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Credit Management 2019

The CICM magazine for consumer and commercial credit professionals

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CREDIT MANAGEMENT<br />

CM<br />

MARCH <strong>2019</strong> £12.50<br />

THE CICM MAGAZINE FOR CONSUMER AND<br />

COMMERCIAL CREDIT PROFESSIONALS<br />

INSIDE<br />

Winners of the<br />

CICM British<br />

<strong>Credit</strong> Awards<br />

<strong>2019</strong><br />

Ringing Off<br />

The nuisance of<br />

multiple vexatious<br />

claims<br />

80<br />

YEARS<br />

Sean Feast FCICM<br />

speaks to Matt Barlow<br />

of CAP. Page 18<br />

The construction sector<br />

on shaky ground.<br />

Page 60


www.tcmgroup.com<br />

Probably thebest debt collection networkworldwide<br />

Money knows no borders—neither do we


12<br />

Interview<br />

MARTIN ROSEWEIR<br />

18<br />

Interview<br />

MATT BARLOW<br />

MARCH <strong>2019</strong><br />

CONTENTS<br />

8 – EXCLUSIVE NEWS SPECIAL<br />

Have Claims <strong>Management</strong> Companies<br />

found the next PPI? <strong>Credit</strong> <strong>Management</strong><br />

investigates.<br />

12 – INTERVIEW<br />

Martin Roseweir sits down with Sean<br />

Feast FCICM to discuss growing up<br />

in Glasgow and his love of the great<br />

outdoors.<br />

18-PAGE<br />

SUPPLEMENT<br />

CICM British<br />

<strong>Credit</strong> Awards<br />

<strong>2019</strong><br />

PAGES 34-51<br />

21 – CONSUMER CREDIT<br />

How collections teams are being<br />

trained to identify and assist customers<br />

with vulnerabilities.<br />

27 – TRADE TALK<br />

The importance of terms and<br />

conditions when exporting.<br />

60 – OPINION<br />

The health of the construction sector<br />

and how it is impacting on the rest of<br />

the UK economy.<br />

66 – HR MATTERS<br />

A summary of different cases from<br />

Employment Tribunals including<br />

a disagreement over sick pay, the<br />

minimum wage and the rise in claims.<br />

CICM GOVERNANCE<br />

24<br />

Country Focus<br />

ADAM BERSTEIN<br />

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

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

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

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

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

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

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

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

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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

Publisher<br />

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

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

OAKHAM, LE15 8NB<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Alex Simmons<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

Imogen Hart and Iona Yadallee<br />

Advertising<br />

Grace Ghattas<br />

Telephone: 020 3603 7946<br />

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

Printers<br />

Stephens & George Print Group<br />

<strong>2019</strong> subscriptions<br />

UK: £112 per annum<br />

International: £145 per annum<br />

Single copies: £12.50<br />

ISSN 0265-2099<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 3


EDITOR’S COLUMN<br />

The FCA and an anodyne<br />

comment of nothingness<br />

Sean Feast FCICM<br />

Managing Editor<br />

CLAIMS <strong>Management</strong> Companies<br />

are making spurious<br />

and vexatious claims against<br />

creditors, and they could do<br />

real damage if the regulator<br />

doesn’t take swift action.<br />

That seems to be the conclusion from<br />

our exclusive investigation on page eight<br />

that suggests that Claims <strong>Management</strong><br />

Companies are looking for the next PPI,<br />

and they think they’ve found it by making<br />

claims against lenders, collections agencies<br />

and buyers in order, seemingly, to extort<br />

money.<br />

Some creditors we have spoken to have<br />

even received claims from individuals<br />

who when contacted had no idea that a<br />

claim had been lodged on their behalf,<br />

suggesting serious breaches in data<br />

protection regarding how personal data is<br />

being shared and used.<br />

Now you’d have thought that in taking<br />

this information to the Financial Conduct<br />

Authority (FCA) they would have been<br />

quick to make reassuring noises, especially<br />

since they will be taking over regulatory<br />

responsibility in this area in four weeks’<br />

time, and particularly since there are<br />

already concerns that it will take them so<br />

long to get up to speed, that by the time<br />

they are ready for action the damage will<br />

have already been done.<br />

No, not a bit of it. Despite giving them<br />

the opportunity of telling creditors that<br />

they are on the case, and will come down<br />

hard on any transgressors, they simply<br />

fobbed us off with an anodyne comment<br />

of nothingness. Which is a pity. And a<br />

missed opportunity.<br />

The Ministry of Justice, similarly,<br />

and unbelievably, appeared to have no<br />

knowledge of such activity, (haven’t they<br />

heard of Wonga??), which means they are<br />

all either sticking their heads in the sand<br />

or they really cannot see what is staring<br />

them in the face, which is a worry. What is<br />

more of a concern, however, is that if the<br />

MoJ has no knowledge of such practices,<br />

then how are they briefing the FCA for<br />

when it takes over in April?<br />

(It is worth pointing out that we did also<br />

contact the Chief Executive of the Alliance<br />

of Claims Companies for a comment, and<br />

despite an initial promise, a quote was not<br />

forthcoming beyond originally saying that<br />

it was not something he was aware of).<br />

So to reassure readers, all of the people<br />

who should know about this, apparently<br />

don’t. Let’s hope that actually, they do, but<br />

for some reason they just didn't want to<br />

tell us.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 4


CMNEWS<br />

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

world of consumer and commercial credit<br />

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

Complaints against debt<br />

collection activities fall<br />

THE <strong>Credit</strong> Services Association<br />

(CSA) has challenged the<br />

reporting of recent complaint<br />

statistics into debt collection<br />

activities.<br />

It believes that debt collectors are<br />

being singled out unfairly to make a<br />

headline, conveniently ignoring the fact<br />

that complaints against debt collectors<br />

have in fact fallen in the last 12 months<br />

and represent only 0.0021 percent of the<br />

50,000,000 accounts handled by CSA<br />

members.<br />

The figures from the Financial<br />

Ombudsman Service (FOS) show that<br />

there were just over 1,000 complaints<br />

regarding debt collection activities in<br />

2017/18, but less than a third (31 percent)<br />

were upheld.<br />

The CSA believes a three percent fall<br />

in complaints against debt collection<br />

should be seen in the context of an 83<br />

percent increase in complaints against<br />

credit reference agencies, a 73 percent<br />

rise in complaints against hiring, renting<br />

and leasing businesses, and a 64 percent<br />

increase in complaints regarding payday<br />

loans (17,256 complaints in 2018 versus<br />

10,529 in 2017).<br />

They should also be seen in the<br />

context of rising complaints in other<br />

areas such as pet and livestock<br />

insurance (1,508 complaints representing<br />

an increase of 38 percent year on year)<br />

which suggests that consumers are more<br />

likely to complain about insuring their<br />

cat or budgie than the way in which a<br />

debt is collected.<br />

“The decidedly small, and indeed<br />

falling, number of complaints relating<br />

to debt collection activities, particularly<br />

against a backdrop of rising complaints<br />

elsewhere, illustrates the level of<br />

commitment from CSA members, and<br />

other financial services creditors, to treat<br />

their customers fairly when collecting<br />

outstanding debts,” says Peter Wallwork,<br />

CSA Chief Executive.<br />

“Singling out debt collectors in<br />

this way fails to take into account the<br />

significant progress the industry has<br />

made in the last ten years, especially<br />

in the identification and treatment of<br />

vulnerable customers, work that has<br />

been acknowledged by the regulator,<br />

the Ombudsman, and the various debt<br />

charities.”<br />

Mr Wallwork also says it is important<br />

to understand that the total number of<br />

complaints relates to debt collection<br />

activities as opposed to debt collection<br />

agencies per se: “This means it includes<br />

complaints raised against in-house<br />

collections teams within banks and other<br />

financial services institutions.<br />

“Whereas the CSA accepts that any<br />

complaint is one complaint too many,<br />

failing to provide proper context does the<br />

agencies a considerable disservice in the<br />

work that they do in treating customers<br />

fairly, helping them to become debt free,<br />

and returning significant sums to the UK<br />

economy.<br />

“Some creditors outside of financial<br />

services might indeed benefit from the<br />

high-level musings in the Money Advice<br />

Service’s creditor toolkit, but they can<br />

learn more from the practical expertise<br />

of those firms that are already delivering<br />

a high level of customer care.”<br />

csa-uk.com<br />

Peter Wallwork<br />

MCICM<br />

>FCA OPENS INNOVATION SANDBOX<br />

THE Financial Conduct Authority (FCA) has<br />

invited applications from fintech firms wishing<br />

to test new financial products across more than<br />

one jurisdiction.<br />

Almost a year after the FCA first suggested the<br />

idea for a cross-border innovation sandbox, the<br />

Global Financial Innovation Network (GFIN) – a<br />

group of 29 financial regulators which includes<br />

the FCA – has finally opened applications to<br />

any firm that wishes to test innovative financial<br />

products, services or business models in a live<br />

market environment. However, candidates<br />

will have to send applications to each relevant<br />

regulator in the jurisdictions where they wish to<br />

operate.<br />

“The pilot tests will provide a more efficient<br />

way for innovative firms to interact with<br />

regulators across the world, as they look to<br />

scale new ideas,” the FCA said in a statement.<br />

“Each regulator will make sure that appropriate<br />

safeguards for their jurisdiction are in place for<br />

the tests.” fca.org.uk<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 5


NEWS<br />

IN BRIEF<br />

<strong>Credit</strong> Experts launch<br />

‘CREDIT Experts’ will premiere during British<br />

<strong>Credit</strong> Week in March <strong>2019</strong>, and form part<br />

of an extensive communications campaign<br />

featuring CICM members, industry partners,<br />

government partners, as well as relevant<br />

journalists, writers and bloggers. The<br />

programme will aim to promote excellence<br />

in credit management and raise awareness<br />

of its vital role within business and the<br />

community. It will also look at how poor<br />

credit management or lengthy payment<br />

terms can have a significant and detrimental<br />

impact later down the line including the<br />

mental health of those involved in the supply<br />

chain.<br />

Holes in the walls<br />

CASH points are closing at a rate of 16 per<br />

day, the fastest ever recorded, according to a<br />

new study. Figures from the consumer group<br />

Which? show cash machines disappeared at<br />

a rate of 488 per month between June and<br />

December last year. Over the six months,<br />

2,962 cash points were taken out of service,<br />

representing a 4.6 percent decline in the<br />

overall network of 63,152. The Federation of<br />

Small Businesses (FSB) and Which? have<br />

launched a campaign calling for a dedicated<br />

regulator to be put in place to ensure<br />

companies and shoppers who rely on cash<br />

are not left behind. which.co.uk<br />

Fresh Insight<br />

THE Office for National Statistics (ONS) has<br />

launched a specialist unit that it claims will<br />

provide fresh insight into the economic<br />

effects of globalisation and multinational<br />

enterprises. The ONS International Business<br />

Unit will work with some of the largest<br />

multinationals to ensure that their activities<br />

are recorded accurately and attributed to the<br />

correct countries. ons.gov.uk<br />

ECB Chief Economist<br />

IRELAND’S Central Bank Governor Philip<br />

Lane will be confirmed by EU leaders as the<br />

European Central Bank’s Chief Economist<br />

next month. He will replace Peter Praet, a<br />

former director of the Belgian National Bank,<br />

and serve a non-renewable eight-year term<br />

from 1 June. ecb.europa.eu<br />

CICM Chief calls<br />

for more challenges<br />

to the PPC<br />

CICM Chief Executive Philip King<br />

has defended the Prompt Payment<br />

Code and the Compliance Board<br />

over its actions relating to the<br />

recent failure of the construction giant,<br />

Carillion.<br />

Speaking at a construction industry late<br />

payment workshop last month, Mr King<br />

said that not a single complaint was raised<br />

against Carillion while it was solvent, and<br />

that the volume of complaints being raised<br />

against other signatories to the Code still<br />

remained ‘pathetically low’.<br />

“Clearly there is a reluctance for<br />

businesses to raise a complaint, perhaps<br />

because of concerns about how it might<br />

affect their relationship,” he says. “Whereas<br />

the Compliance Board will proactively<br />

challenge signatories, based on their Duty<br />

to Report, we still urge businesses who<br />

have evidence of poor practice to come<br />

forward so we can investigate fully.”<br />

Mr King said that in 2016, the Board<br />

received only 16 challenges, and only 21<br />

challenges in the last 12 months. “Small<br />

Construction growth hits new low<br />

THE IHS Markit/CIPS UK Construction<br />

Purchasing Managers’ Index dropped to<br />

50.6 in January, down on 52.8 in December<br />

and close to the 50 no-change reading.<br />

New orders increased only marginally,<br />

contributing to the slowest expansion in<br />

employment numbers for two-and-a-half<br />

years.<br />

All three construction categories<br />

recorded weaker trends, with residential<br />

work the strongest performing area and<br />

commercial work the weakest. Civil<br />

engineering activity increased marginally.<br />

Brexit and the economic outlook were yet<br />

again mentioned in anecdotal evidence as<br />

weighing on client demand.<br />

Slower growth in input buying reduced<br />

pressure on construction supply chains and<br />

there was the joint mildest deterioration<br />

in vendor performance since September<br />

2016. Input price inflation continued to<br />

moderate, with average cost burdens<br />

rising at the slowest pace since June 2016.<br />

Price increases were linked to imported<br />

construction products and materials.<br />

ihsmarkit.com cips.org<br />

Developer banned over missing millions<br />

A property developer has been banned<br />

from running companies for 10 years<br />

after millions of pounds of council cash<br />

earmarked for Northampton Town’s new<br />

football stadium went missing.<br />

Howard Grossman was sole director of<br />

1ST Land Limited which was incorporated<br />

in August 2013 to act as the contractor for<br />

the club’s plans to redevelop the Sixfields<br />

Stadium. Between December 2013 and<br />

July 2014, 1ST Land received at least £6<br />

million from Northampton Town towards<br />

the costs of redeveloping the stadium. The<br />

football club in turn received the funds from<br />

Northampton Borough Council.<br />

In January 2015 1ST Land entered into<br />

administration following the petition of<br />

a creditor before entering into <strong>Credit</strong>ors<br />

Voluntarily Liquidation in December 2015.<br />

Northamptonshire Police and the Insolvency<br />

Service carried out an investigation into the<br />

Philip King FCICM<br />

Chief Executive of the CICM<br />

businesses can help themselves by helping<br />

us to identify those who continue to behave<br />

badly,” he added, “and in removing their<br />

names from the Code.” Meanwhile, Labour<br />

MP and Shadow Business Secretary Bill<br />

Esterson has been putting forward his<br />

alternatives for tackling late payment:<br />

“Thoughts are always welcome,” Mr<br />

King says, “but he will find there is no<br />

silver bullet. What is needed is a proper<br />

investment and full support in the tools<br />

that are already in place, and wider use of<br />

regulation on the charging of late payment<br />

interest that already exists.<br />

“Investing in professional credit<br />

managers and following best-practice credit<br />

management are also essential in helping<br />

to identify risks before they become a<br />

problem.” promptpaymentcode.org.uk<br />

collapse of 1ST Land and Grossman’s conduct<br />

while a director.<br />

Investigators discovered that Grossman<br />

failed to ensure the company maintained<br />

adequate accounting records or deliver<br />

a sufficient amount of records to the<br />

administrators. As a result, it has been not<br />

possible to determine the exact nature of<br />

more than £5.6 million worth of payments<br />

made to various parties from 1ST Land’s<br />

accounts. The Secretary of State has<br />

now accepted a 10-year disqualification<br />

undertaking from Grossman.<br />

Sue MacLeod, Chief Investigator for the<br />

Insolvency Service, says: “Northamptonshire<br />

Police is continuing its nationwide<br />

investigation into the missing Northampton<br />

Borough Council loan money and is working<br />

with other prosecuting authorities to<br />

recover public funds.” gov.uk/government/<br />

organisations/insolvency-service<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 6


