devaluing the yuan – and that would hit<br />

British exporters as well as the US. So watch<br />

your currency exposures! There's another<br />

worrying development, too. China and<br />

Russia seem to be getting together. China<br />

participated in Russia's Vostok <strong>2018</strong> military<br />

exercise, and while the two countries don't<br />

have exactly the same strategic priorities,<br />

they've decided to face down the West<br />

together. That geopolitical change could<br />

not only increase political risk in Central<br />

Asia and the Pacific, but also accelerate<br />

the development of the new Silk Road<br />

route. Watch out for developments – there<br />

will be threats but there might be a few<br />

opportunities as well.<br />


ONE little bit of good news this month is that Euler Hermes has taken the resource sectors<br />

off its ‘most stressed’ list. Recovering commodities prices have lifted resource companies'<br />

earnings, though metals producers and processors remain highly indebted – oil and gas,<br />

on the other hand, looks to have a new lease of life, and better credit rating.<br />

Unfortunately, other sectors are riskier. Paper and textile, for instance, have the<br />

highest gearing globally, but it's transportation which really looks dicey – leverage is high,<br />

cashflow generation is weak, rising oil prices will hurt, and climate change is disrupting<br />

the sector. Add to that declining international trade volumes thanks to protectionism (Asia<br />

to North America freight growth has already been impacted) and things don't look good. If<br />

you have customers in the sector, keep an eye on their vital statistics.<br />


NO doubt the Department for International Trade does a good deal for exporters in the<br />

way of trade missions, trade finance, and general lubrication. But I can't help wondering<br />

at Liam Fox’s claim that it will turn Britain into an ‘exporting superpower’ post-Brexit.<br />

For a start, putting new barriers in the way of more than half our exports is an odd way to<br />

achieve that aim. More seriously, though, this is the minister who originally had a target to<br />

double exports to £1 trillion a year by 2020. He admitted in February last year that it wasn't<br />

achievable. The new ‘ambitious’ and ‘global’ strategy will actually achieve quite a lot less<br />

than the old targets. It's an interesting definition of success. I can't help thinking that if<br />

‘exporting superpower’ is a new power, it doesn't really rank alongside those of Spiderman,<br />

the Incredible Hulk or Catwoman.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 28

SSTL, an Airbus subsidiary, is the world's<br />

leading small satellite manufacturer, with a<br />

40 percent global share. Based in Guildford,<br />

it has customers in China, Australia, Russia,<br />

the US, and Algeria, and has just launched<br />

NovaSAR to monitor suspicious shipping<br />

activity for India.<br />

SSTL has found a global niche market<br />

– the bargain basement end of space<br />


I'M not liking the feel of world markets at<br />

the moment; I seem to be reporting bad news<br />

90 percent of the time. Worse, I'm beginning<br />

to feel like a Jonah; I'd already written an<br />

economic bad news story on Indonesia –<br />

then the tsunami hit.<br />

The country now really needs everyone’s<br />

help to deal with natural disaster. But the<br />

economy was already in bad shape the<br />

rupiah having fallen ten percent against the<br />

dollar since the beginning of the year, and<br />

trading at its lowest since 2000, despite four<br />

hikes in interest rates, with a deepening<br />

current account deficit. It doesn't help that<br />

the country has been a net oil importer since<br />

2011.<br />

The big worry – before the earthquake<br />

TO BOLDLY GO...<br />


technology – and exploited it cleverly.<br />

Rather than supplying bigger European<br />

space missions, it set out to develop<br />

its own market, advising foreign<br />

governments on setting up their own<br />

space programmes and selling satellites<br />

that are increasingly important in<br />

providing data for mapping, planning, and<br />

agriculture.<br />

and tsunami that hit Sulawesi in late<br />

September – was whether the country<br />

would adopt protectionist measures such<br />

as 'economic nationalism’, capital controls,<br />

and increased import tariffs to deal with<br />

its economic woes. (President Widodo’s<br />

government pursues a pretty statist line<br />

when it comes to economic development;<br />

last year, for instance, it passed a regulation<br />

forcing exporters to use Indonesian ships for<br />

export of palm oil and coal).<br />

Indonesia has more pressing matters<br />

to deal with right now. But I'd be watching<br />

out in the region for any resurgence of<br />

nationalist economics – not just in<br />

Indonesia but in other South-East Asian<br />

countries.<br />

BMW has changed its maintenance schedule – it won’t be making cars next April.<br />

That’s its contingency plan for the disruption of a no-deal Brexit to its European supply<br />

chain.The problem, of course, will come if disruption lasts more than the month that<br />

BMW's allotted for maintenance. But the story shows that if you’re engaged in any form<br />

of international trade within the EU, you need to put contingency plans in place.<br />


LATIN America is getting squeezed. Most Latin<br />

American countries have dollar-denominated<br />

borrowings, and the strong dollar has increased<br />

their costs of borrowing; NAFTA is under<br />

strain, Mexico has a new populist president,<br />

the Brazilian elections could spring a nasty<br />

surprise, Argentina has seen a run on the peso,<br />

and Venezuela is in full scale crisis. Currencies<br />

are doing terribly – the Brazilian real has fallen<br />

25 percent against the dollar year-on-year.<br />

And yet many economies (okay, not<br />

Venezuela’s) are doing pretty well, so it's not<br />

necessarily a bad time to export to the region.<br />

However, you'll need to have a quality product<br />

and be prepared to defend your market share,<br />

because it looks like you could be up against<br />

more competition. China is expected to take<br />

advantage of difficult times to try to expand its<br />

influence in the region.<br />

Meanwhile though, watch out for Latin<br />

American currencies depreciating further<br />

against the dollar.<br />




CALL 020 7738 0777<br />

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GBP/JPY 149.607<br />


GBP/EUR 1.1391 1.1060 Up<br />

GBP/USD 1.3271 1.2823 Up<br />

GBP/CHF 1.3020 1.2475 Up<br />

GBP/AUD 1.8610 1.7806 Up<br />

GBP/CAD 1.7175 1.6614 Up<br />

142.890 Up<br />



STOCK markets are all about expectations.<br />

They look at next year's or next quarter's<br />

earnings, rather than last year's, and they can<br />

be quickly spooked by a change in forecasts.<br />

BlackRock fund managers don't often get<br />

things wrong, and they've just pointed out<br />

that the balance between expectations and<br />

reality has changed. Investors have got used<br />

to the US economic reports coming in above<br />

expectation; not any more. For the first time in<br />

a year or more, the US is just meeting or even<br />

undershooting estimates. On the other hand,<br />

Europe is now seeing positive economic and<br />

earnings surprises.<br />

That might keep the dollar range-bound<br />

from now on and could let the euro take over<br />

the baton. But more generally, BlackRock<br />

points out that the high level of macro<br />

uncertainty isn't helping; investors are selling<br />

down emerging markets and heading again for<br />

the 'safe havens' of US equities and the dollar,<br />

and companies are beginning to think twice<br />

about their investment plans. That could hurt<br />

growth in a year or so, even if for the moment,<br />

economies continue to thrive.<br />


POOR figures from German industry may<br />

represent the first collateral damage of the<br />

Trump Trade War. Industrial production fell<br />

1.1 percent in July compared to the previous<br />

month, with a particularly large decline of<br />

2.5 percent in capital goods. Advance orders<br />

fell, too – while domestic orders were up 2.4<br />

percent, export orders fell 3.4 percent, quite<br />

clearly pointing the finger at foreign markets<br />

as the culprit.<br />

It's a bit early to write Germany – or the<br />

rest of the Eurozone – off. The Eurozone<br />

remains strong, though likely to see growth<br />

decelerating over the next year and a half,<br />

and the domestic markets are doing well;<br />

meanwhile, government finances don't<br />

appear overstretched, and most companies<br />

are adequately funded. But you might want to<br />

keep a look out for signs of stress, particularly<br />

if you're part of a big exporter's value chain.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 29


Going Dutch<br />

Sean Feast speaks to Cees Jansen at the Netherlands<br />

Vereniging voor <strong>Credit</strong> <strong>Management</strong> (VVCM).<br />

Cees Jansen<br />

THE Netherlands is a country<br />

located in north western<br />

Europe, also known as<br />

Holland. Netherlands means<br />

low-lying country; the name<br />

Holland (from Houtland, or<br />

Wooded Land) was originally given to one<br />

of the medieval cores of what later became<br />

the modern state and is still used for two<br />

of its 12 provinces (Noord-Holland and<br />

Zuid-Holland).<br />

The country is famous for being<br />

remarkably flat, with large expanses of<br />

lakes, rivers, and canals. Some 2,500 square<br />

miles (6,500 square km) of the Netherlands<br />

consist of reclaimed land, the result of a<br />

process of careful water management dating<br />

back to medieval times.<br />

With a population of 17.25 million<br />

living in an area 41,500 square kilometres,<br />

the Netherlands is one of the most<br />

densely populated countries in the world.<br />

Nevertheless, it is the world's second-largest<br />

exporter of food and agricultural products<br />

after the United States, owing to its fertile<br />

soil, mild climate, and intensive agriculture.<br />

The Port of Rotterdam is the largest port in<br />

Europe and the world’s largest outside Asia.<br />

The Netherlands was the third country<br />

in the world to have representative<br />

government, and has been administered as<br />

a parliamentary constitutional monarchy<br />

since 1848, with a unitary structure.<br />

It is a founding member of the EU,<br />

Eurozone, G10, NATO, OECD, and WTO, as<br />

well as a part of the Schengen Area and the<br />

trilateral Benelux Union. It hosts several<br />

intergovernmental organisations and<br />

international courts, many of which are<br />

centred in The Hague, which is dubbed 'the<br />

world's legal capital.<br />

Its mixed-market advanced economy<br />

had the 13th highest per capita income<br />

globally. One of the world's most prosperous<br />

countries, the Netherlands ranks among the<br />

highest in international indexes of press and<br />

economic freedom, human development,<br />

and quality of life.<br />

How many members do you<br />

have?<br />

We currently have 900 individual<br />

members and have recently introduced<br />

new corporate membership.<br />

How is the Vereniging run?<br />

Established in 1990, the VVCM<br />

contributes to the professionalism<br />

of credit management and its<br />

positioning as a core activity within<br />

a company. We provide training and<br />

a platform for knowledge sharing<br />

through the publication of a quarterly<br />

<strong>Credit</strong> Magazine and an online<br />

knowledge ‘hub’. The Vereniging<br />

also helps with the organisation of<br />

<strong>Credit</strong> Expo, a major annual <strong>Credit</strong><br />

<strong>Management</strong> congress, and sponsoring<br />

and organising the annual ‘<strong>Credit</strong><br />

Manager of the Year’ and ‘VVCM<br />

<strong>Credit</strong> <strong>Management</strong> Innovation’<br />

Awards.<br />

As well as these major initiatives,<br />

the VVCM also conducts four or five<br />

credit college tours for university<br />

students as well as quarterly ‘meet<br />

and learn’ sessions. It organises an<br />

Innovation Congress, and a further<br />

congress focused on Debt Sale. The<br />

VVCM hosts a new members’ meeting<br />

annually.<br />

What training/learning support do<br />

you provide?<br />

In terms of professional training<br />

and career development, the VVCM<br />

delivers a range of qualifications<br />

including:<br />

• Certified <strong>Credit</strong> Manager / CCM<br />

Education programme: two years;<br />

senior level<br />

• Certified <strong>Credit</strong> Collector / CCC<br />

Education programme: one year;<br />

mid-level<br />

• Certified <strong>Credit</strong> Practisioner / CCP<br />

Education programme: one year; basic<br />

study<br />

• P/E-program: Permanent Education<br />

accreditation programme (introduced<br />

June, <strong>2018</strong>)<br />

What is the Kingdom’s attitude to<br />

late payment?<br />

Payment terms are clearly<br />

communicated and customers are<br />

expected to respect these terms.<br />

During the economic crisis, large<br />

buyers have initiated unilateral<br />

actions to extend payment terms.<br />

These activities generated significant<br />

negative publicity. Following a<br />

dip during the recession, payment<br />

behaviour has been improving.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 30


Average payment days, Netherlands (all branches)<br />

Definition: Average number of days between receiving an invoice<br />

and paying it off. Formula: (Accounts payable balance x 360) ÷<br />

(Number of accounts payable x 12)<br />

First quarter 2013 44,6<br />

Second quarter 2013 44,4<br />

Third quarter 2013 44,8<br />

Fourth quarter 2013 43,5 Year average 2013: 44.3<br />

First quarter 2014 42,3<br />

Second quarter 2014 42,7<br />

Third quarter 2014 43,9<br />

Fourth quarter 2014 41,2 Year average 2014: 42.5<br />

First quarter 2015 41,1<br />

Second quarter 2015 41,5<br />

Third quarter 2015 41,7 Year average 2015: 41.0<br />

Fourth quarter 2015 39,7<br />

First quarter 2016 40,7<br />

Second quarter 2016 40,8<br />

Third quarter 2016 40,9<br />

Fourth quarter 2016 41,8 Year average 2016: 40.9<br />

First quarter 2017 40,3<br />

Second quarter 2017 40,4<br />

Third quarter 2017 40,6<br />

Fourth quarter 2017 40,6 Year average 2017: 40.3<br />

First quarter <strong>2018</strong> 39,2<br />

Second quarter <strong>2018</strong> 40,5 Year average <strong>2018</strong>: 39.9 (Y.T.D.)<br />

Are there any specific laws to protect against<br />

late payment?<br />

Payment terms for companies buying from SMEs<br />

may not exceed 60 days. An initiative under the<br />

‘Betaalmenu.nl’ to set and agree 30-day payment terms<br />

for SMEs is ongoing. More than 50 large Dutch and<br />

International organisations have joined voluntarily.<br />

What support do you provide to fellow FECMA<br />

members?<br />

The VVCM works closely with Belgian IvKM to organise<br />

an Innovation Congress in Flanders. We collaborate<br />

together with German BvCM organising common<br />

Dutch/German <strong>Credit</strong> College Tour<br />

Communication, and with Polish PICM in finding<br />

members and staff-officers.<br />

The average period of payment<br />

has deteriorated by more than<br />

a day, especially for suppliers<br />

of corporates, whereas the<br />

difference between payment<br />

terms and actual payment days<br />

has increased. For government<br />

suppliers, this difference has<br />

been slightly ameliorated.<br />

Payment terms / average days:<br />

2017 <strong>2018</strong> Difference<br />

SMI 25 26 1<br />

Corporates 35 35 0<br />

Government 24 25 1<br />

Real payments / average days:<br />

2017 <strong>2018</strong> Difference<br />

SMI 28 30 2<br />

Corporates 41 43 2<br />

Government 29 29 0<br />

Comparison of payment delays, <strong>2018</strong> vs. 2017:<br />

Payment terms Payment days Differ. <strong>2018</strong> Differ. 2017 <strong>2018</strong> vs. 2017<br />

SMI 26 30 +4 +3 +1<br />

Corporates 35 43 +8 +6 +2<br />

Government 25 29 +4 +5 -1<br />

Contacts for further information: Cees Jansen – secretariaat@vvcm.nl<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 31


Steeped in history and rich<br />

with culture, Ireland<br />

provides an important<br />

market for British exporters.<br />

AUTHOR – Adam Bernstein<br />

Ireland: Part one<br />


OF THE<br />


ISLE<br />

The cliffs of Moher, Ireland<br />

IRELAND was described by<br />

William Drennan in his 1795<br />

poem, When Erin first rose as<br />

the Emerald Isle. But while the<br />

Celtic Tiger has seen an economic<br />

resurgence of late, it hasn’t always<br />

seen great times. Famine, mass emigration,<br />

issues over home rule – the country was<br />

most definitely politically charged. But it’s<br />

been independent from Britain for almost<br />

100 years and the country will very soon<br />

share the only physical border the UK has<br />

with Europe once we leave the European<br />

Union. Hard border, soft border, it’s all<br />

up for negotiation which, given Ireland’s<br />

importance to the UK – it’s our fifth<br />

largest export market according to the<br />

Government’s own (2016) figures – is bound<br />

to be hard fought over.<br />


Ireland’s success is linked to that of the<br />

UK. Consider the recent troubles which<br />

were only formally resolved 20 years ago<br />

with the Good Friday Agreement (which<br />

granted devolution to the province while<br />

creating a number of institutions between<br />

Northern Ireland the Irish Republic,<br />

and the Irish Republic and the UK). The<br />

agreement finally dealt with issues relating<br />

to sovereignty, civil and cultural rights,<br />

decommissioning of weapons, and justice<br />

and policing which were voted on and<br />

approved by voters across the whole of the<br />

island.<br />

According to IndexMundu, Ireland is a<br />

young country. Of its approximate 5.01m<br />

population, 33.3 percent are under 24 years<br />

of age, 43.2 percent are aged between 25<br />

and 54, and another 10.42 percent are aged<br />

between 55 and 64. Only 13.07 percent are<br />

65 or older. And life expectancy is good –<br />

the average lifespan is 80.9 years.<br />

Sharing a common language and time<br />

zone, having strong transport links, a<br />

similar legal framework and an open<br />

economy, it’s not very surprising that the<br />

UK Government reckons that the value of<br />

bi-lateral trade in the region is one billion<br />

euros a week. In essence, Ireland is not<br />

only a very good market, it’s also a perfect<br />

platform for a firm new to exporting that<br />

wishes to test the process.<br />

Moreover, Ireland’s growth rate is ahead<br />

of the UK’s, albeit slowing. According to the<br />

European Commission, 2017 growth was<br />

7.3 percent and will be 5.6 percent in <strong>2018</strong><br />

and four percent in 2019. In comparison,<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 32


