Credit Management Jan:Feb 2019

More documents

Recommendations

Info

NEWS IN BRIEF Pack your bags NEW analysis suggests that assets worth almost £800 billion are being moved from Britain to new financial hubs in the EU ahead of Brexit, although it is noted that this represents a fraction of Britain’s £8 trillion banking and £2 trillion insurance sectors. Barclays launches nationwide campaign for young farmers BARCLAYS has launched FarmtheFuture, a nationwide campaign encouraging farmers to plan for their future and tell young people about the benefits of a career in agriculture, as new data reveals that Britain’s farming population is ageing rapidly. The bank has teamed up with TV presenter and former JLS boyband star JB Gill, who has swapped pop stardom for a rural life of turkey and pig farming, to show the younger generation that farming could be their perfect career. The number of British farmers aged over 65 has increased by 70 percent in the last decade, while the proportion of under-25s running farms has dropped by two thirds (63 percent) over the same period. The average age of the British farmer is now 55.5 years old, with almost four in ten (38 percent) aged 65 or over. Just three percent of 18-30 year-olds surveyed by Barclays said they would view farming and agriculture as a desirable career, despite the job meeting many of the criteria young people look for in employment. Over three quarters of millennials (76 percent) said staying physically fit and healthy while working was important to them and nearly half (48 percent) said they would like to work with animals. A lack of understanding and a perceived lack of resources appear to be the key things putting young people off a career in farming. Over half (59 percent) believed they wouldn’t be able to afford to become a farmer, while 43 percent thought they needed to inherit land. While many farm businesses traditionally pass down through families, farmers with no direct succession are now exploring alternative options, including share farming agreements. These allow new entrants to farm in partnership with the farm owner with much less capital required than starting out alone, and their share of the business can grow over time through profit share. barclays.co.uk/business-banking/sectors/ agri-business Good call THE Institute received an overwhelming number of responses to the BEIS ‘Creating a responsible payment culture’ Call for Evidence. Thank you to everyone who contributed. You can read the Institute’s response to this, and other consultations at cicm.com/governmentconsulations. Test your metal WYELANDS Bank has completed a sevenfigure asset-based lending deal for AD Bird Stainless. The deal will help the supplier of precision, specialist, stainless steel to grow by freeing up working capital, enabling it to take on new orders and invest for the future. wyelandsbank.co.uk Regional represntation IN addition to the Regional Representatives already sitting on the Advisory Council, Ute Ogholoh MCICM has been appointed to represent the East Midlands region. Details of CICM Governance can be seen at cicm.com/ about-cicm/governance/. Call for traffic light warning system THE UK Small Business Commissioner, Paul Uppal has recommended a traffic light warning system, which will allow small businesses to easily identify large businesses that pay late. New public data analysed for the first time by Lloyds Bank Commercial Banking in partnership with the Small Business Commissioner, looked at official payment reporting returns based on the annual reports of large businesses. Duty to Report (D2R) Legislation imposed in April 2017 required all large businesses to publish their payment practices within a given deadline. The research is being cited in a proposal from the Small Business Commissioner to publish ‘traffic light’ warnings to help small businesses undertaking contracts with large businesses. The large businesses that are taking longer than 30 days to pay are in effect using their supply chain to finance their business. The Commissioner strongly believes that a simple warning system will alert small businesses to the potential risk of longer payment terms. Paul Uppal says his ambition is to help small businesses make more informed choices when deciding which larger businesses they are going to trade with: “A traffic light system would be a simple and effective visual way of highlighting which larger businesses are paying promptly and are working in partnership with their supply chain. “Our initial findings indicate that almost two thirds of payments are likely to be owed to smaller businesses at any time. This is money that could be used to grow smaller businesses and generate tangible economic activity. Instead it is stuck on the ledgers of large businesses doing nothing.” smallbusinesscommissioner.gov.uk The Recognised Standard / www.cicm.com / January / February 2019 / PAGE 8
CSA appoints new Head of Policy THE Credit Services Association (CSA), the voice of the UK debt collection and debt purchase industries, has appointed Henry Aitchison, a former senior executive with the FCA and OFT, to the newly-created role of Head of Policy. Henry, who has a career spanning almost 20 years in consumer credit, will have a broad role supporting the CSA executive team in identifying key policy issues and developing a clear strategy to support the Association's principal aims and objectives. He will also be responsible for developing and maintaining an active Public Affairs (PA) programme, ensuring that the Association's views and membership goals are represented in the formulation and adoption of current and future UK and European policy and legislation. Henry joins the CSA from the Finance The CSA is looking to further enhance its influence in a number of key areas, and Henry will help us in shaping the future agenda, rather than the agenda shaping us. & Leasing Association (FLA) where he was Senior Policy Advisor. This followed more than 15 years with the OFT and FCA in similar advisory roles, and with a particular focus on consumer credit and protection. John Ricketts, President of the CSA, says the appointment of a dedicated Head