Trade body opens new route<br />

to commercial finance<br />

>NEWS<br />

IN BRIEF<br />

THE National Association of Commercial<br />

Finance Brokers (NACFB) has launched<br />

an enhanced online portal, (nacfb.org/<br />

findsmefinance), offering UK businesses<br />

access to the trade body’s membership of<br />

independent finance brokers.<br />

The free directory enables UK businesses<br />

seeking finance to simply filter their funding<br />

requirements by loan size, type and location<br />

and are then presented with a range of<br />

the Association’s commercial brokers to<br />

approach.<br />

The platform is available to all UK SMEs<br />

and provides exclusive access to NACFB<br />

broker members with the aim of offering an<br />

alternative route to finance for businesses<br />

Getting onboard<br />

GRAYDON has appointed Jonathan Cushley<br />

to spearhead its strategic growth in Ireland,<br />

where he will be focusing primarily on<br />

Graydon’s new onboarding platform, an<br />

AI-based, turnkey solution that claims<br />

to simplify credit, fraud and compliance<br />

processes into one seamless workflow.<br />

Previously European Account Director at<br />

D&B, Jonathan has more than 33 years’<br />

experience in driving global sales and<br />

revenue in the business intelligence sector.<br />

graydon.co.uk<br />

that may have been turned away elsewhere.<br />

Each NACFB broker has an updateable<br />

online listing and can monitor SME<br />

engagement through the platform via an<br />

analytical dashboard.<br />

NACFB chairman, Paul Goodman, says the<br />

government’s bank referral scheme helped<br />

just 230 British businesses access £3.8<br />

million of funding in its first nine months.<br />

“Only 2.8 percent of the 8,100 businesses<br />

referred through the scheme were able to<br />

draw finance,” he claims. “The site will seek<br />

to provide a lifeline to those left behind<br />

by providing access to a wide range of<br />

brokers, all of whom adhere to an industry<br />

recognised code of practice.” nacfb.org<br />

Simply Irish<br />

SIMPLY Asset Finance has appointed<br />

Gary Coburn as Head of Sales for Northern<br />

Ireland. Gary has 20 years’ industry<br />

experience and joins Simply after nine<br />

years at Close Brothers Asset Finance<br />

where he was responsible for the Northern<br />

Ireland Asset Finance sales team. In his<br />

new role, Gary will have full responsibility<br />

for Simply’s offering in Northern Ireland<br />

and will contribute to the overall growth<br />

strategy of the business.<br />

simply.finance<br />

LEVEL 3<br />

ENFORCEMENT<br />

The Level 3 Award in Advanced<br />

Enforcement is an online course<br />

available for purchase on the<br />

Knowledge Hub. For further<br />

information or detail, email<br />

jo.grant@cicm.com or<br />

learningsupport@cicm.com.<br />

Leadership team<br />

Phillips & Cohen Associates has<br />

appointed Dani Shi as Senior Vice<br />

President of Global Data Systems and<br />

Analytics. In this newly created position,<br />

Ms. Shi will lead its growing analytics,<br />

MIS and platform management teams<br />

in all markets. Ms. Shi has experience<br />

in process, strategic and quantitative<br />

analytics in the collections space for<br />

multiple large-scale financial institutions,<br />

most recently serving as Senior Vice<br />

President Risk Analytics for Citi.<br />

phillips-cohen.co.uk<br />

Ultimate Finance<br />

JOSH Levy has been appointed as Chief<br />

Executive Officer of Ultimate Finance,<br />

succeeding Ron Robson who has served<br />

as CEO since 2015. Beginning his career<br />

in the Investment Banking Division<br />

of Investec Bank, Josh has worked at<br />

Tavistock Group since 2016 and is on the<br />

board at Mitchells & Butlers. He holds an<br />

MSc and a BA (Hons) from the University<br />

of Nottingham.<br />

ultimatefinance.co.uk<br />

P2P platform launches to fund litigation cases<br />

A<br />

new<br />

crowdfunding platform has<br />

been launched to fund litigation<br />

cases, and give investors an<br />

expected return of up to 60<br />

percent.<br />

AxiaFunder, the business behind<br />

the platform, claims to have already<br />

fully funded its first case, a professional<br />

negligence dispute that was looking to raise<br />

£12,720. If the case wins, the expected return<br />

for investors is said to be 60 percent per<br />

year. Average returns across all cases are<br />

predicted to be in the 20-30 percent range,<br />

a figure that is substantially higher than<br />

alternative finance investments.<br />

Litigation finance providers offer funding<br />

for claimants who cannot afford to pay for<br />

their legal disputes, in return for a share<br />

of the settlement or damages. The finance<br />

typically comes from institutions such as<br />

hedge funds and private equity houses, but<br />

crowdfunding platforms open this sector up<br />

to individual investors. AxiaFunder Chief<br />

Executive, Cormac Leech acknowledges that<br />

investors may have initial concerns about<br />

the exceptionally high returns on offer,<br />

explaining that there is some education<br />

required about the litigation finance sector:<br />

“AxiaFunder undertakes a rigorous process<br />

to assess potential deals,” he explains.<br />

“We only extract five to 10 percent of<br />

cases that come across. Once investors are<br />

signed up to the platform and have signed<br />

a non-disclosure agreement, they can<br />

access legal correspondence pertaining to<br />

the case which gives them a good level of<br />

transparency on their investment.”<br />

Mr Leech says there tends to be a 30-35<br />

percent chance of losing the cases they put<br />

on the platform but all cases are insured by<br />

an investment-grade insurance company,<br />

protecting against adverse cost risk.<br />

Elsewhere, a global crowdfunding<br />

platform has been launched to support<br />

international development projects. IsDB<br />

Innovate was developed for the Islamic<br />

Development bank to raise money for<br />

science, technology and innovation projects<br />

that are aiming to solve the world’s biggest<br />

problems. Current projects include funding<br />

research into an anti-Ebola treatment and<br />

the development of a low-cost glucose<br />

monitoring unit to help Diabetics.<br />

IsDB says that projects can be put on the<br />

platform from anywhere in the world, but<br />

most tend to be from developing countries.<br />

The platform currently only accepts<br />

donations but is set to open up to debt and<br />

equity investments later this year. IsDB<br />

Innovate will be applying for regulatory<br />

approval in various countries ahead of its<br />

expansion into debt and equity investments.<br />

axiafunder.com<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 7


NEWS SPECIAL<br />

CLAIMING DAMAGES<br />

Have Claims <strong>Management</strong> Companies found their<br />

next unwitting victims?<br />

AUTHOR – Sean Feast FCICM<br />

CLAIMS <strong>Management</strong> Companies<br />

(CMC) are looking<br />

for the next PPI, and they<br />

think they’ve found it with<br />

creditors and lenders.<br />

Information seen by<br />

<strong>Credit</strong> <strong>Management</strong> suggests a series of<br />

vexatious and spurious claims may be being<br />

made by CMCs against lenders, collections<br />

agencies and buyers in order, effectively, to<br />

extort money.<br />

And some creditors are allegedly<br />

receiving claims from individuals who<br />

when contacted had no idea that a claim<br />

had been lodged on their behalf, suggesting<br />

serious breaches in data protection<br />

regarding how personal data is being<br />

shared and used.<br />

While CMCs will shortly come under<br />

the jurisdiction of the Financial Conduct<br />

Authority (FCA) (from April <strong>2019</strong>), some<br />

creditors fear it will be at least 18 months<br />

before the FCA properly gets to grips with<br />

the problem, a fact that some suggest is<br />

currently being exploited by unscrupulous<br />

CMCs.<br />

It is also suggested that some CMCs will<br />

be able to avoid FCA regulation altogether;<br />

those that are, in effect, legal practices<br />

fall under the authority of the Solicitors<br />

Regulation Authority (SRA), and some have<br />

suggested that the SRA does not have the<br />

resources to fully investigate what is going<br />

on – a suggestion, it should be said, that the<br />

SRA strongly disputes.<br />

<strong>Credit</strong> <strong>Management</strong> understands that<br />

the Information Commissioner’s Office<br />

(ICO) is also looking into possible data<br />

breaches, having been made aware of the<br />

issue by a major lender, although again the<br />

ICO suggests that it is, as yet, unaware of<br />

any such action being taken.<br />

SCAM APPROACH<br />

The CMC ‘scam’ is to inundate creditors/<br />

lenders with claims detailed on a<br />

spreadsheet, with each spreadsheet often<br />

containing thousands of names. The<br />

‘threat’ is that the CMC will take its claims<br />

to the Financial Ombudsman Service (FOS)<br />

if the claims are not settled. Whereas every<br />

creditor is allowed 25 FOS complaints ‘free’,<br />

for every complaint raised beyond those<br />

25 it is obliged to pay FOS a fee of £550 per<br />

case, regardless of whether the complaint<br />

is subsequently upheld. CMCs are therefore<br />

suggesting that the creditor agrees a oneoff<br />

payment in order to make those claims<br />

go away.<br />

One industry insider told <strong>Credit</strong><br />

<strong>Management</strong> that not only is this<br />

tantamount to blackmail, but more<br />

importantly, it also means those<br />

consumers with legitimate complaints<br />

will lose out. Another lender told us that<br />

12 months ago it had four staff handling<br />

consumer complaints referred to it by<br />

CMCs; today it has 40. A third has paid out<br />

more in FOS fees in the last 12 months than<br />

mediation!<br />

CMCs are also steering consumers to<br />

pre-populated templates.<br />

“Lenders are happy to handle genuine<br />

complaints,” another insider told us.<br />

“But swamping lenders with vexatious<br />

and spurious claims is pushing lenders<br />

to the limit, and could force them into<br />

liquidation, in which case nobody wins.<br />

And if the lenders are the target today, then<br />

who is to say that the banks and overdrafts<br />

won’t be next.”<br />

Consumer detriment is a genuine<br />

concern. Another source told <strong>Credit</strong><br />

<strong>Management</strong> that they knew of one creditor<br />

with a team that was purely focused on<br />

managing template letters: “Some of the<br />

letters are so poor that they still contain<br />

Latin,” the source said.<br />

“But what is more alarming is that<br />

consumers who may already have an<br />

agreed repayment plan are being tempted<br />

to fill out these templates or go to CMCs who<br />

are guaranteeing them that for a fee, they<br />

can wipe out their debts altogether. There<br />

is never any such guarantee,” the source<br />

continued, “and if a customer breaks their<br />

current repayment arrangement or debt<br />

management plan it could lead to a very<br />

poor outcome.”<br />

One solution to stop the volume of<br />

vexatious claims would be to charge CMCs<br />

FOS fees for those complaints that are not<br />

upheld. This would narrow it down to only<br />

legitimate complaints, and make the CMCs<br />

much more focused on those complaints<br />

that they elevate. This would, in one<br />

insider’s view prevent CMCs from using<br />

FOS as a weapon.<br />

It is a widely accepted view that Wonga<br />

was taken down because it could not handle<br />

the many thousands of data subject access<br />

requests it received, a fact, it should be<br />

said, that is disputed by the claims industry<br />

itself.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 8


Lenders are happy to handle<br />

genuine complaints, another<br />

insider told us. But swamping<br />

lenders with vexatious and<br />

spurious claims are pushing<br />

lenders to the limit.<br />

LITIGATION EXEMPTION<br />

CMCs that are legal practices legitimise their actions<br />

by relying on ‘litigation exemption’, but to qualify their<br />

actions must be proven to be in contemplation of<br />

litigation – i.e. there must be a reasonable expectation<br />

that a legal case will be forthcoming, and that the<br />

exercise is not simply a ‘fishing trip’ which would be in<br />

breach of the regulated activities order. Effectively, this<br />

would mean CMCs providing debt advice that they are<br />

not authorised to give.<br />

The SRA is certainly aware that some malpractice<br />

is underway, and says that it has been working closely<br />

with the Claims <strong>Management</strong> Regulator (CMR part of<br />

the Ministry of Justice) to stamp it out. Spokesman Lee<br />

Shrimpton told <strong>Credit</strong> <strong>Management</strong>: “We speak mostly<br />

about PPI claims, but the Regulator has made us aware<br />

of solicitor firms involved in other financial product<br />

claims. These firms cannot make the calls – the SRA<br />

Code of Conduct makes that quite clear – but if they are<br />

involved with CMCs that do, then we will take action if<br />

we find evidence of misconduct.”<br />

The SRA is also keen to stress that it has both the<br />

resources and the appetite to act where necessary: “We<br />

have worked with the CMR on claims work for some<br />

time, so it has long been a priority and remains so. So<br />

much, in fact, that it became a ‘priority risk’ in our Risk<br />

Outlook for the current year. The number of law firms<br />

associated with the area of work (you describe) is very<br />

low, so could be absorbed easily into our workstream<br />

if we are presented with strong, actionable evidence of<br />

wrong-doing on their part.”<br />

In April, responsibility for regulation will be handed<br />

over from the MoJ to the Financial Conduct Authority<br />

(FCA). Since the FCA is not yet the industry’s regulator,<br />

it declined to comment on whether it was aware of the<br />

issue, or whether it would be a priority. Roshini Johnson<br />

in the FCA press office did confirm, however, that the<br />

FCA will shortly be publishing final rules on how it<br />

intends to regulate the sector, and <strong>Credit</strong> <strong>Management</strong><br />

understands that the FCA is not only deeply concerned<br />

about the situation it is inheriting, but is determined to<br />

make it a key priority.<br />

In terms of the alleged data breaches, the ICO<br />

is similarly coy. An ICO spokesperson told <strong>Credit</strong><br />

<strong>Management</strong>: “We are aware of the reports of fraudulent<br />

claims but we have not received any complaints in<br />

relation to this and no substantiated evidence has been<br />

submitted to us. If anyone is concerned about how their<br />

personal data has been handled they can report this to<br />

the ICO and we will make enquiries.”<br />

The <strong>Credit</strong> Services Association (CSA), however, is not<br />

so backward in coming forwards. Peter Wallwork, the<br />

CEO, says that members have witnessed a concerning<br />

and marked increase in vexatious claims from alleged<br />

consumer advocate organisations: “These risk swamping<br />

creditors and members with two likely outcomes,” he<br />

explains. “It will mean a significant increase in cost to both<br />

the recipients and FOS, given the additional resources<br />

that will be required to manage such potentially large<br />

volumes; and it means the risk that genuine complaints,<br />

and customers who may be in vulnerable circumstances,<br />

will no longer have the visibility they need within the<br />

complaints system.”<br />

Poor advice, Mr Wallwork says, is a major contributor<br />

to the increase in mischievous claims, as are the templates<br />

provided online at certain consumer sites: “Perhaps their<br />

intentions are honourable, but customers are believing<br />

the advice they are being given, and actually making<br />

their position worse, not better, as a result.”<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 9


NEWS<br />

IN BRIEF<br />

NatWest claims<br />

UK accountancy<br />

software ‘first’<br />

NATWEST and fintech company FreeAgent<br />

are to offer direct bank feeds of NatWest and<br />

Royal Bank accounts via the open banking<br />

platform, exclusively to its SME customers –<br />

and they claim a UK accounting software first.<br />

The improvement will give customers<br />

greater security and visibility of the finances<br />

they hold with the bank’s NatWest and Royal<br />

Bank brands, using the industry’s new open<br />

banking platform. This will initially be open to<br />

a select group of test users, with a wider rollout<br />

expected later in <strong>2019</strong>.<br />

The new feature uses open banking to<br />

deliver secure data feeds from customers’<br />

accounts via an API (application<br />

programming interface), directly into<br />

FreeAgent. The move will provide the bank’s<br />

customers with faster access to these<br />

accounts and added security and data quality.<br />

business.natwest.com freeagent.com<br />

Crowning glory<br />

MARTIN Traynor OBE, the recently-appointed<br />

Small Business Crown Representative, says<br />

he will work to ensure the Government<br />

gets best value and small businesses have<br />

improved access to government contracts.<br />

Traynor is the Deputy Chairman of the<br />

University Hospitals of Leicester NHS Trust,<br />

runs his own training and consultancy<br />

business and is the former Group Chief<br />

Executive of Leicestershire Chamber of<br />

Commerce. He says he aims to build on<br />

the work of predecessor Emma Jones: “The<br />

Government buys a wide range of goods and<br />

services from businesses right across the<br />

country which represents a huge opportunity<br />

for many of the UK’s small businesses. I will<br />

work with colleagues across government<br />

to tackle any barriers to our procurement<br />

processes.” gov.uk<br />

Revolut denial<br />

REVOLUT Chief Executive Nikolay Storonsky<br />

has denied that the digital bank has links to<br />

the Kremlin. Revolut was granted a European<br />

banking licence by the Bank of Lithuania in<br />

December, enabling the company to offer<br />

its services across the EU. However, Stasys<br />

Jakeliunas, Chairman of the Lithuanian<br />

Parliament's Budget and Finance Committee,<br />

has accused Mr Storonsky – who is the son<br />

of a director at a division of Gazprom – of<br />

interfering in the country's politics due to his<br />

links with Russia. Mr Storonsky has published<br />

an open letter in which he rejects the claims.<br />

revolut.com<br />

CICM Essentials<br />

This week’s briefing includes details of the<br />

Taking Control of Goods Exam, the last<br />

chance to apply for CICM Examiner roles, the<br />

opening of the booking window for March<br />

online exams, and a national initiative to<br />

support the development of female leaders<br />

across the UK's finance sector.<br />

UK businesses under increasing<br />

attack from cyber criminals<br />

UK businesses were subjected<br />

to 281,094 internet-borne<br />

cyberattacks each last year,<br />

according to analysis from<br />

Beaming, the business ISP.<br />

The volume of attacks on UK companies<br />

was more than a quarter (23 percent) higher<br />

in 2018 than it was in 2017, surging to over<br />

1,500 attacks a day on average in the final<br />

two months of the year. Beaming's analysts<br />

identified more than 1.3 million unique<br />

IP addresses used by cybercriminals to<br />

launch cyberattacks on UK companies in<br />

2018. Just under a fifth (16 percent) of these<br />

IP addresses were located in China. Much<br />

of the cyberattack activity in November<br />

and December was traced to IP addresses<br />

in Brazil and Russia. Some 12 percent and<br />

seven percent of the IP addresses used to<br />

target UK companies in 2018 were located in<br />

Brazil and Russia respectively.<br />

Research reveals the loneliness<br />

of a no-distance worker!<br />

HOMEPRENEURS – the new name given<br />

to the UK’s growing army of home-based<br />

entrepreneurs – are not all happy in their<br />

work, and some suffer from loneliness<br />

according to new research from Barclays.<br />

Two in five (38 percent) of UK businesses<br />

are now home-based, with the number<br />

steadily increasing by three percent over<br />

the last five years.<br />

Some 68 percent of those surveyed say<br />

they feel happy and a further three in five<br />

(62 percent) experience excitement while<br />

running their business at home. Over half<br />

(59 percent) said they are more efficient<br />

working alone without distractions from<br />

others, and one in five (20 percent) admitted<br />

to sometimes wearing their pyjamas while<br />

working.<br />

However, over a third (37 percent) of<br />

homepreneurs surveyed also admitted to<br />

CSA further strengthens Board<br />

THE <strong>Credit</strong> Services Association (CSA)<br />

has appointed four new senior industry<br />

executives to its Board.<br />

Frank Horvath has more than 30 years’<br />

experience in financial services, including<br />

27 years as a lender, debt seller and debt<br />

placer. He is currently Managing Director of<br />

Link Financial Outsourcing.<br />

Joanne Cowens, Head of Conduct and<br />

Risk at NCO Europe, has similarly worked<br />

in the financial services industry for more<br />

than 30 years and is a former executive<br />

within the Financial Ombudsman Service.<br />

Stewart Hamilton also has substantial<br />

regulatory expertise, and is currently<br />

General Counsel and Company Secretary<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 10<br />

The most common target for<br />

cybercriminals in 2018 were IoT<br />

applications such as building control<br />

systems and networked security cameras<br />

that could be controlled remotely over<br />

the internet, as well as network device<br />

administration tools that are often<br />

unsecured by default. On average,<br />

businesses were subjected to 489 attacks<br />

a day targeting these systems in the final<br />

quarter of 2018. File sharing applications<br />

attracted 277 attacks a day and databases<br />

120 attacks a day over the same period.<br />

Sonia Blizzard, Managing Director of<br />

Beaming, says it has seen a huge surge in<br />

criminal activity online in the final months<br />

of 2018: “UK businesses were attacked at<br />

least once every two minutes last year,<br />

making it the worst year on record for<br />

cyberattacks.”<br />

beaming.co.uk<br />

experiencing feelings of loneliness while<br />

working from home. Almost two-thirds<br />

(64 percent) attributed these emotions to<br />

not having colleagues around to discuss<br />

ideas with, and around half (49 percent)<br />

said these emotions were a consequence<br />

of not having people around for support<br />

when things get stressful. Almost a fifth of<br />

respondents (17 percent) said they actively<br />

phoned their friends and family during the<br />

day to combat isolation.<br />

When homepreneurs were asked about<br />

the support needed to grow their business,<br />

three in ten (30 percent) said they want<br />

to work alongside more like-minded<br />

businesses, and over a quarter (27 percent)<br />

said they would like to collaborate with<br />

more people who can help grow their<br />

business.<br />

barclays.com<br />

at Arrow Global Group plc, managing a<br />

significant European in-house legal and<br />

company secretarial team.<br />

Ian Rea has held a variety of roles<br />

working for large banking operations<br />

(HSBC), a big four consultancy (Deloitte),<br />

front-line retail financial services (HBOS)<br />

and the UK’s primary conduct regulator<br />

(FCA). He is currently Group Compliance<br />

Director at Cabot <strong>Credit</strong> <strong>Management</strong>.<br />

John Ricketts, CSA President welcomed<br />

the new members to the Board at the CSA<br />

Annual General Meeting on 5 February: “The<br />

talent and experience they bring will add<br />

further weight and expertise to our Board,”<br />

he says. csa-uk.com


INSOLVENCY<br />

ROBUST, TRUSTED<br />

AND TRANSPARENT<br />

Building the highest standards of insolvency<br />

practitioner regulation.<br />

AUTHOR – MICHELLE THORP<br />

Michelle Thorp<br />

THE measures that the<br />

Insolvency Practitioners’ Association<br />

(IPA) is implementing<br />

to strengthen the regulation<br />

of Individual Voluntary<br />

Arrangements (IVA) are a vital<br />

way of ensuring that creditors, indebted<br />

individuals and the public can have trust<br />

and confidence in the UK’s insolvency regime.<br />

As I’ve set out before, the UK’s world<br />

class insolvency framework (ranked one<br />

of the best in the world by the World Bank)<br />

is something the insolvency profession<br />

and the wider public should be proud of.<br />

For the creditor community, a world class<br />

framework matters because it means more<br />

money will be returned more quickly<br />

and cheaply than in other countries. This<br />

means that we can start, run, and grow<br />

our business in the UK with confidence;<br />

knowing that if something goes wrong, our<br />

investment is appropriately protected.<br />

As a regulator of insolvency practitioners,<br />

it is our role to keep the regulatory<br />

framework under constant review, and<br />

strengthen it where needed. As part of that<br />

work, the IPA announced in February new<br />

measures to modernise its own regulatory<br />

and governance framework. This is in<br />

addition to the specific measures we are<br />

taking to improve the way we regulate<br />

Volume Providers of Individual Voluntary<br />

Arrangements, about which I wrote in the<br />

last issue of <strong>Credit</strong> <strong>Management</strong>. These<br />

measures are important because they will<br />

help ensure that our insolvency regulation<br />

processes are as robust, trusted, and<br />

transparent as they can possibly be.<br />

NEW MEASURES<br />

The IPA is always looking at ways to<br />

strengthen and improve regulation. It is<br />

a vital part of what we do. We know that<br />

there are times when businesses have felt<br />

that regulation has fallen short of where it<br />

should be. Whether it’s delays in dealing<br />

with a complaint you have made, or a<br />

report you have received that was long and<br />

complicated to understand, we are listening<br />

and making appropriate changes where we<br />

can.<br />

The Government too is always looking<br />

at ways to improve insolvency practitioner<br />

regulation. In 2015 it introduced Regulatory<br />

Objectives (for the five insolvency<br />

regulators including the IPA) as part<br />

of its 2015 Small Business, Enterprise<br />

and Employment Act. At the same time<br />

as introducing those objectives, the<br />

Government set out legislation that gives<br />

it the power to introduce a single regulator<br />

for insolvency should it assess that the<br />

regulatory objectives have not been met.<br />

That power expires in 2022. The Insolvency<br />

Service recently announced that it was<br />

using the prospect of that power expiring as<br />

an opportunity to review the way in which<br />

insolvency regulation arrangements were<br />

achieving the principles set out in the 2015<br />

legislation.<br />

It was against that background we<br />

launched a full review of our regulatory<br />

and governance structures in the autumn<br />

of last year.<br />

MONITORING IPS<br />

The new measures will streamline our<br />

monitoring visits to insolvency practitioner<br />

firms, and our reporting processes. This<br />

will deliver a monitoring regime which is<br />

more efficient, more targeted, and,<br />

importantly for creditors, quicker. Visits<br />

will be tailored to types of insolvency<br />

practitioner firms and will give greater<br />

weight to risk analysis. Monitoring reports<br />

by our inspectors will also be more<br />

focused on systemic and major problems,<br />

and include recommendations for<br />

changes, further action, and sanction<br />

helping to inform committees, and<br />

improve decision-making consistency and<br />

transparency.<br />

COMPLAINTS<br />

We know how important it is that<br />

complaints should be dealt with as quickly<br />

and efficiently as possible. We have listened<br />

to where changes need to be made and will<br />

be introducing more stringent processes<br />

for dealing with aged complaints, as well as<br />

introducing a more robust internal review<br />

process to identify where there might be<br />

issues progressing a complaint. These are<br />

being introduced together with a revised<br />

Investigation Report structure.<br />

REGULATORY DECISION MAKING<br />

To strengthen the regulatory decisionmaking<br />

process at the IPA, our four<br />

regulatory committees (Membership and<br />

Authorisation; Investigation Committee;<br />

Disciplinary Committee; Appeal<br />

Committee) will be pooled into two tiers.<br />

The first will focus on authorisation,<br />

complaints and monitoring, and the<br />

second will focus on tribunals and judiciary<br />

decisions. This new two-tier structure will<br />

ensure that potential conflicts of interest<br />

are avoided and maximise the application<br />

of the panel members’ expertise. This<br />

will create a stronger and more objective<br />

decision-making process where insolvency<br />

practitioners may have fallen short of the<br />

regulatory standards to which they should<br />

adhere.<br />

As the only Recognised Professional<br />

Body that deals exclusively with insolvency,<br />

we strive hard for the highest possible<br />

standards of insolvency practitioner<br />

regulation. The changes we have made<br />

will go some way in continuing to build<br />

a regulatory framework that is robust,<br />

transparent, and trusted.<br />

As part of keeping our regulatory<br />

framework under review, I am always keen<br />

to hear the views of creditors. So please<br />

do share your views with me so that we<br />

can work together to make sure that the<br />

UK’s insolvency practitioner regulatory<br />

framework is not only world class, but also<br />

in-line with your expectations.<br />

Michelle Thorp is CEO, Insolvency<br />

Practitioners Association.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 11