AUTHOR – Adam Bernstein<br />

Technology has<br />

been a focus for<br />

years with many<br />

multinationals<br />

located in the country<br />

for a number of<br />

reasons, not least of<br />

which is the benign<br />

Irish tax rate as<br />

well as the wider<br />

opportunities that<br />

being located in<br />

Europe offers them.<br />

Temple Bar quarter, Dublin<br />

Jameson Heritage Centre in Cork<br />

Dunguaire Castle, Kinvara, Galway<br />

It’s not very<br />

surprising that the<br />

UK Government<br />

reckons that the<br />

value of bi-lateral<br />

trade in the region<br />

is one billion<br />

euros a week.<br />

the OECD reckoned that the UK’s rate for 2017<br />

was an anaemic 1.79 percent for 2017 and a<br />

miserly 1.39 percent in <strong>2018</strong> and 1.31 percent in<br />

2019. Interestingly, data published in December<br />

2017 suggested that Ireland’s growth in the last<br />

quarter was up more than ten percent on the<br />

same period the year before. However, as a<br />

writer for the Irish paper, The Journal, noted,<br />

this figure is more than likely down to what<br />

he termed ‘Leprechaun economics’ where the<br />

activity of multi-nationals distorts the true level<br />

of economic activity.<br />


Like many, but not all, countries in Western<br />

Europe, the Irish economy has falling<br />

unemployment. Central Statistics Office Ireland<br />

believes it to have fallen from 7.2 percent in<br />

February 2017 to 5.4 percent in September <strong>2018</strong>.<br />

It’s not quite the closeness to full employment<br />

that the UK has, but it’s markedly better than the<br />

14.6 percent the economy saw in 2012.<br />

And considering the impact of the Irish<br />

financial crisis of 2008 and beyond, the republic<br />

has done well.<br />

The World Bank ranks Ireland 17th in terms of<br />

the overall ease of doing business compared to<br />

the UK’s 7th placing. Both countries are equally<br />

ranked in protecting minority investors (10th),<br />

but Ireland is 14th for starting a business (UK<br />

7th), 42nd for getting credit (UK 23rd), 17th for<br />

resolving insolvency (UK 14th). But interestingly,<br />

the World Bank puts Irelands per capita income<br />

higher at $52,560 compared to the UK’s $42,390.<br />


According to World Top Exports, Ireland imported<br />

some $84.34 billion worth of goods from around<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 33 continues on page 33 >


AUTHOR – Adam Bernstein<br />

the world in 2017 – a 27.8 percent rise on<br />

2013 and a spend of around $16,800 per<br />

person. Of that, 69 percent by value came<br />

from Ireland’s European trading partners.<br />

The top ten product groups make<br />

for interesting reading too. Aircraft,<br />

spacecraft: $14.7 billion; pharmaceuticals:<br />

$10.2 billion; machinery including<br />

computers: $7.9 billion; mineral fuels<br />

including oil: $5.3 billion; electrical<br />

machinery, equipment: $5 billion;<br />

organic chemicals: $4.1 billion; vehicles:<br />

$4.1 billion; plastics, plastic articles:<br />

$2.8 billion; optical, technical, medical<br />

apparatus: $2.6 billion; and perfumes,<br />

cosmetics: $1.3 billion.<br />

This listing is similar to data published<br />

by the UK Government in 2016. Its records<br />

note that UK firms exported petroleum<br />

products and related materials;<br />

miscellaneous manufactured articles;<br />

gas, natural and manufactured; articles<br />

of apparel and clothing accessories;<br />

essential oils and perfume materials;<br />

toilet preparations etc.; road vehicles;<br />

medicinal and pharmaceutical products;<br />

metals; electrical machinery, appliances<br />

and electrical parts; and office machines<br />

and automatic data-processing machines.<br />

It’s quite a list and should give exporters<br />

some food for thought.<br />

Data from the Irish Central Statistics<br />

Office, published July 2017, found that<br />

48.6 percent of all industrial production in<br />

Ireland came from the top ten industrial<br />

organisations to a value of some €64.8<br />

billion. The rest, totalling €68.5 billion,<br />

came from another 3,116 industrial firms.<br />

Statistics also show the percentage<br />

changes in sales by sector between 2014<br />

and 2016. Pharmaceutical products rose<br />

by 128.5 percent; computer, electronic,<br />

optical and electrical equipment was up<br />

by 56.3 percent; wood and wood products<br />

– 28 percent; basic metals, machinery<br />

and equipment – 25.3 percent; drinks –<br />

18.8 percent; chemicals – 15.7 percent;<br />

food – 8.2 percent; rubber and plastic –<br />

4.2 percent. But there were some losers,<br />

namely paper and paper products which<br />

fell by 10.8 percent; mining and quarrying<br />

by 18.7 percent; textiles by 18.8 percent;<br />

and transport which fell by 33.6 percent.<br />

Even so, the UK Government believes<br />

that exporters should target agriculture<br />

and food. Its last published figures reckon<br />

that Ireland imported more than £3 billion<br />

of food and drink from the UK in 2017.<br />

Also on the hit list is energy, which is<br />

considered to be one of Ireland’s main<br />

industrial sectors. Perfectly placed,<br />

Ireland is currently focussing on<br />

renewable energy sources and has a 2020<br />

goal of generating 40 percent of demand<br />

from these sources – especially wind<br />

farms and wave power.<br />

Construction is of importance to<br />

Ireland and back in 2016 the Government<br />

announced a capital investment plan<br />

for 2016 to 2021 of €42 billion to cover<br />

projects in transport (including a new<br />

metro rail link), healthcare (12 primary<br />

healthcare centres and a new National<br />

Children’s Hospital), the Dublin Institute<br />

of Technology, and a huge €1.7 billion<br />

investment in Irish Water for metering,<br />

upgrades and waste treatment.<br />

Technology too has been a focus for<br />

years with many multinationals located<br />

in the country for a number of reasons,<br />

not least of which is the benign Irish tax<br />

rate as well as the wider opportunities<br />

that being located in Europe offers<br />

them. The Irish Times proves the point<br />

with a list of some 154 multinationals<br />

including Google, Microsoft, Facebook,<br />

Dell, Oracle and Apple. While they may<br />

be headquartered there, they also invest<br />

in infrastructure – most notably Apple<br />

having to fight to spend $850 million in a<br />

new data centre in County Galway (plans<br />

for which were scrapped in May <strong>2018</strong> for<br />

planning reasons).<br />

Another sector pointed to by the UK<br />

government is life sciences. Ireland has an<br />

established indigenous and multinational<br />

life sciences sector with nine of the world’s<br />

top ten pharmaceutical and 12 of the top<br />

15 medical device companies. These<br />

firms are recorded as being involved<br />

with diagnostics, hospital and homecare<br />

products, ophthalmic, orthopaedic,<br />

vascular, connected health, and services.<br />

Again, being in Ireland gives these firms<br />

access to much wider opportunities.*<br />

Adam Bernstein is a freelance<br />

business writer.<br />

Perfectly placed, Ireland<br />

is currently focussing<br />

on renewable energy<br />

sources and has a 2020<br />

goal of generating 40<br />

percent of demand<br />

from these sources –<br />

especially wind farms.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 34



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If you haven’t received your badge<br />

cicmmembership@cicm.com<br />

Debt Recovery is<br />

nothing new to Keebles.<br />

Having practised successfully in this<br />

area for many decades, you can be<br />

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We work closely with our clients and<br />

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We do not charge for issuing aLetter<br />

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charise.marsden@keebles.com<br />



Back to school<br />

The latest monthly business to business<br />

payment performance statistics.<br />

AUTHOR – Jason Braidwood FCICM(Grad)<br />

SEPTEMBER – the start of the<br />

academic year and the month<br />

when businesses hit the ‘reset’<br />

button and focus on getting<br />

back to full productivity after<br />

months of summer holidays<br />

and interruptions. In theory, this change<br />

in attitude should be reflected in the late<br />

payment data. And indeed it is, with the<br />

month bringing reductions in the average<br />

Days Beyond Term (DBT) that invoices are<br />

paid for three quarters of the sectors tracked<br />

and across all but two regions.<br />

After a broadly disappointing performance<br />

across the board last month, it’s encouraging<br />

to see businesses step up and significantly<br />

improve their payment processes. The<br />

average DBT figures across regions and<br />

sectors have fallen back in line, to 13.4<br />

days and 14.6 days respectively. However,<br />

these numbers are still significantly higher<br />

than the same period a year ago, suggesting<br />

that other factors are having an impact on<br />

business’ ability to make prompt payments<br />

within the terms agreed.<br />

External factors will always have a role to<br />

play, and despite the news this month from<br />

the Office of National Statistics (ONS) that<br />

the UK economy grew by 0.7 percent in the<br />

three months to August – it’s fastest pace<br />

since February 2017 – every day there are new<br />

claims that British businesses are struggling.<br />

In the last week alone, the FTSE 100 hit a sixmonth<br />

low, the International Monetary Fund<br />

(IMF) cut global growth forecasts and said<br />

UK public finances are among the weakest in<br />

the world, and the Confederation of British<br />

Industry (CBI) is calling for the Government<br />

to introduce a £2 billion package of measures<br />

in the Budget to encourage investment. Add<br />

into the mix Brexit, and there’s little wonder<br />

that businesses hardly know if they are<br />

coming or going.<br />

While it’s clear that improvements have<br />

been on the cards for many this month,<br />

there’s always more that can be done.<br />

Ongoing uncertainty is likely to continue<br />

for the foreseeable future so building in<br />

greater resilience by paying invoices in a<br />

timely manner is one way for companies to<br />

support the overall business ecosystem. The<br />

overarching aim should be to pay companies<br />

as you would wish to be paid – i.e. on time!<br />


Business from home posted the biggest<br />

improvement with a reduction of 6.8 days.<br />

Similarly, the financial and insurance<br />

(14.5 DBT), IT and Comms (15.6 DBT),<br />

Hospitality (9.0 DBT), and Health and<br />

Social Care (11.4 DBT) industries all<br />

showed the greatest decreases in late<br />

payments, with hospitality coming in as<br />

the top prompt payer overall.<br />

At the other end of the scale, the<br />

Energy Supply sector is stuck at the<br />

bottom of the table with the worst DBT<br />

of 21 days. Meanwhile, International<br />

Bodies (12.1 DBT), Wholesale (16.1 DBT)<br />

and Agriculture (16.0 DBT) all had a<br />

poor month with an increase in DBT. In<br />

particular, transportation is moving in<br />

the wrong direction – the sector’s DBT<br />

increased by 1.4 days bringing it up to<br />

17.2, and with ongoing fears about the<br />

impact of a no-deal Brexit hitting this<br />

sector particularly hard, there is certainly<br />

cause for concern.<br />


Only Northern Ireland (15.6 DBT) and<br />

East Anglia (14.4 DBT) continued the<br />

downward trajectory, increasing the<br />

lateness of their payments by 1.3 and<br />

1.8 days, respectively. Scotland’s late<br />

payments sit at 16.3 DBT and London’s at<br />

16.2, ensuring they continue their lengthy<br />

stint at the bottom of the table.<br />

On the more positive end of the scale,<br />

the South East experienced the greatest<br />

improvement with a reduction of 4.6<br />

days in terms of late payments, bringing<br />

with it a DBT of only 9.7. Yorkshire<br />

and Humberside also experienced a<br />

significant improvement of 3.9 days,<br />

resulting in a DBT of 9.8. For both regions,<br />

this is the first time since our records<br />

began in January 2017 that they have<br />

dipped below the ten days beyond terms<br />

mark.<br />

We’ll have to wait and see how these<br />

regions and industries fare over coming<br />

months with the Brexit deadline fast<br />

approaching and ongoing uncertainty<br />

continuing to impact the UK economy.<br />

Unfortunately, delays in one section of the<br />

business community can quickly begin to<br />

impact others, and we have to hope that<br />

there’s no domino effect that adversely<br />

affects companies more widely.<br />

Jason Braidwood FCICM(Grad),<br />

Head of <strong>Credit</strong> and Collections at<br />

<strong>Credit</strong>safe Business Solutions.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 36

n<br />

-0.9 p East Midlands<br />

-2.6 p London<br />

-0.9 p North West<br />

1.8 q Northern Ireland<br />

-2.8 p Scotland<br />

-4.6 p South East<br />

Top -2.9Five p Prompter South Payers West<br />

-0.6 p Wales<br />

Top Five Prompter Payers Sep 18 Change from Aug 18<br />

Hospitality 9.0 -4.7<br />

West Midlands<br />

Entertainment 9.7 -3.3<br />

Education Yorkshire & 11.2 Humberside 4.2<br />

Health & Social 11.4 -4.4<br />

International Bodies 12.1 3.0<br />

p<br />

Region<br />

-2.4<br />

-3.9 p<br />

Sector<br />

Getting Better - Getting Worse<br />

Bottom 1.3 q Five Poorest East Anglia Payers<br />

Getting Better<br />

-0.9 p East Midlands<br />

Energy Supply 21.0 0.0<br />

Top Professional -2.6 Five Prompter p -6.8 & Scientific London Business Payers 19.0 from Home -0.1<br />

Business Admin & Support 17.6 -2.8<br />

-5.4 Financial & Insurance<br />

Transportation<br />

-0.9 p & Storage<br />

North West17.2 1.4<br />

South Mining 1.8East & Quarrying q -4.7Northern IT and 9.7 Comms Ireland 16.4 -4.6-2.5<br />

