Credit Management November 2018


The CICM magazine for consumer and commercial credit professionals



NOVEMBER 2018 £12.00



Stepping Out

An island of


Kevin Reed looks at

the latest political

promises. Page 13

The true value of

being a winner.

Page 42

Are bad debts

iving you the hump

Cedar Rose Business Credit Reports

Available for almost all countries where camels hang out.







What the two main political parties

said about business in their autumn






Dewi Fox fondly recalls a career that

included a spell at Birds Eye and an

adventure in Australia.


Lesley Batchelor talks about the need to

support British exporters.


How the credit industry should prepare

for Brexit and new legislation.





Winners of a CICM British Credit

Award speak about the impact on their

respective businesses.


Is installing CCTV to spy on employees



Hadley Eames bemoans his

generation’s obsession with creating

the right online image.


Chartered Institute of Credit Management

The Water Mill, Station Road, South Luffenham


Telephone: 01780 722900





President Stephen Baister FCICM / Chief Executive Philip King FCICM CdipAF MBA

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

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

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

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

Laural Jefferies MCICM / Diana Keeling FCICM / Martin Kirby FCICM / Christelle Madie FCICM

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

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

View our digital version online at Log on to the Members’

area, and click on the tab labelled ‘Credit Management magazine’

Credit Management is distributed to the entire UK and international CICM

membership, as well as additional subscribers

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

not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to

abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered

trade mark of the Chartered Institute of Credit Management.

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

Managing Editor

Sean Feast FCICM

Deputy Editor

Alex Simmons

Art Editor

Andrew Morris

Telephone: 01780 722910


Editorial Team

Imogen Hart and Iona Yadallee


Grace Ghattas

Telephone: 020 3603 7946



Stephens & George Print Group

2018 subscriptions

UK: £90 per annum

International: £115 per annum

Single copies: £12.00

ISSN 0265-2099

The Recognised Standard / / November 2018 / PAGE 3


The problem with

‘not invented here’

Sean Feast FCICM

Managing Editor

IT is always much easier to be in

opposition rather than power.

In opposition, you can carp

from the sidelines; you can go

against every idea and decision

and say that it either won’t work

or that it’s not enough. I have yet to hear

a party in opposition not claim that it will

fix the NHS, invest in more housing, and

eliminate poverty and social injustice once

and for all.

Brexit is a great example of this. I have

absolutely no idea what we should do for

best or whether the various ideas that

seem to involve Norway in the one breath,

and Canada in the next, are good, bad or

indifferent. All I do know is that if the

Government says one thing, the opposition

says the other.

Perhaps this is natural instinct. Maybe

we are all of us inclined occasionally to

suspect anything ‘not invented here’. Take

the Prompt Payment Code. It is much easier

to be one of the many who suggest the Code

has failed, rather than the few who know

the opposite is true. But that does not mean

the few should stay silent.

The labour MP Rachel Reeves recently

described the Code as being ‘wholly

ineffective’, a lazily ill-informed claim

without any foundation in fact – not that

she even bothered to check – and a

statement that went frustratingly uncountered

by those who should have known

better (see news page 6). Did she know

that the Code has helped facilitate the

collection of unpaid invoices totalling

more than £3 million in the last four

years? Did she know that the Code has

been successful in making businesses

reverse poor payment practice decisions?

Did she know that the CICM is currently

mediating between suppliers and some

of the country’s best-known brands to

resolve their payment disputes? Did she ask

whether signatories have been removed

from the Code?

But perhaps it is unfair to single out

Ms Reeves for special attention. She is

only jumping on an already very busy

bandwagon that includes various business

leaders, politicians and the press who

choose for their own ends to repeat the

lie, rather than seek to discover the facts.

Does this mean the Code is perfect? No,

of course not. Can it be improved? Yes

certainly. But if we are going to have a

grown-up conversation about the Code,

then let us do so in the context of what it

is for, and what it has so far achieved. And

let us understand that what has so far been

achieved is without any ongoing financial

or promotional support being given by

Government to the CICM for administering

the Code on its behalf.

When it comes to ‘not invented here’ I

have a word of advice for Ms Reeves and

her like. Just because it wasn’t your idea,

doesn’t make it a bad one. Good leaders,

politicians and successful businessmen

are not necessarily the ones that come up

with the good ideas, but rather are able to

identify a good idea when they see it, and

execute accordingly.

The Recognised Standard / / November 2018 / PAGE 4



CICM British Credit Awards 2019

7 February 2019

Royal Lancaster, London

The shortlist for the 2019 Awards will be announced on Monday 26 November

The entries are in… and the shortlist will be

revealed soon.

Don’t miss this fantastic evening of networking and

celebration of all of the incredible achievements across the

credit and collections community. With a fabulous line up of

entertainment, it’s the one event in the credit calendar not to

be missed!

The CICM British Credit Awards is central to our ethos,

rewarding outstanding achievement and innovation shown

by individuals and organisations.





Table bookings

Please contact Natasha Witter on:

T: 020 7484 9876



The Recognised Standard / / November 2018 / PAGE 5



A round-up of news stories from the

world of consumer and commercial credit

Written by – Sean Feast and Alex Simmons

CICM Chief defends code

from harmful criticism

Philip King FCICM

Chief Executive of the CICM

THE Chief Executive of the CICM,

Philip King FCICM, has mounted

a robust defence of the Prompt

Payment Code (PPC) against

ill-informed and swingeing generalisations

from Opposition spokespeople, a leading

business organisation, and even the

Government itself.

Mr King has also promised to defend the

reputation of the Institute in administering

the Code in the context of damaging

inferences of a lack of independence in

its challenge process, and the unfair and

inaccurate portrayal of the Code as a


In a strongly-worded letter to the Small

Business Minister, Kelly Tollhurst, and seen

by Credit Management, Mr King said that

he was particularly frustrated that recent

comments by Labour’s Rachel Reeves MP

went unchallenged: “She described the

Code as ‘wholly ineffective’,” he says, “and

the Government was loud in its silence.

Facilitating collection of unpaid invoices

totalling more than £3 million in the last

four years, making businesses reverse

poor payment practice decisions,

supporting process change, mediating

between suppliers and buyers, and

removing signatories from the Code is

hardly ‘ineffective’.

“In the last few weeks, I have had some

seven meetings with major organisations

and signatories that have led to changes in

contract wording, processes and/or action

plans to improve payment performance.

Failing to talk about such success, however,

merely compounds the issue, and silence

seems to confirm the negative judgment of


Mr King’s comments are in response

to the announcement by the Business

Secretary at the Conservative Party

Conference of plans to strengthen the Code

and launch a Call for Evidence around

the issue of late payment and its possible


“For the avoidance of any doubt,” Mr

King writes, “we are fully supportive of the

proposal for responsibility of the Prompt

Payment Code to fall under the auspices of

the Small Business Commissioner (SBC),

Paul Uppal. It is a sentiment I shared with

the Commissioner personally, and with

Government (ie BEIS) officials, early in 2018

soon after his appointment. It is an obvious

and desirable outcome, and to that extent

we are surprised that it should be part of

a consultation since the SBC already sits

under the auspices of BEIS and the Code is

part of the Department’s domain.”

Mr King says that adding Mr Uppal to the

PPC Compliance Board is similarly a logical

step. A further proposal is that the Board

should meet more regularly, in which case

he hopes the SBC’s office will be able to

provide the additional administration and

resource required: “For the record,” he writes,

“the paucity of referrals to the Board is

because challenges have been successfully

resolved without the need for the Board to

be involved. However, if the Board is going

to be more active, it will need to have more

cases to review.”

Mr King believes that the ‘weakness’ in

the Code has nothing to do with who or

who does not sit on the Compliance Board,

neither on how regularly or otherwise

that Board meets, nor in how effective

the challenge process has been. The

weakness stems from a failure of successive

Ministers – and indeed governments – to

understand the purpose of the Code and the

effectiveness of the challenge process in

resolving complicated payment disputes.

“It also stems from a fundamental lack

of awareness of the challenge process as

a direct result of a lack of investment in

publicity and promotion,” he says. “Aside

from two modest grants to develop the

website, the CICM has received no further

financial support from BEIS either for

promotion or, indeed, the Code’s day-to-day

administration. All of those costs have to be

borne by the Institute itself.”

Mr King says Carillion is not, as stated, an

example of where the Code has ‘failed’ but

rather shows how such a lack of investment

is further complicating an already difficult

issue: “Carillion is often lazily stated as

proof positive that the Code has failed. Not

a single business organisation, however,

ever raised a challenge to Carillion as a

signatory to the Code, or complained about

its behaviour. Even the Federation of Small

Business (FSB), a vociferous and respected

defender of its members, was wholly silent

on the issue until after the event, when a

challenge beforehand could have allowed

more businesses to mitigate their risk.

Not a single Minister, either, has chosen to

highlight this point.”

Despite his concerns, Mr King says that

the Institute remains committed to playing

a leading role in tackling the scourge of

late payment, and in working closely with

the Government and the Small Business

Commissioner in the continuing drive to

change the payment culture.

“Certainly, further change is needed and

required,” he adds, “and the Code would

certainly be strengthened by introducing

measures that will allow it to be more

proactive in challenging poor payment

behaviour. But we need to put an end to

baseless allegations that do nothing to

inform intelligent debate.”

The Institute is contacting Members

for their opinions regarding the call for

evidence. Please visit

The Recognised Standard / / November 2018 / PAGE 6

CICM senior team celebrates

successful launch of Ireland branch

DUBLIN’S Croke Park paid host to the

launch of the Irish branch of the Chartered

Institute of Credit Management, with

more than 60 delegates gathering to hear

presentations from senior executives from

the CICM team.

The Best Practice in Credit Management

event kicked off with a presentation by

Chief Executive, Philip King talking about

why the gathering of credit management

professionals was so important in

developing skills, learning from experts and

peers, and driving best practice.

Sue Chapple, CICM Strategic Relationship

Manager, gave an update on CICM

membership and its benefits. Paula Carney-

Hoffler, Client Credit Risk and Compliance

Manager at Hugh J Ward & Co Solicitors

brought GDPR, and the consequences of

failing to comply, to life. Paul Taylor MCICM,

Regional Representative for Scotland and

Northern Ireland, and now Ireland too,

shared what a CICM Branch can do for

credit professionals in the local area.After

a brief networking break, Brian Morgan

from Rimilia and Declan Flood of Irish

Credit Management Training delivered

presentations on the practical application

of technology, best practice, and good

communication skills. Lunch was followed

by Hays and DWF Law providing insights

into their relevant areas of expertise as they

impact on credit management teams and

individuals. Useful tips and nuggets were

eagerly captured by delegates.

The conference, professionally chaired by

Larry Coltman, CICM Vice President, closed

with Philip King summarising the day’s

content and urging attendees to ‘take what

they had learned back to their workplace’,

and encouraging them to be proud of their

profession and their professionalism.

Following the conference, the inaugural

AGM of the Ireland branch of the CICM was

held and, as reported in Credit Management

last month, a committee elected to drive

branch activity forward.

For more information on doing business

in Ireland, see the Country Focus article on

page 32.


FLYLOLO, a flight operator specialising in purchasing seats on ‘peak season’ flights

and selling them to individuals and families at reduced rates, is flying high following

the granting of a revolving credit facility by Reward Finance Group. Flylolo buys

aircraft seats in bulk by finding under-utilised aircraft to obtain the best prices.



Record Fine

THE Financial Conduct Authority (FCA)

and Tesco Bank are negotiating a penalty

over an ‘unprecedented and serious’

cyber-attack that took place in late 2016,

with regulators considering a fine of

over £30 million. The incident, which

saw the bank forced to notify 9,000 of

its customers after data was stolen and

provide a total refund of £2.5 million,

could see the largest fine ever issued by

the FCA in regard to cyber security.

Fintech impact

RESEARCH from DLA Piper shows

that up to a third of financial services

firms expect central banks to hold

cryptocurrencies on their balance sheets

within five years. The study shows that

over two thirds of retail and investment

banks feel they are being impacted

upon by fintech, while a third of banks

have engaged with fintech companies

to change the way they operate – and

55 percent are prepared to do so in the

next two years. The poll saw 74 percent

of banks warn that regulation and

compliance was restricting their ability

to adopt new business models and


Board boost

UK Finance has appointed David

Postings, Global Chief Executive, Bibby

Financial Services and Mark Barnett,

President of Mastercard UK, Ireland,

Nordics & Baltics, to its 22-strong board.

John Jenkins, former CEO, Amicus

Finance and Jayne-Anne Gadhia, CEO,

Virgin Money, have both announced

their intention to step down from the UK

Finance Board, following the completion

of corporate transactions involving their


Northern Ireland Branch of CICM secures sponsorship

BAKER Tilly Mooney Moore has

become a new sponsor of the Chartered

Institute of Credit Management (CICM)

Northern Ireland branch. The Belfastbased

independent accountancy and

advisory firm will offer support to

CICM NI through a range of initiatives

including sponsoring the Institute’s

Education Support Programme.

The programme will guide

participants who are working towards

their professional credit management

qualifications with face-to-face

training, support and study sessions.

Darren Bowman, Director of

Business Recovery and Insolvency at

Baker Tilly Mooney Moore, says for the

first time in Northern Ireland, people

who want to study credit management

or who have already embarked upon

a study path, will have the chance to

receive support, including personal

training, from credit management

experts: “It’s an excellent opportunity

for interested people to obtain their

CICM qualifications and advance their


CICM NI Chairman Paul Taylor

says the branch is pleased to welcome

Baker Tilly Mooney Moore as a

Corporate Sponsor: “This partnership

highlights the firm’s commitment to

professionalism and best practice in

the credit industry and we look forward

to sharing their expertise with our

members and students.”

This partnership highlights

the firm’s commitment to

professionalism and best

practice in the credit

industry and we look forward

to sharing their expertise

with our members and


CICM NI Chairman

Paul Taylor MCICM

The Recognised Standard / / November 2018 / PAGE 7



Equifax fined by ICO

for failing to protect

personal information

Jonathan Biggin

Chief Operating Officer

New COO for Hitachi

HITACHI Capital UK has appointed Jonathan

Biggin as its new Chief Operating Officer.

Jonathan brings over 20 years of experience

in financial services to the role, having

held senior positions at Barclays, American

Express and Bank of America. In his new

role, Jonathan will oversee operational

efficiency across the firm’s information

technology, human resources and group

change departments.

Bank fraud bonanza

FIGURES from UK Finance show that over

£500 million was stolen from customers

of British banks in the first half of 2018. Of

this, £358 million was lost to unauthorised

fraud, including transactions made without

account holders' knowledge, while £145

million involved authorised push payment

(APP) scams where people are conned

into sending money to another account.

Purchase scams, where account holders

were conned into paying for products or

services that do not exist, were the most

common form of APP fraud, while there were

also 3,866 reported cases of impersonation

scams, in which criminals posed as

representatives of a financial institution or

the police. Two-thirds of all unauthorised

fraud was successfully thwarted by UK

financial institutions.

New P2PFA member

CROWDPROPERTY has become the newest

member of the P2PFA, bringing the body’s

membership back up to nine. Latest data

from the P2PFA reveals that the industry

contributed more than £1 billion to the UK

economy in the second quarter of 2018. New

lending to businesses by members of the

P2PFA has grown by almost £100 million

quarter-on-quarter over the course of the last

year, reaching nearly £750 million in the Q2


Barclays PPI error

BARCLAYS has apologised after it told

a number of customers using claims

management firms that they did not hold PPI

policies when they did. Barclays says a ‘very

small’ proportion of customers were given

incorrect information. It added that it is

‘proactively contacting’ affected customers to

make amends.

THE Information Commissioner’s

Office (ICO) has issued Equifax Ltd

with a £500,000 fine for failing to

protect the personal information of

up to 15 million UK citizens during a cyber

attack that took place in the summer of 2017

in the US and affected 146 million customers

globally (see Credit Management news

December 2017).

The ICO investigation found that although

the information systems in the US were

compromised, Equifax was responsible

for the personal information of its UK

customers. The UK arm of the company

failed to take appropriate steps to ensure

that its American parent Equifax Inc, which

was processing the data on its behalf, was

duly protecting the information.

The ICO’s investigation, which was carried

out in parallel with the Financial Conduct

Authority (FCA), revealed ‘multiple failures’

at the credit reference agency that led to

personal information being retained for

longer than necessary and vulnerable to

unauthorised access.

The company contravened five out of

eight data protection principles of the

Data Protection Act 1998 including failure

to secure personal data, poor retention

practices and the lack of a legal basis for

international transfers of UK citizens’ data.

Elizabeth Denham, the Information

Commissioner, says the loss of personal

information where there’s the potential for

financial fraud undermines consumer trust

in digital commerce: “This is compounded

when the company is a global firm whose

business relies on personal data. Equifax has

received the highest fine possible under the

1998 legislation because of the number of

victims, the type of data at risk and because

it has no excuse for failing to adhere to its

own policies and controls as well as the law.”

The ICO found measures that should

Brits doubt ability to clear debts

ALMOST a third of British people don’t

believe they will ever clear their debts,

according to new research by Equifax. The

same research also found that 12 percent of

people do not think they can even reduce

their debt levels. Young people are the most

pessimistic with only half of 18-24 year-olds

confident they can clear all of their debts.

The findings are published in the context

of statistics released by StepChange that

show that 326,897 people contacted the

charity for help with their debts in just the

first six months of 2018. In its latest Mid-

Year Update, of the 180,644 who received

full debt advice and a recommended

debt solution, two thirds were under 40,

have been in place to manage the

personal information were ‘inadequate

and ineffective’. Investigators unearthed

significant problems with data retention,

IT system patching and audit procedures.

The investigation also found that the US

Department of Homeland Security had

warned Equifax about a critical vulnerability

as far back as March last year. Sufficient

steps to address the vulnerability were not

taken, meaning that a consumer facing

portal wasn’t appropriately patched.

The personal information lost or

compromised during the incident ranged

from names and dates of birth to addresses,

passwords, driving licence information and

financial details.

“Many of the people affected would not

have been aware the company held their

data. Learning about the cyber attack

would have been unexpected and is

likely to have caused particular distress.

Multinational data companies like Equifax

must understand what personal data they

hold and take robust steps to protect it. The

Boards need to ensure that internal controls

and systems work effectively to meet legal

requirements and customers’ expectations.

“Equifax showed a serious disregard for

its customers and the personal information

entrusted to it, and that led to this

substantial fine.

An Equifax spokesperson said it has

received the Monetary Penalty Notice from

the Information Commissioner’s Office (ICO)

and is considering the detailed points made:

“Equifax has cooperated fully with the ICO

throughout its investigation, and we are

disappointed in the findings and the penalty.

The criminal cyber attack against our US

parent company last year was a pivotal

moment for our company. We apologise

again to any consumers who were put at


compared to only one third of the UK

population falling into this age group. Only

18 percent of clients were home-owners,

against around 62 percent of the general

population. Around half of its clients

experienced debt because of job loss,

reduced income, or health issues.

In the first half of 2018, over 30 percent

of the Charity’s new clients were behind

on their council tax – by far the highest

category of debt arrears. Almost half (48

percent) of new clients in the first half of the

year with council tax arrears had a deficit

budget – with more money going out than

coming in – compared to just 30 percent of

all clients.

The Recognised Standard / / November 2018 / PAGE 8

Consulting ban for big four

ACCOUNTANCY firms could be banned from

doing consultancy work for companies

whose books they check, according to

the ‘Developments in Audit’ report, by the

Financial Reporting Council (FRC). It said

the Big Four auditing firms – Deloitte, EY,

KPMG and PwC – frequently give lucrative

consultancy services to large corporates

whose books they also check, prompting

worries that they may not provide sufficient

challenge to the management of such

companies when auditing them.

It said it would review its own guidelines

for auditing and ethical standards, which

currently allow the firms to undertake both

HOIST Finance has entered into an

agreement to acquire an Italian credit

management company, broadening its

offering to the Italian banking sector.

The agreement will see Hoist lease and

subsequently acquire the business as a

going concern of the Italian debt collection

companies Maran S.p.A. and R&S S.rl.

(Maran Group) in a multistep process, in

co-operation with creditors (concordato

preventivo) in accordance with Italian

insolvency law.

Founded in 1993 Maran Group

is described as a well-reputed debt

collection agency with a customer base,

including the larger Italian banks and

financial institutions. The Maran Group

has one operational centre employing

approximately 200 people. Completion

of the acquisition is subject to certain

conditions and is expected to take place

during the first half of 2019.“The acquisition

of the Maran Group will add capacity and

competence to our current activities in Italy

auditing and consultancy for clients at

the same time. The document highlighted

growing concerns from firms about audit

quality in the wake of scandals such as

KPMG’s involvement in Carillion’s collapse.

But the FRC itself is under pressure

from the government after a review into the

organisation’s role and effectiveness began

in June, following accusations from the

Work and Pensions Committee that it was

‘toothless and useless’. The independent

review is being led by Sir John Kingman,

Chairman of Legal and General and

former second permanent secretary to the


TESCO hit for 'avoidable' attack

THE Financial Conduct Authority (FCA) has fined Tesco Personal Finance (Tesco Bank)

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

current account holders against a cyber attack that took place in November 2016.

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

crime controls and in its Financial Crime Operations Team to carry out the attack.

Those deficiencies left Tesco Bank’s personal current account holders vulnerable to

a largely avoidable incident that occurred over 48 hours and which netted the cyber

attackers £2.26 million.

Hoist set to acquire Italian business

and create an integrated servicing platform

that enables us to be a full-service debt

restructuring partner to the Italian financial

sector,” says Klaus-Anders Nysteen, CEO of

Hoist Finance.

“Following the acquisition, we will be

able to offer the full spectrum of services

sought after by the Italian banking sector,

providing both servicing and portfolio

acquisitions. The acquisition will also

broaden our competence in other asset

classes,” says Clemente Reale, Country

Manager Hoist Finance Italy.

Following the

acquisition, we will be

able to offer the full

spectrum of services

sought after by the

Italian banking sector.




BIBBY Financial Services has provided a

£5 million Invoice Finance facility to

Nigel Fredericks Trading, a London

-based meat wholesaler.

The long-standing business was founded

in 1890 and sells high-quality meat,

poultry and game to catering clients.

Full Octane

OCTANE Capital has appointed Donna-

Louise House as Senior Credit Manager

who will report to Matt Smith, Director of

Risk. Donna-Louise started her career in

credit risk at GE Capital before moving

onto Shawbrook Bank, where she was a

Lending Manager in the short-term loans

division. More recently she worked at

LendInvest for two years as underwriting

manager followed by a short stint at

Falcon Bridging Finance, as Head of


Breaking the rules

THE Competition and Markets Authority

has said it is taking action against Lloyds

Banking Group after the lender failed to

tell thousands of customers about their

right to cancel their PPI. The watchdog

said it was taking action against Lloyds

for ‘serious breaches’ after it failed to

remind 14,000 customers between 2012

and 2018 that they still have a policy

and can cancel it. A spokeswoman

for the bank, which has paid over £18

billion in compensation claims over

mis-sold PPI, said it was writing to all

affected customers to apologise.