INTERVIEW<br />

THE<br />

GLASGOW<br />

RANGER<br />

Sean Feast FCICM speaks to<br />

Martin Roseweir about outsourcing,<br />

cold relief powders, and holidays in a<br />

Talbot Sunbeam.<br />

GLASGOW. Early. I’ve taken<br />

the 7-40 flight from Heathrow<br />

which means I am on<br />

time for my meeting with<br />

Martin Roseweir, CICM Think<br />

Tank member and Managing<br />

Director of Allied International <strong>Credit</strong> (AIC)<br />

UK. We meet in his office where he is standing<br />

up, a by-product of an ongoing Sciatic nerve<br />

problem which makes sitting down painful.<br />

In front of him is a platform that raises and<br />

lowers like a miniature scissor lift.<br />

For the briefest of moments, I have an image<br />

of having to conduct the whole interview on my<br />

feet, and wonder how I am going to manage it,<br />

but Martin assures me that he is through the<br />

worst of it, and thanks to the miracle worker<br />

who is his Physio he is all-but cured.<br />

“It used to confuse some of the staff,” he<br />

jokes, “when they looked through my office<br />

window and saw me standing at my desk. It<br />

looked like I was a DJ!”<br />

Martin is a Glaswegian born and bred.<br />

Originally from Priesthill on the Southside<br />

of the City, his early years were a challenge:<br />

“Dad worked for Chrysler in the press shop,<br />

but the noise ultimately made him deaf and he<br />

was out of work. My mother did door-to-door<br />

collections for Pearl Insurance and so became<br />

the principal bread winner.”<br />

CAREERS ADVICE<br />

While he does not overplay his back story,<br />

there is no doubt that his childhood and<br />

teenage years have shaped his life. At<br />

school, a careers’ advisor suggested teaching<br />

(ironically his sister is now a primary school<br />

head teacher), but Martin was perhaps<br />

more interested in a ‘hands-on’ profession,<br />

such as electrical engineering. Colour<br />

blindness, however, proved to be a barrier<br />

too far: “I don’t think anyone would have<br />

been happy with me cutting wires when I<br />

couldn’t tell which colours they were,” he<br />

laughs.<br />

He joined a YTS scheme at 16 (For those of a<br />

younger age, this was a Youth Training Scheme)<br />

and began working for Abdine Ltd, a company<br />

that was synonymous for its cold relief powders<br />

and stomach settling powders.<br />

Martin found himself as a jack of all<br />

trades, from unloading trucks to setting<br />

up manufacturing, packaging and printing<br />

machinery. “I had a mentor called Vito, who<br />

was my boss. He was an Italian and treated me<br />

like a son. He also introduced me to brandy,<br />

which was perhaps not such a good thing.”<br />

Becoming an essential part of the company’s<br />

operations, Martin decided that his school days<br />

were over. After nine enjoyable years at Abdine<br />

he joined Frank Sammeroff Ltd, a medical<br />

products firm (the company was eventually<br />

wound up in 2010 with the loss of more than<br />

100 jobs). Again, he was employed doing a little<br />

bit of everything, especially as a machinery<br />

trouble-shooter, and also learned how to drive<br />

a forklift.<br />

EXTRA CASH<br />

While working for Sammeroff’s, Martin took<br />

an evening job at AIC to earn a little extra cash.<br />

With a credit card to pay off, and a holiday to<br />

pay for, he needed the money. It proved to be<br />

a life-changing experience in more ways than<br />

one. Not long after joining the company he<br />

was diagnosed with Testicular Cancer: “My<br />

daytime employer was only interested in when<br />

I was coming back to work, but Kenny Johnston<br />

(Kenny is today President of Bill Gosling<br />

Outsourcing, AIC’s parent company in Canada)<br />

told me to get better and the job would be still<br />

there at the end of it.”<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 12


Bill Gosling is a fictitious name – a<br />

combination of Bill (as in the beak of<br />

a Goose) and a Gosling (the young of<br />

a Goose). The company was founded<br />

in 1955 in Toronto, Ontario, by John<br />

Rae. Originally operating as Allied<br />

International <strong>Credit</strong> (AIC), and<br />

focusing solely on accounts receivable<br />

management, the company quickly<br />

established roots in the UK, and<br />

branched into the customer service<br />

realm.<br />

After decades of growth, the<br />

company changed hands but stayed<br />

in the family, when David Rae (John’s<br />

son), along with an investment team,<br />

purchased AIC from John. Bill Gosling<br />

Outsourcing develops customer<br />

communication solutions for every<br />

part of the customer lifecycle, from<br />

start to end.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 13 continues on page 14 >


INTERVIEW<br />

AUTHOR – SEAN FEAST FCICM<br />

Having recovered, Martin decided to work<br />

for AIC full time, steadily rising through the<br />

ranks from team leader to team manager,<br />

though it was far from easy: “I missed out on<br />

promotion to Operations Manager on two<br />

occasions, thinking I would just be given the<br />

job, but realised I had to push myself forward.”<br />

Eventually successful, Martin went from<br />

Ops Manager to Operations Director, a post he<br />

held for seven years until Kenny’s departure<br />

for Canada. Asked to fill-in while they searched<br />

for a replacement, early candidates didn’t meet<br />

the expectation, and in November 2012 Martin<br />

was offered the job himself. It was, by any<br />

measure, a remarkable achievement for a man<br />

who started as a part-time agent to eventually<br />

land the top job, and he well remembers the<br />

early days of a cigarette smoke-filled office and<br />

agents flicking through the small ads of the<br />

local paper to recommend short-term loans<br />

to customers in debt! He also learned a great<br />

deal from his contemporaries, who he still sees<br />

from time to time in the industry.<br />

INFLUENTIAL FIGURES<br />

Tom McCausland, a partner in the business,<br />

was another influential figure: “Working one<br />

evening as an agent I was not aware that he was<br />

listening to me. When the conversation with<br />

the customer ended he simply said ‘that was a<br />

great call’. It seems such a simple thing but it<br />

was profound. It made me appreciate that you<br />

need to make time for your people, to learn<br />

something about them, and give feedback<br />

where you can. Without them you don’t have<br />

a business.”<br />

AIC is more than ‘just’ a third-party<br />

collections agency. It is a full business process<br />

outsourcing (BPO) business with collections as<br />

one of its key services. Its other services include<br />

web chat, welcome calls, customer service<br />

calls, first-party collections, processing, call<br />

quality services, data cleansing and trace.<br />

In Canada (Bill Gosling has offices in the<br />

UK, Canada, the US and the Philippines) it<br />

Martin is a keen outdoors<br />

man, having recently<br />

climbed Ben Nevis. He is<br />

also committed to climbing<br />

another few Munros (Scottish<br />

mountains of more than<br />

3,000ft) in the coming year, so<br />

long as his back holds out.<br />

even provides outsourced customer sales and<br />

acquisition services.<br />

This is not to say, however, that Martin<br />

hides from AIC’s collections role. Quite the<br />

opposite. He is proud of what he sees as AIC’s<br />

expertise, often building internal processes<br />

for clients to enable them to maximise their<br />

revenues. He will even tell a client if he thinks<br />

they are paying too much! “It’s about creating<br />

sustainable, progressive and collaborative<br />

relationships,” he says. “Sometimes we start<br />

with just a small amount of business, and then<br />

grow with the client to become an integral part<br />

of their business.”<br />

Certainly, the client list is impressive.<br />

Although for obvious confidentiality reasons<br />

he cannot name names, the client portfolio<br />

includes household brands in banking,<br />

financial services, high-cost short-term<br />

lending, energy and water. In some sectors,<br />

especially utilities, his teams have as much if<br />

not more knowledge and experience of the<br />

industry than the clients they represent, simply<br />

because they have been doing it for so long.<br />

Indeed, Martin explains that many of his senior<br />

team have been with the business for 20 years<br />

or more, and that length of service is something<br />

to be recognised and rewarded.<br />

“Twenty years is not uncommon,” he says,<br />

“neither is starting from the bottom and<br />

working your way to the top. Dave Rae, whose<br />

father founded the business in 1955 (the UK<br />

operation started in 1968) started life as an<br />

agent in London. Today he is the company<br />

CEO.”<br />

REMUNERATION AND REWARD<br />

On the issue of remuneration, AIC has<br />

moved away from financial incentives and<br />

commissions towards a model with a fixed<br />

contract and salary. It did not sit comfortably<br />

with Martin that an agent’s actions could<br />

potentially be influenced by the need to earn<br />

extra money to pay their own bills. By paying<br />

above national living wage, and providing<br />

non-financial but worthwhile incentives,<br />

recruitment and retention rates remain positive,<br />

and quality scores have actually improved.<br />

Culture is important, as is staff engagement.<br />

Business cards and titles mean little.<br />

AIC and its people are big givers to charity;<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 14


INTERVIEW<br />

AUTHOR – SEAN FEAST FCICM<br />

staff have to pay £2 per month to dress down –<br />

a simple gesture that raised more than £7,000<br />

for good causes last year. It has also recently<br />

launched a £10 challenge, the challenge being<br />

to convert £10 to a larger sum, a challenge<br />

that similarly managed to raise £3,000 in two<br />

weeks. Martin also listens to staff feedback,<br />

implementing suggestions wherever practical<br />

to do so, such as installing phone charging<br />

points in the locker room and giving birthday<br />

holidays without it counting against their<br />

annual leave allowance.<br />

The company also offers incentives and<br />

rewards to clients, among them ‘Flock Coins’<br />

that entitle clients to receive credits to ‘buy’<br />

additional services that they might not have<br />

considered or think they need, but can<br />

add further value to their business: “It’s a<br />

consultative approach,” Martin adds, “that<br />

enables them to try before they buy.”<br />

INDUSTRY ENGAGEMENT<br />

In discussing wider industry issues, Martin says<br />

that the biggest challenge is how to reduce the<br />

overall cost to serve and protect Contribution<br />

Margins, and at the same time meeting client<br />

expectations. AIC shapes its services depending<br />

on need, from a basic service with monthly<br />

reporting to more frequent communication<br />

and engagement in what is seen as a premium<br />

service. What he does say, however, is that<br />

whereas past conversations have been about<br />

quality and compliance, conversations are now<br />

shifting back towards collections performance,<br />

penetration and stick rates.<br />

He finds engagement through forums such<br />

as the CICM Think Tank particularly useful: “It<br />

is a tremendous opportunity to interact with<br />

my peers and learn about issues that impact<br />

the credit sector. Recent sessions on Bitcoin,<br />

Robotics/AI and the current political situation<br />

have been particularly interesting, as was<br />

the discussion on Open Banking since that<br />

increasingly appears on tenders.”<br />

He also reserves praise for the <strong>Credit</strong><br />

Services Association (CSA): “I think they fight<br />

our corner well,” he says. “They are always at<br />

the end of the phone if we need them and if<br />

they don’t know the answer immediately then<br />

they go away and find it. It is good looking at<br />

issues through a CSA lens; we run a tight ship<br />

and are very risk averse, but it is a comfort to<br />

know the CSA is there.”<br />

“It used to confuse some<br />

of them when they looked<br />

through my office window and<br />

saw me standing at my desk.<br />

It looked like I was a DJ!”<br />

great affection for his native Scotland where he<br />

used to holiday with his family out of the back<br />

of a Talbot Sunbeam!<br />

Martin also likes nothing better than<br />

watching his beloved Glasgow Rangers with<br />

his 21-year old son. On his wedding day, his<br />

wife was 45 minutes late arriving at the church<br />

(the car had broken down) and Martin’s first<br />

question to his prospective bride was to ask<br />

whether Rangers – who were playing Celtic in<br />

the Old Firm derby – were winning! For the<br />

record, they won 2 – 0.<br />

Although Martin never became a teacher, it is<br />

something that he still thinks about today, and<br />

he is a keen mentor to schoolchildren wanting<br />

to learn about business as part of the ‘Career<br />

Ready’ programme. He takes great pleasure in<br />

monitoring their progress, and watching them<br />

grow. He is also a champion of younger people<br />

in the workforce; AIC has a number of 16-year<br />

olds who he believes bring different qualities<br />

and perspectives, and are especially talented at<br />

fact finding and problem solving.<br />

With the rest of the business, he has also set<br />

himself three personal and three professional<br />

goals for the year. Among his personal goals is<br />

to learn how to Sign: “I’ve seen how frustrated<br />

my father gets in communicating with others,”<br />

he explains, “and so it seemed like a good<br />

challenge.”<br />

It is also about giving something back: “When<br />

I was diagnosed with cancer, I was determined<br />

not to get down. I learned to understand that<br />

every day is another day and you have to live<br />

your life to the full.”<br />

TALBOT SUNBEAM<br />

Married for 27 years (by a remarkable<br />

coincidence it transpires the editor and his<br />

wife were married on the same day and the<br />

same year), Martin is a keen outdoors man,<br />

having recently climbed Ben Nevis. He is also<br />

committed to climbing another few Munros<br />

(Scottish mountains of more than 3,000ft) in<br />

the coming year, so long as his back holds out.<br />

An inveterate traveller, he has been lucky with<br />

work to travel all over the globe, but still has<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 15


CICMQ<br />

Omincom achieves<br />

CICMQ accreditation<br />

OMNICOM Media Group<br />

(OMG) has achieved<br />

CICMQ accreditation after<br />

it had started the process<br />

once but had to restart it<br />

following major changes<br />

within the business.<br />

OMG completed the Workshop Approach<br />

in April 2017, but shortly after it went<br />

through a fundamental change – systems<br />

were upgraded and certain activities<br />

outsourced to India resulting in all but<br />

three people in credit and billing – Gary<br />

Tobin, Billing/Collection Co-ordinator,<br />

Stephen Wilson, <strong>Credit</strong> Manager, and<br />

Hardy Bates, Order to Cash Process Lead<br />

– leaving the organisation. Overall there<br />

has been a 60 percent reduction in staff<br />

which has been reduced further within<br />

transaction processing.<br />

It was agreed with the Director of the<br />

Shared Service Centre, David Hughes,<br />

that OMG would start the process again,<br />

completing both the Discovery phase and a<br />

full CICMQ Assessment in order to achieve<br />

accreditation.<br />

“Despite the timing we were very keen<br />

to attain the accreditation to demonstrate<br />

that our new processes, methods and<br />

procedures met CICMQ standards, and we<br />

also saw it as a validation of what we have<br />

done in transforming the business.”<br />

CICMQ Assessor, Pam Thomas said in<br />

her report: ‘It has been a long process for<br />

OMG to get to this point. It is also recognised<br />

that the journey isn't over as there are some<br />

recommendations within the report, but<br />

these are limited.<br />

‘There is great reporting through<br />

the ERO57 tool which continues to be<br />

upgraded. Policies and processes are all<br />

new since 2015 and training has become<br />

more important due to the offshoring.<br />

Additionally, all of the team are now CICM<br />

Members and the two new members of<br />

staff are now keen to develop further, using<br />

their skills to help manage the operation<br />

remotely through the offshore centre’.<br />

<strong>Credit</strong> management excellence<br />

SHELL, the UK’s largest publicly listed<br />

businesses by market capitalisation, has<br />

achieved CICMQ accreditation for the fifth<br />

time, demonstrating that the principles of<br />

good credit management remain despite<br />

recent changes within its group structure.<br />

Low oil prices over the past few years<br />

have caused large challenges for the<br />

business and have led to periods of reorganisation<br />

and restructuring with jobs<br />

being moved to shared services centres<br />

and redundancies.<br />

Despite the changes, Shell has<br />

managed to maintain its extremely<br />

structured and controlled environment<br />

for credit management, culminating<br />

in achieving another reaccreditation:<br />

“We are in a similar position to two<br />

years ago and again we looked to the<br />

reaccreditation to get an outside view<br />

of our processes. We are pleased with<br />

the outcome, passing the accreditation<br />

with no issues raised and also receiving<br />

special praise for our results,” says<br />

Thomas Thies, Global <strong>Credit</strong> Policy and<br />

Governance Manager at Royal Dutch<br />

Shell.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 16


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 17


INTERVIEW<br />

HEALING<br />

HANDS<br />

Sean Feast FCICM speaks to<br />

Matt Barlow about his faith, Fair Share<br />

funding and the joys of Rugby Union<br />

MATT Barlow never set<br />

out to work in the debt<br />

advice sector. He never<br />

especially set out to be<br />

religious. But a chance<br />

meeting at University<br />

and an epiphany ultimately led him to do<br />

both, and today he is Chief Executive of<br />

Christians Against Poverty (CAP), delivering<br />

tangible results for some of the most<br />

vulnerable of the vulnerable in society.<br />

Born and raised in Cheltenham, Matt’s<br />

father worked in Local Government,<br />

specialising in Environmental Health.<br />

After schooling locally, he chose to study<br />

Marketing at Lancaster University where<br />

his life took an unusual and unexpected<br />

turn: “It’s fair to say I left university a very<br />

different person to the young man who<br />

arrived,” he laughs. “Marketing sounded fun<br />

and exciting, and I was keen on chasing the<br />

money, but then everything changed when I<br />

found my faith.”<br />

Invited to church, he went along more<br />

out of politeness than anything more<br />

significant. That evening he prayed, asking<br />

God to show himself, and had what he can<br />

only describe as a ‘supernatural experience’.<br />

“Like most of us at the time I was probably<br />

more interested in drinking and girls, but<br />

after I had my Road to Damascus experience<br />

it changed my life. Jesus is very underrated,<br />

and as Christians we’ve done a very poor job<br />

on explaining what he is about.”<br />

NEW-FOUND FAITH<br />

Armed with his new-found faith, after<br />

graduating Matt spent two years in the<br />

Dominican Republic, ending up helping to<br />

run a project that involved setting up a school<br />

and health clinic for a village in desperate<br />

need of support, and providing succour to<br />

refugees from neighbouring Haiti.<br />

Returning to the UK, and conscious<br />

of finding a ‘proper’ job, Matt worked for<br />

the National Health Service (NHS) for 15<br />

months before a chance meeting with<br />

John Kirkby, the founder of CAP, who<br />

was endeavouring to expand his mission<br />

to tackle poverty and deprivation in his<br />

hometown of Bradford. Long story short,<br />

at the beginning of 1999 Matt and his wife<br />

Josie, who he’d met at university, became<br />

two of John’s first employees: “We originally<br />

did everything,” Matt remembers, “as is the<br />

way with any start-up enterprise. We were<br />

taught the basics of debt counselling and<br />

money advice, and very soon afterwards<br />

found ourselves helping some very broken<br />

people.”<br />

Matt quotes the example of ‘Dave’ one<br />

of his first success stories: “When I first<br />

met Dave, he could not even look me in the<br />

eye, and he was covered in eczema which<br />

is a sure sign of stress. He and his wife had<br />

suffered the tragedy of a still-born child, and<br />

the marriage had not survived. He was also<br />

now heavily in debt. Just the fact that he had<br />

someone to talk to helped him recover his<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 18