Yorkshire and Humberside 9.8 -3.9<br />

South -2.8 West p -4.7Scotland<br />

Hospitality 11.9 -2.9<br />

West Midlands 12.8 -2.4<br />

-4.6 p<br />

East Midlands<br />

-4.4South Health East<br />

13.5<br />

& Social<br />

-0.9<br />

-2.9 p South West<br />

-0.6 p Wales<br />

Bottom Five Poorest Payers<br />

-2.4 p West Midlands<br />

-3.9 p Yorkshire & Humberside<br />

Bottom Five Poorest Payers Sep 18 Change from Aug 18<br />

Region Sep 18 Change from Aug 18<br />

Region Sep 18 Change from Aug 18<br />

Scotland 16.3 -2.8<br />

London 16.2 -2.6<br />

Northern Ireland 15.6 1.8<br />

East Anglia 14.4 1.3<br />

tter - Getting Worse<br />

North West 13.9 -0.9<br />

East Anglia<br />

Top Five Prompter Payers<br />

East Midlands<br />

Top Five Prompter Payers<br />

London<br />

South East 9.7 -4.6<br />

North<br />

Yorkshire<br />

West<br />

and Humberside 9.8 -3.9<br />

Hospitality 9.0 -4.7<br />

South West 11.9 -2.9<br />

Entertainment 9.7 -3.3<br />

Northern West Midlands Ireland 12.8 -2.4<br />

Education<br />

Region<br />

East Midlands 11.2 13.5 4.2 -0.9<br />

Health Scotland<br />

& Social 11.4 -4.4<br />

International Bodies 12.1 3.0<br />

South East<br />

Bottom Getting Five Better Poorest - Getting Payers Worse<br />

Bottom South Five West Poorest Payers<br />

1.3 q East Anglia<br />

Wales Scotland 16.3 -2.8<br />

Energy Supply<br />

-0.9 p East Midlands<br />

21.0 0.0<br />

London 16.2 -2.6<br />

Professional West Midlands<br />

& Scientific 19.0 -0.1<br />

Northern<br />

-2.6<br />

Ireland<br />

p London15.6 1.8<br />

Business Admin & Support 17.6 -2.8<br />

East Anglia 14.4 1.3<br />

Transportation Yorkshire -0.9<br />

& p Storage & Humberside<br />

North West North West<br />

17.2<br />

13.9<br />

1.4<br />

-0.9<br />

Mining & Quarrying 16.4 -2.5<br />

1.8 q Northern Ireland<br />

-2.8 p Scotland<br />

-4.6 p South East<br />

-2.9 p South West<br />

rompter -0.6 Payers p Wales<br />

-2.4 p West Midlands<br />

Sep 18 Change from Aug 18<br />

-3.9 p Yorkshire & Humberside<br />

Region Sep 18 Change from Aug 18<br />

Top Five Prompter Payers Sep 18 Change from Aug 18<br />

Region Sep 18 Change from Aug 18<br />

Bottom Five Poorest Payers Sep 18 Change from Aug 18<br />

9.7 -4.6<br />

d Humberside 9.8 -3.9<br />

11.9 -2.9<br />

ds 12.8 -2.4<br />

s 13.5 -0.9<br />


Region<br />

Top Five Prompter Payers<br />

Getting Worse<br />

3.0<br />

2.4<br />

1.7<br />

1.4<br />

0.0<br />

International Bodies<br />

Wholesale<br />

Northern<br />

Ireland<br />

15.6 DBT<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 37<br />

Top Five Prompter Payers Sep 18 Change from Aug 18<br />

Hospitality 9.0 -4.7<br />

Entertainment 9.7 -3.3<br />

Education 11.2 4.2<br />

Health & Social 11.4 -4.4<br />

International Bodies<br />

Northern<br />

12.1 3.0<br />

Ireland<br />

15.6 DBT<br />

North West Yorkshire &<br />

Humberside<br />

13.9 DBT<br />

Bottom Five Poorest Payers Sep 18 Change 9.8 DBT<br />

from Aug 18<br />

Bottom Five Poorest Payers<br />

Energy Supply 21.0 0.0<br />

Professional & Scientific 19.0 -0.1<br />

Business Admin & Support 17.6 -2.8<br />

West<br />

Transportation & Storage 17.2 1.4<br />

Midlands<br />

Mining & Quarrying Wales 16.4 12.8 -2.5DBT<br />

13.5 DBT<br />

Agriculture, Forestry and Fishing<br />

Transportation & Storage<br />

Northern<br />

Energy Supply<br />

Ireland<br />

15.6 DBT<br />

Northern<br />

Ireland<br />

15.6 DBT<br />

Scotland<br />

16.3 DBT<br />

Scotland<br />

16.3 DBT<br />

Wales<br />

13.5 DBT<br />

Scotland<br />

16.3 DBT<br />

Wales<br />

13.5 DBT<br />

North West<br />

13.9 DBT<br />

Scotland<br />

16.3 DBT<br />

South North West<br />

11.9<br />

13.9 DBT<br />

DBT<br />

Wales<br />

13.5 DBT<br />

South West<br />

11.9 DBT<br />

North West<br />

13.9 DBT<br />

South West<br />

11.9 DBT<br />

Yorkshire &<br />

Humberside<br />

9.8 DBT<br />

West<br />

Midlands<br />

12.8 DBT<br />

London<br />

16.2 DBT<br />

East<br />

Midlands<br />

13.5 DBT<br />

London<br />

16.2 DBT<br />

Yorkshire &<br />

Humberside<br />

9.8 DBT<br />

West<br />

Midlands<br />

12.8 DBT<br />

East<br />

Midlands<br />

13.5 DBT<br />

Yorkshire &<br />

Humberside<br />

9.8 DBT<br />

West<br />

Midlands<br />

12.8 DBT<br />

London<br />

16.2 DBT<br />

Sector<br />

East<br />

Midlands<br />

13.5 DBT<br />

East<br />

Midlands<br />

13.5 DBT<br />

London<br />

16.2 DBT<br />

East Anglia<br />

14.4 DBT<br />

South East<br />

9.7 DBT<br />

East Anglia<br />

14.4 DBT<br />

South East<br />

9.7 DBT<br />

East Anglia<br />

14.4 DBT<br />

South East<br />

9.7 DBT<br />

East Anglia<br />

14.4 DBT<br />

South East


BIG DEAL<br />

What does the UK credit and collections sector look like<br />

in a European context and how should it prepare for<br />

Brexit and proposed new EU Directive on credit servicers<br />

and purchasers?<br />

AUTHOR – Angela McClean and Leigh Berkley<br />

Angela McClean<br />

Leigh Berkley<br />

THERE are now less than six<br />

months to go before 29 March<br />

2019, the anticipated date for<br />

the UK and EU to conclude the<br />

withdrawal agreement. There is<br />

a huge amount of coverage of<br />

Brexit in the press and plenty of commentators<br />

explaining and speculating on what Brexit may<br />

mean but as yet no real clarity.<br />

We are quite aware that for some in the<br />

credit industry, Brexit may in fact have little or<br />

no impact. However, the Institute of Directors<br />

recently called on the government to speed up<br />

guidance on what companies should expect<br />

if a ‘no deal’ on leaving the EU is reached.<br />

This followed a survey of 800 business leaders<br />

showing that fewer than a third had made any<br />

Brexit contingency plans.<br />

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

also recently published a paper on ‘Preparing<br />

your firm for Brexit’. It therefore seems to be the<br />

right time for businesses to identify whether<br />

Brexit may have implications for them. This is<br />

important operationally but also from both a<br />

governance and risk perspective.<br />


It is still very unclear exactly what the<br />

implications may be for individual companies<br />

but the Financial Conduct Authority’s recent<br />

paper goes some way to setting a framework<br />

for solo regulated firms to begin to consider<br />

and address. As it states, Brexit will mainly<br />

impact UK firms conducting business in the<br />

European Economic Area (EEA) and vice<br />

versa, rather than UK firms just operating in<br />

the UK. However, all firms should look at the<br />

bigger picture of what they are doing now/<br />

plan to do in the future. For example, firms<br />

that have customers or counterparties based<br />

in the EEA, transfer personal data between the<br />

UK and EEA/vice versa, or are part of a wider<br />

corporate group based in the EEA should seek<br />

to understand on what legal basis that business<br />

occurs and whether it can continue on that<br />

basis after Brexit (in whatever form Brexit<br />

takes). So too those firms who receive funding<br />

from an entity in the EEA or who outsource or<br />

delegate services to an EEA firm or vice versa.<br />

Any such consideration should include<br />

how an implementation period (during which<br />

EU law would continue to apply in the UK and<br />

currently being discussed from end March 2019<br />

until end Dec 2020) could affect your business<br />

as well as the scenario of a ‘no deal Brexit’<br />

where the UK would operate as a third-party<br />

country to the EU. It is important to consider<br />

both possible risks and possible opportunities.<br />

The next steps if you think you may be<br />

affected by Brexit are to work out what changes<br />

you might need to make (including any<br />

regulatory permissions you may need or indeed<br />

your clients may need which could affect you)<br />

e.g. if relying on the existing EU passporting<br />

regime.<br />


The regulated credit and collections sector<br />

is subject to an array of EU legislation. In<br />

respect to some, for example the General Data<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 38


AUTHOR – Angela McClean and Leigh Berkley FCICM<br />

In summary,<br />

the European<br />

Commission<br />

has proposed<br />

the regulation<br />

of both credit<br />

servicers<br />

and credit<br />

purchasers<br />

with a common<br />

supervisory<br />

framework<br />

Protection Regulation (GDPR), organisations<br />

like the CSA has lobbied hard on behalf of our<br />

industry to make it work for UK businesses<br />

and consumers affected by our sector. The UK<br />

Data Protection Act <strong>2018</strong> mirrors much of the<br />

GDPR but as yet no final arrangements have<br />

been agreed between the EU and the UK with<br />

regard to what will happen with cross border<br />

data transfers following Brexit. It is therefore<br />

advisable to ensure you know where your data<br />

is held and/or transferred for example to/from<br />

clients, businesses providing services to your<br />

firm or intra group for groups with businesses in<br />

the EU. You should consider whether you need to<br />

introduce clauses in contracts to permit transfer.<br />

There is a general call by certain commentators<br />

for legal certainty to avoid business interruption<br />

and adverse effects for consumers and for a<br />

declaration of adequacy from the Commission<br />

to be made that the UK ensures an adequate<br />

level of protection for the transfer of personal<br />

data or, in the absence of such a declaration, for<br />

another agreement to be reached between the UK<br />

and the EU with respect to the adequacy of data<br />

protection laws in the UK. In the absence of such<br />

adequacy arrangements EU data controllers will<br />

be in breach of the GDPR rules if they transfer<br />

personal data to the UK without putting in<br />

place necessary arrangements to safeguard the<br />

personal data being transferred.<br />

In addition to arrangements for personal<br />

data other legal areas that members should<br />

consider are:<br />

• Commercial law: the implications of this are<br />

largely unknown but you could consider such<br />

matters as your sources of corporate funding, any<br />

standard contractual clauses referring to the EU,<br />

governing law and jurisdiction clauses referring<br />

to EU law or courts and the possibility of the<br />

imposition of tariffs and/or economic/exchange<br />

rate changes.<br />

• General employment issues: firms which have<br />

EU residents as employees will need to consider<br />

possible implications for such employees as well<br />

as any likely impact on resources e.g. rights of<br />

residence, assisting employees with application<br />

procedures/to know the law and the changes.<br />

Many commentators also believe there may be<br />

a possible impact of Brexit where the UK might<br />

revisit some of its employment law derived from<br />

the EU generally post-Brexit e.g. amending TUPE<br />

provisions to make them more business friendly,<br />

allowing amendment of employment terms<br />

following a TUPE transfer<br />

• Decisions of the Court of Justice of the<br />

European Union (CJEU) – as yet it is not clear<br />

whether these will have any effect in the UK pre/<br />

post Brexit/post Brexit transition so if members<br />

rely on such decisions or are awaiting any<br />

decisions these should be considered.<br />


All of the points covered above become<br />

even more important in the light of the ‘Proposed<br />

EU Directive on credit servicers, purchasers and<br />

the recovery of collateral’. This new piece of EU<br />

legislation could bring about major changes<br />

whether we leave (with some UK firms possibly<br />

excluded from certain areas of work) or stay in<br />

the EU. Although this is still just a proposal, we<br />

need to start planning for both scenarios.<br />

In summary, the European Commission has<br />

proposed the regulation of both credit servicers<br />

and credit purchasers with a common supervisory<br />

framework as part of the ongoing work in relation<br />

to non-performing loans (NPLs) in Europe. It<br />

is intended to encourage the development of<br />

secondary markets for NPLs. As currently drafted,<br />

there is still uncertainty as to which UK regulated<br />

activities and credit agreements will be covered<br />

by the Directive although from meetings with the<br />

Commission it seems the intention is to govern<br />

both debt collection and debt administration as<br />

we understand these terms in the UK.<br />

The CSA has responded to the proposals<br />

making the point that while it welcomes the<br />

move towards raising standards across Europe, it<br />

will be important to align the standards so that<br />

there is a level playing field for consumers and<br />

companies operating in the different regions,<br />

particularly when it comes to standards on<br />

customer treatment and managing complaints.<br />

The CSA and some of the larger CSA members,<br />

and particularly FENCA who are closely engaged<br />

with the Commission, have also raised questions<br />

over the value of the large amount of information<br />

that firms will be required to provide to their<br />

local competent authorities. Two examples are<br />

the provision of information about individual<br />

credit agreements being transferred in debt<br />

sales, and notification of the intention to directly<br />

enforce credit agreements.<br />


Both the Treasury and the FCA are working<br />

together to understand the impact of the<br />

proposals on the standard of debt collection<br />

practices in the UK and the impact on potentially<br />

vulnerable consumers. They believe that there<br />

is some risk that the Directive, as drafted, may<br />

adversely affect the current level of consumer<br />

protection making it more difficult for the FCA<br />

to take action against firms and for consumers to<br />

seek recourse should things go wrong.<br />

The Government has confirmed that<br />

it is working with regulatory authorities,<br />

EU institutions and other member states,<br />

and of course with industry and consumer<br />

representatives, to ensure that the proposed<br />

measures do not undermine borrower protections<br />

or the fair treatment of consumers. One risk is<br />

the possibility of credit servicers based in other<br />

member states providing debt collection services<br />

in the UK and not being subject to FCA regulation<br />

but rather to the regulation in their own member<br />

state.<br />

Angela McClean is General Counsel for the<br />

<strong>Credit</strong> Services Association and Leigh Berkley<br />

FCICM is a CSA Board Director.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 39


Recovery of Regulated Goods<br />

Seize your asset and do it quickly but get it right!<br />

Get it wrong and there is a price to pay.<br />

DD +44 (0)191 233 9737 E jonathan.hall@dwf.law W www.dwf.law/recover<br />

Jonathan Hall<br />

Senior Associate<br />

Finance Litigation<br />

A<br />

customer who is in breach<br />

of a regulated credit<br />

agreement will attract the<br />

watchful eye of the creditor.<br />

There may well be the<br />

imminent need to recover<br />

it. On most occasions a speedy recovery<br />

is the key to maximising the chances of<br />

a recovery and to mitigate the likely loss<br />

when the agreement is terminated early.<br />

On breach, a creditor will need to<br />

consider carefully the next steps to take.<br />

What breach has occurred and can it be<br />

remedied? For example, if the customer<br />

has failed to insure the vehicle then they<br />

must be afforded the opportunity to put<br />

that right. Alternatively, if they sub-hired<br />

the vehicle it is arguable that such an act<br />

cannot be remedied.<br />

There may even be the occasion<br />

where the situation lends itself more to<br />

a non-breach event, such as being made<br />

bankrupt, which requires a different form<br />

of notice altogether.<br />

Until those questions are answered<br />

and a carefully worded statutory notice<br />

is served and the agreement terminated,<br />

any recovery action is a risky venture<br />

and possibly one to the detriment of the<br />

creditor.<br />


CREDIT ACT 1974 (THE CCA)<br />

If the customer has paid one-third or<br />

more of the total amount payable in the<br />

agreement, then the goods are protected<br />

by Section 90 of the CCA. If that section<br />

is breached by the creditor then the<br />

consequences are severe – reimbursement<br />

to the customer of all sums paid in the<br />

agreement (Section 91).<br />

Avoiding a breach of Section 90 is<br />

paramount. At first glance it may appear<br />

fairly straightforward. Repossession from<br />

the ‘debtor’ can only take place if it is with<br />

the customer's consent or by order of the<br />

Court.<br />

However, there are pitfalls to be had:<br />

• Who is the ‘debtor’? It is well established<br />

that repossessing goods from a<br />

third party could still be classed as<br />

repossessing from the debtor.<br />

• What are the consequences of a customer<br />

later changing their mind? It is arguable<br />

that if the customer later withdrew their<br />

consent then steps would need to be<br />

taken to return the goods or preserve<br />

them until a court order is obtained.<br />

In motor finance, the above applies<br />

to the repossession of vehicles from<br />

customers but quite often the customer<br />

has sold the vehicle to a third party. Faced<br />

with that scenario, the creditor is often<br />

left undecided on whether to repossess<br />

the vehicle or not. Does Section 90 apply?<br />

Is the third party protected in some way<br />

in order to allow the third party to keep<br />

the vehicle?<br />


The principle is that no one gives what<br />

they do not have. In other words, if the<br />

customer did not have ownership so it<br />

follows that the third party could not have<br />

taken ownership. However, Section 27 of<br />

the HPA turns that on its head. Provided<br />

the purchaser is a private purchaser acting<br />

in good faith and without knowledge of<br />

the finance agreement then the purchase<br />

will be as if they had purchased it from<br />

the creditor and thereby taken ownership.<br />

There are several points to consider:<br />

• has there been a ‘disposition’;<br />

• was the disposition by the ‘debtor’ and;<br />

• to what degree did the purchaser act in<br />

good faith?<br />

There is a heavy burden for the<br />

purchaser to prove but quite often there<br />

are flaws in their argument that throw<br />

open points of dispute. For example – is<br />

a vehicle swap a disposition? There is<br />

a strong argument to say that a swap is<br />

not a disposition and would defeat the<br />

purchaser's claim to ownership.<br />

It is of no surprise that these scenarios<br />

are difficult ones to assess in order to<br />

reach an informed opinion. If the creditor<br />

gets it wrong then they are at risk of a<br />

claim against them for 'conversion' – the<br />

wrongful interference with title bringing<br />

with it a liability for damages.<br />

It is of a critical importance to any<br />

creditor when charged with the task of<br />

recovery to take the goods back as soon as<br />

possible. It is likely to be the one and only<br />

opportunity to make a sizeable recovery<br />

before the customer ends up in a situation<br />

where they cannot fulfil their liability to<br />

pay the sums due after termination.<br />

Recovery is therefore something that<br />

needs to be done quickly but with careful<br />

planning and execution to minimise the<br />

risk of any wrongful act being committed<br />

and to be successful in mitigating the loss<br />

suffered.<br />

This information is intended as a general<br />

discussion surrounding the topics covered<br />

and is for guidance purposes only. It does<br />

not constitute legal advice and should<br />

not be regarded as a substitute for taking<br />

legal advice. DWF is not responsible for<br />

any activity undertaken based on this<br />

information.<br />

As a CICM member you can receive free legal advice from<br />

DWF. Visit the CICM website and click on the free Advice Line.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 40