RBS challenges

ROYAL Bank of Scotland is looking to

launch a standalone digital-only bank

called Bo as a rival to challenger banks

such as Monzo, Revolut and Starling. It

is expected to launch in 2019, with the

aim of migrating one million NatWest

customers to the mobile platform. Bo is

expected to utilise artificial intelligence

(AI) to help customers manage their

financial affairs.



THIS month's briefing includes details of

the first AGM and conference of the Ireland

Branch of the CICM, best practice on deduction

recovery, five ways to inspire a learning culture,

and the 12th Annual European AML and

Financial Crime Conference.

The Recognised Standard / / November 2018 / PAGE 9

Construction growth

slips to six-month low



GROWTH in UK construction hit

a six-month low in September,

according to the latest Purchasing

Managers’ Index (PMI). The IHS

Markit/CIPS UK Construction PMI slipped

to 52.1 in September, down on 52.9 in

August and against the neutral 50-point


Civil engineering was the worst

performing sub-category, and while housing

and commercial construction increased at a

solid pace, the index signalled the weakest

upturn in output for six months.

Delivery times for construction products

and materials continued to lengthen and

intense supply chain pressures were

attributed to stock shortages at vendors and

stretched transportation capacity. However,

the downturn in vendor performance was

slightly less marked than the three-and-ahalf

year low seen in August.

There was a sharp and accelerated

increase in average cost burdens in

September, with the overall rate of input

price inflation the fastest for three months.

Respondents cited higher fuel prices and

greater raw material costs, particularly


The degree of positive sentiment reported

by respondents was the second-lowest since

February 2013, amid political uncertainty

and investor concerns about Brexit.

The end of the third quarter saw a mild

improvement in the performance of the UK

manufacturing sector. Rates of expansion

in output and new orders gained traction,

while the trend in new export business saw

a modest recovery following August's solid


Elsewhere, the latest edition of the

‘Economic & Construction Market Review’

from Barbour ABI shows the residential

sector continues to flourish. In August,

contract values were £2.2 billion, accounting

for 36.2 percent of all contracts awarded.

However, this is still some way behind the

recent peak of March 2018 when £2.4 billion

contracts – including 25 percent more

residential units – were awarded.

The infrastructure sector saw award

values exceed the £1 billion threshold

for the first time in six months, with the

current quarter being 6.8 percent ahead of

2017. Boosted by a number of large utilities

contracts, infrastructure led the table of

the biggest value contract awards across

construction with five of the top ten projects

for August being from this sector.

Meanwhile, the latest Global Economic

Conditions Survey (GECS) from ACCA

(the Association of Chartered Certified

Accountants) and IMA (Institute of

Management Accountants) has revealed

economic confidence in the UK has dipped

to its lowest level since the second quarter

of 2017.

Fraud hits the younger hardest

CIFAS has released new figures that show

a marked increase in the number of young

people falling victim to identity fraud.

The new figures reveal that Cifas

members identified a 24 percent increase

in cases of under-21-year-olds falling

victim to impersonation fraud in the first

nine months of this year, a significant rise

from the same period in 2017. The majority

of fraud for under-21s related to plastic

payment cards – such as bank, debit, credit

or store cards – with 34 percent of all cases

reported in that sector, a 79 percent increase

in the past year.

Cifas has also reported a steep rise in the

number of young people acting as ‘money

mules’, with a 26 percent rise in reported

incidences in those aged 21-and-under

between 2017 and 2018. So far in 2018, 9,636

under-21 money mule perpetrators were

identified in the UK by Cifas members.

On behalf of the Home Office-led Joint

Fraud Taskforce, Cifas recently launched

new lesson plans with the PSHE Association

to educate young people about how

serious money mule fraud is. The lesson

plans also provide young people with an

understanding of the protective behaviours

needed to keep themselves safe from online

scams and identity fraud more widely.

Mark Carney

Governor of Bank of England

Risky business

A survey by the Bank of England

(BoE) has found just one in ten banks

are managing climate risks for the

long-term. Mark Carney, the Bank’s

Governor, said lenders need to do more

to ensure they are better prepared to

mitigate environmental risks. The

survey found that 70 percent of lenders

were managing risks in some way,

while 30 percent considered climate

change a corporate social responsibility

matter rather than a strategic issue.

Fake invoices

THE Boss of a financing company has

received a ten-year ban after heading

a false invoice scheme to secure £4

million of illegitimate funds. David

Andrew Marsden was the director

of finance company First Capital

Factors (FCF). The company offered

recourse factoring facilities for small

and medium businesses. To be able to

purchase their clients’ invoices, FCF

secured funding from other companies.

However, one of FCF’s funders spotted

irregularities within FCF’s portfolio and

sought advice from a business advisory

firm in August 2016, who agreed with

these concerns.

The funder used its statutory right

as a fixed charge holder to appoint an

administrator and following further

enquiries, it was discovered that David

Marsden instructed a number of his

clients to produce false invoices, before

he submitted them to FCF’s funders to

secure illegitimate funds.


Northern Gaze

THE Scottish specialist lending market

is set to double in size next year due to

the influx of new lenders with much

improved criteria, product choice and

rates, according to Your Expert Group.

The specialist finance broker said that,

due to a saturated specialist lending

sector in England, challenger banks

and alternative finance providers were

looking at new markets.

The Recognised Standard / / November 2018 / PAGE 10

SMES appear unwilling to borrow

ALMOST two thirds of UK small- and

medium-sized enterprises (SMEs) are

not willing to borrow money to fund the

expansion of their business, amid ‘subdued’

attitudes towards external financing,

according to the latest ‘BDRC SME Finance


Just 34 percent of SMEs were using

external finance in the second quarter of

this year. During the same period last year,

38 percent of SMEs said that they were

using external financing.

However, although fewer SMEs are

seeking funding, the approval rate for

funding applications is rising. By the end

of August 2018, 85 percent of business loan

applications were approved, compared with

78 percent by the end of August 2017.

“The latest data continues to show a

clear trend that demand rather than supply

issues are predominately contributing

to continued lower levels of lending to

SMEs,” says Keith Morgan, Chief Executive

of British Business Bank. “This suggests

smaller businesses could benefit from

being encouraged and enabled to seek out

the finance best suited to their needs.”

High Street banks remained the primary

source of SME funding, according to the

BDRC report, with 67 percent of loan

applications made to a main bank. Only

17 percent of applications were made to

another existing provider, while just seven

percent were made to a new provider. Four

percent of loan-seeking SMEs chose to

use an online platform, while five percent

went ‘elsewhere’. The BDRC data suggested

that SMEs are not being put off by the

scarcity of financing options, with just five

percent indicating that access to finance

was a major barrier. Legislation and red

tape, political uncertainty and the current

economic climate were instead listed as

the major hurdles to business growth by

British SMEs.

Future leaders struggling to cope

THE latest Aldermore Future Attitudes

study has revealed that a third (33

percent) of bosses at UK small and

medium-sized enterprises (SMEs),

equating to 1.81 million firms with fewer

than 250 employees, have personally

suffered from anxiety, depression or

another kind of mental health problem in

the past five years.

The report, which surveyed more than

1,000 business decision-makers across

the UK, found that of those business

leaders who have struggled with poor

mental health, over three quarters (78

percent) believe this has affected their

ability to work effectively. A further three

fifths (61 percent) also admitted that

their involvement in their business was

a factor that contributed towards their


The most common catalyst for mental

health issues amongst SME bosses was

a loss of business revenue or decreasing

profits (40 percent). This was closely

followed by key debtors not paying on

time (30 percent) and insufficient working

capital (29 percent). Aldermore’s figures

show an average of 28 working days are

lost every year, equating to over 185 hours

for each SME. Despite this, almost a

third (30 percent) of UK business leaders

believe that their organisations do not

provide adequate mental health support

in the workplace. Nearly two in five (37

percent) also think the Government could

do more in this space.

The most common

catalyst for mental

health issues amongst

SME bosses was a loss

of business revenue

or decreasing profits

(40 percent). This was

closely followed by key

debtors not paying on

time (30 percent)




GOLDMAN Sachs has made its UK retail

banking debut through its Marcus digital

banking brand. Marcus – named after

founder Marcus Goldman – offers an

interest rate of 1.5 percent, which apparently

represents the best rate on the market, and

has a minimum saving level of £1.

New Director

IRISH peer-to-peer platform Initiative

Ireland has appointed Brian Ó Nualláin

as Director of Investment and Wealth

Management. He was previously Business

Development Director for Ireland at

Aviva Investors. Initiative Ireland sets

up syndicates of loans for P2P lenders to

fund and back residential development

projects. In December 2017, the platform

raised €1.5 million for a loan to North

Strand Five Lamps for a development in

Dublin – said to be the country’s largest

P2P loan to date. The firms said its senior

debt fund, which has an initial target raise

of €35 million (£31.2 million) and a cap of

€150m, will finance additional loans via the

company’s syndicated finance platform.

Crypto regulations

THE Government needs to introduce

new regulations to protect investors

from crypto-assets, the Treasury Select

Committee says in its latest report. The

report states the two major concerns for the

Committee are initial coin offerings (ICO)

and money laundering. It also argues that

the Government needs to decide whether or

not it wishes to encourage the asset class

to grow, as new regulations would both

protect and attract investors to develop

their portfolios. The report highlights the

dangers of ICOs which have exposed a

regulatory loophole and needs amending

promptly. Currently, it appears there is little

the FCA can do to prevent investors from

being defrauded or suffering significant

losses other than presenting the risks that

the individual is exposed to. Due to ICOs

falling outside of the regulatory perimeter,

the committee encourages the Regulated

Activities Order (RAO) to be updated and to

include ICOs as ‘a matter of urgency’. This

process would involve recognising ICOs as

a regulated activity and that a body such as

the FCA monitor such activities. This has

previously been done with crowdfunding.

At a cost

A report from Citizens Advice shows that

loyalty to providers of essential services

including banking, insurance and telecoms

is costing consumers more than £4 billion a

year, with the charity raising the issue with

the Government’s Competition and Markets


The Recognised Standard / / November 2018 / PAGE 11


Individual Voluntary

Arrangements (IVAs)

Are IVAs a good deal for creditors?


David Kerr

IVAs were introduced into the

insolvency legislation in England

and Wales in 1986 and have

been a feature of the personal

insolvency landscape ever since,

though the take up was modest

to start with. They now account for more

than 50,000 new cases each year and have

overtaken bankruptcy as a procedure of

choice for debtors in financial difficulty.

But what factors determine whether they

enter an IVA or some alternative debt

resolution process? And, what about

creditors’ interests?

The IVA market has changed

considerably; it is now the preserve of

a small number of specialist service

providers, usually corporate organisations

focusing solely on running IVAs. In

2017, just ten providers accounted for 80

percent of all the new IVAs started. These

corporates are in the main not traditional

insolvency firms, and the insolvency

practitioners (IPs) in them may not

be principals, but instead employed

managers of cases – though of course the

law requires a licensed IP to be in control.

This brings challenges for regulators.


In September, the Insolvency Service

(IS) published a report of its review of

how regulation is working in this area,

and how well it meets the regulatory

objectives and serves debtors’ interests.

It raised some interesting issues, many of

which are already being addressed, but

strangely its focus was less on creditors’

interests than may have been expected.

Sure, creditors get a mention in the

context of whether fees and expenses are

fair and reasonable for example, but the

main attention (understandably perhaps)

was on regulators and the impact

on debtors. In choosing an IVA, the

regulatory microscope is trained on what

is best for the debtor, rather than returns

for creditors.

It is true of course that the creditors

in most consumer IVAs are financial

institutions, which are well organised

in terms of voting and representation

generally, and it should be said that the

report is concentrated on these supposed

straightforward consumer cases, not the

occasional bespoke IVAs conducted by

more traditional IP firms. But creditors

do have a say, and notwithstanding

imperfections in the handling of high

volume IVA cases they often prefer an

IVA to the alternatives. A bankruptcy is

likely to cost more and produce less for


The IS looked at the volume top

ten through the eyes of the regulators,

and their monitoring and regulation

measures. For the most part, the

monitoring visit processes were found

to be satisfactory, but the IS quibbled

about steps taken subsequently by the

regulators’ committees – whether they

were robust enough in terms of sanctions,

publicity and remedial action.


The monitoring process has hitherto

largely been geared towards the regulator’s

ongoing assessment of an IP’s fitness to

act. This means outcomes from inspection

reports have tended to look forward, and

place emphasis on steps being taken to

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

firm’s) systems and procedures. The IP’s

response to visit findings has therefore

been important in that assessment,

and where appropriate regulators have

relied on assurances given, re-testing as


It should not be the case that every

issue of non-compliance or conduct at a

level other than optimal or best practice

be reported for disciplinary action; that

would change the whole characteristic

of the monitoring programme, which has

played an important and successful part

in raising and maintaining generally very

high standards among UK IPs.

It is different, of course, if there are

what the IS calls ‘significant’ adverse

consequences for sometimes vulnerable

debtors, where for example they have

suffered some identifiable loss as a result

of an act or default by an IP. Here the IS

suggests there should be some unspecified

remedial action (e.g. in relation to advice

given at the outset), while recognising the

difficulty and limits of what is practically

possible; and what about creditors’

views? Suppose a debtor entered into an

IVA when he or she might have filed for

bankruptcy instead? If a consequence

of a debtor paying creditors over a fiveyear

period in an IVA is that he or she

parts with more cash to repay debts than

would be the case in a bankruptcy, then

can it really be said that is a bad outcome

for creditors, provided the repayment

obligation is affordable and sustainable?

But creditors do have a

say, and notwithstanding

imperfections in the

handling of high volume

IVA cases they often prefer

an IVA to the alternatives.


The financial institutions, usually

through agents appointed to act on their

behalf, vote on IVA proposals and on the

costs and charges incurred in those cases.

There is, though, a presumption that they

are provided with accurate information

in a transparent way. Where that is found

not to be the case, then regulators must

act to maintain trust in the profession.

There is also a strong case for regulators

to publish more information about the

regulatory steps they have taken, as this is

vital for creditors if they are to play their

full part in controlling costs etc and to

ensure they can have confidence in the

regulatory system.

David Kerr MCICM is an insolvency

practitioner with extensive regulatory


The Recognised Standard / / November 2018 / PAGE 12


Empty promises

What the two main political parties said about

business during their recent conferences.

AUTHOR – Kevin Reed

Kevin Reed

IN the dense fog that is Brexit, it

might have been easy to overlook the

recent information and direction

of travel coming out of the current

government’s and opposition’s party


But there was enough content, ideas

and tone for it to be well worthwhile a fewhundred

words of my writing – and a few

minutes of your time to digest.

Let’s start with Theresa May’s speech.

Perhaps understandably (and pragmatically),

speaking from power means that it’s easier

to lean on rhetoric, along with details of

‘life-changingly positive’ actions taken in

the recent past. Oh, and putting the boot in

against the opposition’s speeches from a week


And there was no shortage of any of those

elements in the Prime Minister’s keynote.

She spoke of reducing ‘the deficit by

four-fifths’, following Labour Government

borrowing during the banking crisis.

Although she failed to mention that the

budget deficit target was two years’ behind

schedule – and further targets set by former

chancellor George Osborne, namely to meet a

surplus including investment by 2020, seem

way off.

The speech meandered around antinationalisation,

and improved infrastructure

spending to boost the economy. The latest

iteration of the UK Corporate Governance

Code, which includes ‘comply or explain’

requirements to improve the workers’ voice

in the boardroom, was also touched upon. For

a factory worker in Sports Direct or Amazon

– where working practices have been heavily

criticised – one wonders if such a statement

will have any resonance at all, or if the rule

change will have any impact.

For opposition shadow chancellor John

McDonnell, well, you would expect punchier

and (hope for) more focused announcements.

The key corporate announcement was,

as you’d expect from Labour, focused on

disseminating profits among workers – but

with those workers also having more rights

and ownership of the business they work in.

Large businesses would have to transfer

up to 10 percent of shares into an ‘inclusive

ownership fund’. Dividend payouts would be

capped at £500 per worker, and any surplus

paid into government coffers.

What would effectively be a new levy on

private business, some £2 billion, is predicted

to be transferred annually. From a positive

point of view, it’s a clear initiative by Labour

to align employees with both the actions of a

company, and its performance.

US research earlier this year (Inequality.

org) found employee-owners have a third

higher median income, and median

household net wealth is 92 percent higher

for employee-owners compared to nonemployee-owners.

But employee, or shared,

ownership is not a magic bullet and doesn’t

guarantee corporates’ fortune.

After years of double-digit growth and

bonuses for its partners, both Waitrose and

John Lewis brands shed thousands of jobs last

year. Structural and competitive headwinds

in retail and department store markets finally

caught up with them. The fabled staff bonus

is now single-digit.

For the CBI, demarcating 10 percent of

shares would ‘hobble UK’s ambitions on a

global stage’ and reduce the value of shares

held by ‘ordinary people’.

“At a time of great uncertainty, this

is no way to build the foundations of

competitiveness and productivity that will

improve people’s lives,” said CBI directorgeneral

Carolyn Fairbairn in response.

May pointed out that McDonnell’s plan was

a ‘giant stealth tax on enterprise’. However,

May also spoke of employees – improving

rules so those in the gig economy can’t have

their ‘workers’ rights undermined’. But for

entrepreneurial sole traders and flexible

freelancers in Britain, they could well point

out that the way they are treated for tax and

employment purposes is the worst of both

worlds: the Government pushing to tax them;

employers unwilling to give them employee

rights. ‘Employed or self-employed’ tax

rule IR35 was, of course, absent from May’s

speech. It’s worth pointing out that people

have taken to working flexibly to improve

their situation and manage increasingly

complex lives. The number of self-employed

and freelancers stands at five million, from

3.3 million in 2001.

Freelancers and small business

contractors – those looking to find ways to

create new products and services as quickly

and as mobile as possible, were absent from

both keynotes. In a nation full of ideas and

enterprise, there was little in the way of new

or coherent thinking from the two parties.

Kevin Reed is a freelance journalist and

former editor of both Accountancy Age and

Financial Director.

The Recognised Standard / / November 2018 / PAGE 13


Educating the bailiff

Enforcement against goods is still a blunt instrument.

AUTHOR – Andrew Wilson MCICM


goods is a blunt instrument

more suited to the 19th

than the 21st Century,

when putting a man in

possession was still a

common practice. Before the days of

walking possession, it made economic

sense to actually have a possession man

billeted in the debtor's home or business

until payment in full was made. These

gents had questionable personal habits

and hygiene and were a strong incentive

to settle up, if only to get them off the

premises! They were paid in cash on a

Friday afternoon, when they all trooped

into the office and the female staff were

sent home at lunchtime to avoid any

possible contact with them.

Things really changed after the Second

World War, when walking possession

became the norm, but I am far too young

to remember any of this.

Taking Control of Goods, introduced

in April 2014, is really not much different;

we have controlled goods agreements

instead of walking possession, more

provisions about vehicles (as cars are

often a debtor's main asset after his

house) and the ability to secure all or

part of a debtor's premises (but, sadly,

without possession men). However, the

main leverage is still removal and sale of

a debtor's goods.

One thing that has changed is

that bailiffs are better educated, as is

reflected in the ‘new’ title of ‘certificated

enforcement agent’. They must have

passed a Level 2 exam in Taking Control

of Goods to be granted a certificate by a

District Judge (if he/she considers them

as a fit and proper person). Level 2 is the

equivalent of GCSE A* to C (now 9 to 4)

and many European enforcement agents

are required to be university graduates.

It’s some progress, but a small step.

That is why CICM and other institutions,

such as Chartered Institute of Legal

Executions (CILEX), are now offering

a Level 3 (A Level) qualification in

Advanced Enforcement. All High Court

Enforcement Officers Association

(HCEOA) members will be encouraged

to make this qualification a requirement

for their bailiffs in the field and their

more senior administrative staff. Better

training and qualifications enable

High Court bailiffs to confidently deal

with more articulate debtors and their


The Level 3 qualification also has

the benefit of being a relevant starting

point for those wanting to become

High Court Enforcement Officers, as

Level 3 is the requirement for aspiring

candidates starting the Level 4 (1st Year

Undergraduate) Diploma course with

CICM, which is the academic requirement

to apply to become authorised.

Like solicitors and accountants, there

is also a practical side, based on a twoyear

training contract, with evidence of

competence shown in a Training Log.


This all helps, but enforcement against

goods is still a blunt instrument, with the

bailiff knowing little or nothing about

the debtor at the address to which he has

been directed.

The answer must be access to

information about debtors. But this must

be made available only after judgment

and be carefully restricted to those

instructed through the courts, ensuring

that otherwise strictly confidential

information does not end up in the

public domain.

That would certainly ‘Stop the Knock’

in many cases, as one of the other six

methods of enforcing a judgment could

be used with is more suited to the debtor's


This is doable, as demonstrated by

how easy it is to tax your car. By joining

up the DVLA, MOT and Insurance

Company databases, you can complete

the process with a card payment, in a

matter of minutes.

Is it likely to happen in the near future?

The industry is making good progress in

this area, but there is still some way to go.

Andrew Wilson MCICM is Chairman

of the High Court Enforcement Officers

Association (HCEOA).

The Recognised Standard / / November 2018 / PAGE 14

Fast, fair and effective


FAST. 48 hour average judgment transfer and very prompt

attendance after notice expiry.

FAIR. Robust vulnerability policies and nationally accredited

training for all our teams.

EFFECTIVE. The largest team of authorised HCEOs and

highly trained enforcement agents.

With our impressive industry leading recovery rates,

nationwide coverage and dedicated Client Services team,

you can trust HCE Group to collect more for you and

your clients.

Instruct us for

Enforcement of judgments and tribunal awards

Eviction of activists, squatters and travellers

Eviction of commercial and residential tenants

Commercial landlord services

Tracing and process serving

Vehicle recovery and enquiry

The Recognised Standard / / November 2018 / PAGE 15

To find out more or instruct us

08450 999 666


CICMQ serves up a treat

The Silver Spoon Company

ONE of the UK’s leading

sugar, baking and treats

brands, The Silver Spoon

Company, has achieved

CICMQ accreditation

after excelling in a

number of key areas during assessment.

Among the achievements, Silver Spoon’s

credit control team of three reduced the

company’s debt to an all-time low in this

financial year.

Founded in 1994, the company has

its own portfolio of leading UK brands

including Silver Spoon, Billingtons and

Truvia. The Silver Spoon Company works

with farmers in the East of England to

grow their own sugar beet.

Gary Auckland, Customer Service Team

Leader at The Silver Spoon Company,

says the accreditation has allowed the

company to review and improve its

procedures, and improve the way it reports

information to the wider business: “We

have seen considerable results since we

implemented the changes, which has been

recognised by all at Silver Spoon.”