dignity and his self-respect, and gave him<br />

the confidence to find a solution.<br />

“I still bump into Dave occasionally; his<br />

life is back on track. He has remarried and<br />

has a young family. Getting out of debt can<br />

sometimes involve painful decisions, but<br />

there is always hope in the most hopeless<br />

situations.”<br />

SKILLS LEARNING<br />

As well as the ‘softer’ skills, Matt also<br />

learned the administrative side of the<br />

business – setting up client accounts,<br />

managing bank reconciliations etc – and<br />

building the systems and infrastructure to<br />

support CAP’s growth in an efficient and<br />

compliant way long before the advent of<br />

the Financial Conduct Authority (FCA)<br />

authorisation.<br />

In many ways CAP was one of the true<br />

pioneers of debt advice, and even with<br />

its present size and scale, the charity<br />

continues to adapt and change to meet<br />

the challenges of a new regulatory<br />

environment.<br />

Today, CAP has around 300 staff at its<br />

headquarters in Bradford, though the free<br />

service they provide is not only focused on<br />

debt. They also deliver life skills coaching,<br />

job clubs, and fresh-start groups – essential<br />

services that are inter-related and relevant<br />

to the customers they serve. There are also<br />

an additional 450 or so ‘agents’ working<br />

directly in the local community, often<br />

through the churches which are also often<br />

the locations for a network of debt advice<br />

‘centres’.<br />

The HQ team, with authorised<br />

debt counsellors, manage all of the<br />

client administration, negotiating with<br />

creditors, the banks, and creating all of<br />

the formal paperwork required for each<br />

client including debt management plans,<br />

debt relief orders etc. As well as debt<br />

counsellors, the team also comprises other<br />

specialists to deal with every facet of debt.<br />

The ‘boots on the ground’ are the agents,<br />

who were historically often retired bank<br />

managers or accountants with time and<br />

financial acumen on their side. Today, the<br />

financial services knowledge is retained<br />

within the HQ, and the agents are much<br />

closer to the vulnerable people they serve.<br />

SAFETY NET<br />

Last year, CAP touched something in the<br />

region of 8,000 ‘new’ homes, many of these<br />

will be families that others in the debt<br />

advice sector cannot support. “In many<br />

ways we are the safety net for all those who<br />

struggle to work within the ‘traditional’<br />

debt counselling sector,” Matt continues.<br />

“To that extent we are unique. We are<br />

not competing against other advisors;<br />

we sweep up those who the system has<br />

perhaps deemed as being beyond help,<br />

or where other debt advice models do not<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 19<br />

continues on page 20 >


INTERVIEW<br />

AUTHOR – Sean Feast FCICM<br />

allow enough time or resource to resolve<br />

the issues they face.”<br />

That’s not to say, however, that CAP has<br />

an adversarial relationship with others<br />

in the sector. Anything but: “We have a<br />

good, healthy relationship with other<br />

debt advisors, especially StepChange,<br />

and recently had a joint executive<br />

meeting with members of their team as<br />

mutual sounding boards on a number<br />

of challenges. It was really useful for<br />

our respective financial and compliance<br />

teams to share ideas, experiences and best<br />

practice.”<br />

Matt is aware of concerns expressed<br />

from some parts of the credit community,<br />

and collections agencies in particular,<br />

about how the sector is funded. Agencies<br />

also want to know that customers are<br />

receiving best advice. To this end he<br />

has some reassuring words: “Because<br />

of our funding model, Fair Share<br />

comprises only eight percent of our<br />

total funding, with the rest down to<br />

the generosity of the great British public.<br />

“Marketing sounded<br />

fun and exciting, and<br />

I was keen on chasing<br />

the money, but then<br />

everything changed when<br />

I found my faith.”<br />

We have around 30,000 regular givers,<br />

which is a remarkable number, especially<br />

given that this is to support a UK charity.<br />

Would we have had the same if we were a<br />

secular organisation? I am not convinced.<br />

The public are often quick to support<br />

a charity doing good works in Africa,<br />

but for the UK that is impressive. The<br />

reason is because of our strong tradition<br />

in Christianity in the neighbourhoods<br />

we serve, and the strong tradition that<br />

Christian people have for caring and<br />

giving.”<br />

CONSISTENT QUALITY<br />

In terms of quality, Matt agrees that<br />

consistency is vital; he believes debt<br />

counselling is an art, as much as it is a<br />

science. He also says it is important to take<br />

a holistic approach to problem solving:<br />

“We have come a long way from the white,<br />

middle class bank managers we started<br />

with as debt coaches,” he smiles. “That’s<br />

not to say that we do not still welcome<br />

their support, but it is important that our<br />

people can relate to clients who are often<br />

financially and numerically illiterate, who<br />

struggle to read and write, and are often<br />

suffering with mental health issues.”<br />

Matt became Chief Executive of CAP<br />

in 2006 and was named as 'Best Leader' in<br />

The Sunday Times Best Small Company to<br />

Work For awards in both 2013 and 2015.<br />

But he by no means rests on his laurels.<br />

Every year presents a new challenge, and<br />

the current challenge is how to continue<br />

to grow. “It is getting harder,” he explains,<br />

“because although the need is increasing,<br />

we are still limited by the number of local<br />

partners we have.”<br />

Technology may play a bigger part in<br />

the future: “Certainly we are doing some<br />

strategic work around how technology can<br />

help drive greater efficiencies, hopefully<br />

reducing the unit cost per person helped,<br />

so we can help even more people while<br />

still maintaining quality. To that end<br />

we recently appointed a new executive<br />

director to help us with the transformation<br />

process.”<br />

FORWARD THINKING<br />

So what of the future? Away from work,<br />

Matt enjoys a variety of sports, and is an<br />

ardent Rugby Union fan, despite being in<br />

Rugby League heartland and working in<br />

an office less than a mile from Bradford<br />

City’s football stadium. “Some sports I play<br />

but don’t watch, and others I watch but<br />

don’t play,” he laughs. He is also a big fan<br />

of fine food and craft beers.<br />

Matt is committed to leading the<br />

organisation for as long as he is wanted;<br />

CAP’s vision is to bring freedom and good<br />

news to the poor in every community<br />

through a nationwide network of CAP<br />

projects.<br />

His commitment is evidenced by the<br />

fact that he moved his family to Yorkshire,<br />

and has since been joined by his own<br />

parents who wanted to be nearer to their<br />

grandchildren. With his own teenage<br />

children, he does not want to force his<br />

faith upon them, or put them into any<br />

kind of box, but will encourage them to<br />

use their strengths and gifts to help others<br />

where they can: “It is a myth that money<br />

makes you happy,” he adds.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 20


CONSUMER CREDIT<br />

THE GENTLE<br />

TOUCH<br />

Collections teams must balance<br />

structure and empathy when training<br />

agents to identify and support customers<br />

with vulnerabilities.<br />

AUTHOR – Heather Greig-Smith<br />

INSTEAD of following scripts, frontline<br />

collections staff are being trained to<br />

use emotional intelligence, empathy<br />

and listening skills.<br />

“Agents have to find their own<br />

way of speaking to customers. They<br />

need to get the customer’s trust, engage with<br />

them and be able to identify triggers,” says<br />

Arrow Global Head of Operations, Adelle<br />

Smith.<br />

Identifying vulnerability is the first step in<br />

the process. Staff are trained to listen for the<br />

nuances on a call. They may be speaking to<br />

an individual with dementia who doesn’t<br />

recall previous conversations, or someone<br />

struggling with their mental health and feeling<br />

suicidal.<br />

Some flags of potential vulnerability may<br />

not be obvious. “Calling to change address<br />

could be because the customer is in prison,”<br />

says Adelle. “We can’t cover everything. That<br />

comes with experience on the live floor with<br />

constant monitoring and calibration.”<br />

John Thompson, Head of Compliance at<br />

Hoist Finance, agrees: “Early identification<br />

of vulnerability is key to ensuring the best<br />

outcome for a customer during the collections<br />

process. Our representatives are trained to<br />

effectively engage with our customers so<br />

that they can explain their current situation,<br />

which in turn allows us to adapt our processes<br />

– thereby ensuring their account is correctly<br />

managed. It is often not the vulnerable<br />

condition that drives any change in how<br />

we manage their account, but instead the<br />

impact that vulnerable condition has on the<br />

customer.”<br />

EVOLVING LIST<br />

At Cabot <strong>Credit</strong> <strong>Management</strong>, there is an<br />

evolving list of 50-60 vulnerabilities, from<br />

learning difficulties to terminal illnesses<br />

and mental health conditions. “We have<br />

to make sure we are factoring in all of<br />

these considerations,” says Cabot Financial<br />

Customer Operations Enhancement Manager,<br />

Emma Bantges.<br />

Clearly it’s not possible to train agents in all of<br />

these areas: “We are not medical professionals,<br />

but we do have a duty to understand the impact<br />

of vulnerability,” says ARC Europe’s Operations<br />

Director, David Sheridan. “It’s about getting the<br />

balance right.”<br />

Debbie Nolan, Chief Executive of Arvato<br />

Financial Solutions UK, agrees: “We don’t<br />

expect them to be experts on any of these<br />

things. We train them to adopt an empathetic<br />

approach and get the information without<br />

causing distress.”<br />

Some potential vulnerabilities will not affect<br />

a person’s ability to deal with their finances.<br />

“Someone identified as having a terminal illness<br />

is very different to a builder who has fallen off a<br />

ladder and broken his leg and will be returning<br />

to work when his leg has mended,” she says.<br />

Not everyone wants their account ring-fenced<br />

for specialist treatment. “We wouldn’t force a<br />

customer to have support. The customer may<br />

feel they are quite capable of dealing with their<br />

finances,” says Emma.<br />

BEYOND THE MODELS<br />

There are many training models that have<br />

been developed to help shape approaches<br />

to vulnerability. For example, Chris Fitch<br />

and Colin Trend at the Money Advice Trust<br />

developed TEXAS – a framework used when a<br />

customer is giving information.<br />

Chris Collins, HR and Customer Experience<br />

Director at Intrum UK, points also to BRUCE<br />

– a tool to recognise red flags around mental<br />

health and BLAKE – a conversational structure<br />

when customers are disclosing suicidal<br />

thoughts (which supplements its suicide first<br />

aid programme ASIST).<br />

However, Chris says the fundamentals of<br />

training are more nuanced than a framework:<br />

“It’s about equipping people: understanding<br />

procedure and having the emotional<br />

intelligence to ask questions at the right time,”<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 21<br />

continues on page 22 >


CONSUMER CREDIT<br />

AUTHOR – Heather Greig-Smith<br />

he says. “We don’t want people to feel<br />

confined to the framework. Things like<br />

TEXAS can be very sequential but agents<br />

who are more experienced know when to<br />

ask those questions in the call.”<br />

Agents need to maintain consistency<br />

and manage their emotions. “The first<br />

call of the day should be the same as the<br />

last. We all have these models, but the<br />

emotional intelligence and advanced<br />

communications required to direct those<br />

models in the right way is where you get<br />

the differentiation,” he says.<br />

Training has to be ongoing to be<br />

effective. “It’s not a case of training people<br />

on dealing with customers in vulnerable<br />

circumstances in isolation. Vulnerability<br />

isn’t like that – there is a myriad of<br />

circumstances we can be presented with.”<br />

Aside from ongoing individual coaching<br />

and development, agents at Intrum have<br />

on average 14 days of training a year.<br />

Adelle agrees models need to be used<br />

sensibly: “We used to try and train a lot<br />

of different models and found people got<br />

confused. Now we train the TEXAS model<br />

and encourage the agents to use that as a<br />

guide. Experienced agents are extremely<br />

gifted in the art of conversation. They<br />

need to be able to take the time to<br />

reassure the customer that they really are<br />

interested in them.”<br />

THIRD-PARTY LINKS<br />

Within Hoist Finance, John Thompson<br />

says its contact centre representatives<br />

have detailed and in-depth training on<br />

how to identify vulnerability using a<br />

variety of guidance processes including<br />

TEXAS, BRUCE and CARERS. “We have<br />

an excellent working relationship with<br />

StepChange Debt Charity to ensure<br />

effective referrals to a third-party agency<br />

who can offer additional support not<br />

only for customer who are financially<br />

vulnerable but those who need on-going<br />

support and advice,” he explains.<br />

“We are also introducing more detailed<br />

Risk Factors which will help us identify<br />

customers who have the potential<br />

to become vulnerable or who are<br />

demonstrating signs of an unconfirmed<br />

vulnerability.” It’s not just frontline staff<br />

who need training on vulnerability.<br />

Managers and those setting policies<br />

and providing technology need to take<br />

part in training so they understand the<br />

challenges.<br />

All organisations are training their<br />

teams on vulnerability from day one.<br />

Customers in vulnerable circumstances<br />

feature heavily in their induction<br />

processes and organisations refresh this<br />

regularly. Mechanisms for doing this<br />

include visits from charities and other<br />

specialist organisations, such as MIND,<br />

Macmillan and suicide prevention<br />

charities, to enhance training in specific<br />

areas.<br />

“Organisations like Macmillan come<br />

in and help us identify more complex<br />

triggers,” says Emma. “We start with the<br />

sensitive support team and filter through<br />

the organisation.” At ARC, Customer<br />

Support Manager, Danielle Halligan, says<br />

there is a buddy system for three months<br />

during which agents have no collections<br />

targets. As well as annual refreshers there<br />

are also workshops every month that<br />

are based on call scoring feedback. “We<br />

develop bespoke training, looking at areas<br />

for improvement,” she says.<br />

Technology can also help, with speech<br />

analytics able to detect trigger words and<br />

signs of distress much earlier. “Agents<br />

have a live alert to help them ensure they<br />

are consistent and fair – a widget that sits<br />

on their screen and creates a pop up if a<br />

vulnerability trigger has been recognised.<br />

It forewarns the agent and will guide<br />

them,” says Emma.<br />

SAFE PLACES<br />

Technology also offers customers other<br />

avenues to manage their debts. At Arrow<br />

research shows 55 percent of 2018 online<br />

registrations were from customers with<br />

vulnerabilities who see it as a ‘safe place’.<br />

The firm is researching ways to enhance<br />

their online experience.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 22


CONSUMER CREDIT<br />

AUTHOR – Heather Greig-Smith<br />

But technology cannot replace the<br />

need for human intervention. “I think<br />

technology is going to help with more<br />

interactive training,” says David. “But<br />

fundamentally a vulnerable case needs to<br />

be assessed by a human with experience<br />

and expertise.”<br />

Vulnerability is not an area that is<br />

diminishing. “More customers are selfidentifying<br />

as vulnerable,” says Adelle.<br />

“We are asking the right questions and<br />

identifying triggers but also externally the<br />

stigma around mental health is changing.”<br />

The proportion of customers falling<br />

into the category of vulnerability depends<br />

on the portfolios a company owns or is<br />

collecting on – at Intrum UK around 2,000<br />

customer contacts out of 12,000 a month<br />

are vulnerable, while at ARC five to ten<br />

percent of the customer contacts on the<br />

collections floor fall into the category.<br />

CCM currently has more than seven<br />

million customers, with one percent of<br />

the book requiring additional support. At<br />

Arrow there has been a 0.5 percent rise<br />

in vulnerability cases, with dementia,<br />

healthcare and addiction significant<br />

factors.<br />

SUICIDAL THOUGHTS<br />

The most difficult situation for a team<br />

member is speaking to a person who<br />

is suicidal. Debbie says her team has<br />

handled portfolios with instances of<br />

customers who are having suicidal<br />

thoughts.<br />

“Rather than putting them on hold we<br />

can get someone more experienced to<br />

join the call, then we decide whether or<br />

not we need to alert the authorities,” she<br />

says. “The important thing is that we train<br />

people to understand there is nothing<br />

they can do about it over the phone. They<br />

need to get information and help the<br />

person they are speaking to.”<br />

Arvato uses plenty of examples in its<br />

training that impress upon the team the<br />

need to flag concerns and that people can<br />

be impacted very differently by similar<br />

events. “The general induction includes<br />

full vulnerability training and we have<br />

regular refresher training – for example<br />

if something comes up that we haven’t<br />

experienced before,” says Debbie. “We are<br />

constantly sharing information.”<br />

She adds that all of the team are<br />

trained in this area, but some are more<br />

advanced and can take over or help in<br />

specific circumstances. The company<br />

is also building a dedicated team as<br />

clients increasingly isolate vulnerability<br />

portfolios.<br />

While Arrow Global trains all agents<br />

to handle vulnerability, it also runs a<br />

dedicated vulnerability team for one<br />

client. The staff on this team have a<br />

15-minute debrief at the end of the day.<br />

There is also a mental health initiative for<br />

all staff, including a 24-hour telephone<br />

service. This is becoming more common.<br />

“We have an obligation to our people as<br />

well as to our customers,” says Emma. “We<br />

want to make sure that we’re supporting<br />

our employees.” Across the industry,<br />

agents are trained to take a breathing<br />

space after a distressing call. There are<br />

people available to listen to them and<br />

formal counselling processes where<br />

needed.<br />

Positive feedback is another important<br />

aspect of support for agents. After an<br />

agent spoke to a suicidal customer while<br />

emergency services were called, Adelle<br />

reports that the customer later called<br />

to thank him: “The authorities couldn’t<br />

believe it was a debt collection agency<br />

she’d been speaking to,” she says. “You’ve<br />

made a difference in that individual’s life<br />

by being there with the right skills.”<br />

Heather Greig-Smith is a freelance<br />

business journalist.<br />

“We don’t want people to feel confined to<br />

the framework. Things like TEXAS can be<br />

very sequential but agents who are more<br />

experienced know when to ask those<br />

questions in the call.”<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 23


COUNTRY FOCUS<br />

The UAE is one of<br />

the richest regions in<br />

the world and a land of<br />

great opportunity.<br />

AUTHOR – Adam Bernstein<br />

PART ONE: United Arab Emirates<br />

UNITED AMBITION<br />

J. PAUL Getty once said that the<br />

“formula for success is to rise<br />

early, work hard, strike oil.” And<br />

it appears that the United Arab<br />

Emirates (UAE) agrees. Once a<br />

sleepy backwater in the Arabian<br />

Gulf wholly dependent on fishing and<br />

a failing pearl industry, oil was first<br />

discovered there in 1958.<br />

The federation was formed in December<br />

1971 following independence from Britain.<br />

Originally nine emirates attempted<br />

to form a much larger federation, but<br />

political differences – despite efforts<br />

by Saudi Arabia, Kuwait and Britain to<br />

reinvigorate discussions – led to Bahrain<br />

becoming independent in August 1971,<br />

and Qatar following in September 1971.<br />

The federation of the UAE now consists of<br />

seven emirates: Abu Dhabi, Dubai, Ajman,<br />

Fujairah, Ras al Khaimah, Sharjah and<br />

Umm al Quwain; each maintains a large<br />

degree of independence.<br />

The land covered by the present-day<br />

UAE has a history that extends back some<br />

130,000 years and more ‘recently’ to six<br />

distinct periods from 3200BE. The area<br />

saw the spread of Islam from 630 AD and<br />

the direct influence of the Ottomans from<br />

the 16th Century together with a mix of<br />

Portuguese, English and Dutch colonial<br />

forces. During the 19th Century the British<br />

gained influence and control of the area.<br />

POLITICAL MAKEUP<br />

With a population estimated to be between<br />

8.1 million (BBC Monitoring) and 9.4<br />

million (Baker McKenzie Habib Al Mulla)<br />

spread over a landmass of 30,000sq miles.<br />

86 percent of the UAE is made up of just<br />

one emirate – Abu Dhabi – and is<br />

strategically placed by the Strait of Hormuz,<br />

a key transit point for oil in the region. Of<br />

the rest, Dubai represents five percent of<br />

the landmass, Sharjah 3.3 percent, Ras al-<br />

Khaimah 2.2 percent, Fujairah 1.5 percent,<br />

Umm al-Quwain one percent and Ajman<br />

just 0.3 percent.<br />

But population doesn’t equate to<br />

landmass. Data from Dubai Online<br />

reckons: Dubai has 45.4 percent (5.5<br />

million) of the population; Abu Dhabi<br />

30.4 percent (1.67m); Sharjah 12.3 percent<br />

(678,000); Ajman 4.7 percent (258,000); Ras<br />

al Khaimah 3.7 percent (205,000); Fujairah<br />

2.3 percent (127,000); and Umm al-Quwain<br />

just 1.2 percent (68,000).<br />

As the UAE borders Oman, Saudi Arabia<br />

and Qatar the region is not without its own<br />

tensions, a key example being a UAE claim<br />

on islands by Qatar.<br />

Politically, the UAE consists of seven<br />

absolutist monarchies each retaining<br />

powers not granted to the national<br />

government. The presidency and prime<br />

ministership are effectively hereditary<br />

roles with the Emir of Abu Dhabi holding<br />

the former while the Emir of Dubai holds<br />

the latter.<br />

ECONOMIC GROWTH<br />

Data from the UK Government indicates<br />

that the UAE is the UK’s largest export<br />

market in the Arab world and 13th overall<br />

– the country took in £9.8 billion of exports<br />

in 2016, a 37 percent rise on 2009. The UAE<br />

is the UK’s fourth largest export market<br />

outside of the EU.<br />

With oil being a diminishing resource,<br />

the UAE has taken great steps to diversify to<br />

the point that non-oil sectors, according to<br />

Coface, contribute some 70 percent of the<br />

UAE’s GDP – that same figure stood at 43<br />

percent in 2001. Regionally, IMF forecasts<br />

the UAE to play second fiddle only to Saudi<br />

Arabia in terms of GDP.<br />

Coface also notes that the UAE has signed<br />

various economic, trade, investment,<br />

and technical agreements with many<br />

countries. Its strategic location allows<br />

it to play a central role in re-exporting<br />

goods from different countries around the<br />

world towards Arab nations. Re-exports<br />

account for nearly 60 percent of total<br />

exports.<br />

At the same time, the UAE has been<br />

prioritising trade ties with China. Coface<br />

feels that China’s 2013 announcement of<br />

the Belt and Road Initiative (BRI),<br />

which aims to connect Asia, Africa, and<br />

Europe, has significant benefits for the<br />

UAE in terms of boosting commerce<br />

and investments, as well as accessing<br />

wider markets, especially regarding the<br />

construction, metals, trade, logistics and<br />

hydrocarbon sectors. China is aiming to<br />

diversify its energy suppliers as much<br />

as it can. This has brought the country<br />

close to the Gulf States, which in turn<br />

have benefitted from China’s trade and<br />

investment flows.<br />

As the UK Government has reported,<br />

over 5,000 British companies operate in the<br />

UAE, including BP, Shell, Rolls Royce, BAE<br />

Systems, Mott McDonald, SERCO, Standard<br />

Chartered, HSBC and John Lewis/Waitrose.<br />

These names seem familiar for good<br />

reason; the majority of the UAE population<br />

is made up of expatriates, with 120,000<br />

from the UK alone. Just as interesting are<br />

14.9 million people who visited the UAE in<br />

2016, of which 1.25 million were from the<br />

UK.<br />

PUBLIC SPENDING<br />

The UAE is a hub of growth for a number of<br />

reasons including its good infrastructure,<br />

strong banking systems, stable<br />

government, free trade zones that are both<br />

tax free and which offer foreign ownership,<br />

and a number of developments.<br />

Unlike in the UK (and elsewhere for<br />

that matter), public spending is rising in<br />

the whole region – the Gulf Cooperation<br />

Council (GCC) has a combined GDP of $1.4<br />

trillion. The GCC is presently expanding<br />

its network of trade agreements with<br />

Australia, China and the EU.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 24