Don't miss this essential<br />

legal update if you work in<br />

credit and collections<br />

CICM Law Conference <strong>2018</strong><br />

Wednesday 28 <strong>November</strong><br />

DWF LLP, The Walkie Talkie Building, 20 Fenchurch St, London, EC3M 3AG.<br />

This year’s CICM Law Conference will focus on improving your case strategy in home courts and international<br />

jurisdictions with the aim of equipping delegates with details of recent changes in the law and a sound<br />

understanding of how to properly prepare a defended matter for Summary Judgment. As always, the conference has<br />

been built with you in mind and will put you in front of key industry stakeholders from the legal profession providing<br />

you with an interactive, informal event that focusses on how to improve your strategy as a <strong>Credit</strong> Professional.<br />

This free event is for CICM Members, which will include lunch and refreshments and will offer you plenty of<br />

opportunities to network with conference speakers and fellow delegates.<br />

Programme of event:<br />

09:30 Registration and refreshments<br />

10:00 Welcome – Graham Dagnall – Partner and Head of Litigation, DWF LLP<br />

10:05 Early determination – case analysis (Part 1) – James Perry, Technical Director, DWF, will take you through a<br />

real-life example of a defended action.<br />

11:00 Refreshments and networking<br />

11:15 Early determination – mock hearing (Part 2) – Building upon the exercise in Part 1, Michael Javaherian,<br />

Solicitor-Advocate, LPC Law, will take you through a mock Summary Judgment application.<br />

12:15 Early determination – post-match analysis (Part 3). This will be your opportunity<br />

to ask questions, building on your knowledge of the first two sessions, and analysing<br />

your decision-making.<br />

12:30 Lunch<br />

13:15 Litigating in a foreign jurisdiction – Andy Leach, Partner, DWF, will take you<br />

through an insightful and practical overview of this difficult area of law.<br />

Offering solutions and tips.<br />

13.45 How to get Irish debts smiling? – Eimear Collins, Partner and Susan Connolly<br />

Associate, DWF Dublin, will hone in on the emerald isle providing practical tips<br />

and trips for shaking cash out of Irish customers.<br />

14.15 Connex - Alan Smith MCICM, HCE Group and members of Connex will discuss<br />

how their judicial officers work to help collect outstanding debt and what might<br />

the consequences be of enforcement in European jurisdictions post Brexit.<br />

14.45 Questions and Networking – An opportunity to network with attendees and a<br />

further opportunity to ask any questions about the day’s deliberations.<br />

15.00 Close<br />

Visit www.cicm.com to book your place<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 41



As the deadline for entering the 2019 CICM British <strong>Credit</strong><br />

Awards passed, <strong>Credit</strong> <strong>Management</strong> asked some of the<br />

<strong>2018</strong> winners what it has meant to their businesses to<br />

win an award?<br />

IT was an honour to be nominated<br />

for two awards, but to actually win<br />

both on the night was a very special<br />

feeling and a great accolade for the<br />

business. ‘Project of the Year’ was<br />

awarded for our work on the Cumbria<br />

Flood Resilience programme in the<br />

wake of the devastation caused by<br />

storm Desmond and Eva in 2015. We<br />

provided real world solutions to real<br />

world problems, handling customers<br />

affected by challenging circumstances<br />

with sensitivity and professionalism<br />

while recovering cash in a dynamic<br />

project, and working round the clock to<br />

maintain contact and provide support.<br />

This was in addition to maintaining the<br />

core cash collection activity, client onboarding,<br />

daily admin and legal services<br />

to the Group. To win best in class given<br />

we were competing with industry<br />

leaders was a stunning result for the<br />

team and benchmarks us against the<br />

best in the industry.<br />

Darren Allardyce FCICM,<br />

<strong>Credit</strong> Manager at Adler and Allan.<br />

SINCE winning the award for our<br />

commitment to training to improve<br />

standards throughout the industry, we<br />

have greatly expanded our training<br />

offering, including new Level 2 and<br />

Level 3 qualifications, new workshops<br />

and two new training partnerships.<br />

High Court Enforcement Group is the<br />

only enforcement company that is a<br />

recognised educational assessment<br />

centre, delivering Level 2 and 3<br />

Regulated Qualifications Framework<br />

(RQF) training and Quality Mark<br />

workshops.<br />

We approached the Chartered<br />

Institute of Legal Executives (CILEx),<br />

which endorsed our qualifications and<br />

workshops. Most of the training we<br />

now deliver in England is under CILEx<br />

endorsement.<br />

We also approached the Ministry of<br />

Defence (MOD) Enhanced Learning<br />

<strong>Credit</strong>s Scheme (ELC), which provides<br />

financial support to members of<br />

the Armed Forces for recognised<br />

qualifications. We were accepted into<br />

the scheme as a training provider in<br />

March <strong>2018</strong>.<br />

Winning the award undoubtedly<br />

helped us in our pitch to CILEx and<br />

ELCAS and has also impressed clients<br />

who want to undertake workshops or<br />

qualifications for their employees.<br />

David Grimes, Head of Training and<br />

Development, High Court Enforcement<br />

Group.<br />

HMRC Debt <strong>Management</strong> was<br />

recognised in three categories at<br />

CICM British <strong>Credit</strong> Awards this year.<br />

Maxine Montgomery from our East<br />

Kilbride office won Rising Star of the<br />

Year, Derek Bryce from our Livingston<br />

office was highly commended as <strong>Credit</strong><br />

Professional of the Year, and our Debt<br />

Resolution Team in Livingston was<br />

awarded the Commercial Collections<br />

Team of the Year.<br />

Winning these awards is a great<br />

achievement and we are over the moon<br />

to be recognised at this level. Picking<br />

up the Commercial Collections Team of<br />

the Year meant so much to us here in<br />

Livingston, especially being up against<br />

stiff competition from other public and<br />

private sector industry leaders.<br />

The win celebrates and recognises<br />

the variety, depth and quality of our<br />

work, along with the work of our many<br />

partners who support us day in, day out.<br />

It was a great team effort by everyone<br />

connected with the site and we remain<br />

hugely proud of this success. Receiving<br />

the award has given us increased<br />

confidence in what we do and how we<br />

do it, spurring us on to always challenge<br />

and better ourselves moving forward.<br />

.<br />

Antonio Torrado, Livingston DRT<br />

Operational Site Lead HM Revenue<br />

& Customer.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 42


CREDIT & Business Finance (CBF) was proud to be winners of the CICM <strong>Credit</strong><br />

Insurance Specialist of the Year award for the second year running. Winning the<br />

award was an acknowledgment of the excellent service levels that we give our<br />

clients and introducers, demonstrated by our 95 percent client retention rates and<br />

our most successful new business production this year with over 85 percent being<br />

new to market. Winning the award gave us additional credibility and has without<br />

doubt helped us secure new to market business.<br />

Trevor Price, Managing Director, <strong>Credit</strong> & Business Finance.<br />

WINNING the Risk <strong>Management</strong> Achievement of the Year at the CICM awards was<br />

an important event for the team at Company Watch. For us the award represented<br />

industry recognition of the investment we have put into building a market-leading<br />

platform that helps companies to understand the financial health of their clients,<br />

suppliers and partners. Our entry for the awards focused on the expertise of the<br />

team in being able to design, develop and support our credit reference platform, so<br />

that it continues to help our credit and procurement customers in their role dayto-day.<br />

Being endorsed by a prestigious institute has helped to raise our profile<br />

within the credit industry. <strong>Credit</strong> professionals are keen to manage and mitigate<br />

risks and have been able to find out more about our platform through our Award<br />

communications and updates.<br />

Anna Hutton-North, Marketing Director at Company Watch.<br />

WINNING the CICM’s coveted British<br />

<strong>Credit</strong> Award, confirms Court<br />

Enforcement Services’ high ethical<br />

standards and professionalism within<br />

the credit and collections industry.<br />

As this year’s winner of the Best<br />

use of <strong>Credit</strong> Technology category,<br />

Court Enforcement Services has<br />

been recognised for its continued<br />

investment in technology and<br />

encouragement of innovation. The<br />

Award has given our company the<br />

opportunity to showcase our market<br />

leading services on a national stage, in<br />

IT was a huge honour to win this<br />

award and a landmark moment in our<br />

17-year history as a debt collection<br />

agency. We were especially delighted<br />

for our team’s continued outstanding<br />

performance and hard work to be<br />

recognised in what is a hugely<br />

competitive and demanding climate<br />

currently.<br />

Businesses have rarely had to<br />

overcome so many challenges when<br />

it comes to credit control, so it’s vital<br />

they have a partner they can rely on<br />

and trust to help them get paid<br />

faster, and identify ways to improve<br />

their credit management<br />

performance.<br />

We’re incredibly proud to be able to<br />

use the CICM’s winner’s logo on our<br />

website and marketing collateral,<br />

giving companies that are struggling<br />

with late payment and looking for a<br />

reliable partner the confidence to use<br />

our services, and ultimately keep<br />

cash flowing through their businesses.<br />

Alex Hilton-Baird, Managing Director,<br />

Hilton-Baird Collection Services.<br />

particular our user-friendly App. Used<br />

by all our Enforcement Agents, the<br />

App is an example of our continuous<br />

improvement and is a key component<br />

in achieving a market leading position<br />

in only four years.<br />

Assessed by an independent panel<br />

of experts, the judges’ decision is not<br />

only uplifting for our team, but further<br />

underlines our credibility with existing<br />

and prospective clients alike.<br />

Wayne Whitford FCICM, Director of<br />

Court Enforcement Services.<br />

RECEIVING the CICM British <strong>Credit</strong> Award<br />

for the Consumer <strong>Credit</strong> Team of the Year<br />

<strong>2018</strong> was a huge deal for us, especially<br />

internally. We work in a field which is<br />

analytically challenging, but we’ve always<br />

made sure to focus on customer service,<br />

good conduct, strong leadership and staff<br />

development. Recognition of this by such<br />

a respected body was a sign that we’re<br />

doing it the right way.<br />

It looks great in our awards collection,<br />

but the real value has been in what the<br />

award means. Winning the award has<br />

been a source of pride for us within<br />

the organisation, but it’s also been very<br />

useful when we are with existing and<br />

prospective partners. It shows them what<br />

we’re all about and helps prove that we’re<br />

a leader in our field.<br />

Nallan Suresh, Vice President Analytics<br />

at Gain <strong>Credit</strong>.<br />

DUN & Bradstreet was honoured to be<br />

named as <strong>Credit</strong> Information Provider<br />

of the Year at the <strong>2018</strong> awards. We’re<br />

constantly working to help our customers<br />

improve their business performance by<br />

enhancing the data and analytics we<br />

provide, and we were proud to win this<br />

award for the ongoing development of our<br />

D&B <strong>Credit</strong> solution.<br />

Improving the experience for our<br />

customers is paramount, but it’s also<br />

rewarding for the team who work behind<br />

the scenes to gain industry recognition<br />

for the innovation they are delivering<br />

for our clients. Having a seal of approval<br />

from the judges reassures us that we’re on<br />

the right trajectory, and we’re able to use<br />

our award as a proof point in discussions<br />

with new customers. The award evening<br />

was also a great opportunity to make<br />

new connections, reflect on the fastpaced<br />

changes across our industry, and<br />

celebrate all the great work taking place.<br />

Tim Vine, Head of European Trade <strong>Credit</strong><br />

at Dun & Bradstreet.<br />

WINNING the <strong>Credit</strong> Team of the Year<br />

Award for Kier Group gave such a sense<br />

of achievement to all 30 of the team.<br />

Everyone worked so hard to become the<br />

single back office for all matters relating<br />

to credit control. To create the team in<br />

just 18 months, deliver such excellent<br />

results, and then win the award was the<br />

icing on the cake. Every member of the<br />

team has the winning logo on their email<br />

with pride. To be the flagship department<br />

in finance and mentioned in our inter<br />

communications gave everyone a huge<br />

sense of pride and achievement.<br />

Martin Kirby FCICM, Head of Order to<br />

Cash, Kier Finance Shared Service Centre.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 43


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First class Graduates<br />

Prize winners Jordan Baker and Phillip Atkinson<br />

reflect on their experiences studying at the University<br />

of Plymouth and plans for a career in credit<br />

management.<br />

Meet Jordan Baker<br />

What I liked about the course<br />

<strong>Credit</strong> <strong>Management</strong> was one of my favourite<br />