Top Marks for Imperial

Imperial College London

IMPERIAL College London, one of the

world’s leading universities, has achieved

CICMQ accreditation, demonstrating the

College’s continued excellence in meeting

the CICM’s standard of Quality in Credit


Imperial College London is a world

top ten university with an international

reputation for excellence in teaching and

research. It is home to 17,000 students and

8,000 staff, who come from more than 100

countries across the world.

Gavin Jones FCICM, Head of Income at

Imperial College, says documentation was

integral to the assessment process: “Over

the years, the College has adapted to the

ever-diversifying types of business and

multiple income streams it works with.

Processes, policies and systems have

had to improve to accommodate this,

and unifying these processes was a key


“As part of the CICMQ process, we

have committed to providing training

and development opportunities for staff,

and currently have eight members of the

income team working towards various

levels of CICM qualifications.”

Better connected

with CICMQ

EQUINIX has become CICMQ accredited

for the first time, and since then it has

been selected as one of the Finance

department’s key achievements this


As one of the world’s leading

colocation data centre providers, the

company has stakeholders that are

not only based across 20 European

countries, but also in America and

APAC. CICMQ is one aspect that has

helped it to raise the profile of the credit


“The CICMQ journey allows an

independent credit professional to

review processes, procedures and the

overall operation of the department and

provide feedback. It is only by having

that expert view from the outside do

you really receive a true assessment

of where you sit within a best practice

benchmark,” says Nick Williams MCICM,

Senior Manager (EMEA), Credit and

Collections Equinix.

High five for


AGGREGATE Industries has joined

the most elite group of CICMQ

accredited companies by achieving

re-accreditation for the fourth time.

Aggregate Industries is at the

forefront of the construction and

infrastructure industries. With over 330

sites and more than 4,100 employees,

it produces, imports and supplies

construction materials, exports

aggregate and offers national road

surfacing and contracting services.

Having completed CICMQ assessment

for the first time in 2010, Aggregate now

has a full-time equivalent of 34 in its

credit services team, a number of whom

are undertaking Level 3 and Level 5


“CICMQ re-accreditation enables

us to differentiate ourselves from our

competitors and demonstrate to our

business that we are adding value

and that the support we give them is

a recognised high standard,” says Phil

Rice FCICM, Head of Credit, Aggregate

Industries. “It also allowed us to

benchmark ourselves and share best

practice with other CICMQ accredited


The Recognised Standard / / November 2018 / PAGE 16


The benefits of implementing

a ‘Two Supplier’ strategy

AUTHOR – Michael Higgins

FOR many businesses,

the idea of using a single

outsourced supplier to assist

with credit management

remains a relatively new

concept, let alone using

two. But the ‘‘Two Supplier’’ strategy

can have significant benefits in creating

choice and flexibility, improving quality,

strengthening contingency plans and

competitive pricing.


Whether it be a trace agent or High Court

Enforcement Officer, the two supplier

strategy is one that has allowed Lovetts to

compare service levels and performance,

ensuring we maximise and enhance our

debt collection success over the years.

Equally, as a supplier of debt recovery and

legal services we have always been happy

to work in this way, recognising that the

different strengths and perspectives the

firm and indeed our competitors provide

offer different ways of doing things.


A study by ISG Director Michael Kushner

describes the use of multiple suppliers

as an ‘agile’ practice and one that has

evolved from a maturing outsourcing

market. Sarah Burnett, research director

for Public Sector BPO at Nelson Hall, says

that the introduction of a second supplier

represents ‘‘a desire to adopt best-of-breed

for a particular process or domain and

ensure access to superior capability’’.

In other words, healthy competition is

still a key driving force behind business



Having two or even more suppliers

offering the same service allows

companies to better protect themselves

against unforeseen circumstances, e.g.

if a supplier goes out of business or they

are unable to supply what was agreed at

the last minute. It’s another reason why

an increasing number of companies have

made it a companywide policy to always

contract two suppliers for the same



And of course, having multiple providers

in the same area can only help with costefficiencies.

The common apprehension

here is that this practice implies ‘playing

one party off against the other’ to drive

down costs, but this is not necessarily the

case. By assessing what individual service

providers are delivering in a professional

and impartial way, you’ll be able to better

understand where third-party investments

are most effectively being made.

Ultimately, being open to a two

supplier service strategy and beyond

keeps your business open for growth and

development, and it’s a way of working

that Lovetts is experienced in both as a

buyer and as a service provider ourselves.

Michael Higgins,

Managing Director, Lovetts.

Do your customers owe you money?

At Lovetts Solicitors, we’re here to help

you formally recover your business debts.

With over 20 years experience in all

aspects of debt collection and recovery,

we know exactly how to help you.






Solicitors are to publish pricing

online from December but will this

limit choice?

AUTHOR – James Perry

WORKING life as

a debt recovery Solicitor

is a rich tapestry of

clients whose business

threads are every imaginable

colour, debtors

every imaginable material and chances of

success (based on numerous other variables)

every imaginable shape and size. That variety,

which I get to enjoy every working day, is the

reason why I do what I do. How then, I ask myself,

as I read the Solicitors Regulation Authority

(SRA) guidance published on 2 October am

I going to maintain client choice (and act in

my client’s best interests) to accommodate all

sectors and all debt types when I am forced by

the SRA to publish my pricing online in


My clients are not numbers to me. They

are each unique and I want to be able to treat

them as such so I can properly look after them

by pricing accordingly. Some of you might say

well of course he doesn’t want to publish his

figures, but believe me there is far more to this

than that. The big problem is the number of

products I sell, all of which are individual and

unique depending on my client. I fully support

transparency, but exactly how am I going to

price for the client who pulls up in a truck

with papers strewn in the back and gives no

explanation, while at the same time also pricing

for the client who sends me the info as data that

plugs straight into my case management system

and automatically generates that first letter?

How do I then price for everyone in between?

I’m normally quite good at this sort of

problem but today’s riddle is baffling. If I pick

a mean average to simplify things and make

my life easy then my really good clients, who

do everything they are told, are going to suffer

because the not so good ones will always

increase the average cost. Everyone naturally

quotes for that worse-case scenario because we

know the bad job will always drain the profit

out of the good jobs. Solicitors are of course

naturally risk-averse and intimately aware of

the potential risks. That kind of awareness

will also drive up a price where there could be

problems. It means I have to caveat everything

I price to get my point across but then that just

begins to look messy. This is evidenced by my

waste paper basket which is overflowing with

drafts at the moment!


I think a big rethink is seriously required that

takes full account of all the practical problems.

There needs to be an understanding that we are

trying to balance a great number of things here.

If a solution to a problem is not always going

to be linear then it should never be treated as

being linear. We need to step back and think

carefully about whether publishing low fees

just to win work will put teams out of business

(and/or ruin good service levels) or alternatively

whether publishing high fees will put people

off completely and mean people choose not

to access justice. These rules will certainly

damage net recoveries because instead of me

listening to a future client and bending to their

needs (as I do now), they will have no choice

but to accept what we think might work, and

we will have to stick to what we have published

on our websites. Unfortunately, the publishing

of prices locks you in to that price and I think

that makes the whole thing too rigid. The

customer’s needs will no longer be able to come

first because the regulations will get in the way

of the principle. This is what happens when we

start treating services as pure products; where

the dividing lines have to be set.

For example, how will a procurement

exercise work? It looks as though it will be

pretty short and sweet because if you want to

drive a price down for a service caught by the

regulation then you can only drive it down as far

as the price that is published by the lawyer on

their website. If you wanted to offer something

lower wouldn't the lawyer have to amend the

website first, and then wouldn't they start to get

a barrage of calls when they do from existing

clients paying higher prices? The chaos this

could create is obvious.

Sometimes we cost according to what

our enforcement charges will be but these

regulations do not include enforcement costs

– which is odd given that this is the easier

part of the puzzle to cost. This creates another

problem because some of our lower prices at

the front-end are based on the fees charged at

The Recognised Standard / / November 2018 / PAGE 18

the enforcement stages when we have secured

a Judgment. It means our published fees might

look cheap at the front-end, and we will have

to publish those prices only, but they are only

set at that price because they are connected

to the profit we expect to make on the debts

at the back-end when we make our recovery

through enforcement methods. These intricate

interconnections between parts of the services

we offer are difficult to list in a table, and I

think this point has also been missed by the


We might also offer debt recovery services

for free but this could be because we get another

part of a client’s legal portfolio. For example, in

return we might get a client’s entire portfolio of

corporate transactions and that will be where

we make our profit as a business. One legal

team will sometimes help to feed another and

it is frustrating to see that this option will now

become tangled in the regulations. What would

happen in this type of situation? Would I still

publish that I do this small amount of work

for free and brace myself for a barrage of calls?

Would I then upset clients who don't get my

services for free? Again, there are seemingly far

more questions than answers.


Finally, as if the logistics of how to pitch price are

not bad enough there are also safety concerns

here regarding these regulations. The SRA is

asking us to publish details of all fee-earners

that charge on a file. The examples given in the

guidance contain details of names, positions,

qualifications, previous jobs and general

experience. If this is what we must publish then

how easy does that make it for a debtor to track

that person down? Perhaps they will obtain a

photograph from a LinkedIn profile to figure out

precisely who is demanding money from them.

We have all had circumstances in our careers

where a debtor has been threatening. I had

one who made a payment in full then smashed

a mirror in my reception as he left! Do these

regulations protect staff who, sometimes for

very good reasons, do not want their profiles up

online? We are of course more than happy to let

clients know who is doing their work and what

experience and qualifications they have, but how

James Perry

Debt recovery

as a legal service

is unique and

it does not fit

easily into

these regulations

in quite the

same way as it

does for probate,

conveyancing or


comfortable are we giving the same information

to debtors? Do they also need to know by name,

position and experience who is chasing them

for payment? So would anyone like to prep me

that ten-dimensional spreadsheet containing all

possible variables and prices because I’m really

struggling? Any Einsteins among us?

In all seriousness I am frustrated as to why

the SRA would insist on pricing information

for debt recovery claims worth less than

£100,000 and I am hoping the points I have

made have been missed and therefore can

still be considered. Debt recovery as a legal

service is unique and it does not fit easily into

these regulations in quite the same way as it

does for probate, conveyancing or licensing.

Those areas are far more static and easier

to price in many ways. In theory it sounds

great – you would get a price list for the service

you want. But the problem is that clients don't

want to pick from a dropdown list. I think

until you scratch below the surface of this

concept you don't realise it just cannot work in


Finally, if I were to rip you off the SRA and

Solicitors Disciplinary Tribunal (SDT) would

strike me off. It is as simple as that. The remedy

you need to protect your interests already

exists and you don’t need me to publish my

pricing online to improve on that unless of

course you value that higher than your range

of options. Solicitors are bound by far greater

professional obligations than debt collection

agencies and that really should be sufficient.

We are placed under a professional obligation to

tell you in our client retainers who will do the

work, for how much and the likely costs of the

entire instruction. Clients need the freedom to

contract and they need to find the best fit for all

their little foibles. If that is taken away then the

rich tapestry we currently cater for and enjoy

catering for will have to be viewed through a

black and white lens in the future and be treated

like an ‘off the peg’ item rather than a tailormade


James Perry is Vice Chairman of the

Law Society’s Civil Litigation Committee

and Director – Technical of the Recoveries team

The Recognised Standard / / November 2018 / PAGE 19

Ice Magic

Sean Feast FCICM speaks to Dewi Fox

MCICM about swimming, Arctic Rolls,

and the challenges of running a medium

size debt collection agency.

The Recognised Standard / / November 2018 / PAGE 20



DEWI Fox is a proud

Welshman, born in St

Asaph which is famous

for being one of the

smallest cities in the

UK and the birthplace

of goal-scoring legend, Ian Rush. But

while his Christian name betrays his

welsh roots, there is little in his accent

to suggest he is anything but English, a

result of living in the land of St George

since he was three.

“My father was a career civil servant,”

Dewi explains, “and worked for the

Inland Revenue as a Tax Collector, maybe

collections were in the genes – which is a

very sad thought!” He moved around with

his job to Wrexham and Chester before

moving south to Kingston-upon-Thames,

and so we finally ended up in Walton-on-

Thames where I have been ever since.”

Educated at a Sacelsian School, a

Catholic State school in Chertsey, Dewi

did well academically but was keener

on all sports, especially swimming and

playing football, reaching the National

Schools Finals in the former, and playing

at County level in football. “Sport was my

passion,” Dewi admits. “We used to have

what we called ‘Mad Wednesday’ where

I would go swimming in the morning

before school, then play football with the

school team in the afternoon before going

on to train with Wimbledon later in the

day, and then finishing with another stint

in the pool. By the end of it, they used

to drag me out of the pool virtually half


Such diligence and commitment paid

off: in the National Schools Finals in

the Isle of Man he finished fourth in his

chosen stroke, the backstroke. The part

he remembers best, however, was the

journey home: “I shared a carriage with

Sharon Davies,” he smiles.


With so much time needed for training

and only so many hours in a day, Dewi

ultimately gave up his swimming in

favour of football: “Swimming is about

ten percent talent and 90 percent time in

the pool,” he explains.

Dewi thus began to shape his days and

weekends around his football, working a

paper round, various Saturday jobs and

playing football mid-week and Sundays.

Work, Dewi says, was something that

came naturally to him, and he was

seldom without a job, even if he had to

lie about his age to get one. Earning

money was important, especially when

an opportunity came to play football in

Canada. “My parents were of modest

means,” he says, “and so I worked to earn

enough money to pay for the trip myself.”

As Fifth Form gave way to the Lower

Sixth, Dewi’s interest in his three chosen A

Levels, Maths, Economics and Computer

Science, began to wane. He applied for

and was offered a place at Loughborough

(“I wanted to go for the sport,” he says),

but in the end he didn’t go: “Some of

our Computer Science lessons were on a

Monday and Friday afternoon, away from

the school at Brooklands Tech College,”

he explains, “but after a while a few of us

stopped going and just went to the pub


Scraping through his exams, and with

little on the horizon other than an appetite

for work, Dewi first took a summer job in

a factory making arm rests for aircraft

seats (“They were all much older than

me and listened to Radio Two all day,” he

laughs. “It used to drive me nuts.”) , while

he looked for a proper job.


His last Saturday job had been working

in the post room at the Head Office of

Birds Eye Walls where he got to know

the Computer Operators well. They

encouraged him to apply for a post as a

computer programmer, a role usually

reserved for graduates: “I passed the

aptitude test,” he says, “and they offered

me a job in the IT department. It meant

spending three months in operations

before joining the programming team.

“I was the youngest in the department

by quite a few years as everyone else had

been to university but it was the dream

job. We had a bar on site (my boss liked

a drink) and a football team, and it was

only a ten-minute walk from where I

lived. By the time I left, the IT department

probably had something like 100 people

in it, almost evenly split by those who

smoked at their desks and those that

didn’t (remembering this is the 1980s).

Everyone went to the bar on a Friday

lunchtime, and we had the benefit of a

staff shop, though by the time I left I was

sick of Vienetta and Arctic Rolls!”

After four and a half years at Birds Eye

Walls, Dewi had saved enough money to

go travelling, and spent 12 months in the

US, Australia, Asia and Africa. Within

those 12 months he worked for six weeks

and three days precisely. The six weeks

was spent as a computer programmer

Everyone went to the bar

on a Friday lunchtime,

and we had the benefit

of a staff shop, though by

the time I left I was sick of

Vienetta and Arctic Rolls.

The Recognised Standard / / November 2018 / PAGE 21 continues on page 22 >



in Sydney, where he earned Aus$30 an

hour at a time when his rental apartment

in Rose Bay (walking distance of Bondi

Beach) cost only Aus$35 a week. Of the

three additional days, two were spent as

a decorator in San Diego (“I wasn’t much

good at it,” he admits) and the third

dipping trees into some form of liquid

treatment in Queensland, without so

much as a rubber glove in sight!


Returning to the UK, he took various jobs

in IT, including a spell in recruitment and

sales, before a family connection led to

him being offered a role at Frederickson’s

as an Office Manager. “At the time there

were only about 15 of us,” he remembers,

“and it was both a successful business and

a fun place to work. It was also ahead of its

time in the technology it used,” he adds.

From Freddies he was poached by

Thames Credit in Bromley, initially as

Head of Collections and then Head of

Operations. Thames Credit was a much

larger business than Freddies at the time,

and Dewi was obliged to keep a seating

plan of the office so he would know

the name of anyone leaving their desk

to speak to him! It was while he was at

Thames Credit that he was approached by

an old school friend with an idea of setting

up their own agency, at which point Dewi

started developing a bespoke IT platform

in his spare time. With the new system

ready for action, and the first client in the

bag, the new business was born.

ARC Europe thus came into being in

2001 as both a purchaser and collector,

and in the early days, as now, its pitch

was in its ability to develop bespoke

solutions matched to a client’s specific

requirements and demands. It was

far from plain sailing: “The early days

were tough,” Dewi recalls, “and winning

new clients was a particular challenge.

Steadily we began to grow the business

and employ some part-time sales people,

and through one of these we secured our

first gym.”


This, Dewi says, was a game changer: “I

flew up to Glasgow to meet the client, and

came away with the business,” he explains.

“Most of our work was around customer

retention; the gym wanted to keep their

customers if they could, and collect from

those if they couldn’t. Previously they’d

used a firm of solicitors, but within the

first month alone we blew them out of the


The second game changer came in an

oval shape, Egg. “It was very innovative

for its time in the way it engaged with

agencies,” Dewi remembers. “It set up

what it called ‘DCA World’ which was

effectively its new panel (to include

1st placement, 2nd placement, legal,

trace etc) and we were awarded the 2nd

placement work. We learned a great deal

from it as a business which we rolled

out to our clients in other sectors. It was

also the first time I ever heard the initials


Egg, Dewi explains, brought a very

different style to business, incentivising

successful agencies by inviting them

to events, including a table football

tournament at Pride Park (“We lost to

Moorcroft in the final, only because they

had a ringer,” Dewi jokes). One of the

more exciting events was the Yorkshire

Three Peaks challenge: “The last peak was

a tough climb on our hands and knees in

snow and some of us nearly didn’t make


The serious side to such fun activities

was a greater understanding of the client/

agency relationship, and an opportunity

for agencies to get to know one another

better. The good times came to an end

with the sale of Egg in 2011, and the

decision by Barclaycard to dissolve the

panel. Happily for ARC, it coincided with

the acquisition of a new portfolio within

the insurance sector. Dewi remembers

the negotiations well:

“It was an initial portfolio of around

60,000 accounts with an average balance

of £200 per account,” he explains. “I

offered the client two pence in the pound

and a share of anything over six percent.

They declined, until I explained our

position, and what a larger debt buyer

might offer and the hoops they would

have to go through to get there, and in the

end, we settled at two and a half pence

and a share on everything above seven

and a half percent. Remarkably, the deal

probably took ten minutes to complete

with a hand shake, but we were all happy

and they are still a client today.”


Since those early days, ARC has tended

to stick to the knitting and focus on those

areas in which it has proven expertise:

financial services (including banks and

high cost/short-term lending); insurance;

and lifestyle, notably gyms. So, has Dewi

seen many changes since the advent of

the Financial Conduct Authority (FCA)

as the new regulator? The answer is an

emphatic yes:

“The impact of the FCA has been even

greater than we imagined,” he says. “For

a start, we have had to invest in staff and

The Recognised Standard / / November 2018 / PAGE 22



A member of the

Chartered Institute of

Credit Management

(CICM) for more than 20

years, Dewi still engages

with the Institute as an

active member of the

Think Tank, along with

fellow ARC Director

David Sheridan who

recently became a


roles that didn’t even exist prior to the FCA

coming into being, notably around quality

assurance and compliance. This need to

invest in new people, however, has come

just as the market for high cost/shortterm

lending has shrunk by more than 40

percent, and we're experiencing similar

declines in some other sectors.

“We are therefore faced with a

conundrum: you have to be of a certain

size to meet the FCA requirements and

match client expectations, but you need

more business to cover the additional

costs at the time when business is

more difficult to find and markets are


The need to control costs has led many

agencies, ARC among them, to explore

how technology can help. New customer

engagement strategies such as rich text

SMS and web-chat via a new website are all

helping improve both efficiencies and the

customer experience, and a move towards

full ‘self-service’ is the next logical step.


How clients measure success is also an

ongoing challenge, Dewi says, as no one

client is ever the same: “One of the more

imaginative financial services firms is

predominantly outcomes based, with

very low commission on collections,” he

explains, “so we are measured on whether

a customer completes an Income and

Expenditure form, or whether we can set

up a payment arrangement for example,

more than the money collected. Call

Quality is the key metric.”

But Dewi says that such measurements

can change overnight: “Different clients

have different ways of measuring success,

but even when a client has a change in

senior management, we can find ourselves

being measured differently again.”

Despite the additional challenges, and

the additional costs of compliance in

particular, Dewi says that most of their

clients have been reasonable in adjusting

margins and rewards. One increased

their fees in accordance with their

own ‘treating suppliers fairly’ (or more

formally entitled ‘Responsible Business

Practices’) charter, but not every client has

been so understanding: “We have had to

exit some business,” Dewi says, “because

it was simply not profitable. Turnover

and volume are important, but so too is

profitability. It becomes a numbers game.”

A member of the Chartered Institute

of Credit Management (CICM) for more

than 20 years, Dewi still engages with the

Institute as an active member of the Think

Tank, along with fellow ARC Director

David Sheridan who recently became a

Fellow. He also maintains good relations

with the Credit Services Association (CSA),

and is proud to have been one of the very

first to have gained a CSA Diploma – with

a distinction.


Within business, Dewi is keen to find the

right balance between working hard and

having fun: “Within the team we’ve all set

ourselves some personal goals,” he tells

me. “These include: to cycle 100 miles; to

catch a certain size of fish; to lose some

weight; and even to get a boyfriend! My

own challenge is to swim 400 metres in

less than five minutes and 30 seconds.”

Of all the personal attributes that Dewi

holds in the highest regard, good manners

come in first place. “Working hard will get

you a long way, but having good manners

will get you even further in life. I don’t

agree that to be successful you have to be

ruthless and tread on others to get on. I

just don’t see it.”

When discussing education for

the next generation, Dewi thinks that

apprenticeships, and especially those

that lead to a degree, are also invaluable:

“Schools often channel youngsters

down the University route when it is not

always appropriate. Getting a degree as

an apprentice, where you are learning

on the job and earning money while

you’re doing it, is an excellent initiative.

“Unfortunately, my two sons didn’t take

that route and are currently piling up the

debt at Uni, but I’m sure they’ll be OK.”

Dewi is definitely a glass half full man,

often with beer in it!

The Recognised Standard / / November 2018 / PAGE 23




Why might further consolidation in the debt purchase

and collections industry be good for the consumer?