COUNTRY FOCUS<br />

AUTHOR – Adam Bernstein<br />

OPPORTUNITIES<br />

Data from UN Comtrade, the United<br />

Nations International Trade Statistics<br />

Database, shows that the UAE imports<br />

much from the rest of the world.<br />

In volume order, the UAE imports<br />

jewellery and precious metals; electrical<br />

and electronic equipment; aircraft and<br />

car products; telecoms and broadcast<br />

equipment; textiles; food and allied<br />

products; medical products; metal<br />

products; petroleum-based products; and<br />

commodities not specified.<br />

Education and knowledge are of vital<br />

importance to the UAE and the Government<br />

has set up a number of institutions to move<br />

this forward including the Knowledge<br />

and Human Development Authority<br />

and the Abu Dhabi Education Council.<br />

British education is in demand, especially<br />

higher education establishments,<br />

as are curriculum development and<br />

assessment centres. Energy and extractive<br />

technologies, understandably, are of value<br />

to the UAE Government which is keen to<br />

further exploit its onshore and offshore<br />

reserves (which places it seventh in the<br />

world for gas and eighth for oil). With<br />

an eye to the future, nuclear is being<br />

developed – with four in progress – which<br />

opens the door to opportunities for R&D,<br />

waste management, and education; as<br />

does renewables including solar and<br />

sustainable water use.<br />

Considering the wealth in the region,<br />

it’s not very surprising that financial and<br />

allied services, both onshore and offshore,<br />

are growing in importance in the UAE.<br />

And then there’s healthcare, which by<br />

dint of a rising and wealthy population<br />

is becoming more prominent. With<br />

a number of new build hospitals and<br />

medical centres there are opportunities<br />

for care, equipment, management,<br />

infrastructure, and training.<br />

As would make sense for a country<br />

moving away from reliance on oil, the<br />

UAE has a burgeoning construction and<br />

infrastructure – as the Palm Jumeirah<br />

development illustrates. With a view to<br />

Vision 2021, a golden jubilee celebration<br />

of the federation, a number of national<br />

priorities were outlined – world class<br />

healthcare, first-rate education,<br />

competitive knowledge economy, a fair<br />

judiciary and a cohesive society – a<br />

number of large infrastructure projects<br />

were announced that feature theme<br />

parks, island developments, a harbour<br />

and Expo2020. There is therefore a need<br />

for construction and contracting services,<br />

materials, sustainable solutions, water<br />

saving devices, cooling systems and both<br />

security and swimming pool equipment.<br />

Defence is an area of interest, according<br />

to Abu Dhabi’s Vision 2030, with a need<br />

for aerospace, manufacturing and space<br />

capabilities and also cyber-security. Led by<br />

the Emirates Defence Industries Council,<br />

the advice from the UK government is that<br />

negotiations can be long and complicated,<br />

but nevertheless worthwhile. Allied to this<br />

general aviation with opportunities for<br />

airport developments are also of interest.<br />

Coface notes that civil aviation accounts<br />

for 12 percent of GDP and is estimated to<br />

reach 32 percent by 2020 when it would<br />

contribute by $53 trillion and 750,000 jobs<br />

to the federation’s economy.<br />

Lastly, the UAE is investing so as to make<br />

it a tourist destination with a number of<br />

projects that involve theme parks, retail<br />

and culture. Architecture and interior<br />

design are aligned with this.<br />

Adam Bernstein is a freelance<br />

business writer.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 25


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TRADE TALK<br />

THE SMALL<br />

PRINT<br />

Why exporters need international terms<br />

and conditions.<br />

AUTHOR – Lesley Batchelor OBE FCICM<br />

Lesley Batchelor OBE FCICM<br />

AFTER hearing many experiences<br />

of smaller<br />

businesses trading internationally,<br />

the Institute<br />

of Export & International<br />

Trade realised that an<br />

increasing number have been acting<br />

without a contract or agreed payment<br />

terms. This is a very risky approach to take<br />

and one that can lead to a lack of clarity,<br />

potentially damaging a business’ relationships<br />

with its international customers and<br />

partners.<br />

Elizabeth Ward, Principal of Virtuoso<br />

Legal, explains: “A finely considered set<br />

of international terms and conditions<br />

(T&Cs) allows a business to determine from<br />

the outset of any agreement exactly how<br />

business between the parties is going to<br />

be conducted. They provide clarity on the<br />

agreed processes for getting paid, where<br />

liability lies, and what happens when<br />

disagreements arise.”<br />

Given English contract law has a<br />

tendency to take businesses straight to a<br />

dispute rather than including options for<br />

mediation and arbitration, our exporters’<br />

international relationships risk being<br />

damaged by needless litigation. A proper<br />

set of international T&Cs can give exporters<br />

alternative routes to dispute resolution,<br />

saving them significant legal costs and time.<br />

Further, they can include other key aspects<br />

of international trade that UK contract law<br />

will not, including anti-bribery and antislavery<br />

laws.<br />

A key message from the Government’s<br />

Export Strategy was that industry needs to<br />

do more to help businesses feel confident<br />

and secure when trading internationally.<br />

In line with this, we, at the Institute,<br />

after consulting with our members and<br />

partners, realised that a key solution was<br />

to provide international T&C templates<br />

that cover the basic premises of trading<br />

overseas.<br />

A CRUCIAL STEP<br />

We are offering these templates to<br />

our members to allow them to export<br />

confidently, safe in the knowledge that they<br />

have a legal framework specific to their<br />

international needs, including clauses<br />

relating to anti-bribery and anti-slavery<br />

laws. We understand that we can't change<br />

the culture of business overnight, but by<br />

offering this template of International<br />

T&Cs for SMEs, relevant to the different<br />

styles of business they operate in, we can<br />

begin to protect them from some of the<br />

risks of international trade, enabling them<br />

to export successfully and securely.<br />

This new offering has been wellreceived<br />

by both the legal profession and<br />

the Government. John Mahon, Director<br />

General for Exports of the Department<br />

for International Trade (DIT), says: “A<br />

crucial part of exporting is having the legal<br />

frameworks in place that allow businesses<br />

to trade confidently. I’m delighted that the<br />

Institute of Export & International Trade<br />

has launched these templates as part of<br />

a package of solutions on offer to help<br />

businesses export.<br />

“I urge all UK companies that are<br />

currently selling overseas without proper<br />

contracts in place to take a look at these<br />

templates and implement the right one for<br />

them. Through our Export Strategy, DIT has<br />

set out an offer for all businesses to ensure<br />

they are able to make the most of the global<br />

opportunities this presents.”<br />

Elizabeth Ward, who also supported<br />

us in creating the templates, adds: “These<br />

templates are a great start for businesses,<br />

helping to give them a basis upon which<br />

they can export with confidence.”<br />

FOUR TYPES OF EXPORT<br />

The international T&C templates will be<br />

available to members of the Institute of<br />

Export & International Trade. They will<br />

cover four uses: distance (non-online)<br />

consumer goods services and digital<br />

content terms and conditions; online<br />

business and consumer goods services;<br />

terms and conditions for the supply of<br />

goods; and terms and conditions for the<br />

supply of services.<br />

Each of the templates also include<br />

Anti-Slavery and Bribery Act clauses,<br />

giving businesses peace of mind to trade<br />

internationally.<br />

COMPLIANTLY AND CONFIDENTLY<br />

This is just one of several membership<br />

benefits we offer, including access to<br />

our Technical Helpline, discounts on our<br />

world-class suite of training courses and<br />

qualifications, and a communications<br />

package of daily bulletins, newsletters and<br />

our quarterly World Trade Matters journal.<br />

For over 80 years we’ve been supporting<br />

the interests of everyone involved in<br />

importing, exporting and international<br />

trade in the UK, and never has our<br />

role been more important. With Brexit<br />

looming, the threat of trade wars and the<br />

constantly increasing pace of technological<br />

innovation, our exporters face an everincreasing<br />

range of both opportunities and<br />

challenges.<br />

We have created a legal framework<br />

through which you can offer your products<br />

or services overseas – safe in the knowledge<br />

that you have clarity on payment terms,<br />

liability and what happens in the case<br />

of a dispute. This is an essential starting<br />

point for exporters. These templates give<br />

exporters the confidence to make the most<br />

of the opportunities that are out there<br />

internationally.<br />

More information can be found at<br />

export.org.uk/membership.<br />

Lesley Batchelor OBE FCICM is Director<br />

General of The Institute of Export and<br />

International Trade.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 27


INTERNATIONAL<br />

TRADE<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

BREXIT – COMING<br />

READY OR NOT<br />

AUTHORS and publishers selling on Amazon in the EU recently<br />

got an email asking them whether they wanted to continue<br />

trading on amazon.co.uk. It’s obvious that like many businesses,<br />

Amazon has decided to separate its UK operations from the rest<br />

of Europe.<br />

Right now, that’s a formal separation. But creating separate holdings<br />

means that if companies later want to drop their UK operations completely,<br />

they can do so much more easily. With a matter of weeks to go before B-Day,<br />

many companies are now putting their contingency plans into effect.<br />

You might think that this disruption will be limited to the UK. But<br />

Atradius warns that there will be an impact on other European countries.<br />

Ireland’s economy is intertwined with the UK’s, and it could see GDP falling<br />

by four percent. The Netherlands, Denmark and Belgium are also likely to be<br />

impacted, and that will push insolvencies up. (Northern France, too, stands<br />

to lose out as the huge cross-Channel ferry trade suffers.)<br />

So if you’re exporting to these countries, as well as dealing with new<br />

customs and regulatory barriers, and keeping an eye out for sterling<br />

volatility, you're also going to have to watch out for weak customer balance<br />

sheets. You've got your work cut out!<br />

TRADING nations are dependent on others<br />

and general business confidence to keep the<br />

plates spinning. The relatively good news<br />

of some progress in the talks between the<br />

US and China is something that everyone<br />

has been wishing for but, as with anything<br />

Trump-related, the news should be taken<br />

with a pinch of salt. His announcements<br />

aren’t always backed by fact.<br />

Clearly, it’s unknown as to who will<br />

eventually win the trade war, but it may<br />

Trading places<br />

not be either the US or China. Indeed, a<br />

February paper from the UN Conference on<br />

Trade and Development (UNCTAD)’s, The<br />

Trade Wars: The Pain and the Gain, said that<br />

‘bilateral tariffs alter global competitiveness<br />

to the advantage of firms operating in<br />

countries not directly affected by them’. It<br />

predicts that the European Union will be<br />

the biggest winner, taking home some $70<br />

billion in additional trade precisely because<br />

of the trade war.<br />

THE CLOUDS<br />

ARE GATHERING<br />

THE Turkish lira depreciated by almost 30<br />

percent in 2018, and Q3 saw the country's<br />

GDP contracting while inflation remained<br />

severe at over 20 percent. Is the country<br />

now heading for recession?<br />

Despite some observers making the<br />

lira their preferred comeback currency of<br />

the year, so far in <strong>2019</strong>, it's continued to<br />

weaken. That helps push up inflation –<br />

making supporters of President Erdogan's<br />

AK party more and more miserable – and<br />

puts Turkey in a difficult financial position.<br />

Forex reserves cover only three months<br />

of imports, and don't cover external<br />

debt servicing requirements, so further<br />

weakening could critically damage the<br />

economy.<br />

Credendo points out that commercial<br />

risk is also high. Corporate debt is running<br />

at more than 70 percent of GDP, and the<br />

banks depend on foreign investment to<br />

be able to fund these loans. Meanwhile,<br />

the overheated real estate market is<br />

showing signs of cracking: if you want<br />

to see something really spooky, search<br />

for the drone video of the Burj al-Babas<br />

development, 732 identical French<br />

chateaux left unfinished when developer<br />

Sarot Group hit the skids in November 2018.<br />

If the Turkish construction sector falls,<br />

I suspect the other dominoes will clatter to<br />

the ground in short order. Add to that the<br />

sizable political risks involved, and Turkey<br />

looks like a country awaiting a downgrade.<br />

AN END TO CHEAP<br />

TRADE INSURANCE?<br />

TINUBU Square has predicted that <strong>2019</strong><br />

will be the most challenging year for a<br />

decade in credit insurance. Increasingly<br />

volatile markets combine with higher<br />

expected insolvencies and a changed<br />

risk landscape (particularly political<br />

risk) to up the ante for insurers, and the<br />

reinsurance market is getting tighter, too.<br />

All of that adds up to one big conclusion<br />

for me – that pricing will increase.<br />

That's not good news for exporters, but<br />

I think swallowing any price increases<br />

is the right thing to do. If Tinubu Square<br />

is right about higher insolvencies<br />

(and it's not the only house to make<br />

that prediction), going without trade<br />

insurance or reducing your cover could<br />

be costlier than just paying up.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 28


MOROCCO looks in much better shape than<br />

Turkey. Since 2011, growth has averaged 3.5<br />

percent according to Credendo, and though<br />

there are sporadic, ongoing protests, it's<br />

made political progress, with economic<br />

reform and investment in infrastructure.<br />

While investment has been uneven<br />

between regions, and the closure of the<br />

border with Algeria continues to impact<br />

trade, Morocco ranks high on 'ease of<br />

doing business' indices, and FDI has been<br />

consequently strong. The government has<br />

promoted automotive and other high-tech<br />

manufacturing, with successful clusters<br />

Moroccan Medinas<br />

Oooh to be a Gooner<br />

ANOTHER thing I observed in Ethiopia<br />

was the vast number of Arsenal shirts on<br />

display, and the fact that I was regularly<br />

asked ‘Who do you support – Man United<br />

or Arsenal?’<br />

If you don't think that observation<br />

belongs here, then you haven't seen<br />

the news that the Premier League now<br />

generates £3.4 billion of added value for<br />

the UK economy. The six-year TV rights<br />

package in the US is worth $1 billion on<br />

of investment around Casablanca and<br />

Tangiers. And it has actually managed to<br />

move the country's export structure from<br />

low margin textiles towards higher margin<br />

products.<br />

Add to that a strong financial sector<br />

(Casablanca is Africa's second largest<br />

Stock Exchange) and no restrictions on<br />

capital, and Morocco looks like a good<br />

choice for British exporters. There are<br />

some big opportunities available, too – an<br />

ambitious renewable energy programme,<br />

infrastructure projects, and training and<br />

education.<br />

Africa – wind in the sails?<br />

I'VE just spent a month in Ethiopia, and<br />

it's interesting how positive African<br />

business feels compared to the climate<br />

in Europe and the US.<br />

Africa has many problems, including<br />

too much misapplied public spending,<br />

low GDP, and patchy infrastructure.<br />

Many countries are still struggling to<br />

create strong democratic institutions.<br />

And government debt remains far<br />

too high, particularly external debt.<br />

But things are beginning to change.<br />

Infrastructure is being improved.<br />

Education is being given a top priority in<br />

many nations. And borders are opening<br />

up.<br />

Ethiopia, for instance, now has trains<br />

running through to Djibouti, and has<br />

access to two more major ports now that<br />

it's opened its borders to Eritrea (Assab<br />

and Massawa). That should reduce the<br />

cost of imports substantially.<br />

And 2018 saw 27 nations signing<br />

up to a protocol for freedom of<br />

movement across the continent.<br />

That's an ambitious project which<br />

should underpin the success of single<br />

market areas such as the East African<br />

Community, COMESA and ECOWAS.<br />

There are of course a large number<br />

of ways that things can go wrong. Low<br />

commodity prices have put pressure on<br />

many African economies, and security<br />

remains an issue (as the recent attack<br />

on the DusitD2 hotel in Nairobi showed).<br />

But Africa should have half the world's<br />

fastest-growing economies in <strong>2019</strong>,<br />

according to the Brookings Africa<br />

Growth Initiative.<br />

And for exporters, the huge advantage<br />

of these deals is that you don't need to<br />

open an office in each country. Using<br />

one country as a hub to access all the<br />

region's markets can reduce your set-up<br />

costs while expanding your addressable<br />

market. Will <strong>2019</strong> be your Year of Africa?<br />

its own – then there's merchandising,<br />

other territory deals, and tourism<br />

revenues too.<br />

All of which has to be credited not to<br />

an abounding fascination with the 4-4-2<br />

formation, but to great management of<br />

the Premier League assets over the past<br />

couple of decades. England may not have<br />

won a World Cup since 1966, but<br />

the Premier League has conquered the<br />

world!<br />

CONSTRUCTION –<br />

TOPPING OUT<br />

CONSTRUCTION is a sector that's done well<br />

since the credit crunch. It's recovered and<br />

then grown strongly, but according to Euler<br />

Hermes, there’s nothing left in the gas tank.<br />

Euler Hermes predicts a slow cooling off from<br />

3.5 percent growth in 2018 to three percent in<br />

<strong>2019</strong>; and what happens after that?<br />

What's worrying is that according to Euler<br />

Hermes the sector isn't any better prepared<br />

for a slowdown now than it was in 2008 – in<br />

fact, it's probably less ready to cope. It's still<br />

one of the most poorly performing sectors<br />

with regard to payment delays. Margins<br />

remain low, leverage is rising, and liquidity<br />

is deteriorating, and a number of major<br />

insolvencies show that the problems aren't<br />

restricted to small firms.<br />

Construction accounts for ten percent of<br />

economic activity globally, so there's a huge<br />

knock-on effect if the sector starts to tank.<br />

If you're selling into construction markets,<br />

it's time to tighten up credit, particularly on<br />

those customers that you always thought<br />

were 'too big to fail'.<br />

THE EARLY BIRD<br />

CATCHES THE WORM<br />

ONE of the odd things I noticed in Ethiopia<br />

was that 100 percent of minibuses are<br />

Toyotas, and 100 percent of autorickshaws<br />

are Bajaj. That got me thinking. In Georgia,<br />

the vast majority of cars and buses are<br />

Mercedes, often imported second hand<br />

(sometimes still with their original owner's<br />

paint job).<br />

While in developed markets it's a lucky<br />

business that gets more than 40 percent<br />

market share, in many emerging markets,<br />

the first exporter to arrive wipes up the<br />

entire market. That makes life very difficult<br />

for the number two. So, a big lesson for<br />

exporters looking at frontier markets - get in<br />

early! If you're there first, you can establish<br />

a quasi-monopoly, and make it extremely<br />

difficult for other brands to compete.<br />

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GBP/JPY 144.755 137.904 Up<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 29