modules during my three years at the University<br />

of Plymouth. Throughout you truly gain an<br />

understanding of the ever-growing importance of<br />

credit management within a business and how,<br />

when neglected, it can cause serious problems.<br />

The course requires creative thinking as no<br />

problem will ever have a set solution. Plans will<br />

change from business to business depending on<br />

its size or circumstances so the planning in itself<br />

is extremely important.<br />

Areas of credit management I most enjoyed<br />

The course provided a perfect blend of practice<br />

and theory, well reflected in our assignment<br />

which enabled us to choose real companies<br />

and take financial information and key<br />

financial ratios to determine their credit rating<br />

and financial stability. I particularly enjoyed<br />

discovering how a company’s credit management<br />

policy can be the deciding factor in whether it<br />

succeeds or fails. Also interesting was the topic<br />

of late payments and bad debts and the effects<br />

that they can have on a company's cash flow.<br />

My teacher<br />

The quality of teaching was evident from the<br />

get-go with Professor Salima Paul’s passion and<br />

enthusiasm, making the subject very interesting.<br />

She actively encourages you to think creatively<br />

and explore around the subject while providing<br />

excellent anecdotes based upon her experiences<br />

within the industry. Her comforting, supportive<br />

nature provided guidance whenever it was<br />

needed and helped build a strong foundation of<br />

knowledge.<br />

What I plan to do<br />

I am yet to decide which career path I wish to<br />

pursue, however, I feel that at the time of writing<br />

that credit management is an area I am highly<br />

interested in.<br />

How the prize will help me<br />

I would like to thank Salima and Hays<br />

recruitment for recognising my efforts. The prize<br />

was a nice finishing touch to end my time at<br />

University and will give me something to discuss<br />

at job interviews.<br />

Jordan Baker BA(Hons) Winner of Hays prize<br />

for the Best <strong>Credit</strong> <strong>Management</strong> Student<br />

Picture shows Hays representatives,<br />

Jane Mooney and Dana Evans, with<br />

Jordan Baker BA(Hons) and<br />

Professor Salima Paul FCICM<br />

The quality of<br />

teaching was<br />

evident from<br />

the get-go with<br />

Professor Salima<br />

Paul’s passion<br />

and enthusiasm,<br />

making the<br />

subject very<br />

interesting<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 46


without it. A very close second was<br />

deciding who to give credit to and the<br />

less obvious reasons about who not to<br />

and why. I felt like credit management<br />

took me out of that standard number<br />

crunching world of accountancy and<br />

hiding behind a spreadsheet, and put<br />

me back into a world full of talking to<br />

real people and watching the success<br />

of your work unfold in front of you,<br />

while still maintaining that fulfilment of<br />

executing the maths and business that I<br />

was originally so keen for.<br />

My teacher<br />

The teaching for the credit management<br />

module was hands down the best of<br />

any other university module I had.<br />

Professor Salima Paul took the classes<br />

and I believe it was her vast in-depth<br />

knowledge and passion for the subject<br />

that made every lecture come alive<br />

and made me really want to learn.<br />

<strong>Credit</strong> management was definitely my<br />

favourite module at university (and the<br />

one I was happiest to get out of bed for!)<br />

Dr Debbie Tuckwood with Phillip Atkinson BA (Hons)<br />

Meet Phillip Atkinson<br />

What I liked about the course<br />

I always enjoyed maths and business at<br />

school, so finding a course that combined<br />

the two was an absolute gift for me. Every<br />

day I learnt something different, whether<br />

that was academic such as working out<br />

the international cost of capital, or more<br />

trivial such as why supermarkets place<br />

fruit and veg by the entrance. The optional<br />

modules were really interesting as well.<br />

The course included modules such as<br />

law, entrepreneurship, risk management,<br />

auditing, a huge array of languages and<br />

many more. Yet after picking the ones<br />

that sounded fun (and they were), it really<br />

surprised me to discover that my favourite<br />

module by far was credit management.<br />

Areas of credit management I most<br />

enjoyed<br />

The section of credit management which<br />

really engaged me was learning all the<br />

different ways a debt could be collected<br />

and the tips and tricks a credit manager<br />

had at their disposal to do so. To me, it<br />

turned the stereotypical image of a credit<br />

manager into the hero of the company,<br />

with companies succeeding greatly with<br />

good credit management, failing majorly<br />

I felt like credit<br />

management took<br />

me out of that<br />

standard number<br />

crunching world of<br />

accountancy and<br />

hiding behind a<br />

spreadsheet, and put<br />

me back into a world<br />

full of talking to real<br />

people.<br />

What I’m doing and what I want<br />

to do next<br />

After university I was lucky enough to<br />

find a job within two months. I work<br />

for HMT LLP who are an excellent<br />

corporate finance company based<br />

in Henley-on-Thames. I’m currently<br />

a business analyst which really<br />

suits my interests in the financial<br />

sector. Thankfully my love for credit<br />

management has not gone to waste, as<br />

I’ve been recently working on a couple<br />

of projects involving bad debts and what<br />

the next stage should be to deal with<br />

them.<br />

My near future plans are to become a<br />

CICM member and work towards CICM<br />

qualifications. I can then use these skills<br />

to become a specialist in my current<br />

company where I can continue to<br />

network while always moving forward<br />

and hopefully higher up the ranks.<br />

How the prize will help me<br />

The CICM prize money will be used for<br />

a CICM studying membership. I feel<br />

right now this is the best time to work<br />

towards gaining the qualification as I’m<br />

in current employment and it will help<br />

with not only this speciality, but also<br />

furthering my professional network.<br />

Phillip Atkinson BA (Hons) Winner of<br />

CICM prize for the Best Coursework<br />

on <strong>Credit</strong> <strong>Management</strong><br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 47

Would you like to be CICM qualified?<br />

Plan now to start studying in January 2019<br />

Now is the time to think about starting your studies in January and speaking to your<br />

employer. Our education advisers can give advice on how to get started and the options<br />

available. Partly qualified? Find out which units you could complete to gain a CICM<br />

qualification. You could replace an exam with an assignment for example, telephone<br />

collections. Study options are explained below.<br />


CICM Teaching Centres offer classroom-based learning in<br />

<strong>Credit</strong> <strong>Management</strong> (Trade, Export and Consumer), Accounting<br />

Principles, Business Law and Business Environment towards<br />

the CICM Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> and some offer<br />

study towards the CICM Level 5 Diploma in <strong>Credit</strong> <strong>Management</strong>.<br />


The CICM <strong>Credit</strong> Academy offers the opportunity to study in a<br />

virtual classroom through the web for the Level 3 Diploma in<br />

<strong>Credit</strong> <strong>Management</strong> examined units <strong>Credit</strong> <strong>Management</strong> (Trade,<br />

Export and Consumer), Accounting Principles, Business Law and<br />

Business Environment and Level 5 Diploma subjects. Classes are<br />

led by an experienced tutor, are interactive and you have plenty<br />

of opportunity to ask questions and test your knowledge.<br />


Some Teaching Centres and the CICM <strong>Credit</strong> Academy offer<br />

in-company classes for CICM qualifications. Contact CICM<br />

Learning and Development for further details. Fees depend on<br />

location, length of course and are generally cost effective for<br />

groups of ten learners or more.<br />


Supported home study suits those who wish to receive<br />

tutorial support, but would like some flexibility. A practical<br />

option if you are unable to attend college on a regular basis<br />

for the Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> examined<br />

units or CICM Level 5 Diploma in <strong>Credit</strong> <strong>Management</strong><br />

Supported home study providers:<br />

CICM <strong>Credit</strong> Academy Learning Support Service<br />

OLC (Europe)<br />

Haddoum Training, Milton Keynes (including three Saturday<br />

classes)<br />


This provides the cheapest and most flexible option to study for<br />

Level 3 Diploma examined units and Level 5 Diploma units. As<br />

a minimum requirement, you would need to purchase relevant<br />

study texts and guides prepared by the CICM for these units and<br />

specialist text books. This is not a correspondence course and in<br />

using this method you work alone.<br />


CICM offers open and in-company training days, linked to CICM<br />

assignments (see CICM website for details). Works well for all<br />

CICM qualifications (<strong>Credit</strong> <strong>Management</strong>, Debt Collections and<br />

Money and Debt Advice). In some cases, the Institute can link<br />

organisations own training to CICM awards and CICM would be<br />

pleased to advise on this.<br />



Basingstoke<br />

brenda.linger@btconnect.com<br />

Avnet, Bracknell<br />

Brenda.linger@btconnect.com<br />

Leeds City College<br />

karen.odgers@leedscitycollege.ac.uk<br />

South Leicestershire College<br />

info@slcollege.ac.uk<br />

Scorpion, Wolverhampton<br />

petercartwright@debtman.freeserve.co.uk<br />

London Metropolitan University<br />

professionalcourses@londonmet.ac.uk<br />

Haddoum Training, Milton Keynes:<br />

haddoum.training@yahoo.co.uk<br />

Malta Association of <strong>Credit</strong> <strong>Management</strong><br />

info@macm.org.uk<br />

Portsmouth<br />

brenda.linger@btconnect.com<br />

Southampton<br />

brenda.linger@btconnect.com<br />

Stoke-on-Trent College<br />

mdodd1sc@stokecoll.ac.uk<br />

CICM Virtual Class<br />

creditacademy@cicm.com<br />

The Organisational Learning Centre, (OLC Europe)<br />

CICM <strong>Credit</strong> Academy, Manchester<br />

greg@olceurope.com<br />

South Africa<br />

sharonmcmanus@creditskills.co.za<br />

Dimensions International College<br />

enquiry@dimensions.edu.sg.<br />

For further details contact<br />

professionalqualifications@cicm.com<br />

or telephone: 01780 722909<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 48

Does your credit team need<br />

an immediate skills boost?<br />

Don’t leave it too late<br />

in the financial year<br />

Guide your<br />

team in the<br />

right direction<br />

CICM delivers training worldwide to organisations from all sectors on every aspect of<br />

credit. Programmes can be tailored or bespoke and delivered at your convenience.<br />

Our trainers will inspire and motivate your team with practical techniques to improve<br />

Don’t leave it too late in the financial year to invest in your team.<br />

’’effectiveness.<br />

’’<br />

I like the way this has made<br />

us think differently about<br />

existing tasks and how we<br />

can improve/share targets<br />

going forward<br />

Very enjoyable. The trainer<br />

understood the concerns<br />

and issues that we have and<br />

presented in an empathetic<br />

and supportive way<br />

’’<br />

’’<br />

The training is easy to follow<br />

and very informative. I have<br />

learned a number of new<br />

skills and the trainer has<br />

many hints and tips to help<br />

along the way<br />

I really enjoyed this training.<br />

It helped me to understand<br />

key collection techniques<br />

and the way we can use<br />

those to collect money<br />

efficiently<br />

’’<br />

The day was very<br />

enjoyable and the trainer<br />

made it simple and easy<br />

to break down. I loved the<br />

six main reasons for nonpayment<br />

as it shows how<br />

much I over analyse at<br />

times and will really help<br />

with my work. Thank you<br />

to the trainer<br />

If you would like to find out more information contact:<br />

T: 01780 722907 E: training@cicm.com W: cicm.com<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 49


Candid camera<br />

The legalities of filming your employees.<br />

AUTHOR – Gareth Edwards<br />

IT’S not hard to find examples of<br />

those in financial roles who’ve<br />

abused trust to steal. In one, last<br />

December, the manager of the<br />

Louth branch of Halifax Bank was<br />

sentenced for stealing £234,000 to<br />

pay off a blackmailer.<br />

Of course, there will be situations where<br />

employers consider covert surveillance<br />

appropriate. In those circumstances,<br />

however, employers will not have free rein.<br />

There are legal issues that arise from<br />

using recordings in the workplace.<br />

Employers looking to monitor the conduct<br />

of their employees – particularly those<br />

using covert recording – should consider<br />

their actions carefully, particularly in<br />

light of the requirements of the General<br />

Data Protection Regulation (GDPR), which<br />

became law in May.<br />

A recent case considered the lawfulness<br />

of surveillance within the workplace. In the<br />

case of López Ribalda and others v Spain<br />

a Spanish supermarket decided to install<br />

surveillance cameras after it uncovered<br />

theft at one of its stores. A number of<br />

visible surveillance cameras were installed,<br />

aimed at detecting theft by customers, as<br />

well as hidden video recorders to monitor<br />

supermarket cashiers.<br />


The footage collected showed five<br />

employees stealing items from the<br />

supermarket. The employees were<br />

confronted and admitted to theft,<br />

after which they were dismissed. The<br />

employees pursued unfair dismissal claims<br />

through the Spanish courts, which were<br />

unsuccessful. The employees subsequently<br />

pursued claims at the European Court of<br />

Human Rights (ECtHR) arguing that the<br />

use of the covert video evidence in the<br />

unfair dismissal proceedings had infringed<br />

their privacy rights under Article 8(1) of the<br />

European Convention on Human Rights.<br />

The ECtHR agreed that the use of covert<br />

cameras constituted a violation of the<br />

employees' right to privacy. The ECtHR<br />

looked at whether the Spanish courts<br />

had properly balanced the employees’<br />

rights to respect for their private life and<br />

the employer's interest in protecting its<br />

property rights, and the public interest<br />

in administration of justice. The ECtHR<br />

determined that, whilst the employer was<br />

concerned about thefts and was entitled to<br />

investigate, the use of covert recording in<br />

this way breached Spanish data protection<br />

law and the guidance issued by the Spanish<br />

data protection agency.<br />

In this case, not enough had been done<br />

to safeguard the employees' rights – for<br />

instance by targeting the surveillance<br />

only to those individuals who were under<br />

suspicion, or only recording for limited<br />

periods of time. The ECtHR also noted<br />

that other safeguards might have included<br />

informing the employees of the recording<br />

and providing them with the information<br />

required under Spanish law.<br />

In the UK, the Information<br />

Commissioner's Office (ICO) guidance<br />

states that ‘covert monitoring should not<br />

normally be considered. It will be rare<br />

for covert monitoring of workers to be<br />

justified. It should therefore only be used<br />

in exceptional circumstances.’ Examples<br />

of an exceptional circumstances include<br />

a specific investigation into suspected<br />

criminal activity, where openness would<br />

be likely to prejudice the prevention<br />

or detection of crime or equivalent<br />

malpractice or the apprehension or<br />

prosecution of offenders.<br />

In order to assess whether prejudice<br />

is likely, employers must conduct a<br />

detailed investigation and obtain senior<br />

management approval. In addition, under<br />

the GDPR, employers must conduct data<br />

protection impact assessments when<br />

undertaking processes that are likely to<br />

result in a high risk to the rights of data<br />

subjects (i.e. those whose personal data is<br />

being collected). Covert monitoring will<br />

fall within the scope of this obligation.<br />

Therefore, employers are placed under an<br />

additional obligation when considering<br />

covert surveillance.<br />


Finally, employers who use video<br />

surveillance should ensure that they have<br />

a policy in place setting out what CCTV<br />

monitoring takes place; the reasons why it<br />

has been deployed; and how the recordings<br />

are used.<br />

It’s worth noting that the Information<br />

Commissioner’s Office (ICO) has a page on<br />

its website concerning monitoring at work.<br />

It says that CCTV monitoring can be used<br />

in the workplace for a number of reasons,<br />

however, if CCTV is installed the employer<br />

should make sure employees are aware of<br />

it. This is usually done by displaying signs<br />

to say where the locations of the cameras<br />

are. Workers should also be given the<br />

reason for the monitoring.<br />

Signs should be clear, visible and<br />

readable; contain details of the purpose of<br />

the surveillance and who to contact about<br />

the scheme; and include contact details<br />

such as website address, telephone number<br />

or email address.<br />

Importantly, under data protection<br />

legislation, if an employer tells employees<br />

the reason why cameras are used is to<br />

prevent theft, the employer cannot then<br />

use the footage for another reason, such as<br />

recording entry and exit of workers from<br />

the workplace.<br />

Gareth Edwards is a partner in the employment<br />

team at VWV.gedwards@vwv.co.uk.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 50

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 51


The rise and rise of<br />

Peer-to-Peer alternative<br />

finance. Page 13<br />

The story behind the<br />

collapse of Toys R Us.<br />

Page 36<br />



CM December 2017.indd 1 21/11/2017 13:41<br />

Sean Feast comments<br />

on the Bell Pottinger<br />

saga. Page 4<br />

Are CRAs doing<br />

enough around bogus<br />

accounts. Page 26<br />




CM October 2017.indd 1 21/09/2017 13:47<br />

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

People Power<br />

How self-serve is<br />

supporting customer<br />

engagement. Page 14<br />

Taken On Trust<br />

Sean Feast speaks to<br />

Joanna Elson of the Money<br />

Advice Trust. Page 22<br />



Winners of the<br />

CICM British<br />

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

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

CM March <strong>2018</strong>.indd 1 21/02/<strong>2018</strong> 13:56<br />

How AI is challenging<br />

our ethical code.<br />

Page 17<br />

The state of the credit<br />

management nation.<br />

Page 34<br />



CM April <strong>2018</strong>.indd 1 21/03/<strong>2018</strong> 11:10<br />

Sean Feast talks to<br />

the new CEO of Hoist<br />

Finance. Page 13<br />

How Bexley Council<br />

is improving supplier<br />

relationships. Page 16<br />



CM June <strong>2018</strong>.indd 1 21/05/<strong>2018</strong> 11:04<br />

New CICM members<br />

The Institute welcomes new members who have recently joined<br />





Brendan Casey<br />

Ciaran Grace<br />

Shakiba Zulfikar Ahsen<br />

Louisa Hall<br />

Swetha Krishnan<br />

Lisa Myatt<br />

Marianne Rimmer<br />

Isabelle Boulard<br />

Susan Curtis<br />

Jonathan Dermott<br />

David Dyer<br />

Lynsey Fitch<br />

Joanna Harrison<br />

Laura Hosey<br />

Christian Mancini<br />

Sarah McKnight<br />

Jacqueline Pearson<br />

Yasmin Roberts<br />

Craig Routledge<br />

Jack Webster<br />

Tracey Yeo<br />

Mark Evans<br />

Stephen Skipwith<br />


Janice Abbott<br />

Mohamed Aburas<br />

Janet Bainton<br />

Kieran Boyce<br />

Ruth Bricklebank<br />

Delana Brown<br />

Emma Bryan<br />

Kevin Burt<br />

John Campbell<br />

Claudia Carausu<br />

Nayan Chauhan<br />

Natasha Chinn<br />

Jack Colvin<br />

Andrew Crane<br />

Aikaterini Delliou<br />

Oliver Dennis<br />

Marie Dodd<br />

Paula Durão<br />

Aillene Erasga<br />

Dora Espar<br />

Scott Fairclough<br />

Thomas Faulkner<br />

Victoria Ferguson<br />

Amy Foley<br />

Laren Gomes<br />

Michelle Green<br />

Alexander Hammond<br />

Lee Hancock<br />

Richard Harris<br />

Gary Hughes<br />

Afzahl Hussain<br />

Matthew Jackson<br />

Gawain Johnson<br />

Hema Johnson<br />

Chloe Jones<br />

Clare Joyce<br />

Jordan Kay<br />

Andrew Kennerk<br />

Burt Kort<br />

Anna Lamb<br />

Steven Lambert<br />

Kenneth Lewis<br />

Christopher Logue<br />

Kaitlin Macleod<br />

Fernando Marcal Graca<br />

Shaheen McCaskie<br />

Brenda McKee<br />

Carla McNeish<br />

Osman Mir<br />

Dustine Monfries<br />

Bethany Rayson<br />

Ewan Rodger<br />

Nicky Rogers<br />

David Russell<br />

Matthew Sales<br />

Stephanie Saunders<br />

Phoebe Senior<br />

Raquel Simon Garcia-Louzao<br />

Alison Smith<br />

Kathryn Thomson<br />

Konstantinos Toulis<br />

Sarah Walton<br />

Maria Waseem<br />

Tanja Winstanley<br />

Joanne Yates<br />

CM<br />

The magazine for<br />

consumer and<br />

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CM<br />


DECEMBER 2017 £12.00<br />

INSIDE<br />

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

Face to Face<br />

Sean Feast speaks<br />

to Business Minister<br />

Margot James<br />

CM<br />


OCTOBER 2017 £10.00<br />

Life on the edge<br />

Consumers caught<br />

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Chain Reaction<br />

The cost of being in<br />

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INSIDE<br />

CM<br />


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

Barrel Role<br />

How the UK wine industry<br />

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CM<br />


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

Winds of<br />

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Headwinds on<br />

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IN DEPTH<br />


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The Recognised Standard / www.cicm.com / July/August June <strong>2018</strong> / PAGE <strong>2018</strong> / 58 PAGE 58<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 52




