CM December DECEMBER 2018

Cedar Rose launches new
late payer warnings app
>NEWS
IN BRIEF
CEDAR Rose has launched a new scoring
system that allows suppliers to rate
business transactions through its ‘Trade
Rate’ system which aims to provide a
more efficient and robust credit reporting
service.
By searching for a company at cedarrose.com,
visitors will see whether
information on the customer is already
available, and the date of any data already
held. By selecting the Trade Rate tab,
users can then rate their customer’s
payment history using a star scoring
system. Companies can be rated from
one to five, depending on whether or not
the client adhered to pre-agreed payment
terms. Once the ratings are verified by the
credit analysts and at least two ratings
are received on the subject from different
sources, the rating will show in the subject
company’s credit report.
Trade Suppliers can also give a full
reference on a company including their
agreed payment terms, maximum credit
limit amount, average invoice amount,
business trend and usual payment
method by completing a simple form.
There is also the opportunity to add
comments, which the user can decide
whether to share with future purchasers
of the credit report, or leave just for
Cedar Rose’s analysts to view. All ratings
subsequently shown in a credit report are
provided anonymously. cedar-rose.com
Once the ratings are
verified by the credit
analysts and at least
two ratings are received
on the subject from
different sources, the
rating will show in the
subject company’s credit
report.
Tech Committee
THE CICM Technical Committee met on
6 November and discussed a number of
important topics including: BEIS Call
for Evidence on Creating a responsible
payment culture; launch of a further
HM Treasury consultation on ‘Breathing
Space’; HMRC returning to the list of
‘Preferential creditors’ from April 2020
and updates on the progress of Pay.UK
and its plans for the payment space. The
Committee also discussed the process,
rules and risk around insolvency
petitions and their advertising; and the
Government announcement on new
measures to boost funding for small
businesses with new laws to arm small
businesses against unfair contracts that
stop them raising money from unpaid
invoices.
Starling murmurs
STARLING Bank has become the first
mobile-only bank to partner with the Post
Office to offer everyday banking services to
its customers. The partnership will allow
Starling current and business account
customers to deposit and withdraw cash
through the Post Office’s 11,500 branches
nationwide. Starling’s business account
customers will be able to see near ‘real
time’ credit into their account from their
cash deposits into Post Offices. It brings
the total number of banks now part of
the Post Office’s Banking Framework
to 28, helping to provide vital access to
banking services, especially in those 1,500
communities across the UK which are
without a bank branch. stateofflux.co.uk
ALARM BELLS
TWO firms that were behind nearly 600,000 nuisance calls attempting to sell home security
systems to people registered with the Telephone Preference Service (TPS), have been fined
a total of £220,000 by the Information Commissioner’s Office (ICO). ACT Response from
Middlesbrough was behind 496,455 live marketing calls to TPS subscribers and has been
fined £140,000. There were 128 complaints made about the company between January
2017 and February 2018. Secure Home Systems (SHS) of Bilston, has been fined £80,000 for
making calls to 84,347 numbers registered with the TPS between September and December
2017, using call lists bought from third parties without screening them. People made 268
complaints about the company over a two-year period. ico.org.uk
CICM to chair conference
THE CICM will once again host a Trade
Credit Conference as a key event supporter
of Credit Week 2019 (18-22 March).
CICM Chief Executive Philip King will
chair discussions that examine the credit
management lifecycle, perspectives on
building an effective credit management
team and regulatory updates.
Philip said he was delighted to be
supporting the week-long series of
conferences, meetings and networking
events: “The series of events bring together
leading consumer and commercial credit
professionals from Europe and beyond, and
provides a great opportunity for networking,
learning and sharing of best practice.
“All of these are fundamental to the
objectives of the CICM and this is a great
example of a professional body working with
a commercial organisation for the benefit of
the credit community.”
The CICM Trade Credit Conference, part of
the Credit Summit, will take place at the QEII
Centre in Westminster on 21 March 2019.
Measuring up
BIBBY Financial Services (BFS) has
provided a funding package of £500,000
to Haddow Group, a West Yorkshire based
clothing manufacturer which designs and
supplies lifestyle products for some of the
UK’s top high street retailers. Based in
Bradford and founded in 1986, the familyrun
business produces a variety of interior,
swimwear, nightwear and beauty ranges for
retailers. Haddow Group has experienced
significant growth since its creation and
now employs a team of around 60 people.
bibbyfinancialservices
CICM INBRIEF
THIS month's briefing includes details of the
new programme with ITN Productions called
Credit Experts, a survey re the BEIS Call for
Evidence, a guest blog by Emma Lovell, Chief
Executive of R3, and an article from Karen
Young from Hays on the benefits of having a
career mentor.
The Recognised Standard / www.cicm.com / December 2018 / PAGE 9