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 30


EDUCATION<br />

Stars of the Series<br />

In the first of a new series, <strong>Credit</strong> <strong>Management</strong> will<br />

celebrate CICM Studying Members who have excelled in<br />

their online exams.<br />

Business Law<br />

MARK ACHIEVED 92%<br />

I have completed all my modules and now<br />

have a CICM Level 3 Diploma in <strong>Credit</strong><br />

<strong>Management</strong>. It is wonderful that CICM<br />

offers face-to-face tutors and online for<br />

those of us that cannot always be at group<br />

sessions. I am taking a break now but am<br />

thinking of taking the next step to Level 5<br />

<strong>Credit</strong> <strong>Management</strong>. Leanne Eason<br />

<strong>Credit</strong> <strong>Management</strong><br />

MARK ACHIEVED 93%<br />

I’ve found the module I’ve studied to be<br />

well structured and I've developed a more<br />

in-depth knowledge of the topics covered.<br />

I’ve now begun the Business Environment<br />

module, which I’m enjoying thus far and<br />

am finding more informative. I've been<br />

able to apply what I’ve learned, to my role<br />

at work with success. Thomas Faulkner<br />

Trade <strong>Credit</strong> <strong>Management</strong><br />

MARK ACHIEVED 98%<br />

With regards to my last module (Trade<br />

<strong>Credit</strong> <strong>Management</strong>), I found this module<br />

most useful out of the three so far due<br />

to our sales being mainly B2B, and in<br />

particular, Risk Assessment and <strong>Credit</strong><br />

Decisions as this is an area I’m keen to<br />

develop. The communication with CICM<br />

has been great. Elizabeth Lack<br />

Business Law<br />

MARK ACHIEVED 92%<br />

The most interesting aspect of the module<br />

has been the case law and how everything<br />

can hinge on the small details. I have<br />

found CICM studying to be very accessible<br />

with several options available which<br />

allow students to tailor their studying<br />

to fit nicely around work and personal<br />

commitments. Dan Clinton<br />

Business Environment<br />

MARK ACHIEVED 100%<br />

I currently manage the Insolvency and<br />

Litigation Team here at npower Business<br />

Solutions so the knowledge I have gained<br />

from the module has given me a greater<br />

understanding of how external factors and<br />

Government policies directly impact the<br />

level of Insolvencies we receive through<br />

our department. Jamie England<br />

Taking Control of Goods<br />

MARK ACHIEVED 80%<br />

I found the exam materials to be very<br />

comprehensive and useful, especially<br />

mock exam questions. This enabled me<br />

to pass the exam at my first attempt with<br />

80 percent and to apply to London County<br />

Court to become an Enforcement Agent.<br />

Dmytro Tupchilenko<br />

Business Environment<br />

MARK ACHIEVED 92%<br />

The most useful and interesting part of<br />

the module for me was learning about<br />

organisational management. It’s helped<br />

me in my day-to-day role at E.ON as I can<br />

now base my decisions on information I’ve<br />

been taught. I now feel more comfortable<br />

and confident coaching my colleagues and<br />

making decisions which are best for our<br />

customers and our business.<br />

Joe Fowler<br />

Export <strong>Credit</strong> <strong>Management</strong><br />

MARK ACHIEVED 82%<br />

During the module, I found the part<br />

dedicated to the Incoterms and all the<br />

implications over both the invoicing<br />

and the customer experience very<br />

useful. I also found the Business Law<br />

module educational as it gave me a<br />

great opportunity to better understand<br />

the British Legal System and all the<br />

implications over granting credit to our<br />

customers. Alberto Hernandez-Rivas<br />

Business Environment<br />

MARK ACHIEVED 93%<br />

The most interesting part of the course<br />

was how it could easily be applied in<br />

my day-to-day work and how I could<br />

use what I was learning in my role. This<br />

was especially the case when studying<br />

the importance of communication, the<br />

different personality types on a team and<br />

how to manage and balance these, as well<br />

as what the effects are when this is done<br />

badly or not considered. Peter Haigh<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 31


CAREER’S ADVICE<br />

Diverse Thinking<br />

Is your workplace as diverse as you think it is?<br />

AUTHOR – Karen Young<br />

Karen Young<br />

DIVERSITY and inclusion<br />

in the workplace has<br />

never been more<br />

relevant than it is today.<br />

In light of International<br />

Women’s day celebrated<br />

this month, employees should feel<br />

encouraged to take ownership of this and<br />

question the diversity of their workplace.<br />

Hiring methods are an integral element<br />

of increasing diversity among employees,<br />

and CVs are one of the many ways in<br />

which the process can be improved. Many<br />

organisations will judge candidates based<br />

on their most recent job listing, potentially<br />

overlooking talented and competent<br />

applicants without a steady course of<br />

uninterrupted career progression. This can<br />

particularly disadvantage many women in<br />

finance who have prioritised childcare at<br />

points throughout their career.<br />

More and more organisations now<br />

recruit based on blind CVs, where<br />

information such as age, race and gender<br />

are removed to prevent subconscious<br />

biases from influencing hiring decisions.<br />

Using competency-based application<br />

processes assesses essential soft skills<br />

such as communication, emotional<br />

intelligence, problem solving and selfmotivation,<br />

rather than testing specific<br />

knowledge of current finance regulations,<br />

which can be learned more readily and<br />

quickly than soft skills.<br />

Favouring competency-based applications<br />

or requiring blind CVs is a sign<br />

that your organisation is taking steps to<br />

fairly assess candidates based on their<br />

skills and experience, consequently eliminating<br />

the effect of subconscious biases.<br />

These methods of talent-based hiring also<br />

demonstrate a commitment to overcoming<br />

the perceived disadvantage of career<br />

breaks that will positively contribute<br />

to diverse representation in the finance<br />

sector.<br />

TRANSPARENT REPORTING<br />

Demand for transparency around targets<br />

and performance is at an all-time high.<br />

Social movements and legislation may<br />

be encouraging honest reporting from<br />

organisations about their performance,<br />

but challenging your employers’<br />

transparency around this will help you<br />

gauge their standing on diversity and<br />

inclusion issues. If your organisation is<br />

transparent in their diversity reporting,<br />

it proves their willingness to make a<br />

public commitment to achieving a fairly<br />

recruited workforce and makes them<br />

accountable for measuring and reporting<br />

their progress.<br />

The recency and relevancy of data<br />

with regards to employees’ religion,<br />

sexual orientation, ethnicity and class<br />

backgrounds is crucial to transparent<br />

reporting and will reveal where<br />

improvement is needed. New data<br />

publishing laws are documenting positive<br />

change in diversity, particularly with the<br />

gender pay gap where much improvement<br />

is still needed in the accountancy and<br />

finance sector. In light of this, it is worth<br />

gauging your organisation’s efforts to<br />

collect and utilise this type of data in<br />

their reporting as it proves that they are<br />

prioritising and confronting diversity<br />

issues.<br />

Ideally organisations should<br />

maximise the transparency of their<br />

reporting by informing their employees<br />

of their diversity and inclusion (D&I)<br />

practices through effective methods of<br />

communication. These methods might<br />

include internal newsletters, D&I reports<br />

or team meetings. Crucially their reporting<br />

will be widespread and easily accessible.<br />

Make sure to engage with communication<br />

from your employers about their diversity<br />

reporting as their openness and honesty<br />

will encourage other employers to do the<br />

same thus bringing about cultural change.<br />

FLEXIBLE WORKING<br />

Flexible working is a highly effective<br />

tool to improve diversity. It should be<br />

implemented early in the recruitment<br />

stage, as 30 percent of UK employees cite<br />

an appealing work-life balance as their<br />

top priority when looking for a new role.<br />

Historically flexible working has been the<br />

domain of mothers balancing childcare<br />

with returning to work or a privilege which<br />

is earned through hard work and company<br />

loyalty, rather than an optional working<br />

practice. Organisations which embrace<br />

more agile working practices will give<br />

themselves greater employee engagement<br />

and retention as well as the advantage of a<br />

wider talent pool to choose from. A diverse<br />

and inclusive organisation will offer<br />

flexible working at the point of hire rather<br />

than later in employment.<br />

To ensure flexible working options<br />

are properly implemented to achieve a<br />

diverse workforce, organisations need<br />

to invest in effective communication of<br />

different working practices. As senior<br />

management and business leaders<br />

are fundamental in advancing underrepresented<br />

demographics in the<br />

workplace, they need to be properly<br />

informed about what their organisation can<br />

offer, actively promote it to professionals<br />

and where possible lead by example<br />

themselves. Communication from your<br />

employers about available working options<br />

is extremely conducive to recruiting and<br />

retaining a diverse and inclusive workforce.<br />

Karen Young is Director at Hays<br />

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

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 32


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The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

THE RECOGNISED STANDARD IN CREDIT MANAGEMENT<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 35


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Driving best-practice<br />

excellence<br />

THE CICM was set up 80<br />

years ago this year. Cuthbert<br />

Greig, who had the vision<br />

to create the organisation,<br />

had clear objectives and<br />

they haven’t changed. The<br />

CICM has become the largest recognised<br />

professional body in the world for the<br />

credit management community and we’re<br />

here for the same objectives that Cuthbert<br />

Greig had in 1939.<br />

He strived, and we strive, to promote<br />

awareness of the importance of credit<br />

management to business and to the<br />

economy. He also drove, as we drive,<br />

best practice in credit management.<br />

These awards are a celebration of all that<br />

is good in our brilliant profession, our<br />

CICMQ accreditation scheme recognises<br />

organisations that are adopting the<br />

highest standards, our magazine provides<br />

thought leadership and insight, our events<br />

share innovation and ideas. To those<br />

behind all these, thank you for leading the<br />

way, and to the winners and the highly<br />

commended promoted in these pages, our<br />

congratulations and thanks for sharing<br />

in our vision to champion excellence in<br />

everything we do.<br />

Philip King FCICM<br />

Chief Executive<br />

Philip King, FCICM<br />

Chief Executive of the CICM<br />

Judging Panel <strong>2019</strong>:<br />

Dr Stephen Baister FCICM, Chair of<br />

Judging Panel, CICM<br />

Sean Feast FCICM, Managing Editor,<br />

<strong>Credit</strong> <strong>Management</strong> Magazine<br />

Sponsorship:<br />

Glen Bullivant FCICM,<br />

CICM Vice President<br />

Karen Savage FCICM, Partner, Shoosmiths<br />

Matthew Davies<br />

Director, Invoice Finance and Asset Based<br />

Lending, UK Finance<br />

Debbie Nolan FCICM<br />

Vice Chair, CICM Executive Board<br />

Karen Young, Director and recruiting<br />

expert, Hays Accountancy & Finance<br />

Dee Weston FCICM, <strong>Credit</strong> Manager<br />

Exclusive Networks<br />

Glenn Collins, Head of Technical Advisory,<br />

ACCA<br />

Brenda Linger FCICM, CICM Vice President<br />

Stuart Frith, President, R3<br />

Joanna Carnell MCICM(Grad), Group <strong>Credit</strong><br />

Manager, TrustFord<br />

PALADIN<br />

Amir Ali MCICM<br />

Chair, Civil Court Users Association<br />

Headline sponsor:<br />

Hosted by:<br />

To view more photographs of the event visit:<br />

www.cicmbritishcreditawards.com<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 36


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

<strong>Credit</strong> Information Provider of the Year<br />

Winner<br />

CoCredo<br />

Judges' comment: “Head and shoulders<br />

above the competition. A business that<br />

truly listens to what its clients want.<br />

Innovation at its best.”<br />

Highly Commended: Company Watch<br />

Presenter: Sean Feast, Managing Editor – <strong>Credit</strong> <strong>Management</strong> magazine, CICM<br />

Collector of award: Dan Hancocks, Managing Director, CoCredo.<br />

Finalists:<br />

CoCredo, Company Watch, Dun & Bradstreet, PurplePatch, StreetCred Ltd<br />

Managing Risk Award<br />

Winner<br />

Vodafone UK <strong>Credit</strong><br />

& Risk Team<br />

Judges' comment: “Vodafone<br />

demonstrates a very positive approach<br />

to risk management in a very difficult<br />

market. This is what good looks like;<br />

there is not always a silver bullet;<br />

just hard work across systems and<br />

processes. A clear winner.”<br />

Finalists:<br />

Invictus Risk Solutions LLP, PurplePatch, Vodafone<br />

Presenter: Pete Whitmore, Chair, CICM<br />

Collector of award: Penelope Clarke, Head of <strong>Credit</strong> Risk, Vodafone.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 38


How well do you really<br />

know the people behind<br />

the companies you do<br />

business with?<br />

Wouldn’t you like to<br />

see what skeletons<br />

lurk in their cupboard?<br />

Aphrodite:<br />

Enhanced Director Matching<br />

from Company Watch.<br />

#HindsightInAdvance<br />

Call: +44(0)20 7043 3300<br />

Email: info@companywatch.net<br />

Visit: www.companywatch.net


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Consumer Call Centre Team of the Year<br />

Winner<br />

PiggyBank - DJS<br />

Judges' comment: “This company<br />

demonstrated good examples of an<br />

improvement in the customer journey<br />

especially around call quality and stick<br />

rates.”<br />

Finalists:<br />

Amigo Loans, DJS (UK) Limited<br />

Presenter: Debbie Nolan, Vice Chair, CICM<br />

Collector of award: Dan Ware, CEO, and The PiggyBank team<br />

Commercial <strong>Credit</strong> Team of the Year<br />

Winner<br />

Veolia ES UK<br />

Sponsored by<br />

PALADIN<br />

Judges' comment: “The Irish takeover<br />

is an excellent example of what can be<br />

achieved by a focused team – the team<br />

has a track record that is difficult to<br />

fault.”<br />

Presenter: George Miles, Chairman, Paladin<br />

Collector of award: Sarah Bolas, <strong>Credit</strong> Services Manager at Veolia<br />

Finalists:<br />

Aggregate Industries UK Ltd, European Metal Recycling Ltd, Gazprom Energy, Magans Micro <strong>Credit</strong> Services, McDonalds Restaurants UK Limited -<br />

Global Business Services (GBS), Royal Mail PLC, TXM Group, Veolia ES UK Limited<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 40


Commercial Collections Team of the Year<br />

Winner<br />

Imperial College<br />

London<br />

Sponsored by<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Judges' comment: “Great results and<br />

a team clearly committed to the cause<br />

with proven engagement across all<br />

stakeholders – a testament to their<br />

collaborative approach.”<br />

Highly Commended: JLL<br />

Presenter: Joe Pettit, Director of Business Development, Data Interconnect<br />

Collector of award: Roy Ortiz from Imperial College London<br />

Finalists:<br />

Aggregate Industries UK Ltd, Cardiff University, Echo Managed Services - Northern Ireland & NI Water, HM Revenue & Customs, Large Business Unit,<br />

Imperial College London, JLL, Royal Mail PLC, TXM Group, Veolia ES UK Limited<br />

Third Party Debt Collection Team of the Year<br />

Winner<br />

Hilton-Baird<br />

Collection Services<br />

Judges' comment: “The feedback from<br />

clients and proven results made this a<br />

stand-out entry.”<br />

Presenter: Bryony Pettifor, Vice President, CICM<br />

Collector of award: Ian Tramaseur from Hilton-Baird Collection Services<br />

Finalists:<br />

Clarke Willmott LLP, Darcey Quigley & Co, Echo Managed Services - Northern Ireland & NI Water, Hilton-Baird Collection Services, Keebles, The Zinc<br />

Group Ltd, ZZPS Limited<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 41


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Legal Team of the Year<br />

Winner<br />

Keebles LLP<br />

Sponsored by<br />

Judges' comment: “Excellent feedback<br />

from clients – a clear understanding<br />

of the sectors in which they work and<br />

impressive recovery rates.””<br />

Presenter: Michael Whitaker, Head of Business Development, High Court Enforcement Group<br />

Collector of award: Charise Marsden, Debt Recovery Manager, Keebles LLP<br />

Finalists:<br />

Ascent Performance Group Limited, Blaser Mills Law, Keebles, Shakespeare Martineau<br />

Project of the Year<br />

Winner<br />

Aggregate Industries<br />

(UK) Ltd<br />

Judges' comment: “Excellent use of<br />

technology to enable the secure handling<br />

of customer information and enabling<br />

calls and efficiency savings across the<br />

entire department.”<br />

Presenter: Larry Coltman, Vice President, CICM<br />

Collector of award: Phil Rice, Head of <strong>Credit</strong>, Aggregate Industries (UK) Ltd<br />

Finalists:<br />

ABB, Aggregate Industries UK Ltd, CoCredo, DJS (UK) Limited, HM Revenue & Customs, Green Channel Project, Veolia ES UK Plc<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 42


Modern <strong>Credit</strong> Solutions<br />

to Improve Business Performance<br />

Leverage the world’s most comprehensive global data and insights from Dun & Bradstreet’s<br />

Data Cloud to help transform your credit team into a data inspired growth engine.<br />

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Learn more here: dnb.co.uk/dbcredit<br />

In the UK, Dun & Bradstreet Ltd is certified to ISO 27001 and is authorised & regulated by the Financial Conduct Authority<br />

in relation to providing credit references on non-limited companies.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 43<br />

© Dun & Bradstreet, Inc. <strong>2019</strong>


Best use of <strong>Credit</strong> Technology<br />

Winner<br />

High Court<br />

Enforcement<br />

Group Limited<br />

Sponsored by<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Judges' comment: “A platform<br />

that is already delivering results<br />

and continues to save costs, time<br />

and resources.”<br />

Presenter: Victoria Herd, Trustee, CICM<br />

Collector of award: Alan Smith, Director of Corporate Governance, High Court Enforcement<br />

Group Limited<br />

Finalists:<br />

Amigo Loans, Atradius Collections, DJS (UK) Limited, Insight Performance Improvement Ltd, iwoca, Onguard UK Ltd, The Zinc Group Ltd and<br />

United Utilities.<br />

Learning & Development Award<br />

Winner<br />

ABB<br />

Judges' comment: “A company that<br />

looks not only at the needs of the<br />

business but also the individual needs<br />

of each individual learner, both in the<br />

UK and internationally.”<br />

Presenter: Glen Bullivant, Vice President, CICM<br />

Collector of award: Neil Murdy from ABB<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 44


Employer of the Year<br />

Winner<br />

CoCredo<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Sponsored by<br />

Judges' comment: “The judges were<br />

particularly impressed by the entry from<br />

a member of staff who is employed by the<br />

company, and who speaks of a company<br />

where people clearly love to work.”<br />

Presenter: Kabir Gulabkhan, Manager, UK <strong>Credit</strong> <strong>Management</strong> Lead, Hays<br />

Collector of award: Dan Hancocks, Managing Director, CoCredo<br />

Finalists:<br />

Adecco UK & Ireland, Aggregate Industries UK Ltd, Amigo Loans, CoCredo, Costa Coffee Limited, DJS (UK) Limited, Kier Group, Veolia ES UK Limited<br />

Customer Service Hero Award<br />

Winner<br />

Stephanie Ratcliffe<br />

HM Revenue &<br />

Customs<br />

Sponsored by<br />

Judges' comment: “A proven team<br />

leader and team player who is<br />

obviously a joy to work with and<br />

work for. She appears to do almost<br />

everything for her customers!”<br />

Presenter: CharlotteTurner, Director, Portfolio <strong>Credit</strong> Control<br />

Collector of award: Stephanie Ratcliffe, HM Revenue & Customs<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 45


Rising Star of the Year<br />

Winner<br />

Salma Shah<br />

Paradigm Housing<br />

Group<br />

Sponsored by<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Judges' comment: “In another highly<br />

contested category, Salma is a dedicated<br />

and professional rising star who is clearly<br />

determined to succeed, to develop her<br />

own skills and the skills or others. Salma<br />

demonstrates how CICM membership and<br />

qualifications can be the springboard to<br />

future success.””<br />

Presenter: Ceinwen Wilson, Director, CWC Recruitment<br />

Collector of award: Salma Shah, Senior Income Officer, Paradigm Housing Group<br />

Finalists:<br />

Annabel Blanco - Nuvias, Cherie McNeil - HM Revenue and Customs, Glenn Kincaide - Kier Group, Jack Martin - Veolia ES UK Plc, José Carlos<br />

Antequera Roa - Axión Infraestructuras de Telecomunicaciones, SAU, Kayleigh Linford - Clarke Willmott LLP, Kieran Reid - Adecco UK & Ireland,<br />

Lee Hancock - Veolia ES UK Plc, Marc Foster - HM Revenue & Customs, Rachael Costello - Aggregate Industries, Rachelle Bull - Kier, Roy Ortiz -<br />