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Obsession with perception<br />

Hadley Eames speaks out on the unhealthy<br />

focus on the personal brand.<br />

AS someone who falls<br />

within the ‘millennial’<br />

bracket, the use of social<br />

networks has had an<br />

overwhelming impact on<br />

my daily routine. People<br />

of my age are ‘Insta-fanatics’ (myself<br />

included). We’ll often post a photo to ‘the<br />

gram’ before disclosing it on Facebook,<br />

Snapchat and, if you are so inclined,<br />

Twitter. Instagram seems no more than a<br />

means to ‘big oneself up’ or otherwise to<br />

make a tedious existence seem glamorous<br />

and exciting.<br />

Despite the ‘good’ that is brought about<br />

from social networking, there is an<br />

absolute obsession that millennials have<br />

with their perceived image and social<br />

acceptance. In the summer I graduated<br />

from University and the atmosphere was<br />

more febrile with the majority attempting<br />

to get that perfect Instagram to post to<br />

their some few hundred acquaintances<br />

rather than focusing on everyone’s<br />

personal achievements. A quote from<br />

a fellow graduate: “It’s important to<br />

have a strong Instagram presence.” This<br />

individual had spent hours coordinating<br />

her outfits with everything ranging from<br />

the water fountain to the stage. It seemed<br />

as if people were more absorbed about<br />

achieving multiple photo opportunities<br />

rather than focusing on the unique<br />

experience of graduation.<br />

On the face of it, the use of various<br />

platforms to present a positive image of<br />

oneself is not obviously harmful or to<br />

be criticised. However, obsessive use of<br />

social media can lead to the user having<br />

a totally unrealistic view of themselves<br />

and create a real problem when they can’t<br />

exceed their self-generated expectations.<br />

There is plenty of evidence that shows the<br />

inability to match the created image or<br />

criticism by others who don’t accept it can<br />

lead to isolation, depression, and worse.<br />

“When we derive a sense of worth based<br />

on how we are doing relative to others,<br />

we place our happiness in a variable that<br />

is completely beyond our control,” Dr<br />

Tim Bono, author of When Likes Aren’t<br />

Enough explained in Healthista.<br />

Those who engage in all of this are<br />

perhaps seeking to create a brand of<br />

themselves and crave acceptability. It’s<br />

interesting that most posts on Instagram<br />

occur later in the evening when more<br />

people are online and there is a better<br />

opportunity to achieve more ‘likes’. Maybe<br />

there is some significance that there is<br />

a spike 25 minutes before Love Island<br />

comes onto our screens? Marketers are<br />

aware of this and target viewers to try and<br />

encourage them to buy products that fit<br />

their self-created image.<br />

When everyone is showcasing their<br />

holidays, nights out and promotions, you<br />

start to exaggerate your own experiences<br />

in order to maintain the perception that<br />

you are their equal. If you do this well<br />

enough on Instagram, YouTube etc. you<br />

can become a mini celebrity to all your<br />

faux friends.<br />

Having re-read what I have written<br />

and recognised I’m part of this millennial<br />

behaviour, I wonder if I should toss my<br />

iPhone into the river and crush my Mac?<br />

But then I was concerned no-one would<br />

know how my work experience week<br />

went, and what’s happening next!<br />

Hadley is far younger<br />

than he thinks.<br />

14<br />


challenge<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 54

Are you a Leader<br />

or follower?<br />

CICMQ accreditation is a proven model that has consistently delivered<br />

dramatic improvements in cashflow and efficiency<br />

CICMQ is the hallmark of industry leading organisations<br />

The CICM Best Practice Network is where CICMQ accredited organisations<br />

come together to develop, share and celebrate best practice in credit and<br />

collections<br />

Be a leader – Join the CICM Best Practice Network today<br />

To find out more about flexible options to gain CICMQ accreditation<br />

E: cicmq@cicm.com, T: 01780 722900<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 55



For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, contact Marketing on 01780 727273<br />

Hays <strong>Credit</strong> <strong>Management</strong> is the award winning national specialist<br />

division of Hays Recruitment, dedicated exclusively to the recruitment<br />

of credit management professionals in the public and private<br />

sectors. Whether you are looking to further your career in credit<br />

management, strengthen your existing team, or would simply like an<br />

overview of the market, it pays to speak to the market leaders.<br />

www.hays.co.uk<br />

HighRadius is the leading provider of Integrated<br />

Receivables solutions for automating credit, collections,<br />

cash allocation, deductions and eBilling operations.<br />

The solutions are delivered as a software-as-a-service<br />

(SaaS) or as SAP-certified Accelerators for SAP<br />

Finance Receivables <strong>Management</strong>. With a track record<br />

of reducing days sales outstanding (DSO), bad-debt<br />

and increasing operational efficiency, HighRadius<br />

solutions help teams achieve payback within a year.<br />

www.highradius.com<br />

We offer the most powerful comparable data<br />

resource on private companies.<br />

We capture and treat private company<br />

information for better decision making and<br />

increased efficiency, so we’re ideally suited to help<br />

credit professionals.<br />

Orbis, our global company database has<br />

information on 250 million companies, and offers:<br />

Standardised financials<br />

Financial strength metrics<br />

Extensive corporate structures<br />

www.bvdinfo.com<br />

Sanders Consulting is a niche consulting firm<br />

specialising in improving <strong>Credit</strong> <strong>Management</strong><br />

Leadership & Performance for our clients.<br />

We provide people and process focussed<br />

pragmatic solutions, consultancy, strategy days and<br />

performance improvement workshops and we<br />

are proud to manage and develop the CICMQ<br />

Programme and the Best Practice Network on<br />

behalf of the CICM. For more information please<br />

contact: enquiries @chrissandersconsulting.com.<br />

www.chrissandersconsulting.com<br />

Key IVR provide a suite of products to<br />

assist companies across Europe with credit<br />

management. The service gives the end-user<br />

the means to make a payment when and<br />

how they choose. Key IVR also provides a<br />

state-of-the-art outbound platform delivering<br />

automated messages by voice and SMS. In a<br />

credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

www.keyivr.co.uk<br />

American Express is a globally recognised provider<br />

of payment solutions to the business sector<br />

offering flexible collection capabilities to meet<br />

company cashflow objectives across a range of<br />

industries. Whether you are looking to accelerate<br />

cashflow, create a competitive advantage to drive<br />

business or looking to support your customers<br />

in their growth American Express can tailor a<br />

solution to support your needs.<br />

www.americanexpress.com<br />

Credica are a UK based developer of specialist<br />

<strong>Credit</strong> and Dispute <strong>Management</strong> software. We<br />

have been successfully implementing our software<br />

for over 15 years and have delivered significant<br />

ROI for our diverse portfolio of customers. We<br />

provide a highly configurable system which enables<br />

our clients to gain complete control over their<br />

debtors and to easily communicate disputes with<br />

anyone in their organisation.<br />

www.credica.co.uk<br />

Moore Stephens is a top ten accounting and<br />

advisory network. Our national creditor services<br />

team has expert insights in debt recovery. This,<br />

combined with unparalleled industry and sector<br />

knowledge, enables our team to assist creditors in<br />

recovering outstanding debts.<br />

www.moorestephens.co.uk<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 56

Proud supporters<br />

of CICMQ<br />

With over 90 years’ experience, we have an<br />

in-depth understanding of the importance of<br />

maintaining customer relationships whilst efficiently<br />

and effectively collecting monies owed, we deliver<br />

when it comes to collecting outstanding debts.<br />

Our Client focus is reflected in the customer<br />

relationships. Structuring our service to meet your<br />

specific needs, providing a collection strategy that<br />

echoes your business character, trading patterns<br />

and budget.<br />

www.atradiuscollections.com/uk/<br />

Graydon UK provides its clients with <strong>Credit</strong><br />

Risk <strong>Management</strong> and Intelligence information<br />

on over 100 million entities across more than<br />

190 countries. It provides economic, financial<br />

and commercial insights that help its customers<br />

make better decisions. Leading credit insurance<br />

organisations, Atradius, Coface and Euler Hermes,<br />

own Graydon. It offers its seamless service<br />

through a worldwide network of offices and<br />

partners.<br />

www.graydon.co.uk<br />

Rimilia provides intelligent, finance automation<br />

solutions that enable customers to get paid<br />

on time and control their cashflow and cash<br />

collection in real time. Rimilia’s software solutions<br />

use sophisticated analytics and artificial intelligence<br />

to predict customer payment behaviour and<br />

easily match and reconcile payments, removing<br />

the uncertainty of cash collection. Rimilia’s<br />

software automates the complete accounts<br />

receivable process improving cash allocation, bank<br />

reconciliation and credit management operations.<br />

www.rimilia.com<br />

DWF is a global legal business, transforming legal<br />

services through our people for our clients. Led by<br />

Managing Partner & CEO Andrew Leaitherland,<br />

we have over 26 key locations and 2,800 people<br />

delivering services and solutions that go beyond<br />

expectations. DWF offers a full range of cost<br />

effective debt recovery solutions including pre-legal<br />

collections, debt litigation, enforcement, insolvency<br />

proceedings and ancillary services including tracing,<br />

process serving, debtor profiling and consultancy.<br />

www.dwf.law/recover<br />

Data Interconnect provides integrated e-billing<br />

and collection solutions via its document delivery<br />

web portal, WebSend. By providing improved<br />

Customer Experience and Customer Satisfaction,<br />

with enhanced levels of communication between<br />

both parties, we can substantially speed up your<br />

collection processes.<br />

www.datainterconnect.com<br />

Dun & Bradstreet grows the most valuable<br />

relationships in business. Whether your customer<br />

portfolio spans a city, a country or the globe, Dun<br />

& Bradstreet delivers the data, analytics and insight<br />

to grow your most profitable relationships and<br />

obtain a global, unified view of your customer<br />

relationships across credit and collections.<br />

www.dnb.co.uk<br />

Organisations around the world rely on Company<br />

Watch’s industry-leading financial analytics to drive<br />

their credit risk processes. Our financial risk<br />

modelling and ability to map medium to long-term<br />

risk as well as short-term credit risk set us apart<br />

from other credit reference agencies. With our<br />

unique H-Score® predicting almost 90 percent<br />

of corporate insolvencies in advance, it is the risk<br />

management tool of choice, providing actionable<br />

intelligence in an uncertain world.<br />

www.companywatch.net<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools,<br />

automated workflows for payment processing<br />

and bill review and state of the art fraud<br />

detection, behavioural analytics and regulatory<br />

compliance. Every day, we help our customers by<br />

making complex business payments simple, secure<br />

and seamless.<br />

www.bottomline.com/uk<br />

Tinubu Square is a trusted source of trade<br />

credit intelligence for credit insurers and for<br />

corporate customers. The company’s B2B<br />

<strong>Credit</strong> Risk Intelligence solutions include the<br />

Tinubu Risk <strong>Management</strong> Center, a cloud-based<br />

SaaS platform; the Tinubu <strong>Credit</strong> Intelligence<br />

service and the Tinubu Risk Analyst advisory<br />

service. Over 250 companies rely on Tinubu<br />

Square to protect their greatest assets: customer<br />

receivables.<br />

www.tinubu.com<br />

The Recognised Standard<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 57


A<br />

fitting climax to the annual Kent<br />

Branch Annual Charity Wine and<br />

Wisdom Event (sponsored by <strong>Credit</strong><br />

Limits International) was reached<br />

when ‘Codswallop!’ emerged<br />

victorious after a close final round<br />

based on flags of the world. Captained by Bob<br />

Baldwin, a founding member of the Kent Branch<br />

and ex-chairman for many years, the team narrowly<br />

beat off the challenge from ‘Happy Hay’ from Hays<br />

Specialist Recruitment, Maidstone, who were the<br />

reigning champions from 2017.<br />

The event was again held at the Assembly<br />

Rooms in Faversham and nine teams competed<br />

for the Kent Branch Shield in a spirited and<br />

competitive atmosphere. Other regular entrants,<br />

such as ‘Les Chasseurs De Dettes’ (aka <strong>Credit</strong> Limits<br />

International), Lambert Smith Hampton and Henry<br />

Schein were joined by newcomers to the event such<br />

as UFC Gyms, Forensic Investigation & Taxation<br />

Services and Jarmans Solicitors. We thank them all<br />

for their support.<br />

Simon Paterson MCICM, Branch Treasurer, again<br />

took on the role of Quiz Master and devised a diverse<br />

range of questions, including rounds on Kent Towns,<br />

anagrams of types of biscuit and quirky posers on<br />

the <strong>2018</strong> FIFA World Cup. (Who knew that the official<br />

match ball was kept on the International Space<br />

Station between March and June this year?)<br />

The beneficiary of the monies raised through<br />

entrance fees and the raffle was chosen by the<br />

winning team. As a result, The Alzheimer’s Society<br />

will be sent a donation of £750 from CICM Kent<br />

Branch for work in the Kent area.<br />

Thanks must again go to Simon and Marion for<br />

organising food and beverages, Pierre for sponsoring<br />

the wine and the Committee for their hard work in<br />

making this another success.<br />

Author: Kevin Artlett FCICM<br />

BROGDALE is a tiny hamlet near Faversham<br />

that holds the world’s largest international<br />

fruit collection, and this was the venue<br />

for this year’s Kent Branch Summer Social<br />

with around 30 members and guests in<br />

attendance. Everyone was glad that the sun<br />

came out and the weather was warm, with<br />

a hint that autumn was well on its way.<br />

The event started with a talk about<br />

Brogdale from a great character of the farm,<br />

John. He described the mass of varieties of<br />

fruit the farm grows, and the research it<br />

does on behalf of the Government. Then<br />

came the best bit; sampling various fruit<br />

juices that the farm produces each year.<br />

Next came the highly anticipated tractor<br />

Wine and Wisdom<br />

Kent Branch<br />

End of Summer Social<br />

Kent Branch<br />

tour of the farm through the various<br />

orchards. Many were excited about this<br />

part of the day, especially Richard Brown<br />

from the East of England Branch, who<br />

came along for the day with his wife Susan.<br />

After this we were served with a welldeserved<br />

cream tea. The delicate floral<br />

china tea sets along with piles of scones,<br />

cakes and meringues just made your mouth<br />

water and your eyes pop. We all dived in for<br />

our own personal sugar rush – diets were<br />

definitely on hold!<br />

Once the leisurely cake fest was over,<br />

many of us ventured to the Mad Cat<br />

microbrewery on site, run by Peter Meany<br />

who gave an interesting talk about how<br />

some of the finest small batch ales in this<br />

area were produced. We were able to sample<br />

some of his produce, with the assistance<br />

of Branch Secretary, Kevin Artlett FCICM,<br />

being barman for the duration.<br />

After the organised part of the day, we<br />

freely wandered around the farm shops<br />

on site. Many bought some of the finest<br />

locally sourced produce and the awardwinning<br />

butcher had a big rush on just<br />

before closing.<br />

All in all, another great summer event<br />

by our Kent Branch. I wonder what plans<br />

we have for next year?<br />

Author: Tracey Westell MCICM<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 58

3<br />

YEARS<br />

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

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

Controller<br />

Accounts Receivable<br />

Specialist<br />

<strong>Credit</strong> Control<br />

Supervisor<br />

Head of<br />

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

Billing<br />

Administrator<br />






Portfolio <strong>Credit</strong> Control, part of the Portfolio Group, have been supplying<br />

the highest calibre permanent, temporary and contract staff for 30 years<br />

and our dedicated Consultants have specialist expertise in the <strong>Credit</strong><br />