AUTHOR – Julian Winfield

Julian Winfield

MERGERS and Acquisitions

are much in the

news of late, although

not always for the right

reasons. The sight of

the CEO of Sainsbury’s

caught singing ‘we’re in the money’ off

camera in the summer will long live in the

memory not only for the poor vocals, but

also for the disastrous message it conveyed

as to the real purpose and benefit of bringing

two companies (Sainsbury’s and Asda)


Whenever businesses merge or are

acquired, teams of PR professionals

are quick to promote the message that

consolidation is good for the long-term

future of the businesses concerned, good

for the staff, and good for the consumer.

Whether this is borne out in reality in a

large number of cases is a moot point,

and it depends very much on the industry


Too often we see acquisitions followed a

year or so down the line after the dust has

settled by large numbers of redundancies

and branch closures, and little or no

evidence of any tangible customer

advantage. Indeed, in some cases the

consumer is arguably worse off than they

were had the status quo remained.

In the debt purchase and debt collection

industry, however, we would maintain

that there are significant advantages to

be had, and the benefits of consolidation

go far beyond the savings to be made on

bricks and mortar, systems integration or

rationalising back-room staff. While these

will inevitably help to reduce costs and

drive greater operational efficiency, they

are only one part of the attraction.

They also go beyond the opportunity to

share best practice, innovation and thought

leadership which are similarly appealing.

The ability to learn from others, and the

opportunity of bringing in additional skillsets

and talents cannot be underestimated.


The real benefit, however, and something

that is virtually unique to our industry, is

the advantage that comes from ‘acquiring’

additional data. ‘Big’ data is, of course, a

hot topic. What is important, however, is

not the volume of data you have, but rather

how you use it to make better-informed

decisions that ultimately lead to improved

outcomes for the customer.

Take, for example, the case of Mr Smith,

whose credit card debt we own. If, through

acquisition or merger, we now not only

have access to his credit card data, but also

greater visibility of his car finance or mail

order debt, then we have a much better

understanding of Mr Smith’s true financial


In certain respects, the debt purchaser

is able to assume a similar role to that of a

debt management business or charity, with

a much greater insight into affordability

and creating a more appropriate (and

accurate) I&E. We can take an holistic view

of his circumstances, as they do, which in

turn helps us to help him on his journey to

financial rehabilitation and rebuilding his

credit profile.

Consolidation in any industry brings

challenges, but it also brings opportunity.

While there are far fewer players in the debt

purchase and collections industry today

than there were a decade or so ago, further

consolidation is not only inevitable, but I

would argue preferable. It will certainly be

in the consumers’ interests.

Julian Winfield is Chief Executive,

Hoist Finance UK

The Recognised Standard / / November 2018 / PAGE 24

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The Recognised Standard / / November 2018 / PAGE 25



small businesses

The importance of helping smaller companies to export.

AUTHOR – Lesley Batchelor OBE FCICM

AT the start of October,

The Institute of Export &

International Trade was

honoured to be awarded

the title ‘WTO-ICC Small

Business Champion’ by the

World Trade Organisation (WTO) and the

International Chamber of Commerce (ICC).

This followed the final of an international

competition that we ran for Micro, Small &

Medium Enterprises (MSMEs) all over the

world, inviting them to submit their export

plans using an online planning tool on our

Open to Export platform.

The competition was our way of

contributing to a more inclusive trading

world and we were humbled to meet the 12

finalists who pitched for the cash prize of

$5,000, eight of whom travelled to Geneva

to join us for a competition showcase at the

WTO Public Forum.

Our stand throughout the Forum was

abuzz with inspiring entrepreneurs. Our

finalists supported each other with their

pitches and exchanged ideas and advice

about how to export successfully. What was

truly inspiring though, was the significant

impact that each of these companies is

already having in their respective homes.

The winning company, Dytech from

Zambia, which makes honey-based

products, is just one such example of the

vital role that trade plays in developing

communities. As it grows, Dytech

employs and trains individuals from

poorer communities, 40 percent of whom

are women. By giving Dytech $5,000 to

implement its export strategy, we are

helping Zambian men and women

to escape poverty and gain skilful

employment, creating skills and work

that could have lifelong impacts.


We were honoured to be named a ‘WTO-

ICC Small Business Champion’ because

the need to champion small businesses

is paramount in bringing more people

out of poverty and spreading prosperity

through the world.

Despite all the anxieties we have

going into 2019, it remains the case that

much progress has been made in recent

times. Much of this has been down to

a globalised and liberalised trading

system, with the World Bank reporting

that the 1990 poverty rate was halved by

2010, five years ahead of target.

Protectionist politics and fears

about automation linger of course. In

respect to the latter, trepidation may

be exaggerated. In his opening plenary

speech to the WTO Public Forum, WTO

Director General, Roberto Azevêdo,

noted that technological advances could

lead to additional global trade growth

of around 30 percent, and though

technology could replace 75 million jobs

over the next four years, in the same time

it could also create 133 million new ones.


The WTO’s mission is to ensure that global

trade growth works for everyone, and

the phrase ‘inclusive trade’ is a key one

– especially when protectionist policies

are returning to the table. In this sense,

new and growing companies can often be

the most inspiring and innovative causes

for hope, not least because the great ideas

and employers of tomorrow can’t all come

from big business.

By backing small businesses

irrespective of where they come from –

something technology indeed facilitates –

we can truly spread opportunity in trade so

that it includes people from developing as

well as developed countries, spreading it

to people of all races, genders, sexualities

and backgrounds.

It was truly inspiring, for instance,

that seven of our 12 finalists were

women hailing from Vietnam, Mongolia,

Belize, Saint Kitts, Jordan, Trinidad, and



Global trade should be inclusive and the

case for the benefits of exporting has

to be made to MSMEs. Wherever you

are, whatever the size of your business,

exporting helps to spread risk, increase

sales and boost efficiency.

Indeed, we learnt recently that in

the UK alone companies that export

become 34 percent more productive

than those that don’t. By dealing with

people in different cultures you learn so

much about the world and other ways of

doing business – something we certainly

found spending time with our finalists in

Geneva. Exporting can only do all these

things when you know how it’s done

properly. That’s why we were delighted

to open up the Open to Export project

to MSMEs around the world – using our

own technologies to help them trade


By giving SMEs the tools and

information they need to export properly,

we’re doing our bit to facilitate, encourage,

and to champion the world’s SMEs. In so

doing, we’re making trade more inclusive,

doing our bit to reduce poverty and

increase opportunity everywhere and for


Lesley Batchelor OBE FCICM is Director

General of The Institute of Export and

International Trade.

The Recognised Standard / / November 2018 / PAGE 26

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The Recognised Standard / / November 2018 / PAGE 27

Atradius Collections UK

3 Harbour Drive, Capital Waterside

Cardiff Bay, CF10 4WZ



Monthly round-up

of the latest stories

in global trade by

Andrea Kirkby.


SPORADIC skirmishing has

begun to look more like trench

warfare, as President Trump

imposed tariffs on another $200

billion of Chinese products,

and China retaliated almost

immediately with tariffs on $60 billion

of American trade. Trump has already

threatened to respond to any Chinese

retaliation – and so the escalation looks

set to continue, with neither player likely

to back down. So far, stock markets have

shrugged off the impact. But Jim Paulsen,

a well-regarded Wall Street strategist, says

‘the Teflon could quickly disappear’ if US

growth starts to slow. That could bring stock

markets tumbling.

However, it's not stock markets that

I'm most worried about. China doesn't

actually import that much from the US,

so retaliating by imposing tariffs will

get increasingly difficult. I'm wondering

whether China would take the brutal step

of devaluing the yuan – and that would hit

British exporters as well as the US. So watch

your currency exposures! There's another

worrying development, too. China and

Russia seem to be getting together. China

participated in Russia's Vostok 2018 military

exercise, and while the two countries don't

have exactly the same strategic priorities,

they've decided to face down the West

together. That geopolitical change could

not only increase political risk in Central

Asia and the Pacific, but also accelerate

the development of the new Silk Road

route. Watch out for developments – there

will be threats but there might be a few

opportunities as well.


ONE little bit of good news this month is that Euler Hermes has taken the resource sectors

off its ‘most stressed’ list. Recovering commodities prices have lifted resource companies'

earnings, though metals producers and processors remain highly indebted – oil and gas,

on the other hand, looks to have a new lease of life, and better credit rating.

Unfortunately, other sectors are riskier. Paper and textile, for instance, have the

highest gearing globally, but it's transportation which really looks dicey – leverage is high,

cashflow generation is weak, rising oil prices will hurt, and climate change is disrupting

the sector. Add to that declining international trade volumes thanks to protectionism (Asia

to North America freight growth has already been impacted) and things don't look good. If

you have customers in the sector, keep an eye on their vital statistics.


NO doubt the Department for International Trade does a good deal for exporters in the

way of trade missions, trade finance, and general lubrication. But I can't help wondering

at Liam Fox’s claim that it will turn Britain into an ‘exporting superpower’ post-Brexit.

For a start, putting new barriers in the way of more than half our exports is an odd way to

achieve that aim. More seriously, though, this is the minister who originally had a target to

double exports to £1 trillion a year by 2020. He admitted in February last year that it wasn't

achievable. The new ‘ambitious’ and ‘global’ strategy will actually achieve quite a lot less

than the old targets. It's an interesting definition of success. I can't help thinking that if

‘exporting superpower’ is a new power, it doesn't really rank alongside those of Spiderman,

the Incredible Hulk or Catwoman.

The Recognised Standard / / November 2018 / PAGE 28

SSTL, an Airbus subsidiary, is the world's

leading small satellite manufacturer, with a

40 percent global share. Based in Guildford,

it has customers in China, Australia, Russia,

the US, and Algeria, and has just launched

NovaSAR to monitor suspicious shipping

activity for India.

SSTL has found a global niche market

– the bargain basement end of space


I'M not liking the feel of world markets at

the moment; I seem to be reporting bad news

90 percent of the time. Worse, I'm beginning

to feel like a Jonah; I'd already written an

economic bad news story on Indonesia –

then the tsunami hit.

The country now really needs everyone’s

help to deal with natural disaster. But the

economy was already in bad shape the

rupiah having fallen ten percent against the

dollar since the beginning of the year, and

trading at its lowest since 2000, despite four

hikes in interest rates, with a deepening

current account deficit. It doesn't help that

the country has been a net oil importer since


The big worry – before the earthquake



technology – and exploited it cleverly.

Rather than supplying bigger European

space missions, it set out to develop

its own market, advising foreign

governments on setting up their own

space programmes and selling satellites

that are increasingly important in

providing data for mapping, planning, and


and tsunami that hit Sulawesi in late

September – was whether the country

would adopt protectionist measures such

as 'economic nationalism’, capital controls,

and increased import tariffs to deal with

its economic woes. (President Widodo’s

government pursues a pretty statist line

when it comes to economic development;

last year, for instance, it passed a regulation

forcing exporters to use Indonesian ships for

export of palm oil and coal).

Indonesia has more pressing matters

to deal with right now. But I'd be watching

out in the region for any resurgence of

nationalist economics – not just in

Indonesia but in other South-East Asian


BMW has changed its maintenance schedule – it won’t be making cars next April.

That’s its contingency plan for the disruption of a no-deal Brexit to its European supply

chain.The problem, of course, will come if disruption lasts more than the month that

BMW's allotted for maintenance. But the story shows that if you’re engaged in any form

of international trade within the EU, you need to put contingency plans in place.


LATIN America is getting squeezed. Most Latin

American countries have dollar-denominated

borrowings, and the strong dollar has increased

their costs of borrowing; NAFTA is under

strain, Mexico has a new populist president,

the Brazilian elections could spring a nasty

surprise, Argentina has seen a run on the peso,

and Venezuela is in full scale crisis. Currencies

are doing terribly – the Brazilian real has fallen

25 percent against the dollar year-on-year.

And yet many economies (okay, not

Venezuela’s) are doing pretty well, so it's not

necessarily a bad time to export to the region.

However, you'll need to have a quality product

and be prepared to defend your market share,

because it looks like you could be up against

more competition. China is expected to take

advantage of difficult times to try to expand its

influence in the region.

Meanwhile though, watch out for Latin

American currencies depreciating further

against the dollar.




CALL 020 7738 0777

Currency UK is authorised and regulated

by the Financial Conduct Authority (FCA).

GBP/JPY 149.607


GBP/EUR 1.1391 1.1060 Up

GBP/USD 1.3271 1.2823 Up

GBP/CHF 1.3020 1.2475 Up

GBP/AUD 1.8610 1.7806 Up

GBP/CAD 1.7175 1.6614 Up

142.890 Up



STOCK markets are all about expectations.

They look at next year's or next quarter's

earnings, rather than last year's, and they can

be quickly spooked by a change in forecasts.

BlackRock fund managers don't often get

things wrong, and they've just pointed out

that the balance between expectations and

reality has changed. Investors have got used

to the US economic reports coming in above

expectation; not any more. For the first time in

a year or more, the US is just meeting or even

undershooting estimates. On the other hand,

Europe is now seeing positive economic and

earnings surprises.

That might keep the dollar range-bound

from now on and could let the euro take over

the baton. But more generally, BlackRock

points out that the high level of macro

uncertainty isn't helping; investors are selling

down emerging markets and heading again for

the 'safe havens' of US equities and the dollar,

and companies are beginning to think twice

about their investment plans. That could hurt

growth in a year or so, even if for the moment,

economies continue to thrive.


POOR figures from German industry may

represent the first collateral damage of the

Trump Trade War. Industrial production fell

1.1 percent in July compared to the previous

month, with a particularly large decline of

2.5 percent in capital goods. Advance orders

fell, too – while domestic orders were up 2.4

percent, export orders fell 3.4 percent, quite

clearly pointing the finger at foreign markets

as the culprit.

It's a bit early to write Germany – or the

rest of the Eurozone – off. The Eurozone

remains strong, though likely to see growth

decelerating over the next year and a half,

and the domestic markets are doing well;

meanwhile, government finances don't

appear overstretched, and most companies

are adequately funded. But you might want to

keep a look out for signs of stress, particularly

if you're part of a big exporter's value chain.

The Recognised Standard / / November 2018 / PAGE 29


Going Dutch

Sean Feast speaks to Cees Jansen at the Netherlands

Vereniging voor Credit Management (VVCM).

Cees Jansen

THE Netherlands is a country

located in north western

Europe, also known as

Holland. Netherlands means

low-lying country; the name

Holland (from Houtland, or

Wooded Land) was originally given to one

of the medieval cores of what later became

the modern state and is still used for two

of its 12 provinces (Noord-Holland and


The country is famous for being

remarkably flat, with large expanses of

lakes, rivers, and canals. Some 2,500 square

miles (6,500 square km) of the Netherlands

consist of reclaimed land, the result of a

process of careful water management dating

back to medieval times.

With a population of 17.25 million

living in an area 41,500 square kilometres,

the Netherlands is one of the most

densely populated countries in the world.

Nevertheless, it is the world's second-largest

exporter of food and agricultural products

after the United States, owing to its fertile

soil, mild climate, and intensive agriculture.

The Port of Rotterdam is the largest port in

Europe and the world’s largest outside Asia.

The Netherlands was the third country

in the world to have representative

government, and has been administered as

a parliamentary constitutional monarchy

since 1848, with a unitary structure.

It is a founding member of the EU,

Eurozone, G10, NATO, OECD, and WTO, as

well as a part of the Schengen Area and the

trilateral Benelux Union. It hosts several

intergovernmental organisations and

international courts, many of which are

centred in The Hague, which is dubbed 'the

world's legal capital.

Its mixed-market advanced economy

had the 13th highest per capita income

globally. One of the world's most prosperous

countries, the Netherlands ranks among the

highest in international indexes of press and

economic freedom, human development,

and quality of life.

How many members do you


We currently have 900 individual

members and have recently introduced

new corporate membership.

How is the Vereniging run?

Established in 1990, the VVCM

contributes to the professionalism

of credit management and its

positioning as a core activity within

a company. We provide training and

a platform for knowledge sharing

through the publication of a quarterly

Credit Magazine and an online

knowledge ‘hub’. The Vereniging

also helps with the organisation of

Credit Expo, a major annual Credit

Management congress, and sponsoring

and organising the annual ‘Credit

Manager of the Year’ and ‘VVCM

Credit Management Innovation’


As well as these major initiatives,

the VVCM also conducts four or five

credit college tours for university

students as well as quarterly ‘meet

and learn’ sessions. It organises an

Innovation Congress, and a further

congress focused on Debt Sale. The

VVCM hosts a new members’ meeting


What training/learning support do

you provide?

In terms of professional training

and career development, the VVCM

delivers a range of qualifications


• Certified Credit Manager / CCM

Education programme: two years;

senior level

• Certified Credit Collector / CCC

Education programme: one year;


• Certified Credit Practisioner / CCP

Education programme: one year; basic


• P/E-program: Permanent Education

accreditation programme (introduced

June, 2018)

What is the Kingdom’s attitude to

late payment?

Payment terms are clearly

communicated and customers are

expected to respect these terms.

During the economic crisis, large

buyers have initiated unilateral

actions to extend payment terms.

These activities generated significant

negative publicity. Following a

dip during the recession, payment

behaviour has been improving.

The Recognised Standard / / November 2018 / PAGE 30


Average payment days, Netherlands (all branches)

Definition: Average number of days between receiving an invoice

and paying it off. Formula: (Accounts payable balance x 360) ÷

(Number of accounts payable x 12)

First quarter 2013 44,6

Second quarter 2013 44,4

Third quarter 2013 44,8

Fourth quarter 2013 43,5 Year average 2013: 44.3

First quarter 2014 42,3

Second quarter 2014 42,7

Third quarter 2014 43,9

Fourth quarter 2014 41,2 Year average 2014: 42.5

First quarter 2015 41,1

Second quarter 2015 41,5

Third quarter 2015 41,7 Year average 2015: 41.0

Fourth quarter 2015 39,7

First quarter 2016 40,7

Second quarter 2016 40,8

Third quarter 2016 40,9

Fourth quarter 2016 41,8 Year average 2016: 40.9

First quarter 2017 40,3

Second quarter 2017 40,4

Third quarter 2017 40,6

Fourth quarter 2017 40,6 Year average 2017: 40.3

First quarter 2018 39,2

Second quarter 2018 40,5 Year average 2018: 39.9 (Y.T.D.)

Are there any specific laws to protect against

late payment?

Payment terms for companies buying from SMEs

may not exceed 60 days. An initiative under the

‘’ to set and agree 30-day payment terms

for SMEs is ongoing. More than 50 large Dutch and

International organisations have joined voluntarily.

What support do you provide to fellow FECMA


The VVCM works closely with Belgian IvKM to organise

an Innovation Congress in Flanders. We collaborate

together with German BvCM organising common

Dutch/German Credit College Tour

Communication, and with Polish PICM in finding

members and staff-officers.

The average period of payment

has deteriorated by more than

a day, especially for suppliers

of corporates, whereas the

difference between payment

terms and actual payment days

has increased. For government

suppliers, this difference has

been slightly ameliorated.

Payment terms / average days:

2017 2018 Difference

SMI 25 26 1

Corporates 35 35 0

Government 24 25 1

Real payments / average days:

2017 2018 Difference

SMI 28 30 2

Corporates 41 43 2

Government 29 29 0

Comparison of payment delays, 2018 vs. 2017:

Payment terms Payment days Differ. 2018 Differ. 2017 2018 vs. 2017

SMI 26 30 +4 +3 +1

Corporates 35 43 +8 +6 +2

Government 25 29 +4 +5 -1

Contacts for further information: Cees Jansen –

The Recognised Standard / / November 2018 / PAGE 31


Steeped in history and rich

with culture, Ireland

provides an important

market for British exporters.

AUTHOR – Adam Bernstein

Ireland: Part one





The cliffs of Moher, Ireland

IRELAND was described by

William Drennan in his 1795

poem, When Erin first rose as

the Emerald Isle. But while the

Celtic Tiger has seen an economic

resurgence of late, it hasn’t always

seen great times. Famine, mass emigration,

issues over home rule – the country was

most definitely politically charged. But it’s

been independent from Britain for almost

100 years and the country will very soon

share the only physical border the UK has

with Europe once we leave the European

Union. Hard border, soft border, it’s all

up for negotiation which, given Ireland’s

importance to the UK – it’s our fifth

largest export market according to the

Government’s own (2016) figures – is bound

to be hard fought over.


Ireland’s success is linked to that of the

UK. Consider the recent troubles which

were only formally resolved 20 years ago

with the Good Friday Agreement (which

granted devolution to the province while

creating a number of institutions between

Northern Ireland the Irish Republic,

and the Irish Republic and the UK). The

agreement finally dealt with issues relating

to sovereignty, civil and cultural rights,

decommissioning of weapons, and justice

and policing which were voted on and

approved by voters across the whole of the


According to IndexMundu, Ireland is a

young country. Of its approximate 5.01m

population, 33.3 percent are under 24 years

of age, 43.2 percent are aged between 25

and 54, and another 10.42 percent are aged

between 55 and 64. Only 13.07 percent are

65 or older. And life expectancy is good –

the average lifespan is 80.9 years.

Sharing a common language and time

zone, having strong transport links, a

similar legal framework and an open

economy, it’s not very surprising that the

UK Government reckons that the value of

bi-lateral trade in the region is one billion

euros a week. In essence, Ireland is not

only a very good market, it’s also a perfect

platform for a firm new to exporting that

wishes to test the process.

Moreover, Ireland’s growth rate is ahead

of the UK’s, albeit slowing. According to the

European Commission, 2017 growth was

7.3 percent and will be 5.6 percent in 2018

and four percent in 2019. In comparison,

The Recognised Standard / / November 2018 / PAGE 32


AUTHOR – Adam Bernstein

Technology has

been a focus for

years with many


located in the country

for a number of

reasons, not least of

which is the benign

Irish tax rate as

well as the wider

opportunities that

being located in

Europe offers them.

Temple Bar quarter, Dublin

Jameson Heritage Centre in Cork

Dunguaire Castle, Kinvara, Galway

It’s not very

surprising that the

UK Government

reckons that the

value of bi-lateral

trade in the region

is one billion

euros a week.

the OECD reckoned that the UK’s rate for 2017

was an anaemic 1.79 percent for 2017 and a

miserly 1.39 percent in 2018 and 1.31 percent in

2019. Interestingly, data published in December

2017 suggested that Ireland’s growth in the last

quarter was up more than ten percent on the

same period the year before. However, as a

writer for the Irish paper, The Journal, noted,

this figure is more than likely down to what

he termed ‘Leprechaun economics’ where the

activity of multi-nationals distorts the true level

of economic activity.


Like many, but not all, countries in Western

Europe, the Irish economy has falling

unemployment. Central Statistics Office Ireland

believes it to have fallen from 7.2 percent in

February 2017 to 5.4 percent in September 2018.

It’s not quite the closeness to full employment

that the UK has, but it’s markedly better than the

14.6 percent the economy saw in 2012.