of Policy resource will add further weight and bandwidth to the Association’s commitment to members: “Our ambition is to be even more proactive in determining future issues and regulation that impact our members, and Henry’s knowledge and experience will play a key part in putting the CSA on the front foot,” he says. “The CSA is looking to further enhance its influence in a number of key areas, and Henry will help us in shaping the future agenda, rather than the agenda shaping us.” csa-uk.com Henry Aitchison CSA Head of Policy >NEWS IN BRIEF R3 reports rise in zombie companies OVER one in ten (11 percent) UK companies is just paying the interest on its debts, rather than repaying the debt itself, according to R3. Based on a survey of 1,200 companies, the research also found that one in six (16 percent) businesses are having to negotiate payment terms with creditors; one in ten (12 percent) are struggling to pay their debts when they fall due; and eight percent would be unable to repay their debts if interest rates were to increase by a small amount. Stuart Frith, President of R3, says rising interest rates will have also contributed to businesses stumbling into ‘zombie business’ status: “The future for these ‘zombie businesses’ is mixed. Some might eventually be able to restructure or find new investment and grow. Others will run out of road and become insolvent. While this would mean capital could be ‘recycled’, it may also be a bit of an economic shock in itself.” The UK’s insolvency and restructuring framework is highly rated by the OECD for its zombie-busting powers, and the Government recently announced plans to improve the UK’s business rescue and restructuring options. r3.org.uk Arthur Critchley: An appreciation ARTHUR Critchley FCICM and Meritorious Service Award recipient was a true gentleman who even at 90 always made time for everyone he met. To me he was a much-loved friend for over 30 years who, along with his wife Pat, supported me for the 12 years I served on the Merseyside and North Wales Branch Committee including six of those in the capacity of Chairman. I met Arthur and Pat in 1987 at my first Merseyside & North Wales ICM Branch meeting. They always came as a pair and it was very unusual for Arthur to arrive at a meeting on his own. As a founding member of the Branch Arthur knew everyone in the room and was full of enthusiasm for all things debt related and those of us working in the profession. Arthur would sit and chat to everyone, sharing his knowledge and more than a few entertaining stories of what he had got up to during his career carried out long before mobile phones, email and Google had become commonplace in pursuit of chasing down a debtor. Arthur did it the hard way, knocking on doors, questioning neighbours, sitting outside businesses early in the morning all over the country waiting for them to open up so he could politely point out the need for a payment to be made especially as he had spotted a nice car or van pulling into the Director’s parking spaces. He and Pat were our official ‘meeters and greeters’, a role they carried out with a warmth that really made people want to return. When it was conference time they would be at the Albert Dock before 07.00am welcoming exhibitors, making sure they had everything they needed, especially their breakfast! They were the real stars of the day who past delegates wanted to see again. Arthur and Pat did so much for the Branch over many years, especially with the Students. Not too long ago exams were taken in a classroom environment with Pat and Arthur officiating every session and offering words of encouragement to anyone suffering last minute nerves. I nominated Arthur for a much-deserved Meritorious Service Award 20 years ago and he said that when the letter arrived, he sat on the edge of the bed with the letter in his hand and for once was lost for words. He was married to Pat for 69 years, and nothing was more important to him than his family. His two other loves were Jazz and his Labrador Gwladus (Gladys in English), a stray that Arthur and Pat ‘looked after’ for 12 years! In Gwladus’ latter years the two of them could be found going along the promenade near their home with Arthur in his motorised scooter complete with go faster stripes and Gwladus trotting alongside. Lynne Mills FCICM The Recognised Standard / www.cicm.com / January / February 2019 / PAGE 9
Page 1: CREDIT MANAGEMENT CM JANUARY/FEBRUA
Page 4 and 5: EDITOR’S COLUMN The need for cons
Page 6 and 7: NEWS IN BRIEF CICM TO RELAUNCH EAST
Page 10 and 11: NEWS IN BRIEF Prize Winners Two ca
Page 12 and 13: INSOLVENCY Trust, transparency, con
Page 14 and 15: OPINION AUTHOR - SEAN FEAST FCICM P
Page 16 and 17: OPINION AUTHOR - SEAN FEAST FCICM M
Page 18 and 19: TOWN AND COUNTRY CHEMICAL REACTION
Page 20 and 21: CREDIT PRODUCTS DUN & Bradstreet of
Page 22 and 23: VIEW FROM THE SEAFRONT A classical
Page 24 and 25: COUNTRY FOCUS Northern Ireland is o
Page 26 and 27: TRADE TALK PANIC STATIONS How busin
Page 28 and 29: INTERNATIONAL TRADE Monthly round-u
Page 30 and 31: HIGH COURT ENFORCEMENT OFFICERS ASS
Page 32 and 33: OPINION PULLING THE WOOL Looks can
Page 34 and 35: 80 YEARS OF THE CICM Meeting of min
Page 36 and 37: PAYMENT TRENDS Reasons to be cheerf
Page 38 and 39: THE RECOGNISED STANDARD CICM Britis
Page 40 and 41: LEGAL MATTERS More FOS anyone? Prop
Page 42 and 43: INTRODUCING OUR CORPORATE PARTNERS
Page 44 and 45: INTRODUCING OUR CORPORATE PARTNERS
Page 46 and 47: ASK THE EXPERTS Payment received? W
Page 48 and 49: EDUCATION REACHING THE TOP The role
Page 50 and 51: HR MATTERS Deliberate data disclosu
Page 52 and 53: CAREER’S ADVICE NEW YEAR NEW ROLE
Page 54 and 55: The Recognised Standard / www.cicm.
Page 56 and 57: AWARDING BODY LEVEL 3 DIPLOMA IN CR
Page 58 and 59:
BRANCH NEWS Deal or No Deal Confere
Page 60 and 61:
TAKE CONTROL OF YOUR CREDIT CAREER
Page 62 and 63:
View our digital version online at
Page 64 and 65:
Cr£ditWho? CICM Directory of Servi
Page 66 and 67:
Cr£ditWho? CICM Directory of Servi
Page 68:
www.tcmgroup.com Probably thebest d
show all

Credit Management Jan:Feb 2019

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?