Control market.<br />

Contact one of our dedicated Recruitment Consultants to fill your<br />

current vacancy or find your next career move!<br />

LONDON 020 7650 3199<br />


MANCHESTER 0161 836 9949<br />


www.portfoliocreditcontrol.com<br />

recruitment@portfoliocreditcontrol.com<br />

www.facebook.com/theportfoliogroup<br />

linkedin.com/company/portfolio-credit-control<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 59<br />





CAREER<br />



London, up to £45,000<br />

Servicing customers all over the world and being<br />

a staple company domestically, a rare opportunity has<br />

arisen at a rapidly growing tech company for a highly<br />

motivated individual. With a strong emphasis on the<br />

entire accounts receivable function, you will look after<br />

the revenue function, including deferred income, accrued<br />

income and revenue recognition. You will also implement<br />

a new system to automate the billing function and as<br />

such you must be completely comfortable with accounts<br />

receivable and revenue based reporting. Experience<br />

with international VAT is essential. This is a fantastic<br />

opportunity where you can achieve results and be<br />

rewarded accordingly. Ref: 3296758<br />

Contact Akshay Caussy on 020 3465 0020<br />

or email akshay.caussy@hays.com<br />



London, up to £30,000<br />

This is a great opportunity to work within a start-up<br />

fashion company based in North London. The company<br />

have amazing growth plans and is rapidly expanding<br />

throughout Europe. In this role, you will be in charge of<br />

the process and be allowed to set up procedures and<br />

increase efficiencies. To be successful, you will be from<br />

a strong AR background with experience in credit control,<br />

invoicing, reconciliation and have the drive and tenacity<br />

to want to work and improve on processes and procedure.<br />

Ref: 3254661<br />

Contact Kabir Gulabkhan on 020 3465 0020<br />

or email kabir.gulabkhan@hays.com<br />



London, £30,000-£34,000 + bonus + benefits<br />

A well-established and thriving media business based<br />

in London is seeking a bilingual credit controller to join<br />

its credit control team. You will work in a fast-paced<br />

environment and be responsible for collecting payment<br />

from 1,000+ high value accounts. You will be fluent<br />

in English and Italian or Spanish. Some credit control<br />

experience is essential as are intermediate Excel skills.<br />

The role will suit a team player who is able to forge strong<br />

relationships with a genuine passion for customer service,<br />

high energy and a desire to learn.<br />

Ref: 3352972<br />

Contact Julia Foster on 020 3465 0020<br />

or email julia.foster2@hays.com<br />



London, up to £30,000<br />

An advertising agency based in West London requires an<br />

accounts receivable professional to join its finance team<br />

on a six month contract basis. You will be responsible<br />

for raising invoices, reconciliations and cash allocations,<br />

alongside credit control. Reporting to the Financial<br />

Controller, you will be working in a finance team of four.<br />

To be successful, you will have previous experience<br />

within the complete accounts receivable function.<br />

This is an exciting opportunity to join an excellent<br />

company, giving you the opportunity to progress your<br />

career and gain more experience and responsibility.<br />

Ref: 3426188<br />

Contact Summer Mostafa on 020 3465 0020<br />

or email summer.mostafa@hays.com<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 60



Barnet, £25,000-£30,000<br />

This long-established property management company<br />

requires an experience credit controller to join its office<br />

in Barnet. Working as part of a small accounts team, you<br />

will report to the Finance Manager and be responsible<br />

for all aspects of the sales ledger and credit control<br />

functions. To be successful, you will have previous<br />

credit control experience gained within a property<br />

management company, have excellent communication<br />

and problem solving skills as well as be results driven<br />

and have the ability to collect and deal effectively with<br />

people at all levels.<br />

Ref: 3421308<br />

Contact Nick Euripides on 020 3818 7043<br />

or email nick.euripides@hays.com<br />



Croydon, £27,000 + CICM study support<br />

This highly recognised company has a reputation for<br />

innovation, excellence and progression opportunities.<br />

You will be responsible for the timely collection of due<br />

date payments, maximising cash flow and minimising<br />

exposure to risk. Key duties includes maintaining regular<br />

contact with customers, planning and arranging customer<br />

visits, proactively planning pre-due date collection<br />

calls, processing write-off’s, updating cash forecast for<br />

accounts, credit checking accounts, querying resolution<br />

and cash allocations. With credit control experience, you<br />

will be an effective decision maker and problem solver,<br />

with the ability to work in a team as well as individually<br />

with minimum supervision. Ref: 3351128<br />

Contact Sarah Nelson on 020 8686 4686<br />

or email sarah.nelson@hays.com<br />



London, up to £28,000<br />

An international, highly reputable law firm is looking<br />

for a credit control assistant to join its finance team in<br />

its fast paced office. This role will be pure credit control<br />

chasing debt via telephone and email, managing WIP,<br />

reviewing age debt balances, reporting, attending<br />

monthly reviews and liaising regularly with fee<br />

earners, partners and clients to build strong working<br />

relationships. <strong>Credit</strong> control experience is required within<br />

a law firm or similar professional services industry.<br />

If you are highly motivated, organised and can keep<br />

calm under pressure, then this is the role for you.<br />

Ref: 3421599<br />

Contact Holly Parkes on 020 3465 0020<br />

or email holly.parkes@hays.com<br />




Sheffield, £23,000 + benefits<br />

This well-established, market leading company is looking<br />

for a senior credit controller with linguistic capability to<br />

join its finance team. Your duties will include ensuring<br />

cash collection is achieved and payments obtained by<br />

agreed terms through the maintenance and control of<br />

the sales ledger across the entire EMEA region. Previous<br />

credit control experience is essential and you will ideally<br />

be a French or Italian speaker. To be successful, you will<br />

have the ability to work towards and achieve deadlines,<br />

work well as part of a team or on your own initiative,<br />

possess good self-motivational and organisational skills<br />

and excellent Excel skills. Ref: 3178916<br />

Contact Daniel Cherry on 0114 273 8775<br />

or email daniel.cherry@hays.com<br />

This is just a small selection of the many<br />

opportunities we have available for credit<br />

professionals. To find out more email<br />

hayscicm@hays.com or visit us online.<br />

hays.co.uk/creditcontrol<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 61


Full list of events can be found on our website: www.cicm.com/events<br />


7 <strong>November</strong><br />

CICM North East Branch<br />


Starting Your Own Business – Practical Advice<br />

and Avoiding The Pitfalls (2 CPD hours)<br />

Contact : Allan Poole 07983 422 000<br />

northeastbranch@cicm.com<br />

VENUE : The Town Mission Lower Rudyerd<br />

Street, North Shields, NE29 6NG<br />

7 <strong>November</strong><br />

CICM Bristol and West Branch<br />


Quiz Evening<br />

Contact : Email your attendance to<br />

bristolandwestbranch@cicm.com<br />

Tim Peakman 07765956894<br />

VENUE : The Prince Street Social,<br />

37-41 Prince Street, Bristol, BS1 4PS<br />

7 <strong>November</strong><br />

CICM East of England Branch<br />

LONDON<br />

Deal or No Deal Conference (5 CPD hours)<br />

Contact : Carol Baker (01277) 201554 /<br />

07710 392934<br />

VENUE : Goodman Masson, 120 Aldersgate<br />

Street, London, EC1A 4JQ<br />

Contact : Visit www.cicm.com to book your place<br />

VENUE : DWF LLP The Walkie Talkie Building,<br />

20 Fenchurch Street, London, EC3M 3AG<br />

28 <strong>November</strong><br />

CICM South Wales Branch<br />


Are The Robots Coming or Are They Here<br />

Already? What will you do?<br />

Contact : Diana Keeling (07921) 492348<br />

To reserve a place please email<br />

southwalesbranch@cicm.com<br />

Booking Deadline: 21 <strong>November</strong> <strong>2018</strong><br />

VENUE : Atradius 3 Harbour Road, Cardiff,<br />

CF10 4WZ<br />

1 December<br />

CICM Sheffield and District Branch –<br />


Tis The Season To Be Networking<br />

Contact : Paula Uttley<br />

(0114) 2518850 (239) / 0771 3367588<br />

VENUE : Genting Casino St Paul's Place,<br />

Arundel Gate, Sheffield, S1 2PN<br />


9 <strong>November</strong><br />



bsf@forumsinternational.co.uk<br />

VENUE : Experian Riverleen House, Electric Ave,<br />

Nottingham,<br />

11 - 13 NOVEMBER<br />

ICTF’s Annual Global Trade Symposium<br />

USA<br />

CICM members can obtain a US$50 discount<br />

against the advertised registration fees by<br />

emailing tim.lane@ictfworld.org.<br />

Contact : ICTFinfo@ictfworld.org More details on<br />

our online events calendar.<br />

VENUE : The Ritz-Carlton 1 North Fort<br />

Lauderdale Beach Boulevard, Fort Lauderdale, FL<br />

33304, United States Minor Outlying Islands.<br />

15 <strong>November</strong><br />

Forums International – International<br />

Apparel <strong>Credit</strong> Forum (IAF)<br />

Contact : For more information email iaf@<br />

forumsinternational.co.uk<br />

VENUE : TBC<br />

15 <strong>November</strong><br />

Experian <strong>Credit</strong> Forum –<br />

Home Enhancements<br />


Contact : Please contact Brent.cumming@<br />

experian.com on 07885 675 092 if you would like<br />

further details.<br />

VENUE : BHETA Offices Birmingham<br />

7 <strong>November</strong><br />

CICM Sheffield and District Branch<br />


The Journey Ahead (1 CPD hour)<br />

Contact : Daniel Cherry 0114 2738775<br />

VENUE : AMP Technology Centre<br />

Advanced Manufacturing Park, Brunel Way,<br />

Catcliffe, Rotherham, S60 5WG<br />

9 <strong>November</strong><br />

CICM Sussex & Surrey Branch<br />


The Changing Business Landscape and<br />

Insolvency (1 CPD hour)<br />

Contact : Natascha Whitehead<br />

(01483) 564692 / 0777 078 6433<br />

VENUE : Menzies LLP Ashcombe House,<br />

5 The Crescent, Leatherhead, Surrey KT22 8DY<br />

13 <strong>November</strong><br />

CICM Northern Ireland Branch<br />


All Ireland Utilities Conference (6 CPD hours)<br />

Contact : Paul Taylor<br />

(+44) 2870350682 / +44 7979992110<br />

VENUE : CityNorth Hotel Gormanston,<br />

Co. Meath, Ireland<br />

28 <strong>November</strong><br />

CICM Law Conference <strong>2018</strong><br />

LONDON<br />

Don't miss this essential legal update if you<br />

work in credit and collections.<br />

This event is free to attend for members of<br />

the CICM. If you are not already a member,<br />

join today to enjoy this and a host of other<br />

inclusive benefits. See page 41 for more details.<br />

9 <strong>November</strong><br />


ONLINE<br />



4 - 7 <strong>November</strong><br />

Rimilia – AFP <strong>2018</strong> – Chicago<br />

USA<br />

Contact : Visit link for details https://conference.<br />

afponline.org/<br />

VENUE : McCormick Place West Building,<br />

2301 S King Dr, Chicago, IL 60616, United States<br />

5-6 <strong>November</strong><br />

12th Annual European AML & Financial<br />

Crime Conference<br />

LONDON<br />

CICM Members will receive a percent discount<br />

upon registration – please quote ‘CICM’ when you<br />

register to secure this.<br />

Contact : To guarantee your place, please<br />

complete and return the conference registration<br />

form which may be found at<br />

http://www.amlpforum.com/euconference/<br />

registration/ Alternatively, please contact Lucia<br />

on +44 20 8785 6300.<br />

VENUE : Merchant Taylors’ Hall London,<br />

EC2R 8JB<br />

7 NOVEMBER<br />

Forums International – Business & Office<br />

Supplies <strong>Credit</strong> Forum (BSF)<br />


Contact : For more information email<br />

20 <strong>November</strong><br />

Experian <strong>Credit</strong> Forum – Construction<br />

DERBY<br />

Contact : Please contact Brent.cumming@<br />

experian.com on 07885 675 092 if you would like<br />

further details.<br />

VENUE : PWC Pegasus Business Park, Beverley<br />

Rd, Derby, DE74 2UZ<br />

21 <strong>November</strong><br />

Experian <strong>Credit</strong> Forum – Fashion<br />

LONDON<br />

Contact : Please contact Brent.cumming@<br />

experian.com on 07885 675 092 if you would like<br />

further details.<br />

VENUE : Cardinal Place, Experian London<br />

22 <strong>November</strong><br />

Experian <strong>Credit</strong> Forum – Cosmetics<br />

LONDON<br />

Contact : Please contact Brent.cumming@<br />

experian.com on 07885 675 092 if you would like<br />

further details.<br />

VENUE : TBC London<br />

6 - 7 December<br />

Forums International – International<br />

Telecoms Risk Forum (ITRF)<br />

LONDON<br />

Contact : For more information email itrf@<br />

forumsinternational.co.uk<br />

VENUE : DLA Piper London<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 62


FROM THE<br />

CROWD<br />

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

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

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

role and lifestyle.<br />

Visit qualifications.cicm.com<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 63

Cr£ditWho?<br />

CICM Directory of Services<br />




Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside,<br />

Cardiff Bay, Cardiff, CF10 4WZ<br />

United Kingdom<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance of<br />

maintaining customer relationships whilst efficiently and effectively<br />

collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to provide<br />

them with a collection strategy that echoes their business character,<br />

trading patterns and budget.<br />

For further information contact: Hans Meijer, UK and Ireland Country<br />

Director (hans.meijer@atradius.com).<br />


Premium Collections Limited<br />

3 Caidan House, Canal Road<br />

Timperley, Cheshire. WA14 1TD<br />

T: +44 (0)161 962 4695<br />

E: paul.daine@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

For all your credit management requirements Premium Collections<br />

has the solution to suit you. Operating on a national and international<br />

basis we can tailor a package of products and services to meet your<br />

requirements.<br />

Services include B2B collections, B2C collections, international<br />

collections, absconder tracing, asset repossessions, status reporting<br />

and litigation support.<br />

Managed from our offices in Manchester, Harrogate and Dublin our<br />

network of 55 partners cover the World.<br />

Contact Paul Daine FCICM on +44 (0)161 962 4695 or<br />

paul.daine@premiumcollections.co.uk<br />

www.premiumcollections.co.uk<br />


Blaser Mills Law<br />

40 Oxford Road,<br />

High Wycombe,<br />

Buckinghamshire. HP11 2EE<br />

T: 01494 478660/478661<br />

E: Jackie Ray jar@blasermills.co.uk or<br />

Gary Braathen gpb@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

A full-service firm, Blaser Mills Law’s experienced Commercial<br />

Recoveries team offer pre-legal collections, debt recovery,<br />

litigation, dispute resolution and insolvency. The team includes<br />

CICM qualified staff, recommended in both Legal 500 and<br />

Chambers & Partners legal directories.<br />

Offices in High Wycombe, Amersham, Rickmansworth, London<br />

and Silverstone<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway, Old Portsmouth<br />