And considering the impact of the Irish

financial crisis of 2008 and beyond, the republic

has done well.

The World Bank ranks Ireland 17th in terms of

the overall ease of doing business compared to

the UK’s 7th placing. Both countries are equally

ranked in protecting minority investors (10th),

but Ireland is 14th for starting a business (UK

7th), 42nd for getting credit (UK 23rd), 17th for

resolving insolvency (UK 14th). But interestingly,

the World Bank puts Irelands per capita income

higher at $52,560 compared to the UK’s $42,390.


According to World Top Exports, Ireland imported

some $84.34 billion worth of goods from around

The Recognised Standard / / November 2018 / PAGE 33 continues on page 33 >


AUTHOR – Adam Bernstein

the world in 2017 – a 27.8 percent rise on

2013 and a spend of around $16,800 per

person. Of that, 69 percent by value came

from Ireland’s European trading partners.

The top ten product groups make

for interesting reading too. Aircraft,

spacecraft: $14.7 billion; pharmaceuticals:

$10.2 billion; machinery including

computers: $7.9 billion; mineral fuels

including oil: $5.3 billion; electrical

machinery, equipment: $5 billion;

organic chemicals: $4.1 billion; vehicles:

$4.1 billion; plastics, plastic articles:

$2.8 billion; optical, technical, medical

apparatus: $2.6 billion; and perfumes,

cosmetics: $1.3 billion.

This listing is similar to data published

by the UK Government in 2016. Its records

note that UK firms exported petroleum

products and related materials;

miscellaneous manufactured articles;

gas, natural and manufactured; articles

of apparel and clothing accessories;

essential oils and perfume materials;

toilet preparations etc.; road vehicles;

medicinal and pharmaceutical products;

metals; electrical machinery, appliances

and electrical parts; and office machines

and automatic data-processing machines.

It’s quite a list and should give exporters

some food for thought.

Data from the Irish Central Statistics

Office, published July 2017, found that

48.6 percent of all industrial production in

Ireland came from the top ten industrial

organisations to a value of some €64.8

billion. The rest, totalling €68.5 billion,

came from another 3,116 industrial firms.

Statistics also show the percentage

changes in sales by sector between 2014

and 2016. Pharmaceutical products rose

by 128.5 percent; computer, electronic,

optical and electrical equipment was up

by 56.3 percent; wood and wood products

– 28 percent; basic metals, machinery

and equipment – 25.3 percent; drinks –

18.8 percent; chemicals – 15.7 percent;

food – 8.2 percent; rubber and plastic –

4.2 percent. But there were some losers,

namely paper and paper products which

fell by 10.8 percent; mining and quarrying

by 18.7 percent; textiles by 18.8 percent;

and transport which fell by 33.6 percent.

Even so, the UK Government believes

that exporters should target agriculture

and food. Its last published figures reckon

that Ireland imported more than £3 billion

of food and drink from the UK in 2017.

Also on the hit list is energy, which is

considered to be one of Ireland’s main

industrial sectors. Perfectly placed,

Ireland is currently focussing on

renewable energy sources and has a 2020

goal of generating 40 percent of demand

from these sources – especially wind

farms and wave power.

Construction is of importance to

Ireland and back in 2016 the Government

announced a capital investment plan

for 2016 to 2021 of €42 billion to cover

projects in transport (including a new

metro rail link), healthcare (12 primary

healthcare centres and a new National

Children’s Hospital), the Dublin Institute

of Technology, and a huge €1.7 billion

investment in Irish Water for metering,

upgrades and waste treatment.

Technology too has been a focus for

years with many multinationals located

in the country for a number of reasons,

not least of which is the benign Irish tax

rate as well as the wider opportunities

that being located in Europe offers

them. The Irish Times proves the point

with a list of some 154 multinationals

including Google, Microsoft, Facebook,

Dell, Oracle and Apple. While they may

be headquartered there, they also invest

in infrastructure – most notably Apple

having to fight to spend $850 million in a

new data centre in County Galway (plans

for which were scrapped in May 2018 for

planning reasons).

Another sector pointed to by the UK

government is life sciences. Ireland has an

established indigenous and multinational

life sciences sector with nine of the world’s

top ten pharmaceutical and 12 of the top

15 medical device companies. These

firms are recorded as being involved

with diagnostics, hospital and homecare

products, ophthalmic, orthopaedic,

vascular, connected health, and services.

Again, being in Ireland gives these firms

access to much wider opportunities.*

Adam Bernstein is a freelance

business writer.

Perfectly placed, Ireland

is currently focussing

on renewable energy

sources and has a 2020

goal of generating 40

percent of demand

from these sources –

especially wind farms.

The Recognised Standard / / November 2018 / PAGE 34



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Back to school

The latest monthly business to business

payment performance statistics.

AUTHOR – Jason Braidwood FCICM(Grad)

SEPTEMBER – the start of the

academic year and the month

when businesses hit the ‘reset’

button and focus on getting

back to full productivity after

months of summer holidays

and interruptions. In theory, this change

in attitude should be reflected in the late

payment data. And indeed it is, with the

month bringing reductions in the average

Days Beyond Term (DBT) that invoices are

paid for three quarters of the sectors tracked

and across all but two regions.

After a broadly disappointing performance

across the board last month, it’s encouraging

to see businesses step up and significantly

improve their payment processes. The

average DBT figures across regions and

sectors have fallen back in line, to 13.4

days and 14.6 days respectively. However,

these numbers are still significantly higher

than the same period a year ago, suggesting

that other factors are having an impact on

business’ ability to make prompt payments

within the terms agreed.

External factors will always have a role to

play, and despite the news this month from

the Office of National Statistics (ONS) that

the UK economy grew by 0.7 percent in the

three months to August – it’s fastest pace

since February 2017 – every day there are new

claims that British businesses are struggling.

In the last week alone, the FTSE 100 hit a sixmonth

low, the International Monetary Fund

(IMF) cut global growth forecasts and said

UK public finances are among the weakest in

the world, and the Confederation of British

Industry (CBI) is calling for the Government

to introduce a £2 billion package of measures

in the Budget to encourage investment. Add

into the mix Brexit, and there’s little wonder

that businesses hardly know if they are

coming or going.

While it’s clear that improvements have

been on the cards for many this month,

there’s always more that can be done.

Ongoing uncertainty is likely to continue

for the foreseeable future so building in

greater resilience by paying invoices in a

timely manner is one way for companies to

support the overall business ecosystem. The

overarching aim should be to pay companies

as you would wish to be paid – i.e. on time!


Business from home posted the biggest

improvement with a reduction of 6.8 days.

Similarly, the financial and insurance

(14.5 DBT), IT and Comms (15.6 DBT),

Hospitality (9.0 DBT), and Health and

Social Care (11.4 DBT) industries all

showed the greatest decreases in late

payments, with hospitality coming in as

the top prompt payer overall.

At the other end of the scale, the

Energy Supply sector is stuck at the

bottom of the table with the worst DBT

of 21 days. Meanwhile, International

Bodies (12.1 DBT), Wholesale (16.1 DBT)

and Agriculture (16.0 DBT) all had a

poor month with an increase in DBT. In

particular, transportation is moving in

the wrong direction – the sector’s DBT

increased by 1.4 days bringing it up to

17.2, and with ongoing fears about the

impact of a no-deal Brexit hitting this

sector particularly hard, there is certainly

cause for concern.


Only Northern Ireland (15.6 DBT) and

East Anglia (14.4 DBT) continued the

downward trajectory, increasing the

lateness of their payments by 1.3 and

1.8 days, respectively. Scotland’s late

payments sit at 16.3 DBT and London’s at

16.2, ensuring they continue their lengthy

stint at the bottom of the table.

On the more positive end of the scale,

the South East experienced the greatest

improvement with a reduction of 4.6

days in terms of late payments, bringing

with it a DBT of only 9.7. Yorkshire

and Humberside also experienced a

significant improvement of 3.9 days,

resulting in a DBT of 9.8. For both regions,

this is the first time since our records

began in January 2017 that they have

dipped below the ten days beyond terms


We’ll have to wait and see how these

regions and industries fare over coming

months with the Brexit deadline fast

approaching and ongoing uncertainty

continuing to impact the UK economy.

Unfortunately, delays in one section of the

business community can quickly begin to

impact others, and we have to hope that

there’s no domino effect that adversely

affects companies more widely.

Jason Braidwood FCICM(Grad),

Head of Credit and Collections at

Creditsafe Business Solutions.

The Recognised Standard / / November 2018 / PAGE 36


-0.9 p East Midlands

-2.6 p London

-0.9 p North West

1.8 q Northern Ireland

-2.8 p Scotland

-4.6 p South East

Top -2.9Five p Prompter South Payers West

-0.6 p Wales

Top Five Prompter Payers Sep 18 Change from Aug 18

Hospitality 9.0 -4.7

West Midlands

Entertainment 9.7 -3.3

Education Yorkshire & 11.2 Humberside 4.2

Health & Social 11.4 -4.4

International Bodies 12.1 3.0




-3.9 p


Getting Better - Getting Worse

Bottom 1.3 q Five Poorest East Anglia Payers

Getting Better

-0.9 p East Midlands

Energy Supply 21.0 0.0

Top Professional -2.6 Five Prompter p -6.8 & Scientific London Business Payers 19.0 from Home -0.1

Business Admin & Support 17.6 -2.8

-5.4 Financial & Insurance


-0.9 p & Storage

North West17.2 1.4

South Mining 1.8East & Quarrying q -4.7Northern IT and 9.7 Comms Ireland 16.4 -4.6-2.5

Yorkshire and Humberside 9.8 -3.9

South -2.8 West p -4.7Scotland

Hospitality 11.9 -2.9

West Midlands 12.8 -2.4

-4.6 p

East Midlands

-4.4South Health East


& Social


-2.9 p South West

-0.6 p Wales

Bottom Five Poorest Payers

-2.4 p West Midlands

-3.9 p Yorkshire & Humberside

Bottom Five Poorest Payers Sep 18 Change from Aug 18

Region Sep 18 Change from Aug 18

Region Sep 18 Change from Aug 18

Scotland 16.3 -2.8

London 16.2 -2.6

Northern Ireland 15.6 1.8

East Anglia 14.4 1.3

tter - Getting Worse

North West 13.9 -0.9

East Anglia

Top Five Prompter Payers

East Midlands

Top Five Prompter Payers


South East 9.7 -4.6




and Humberside 9.8 -3.9

Hospitality 9.0 -4.7

South West 11.9 -2.9

Entertainment 9.7 -3.3

Northern West Midlands Ireland 12.8 -2.4



East Midlands 11.2 13.5 4.2 -0.9

Health Scotland

& Social 11.4 -4.4

International Bodies 12.1 3.0

South East

Bottom Getting Five Better Poorest - Getting Payers Worse

Bottom South Five West Poorest Payers

1.3 q East Anglia

Wales Scotland 16.3 -2.8

Energy Supply

-0.9 p East Midlands

21.0 0.0

London 16.2 -2.6

Professional West Midlands

& Scientific 19.0 -0.1




p London15.6 1.8

Business Admin & Support 17.6 -2.8

East Anglia 14.4 1.3

Transportation Yorkshire -0.9

& p Storage & Humberside

North West North West





Mining & Quarrying 16.4 -2.5

1.8 q Northern Ireland

-2.8 p Scotland

-4.6 p South East

-2.9 p South West

rompter -0.6 Payers p Wales

-2.4 p West Midlands

Sep 18 Change from Aug 18

-3.9 p Yorkshire & Humberside

Region Sep 18 Change from Aug 18

Top Five Prompter Payers Sep 18 Change from Aug 18

Region Sep 18 Change from Aug 18

Bottom Five Poorest Payers Sep 18 Change from Aug 18

9.7 -4.6

d Humberside 9.8 -3.9

11.9 -2.9

ds 12.8 -2.4

s 13.5 -0.9



Top Five Prompter Payers

Getting Worse






International Bodies




15.6 DBT

The Recognised Standard / / November 2018 / PAGE 37

Top Five Prompter Payers Sep 18 Change from Aug 18

Hospitality 9.0 -4.7

Entertainment 9.7 -3.3

Education 11.2 4.2

Health & Social 11.4 -4.4

International Bodies


12.1 3.0


15.6 DBT

North West Yorkshire &


13.9 DBT

Bottom Five Poorest Payers Sep 18 Change 9.8 DBT

from Aug 18

Bottom Five Poorest Payers

Energy Supply 21.0 0.0

Professional & Scientific 19.0 -0.1

Business Admin & Support 17.6 -2.8


Transportation & Storage 17.2 1.4


Mining & Quarrying Wales 16.4 12.8 -2.5DBT

13.5 DBT

Agriculture, Forestry and Fishing

Transportation & Storage


Energy Supply


15.6 DBT



15.6 DBT


16.3 DBT


16.3 DBT


13.5 DBT


16.3 DBT


13.5 DBT

North West

13.9 DBT


16.3 DBT

South North West


13.9 DBT



13.5 DBT

South West

11.9 DBT

North West

13.9 DBT

South West

11.9 DBT

Yorkshire &


9.8 DBT



12.8 DBT


16.2 DBT



13.5 DBT


16.2 DBT

Yorkshire &


9.8 DBT



12.8 DBT



13.5 DBT

Yorkshire &


9.8 DBT



12.8 DBT


16.2 DBT




13.5 DBT



13.5 DBT


16.2 DBT

East Anglia

14.4 DBT

South East

9.7 DBT

East Anglia

14.4 DBT

South East

9.7 DBT

East Anglia

14.4 DBT

South East

9.7 DBT

East Anglia

14.4 DBT

South East



What does the UK credit and collections sector look like

in a European context and how should it prepare for

Brexit and proposed new EU Directive on credit servicers

and purchasers?

AUTHOR – Angela McClean and Leigh Berkley

Angela McClean

Leigh Berkley

THERE are now less than six

months to go before 29 March

2019, the anticipated date for

the UK and EU to conclude the

withdrawal agreement. There is

a huge amount of coverage of

Brexit in the press and plenty of commentators

explaining and speculating on what Brexit may

mean but as yet no real clarity.

We are quite aware that for some in the

credit industry, Brexit may in fact have little or

no impact. However, the Institute of Directors

recently called on the government to speed up

guidance on what companies should expect

if a ‘no deal’ on leaving the EU is reached.

This followed a survey of 800 business leaders

showing that fewer than a third had made any

Brexit contingency plans.

The Financial Conduct Authority (FCA) has

also recently published a paper on ‘Preparing

your firm for Brexit’. It therefore seems to be the

right time for businesses to identify whether

Brexit may have implications for them. This is

important operationally but also from both a

governance and risk perspective.


It is still very unclear exactly what the

implications may be for individual companies

but the Financial Conduct Authority’s recent

paper goes some way to setting a framework

for solo regulated firms to begin to consider

and address. As it states, Brexit will mainly

impact UK firms conducting business in the

European Economic Area (EEA) and vice

versa, rather than UK firms just operating in

the UK. However, all firms should look at the

bigger picture of what they are doing now/

plan to do in the future. For example, firms

that have customers or counterparties based

in the EEA, transfer personal data between the

UK and EEA/vice versa, or are part of a wider

corporate group based in the EEA should seek

to understand on what legal basis that business

occurs and whether it can continue on that

basis after Brexit (in whatever form Brexit

takes). So too those firms who receive funding

from an entity in the EEA or who outsource or

delegate services to an EEA firm or vice versa.

Any such consideration should include

how an implementation period (during which

EU law would continue to apply in the UK and

currently being discussed from end March 2019

until end Dec 2020) could affect your business

as well as the scenario of a ‘no deal Brexit’

where the UK would operate as a third-party

country to the EU. It is important to consider

both possible risks and possible opportunities.

The next steps if you think you may be

affected by Brexit are to work out what changes

you might need to make (including any

regulatory permissions you may need or indeed

your clients may need which could affect you)

e.g. if relying on the existing EU passporting



The regulated credit and collections sector

is subject to an array of EU legislation. In

respect to some, for example the General Data

The Recognised Standard / / November 2018 / PAGE 38


AUTHOR – Angela McClean and Leigh Berkley FCICM

In summary,

the European


has proposed

the regulation

of both credit


and credit


with a common



Protection Regulation (GDPR), organisations

like the CSA has lobbied hard on behalf of our

industry to make it work for UK businesses

and consumers affected by our sector. The UK

Data Protection Act 2018 mirrors much of the

GDPR but as yet no final arrangements have

been agreed between the EU and the UK with

regard to what will happen with cross border

data transfers following Brexit. It is therefore

advisable to ensure you know where your data

is held and/or transferred for example to/from

clients, businesses providing services to your

firm or intra group for groups with businesses in

the EU. You should consider whether you need to

introduce clauses in contracts to permit transfer.

There is a general call by certain commentators

for legal certainty to avoid business interruption

and adverse effects for consumers and for a

declaration of adequacy from the Commission

to be made that the UK ensures an adequate

level of protection for the transfer of personal

data or, in the absence of such a declaration, for

another agreement to be reached between the UK

and the EU with respect to the adequacy of data

protection laws in the UK. In the absence of such

adequacy arrangements EU data controllers will

be in breach of the GDPR rules if they transfer

personal data to the UK without putting in

place necessary arrangements to safeguard the

personal data being transferred.

In addition to arrangements for personal

data other legal areas that members should

consider are:

• Commercial law: the implications of this are

largely unknown but you could consider such

matters as your sources of corporate funding, any

standard contractual clauses referring to the EU,

governing law and jurisdiction clauses referring

to EU law or courts and the possibility of the

imposition of tariffs and/or economic/exchange

rate changes.

• General employment issues: firms which have

EU residents as employees will need to consider

possible implications for such employees as well

as any likely impact on resources e.g. rights of

residence, assisting employees with application

procedures/to know the law and the changes.

Many commentators also believe there may be

a possible impact of Brexit where the UK might

revisit some of its employment law derived from

the EU generally post-Brexit e.g. amending TUPE

provisions to make them more business friendly,

allowing amendment of employment terms

following a TUPE transfer

• Decisions of the Court of Justice of the

European Union (CJEU) – as yet it is not clear

whether these will have any effect in the UK pre/

post Brexit/post Brexit transition so if members

rely on such decisions or are awaiting any

decisions these should be considered.


All of the points covered above become

even more important in the light of the ‘Proposed

EU Directive on credit servicers, purchasers and

the recovery of collateral’. This new piece of EU

legislation could bring about major changes

whether we leave (with some UK firms possibly

excluded from certain areas of work) or stay in

the EU. Although this is still just a proposal, we

need to start planning for both scenarios.

In summary, the European Commission has

proposed the regulation of both credit servicers

and credit purchasers with a common supervisory

framework as part of the ongoing work in relation

to non-performing loans (NPLs) in Europe. It

is intended to encourage the development of

secondary markets for NPLs. As currently drafted,

there is still uncertainty as to which UK regulated

activities and credit agreements will be covered

by the Directive although from meetings with the

Commission it seems the intention is to govern

both debt collection and debt administration as

we understand these terms in the UK.

The CSA has responded to the proposals

making the point that while it welcomes the

move towards raising standards across Europe, it

will be important to align the standards so that

there is a level playing field for consumers and

companies operating in the different regions,

particularly when it comes to standards on

customer treatment and managing complaints.

The CSA and some of the larger CSA members,

and particularly FENCA who are closely engaged

with the Commission, have also raised questions

over the value of the large amount of information

that firms will be required to provide to their

local competent authorities. Two examples are

the provision of information about individual

credit agreements being transferred in debt

sales, and notification of the intention to directly

enforce credit agreements.


Both the Treasury and the FCA are working

together to understand the impact of the

proposals on the standard of debt collection

practices in the UK and the impact on potentially

vulnerable consumers. They believe that there

is some risk that the Directive, as drafted, may

adversely affect the current level of consumer

protection making it more difficult for the FCA

to take action against firms and for consumers to

seek recourse should things go wrong.

The Government has confirmed that

it is working with regulatory authorities,

EU institutions and other member states,

and of course with industry and consumer

representatives, to ensure that the proposed

measures do not undermine borrower protections

or the fair treatment of consumers. One risk is

the possibility of credit servicers based in other

member states providing debt collection services

in the UK and not being subject to FCA regulation

but rather to the regulation in their own member


Angela McClean is General Counsel for the

Credit Services Association and Leigh Berkley

FCICM is a CSA Board Director.

The Recognised Standard / / November 2018 / PAGE 39


Recovery of Regulated Goods

Seize your asset and do it quickly but get it right!

Get it wrong and there is a price to pay.

DD +44 (0)191 233 9737 E W

Jonathan Hall

Senior Associate

Finance Litigation


customer who is in breach

of a regulated credit

agreement will attract the

watchful eye of the creditor.

There may well be the

imminent need to recover

it. On most occasions a speedy recovery

is the key to maximising the chances of

a recovery and to mitigate the likely loss

when the agreement is terminated early.

On breach, a creditor will need to

consider carefully the next steps to take.

What breach has occurred and can it be

remedied? For example, if the customer

has failed to insure the vehicle then they

must be afforded the opportunity to put

that right. Alternatively, if they sub-hired

the vehicle it is arguable that such an act

cannot be remedied.

There may even be the occasion

where the situation lends itself more to

a non-breach event, such as being made

bankrupt, which requires a different form

of notice altogether.

Until those questions are answered

and a carefully worded statutory notice

is served and the agreement terminated,

any recovery action is a risky venture

and possibly one to the detriment of the




If the customer has paid one-third or

more of the total amount payable in the

agreement, then the goods are protected

by Section 90 of the CCA. If that section

is breached by the creditor then the

consequences are severe – reimbursement

to the customer of all sums paid in the

agreement (Section 91).

Avoiding a breach of Section 90 is

paramount. At first glance it may appear

fairly straightforward. Repossession from

the ‘debtor’ can only take place if it is with

the customer's consent or by order of the


However, there are pitfalls to be had:

• Who is the ‘debtor’? It is well established

that repossessing goods from a

third party could still be classed as

repossessing from the debtor.

• What are the consequences of a customer

later changing their mind? It is arguable

that if the customer later withdrew their

consent then steps would need to be

taken to return the goods or preserve

them until a court order is obtained.

In motor finance, the above applies

to the repossession of vehicles from

customers but quite often the customer

has sold the vehicle to a third party. Faced

with that scenario, the creditor is often

left undecided on whether to repossess

the vehicle or not. Does Section 90 apply?

Is the third party protected in some way

in order to allow the third party to keep

the vehicle?


The principle is that no one gives what

they do not have. In other words, if the

customer did not have ownership so it

follows that the third party could not have

taken ownership. However, Section 27 of

the HPA turns that on its head. Provided

the purchaser is a private purchaser acting

in good faith and without knowledge of

the finance agreement then the purchase

will be as if they had purchased it from

the creditor and thereby taken ownership.

There are several points to consider:

• has there been a ‘disposition’;

• was the disposition by the ‘debtor’ and;

• to what degree did the purchaser act in

good faith?