Imperial College London, Salma Shah - Paradigm Housing Group<br />

Diversity and Inclusion Award<br />

Winner<br />

HM Revenue &<br />

Customs, Debt<br />

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

Diversity Team<br />

Sponsored by<br />

Judges' comment: “An impressive entry<br />

that uses real life stories to create a very<br />

powerful story. Achievements are driven<br />

by people as well as the organisation.”<br />

Presenter: Natalie Ross, Director – UK Working Capital & Growth, American Express<br />

Collector of award: Karen Cobb & Patricia Wilkinson, HM Revenue & Customs, Debt<br />

<strong>Management</strong> Diversity Team<br />

Finalists:<br />

HM Revenue & Customs, Debt <strong>Management</strong> Diversity Team, HM Revenue & Customs, Debt Resolution Team, Liverpool, HM Revenue & Customs,<br />

Debt Resolution Team, Shipley<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 46


<strong>Credit</strong> Professional of the Year<br />

Winner<br />

Matthew Roberts -<br />

Npower Business<br />

Solutions<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Judges' comment: “A stand out entry in a<br />

highly competitive field. The sign of a true<br />

credit professional is the ability to pass on<br />

their skill sets to others and Matthew is<br />

clearly doing this with great success.”<br />

Presenter: Jo Kettner from Company Watch.<br />

Collector of award: Matthew Roberts, Debt Risk Strategy Manager, Npower Business Solutions<br />

Finalists:<br />

Brendan Clarkson - CVR Global, Giampaolo Scarpaci - Servomex Group Limited, Isaac Mireku - Harley Davidson Ltd, Jackie Ray - Blaser Mills<br />

Law, John Kelly - HM Revenue and Customs, Lanslord Asumakah - Maglas Micro-<strong>Credit</strong> Services, Matthew Roberts - Npower Business Solutions,<br />

Michelle Atkinson - United Utilities, Sarah Hicken - Aggregate Industries UK Ltd, Steve Charter - TXM Recruit<br />

Corporate Social Responsibility<br />

Winner<br />

Aggregate Industries<br />

(UK) Ltd<br />

Sponsored by<br />

Judges' comment: “A true CSR policy<br />

with great results and investment<br />

from the company and their staff.”<br />

Presenter: Mark Preston, Senior Consultant and Subject Matter Expert, Dun & Bradstreet<br />

Collector of award: Phil Rice, Head of <strong>Credit</strong>, Aggregate Industries (UK) Ltd<br />

Finalists:<br />

Aggregate Industries (UK) Ltd, Amigo Loans, Pulmonary Fibrosis Trust, United Utilities<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 47


The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

Mentor of the Year<br />

Winner<br />

Karen Finney -<br />

Salford City College<br />

Sponsored by<br />

Judges' comment:<br />

“Has helped many apprentices through<br />

their qualifications, recognising that each<br />

learner may well need a different approach.<br />

Karen adapts her style to each individual<br />

she is supporting. An excellent role model<br />

and mentor.”<br />

“Highly Commended: Kaseem Younis<br />

Finalists:<br />

Elizabeth Ives - HM Revenue and Customs, Karen Finney - Salford City College, Kaseem Younis - HM Revenue and Customs<br />

Winner of Winners<br />

Winner<br />

Matthew Roberts -<br />

Npower Business<br />

Solutions<br />

Judges' comment: “A unanimous<br />

decision from the judges, Matthew<br />

is a credit to his employer and the<br />

profession.”<br />

Shortlist:<br />

Npower Business Solutions, CoCredo, ABB<br />

Presenter: Stephen Baister, President, CICM<br />

Collector of award: Matthew Roberts, Debt Risk Strategy Manager, Npower Business Solutions<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 48


The Sir Roger Cork Prize<br />

Joint<br />

Winners<br />

Giampaolo Scarpaci -<br />

Servomex Group Ltd<br />

and Molly Kane -<br />

Oxford University<br />

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2019</strong><br />

An annual award presented to the candidate who<br />

achieved the highest aggregate CICM examination<br />

pass-marks within the calendar 2018.<br />

Presenter: Debbie Tuckwood, Chief Adviser, CICM<br />

Collector of award: Giampaolo Scarpaci, EMEA <strong>Credit</strong> Controller, Servomex Group Ltd<br />

Photographs of the evening<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 49 continues on page 50 & 51 >


The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 50


The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 51


INTRODUCING OUR<br />

CORPORATE PARTNERS<br />

For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com<br />

Hays <strong>Credit</strong> <strong>Management</strong> is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CICM’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately<br />

predict their exposure to financial risk. Our<br />

H-Score® predicted 92 percent of quoted company<br />

insolvencies and our TextScore® accuracy rate<br />

was 93 percent. Our scores are trusted by credit<br />

professionals within banks, corporates, investment<br />

houses and public sector bodies because, unlike<br />

other credit reference agencies, we are transparent<br />

and flexible in our approach.<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

HighRadius is a Fintech enterprise Software-as-a-Service<br />

(SaaS) company. Its Integrated Receivables platform<br />

reduces cycle times in the Order to Cash process through<br />

automation of receivables and payments across credit,<br />

e-invoicing and payment processing, cash allocation,<br />

dispute resolution and collections. Powered by the<br />

RivanaTM Artificial Intelligence Engine and Freeda<br />

Digital Assistant for Order to Cash teams, HighRadius<br />

enables more than 450 organisations to leverage<br />

machine learning to predict future outcomes and<br />

automate routine labour intensive tasks.<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

Forums International has been running <strong>Credit</strong><br />

and Industry Forums since 1991 covering a range<br />

of industry sectors and international trading.<br />

Attendance is for credit professionals of all levels.<br />

Our forums are not just meetings but communities<br />

which aim to prepare our members for the<br />

challenges ahead. Attending for the first time is<br />

free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners,<br />

so you will never intentionally be sold to.<br />

Chris Sanders Consulting (Sanders Consulting<br />

Associates) has three areas of activity providing<br />

credit management leadership and performance<br />

improvement, international working capital<br />

improvement consulting assignments and<br />

managing the CICMQ Best Practice Accreditation<br />

programme on behalf of the CICM. Plans for<br />

<strong>2019</strong> include international client assignments in<br />

India, China, USA, Middle East and the ongoing<br />

development of the CICMQ Programme.<br />

Key IVR provide a suite of products to assist<br />

companies across Europe with credit management.<br />

The service gives the end-user the means to make<br />

a payment when and how they choose. Key IVR<br />

also provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and<br />

SMS. In a credit management environment, these<br />

services are used to cost-effectively contact debtors<br />

and connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

T: +44(0)7747 761641<br />

E: chris@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr<br />

W: www.keyivr.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in <strong>2019</strong> to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

<strong>Credit</strong>safe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools,<br />

automated workflows for payment processing<br />

and bill review and state of the art fraud detection,<br />

behavioural analytics and regulatory compliance.<br />

Every day, we help our customers by making<br />

complex business payments simple, secure and<br />

seamless.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 52


Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession and best practice in the<br />

<strong>Credit</strong> Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />

THEY'RE WAITING TO TALK TO YOU...<br />

Onguard is a specialist in credit management<br />

software and a market leader in innovative solutions<br />

for Order to Cash. Our integrated platform ensures<br />

an optimal connection of all processes in the Order<br />

to Cash chain and allows sharing of critical data. Our<br />

intelligent tools can seamlessly interconnect and<br />

offer overview and control of the payment process,<br />

as well as contribute to a sustainable customer<br />

relationship. The Onguard platform is successfully<br />

used for successful credit management in more<br />

than 50 countries.<br />

T: +31 (0)88 256 66 66<br />

E: ruurd.bakker@onguard.com<br />

W: www.onguard.com<br />

The Atradius Collections business model is to support<br />

businesses and their recoveries. We are seeing a<br />

deterioration and increase in unpaid invoices placing<br />

pressures on cash flow for those businesses. Brexit is<br />

causing uncertainty and we are seeing a significant<br />

impact on the UK economy with an increase in<br />

insolvencies, now also impacting the continent and<br />

spreading. Our geographical presence is expanding<br />

and with a single IT platform across the globe we can<br />

provide greater efficiencies and effectiveness to our<br />

clients to recover their unpaid invoices.<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to<br />

make fast, accurate decisions, enabling them to<br />

minimise risk and identify fraud as well as optimise<br />

opportunities with their commercial relationships.<br />

Graydon uses 130+ international databases and the<br />

information of 90+ million companies. Graydon has<br />

offices in London, Cardiff, Amsterdam and Antwerp.<br />

Since 2016, Graydon has been part of Atradius, one of<br />

the world’s largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 53


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 55


PAYMENT TRENDS<br />

Not a pretty sight<br />

The latest monthly business to business payment<br />

performance statistics.<br />

AUTHOR – Jason Braidwood FCICM(Grad)<br />

THE last payment performance<br />

statistics gave real cause for<br />

encouragement and optimism, with<br />

some impressive sector and regional<br />

improvements. This month, however,<br />

does not make for pleasant reading.<br />

The average Days Beyond Terms (DBT) figures<br />

across regions and sectors have increased to 17.1<br />

and 16.2 days respectively.<br />

SECTOR SPOTLIGHT<br />

The sector spotlight shows little in the way of<br />

encouragement, with only five of the 22 sectors<br />

reducing their payment terms. Energy Supply<br />

has reduced DBT by 4.9 days. Hospitality has also<br />

performed well, with a reduction of 3.6 and now<br />

tops the table with a DBT of 8.6 days. The other<br />

sectors to show improvements are Business from<br />

Home, International Bodies and Agriculture,<br />

Forestry and Fishing.<br />

At the other end of the scale, it has been a<br />

dreadful month for the Financial and Insurance<br />

sector, with DBT increasing by an enormous 8.2<br />

days to 22.7 days overall. Sitting rock bottom of the<br />

table is Water and Waste with an overall DBT of 24<br />

days following a further increase of 6.8 days. It has<br />

also been a disappointing month for Wholesale<br />

and Retail Trade, Real Estate and Professional and<br />

Scientific, with increases of 4.9 days, 4.2 days and<br />

4.1 days respectively.<br />

REGIONAL SPOTLIGHT<br />

It’s impossible to find a positive in the regional<br />

standings, with all regions posting an increase<br />

in their payment terms. It’s not a pretty sight.<br />

Following a positive improvement where DBT was<br />

reduced by 6.8 days, Northern Ireland has moved<br />

hastily in the wrong direction with an increase of<br />

5.7 up to 23 days overall.<br />

It’s been similarly disappointing for East Anglia,<br />

which surrenders top spot after a steep increase of<br />

5.5 days. Also sliding the wrong way in the table is<br />

the West Midlands and South East, with increases of<br />

4.6 days and 3.7 days.<br />

But in truth, it has been a poor month across the<br />

board. And with the continued uncertainty over<br />

Brexit, it’s very difficult, if not almost impossible,<br />

to make predictions on how things will look in the<br />

coming months.<br />

Jason Braidwood FCICM(Grad),<br />

Head of <strong>Credit</strong> and Collections at <strong>Credit</strong>safe<br />

Business Solutions.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 56


PAYMENT TRENDS<br />

AUTHOR – Jason Braidwood FCICM(Grad)<br />

Top Five Prompter Payers<br />

Region Jan 19 Change from Dec 18<br />

South West 14.7 1.7<br />

East Midlands 15.3 1.8<br />

North West 15.7 1.2<br />

South East 16 3.7<br />

West Midlands 16.6 4.6<br />

Getting Better<br />

-4.9 Energy Supply<br />

-3.6 Hospitality<br />

-1.8 Business from Home<br />

-1.7 International Bodies<br />

-0.2 Agriculture, Forestry and Fishing<br />

Top Five Prompter Payers<br />

Sector Jan 19 Change from Dec 18<br />

Hospitality 8.6 -3.6<br />

Public Administration 10.9 3.2<br />

Education 11.2 1.3<br />

Entertainment 11.2 1.5<br />

International Bodies 11.9 -1.7<br />

Bottom Five Poorest Payers<br />

Region Jan 19 Change from Dec 18<br />

Northern Ireland 23 5.7<br />

Wales 17.8 1.1<br />

London 17.5 1.1<br />

East Anglia 17.2 5.5<br />

Scotland 16.9 2.2<br />

Getting Worse<br />

8.2 Financial and Insurance<br />

6.8 Water and Waste<br />

4.9 Wholesale and Retail Trade<br />

4.2 Real Estate<br />

4.1 Professional and Scientific<br />

Bottom Five Poorest Payers<br />

Sector Jan 19 Change from Dec 18<br />

Water and Waste 24 6.8<br />

Financial and Insurance 22.7 8.2<br />

Wholesale and Retail Trade 22.1 4.9<br />

Business Admin and Support 20.2 3.9<br />

Professional and Scientific 19.3 4.1<br />

It’s impossible to find a positive in the<br />

regional standings, with all regions<br />

posting an increase in their payment<br />

terms. It’s not a pretty sight.<br />

SCOTLAND<br />

16.9 DBT<br />

NORTHERN<br />

IRELAND<br />

23 DBT<br />

Region<br />

Getting Better – Getting Worse<br />

NORTH<br />

WEST<br />

15.7 DBT<br />

YORKSHIRE &<br />

HUMBERSIDE<br />

17 DBT<br />

5.5<br />

1.8<br />

1.1<br />

1.2<br />

5.7<br />

2.2<br />

3.7<br />

1.7<br />

1.1<br />

4.6<br />

3.5<br />

East Anglia<br />

East Midlands<br />

London<br />

North West<br />

Northern Ireland<br />

Scotland<br />

South East<br />

South West<br />

Wales<br />

West Midlands<br />

Yorkshire and Humberside<br />

WALES<br />

17.8 DBT<br />

SOUTH<br />

WEST<br />

14.7 DBT<br />

WEST<br />

MIDLANDS<br />

16.6 DBT<br />

EAST<br />

MIDLANDS<br />

15.3 DBT<br />

LONDON<br />

17.5 DBT<br />

EAST<br />

ANGLIA<br />

17.2 DBT<br />

SOUTH<br />

EAST<br />

16 DBT<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 57


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M: +44 (0)7712 The 486798 / T: +44 The Recognised Standard / www.cicm.com / / March (0)1246 May 2018 <strong>2019</strong> / / PAGE 41 58 555055


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 59


EXCLUSIVE REPORT<br />

GROWING PAINS<br />

The difficulties the construction sector is facing<br />

and the wider impact on the economy.<br />

AUTHOR – Markus Kuger<br />

THE construction industry is<br />

often used as a barometer of<br />

overall economic growth by<br />

analysts and commentators.<br />

The sector represents<br />

around six percent of GDP,<br />

contributes some £90 billion in gross value<br />

added and supports 2.9 million jobs, so<br />

activity in this industry is often a good<br />

indication of the general health of the<br />

economy. When it’s on the up, there are<br />

more investment projects and in times<br />

of uncertainty or recession, it’s usually<br />

one of the first sectors to show signs of a<br />

slowdown.<br />

Recent statistics such as the UK<br />

Construction PMI published by IHS Markit<br />

and the Chartered Institute of Procurement<br />

and Supply (CIPS) show a slowing pace<br />

of construction activity with growth at<br />

a three-month low at the end of 2018.<br />

Despite a rise in civil engineering activity<br />

and major public projects such as Crossrail<br />

and HS2, uncertainty around Brexit does<br />

seem to be impacting the appetite for<br />

investment in new projects and currency<br />

fluctuations may have increased the cost<br />

of importing vital materials.<br />

Forward-looking indicators have<br />

deteriorated markedly in recent quarters.<br />

Eurostat’s Economic Sentiment Indicator<br />

(which combines industrial, services,<br />

retail, construction and consumer<br />

confidence indicators) dropped to 103.7<br />

in January <strong>2019</strong>, the lowest reading since<br />

July 2016 and significantly below the EU-28<br />

average of 106.1.<br />

The latest high-frequency indicators<br />

point towards a cooling in the construction<br />

sector. The Purchasing Managers’ Index<br />

dropped to 50.6 in January, a ten-month<br />

low and only marginally above the neutral<br />

50-points line that divides expansion in<br />

sectoral activity from contraction. All<br />

three sub-categories (residential, civil<br />

engineering, and construction) were down<br />

from their December readings, and work on<br />

commercial projects (including shops and<br />

offices) fell for the first time since March<br />

2018. Office for National Statistics (ONS) data<br />

shows that new orders in the construction<br />

sector fell in Q1-Q3 2018, with July-September<br />

(the latest-available data point) recording a<br />

30.2 percent year-on-year drop, the sharpest<br />

deterioration since the financial crisis.<br />

CARILLION EFFECT<br />

The construction sector has undoubtedly<br />

been impacted by the fallout of the highprofile<br />

collapse of Carillion. This has<br />

impacted cashflow and also led to yet more<br />

scrutiny on payment terms imposed by<br />

larger organisations given the reliance of<br />

smaller businesses on prompt payments.<br />

The National Federation of Builders (NFB)<br />

states that small and medium enterprises<br />

in the construction industry are owed a<br />

total of £30 billion in unpaid invoices and<br />

the sector has the worst payment record of<br />

any industry. With suppliers offering limited<br />

credit and many projects dictated by weather<br />

conditions, businesses in this sector often<br />

face significant cashflow challenges.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 60


EXCLUSIVE REPORT<br />

AUTHOR – Markus Kuger<br />

Dun & Bradstreet data based on trade<br />

references shows that the construction<br />

industry average for paying bills on time is<br />

just 42.8 percent.<br />

LABOUR MARKET<br />

Firms operating in the UK construction<br />

industry are also dealing with a challenging<br />

labour market. Data from the NFB suggests<br />

that the industry needs to recruit at least<br />

35,000 new workers each year to cope<br />

with increasing work demand. Anecdotal<br />

evidence quoted in the Royal Chartered<br />

Institute of Surveyors (RICS) Construction<br />

and Infrastructure Market Survey for the<br />

final quarter of last year raised concerns<br />

around the impact of Brexit on the<br />

availability of skilled workers and survey<br />

responses indicated a decrease in new<br />

project enquiries. The shortage of skilled<br />

labour is likely to be exacerbated by the<br />

Brexit uncertainty due to the number of EU<br />

nationals working in the sector.<br />

ACCESS TO FINANCE<br />

Respondents in the RICS survey also<br />

highlighted difficulties with access to<br />

finance and credit with 20 percent more<br />

respondents reporting a deterioration in<br />

credit terms, compared to those who had<br />

seen an improvement. This could be a<br />

knock-on effect of the Carillion collapse,<br />

and also increased caution from banks and<br />

lenders while the full impact of Brexit is<br />

still unclear.<br />

The BDRC SME Finance monitor<br />

showed a decline in profit from 86 percent<br />

to 79 percent across SME construction<br />

firms from 2017 to H1 2018, and a similar<br />

decline in growth (41 percent to 26 percent)<br />

over the same period. There was also a drop<br />

in the number of construction SMEs using<br />

external finance from 37 percent to 33<br />

percent, with the percentage of permanent<br />

non-borrowers increasing from 48 percent<br />

to 51 percent.<br />

CORPORATE LIQUIDATIONS<br />

Dun & Bradstreet business failure data for<br />

the construction sector for Q4 2018 shows an<br />

improvement quarter-on-quarter (down 1.6<br />

percent), but in a year-on-year comparison<br />

the number of corporate liquidations in<br />

the sector rose by 11.4 percent. Overall,<br />

666 construction companies filed for<br />

insolvency during October to December<br />

2018.<br />

The number of business failures in<br />

construction has also been rising over<br />

the last three years. Over half of business<br />

liquidations are in Specialised Construction<br />

Activities (Electrical, plumbing, building<br />

completion and finishing, etc.) with a<br />

regional concentration around the Greater<br />

London area and in the Midlands. Although<br />

as Greater London has the highest number<br />

of construction-related businesses, this<br />

isn’t surprising. Notably, nearly 75 percent<br />

of the business closures are younger<br />

businesses that have only been operating<br />

for five years or less. More established<br />

firms (those over 20 years) only represent<br />

three percent of the number of business<br />

closures, suggesting that companies<br />

who have been around for longer are<br />

weathering the uncertainty easier than<br />

more recently formed businesses.<br />

DOOM AND GLOOM<br />

However, the outlook is not all gloomy. The<br />

latest ONS bulletin on construction output<br />

recorded an all-time high for November<br />

2018, with the total value of construction<br />

output hitting an all-time high since<br />

records began – breaking the £14 billion<br />

mark. This growth has been primarily<br />

driven by new housing, private commercial<br />

new work and public housing repair<br />

and maintenance. The UK Government<br />

has committed a further £1 billion in<br />

additional HRA borrowing to fund council<br />

housing, which has stimulated more<br />

activity.<br />

Dun & Bradstreet data shows a steady<br />

rise in the number of construction<br />

businesses over the past four years from<br />

400,000 in 2015 to over 600,000 in 2018. Civil<br />

Engineering firms have seen the highest<br />

increase, doubling over the three-year<br />

period. Within Specialised Construction<br />

Activities, the Building Completion and<br />

Finishing sector has seen a marked growth<br />

in the number of active businesses from<br />

69,000 in 2015 to 132,000 in 2018. The<br />

majority (over 90 percent) of construction<br />

firms are ‘micro’ businesses with only<br />

a small percentage categorised as large<br />

enterprises. Nearly three quarters of firms<br />

are listed as private limited companies and<br />

nearly half are less than five years old.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 61 continues on page 62 >