Road, Guildford, Surrey GU3 1LR<br />

T: +44(0)1483 457500 E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

Lovetts has been recovering debts for 30 years! When you<br />

want the right expertise to recover overdue debts why not use a<br />

specialist? Lovetts’ only line of business is the recovery of<br />

business debts and any resulting commercial litigation.<br />

We provide:<br />

• Letters Before Action, prompting positive outcomes in more than 80<br />

percent of cases • Overseas Pre-litigation collections with<br />

multi-lingual capabilities • 24/7 access to our online debt<br />

management system ‘CaseManager’<br />

Don’t just take our word for it, here’s recent customer feedback:<br />

“...All our service expectations have been exceeded...”<br />

“...The online system is particularly useful and is extremely easy<br />

to use... “...Lovetts has a recognisable brand that generates<br />

successful results...”<br />


St George’s House, 56 Peter Street, Manchester, M2 3NQ<br />

W: www.stripes-solicitors.co.uk<br />

T: 0161 832 5000<br />

95percent success rate in disputed litigation<br />

cases over several decades<br />

Stripes technical excellence, tenacity and commercial insight has led<br />

to this 95 percent success rate over several decades. We have been<br />

particularly recommended as a leading law firm by the Legal 500 in<br />

the litigious field for representing clients with significant and complex<br />

issues.<br />

Our specialist commercial debt recovery and insolvency team work<br />

with businesses ranging from SMEs to larger PLCs recovering<br />

business debts on a no cost or fixed fee basis and often<br />

recovering debts within days. We aim to understand your business<br />

and tailor our services to suit your requirements. Our online service<br />

provides you with 24/7 access to manage your account, to upload<br />

new debtor cases and to generate new legal instructions.<br />

Yuill + Kyle<br />

Capella, 60 York Street, Glasgow, G2 8JX, Scotland, UK<br />

T: 0141 572 4251<br />

E: scowan@yuill-kyle.co.uk<br />

W: www.debtscotland.com<br />

Do You Have Trouble Collecting Debts in<br />

Scotland? We Don’t<br />

Yuill + Kyle is one of Scotland’s leading debt recovery and credit<br />

control law firms. With over 100 years of experience, we are<br />

specialists in resolving disputed and undisputed debts. Our track<br />

record for successful recoveries means you have just moved one step<br />

closer to getting your money back.<br />

How we can help you:<br />

• Specialist advice for all of your legal matters<br />

• A responsive and straightforward approach<br />

• Providing you with solutions-driven advice<br />

• Delivering cost certainty and value for money<br />

Our services<br />

• Pre-sue<br />

• Fast track collections<br />

• Judgement enforcement<br />

• Insolvency<br />

• Bankruptcy<br />

• Liquidation<br />

Sanders Consulting Associates Ltd<br />

T: +44(0)1525 720226<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Sanders Consulting is an independent niche consulting firm<br />

specialising in leadership and performance improvement in all aspects<br />

of the order to cash process. Chris Sanders FCICM, the principal, is<br />

well known in the industry with a wealth of experience in operational<br />

credit management, billing, change and business process improvement.<br />

A sought after speaker with cross industry international experience in<br />

the business-to-business and business-to-consumer markets, his<br />

innovative and enthusiastic approach delivers pragmatic people and<br />

process lead solutions and significant working capital improvements to<br />

clients. Sanders Consulting are proud to manage CICMQ on behalf of<br />

and under the supervision of the CICM.<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

High Court Enforcement that will Empower You!<br />

We help law firms and in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. Setting us<br />

apart in the industry, our unique and Award Winning Field Agent App<br />

helps to provide information in real time and transparency, empowering<br />

our clients when they work with us.<br />

• Free Transfer up process of CCJ’s to High Court<br />

• Exceptional Recovery Rates<br />

• Individual Client Attention and Tailored Solutions<br />

• Real Time Client Access to Cases<br />



Northburgh House, 10 Northburgh Street, London, EC1V 0PP<br />

T: +44 (0)20 7549 5000E: bvd@bvdinfo.com<br />

W: www.bvdinfo.com<br />

We offer the most powerful comparable data resource on private<br />

companies. We capture and treat private company information for<br />

better decision making and increased efficiency, so we’re ideally suited<br />

to help credit professionals. Orbis, our global company database has<br />

information on 250 million companies, and offers:<br />

• Standardised financials so you can assess companies globally<br />

• Financial strength metrics using a range of models and including a<br />

qualitative score for when detailed financials aren’t available<br />

• Projected financials<br />

• Extensive corporate structures so you can assess the complete group<br />

– or take the financial stability of the parent into account<br />

<strong>Credit</strong> Catalyst is a platform where you can combine information from<br />

Orbis with you own knowledge of your customers and get dashboard<br />

views of your portfolio.<br />

Register for your free trial at bvdinfo.com.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 64




grace@cabbell.co.uk<br />




Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s industryleading<br />

financial analytics to drive their credit risk processes. Our<br />

financial risk modelling and ability to map medium to long-term risk as<br />

well as short-term credit risk set us apart from other credit reference<br />

agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®, to<br />

developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />

Graydon UK<br />

66 College Road, 2nd Floor, Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Graydon UK is a specialist in <strong>Credit</strong> Risk <strong>Management</strong> and Intelligence,<br />

providing access to business information on over 100 million entities<br />

across more than 190 countries. Its mission is to convert vast amounts<br />

of data from diverse data sources into invaluable information. Based<br />

on this, it generates economic, financial and commercial insights that<br />

help its customers make better business decisions and ultimately<br />

gain competitive advantage. Graydon is owned by Atradius, Coface<br />

and Euler Hermes, Europe's leading credit insurance organisations. It<br />

offers a comprehensive network of offices and partners worldwide to<br />

ensure a seamless service.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections and<br />

Query <strong>Management</strong> System has been designed with 3 goals in mind:<br />

• To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of <strong>Credit</strong><br />

Professionals across the UK and Europe, our system is successfully<br />

providing significant and measurable benefits for our diverse portfolio<br />

of clients.<br />

We would love to hear from you if you feel you would benefit from our<br />

‘no nonsense’ and human approach to computer software.<br />


CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

CoCredo’s award winning credit reporting and monitoring systems have<br />

helped to protect over £27 billion of turnover on behalf of our customers.<br />

Our company data is updated continually throughout the day and access<br />

to the online portal is available 365 days a year 24/7.<br />

At CoCredo we aggregate data from a range of leading providers in<br />

the UK and across the globe so that our customers can view the best<br />

available data in an easy to read report. We offer customers XML<br />

Integration and D.N.A Portfolio <strong>Management</strong> as well as an industry-first<br />

Dual Report, comparing two leading providers opinions in one report.<br />

Top Service Ltd<br />

2&3 Regents Court, Farmoor Lane, Redditch,<br />

Worcestershire, B98 0SD<br />

T: 0152 750 3990.<br />

E: enquiries@top-service.co.uk<br />

W: www.top-service.co.uk<br />

Top Service is the only credit reference and debt recovery<br />

agency to specialise in the UK construction sector. Top Service<br />

customers benefit from sector specific information, detailed<br />

payment history intelligence and realtime trade references in<br />

addition to standard credit information. There are currently<br />

3,000 construction sector companies subscribing to the service,<br />

ranging from multi-national organisations to small family firms.<br />

The company prides itself on high levels of customer service<br />

and does not tie its customers into restrictive contracts. Top<br />

Service offers a 25 percent discount to all CICM Members as<br />

well as four free credit checks of your choice.<br />


Experian<br />

The Sir John Peace Building<br />

Experian Way<br />

NG2 Business Park<br />

Nottingham NG80 1ZZ<br />

T: 0844 481 9920<br />

W: www.experian.co.uk/business-information/<br />

For over 30 years Experian have been processing, matching and deriving<br />

insights to provide accurate, up-to-date information that helps B2B<br />

organisations to make more effective, fact based decisions, reduce<br />

risks and meet regulatory standards. We turn complex data into clear<br />

insights that help manage UK and international businesses to maximise<br />

opportunities for growth and identify and minimise the associated risks.<br />

Blending our business and consumer data we can offer a truly blended<br />

score for sole traders and enhanced scoring on SME’s to tell you more<br />

about the business and the people behind the business. Experian can<br />

support with new business, acquisition through to collections while<br />

managing KYC requirements online or via our suite of APIs.<br />

Innovation Software<br />

Innovation Software, Innovation House,<br />

New Road, Rochester, Kent, ME1 1BG.<br />

T: +44 (0)1634 812300<br />

E: jay.inamdar@innovationsoftware.uk.com<br />

W: www.creditforceglobal.com<br />

Innovation Software are the authors of <strong>Credit</strong>Force, the leading<br />

Collections and Working Capital <strong>Management</strong> Systems. Our solutions are<br />

used in over 26 countries and by over 20 percent of the Top 100 Global<br />

Law Firms.<br />

Our solutions have optimised Accounts Receivables processes for over<br />

20 years and power Business Intelligence, with functionality to:<br />

• improve cash flow • reduce DSO • control risk<br />

• automate cash allocation • speed up query resolution<br />

• improve customer relationship management<br />

• automatically generate intelligent workflows and tasks<br />

• manage the entire end-to-end collections cycle.<br />

Fully integrated with over 40 leading ERP and Accounting systems,<br />

including SAP, Oracle, Microsoft Dynamics and product partners with<br />

Thomson Reuters Elite we can deliver on either your own computing<br />

infrastructure or through Microsoft Azure’s award winning and secure<br />

cloud service.<strong>Credit</strong>Force remains the choice solution for world class<br />

businesses.<br />

Book a demonstration by calling T: +44 (0)1634 812 300 or visit<br />

www.creditforceglobal.com for more information.<br />


STA International<br />

3rd Floor, Colman House, King Street Maidstone , ME14 1DN<br />

T: +44(0)844 324 0660.<br />

E: enquiries@staonline.com<br />

W: www.stainternational.com<br />


STA is an award winning B2B and B2C debt collection, confidential<br />

credit control and tracing supplier. ISO9001 quality accredited, and<br />

with the CSAs Collector Accreditation Initiative, duty-of-care is as<br />

important to us as it is to you. Specialising in international debt, in the<br />

past 12 months we’ve collected from 146 countries worldwide. “Your<br />

Debts Online” gives you transparent access to our collection success<br />

and detailed management information, keeping you in control of your<br />

account. We look forward to getting your business paid.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 65 continues on page 66 >

Cr£ditWho?<br />

CICM Directory of Services<br />




grace@cabbell.co.uk<br />


Tinubu Square UK<br />

Holland House,<br />

4 Bury Street, London .<br />

EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Tinubu Square offers companies across the world the appropriate<br />

SaaS platform solutions and services to significantly reduce their<br />

exposure to risk, and their financial, operational and technical<br />

costs. Easy to implement, our solutions provide an accurate<br />

picture of a customers’ financial health through the entire<br />

order-to-cash cycle, improve cash flow, and facilitate control<br />

of risk across the organization whether group-wide or locally.<br />

Founded in 2000, Tinubu Square is an award winning expert in<br />

the trade credit insurance industry, with offices in Paris, London,<br />

New York, Montreal and Singapore. Some of the largest multinational<br />

corporations, credit insurers and receivables financing organizations<br />

depend on Tinubu to provide them with the means to drive greater<br />

trade credit risk efficiency.<br />


Data Interconnect Ltd<br />

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,<br />

Oxfordshire. SN7 7BP<br />

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Data Interconnect provides integrated e-billing and collection<br />

solutions via its document delivery web portal, WebSend.<br />

By providing improved Customer Experience and Customer<br />

Satisfaction, with enhanced levels of communication between both<br />

parties, we can substantially speed up your collection processes.<br />

Proud supporters<br />

of CICMQ<br />

Rimilia<br />

Corbett House, Westonhall Road, Bromsgrove, B60 4AL<br />

T: +44 (0)1527 872123 E: enquiries@rimilia.com<br />

W: www.rimilia.com<br />

Operating globally across any sector, Rimilia provides intelligent,<br />

finance automation solutions that enable customers to get paid on time<br />

and control their cashflow and cash collection in real time. Rimilia’s<br />

software solutions use sophisticated analytics and artificial intelligence<br />

(AI) to predict customer payment behaviour and easily match and<br />

reconcile payments, removing the uncertainty of cash collection. The<br />

Rimilia software automates the complete accounts receivable process<br />

and eliminates unallocated cash, reducing manual activity by an<br />

average 70% and achieving best in class matching rates recognised<br />

by industry specialists such as The Hackett Group.<br />



Dun & Bradstreet<br />

Marlow International, Parkway Marlow<br />

Buckinghamshire SL7 1AJ<br />

Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />

Dun & Bradstreet grows the most valuable relationships in business.<br />

By uncovering truth and meaning from data, we connect our<br />

customers with the prospects, suppliers, clients and partners that<br />

matter most, and have since 1841. Whether your customer portfolio<br />

spans a city, a country or the globe, Dun & Bradstreet delivers the<br />

data, analytics and insight to grow your most profitable relationships<br />

and navigate credit risk. By combining your insights with our own,<br />

Dun & Bradstreet facilitates a global, unified view of your customer<br />

relationships across credit and collections.<br />


Gravity London<br />

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB<br />

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com<br />

W: www.gravitylondon.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the best<br />

in its field. It has a particular expertise in the credit sector, building<br />

long-term relationships with some of the industry’s best-known<br />

brands working on often challenging briefs. As the partner agency for<br />

the <strong>Credit</strong> Services Association (CSA) for the past 13 years, and the<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since 2006, it understands<br />

the key issues affecting the credit industry and what works and what<br />

doesn’t in supporting its clients in the media and beyond.<br />


Moore Stephens<br />

Moore Stephens LLP, 150 Aldersgate Street,<br />

London EC1A 4AB<br />

T: +44 (0) 20 7334 9191<br />

E: Brendan.clarkson@moorestephens.com<br />

W: www.moorestephens.co.uk<br />

Moore Stephens is a top ten accounting and advisory network,<br />

with offices throughout the UK. Our clients range from individuals<br />

and entrepreneurs, through to large organisations and complex<br />

international businesses. We partner with them, supporting their<br />

aspirations and helping them to thrive in a challenging world.<br />

Our national creditor services team has expert insights in debt<br />

recovery which, combined with their unparalleled industry and<br />

sector knowledge, enables them to assist creditors in recovering<br />

outstanding debts.<br />



American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is<br />

a globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

•Accelerate cashflow •Improved DSO •Reduce risk<br />

•Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth •Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />


Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and seamless.<br />




Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> Control, Accounts<br />

Receivable and Collections staff. Part of an award winning recruiter<br />

we speak to and meet credit controllers all day everyday understanding<br />

their skills and backgrounds to provide you with tried and tested credit<br />

control professionals. We have achieved enormous growth because we<br />

offer a uniquely specialist approach to our clients, with a commitment<br />

to service delivery that exceeds your expectations every single time.<br />

HighRadius<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

HighRadius is the leading provider of Integrated Receivables<br />

solutions for automating receivables and payment functions such<br />

as credit, collections, cash allocation, deductions and eBilling.<br />

The Integrated Receivables suite is delivered as a software-as-aservice<br />

(SaaS). HighRadius also offers SAP-certified Accelerators<br />

for SAP S/4HANA Finance Receivables <strong>Management</strong>, enabling<br />

large enterprises to maximize the value of their SAP investments.<br />

HighRadius Integrated Receivables solutions have a proven track<br />

record of reducing days sales outstanding (DSO), bad-debt and<br />

increasing operation efficiency, enabling companies to achieve an<br />

ROI in less than a year.<br />

DWF LLP<br />

David Scottow Senior Director<br />

D +44 113 261 6169 M +44 7833 092628<br />

E: David.Scottow@dwf.law W: www.dwf.law/recover<br />

DWF is a global legal business, transforming legal services through<br />

our people for our clients. Led by Managing Partner & CEO Andrew<br />

Leaitherland, we have over 26 key locations and 2,800 people<br />

delivering services and solutions that go beyond expectations. We<br />

have received recognition for our work by The Financial Times who<br />

named us as one of Europe's most innovative legal advisers, and we<br />

have a range of stand-alone consultative services, technology and<br />

products in addition to the traditional legal offering.<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and credit<br />

management jobs. Hays understands the demands of this challenging<br />

environment and the skills required to thrive within it. Whatever<br />

your needs, we have temporary, permanent and contract based<br />

opportunities to find your ideal role. Our candidate registration process<br />

is unrivalled, including face-to-face screening interviews and a credit<br />

control skills test developed exclusively for Hays by the CICM. We offer<br />

CICM members a priority service and can provide advice across a wide<br />

spectrum of job search and recruitment issues.<br />

The Recognised Standard / www.cicm.com / <strong>November</strong> <strong>2018</strong> / PAGE 66

Membership<br />

Benefits<br />

CICM membership gives you access<br />

to all of these benefits<br />

<strong>Credit</strong> <strong>Management</strong><br />

magazine<br />

National and<br />

regional events<br />

Knowledge<br />

Hub<br />

Qualifications<br />

and training<br />

Professional letters<br />

after your name<br />

Branches around<br />

the country<br />

Industry<br />

resources<br />

Monthly<br />

e-newsletter<br />

Webinars<br />

Mentor<br />

Hub<br />

Recruitment<br />

Hub<br />

Monthly<br />

technical brief<br />

Networking and collaboration<br />

including social media<br />

Legal, insolvency and<br />

business advice lines<br />

Continuing Professional<br />

Development (CPD)<br />

Benefits that keep you informed, help you in your<br />

work and support your professional development<br />

For details visit www.cicm.com,<br />

call us on 01780 722900, or email<br />


Sponsored by<br />

European<br />

Business<br />

Awards<br />

Camels can’t monitor companies<br />

in the countries where they live,<br />

but you can.<br />


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