There is a heavy burden for the

purchaser to prove but quite often there

are flaws in their argument that throw

open points of dispute. For example – is

a vehicle swap a disposition? There is

a strong argument to say that a swap is

not a disposition and would defeat the

purchaser's claim to ownership.

It is of no surprise that these scenarios

are difficult ones to assess in order to

reach an informed opinion. If the creditor

gets it wrong then they are at risk of a

claim against them for 'conversion' – the

wrongful interference with title bringing

with it a liability for damages.

It is of a critical importance to any

creditor when charged with the task of

recovery to take the goods back as soon as

possible. It is likely to be the one and only

opportunity to make a sizeable recovery

before the customer ends up in a situation

where they cannot fulfil their liability to

pay the sums due after termination.

Recovery is therefore something that

needs to be done quickly but with careful

planning and execution to minimise the

risk of any wrongful act being committed

and to be successful in mitigating the loss


This information is intended as a general

discussion surrounding the topics covered

and is for guidance purposes only. It does

not constitute legal advice and should

not be regarded as a substitute for taking

legal advice. DWF is not responsible for

any activity undertaken based on this


As a CICM member you can receive free legal advice from

DWF. Visit the CICM website and click on the free Advice Line.

The Recognised Standard / / November 2018 / PAGE 40

Don't miss this essential

legal update if you work in

credit and collections

CICM Law Conference 2018

Wednesday 28 November

DWF LLP, The Walkie Talkie Building, 20 Fenchurch St, London, EC3M 3AG.

This year’s CICM Law Conference will focus on improving your case strategy in home courts and international

jurisdictions with the aim of equipping delegates with details of recent changes in the law and a sound

understanding of how to properly prepare a defended matter for Summary Judgment. As always, the conference has

been built with you in mind and will put you in front of key industry stakeholders from the legal profession providing

you with an interactive, informal event that focusses on how to improve your strategy as a Credit Professional.

This free event is for CICM Members, which will include lunch and refreshments and will offer you plenty of

opportunities to network with conference speakers and fellow delegates.

Programme of event:

09:30 Registration and refreshments

10:00 Welcome – Graham Dagnall – Partner and Head of Litigation, DWF LLP

10:05 Early determination – case analysis (Part 1) – James Perry, Technical Director, DWF, will take you through a

real-life example of a defended action.

11:00 Refreshments and networking

11:15 Early determination – mock hearing (Part 2) – Building upon the exercise in Part 1, Michael Javaherian,

Solicitor-Advocate, LPC Law, will take you through a mock Summary Judgment application.

12:15 Early determination – post-match analysis (Part 3). This will be your opportunity

to ask questions, building on your knowledge of the first two sessions, and analysing

your decision-making.

12:30 Lunch

13:15 Litigating in a foreign jurisdiction – Andy Leach, Partner, DWF, will take you

through an insightful and practical overview of this difficult area of law.

Offering solutions and tips.

13.45 How to get Irish debts smiling? – Eimear Collins, Partner and Susan Connolly

Associate, DWF Dublin, will hone in on the emerald isle providing practical tips

and trips for shaking cash out of Irish customers.

14.15 Connex - Alan Smith MCICM, HCE Group and members of Connex will discuss

how their judicial officers work to help collect outstanding debt and what might

the consequences be of enforcement in European jurisdictions post Brexit.

14.45 Questions and Networking – An opportunity to network with attendees and a

further opportunity to ask any questions about the day’s deliberations.

15.00 Close

Visit to book your place

The Recognised Standard / / November 2018 / PAGE 41



As the deadline for entering the 2019 CICM British Credit

Awards passed, Credit Management asked some of the

2018 winners what it has meant to their businesses to

win an award?

IT was an honour to be nominated

for two awards, but to actually win

both on the night was a very special

feeling and a great accolade for the

business. ‘Project of the Year’ was

awarded for our work on the Cumbria

Flood Resilience programme in the

wake of the devastation caused by

storm Desmond and Eva in 2015. We

provided real world solutions to real

world problems, handling customers

affected by challenging circumstances

with sensitivity and professionalism

while recovering cash in a dynamic

project, and working round the clock to

maintain contact and provide support.

This was in addition to maintaining the

core cash collection activity, client onboarding,

daily admin and legal services

to the Group. To win best in class given

we were competing with industry

leaders was a stunning result for the

team and benchmarks us against the

best in the industry.

Darren Allardyce FCICM,

Credit Manager at Adler and Allan.

SINCE winning the award for our

commitment to training to improve

standards throughout the industry, we

have greatly expanded our training

offering, including new Level 2 and

Level 3 qualifications, new workshops

and two new training partnerships.

High Court Enforcement Group is the

only enforcement company that is a

recognised educational assessment

centre, delivering Level 2 and 3

Regulated Qualifications Framework

(RQF) training and Quality Mark


We approached the Chartered

Institute of Legal Executives (CILEx),

which endorsed our qualifications and

workshops. Most of the training we

now deliver in England is under CILEx


We also approached the Ministry of

Defence (MOD) Enhanced Learning

Credits Scheme (ELC), which provides

financial support to members of

the Armed Forces for recognised

qualifications. We were accepted into

the scheme as a training provider in

March 2018.

Winning the award undoubtedly

helped us in our pitch to CILEx and

ELCAS and has also impressed clients

who want to undertake workshops or

qualifications for their employees.

David Grimes, Head of Training and

Development, High Court Enforcement


HMRC Debt Management was

recognised in three categories at

CICM British Credit Awards this year.

Maxine Montgomery from our East

Kilbride office won Rising Star of the

Year, Derek Bryce from our Livingston

office was highly commended as Credit

Professional of the Year, and our Debt

Resolution Team in Livingston was

awarded the Commercial Collections

Team of the Year.

Winning these awards is a great

achievement and we are over the moon

to be recognised at this level. Picking

up the Commercial Collections Team of

the Year meant so much to us here in

Livingston, especially being up against

stiff competition from other public and

private sector industry leaders.

The win celebrates and recognises

the variety, depth and quality of our

work, along with the work of our many

partners who support us day in, day out.

It was a great team effort by everyone

connected with the site and we remain

hugely proud of this success. Receiving

the award has given us increased

confidence in what we do and how we

do it, spurring us on to always challenge

and better ourselves moving forward.


Antonio Torrado, Livingston DRT

Operational Site Lead HM Revenue

& Customer.

The Recognised Standard / / November 2018 / PAGE 42


CREDIT & Business Finance (CBF) was proud to be winners of the CICM Credit

Insurance Specialist of the Year award for the second year running. Winning the

award was an acknowledgment of the excellent service levels that we give our

clients and introducers, demonstrated by our 95 percent client retention rates and

our most successful new business production this year with over 85 percent being

new to market. Winning the award gave us additional credibility and has without

doubt helped us secure new to market business.

Trevor Price, Managing Director, Credit & Business Finance.

WINNING the Risk Management Achievement of the Year at the CICM awards was

an important event for the team at Company Watch. For us the award represented

industry recognition of the investment we have put into building a market-leading

platform that helps companies to understand the financial health of their clients,

suppliers and partners. Our entry for the awards focused on the expertise of the

team in being able to design, develop and support our credit reference platform, so

that it continues to help our credit and procurement customers in their role dayto-day.

Being endorsed by a prestigious institute has helped to raise our profile

within the credit industry. Credit professionals are keen to manage and mitigate

risks and have been able to find out more about our platform through our Award

communications and updates.

Anna Hutton-North, Marketing Director at Company Watch.

WINNING the CICM’s coveted British

Credit Award, confirms Court

Enforcement Services’ high ethical

standards and professionalism within

the credit and collections industry.

As this year’s winner of the Best

use of Credit Technology category,

Court Enforcement Services has

been recognised for its continued

investment in technology and

encouragement of innovation. The

Award has given our company the

opportunity to showcase our market

leading services on a national stage, in

IT was a huge honour to win this

award and a landmark moment in our

17-year history as a debt collection

agency. We were especially delighted

for our team’s continued outstanding

performance and hard work to be

recognised in what is a hugely

competitive and demanding climate


Businesses have rarely had to

overcome so many challenges when

it comes to credit control, so it’s vital

they have a partner they can rely on

and trust to help them get paid

faster, and identify ways to improve

their credit management


We’re incredibly proud to be able to

use the CICM’s winner’s logo on our

website and marketing collateral,

giving companies that are struggling

with late payment and looking for a

reliable partner the confidence to use

our services, and ultimately keep

cash flowing through their businesses.

Alex Hilton-Baird, Managing Director,

Hilton-Baird Collection Services.

particular our user-friendly App. Used

by all our Enforcement Agents, the

App is an example of our continuous

improvement and is a key component

in achieving a market leading position

in only four years.

Assessed by an independent panel

of experts, the judges’ decision is not

only uplifting for our team, but further

underlines our credibility with existing

and prospective clients alike.

Wayne Whitford FCICM, Director of

Court Enforcement Services.

RECEIVING the CICM British Credit Award

for the Consumer Credit Team of the Year

2018 was a huge deal for us, especially

internally. We work in a field which is

analytically challenging, but we’ve always

made sure to focus on customer service,

good conduct, strong leadership and staff

development. Recognition of this by such

a respected body was a sign that we’re

doing it the right way.

It looks great in our awards collection,

but the real value has been in what the

award means. Winning the award has

been a source of pride for us within

the organisation, but it’s also been very

useful when we are with existing and

prospective partners. It shows them what

we’re all about and helps prove that we’re

a leader in our field.

Nallan Suresh, Vice President Analytics

at Gain Credit.

DUN & Bradstreet was honoured to be

named as Credit Information Provider

of the Year at the 2018 awards. We’re

constantly working to help our customers

improve their business performance by

enhancing the data and analytics we

provide, and we were proud to win this

award for the ongoing development of our

D&B Credit solution.

Improving the experience for our

customers is paramount, but it’s also

rewarding for the team who work behind

the scenes to gain industry recognition

for the innovation they are delivering

for our clients. Having a seal of approval

from the judges reassures us that we’re on

the right trajectory, and we’re able to use

our award as a proof point in discussions

with new customers. The award evening

was also a great opportunity to make

new connections, reflect on the fastpaced

changes across our industry, and

celebrate all the great work taking place.

Tim Vine, Head of European Trade Credit

at Dun & Bradstreet.

WINNING the Credit Team of the Year

Award for Kier Group gave such a sense

of achievement to all 30 of the team.

Everyone worked so hard to become the

single back office for all matters relating

to credit control. To create the team in

just 18 months, deliver such excellent

results, and then win the award was the

icing on the cake. Every member of the

team has the winning logo on their email

with pride. To be the flagship department

in finance and mentioned in our inter

communications gave everyone a huge

sense of pride and achievement.

Martin Kirby FCICM, Head of Order to

Cash, Kier Finance Shared Service Centre.

The Recognised Standard / / November 2018 / PAGE 43


Credit Management



Knowledge Hub



Build knowledge of key credit management areas

Get recognition by studying for a CICM award

This new online course on CICM Knowledge Hub supports preparation for the CICM Level

2/3 Award in Credit Management (Trade, Export and Consumer) and Advanced Credit

Controller/Debt Collection Specialist Apprenticeship.

The course includes pre-course activities, 21 elearning modules covering all syllabus areas,

practice exam questions, a resources section and course completion certificate for learners

who complete key activities and pass a ‘mock’ examination.


• Introduction to credit function and costs

Credit relationships with other departments

• Customer service in the credit department

Credit policy and money laundering

Credit performance and credit as a sales aid

• Customer types, payment terms and methods

Credit documents, records, reports, systems

• Trade credit risk and collections

• Export risk and documentation

• Methods of payment in international credit

• Consumer customers and agreements

• Consumer risk assessment and collections

• Third parties in debt recovery and advice

• Trade, export, consumer comparison


10 0

The course takes approximately 100 hours to complete

and could form part of a taught programme or stand-alone


Course fees apply (discounted CICM member rate – £325

for 12-month licence; £350 including 1½ hours Learning

Support; £450 with ten 2 hour virtual classes)* plus CICM

standard online exam fees.

Learners studying through a related CICM virtual class or

Learning Support will have free access to this course as

part of their programme.


or call 01780 722909 to purchase course

*Fees are subject to VAT




Access over 1,000 credit

and collection resources

anytime, anywhere.

CICM Knowledge Hub is a new online platform for credit

professionals, providing one location to easily find the tools

and information you need to help you in your job.

‣ Tailored elearning courses ‣ CM Magazine articles

‣ Research papers from industry experts ‣ Webinars

‣ Best practice guidance.

CICM Members get free access to CICM Knowledge Hub and much

more from just £8* a month. Join now to explore all the benefits of

CICM Membership.

National and

regional events


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Branches around

the country

*Price shown is for Affiliate Grade. Does not include joining fee. Subject to Terms & Conditions.


First class Graduates

Prize winners Jordan Baker and Phillip Atkinson

reflect on their experiences studying at the University

of Plymouth and plans for a career in credit


Meet Jordan Baker

What I liked about the course

Credit Management was one of my favourite

modules during my three years at the University

of Plymouth. Throughout you truly gain an

understanding of the ever-growing importance of

credit management within a business and how,

when neglected, it can cause serious problems.

The course requires creative thinking as no

problem will ever have a set solution. Plans will

change from business to business depending on

its size or circumstances so the planning in itself

is extremely important.

Areas of credit management I most enjoyed

The course provided a perfect blend of practice

and theory, well reflected in our assignment

which enabled us to choose real companies

and take financial information and key

financial ratios to determine their credit rating

and financial stability. I particularly enjoyed

discovering how a company’s credit management

policy can be the deciding factor in whether it

succeeds or fails. Also interesting was the topic

of late payments and bad debts and the effects

that they can have on a company's cash flow.

My teacher

The quality of teaching was evident from the

get-go with Professor Salima Paul’s passion and

enthusiasm, making the subject very interesting.

She actively encourages you to think creatively

and explore around the subject while providing

excellent anecdotes based upon her experiences

within the industry. Her comforting, supportive

nature provided guidance whenever it was

needed and helped build a strong foundation of


What I plan to do

I am yet to decide which career path I wish to

pursue, however, I feel that at the time of writing

that credit management is an area I am highly

interested in.

How the prize will help me

I would like to thank Salima and Hays

recruitment for recognising my efforts. The prize

was a nice finishing touch to end my time at

University and will give me something to discuss

at job interviews.

Jordan Baker BA(Hons) Winner of Hays prize

for the Best Credit Management Student

Picture shows Hays representatives,

Jane Mooney and Dana Evans, with

Jordan Baker BA(Hons) and

Professor Salima Paul FCICM

The quality of

teaching was

evident from

the get-go with

Professor Salima

Paul’s passion

and enthusiasm,

making the

subject very


The Recognised Standard / / November 2018 / PAGE 46


without it. A very close second was

deciding who to give credit to and the

less obvious reasons about who not to

and why. I felt like credit management

took me out of that standard number

crunching world of accountancy and

hiding behind a spreadsheet, and put

me back into a world full of talking to

real people and watching the success

of your work unfold in front of you,

while still maintaining that fulfilment of

executing the maths and business that I

was originally so keen for.

My teacher

The teaching for the credit management

module was hands down the best of

any other university module I had.

Professor Salima Paul took the classes

and I believe it was her vast in-depth

knowledge and passion for the subject

that made every lecture come alive

and made me really want to learn.

Credit management was definitely my

favourite module at university (and the

one I was happiest to get out of bed for!)

Dr Debbie Tuckwood with Phillip Atkinson BA (Hons)

Meet Phillip Atkinson

What I liked about the course

I always enjoyed maths and business at

school, so finding a course that combined

the two was an absolute gift for me. Every

day I learnt something different, whether

that was academic such as working out

the international cost of capital, or more

trivial such as why supermarkets place

fruit and veg by the entrance. The optional

modules were really interesting as well.

The course included modules such as

law, entrepreneurship, risk management,

auditing, a huge array of languages and

many more. Yet after picking the ones

that sounded fun (and they were), it really

surprised me to discover that my favourite

module by far was credit management.

Areas of credit management I most


The section of credit management which

really engaged me was learning all the

different ways a debt could be collected

and the tips and tricks a credit manager

had at their disposal to do so. To me, it

turned the stereotypical image of a credit

manager into the hero of the company,

with companies succeeding greatly with

good credit management, failing majorly

I felt like credit

management took

me out of that

standard number

crunching world of

accountancy and

hiding behind a

spreadsheet, and put

me back into a world

full of talking to real


What I’m doing and what I want

to do next

After university I was lucky enough to

find a job within two months. I work

for HMT LLP who are an excellent

corporate finance company based

in Henley-on-Thames. I’m currently

a business analyst which really

suits my interests in the financial

sector. Thankfully my love for credit

management has not gone to waste, as

I’ve been recently working on a couple

of projects involving bad debts and what

the next stage should be to deal with


My near future plans are to become a

CICM member and work towards CICM

qualifications. I can then use these skills

to become a specialist in my current

company where I can continue to

network while always moving forward

and hopefully higher up the ranks.

How the prize will help me

The CICM prize money will be used for

a CICM studying membership. I feel

right now this is the best time to work

towards gaining the qualification as I’m

in current employment and it will help

with not only this speciality, but also

furthering my professional network.

Phillip Atkinson BA (Hons) Winner of

CICM prize for the Best Coursework

on Credit Management

The Recognised Standard / / November 2018 / PAGE 47

Would you like to be CICM qualified?

Plan now to start studying in January 2019

Now is the time to think about starting your studies in January and speaking to your

employer. Our education advisers can give advice on how to get started and the options

available. Partly qualified? Find out which units you could complete to gain a CICM

qualification. You could replace an exam with an assignment for example, telephone

collections. Study options are explained below.


CICM Teaching Centres offer classroom-based learning in

Credit Management (Trade, Export and Consumer), Accounting

Principles, Business Law and Business Environment towards

the CICM Level 3 Diploma in Credit Management and some offer

study towards the CICM Level 5 Diploma in Credit Management.


The CICM Credit Academy offers the opportunity to study in a

virtual classroom through the web for the Level 3 Diploma in

Credit Management examined units Credit Management (Trade,

Export and Consumer), Accounting Principles, Business Law and

Business Environment and Level 5 Diploma subjects. Classes are

led by an experienced tutor, are interactive and you have plenty

of opportunity to ask questions and test your knowledge.


Some Teaching Centres and the CICM Credit Academy offer

in-company classes for CICM qualifications. Contact CICM

Learning and Development for further details. Fees depend on

location, length of course and are generally cost effective for

groups of ten learners or more.


Supported home study suits those who wish to receive

tutorial support, but would like some flexibility. A practical

option if you are unable to attend college on a regular basis

for the Level 3 Diploma in Credit Management examined

units or CICM Level 5 Diploma in Credit Management

Supported home study providers:

CICM Credit Academy Learning Support Service

OLC (Europe)

Haddoum Training, Milton Keynes (including three Saturday



This provides the cheapest and most flexible option to study for

Level 3 Diploma examined units and Level 5 Diploma units. As

a minimum requirement, you would need to purchase relevant

study texts and guides prepared by the CICM for these units and

specialist text books. This is not a correspondence course and in

using this method you work alone.


CICM offers open and in-company training days, linked to CICM

assignments (see CICM website for details). Works well for all

CICM qualifications (Credit Management, Debt Collections and

Money and Debt Advice). In some cases, the Institute can link

organisations own training to CICM awards and CICM would be

pleased to advise on this.




Avnet, Bracknell

Leeds City College

South Leicestershire College

Scorpion, Wolverhampton

London Metropolitan University

Haddoum Training, Milton Keynes:

Malta Association of Credit Management



Stoke-on-Trent College

CICM Virtual Class

The Organisational Learning Centre, (OLC Europe)

CICM Credit Academy, Manchester

South Africa

Dimensions International College

For further details contact

or telephone: 01780 722909

The Recognised Standard / / November 2018 / PAGE 48

Does your credit team need

an immediate skills boost?

Don’t leave it too late

in the financial year

Guide your

team in the

right direction

CICM delivers training worldwide to organisations from all sectors on every aspect of

credit. Programmes can be tailored or bespoke and delivered at your convenience.

Our trainers will inspire and motivate your team with practical techniques to improve

Don’t leave it too late in the financial year to invest in your team.



I like the way this has made

us think differently about

existing tasks and how we

can improve/share targets

going forward

Very enjoyable. The trainer

understood the concerns

and issues that we have and

presented in an empathetic

and supportive way



The training is easy to follow

and very informative. I have

learned a number of new

skills and the trainer has

many hints and tips to help

along the way

I really enjoyed this training.

It helped me to understand

key collection techniques

and the way we can use

those to collect money



The day was very

enjoyable and the trainer

made it simple and easy

to break down. I loved the

six main reasons for nonpayment

as it shows how

much I over analyse at

times and will really help

with my work. Thank you

to the trainer

If you would like to find out more information contact:

T: 01780 722907 E: W:

The Recognised Standard / / November 2018 / PAGE 49


Candid camera

The legalities of filming your employees.

AUTHOR – Gareth Edwards

IT’S not hard to find examples of

those in financial roles who’ve

abused trust to steal. In one, last

December, the manager of the

Louth branch of Halifax Bank was

sentenced for stealing £234,000 to

pay off a blackmailer.

Of course, there will be situations where

employers consider covert surveillance

appropriate. In those circumstances,

however, employers will not have free rein.

There are legal issues that arise from

using recordings in the workplace.

Employers looking to monitor the conduct

of their employees – particularly those

using covert recording – should consider

their actions carefully, particularly in

light of the requirements of the General

Data Protection Regulation (GDPR), which

became law in May.

A recent case considered the lawfulness

of surveillance within the workplace. In the

case of López Ribalda and others v Spain

a Spanish supermarket decided to install

surveillance cameras after it uncovered

theft at one of its stores. A number of

visible surveillance cameras were installed,

aimed at detecting theft by customers, as

well as hidden video recorders to monitor

supermarket cashiers.


The footage collected showed five

employees stealing items from the

supermarket. The employees were

confronted and admitted to theft,

after which they were dismissed. The

employees pursued unfair dismissal claims

through the Spanish courts, which were

unsuccessful. The employees subsequently

pursued claims at the European Court of

Human Rights (ECtHR) arguing that the

use of the covert video evidence in the

unfair dismissal proceedings had infringed

their privacy rights under Article 8(1) of the

European Convention on Human Rights.

The ECtHR agreed that the use of covert

cameras constituted a violation of the

employees' right to privacy. The ECtHR

looked at whether the Spanish courts

had properly balanced the employees’

rights to respect for their private life and

the employer's interest in protecting its

property rights, and the public interest

in administration of justice. The ECtHR

determined that, whilst the employer was

concerned about thefts and was entitled to

investigate, the use of covert recording in

this way breached Spanish data protection

law and the guidance issued by the Spanish

data protection agency.

In this case, not enough had been done

to safeguard the employees' rights – for

instance by targeting the surveillance

only to those individuals who were under

suspicion, or only recording for limited

periods of time. The ECtHR also noted

that other safeguards might have included

informing the employees of the recording

and providing them with the information

required under Spanish law.

In the UK, the Information

Commissioner's Office (ICO) guidance

states that ‘covert monitoring should not

normally be considered. It will be rare

for covert monitoring of workers to be

justified. It should therefore only be used

in exceptional circumstances.’ Examples

of an exceptional circumstances include

a specific investigation into suspected

criminal activity, where openness would

be likely to prejudice the prevention

or detection of crime or equivalent

malpractice or the apprehension or

prosecution of offenders.

In order to assess whether prejudice

is likely, employers must conduct a

detailed investigation and obtain senior

management approval. In addition, under

the GDPR, employers must conduct data

protection impact assessments when

undertaking processes that are likely to

result in a high risk to the rights of data

subjects (i.e. those whose personal data is

being collected). Covert monitoring will

fall within the scope of this obligation.

Therefore, employers are placed under an

additional obligation when considering

covert surveillance.


Finally, employers who use video

surveillance should ensure that they have

a policy in place setting out what CCTV

monitoring takes place; the reasons why it

has been deployed; and how the recordings

are used.

It’s worth noting that the Information

Commissioner’s Office (ICO) has a page on

its website concerning monitoring at work.

It says that CCTV monitoring can be used

in the workplace for a number of reasons,

however, if CCTV is installed the employer

should make sure employees are aware of

it. This is usually done by displaying signs

to say where the locations of the cameras

are. Workers should also be given the

reason for the monitoring.

Signs should be clear, visible and

readable; contain details of the purpose of

the surveillance and who to contact about

the scheme; and include contact details

such as website address, telephone number

or email address.

Importantly, under data protection

legislation, if an employer tells employees

the reason why cameras are used is to

prevent theft, the employer cannot then

use the footage for another reason, such as

recording entry and exit of workers from

the workplace.

Gareth Edwards is a partner in the employment

team at

The Recognised Standard / / November 2018 / PAGE 50

The Recognised Standard / / November 2018 / PAGE 51


The rise and rise of

Peer-to-Peer alternative

finance. Page 13

The story behind the

collapse of Toys R Us.

Page 36



CM December 2017.indd 1 21/11/2017 13:41

Sean Feast comments

on the Bell Pottinger

saga. Page 4

Are CRAs doing

enough around bogus

accounts. Page 26




CM October 2017.indd 1 21/09/2017 13:47

MARCH 2018 £12.00

People Power

How self-serve is

supporting customer

engagement. Page 14

Taken On Trust

Sean Feast speaks to

Joanna Elson of the Money

Advice Trust. Page 22



Winners of the

CICM British

Credit Awards


CM March 2018.indd 1 21/02/2018 13:56

How AI is challenging

our ethical code.

Page 17

The state of the credit

management nation.

Page 34



CM April 2018.indd 1 21/03/2018 11:10

Sean Feast talks to

the new CEO of Hoist

Finance. Page 13

How Bexley Council

is improving supplier

relationships. Page 16



CM June 2018.indd 1 21/05/2018 11:04

New CICM members

The Institute welcomes new members who have recently joined





Brendan Casey

Ciaran Grace

Shakiba Zulfikar Ahsen

Louisa Hall

Swetha Krishnan

Lisa Myatt

Marianne Rimmer

Isabelle Boulard

Susan Curtis

Jonathan Dermott

David Dyer

Lynsey Fitch

Joanna Harrison

Laura Hosey

Christian Mancini

Sarah McKnight

Jacqueline Pearson

Yasmin Roberts

Craig Routledge

Jack Webster

Tracey Yeo

Mark Evans

Stephen Skipwith


Janice Abbott

Mohamed Aburas

Janet Bainton

Kieran Boyce

Ruth Bricklebank

Delana Brown

Emma Bryan

Kevin Burt

John Campbell

Claudia Carausu

Nayan Chauhan

Natasha Chinn

Jack Colvin

Andrew Crane

Aikaterini Delliou

Oliver Dennis

Marie Dodd

Paula Durão

Aillene Erasga

Dora Espar

Scott Fairclough

Thomas Faulkner

Victoria Ferguson

Amy Foley

Laren Gomes

Michelle Green

Alexander Hammond

Lee Hancock

Richard Harris

Gary Hughes

Afzahl Hussain

Matthew Jackson

Gawain Johnson

Hema Johnson

Chloe Jones

Clare Joyce

Jordan Kay

Andrew Kennerk

Burt Kort

Anna Lamb

Steven Lambert

Kenneth Lewis

Christopher Logue

Kaitlin Macleod

Fernando Marcal Graca

Shaheen McCaskie

Brenda McKee

Carla McNeish

Osman Mir

Dustine Monfries

Bethany Rayson

Ewan Rodger

Nicky Rogers

David Russell

Matthew Sales

Stephanie Saunders

Phoebe Senior

Raquel Simon Garcia-Louzao

Alison Smith

Kathryn Thomson

Konstantinos Toulis

Sarah Walton

Maria Waseem

Tanja Winstanley

Joanne Yates


The magazine for

consumer and

commercial credit




DECEMBER 2017 £12.00



Face to Face

Sean Feast speaks

to Business Minister

Margot James



OCTOBER 2017 £10.00

Life on the edge

Consumers caught

in the debt trap


Chain Reaction

The cost of being in

– and out – of debt





APRIL 2018 £12.00

Barrel Role

How the UK wine industry

is finding cash to grow



JUNE 2018 £12.00

Winds of


Headwinds on

the path to





















The Recognised Standard / / July/August June 2018 / PAGE 2018 / 58 PAGE 58

The Recognised Standard / / November 2018 / PAGE 52





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The Recognised Standard / / November 2018 / PAGE 53


Obsession with perception

Hadley Eames speaks out on the unhealthy

focus on the personal brand.

AS someone who falls

within the ‘millennial’

bracket, the use of social

networks has had an

overwhelming impact on

my daily routine. People

of my age are ‘Insta-fanatics’ (myself

included). We’ll often post a photo to ‘the

gram’ before disclosing it on Facebook,

Snapchat and, if you are so inclined,

Twitter. Instagram seems no more than a

means to ‘big oneself up’ or otherwise to

make a tedious existence seem glamorous

and exciting.

Despite the ‘good’ that is brought about

from social networking, there is an

absolute obsession that millennials have

with their perceived image and social

acceptance. In the summer I graduated

from University and the atmosphere was

more febrile with the majority attempting

to get that perfect Instagram to post to

their some few hundred acquaintances

rather than focusing on everyone’s

personal achievements. A quote from

a fellow graduate: “It’s important to

have a strong Instagram presence.” This

individual had spent hours coordinating

her outfits with everything ranging from

the water fountain to the stage. It seemed

as if people were more absorbed about

achieving multiple photo opportunities

rather than focusing on the unique

experience of graduation.

On the face of it, the use of various

platforms to present a positive image of

oneself is not obviously harmful or to

be criticised. However, obsessive use of

social media can lead to the user having

a totally unrealistic view of themselves

and create a real problem when they can’t

exceed their self-generated expectations.

There is plenty of evidence that shows the

inability to match the created image or

criticism by others who don’t accept it can

lead to isolation, depression, and worse.

“When we derive a sense of worth based

on how we are doing relative to others,

we place our happiness in a variable that

is completely beyond our control,” Dr

Tim Bono, author of When Likes Aren’t

Enough explained in Healthista.

Those who engage in all of this are

perhaps seeking to create a brand of

themselves and crave acceptability. It’s

interesting that most posts on Instagram

occur later in the evening when more

people are online and there is a better

opportunity to achieve more ‘likes’. Maybe

there is some significance that there is

a spike 25 minutes before Love Island

comes onto our screens? Marketers are

aware of this and target viewers to try and

encourage them to buy products that fit

their self-created image.

When everyone is showcasing their

holidays, nights out and promotions, you

start to exaggerate your own experiences

in order to maintain the perception that

you are their equal. If you do this well

enough on Instagram, YouTube etc. you

can become a mini celebrity to all your

faux friends.

Having re-read what I have written

and recognised I’m part of this millennial

behaviour, I wonder if I should toss my

iPhone into the river and crush my Mac?

But then I was concerned no-one would

know how my work experience week

went, and what’s happening next!

Hadley is far younger

than he thinks.




The Recognised Standard / / November 2018 / PAGE 54

Are you a Leader

or follower?

CICMQ accreditation is a proven model that has consistently delivered

dramatic improvements in cashflow and efficiency

CICMQ is the hallmark of industry leading organisations

The CICM Best Practice Network is where CICMQ accredited organisations

come together to develop, share and celebrate best practice in credit and


Be a leader – Join the CICM Best Practice Network today

To find out more about flexible options to gain CICMQ accreditation

E:, T: 01780 722900

The Recognised Standard / / November 2018 / PAGE 55



For further information and to discuss the opportunities of entering into a

Corporate Partnership with the CICM, contact Marketing on 01780 727273

Hays Credit Management is the award winning national specialist

division of Hays Recruitment, dedicated exclusively to the recruitment

of credit management professionals in the public and private

sectors. Whether you are looking to further your career in credit

management, strengthen your existing team, or would simply like an

overview of the market, it pays to speak to the market leaders.

HighRadius is the leading provider of Integrated

Receivables solutions for automating credit, collections,

cash allocation, deductions and eBilling operations.

The solutions are delivered as a software-as-a-service

(SaaS) or as SAP-certified Accelerators for SAP

Finance Receivables Management. With a track record

of reducing days sales outstanding (DSO), bad-debt

and increasing operational efficiency, HighRadius

solutions help teams achieve payback within a year.

We offer the most powerful comparable data

resource on private companies.

We capture and treat private company

information for better decision making and

increased efficiency, so we’re ideally suited to help

credit professionals.

Orbis, our global company database has

information on 250 million companies, and offers:

Standardised financials

Financial strength metrics

Extensive corporate structures

Sanders Consulting is a niche consulting firm

specialising in improving Credit Management

Leadership & Performance for our clients.

We provide people and process focussed

pragmatic solutions, consultancy, strategy days and

performance improvement workshops and we

are proud to manage and develop the CICMQ

Programme and the Best Practice Network on

behalf of the CICM. For more information please

contact: enquiries

Key IVR provide a suite of products to

assist companies across Europe with credit

management. The service gives the end-user

the means to make a payment when and

how they choose. Key IVR also provides a

state-of-the-art outbound platform delivering

automated messages by voice and SMS. In a

credit management environment, these services

are used to cost-effectively contact debtors and

connect them back into a contact centre or

automated payment line.

American Express is a globally recognised provider

of payment solutions to the business sector

offering flexible collection capabilities to meet

company cashflow objectives across a range of

industries. Whether you are looking to accelerate

cashflow, create a competitive advantage to drive

business or looking to support your customers

in their growth American Express can tailor a

solution to support your needs.

Credica are a UK based developer of specialist

Credit and Dispute Management software. We

have been successfully implementing our software

for over 15 years and have delivered significant

ROI for our diverse portfolio of customers. We

provide a highly configurable system which enables

our clients to gain complete control over their

debtors and to easily communicate disputes with

anyone in their organisation.

Moore Stephens is a top ten accounting and

advisory network. Our national creditor services

team has expert insights in debt recovery. This,

combined with unparalleled industry and sector

knowledge, enables our team to assist creditors in

recovering outstanding debts.

The Recognised Standard / / November 2018 / PAGE 56

Proud supporters


With over 90 years’ experience, we have an

in-depth understanding of the importance of

maintaining customer relationships whilst efficiently

and effectively collecting monies owed, we deliver

when it comes to collecting outstanding debts.

Our Client focus is reflected in the customer

relationships. Structuring our service to meet your

specific needs, providing a collection strategy that

echoes your business character, trading patterns

and budget.

Graydon UK provides its clients with Credit

Risk Management and Intelligence information

on over 100 million entities across more than

190 countries. It provides economic, financial

and commercial insights that help its customers

make better decisions. Leading credit insurance

organisations, Atradius, Coface and Euler Hermes,

own Graydon. It offers its seamless service

through a worldwide network of offices and


Rimilia provides intelligent, finance automation

solutions that enable customers to get paid

on time and control their cashflow and cash

collection in real time. Rimilia’s software solutions

use sophisticated analytics and artificial intelligence

to predict customer payment behaviour and

easily match and reconcile payments, removing

the uncertainty of cash collection. Rimilia’s

software automates the complete accounts

receivable process improving cash allocation, bank

reconciliation and credit management operations.

DWF is a global legal business, transforming legal

services through our people for our clients. Led by

Managing Partner & CEO Andrew Leaitherland,

we have over 26 key locations and 2,800 people

delivering services and solutions that go beyond

expectations. DWF offers a full range of cost

effective debt recovery solutions including pre-legal

collections, debt litigation, enforcement, insolvency

proceedings and ancillary services including tracing,

process serving, debtor profiling and consultancy.

Data Interconnect provides integrated e-billing

and collection solutions via its document delivery

web portal, WebSend. By providing improved

Customer Experience and Customer Satisfaction,

with enhanced levels of communication between

both parties, we can substantially speed up your

collection processes.

Dun & Bradstreet grows the most valuable

relationships in business. Whether your customer

portfolio spans a city, a country or the globe, Dun

& Bradstreet delivers the data, analytics and insight

to grow your most profitable relationships and

obtain a global, unified view of your customer

relationships across credit and collections.

Organisations around the world rely on Company

Watch’s industry-leading financial analytics to drive

their credit risk processes. Our financial risk

modelling and ability to map medium to long-term

risk as well as short-term credit risk set us apart

from other credit reference agencies. With our

unique H-Score® predicting almost 90 percent

of corporate insolvencies in advance, it is the risk

management tool of choice, providing actionable

intelligence in an uncertain world.

Bottomline Technologies (NASDAQ: EPAY) helps

businesses pay and get paid. Businesses and banks

rely on Bottomline for domestic and international

payments, effective cash management tools,

automated workflows for payment processing

and bill review and state of the art fraud

detection, behavioural analytics and regulatory

compliance. Every day, we help our customers by

making complex business payments simple, secure

and seamless.

Tinubu Square is a trusted source of trade

credit intelligence for credit insurers and for

corporate customers. The company’s B2B

Credit Risk Intelligence solutions include the

Tinubu Risk Management Center, a cloud-based

SaaS platform; the Tinubu Credit Intelligence

service and the Tinubu Risk Analyst advisory

service. Over 250 companies rely on Tinubu

Square to protect their greatest assets: customer


The Recognised Standard

The Recognised Standard / / November 2018 / PAGE 57



fitting climax to the annual Kent

Branch Annual Charity Wine and

Wisdom Event (sponsored by Credit

Limits International) was reached

when ‘Codswallop!’ emerged

victorious after a close final round

based on flags of the world. Captained by Bob

Baldwin, a founding member of the Kent Branch

and ex-chairman for many years, the team narrowly

beat off the challenge from ‘Happy Hay’ from Hays

Specialist Recruitment, Maidstone, who were the

reigning champions from 2017.

The event was again held at the Assembly

Rooms in Faversham and nine teams competed

for the Kent Branch Shield in a spirited and

competitive atmosphere. Other regular entrants,

such as ‘Les Chasseurs De Dettes’ (aka Credit Limits

International), Lambert Smith Hampton and Henry

Schein were joined by newcomers to the event such

as UFC Gyms, Forensic Investigation & Taxation

Services and Jarmans Solicitors. We thank them all

for their support.

Simon Paterson MCICM, Branch Treasurer, again

took on the role of Quiz Master and devised a diverse

range of questions, including rounds on Kent Towns,

anagrams of types of biscuit and quirky posers on

the 2018 FIFA World Cup. (Who knew that the official

match ball was kept on the International Space

Station between March and June this year?)

The beneficiary of the monies raised through

entrance fees and the raffle was chosen by the

winning team. As a result, The Alzheimer’s Society

will be sent a donation of £750 from CICM Kent

Branch for work in the Kent area.

Thanks must again go to Simon and Marion for

organising food and beverages, Pierre for sponsoring

the wine and the Committee for their hard work in

making this another success.

Author: Kevin Artlett FCICM

BROGDALE is a tiny hamlet near Faversham

that holds the world’s largest international

fruit collection, and this was the venue

for this year’s Kent Branch Summer Social

with around 30 members and guests in

attendance. Everyone was glad that the sun

came out and the weather was warm, with

a hint that autumn was well on its way.

The event started with a talk about

Brogdale from a great character of the farm,

John. He described the mass of varieties of

fruit the farm grows, and the research it

does on behalf of the Government. Then

came the best bit; sampling various fruit

juices that the farm produces each year.

Next came the highly anticipated tractor

Wine and Wisdom

Kent Branch

End of Summer Social

Kent Branch

tour of the farm through the various

orchards. Many were excited about this

part of the day, especially Richard Brown

from the East of England Branch, who

came along for the day with his wife Susan.

After this we were served with a welldeserved

cream tea. The delicate floral

china tea sets along with piles of scones,

cakes and meringues just made your mouth

water and your eyes pop. We all dived in for

our own personal sugar rush – diets were

definitely on hold!

Once the leisurely cake fest was over,

many of us ventured to the Mad Cat

microbrewery on site, run by Peter Meany

who gave an interesting talk about how

some of the finest small batch ales in this

area were produced. We were able to sample

some of his produce, with the assistance

of Branch Secretary, Kevin Artlett FCICM,

being barman for the duration.

After the organised part of the day, we

freely wandered around the farm shops

on site. Many bought some of the finest

locally sourced produce and the awardwinning

butcher had a big rush on just

before closing.

All in all, another great summer event

by our Kent Branch. I wonder what plans

we have for next year?

Author: Tracey Westell MCICM

The Recognised Standard / / November 2018 / PAGE 58



IN 2018



Accounts Receivable


Credit Control


Head of









Portfolio Credit Control, part of the Portfolio Group, have been supplying

the highest calibre permanent, temporary and contract staff for 30 years

and our dedicated Consultants have specialist expertise in the Credit

Control market.

Contact one of our dedicated Recruitment Consultants to fill your

current vacancy or find your next career move!

LONDON 020 7650 3199


MANCHESTER 0161 836 9949


The Recognised Standard / / November 2018 / PAGE 59








London, up to £45,000

Servicing customers all over the world and being

a staple company domestically, a rare opportunity has

arisen at a rapidly growing tech company for a highly

motivated individual. With a strong emphasis on the

entire accounts receivable function, you will look after

the revenue function, including deferred income, accrued

income and revenue recognition. You will also implement

a new system to automate the billing function and as

such you must be completely comfortable with accounts

receivable and revenue based reporting. Experience

with international VAT is essential. This is a fantastic

opportunity where you can achieve results and be

rewarded accordingly. Ref: 3296758

Contact Akshay Caussy on 020 3465 0020

or email



London, up to £30,000

This is a great opportunity to work within a start-up

fashion company based in North London. The company

have amazing growth plans and is rapidly expanding

throughout Europe. In this role, you will be in charge of

the process and be allowed to set up procedures and

increase efficiencies. To be successful, you will be from

a strong AR background with experience in credit control,

invoicing, reconciliation and have the drive and tenacity

to want to work and improve on processes and procedure.

Ref: 3254661

Contact Kabir Gulabkhan on 020 3465 0020

or email



London, £30,000-£34,000 + bonus + benefits

A well-established and thriving media business based

in London is seeking a bilingual credit controller to join

its credit control team. You will work in a fast-paced

environment and be responsible for collecting payment

from 1,000+ high value accounts. You will be fluent

in English and Italian or Spanish. Some credit control

experience is essential as are intermediate Excel skills.

The role will suit a team player who is able to forge strong

relationships with a genuine passion for customer service,

high energy and a desire to learn.

Ref: 3352972

Contact Julia Foster on 020 3465 0020

or email



London, up to £30,000

An advertising agency based in West London requires an

accounts receivable professional to join its finance team

on a six month contract basis. You will be responsible

for raising invoices, reconciliations and cash allocations,

alongside credit control. Reporting to the Financial

Controller, you will be working in a finance team of four.

To be successful, you will have previous experience

within the complete accounts receivable function.

This is an exciting opportunity to join an excellent

company, giving you the opportunity to progress your

career and gain more experience and responsibility.

Ref: 3426188

Contact Summer Mostafa on 020 3465 0020

or email

The Recognised Standard / / November 2018 / PAGE 60



Barnet, £25,000-£30,000

This long-established property management company

requires an experience credit controller to join its office

in Barnet. Working as part of a small accounts team, you

will report to the Finance Manager and be responsible

for all aspects of the sales ledger and credit control

functions. To be successful, you will have previous

credit control experience gained within a property

management company, have excellent communication

and problem solving skills as well as be results driven

and have the ability to collect and deal effectively with

people at all levels.

Ref: 3421308

Contact Nick Euripides on 020 3818 7043

or email



Croydon, £27,000 + CICM study support

This highly recognised company has a reputation for

innovation, excellence and progression opportunities.

You will be responsible for the timely collection of due

date payments, maximising cash flow and minimising

exposure to risk. Key duties includes maintaining regular

contact with customers, planning and arranging customer

visits, proactively planning pre-due date collection

calls, processing write-off’s, updating cash forecast for

accounts, credit checking accounts, querying resolution

and cash allocations. With credit control experience, you

will be an effective decision maker and problem solver,

with the ability to work in a team as well as individually

with minimum supervision. Ref: 3351128

Contact Sarah Nelson on 020 8686 4686

or email



London, up to £28,000

An international, highly reputable law firm is looking

for a credit control assistant to join its finance team in

its fast paced office. This role will be pure credit control

chasing debt via telephone and email, managing WIP,

reviewing age debt balances, reporting, attending

monthly reviews and liaising regularly with fee

earners, partners and clients to build strong working

relationships. Credit control experience is required within

a law firm or similar professional services industry.

If you are highly motivated, organised and can keep

calm under pressure, then this is the role for you.

Ref: 3421599

Contact Holly Parkes on 020 3465 0020

or email




Sheffield, £23,000 + benefits

This well-established, market leading company is looking

for a senior credit controller with linguistic capability to

join its finance team. Your duties will include ensuring

cash collection is achieved and payments obtained by

agreed terms through the maintenance and control of

the sales ledger across the entire EMEA region. Previous

credit control experience is essential and you will ideally

be a French or Italian speaker. To be successful, you will

have the ability to work towards and achieve deadlines,

work well as part of a team or on your own initiative,

possess good self-motivational and organisational skills

and excellent Excel skills. Ref: 3178916

Contact Daniel Cherry on 0114 273 8775

or email

This is just a small selection of the many

opportunities we have available for credit

professionals. To find out more email or visit us online.

The Recognised Standard / / November 2018 / PAGE 61


Full list of events can be found on our website:


7 November

CICM North East Branch


Starting Your Own Business – Practical Advice

and Avoiding The Pitfalls (2 CPD hours)

Contact : Allan Poole 07983 422 000

VENUE : The Town Mission Lower Rudyerd

Street, North Shields, NE29 6NG

7 November

CICM Bristol and West Branch


Quiz Evening

Contact : Email your attendance to

Tim Peakman 07765956894

VENUE : The Prince Street Social,

37-41 Prince Street, Bristol, BS1 4PS

7 November

CICM East of England Branch


Deal or No Deal Conference (5 CPD hours)

Contact : Carol Baker (01277) 201554 /

07710 392934

VENUE : Goodman Masson, 120 Aldersgate

Street, London, EC1A 4JQ

Contact : Visit to book your place

VENUE : DWF LLP The Walkie Talkie Building,

20 Fenchurch Street, London, EC3M 3AG

28 November

CICM South Wales Branch


Are The Robots Coming or Are They Here

Already? What will you do?

Contact : Diana Keeling (07921) 492348

To reserve a place please email

Booking Deadline: 21 November 2018

VENUE : Atradius 3 Harbour Road, Cardiff,

CF10 4WZ

1 December

CICM Sheffield and District Branch –


Tis The Season To Be Networking

Contact : Paula Uttley

(0114) 2518850 (239) / 0771 3367588

VENUE : Genting Casino St Paul's Place,

Arundel Gate, Sheffield, S1 2PN


9 November



VENUE : Experian Riverleen House, Electric Ave,


11 - 13 NOVEMBER

ICTF’s Annual Global Trade Symposium


CICM members can obtain a US$50 discount

against the advertised registration fees by


Contact : More details on

our online events calendar.

VENUE : The Ritz-Carlton 1 North Fort

Lauderdale Beach Boulevard, Fort Lauderdale, FL

33304, United States Minor Outlying Islands.

15 November

Forums International – International

Apparel Credit Forum (IAF)

Contact : For more information email iaf@


15 November

Experian Credit Forum –

Home Enhancements


Contact : Please contact Brent.cumming@ on 07885 675 092 if you would like

further details.

VENUE : BHETA Offices Birmingham

7 November

CICM Sheffield and District Branch


The Journey Ahead (1 CPD hour)

Contact : Daniel Cherry 0114 2738775

VENUE : AMP Technology Centre

Advanced Manufacturing Park, Brunel Way,

Catcliffe, Rotherham, S60 5WG

9 November

CICM Sussex & Surrey Branch


The Changing Business Landscape and

Insolvency (1 CPD hour)

Contact : Natascha Whitehead

(01483) 564692 / 0777 078 6433

VENUE : Menzies LLP Ashcombe House,

5 The Crescent, Leatherhead, Surrey KT22 8DY

13 November

CICM Northern Ireland Branch


All Ireland Utilities Conference (6 CPD hours)

Contact : Paul Taylor

(+44) 2870350682 / +44 7979992110

VENUE : CityNorth Hotel Gormanston,

Co. Meath, Ireland

28 November

CICM Law Conference 2018


Don't miss this essential legal update if you

work in credit and collections.

This event is free to attend for members of

the CICM. If you are not already a member,

join today to enjoy this and a host of other

inclusive benefits. See page 41 for more details.

9 November





4 - 7 November

Rimilia – AFP 2018 – Chicago


Contact : Visit link for details https://conference.

VENUE : McCormick Place West Building,

2301 S King Dr, Chicago, IL 60616, United States

5-6 November

12th Annual European AML & Financial

Crime Conference


CICM Members will receive a percent discount

upon registration – please quote ‘CICM’ when you

register to secure this.

Contact : To guarantee your place, please

complete and return the conference registration

form which may be found at

registration/ Alternatively, please contact Lucia

on +44 20 8785 6300.

VENUE : Merchant Taylors’ Hall London,



Forums International – Business & Office

Supplies Credit Forum (BSF)


Contact : For more information email

20 November

Experian Credit Forum – Construction


Contact : Please contact Brent.cumming@ on 07885 675 092 if you would like

further details.

VENUE : PWC Pegasus Business Park, Beverley

Rd, Derby, DE74 2UZ

21 November

Experian Credit Forum – Fashion


Contact : Please contact Brent.cumming@ on 07885 675 092 if you would like

further details.

VENUE : Cardinal Place, Experian London

22 November

Experian Credit Forum – Cosmetics


Contact : Please contact Brent.cumming@ on 07885 675 092 if you would like

further details.

VENUE : TBC London

6 - 7 December

Forums International – International

Telecoms Risk Forum (ITRF)


Contact : For more information email itrf@

VENUE : DLA Piper London

The Recognised Standard / / November 2018 / PAGE 62




With over 2,400 qualifications awarded in the last

three years, CICM is the recognised standard.

Find out more about flexible options to suit your

role and lifestyle.


The Recognised Standard / / November 2018 / PAGE 63


CICM Directory of Services




Atradius Collections Ltd

3 Harbour Drive,

Capital Waterside,

Cardiff Bay, Cardiff, CF10 4WZ

United Kingdom

T: +44 (0)2920 824700


Atradius Collections Ltd is an established specialist in business

to business collections. As the collections division of the Atradius

Crédito y Caución, we have a strong position sharing history,

knowledge and reputation.

Annually handling more than 110,000 cases and recovering over

a billion EUROs in collections at any one time, we deliver when

it comes to collecting outstanding debts. With over 90 years’

experience, we have an in-depth understanding of the importance of

maintaining customer relationships whilst efficiently and effectively

collecting monies owed.

The individual nature of our clients’ customer relationships is

reflected in the customer focus we provide, structuring our service

to meet your specific needs. We work closely with clients to provide

them with a collection strategy that echoes their business character,

trading patterns and budget.

For further information contact: Hans Meijer, UK and Ireland Country

Director (


Premium Collections Limited

3 Caidan House, Canal Road

Timperley, Cheshire. WA14 1TD

T: +44 (0)161 962 4695



For all your credit management requirements Premium Collections

has the solution to suit you. Operating on a national and international

basis we can tailor a package of products and services to meet your


Services include B2B collections, B2C collections, international

collections, absconder tracing, asset repossessions, status reporting

and litigation support.

Managed from our offices in Manchester, Harrogate and Dublin our

network of 55 partners cover the World.

Contact Paul Daine FCICM on +44 (0)161 962 4695 or


Blaser Mills Law

40 Oxford Road,

High Wycombe,

Buckinghamshire. HP11 2EE

T: 01494 478660/478661

E: Jackie Ray or

Gary Braathen


A full-service firm, Blaser Mills Law’s experienced Commercial

Recoveries team offer pre-legal collections, debt recovery,

litigation, dispute resolution and insolvency. The team includes

CICM qualified staff, recommended in both Legal 500 and

Chambers & Partners legal directories.

Offices in High Wycombe, Amersham, Rickmansworth, London

and Silverstone

Lovetts Solicitors

Lovetts, Bramley House, The Guildway, Old Portsmouth

Road, Guildford, Surrey GU3 1LR

T: +44(0)1483 457500 E:


Lovetts has been recovering debts for 30 years! When you

want the right expertise to recover overdue debts why not use a

specialist? Lovetts’ only line of business is the recovery of

business debts and any resulting commercial litigation.

We provide:

• Letters Before Action, prompting positive outcomes in more than 80

percent of cases • Overseas Pre-litigation collections with

multi-lingual capabilities • 24/7 access to our online debt

management system ‘CaseManager’

Don’t just take our word for it, here’s recent customer feedback:

“...All our service expectations have been exceeded...”

“...The online system is particularly useful and is extremely easy

to use... “...Lovetts has a recognisable brand that generates

successful results...”


St George’s House, 56 Peter Street, Manchester, M2 3NQ


T: 0161 832 5000

95percent success rate in disputed litigation

cases over several decades

Stripes technical excellence, tenacity and commercial insight has led

to this 95 percent success rate over several decades. We have been

particularly recommended as a leading law firm by the Legal 500 in

the litigious field for representing clients with significant and complex


Our specialist commercial debt recovery and insolvency team work

with businesses ranging from SMEs to larger PLCs recovering

business debts on a no cost or fixed fee basis and often

recovering debts within days. We aim to understand your business

and tailor our services to suit your requirements. Our online service

provides you with 24/7 access to manage your account, to upload

new debtor cases and to generate new legal instructions.

Yuill + Kyle

Capella, 60 York Street, Glasgow, G2 8JX, Scotland, UK

T: 0141 572 4251



Do You Have Trouble Collecting Debts in

Scotland? We Don’t

Yuill + Kyle is one of Scotland’s leading debt recovery and credit

control law firms. With over 100 years of experience, we are

specialists in resolving disputed and undisputed debts. Our track

record for successful recoveries means you have just moved one step

closer to getting your money back.

How we can help you:

• Specialist advice for all of your legal matters

• A responsive and straightforward approach

• Providing you with solutions-driven advice

• Delivering cost certainty and value for money

Our services

• Pre-sue

• Fast track collections

• Judgement enforcement

• Insolvency

• Bankruptcy

• Liquidation

Sanders Consulting Associates Ltd

T: +44(0)1525 720226



Sanders Consulting is an independent niche consulting firm

specialising in leadership and performance improvement in all aspects

of the order to cash process. Chris Sanders FCICM, the principal, is

well known in the industry with a wealth of experience in operational

credit management, billing, change and business process improvement.

A sought after speaker with cross industry international experience in

the business-to-business and business-to-consumer markets, his

innovative and enthusiastic approach delivers pragmatic people and

process lead solutions and significant working capital improvements to

clients. Sanders Consulting are proud to manage CICMQ on behalf of

and under the supervision of the CICM.


Court Enforcement Services

Wayne Whitford – Director

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399

E :


High Court Enforcement that will Empower You!

We help law firms and in-house debt recovery and legal teams to

enforce CCJs by transferring them up to the High Court. Setting us

apart in the industry, our unique and Award Winning Field Agent App

helps to provide information in real time and transparency, empowering

our clients when they work with us.

• Free Transfer up process of CCJ’s to High Court

• Exceptional Recovery Rates

• Individual Client Attention and Tailored Solutions

• Real Time Client Access to Cases



Northburgh House, 10 Northburgh Street, London, EC1V 0PP

T: +44 (0)20 7549 5000E:


We offer the most powerful comparable data resource on private

companies. We capture and treat private company information for

better decision making and increased efficiency, so we’re ideally suited

to help credit professionals. Orbis, our global company database has

information on 250 million companies, and offers:

• Standardised financials so you can assess companies globally

• Financial strength metrics using a range of models and including a

qualitative score for when detailed financials aren’t available

• Projected financials

• Extensive corporate structures so you can assess the complete group

– or take the financial stability of the parent into account

Credit Catalyst is a platform where you can combine information from

Orbis with you own knowledge of your customers and get dashboard

views of your portfolio.

Register for your free trial at

The Recognised Standard / / November 2018 / PAGE 64







Company Watch

Centurion House, 37 Jewry Street,


T: +44 (0)20 7043 3300



Organisations around the world rely on Company Watch’s industryleading

financial analytics to drive their credit risk processes. Our

financial risk modelling and ability to map medium to long-term risk as

well as short-term credit risk set us apart from other credit reference


Quality and rigour run through everything we do, from our unique

method of assessing corporate financial health via our H-Score®, to

developing analytics on our customers’ in-house data.

With the H-Score® predicting almost 90 percent of corporate

insolvencies in advance, it is the risk management tool of choice,

providing actionable intelligence in an uncertain world.

Graydon UK

66 College Road, 2nd Floor, Hygeia Building, Harrow,

Middlesex, HA1 1BE

T: +44 (0)208 515 1400



Graydon UK is a specialist in Credit Risk Management and Intelligence,

providing access to business information on over 100 million entities

across more than 190 countries. Its mission is to convert vast amounts

of data from diverse data sources into invaluable information. Based

on this, it generates economic, financial and commercial insights that

help its customers make better business decisions and ultimately

gain competitive advantage. Graydon is owned by Atradius, Coface

and Euler Hermes, Europe's leading credit insurance organisations. It

offers a comprehensive network of offices and partners worldwide to

ensure a seamless service.

Credica Ltd

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT

T: 01235 856400E:


Our highly configurable and extremely cost effective Collections and

Query Management System has been designed with 3 goals in mind:

• To improve your cashflow • To reduce your cost to collect

• To provide meaningful analysis of your business

Evolving over 15 years and driven by the input of 1000s of Credit

Professionals across the UK and Europe, our system is successfully

providing significant and measurable benefits for our diverse portfolio

of clients.

We would love to hear from you if you feel you would benefit from our

‘no nonsense’ and human approach to computer software.



Missenden Abbey, Great Missenden, Bucks, HP16 0BD

T: 01494 790600



CoCredo’s award winning credit reporting and monitoring systems have

helped to protect over £27 billion of turnover on behalf of our customers.

Our company data is updated continually throughout the day and access

to the online portal is available 365 days a year 24/7.

At CoCredo we aggregate data from a range of leading providers in

the UK and across the globe so that our customers can view the best

available data in an easy to read report. We offer customers XML

Integration and D.N.A Portfolio Management as well as an industry-first

Dual Report, comparing two leading providers opinions in one report.

Top Service Ltd

2&3 Regents Court, Farmoor Lane, Redditch,

Worcestershire, B98 0SD

T: 0152 750 3990.



Top Service is the only credit reference and debt recovery

agency to specialise in the UK construction sector. Top Service

customers benefit from sector specific information, detailed

payment history intelligence and realtime trade references in

addition to standard credit information. There are currently

3,000 construction sector companies subscribing to the service,

ranging from multi-national organisations to small family firms.

The company prides itself on high levels of customer service

and does not tie its customers into restrictive contracts. Top

Service offers a 25 percent discount to all CICM Members as

well as four free credit checks of your choice.



The Sir John Peace Building

Experian Way

NG2 Business Park

Nottingham NG80 1ZZ

T: 0844 481 9920


For over 30 years Experian have been processing, matching and deriving

insights to provide accurate, up-to-date information that helps B2B

organisations to make more effective, fact based decisions, reduce

risks and meet regulatory standards. We turn complex data into clear

insights that help manage UK and international businesses to maximise

opportunities for growth and identify and minimise the associated risks.

Blending our business and consumer data we can offer a truly blended

score for sole traders and enhanced scoring on SME’s to tell you more

about the business and the people behind the business. Experian can

support with new business, acquisition through to collections while

managing KYC requirements online or via our suite of APIs.

Innovation Software

Innovation Software, Innovation House,

New Road, Rochester, Kent, ME1 1BG.

T: +44 (0)1634 812300



Innovation Software are the authors of CreditForce, the leading

Collections and Working Capital Management Systems. Our solutions are

used in over 26 countries and by over 20 percent of the Top 100 Global

Law Firms.

Our solutions have optimised Accounts Receivables processes for over

20 years and power Business Intelligence, with functionality to:

• improve cash flow • reduce DSO • control risk

• automate cash allocation • speed up query resolution

• improve customer relationship management

• automatically generate intelligent workflows and tasks

• manage the entire end-to-end collections cycle.

Fully integrated with over 40 leading ERP and Accounting systems,

including SAP, Oracle, Microsoft Dynamics and product partners with

Thomson Reuters Elite we can deliver on either your own computing

infrastructure or through Microsoft Azure’s award winning and secure

cloud service.CreditForce remains the choice solution for world class


Book a demonstration by calling T: +44 (0)1634 812 300 or visit for more information.


STA International

3rd Floor, Colman House, King Street Maidstone , ME14 1DN

T: +44(0)844 324 0660.




STA is an award winning B2B and B2C debt collection, confidential

credit control and tracing supplier. ISO9001 quality accredited, and

with the CSAs Collector Accreditation Initiative, duty-of-care is as

important to us as it is to you. Specialising in international debt, in the

past 12 months we’ve collected from 146 countries worldwide. “Your

Debts Online” gives you transparent access to our collection success

and detailed management information, keeping you in control of your

account. We look forward to getting your business paid.

The Recognised Standard / / November 2018 / PAGE 65 continues on page 66 >


CICM Directory of Services





Tinubu Square UK

Holland House,

4 Bury Street, London .


T: +44 (0)207 469 2577 /



Tinubu Square offers companies across the world the appropriate

SaaS platform solutions and services to significantly reduce their

exposure to risk, and their financial, operational and technical

costs. Easy to implement, our solutions provide an accurate

picture of a customers’ financial health through the entire

order-to-cash cycle, improve cash flow, and facilitate control

of risk across the organization whether group-wide or locally.

Founded in 2000, Tinubu Square is an award winning expert in

the trade credit insurance industry, with offices in Paris, London,

New York, Montreal and Singapore. Some of the largest multinational

corporations, credit insurers and receivables financing organizations

depend on Tinubu to provide them with the means to drive greater

trade credit risk efficiency.


Data Interconnect Ltd

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,

Oxfordshire. SN7 7BP

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011



Data Interconnect provides integrated e-billing and collection

solutions via its document delivery web portal, WebSend.

By providing improved Customer Experience and Customer

Satisfaction, with enhanced levels of communication between both

parties, we can substantially speed up your collection processes.

Proud supporters



Corbett House, Westonhall Road, Bromsgrove, B60 4AL

T: +44 (0)1527 872123 E:


Operating globally across any sector, Rimilia provides intelligent,

finance automation solutions that enable customers to get paid on time

and control their cashflow and cash collection in real time. Rimilia’s

software solutions use sophisticated analytics and artificial intelligence

(AI) to predict customer payment behaviour and easily match and

reconcile payments, removing the uncertainty of cash collection. The

Rimilia software automates the complete accounts receivable process

and eliminates unallocated cash, reducing manual activity by an

average 70% and achieving best in class matching rates recognised

by industry specialists such as The Hackett Group.



Dun & Bradstreet

Marlow International, Parkway Marlow

Buckinghamshire SL7 1AJ

Telephone: (0800) 001-234 Website:

Dun & Bradstreet grows the most valuable relationships in business.

By uncovering truth and meaning from data, we connect our

customers with the prospects, suppliers, clients and partners that

matter most, and have since 1841. Whether your customer portfolio

spans a city, a country or the globe, Dun & Bradstreet delivers the

data, analytics and insight to grow your most profitable relationships

and navigate credit risk. By combining your insights with our own,

Dun & Bradstreet facilitates a global, unified view of your customer

relationships across credit and collections.


Gravity London

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB

T: +44(0)207 330 8888. E:


Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the best

in its field. It has a particular expertise in the credit sector, building

long-term relationships with some of the industry’s best-known

brands working on often challenging briefs. As the partner agency for

the Credit Services Association (CSA) for the past 13 years, and the

Chartered Institute of Credit Management since 2006, it understands

the key issues affecting the credit industry and what works and what

doesn’t in supporting its clients in the media and beyond.


Moore Stephens

Moore Stephens LLP, 150 Aldersgate Street,

London EC1A 4AB

T: +44 (0) 20 7334 9191



Moore Stephens is a top ten accounting and advisory network,

with offices throughout the UK. Our clients range from individuals

and entrepreneurs, through to large organisations and complex

international businesses. We partner with them, supporting their

aspirations and helping them to thrive in a challenging world.

Our national creditor services team has expert insights in debt

recovery which, combined with their unparalleled industry and

sector knowledge, enables them to assist creditors in recovering

outstanding debts.



American Express

76 Buckingham Palace Road,

London. SW1W 9TQ

T: +44 (0)1273 696933


American Express is working in partnership with the CICM and is

a globally recognised provider of payment solutions to businesses.

Specialising in providing flexible collection capabilities to drive a

number of company objectives including:

•Accelerate cashflow •Improved DSO •Reduce risk

•Offer extended terms to customers

•Provide an additional line of bank independent credit to drive

growth •Create competitive advantage with your customers

As experts in the field of payments and with a global reach,

American Express is working with credit managers to drive growth

within businesses of all sectors. By creating an additional lever

to help support supplier/client relationships American Express is

proud to be an innovator in the business payments space.


Bottomline Technologies

115 Chatham Street, Reading

Berks RG1 7JX | UK

T: 0870 081 8250 E:


Bottomline Technologies (NASDAQ: EPAY) helps businesses

pay and get paid. Businesses and banks rely on Bottomline for

domestic and international payments, effective cash management

tools, automated workflows for payment processing and bill

review and state of the art fraud detection, behavioural analytics

and regulatory compliance. Businesses around the world depend

on Bottomline solutions to help them pay and get paid, including

some of the world’s largest systemic banks, private and publicly

traded companies and Insurers. Every day, we help our customers

by making complex business payments simple, secure and seamless.




Portfolio Credit Control

1 Finsbury Square, London. EC2A 1AE

T: 0207 650 3199



Portfolio Credit Control, solely specialises in the recruitment of

permanent, temporary and contract Credit Control, Accounts

Receivable and Collections staff. Part of an award winning recruiter

we speak to and meet credit controllers all day everyday understanding

their skills and backgrounds to provide you with tried and tested credit

control professionals. We have achieved enormous growth because we

offer a uniquely specialist approach to our clients, with a commitment

to service delivery that exceeds your expectations every single time.


T: +44 7399 406889



HighRadius is the leading provider of Integrated Receivables

solutions for automating receivables and payment functions such

as credit, collections, cash allocation, deductions and eBilling.

The Integrated Receivables suite is delivered as a software-as-aservice

(SaaS). HighRadius also offers SAP-certified Accelerators

for SAP S/4HANA Finance Receivables Management, enabling

large enterprises to maximize the value of their SAP investments.

HighRadius Integrated Receivables solutions have a proven track

record of reducing days sales outstanding (DSO), bad-debt and

increasing operation efficiency, enabling companies to achieve an

ROI in less than a year.


David Scottow Senior Director

D +44 113 261 6169 M +44 7833 092628

E: W:

DWF is a global legal business, transforming legal services through

our people for our clients. Led by Managing Partner & CEO Andrew

Leaitherland, we have over 26 key locations and 2,800 people

delivering services and solutions that go beyond expectations. We

have received recognition for our work by The Financial Times who

named us as one of Europe's most innovative legal advisers, and we

have a range of stand-alone consultative services, technology and

products in addition to the traditional legal offering.

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029



Hays Credit Management is working in partnership with the CICM

and specialise in placing experts into credit control jobs and credit

management jobs. Hays understands the demands of this challenging

environment and the skills required to thrive within it. Whatever

your needs, we have temporary, permanent and contract based

opportunities to find your ideal role. Our candidate registration process

is unrivalled, including face-to-face screening interviews and a credit

control skills test developed exclusively for Hays by the CICM. We offer

CICM members a priority service and can provide advice across a wide

spectrum of job search and recruitment issues.

The Recognised Standard / / November 2018 / PAGE 66



CICM membership gives you access

to all of these benefits

Credit Management


National and

regional events




and training

Professional letters

after your name

Branches around

the country











technical brief

Networking and collaboration

including social media

Legal, insolvency and

business advice lines

Continuing Professional

Development (CPD)

Benefits that keep you informed, help you in your

work and support your professional development

For details visit,

call us on 01780 722900, or email

Sponsored by




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