EXCLUSIVE REPORT<br />

AUTHOR – Markus Kuger<br />

The continued<br />

uncertainty<br />

around Brexit is<br />

likely to be a key<br />

factor influencing<br />

the significant<br />

slowdown in<br />

growth and an<br />

increase in business<br />

failures across the<br />

construction sector.<br />

Financial information shows a significant<br />

decrease in the proportion of assets financed<br />

by debt with specialised construction activities<br />

seeing a significant average reduction of nearly<br />

36.2 percent in debt ratio. There has also been<br />

a marked decrease in current ratio. This is a<br />

liquidity measure indicating more difficulties<br />

to cover the short-term debt with short-term<br />

assets.<br />

PLANNING AHEAD<br />

The continued uncertainty around Brexit<br />

is likely to be a key factor influencing the<br />

significant slowdown in growth and an increase<br />

in business failures across the construction<br />

sector. Dun & Bradstreet’s analysis predicts that<br />

economic performance will worsen if the UK<br />

leaves the EU without a deal so there may be<br />

bumpier roads ahead.<br />

The construction industry is likely to be<br />

monitored closely for early signs of the economic<br />

impact of whatever Brexit scenario plays out in<br />

<strong>2019</strong>. Although there has been a slowdown, it<br />

continues to be a sector that is increasing in size<br />

and constitutes a significant proportion of the<br />

UK’s small and micro businesses.<br />

Dun & Bradstreet’s baseline scenario is for<br />

a delayed, soft Brexit, but things are changing<br />

quickly. The best advice for construction<br />

businesses is to monitor the situation and try<br />

to establish a transparent view of supply chain<br />

and business relationships to enable a quick<br />

assessment of how the latest development will<br />

impact business operations once a decision is<br />

made.<br />

Markus Kuger is Lead Economist at<br />

Dun & Bradstreet.<br />

Markus Kuger<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 62


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 63<br />

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OPINION<br />

RISK AND<br />

REWARD<br />

How credit managers should deal<br />

with difficult customers.<br />

AUTHOR – Chris Sanders FCICM<br />

Chris Sanders FCICM<br />

Head of Accreditation – CICMQ.<br />

AS human beings we are<br />

all unique. When organisations<br />

develop scripts for<br />

telephone collections or<br />

a process for collections<br />

strategies we shouldn’t<br />

be surprised that things don’t always go<br />

to plan. Machine learning determines<br />

outcomes and actions based on past<br />

experience and future probability, and it<br />

is beginning to move organisations away<br />

from the set scripts and standard collections<br />

paths of two letters then a phone call.<br />

While many of the larger organisations,<br />

utilities, banks etc are able to invest in<br />

these clever tools, for most working in the<br />

credit management world many of these<br />

tools are still some years away. Based on<br />

the experience and feedback from CICMQ<br />

Accredited organisations, I thought it<br />

would be useful to put something together<br />

that may assist the vast majority of credit<br />

teams who rely on people rather than<br />

machines.<br />

Despite what many people may think,<br />

organisations of between five and 15 credit<br />

controllers make up the majority of CICMQ<br />

companies. Many of these companies still<br />

manage credit through spreadsheets, make<br />

calls manually, sign-off credit notes etc –<br />

the world of automation and machine<br />

learning is still some time away.<br />

This article is also aimed at the credit<br />

controllers who manage large strategic<br />

accounts or, as most refer to them, National<br />

or Major Accounts. These accounts are<br />

tough to automate, require relationships<br />

not ‘interactions’, have complex disputes<br />

and queries and also challenge your<br />

standard terms, and often use third party<br />

offshore accounts payable teams. I have<br />

found when working with international<br />

clients these principles also apply. While<br />

everyone is different, people are also the<br />

same the world over – these strategies have<br />

been used successfully in Far East, India,<br />

Africa, Middle East, Europe and USA.<br />

There are two places to start:<br />

FINANCIALS<br />

You would have determined with a<br />

reasonable degree of certainty that the<br />

customer can pay their bills, but don’t<br />

take the reports at face value. Check with<br />

your sales people and your network.<br />

Remember, we have had some surprisingly<br />

good credit reports which within weeks<br />

turn bad, Patisserie Valerie most recently<br />

and the dreaded Carillion from 2018. Keep<br />

checking payment data and beware of<br />

customers suddenly wanting 90+ terms<br />

and beyond. Liquidity issues in some<br />

parts of the world are proving difficult<br />

for suppliers so understand what you are<br />

getting into before you start. Government<br />

debt in some geographies at the moment<br />

is driving the payment trends in<br />

some countries, and your international<br />

customers may be caught up in that.<br />

KNOW YOUR CUSTOMER<br />

KYC or, as we prefer it, know your<br />

customer’s payment process. This is<br />

something that few credit management<br />

teams truly understand, but we<br />

recommend that you spend some time<br />

at the beginning of your relationship<br />

understanding your customer’s payment<br />

process – who signs-off what, where in<br />

the organisation your invoice goes and<br />

how long it takes. The people that manage<br />

these processes will become your new best<br />

friends!<br />

With these two criteria understood<br />

we can move onto when the relationship<br />

develops and things start to get difficult.<br />

With the impending Brexit you should<br />

prepare some strategies to ensure that you<br />

can deal with some difficult situations.<br />

Understanding what to do with Can Pay v<br />

Can’t Pay and Will Pay v Won’t Pay will help.<br />

Create a square chart with four quadrants<br />

to help you map your customers and then<br />

in each quadrant give them a Red, Amber,<br />

Green (RAG) status and start to develop<br />

some strategies for each quadrant. Test<br />

them to see if they work. If not change<br />

them, the key here is flexibility.<br />

So as far as the strategies go, let’s start<br />

with the easy one:<br />

Can Pay/Will Pay (bottom left hand<br />

corner, RAG Status = GREEN)<br />

As I said nice and simple to start with.<br />

As with all collections activities they<br />

should be consistent and persistent.<br />

Just because they pay doesn’t mean they<br />

should be ignored. This action is relevant<br />

for all customers regardless of the type or<br />

payment behaviour.<br />

Can Pay/Won’t Pay (bottom right hand<br />

corner, RAG Status = AMBER)<br />

They have the money but are reluctant to<br />

part with it and as a result put obstacles<br />

in the way. Firstly, by understanding the<br />

customer’s payment process you will be<br />

able to push the customer ‘So I understand<br />

that John signs off the invoices, when will<br />

he be back?’, or ‘So what has changed as<br />

this process only takes three days?’ This<br />

sort of customer also places obstacles like<br />

disputes in the way of payment. If this is<br />

the case, come to agreements written in<br />

emails: ‘If we resolve this dispute when can<br />

we expect payment?’ This is about almost<br />

bartering one thing for another. Checking<br />

invoices for these customers may also help<br />

to try and spot pricing issues or general<br />

invoicing errors before the customer does.<br />

One international client had a customer<br />

who wanted to roll the outstanding debt<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 64


OPINION<br />

AUTHOR – Chris Sanders FCICM<br />

The people that manage<br />

these processes will<br />

become your new best<br />

friends!<br />

into a new contract, which was fine, but as a<br />

negotiating tactic you should always adjust the<br />

margin to cover the cost of credit, and the same<br />

should be applied to extending payment terms.<br />

In short, remove as many of the reasons for nonpayment<br />

as you can, agree strict terms and add<br />

the cost of the credit wherever possible to ensure<br />

that they recognise that you are not a soft touch.<br />

Word can get around to other customers in your<br />

industry.<br />

Can’t Pay/Will Pay (top left-hand corner RAG<br />

Status = AMBER)<br />

This is the customer who will pay but is financially<br />

strapped at the moment. Now we are entering<br />

the world of payment plans and extended<br />

payment arrangements. The situation that the<br />

customer finds themselves in may be completely<br />

outside their control – they may be the victim<br />

of the Government liquidity issues mentioned<br />

above. We should not penalise them for this as<br />

they may become unwilling to pay. During the<br />

credit crunch one CICMQ organisation in the<br />

building trade assisted their customers with<br />

financial arrangements, retention insurance<br />

and credit vetting their customers. In the long<br />

run this strategy helped to build a much more<br />

loyal customer base. So, think about the future<br />

– it is not always about the here and now. With<br />

all payment plans the main requirement is to<br />

document the agreement.<br />

Can’t Pay/Won’t Pay (top right-hand corner<br />

RAG Status = RED)<br />

This is the customer who is in financial difficulty<br />

and also puts obstacles in the way of payment.<br />

Here you will need to ensure that everything<br />

Flexibility is<br />

the key, the<br />

provision<br />

of credit as<br />

we enter an<br />

unknown period<br />

will become<br />

more important.<br />

is documented as before and also work on the<br />

payment arrangements. This sort of customer is a<br />

drain on your margins so you may want to consider<br />

whether this is the sort of customer that you want<br />

to deal with. Keep a very close watch on the cost of<br />

credit and if possible establish what the margins<br />

are for the products or services that they buy. As<br />

a credit manager it is also your responsibility<br />

to ensure that all customers are profitable and<br />

providing this information, good or bad, to sales<br />

and marketing.<br />

These are just a few of the things to consider<br />

when developing strategies for difficult customers.<br />

As mentioned above, one CICMQ organisation<br />

provided a suite of ‘credit products’ to assist their<br />

customers. Others provided their customers<br />

with joint deposit accounts, extended short-term<br />

finance, invoice finance as well as giving extended<br />

credit through financial institutions while your<br />

organisation gets paid to terms.<br />

Flexibility is the key, the provision of credit as<br />

we enter an unknown period will become more<br />

important, those credit teams that bend and flex<br />

with customers to provide innovative solutions will<br />

once again be the ones who provide the greatest<br />

benefit to their business.<br />

I said in 2008 at the time of the <strong>Credit</strong> Crunch<br />

‘Now is the time for <strong>Credit</strong> Managers to show their<br />

true value’ and the same is true today as we enter<br />

another period of uncertainty.<br />

All of these strategies are examples from the<br />

CICM Best Practice Network where ‘best practice’<br />

methods and procedures are shared. For more<br />

information please contact cicmq@cicm.com<br />

Chris Sanders FCICM,<br />

Head of Accreditation – CICMQ.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 65


HR MATTERS ROUNDUP<br />

Discriminating against<br />

a disabled employee<br />

Determining sick pay for part-time employees,<br />

calculating National Minimum Wage, and attempts to<br />

combat the rise in claims.<br />

CAN an employer discriminate<br />

against a disabled employee<br />

if it bases its early retirement<br />

pension calculations on<br />

their adjusted, reduced<br />

hours of work? The answer<br />

in The Trustees of Swansea University<br />

Pension & Assurance Scheme and another<br />

v Williams was no.<br />

Mr Williams was employed by Swansea<br />

University. His working hours were<br />

reduced to part time as a reasonable<br />

adjustment in light of a medical condition<br />

that amounted to a disability under the<br />

Equality Act. Williams applied for ill health<br />

AUTHOR – Gareth Edwards<br />

early retirement, which was granted when<br />

he was aged 38. As a result of his early<br />

retirement he started to receive his pension<br />

under the terms of Swansea's pension<br />

scheme.<br />

Williams claimed that the calculation<br />

of his pension amounted to unfavourable<br />

treatment since it was based on his parttime<br />

salary and he was only working parttime<br />

because of his disability. The tribunal<br />

agreed, but the Employment Appeal<br />

Tribunal and the Court of Appeal did not.<br />

The Supreme Court, however, confirmed<br />

that it was not discrimination arising from<br />

disability to calculate Williams' pension<br />

by reference to his part time hours. In<br />

particular, the Court found that he had<br />

not been subjected to any unfavourable<br />

treatment. Had he not been disabled, he<br />

would not have been entitled to a pension at<br />

all at that time. The treatment was therefore<br />

not in any sense unfavourable, nor could it<br />

reasonably have been so regarded.<br />

This judgment is good news for<br />

employers and pension providers. Subject<br />

always to the rules of the particular scheme<br />

involved, an employee will not suffer<br />

discrimination where ill-health retirement<br />

benefits are calculated on the basis of their<br />

most recent salary and hours worked.<br />

Calculating national minimum wage<br />

NATIONAL Minimum Wage (NMW)<br />

legislation provides that an individual<br />

who is a 'worker' for minimum wage<br />

purposes must be paid the NMW. Within<br />

updated guidance from the Department for<br />

Business, Energy and Industrial Strategy<br />

(BEIS), the term NMW covers both NMW<br />

and the National Living Wage.<br />

Many employers use unpaid trial<br />

work periods as a legitimate part of their<br />

recruitment process. The current law does<br />

not define what a 'trial work period' is, or<br />

when during a work trial NMW must be<br />

paid. The guidance seeks to assist employers<br />

in determining if a trial work period is<br />

subject to NMW or not. The following<br />

factors will generally be taken into account<br />

by courts and tribunals: whether a 'work<br />

trial' is genuinely for recruitment purposes;<br />

the length of the trial period; the extent of<br />

observations during the trial; the nature<br />

and value to the employer of the tasks; and<br />

whether the trial period is being used to<br />

reduce labour costs.<br />

The Government's view on lengths<br />

of trial work periods is that any trial<br />

longer than one day is likely to incur<br />

NMW in all but very exceptional<br />

circumstances.<br />

While ultimately payment of NMW<br />

during work trials will need to be assessed<br />

on a case-by-case basis by HMRC and<br />

potentially the courts, the updated guidance<br />

highlights some helpful factors which are<br />

likely to be taken into account and serves<br />

as a useful reminder to employers.<br />

Combatting the rise in claims filed<br />

FOLLOWING the 165 percent increase in<br />

tribunal claims, it has been revealed that<br />

in some areas Employment Tribunals (ET's)<br />

are listing final hearings far too long after<br />

receipt of the initial claim form.<br />

At a recent meeting of the Employment<br />

Tribunal National User Group, the President<br />

explained that in some regions it is taking<br />

12 to 18 months to list open track cases for<br />

final hearing, which requires hearings of<br />

five days and over.<br />

The delay for hearings to be listed has<br />

been apportioned to both the increase in<br />

claims following the abolition of tribunal<br />

fees, as well as the reduced number of<br />

salaried judges. The President commented<br />

that it is harder to list longer hearings<br />

as fee-paid judges and lay members find<br />

it more difficult to commit to multiday<br />

proceedings. It is also interesting to<br />

note that while single claims to ET's have<br />

increased by 165 percent in the most recent<br />

quarter, the number of claims would<br />

have needed to rise by 200 percent to meet<br />

the pre-fees position.<br />

In relation to the shortage of salaried<br />

judges, it was reported that the Judicial<br />

Appointments Commission are in the<br />

process of appointing 54 full-time salaried<br />

judges at the ET. It is hoped that the<br />

additional appointments will increase the<br />

speed within which ET claims are listed<br />

and heard.<br />

Gareth Edwards is a partner in the employment<br />

team at VWV.gedwards@vwv.co.uk.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 66


The enforcement team<br />

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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 67<br />

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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 68


Congratulations from<br />

CWC to all the winners<br />

and finalists of The CICM<br />

British <strong>Credit</strong> Awards!<br />

CWC is a specialist recruitment consultancy dedicated<br />

to recruiting credit professionals at all levels, including<br />

credit control, sales ledger, billings, credit risk/analysis,<br />

credit management, and order to cash.<br />

We have over 35 years of credit control and credit<br />

management recruitment experience. We are true<br />

experts within our field, and have built up an unrivalled<br />

network of contacts and established relationships<br />

within the industry.<br />

We are passionate about the credit management industry,<br />

and pride ourselves on offering a personal, efficient and<br />

consultative service to both candidates and clients.<br />

Contact us today to discuss your recruitment needs.<br />

It pays to speak to the experts.<br />

Ceinwen Wilson<br />

07738 948848<br />

ceinwen.wilson@cwcrecruitment.com<br />

Sarah Chandler<br />

07738 948844<br />

sarah.chandler@cwcrecruitment.com<br />

www.cwcrecruitment.com<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 69


LEGAL MATTERS<br />

Recovery Options under<br />

Regulated Agreements<br />

DD +44 161 603 5165 E dominicjones@dwf.law W www.dwf.law/recover<br />

Dominic Jones<br />

Senior Associate,<br />

Finance Litigation, DWF LLP<br />

WHEN a Regulated<br />

Hire Purchase<br />

Agreement falls into<br />

default, recovery<br />

of the asset comes<br />

into consideration.<br />

The account will be reviewed, a Notice of<br />

Default can be served, and, if the default<br />

is not remedied, the Agreement can be<br />

terminated, usually by written notice.<br />

Once the Agreement has been<br />

terminated, the lender's right to seek<br />

possession of the asset has crystallised.<br />

At this point there should be a calculation<br />

undertaken to determine whether one<br />

third of the total price payable under the<br />

Agreement has been paid. If less than<br />

one third has been paid, the asset can be<br />

recovered without the need for a Court<br />

Order. If more than one third has been<br />

paid, the asset is considered protected<br />

goods under Section 90 of the Consumer<br />

<strong>Credit</strong> Act 1974 (CCA) and a Court Order is<br />

required before possession can be taken.<br />

The assessment of amount paid is vital<br />

when you consider that, if an asset is<br />

deemed to be protected goods is collected<br />

without a Court Order, the customer<br />

can claim the asset has been unlawfully<br />

repossessed. Section 91 of the CCA provides<br />

that where there has been an unlawful<br />

repossession, the customer is entitled to<br />

repayment of all payments made under<br />

the Agreement including any deposit<br />

paid. It can be a costly error to make.<br />

ALTERNATIVES<br />

As an alternative, it is worth considering<br />

if there are other recovery solutions that<br />

would be worth exploring before the<br />

Agreement is terminated by the lender.<br />

Two should be considered if the customer<br />

is agreeable to the asset being returned.<br />

The first is Voluntary Termination of<br />

the Agreement (VT). Section 99 of the<br />

CCA provides that a customer under a<br />

regulated Agreement has the right to<br />

return the asset provided notice is served.<br />

Section 100 CCA provides that unless<br />

another sum is quoted in the Agreement,<br />

the customer will only be liable to pay 50<br />

percent of the total amount payable under<br />

the Agreement if they VT. If 50 percent<br />

hasn't been paid, the customer should<br />

only be liable for the balance that will<br />

take it up to the 50 percent figure. If more<br />

than 50 percent has been paid, there is no<br />

further liability.<br />

The other alternative is Voluntary<br />

Surrender (VS) which allows the customer<br />

to return the asset to the Lender for it to<br />

be sold and the sale proceeds credited<br />

to the balance outstanding which<br />

reduces the amount they owe under the<br />

Agreement. If this approach is being<br />

taken, then lenders must ensure that<br />

the customer signs a form confirming<br />

they are agreeing to return the asset and<br />

accepting the customer will be liable for<br />

payment of the remaining balance due<br />

under the Agreement. This form is the<br />

lender's protection against an unlawful<br />

repossession claim.<br />

The two options can have different<br />

results and it is useful to consider whether<br />

one option is better for the customer than<br />

the other. The difference will invariably<br />

turn on the value of the asset and whether<br />

crediting sale proceeds will put the<br />

customer in a better position.<br />

TREATING CUSTOMERS FAIRLY<br />

As all responsible lenders apply the<br />

principle of Treating Customers Fairly<br />

(TCF), then consideration of which of<br />

the two options is best for the customer<br />

is essential if there is the possibility of<br />

a different outcome. If it is possible to<br />

establish the value of the asset, then it is<br />

possible to assess which option is going to<br />

result in the customer having to pay the<br />

lowest possible shortfall amount. If the<br />

customer has paid 50 percent of the total<br />

amount payable, then VT is clearly the<br />

best option even if they are unaware of<br />

it. However, if an agreement is concluding<br />

very early in its term, it is possible that<br />

the enhanced value of the asset would<br />

mean that, after giving credit for sale<br />

proceeds received for the asset, the<br />

shortfall amount left to be paid under<br />

VS would be less than the 50 percent<br />

VT figure (or the amount to be paid to<br />

reach 50 percent). The customer could be<br />

looking to VT when the best option would<br />

be to VS.<br />

Compliance with TCF means that the<br />

customer should be advised of the best<br />

option for them whether they are aware<br />

of it or not, and lenders should make<br />

the assessment when offering customers<br />

these exit strategies. It is safe to assume<br />

that, if a subsequent complaint was made<br />

by a customer, the Financial Ombudsman<br />

Service could look to see if the lender had<br />

undertaken this assessment.<br />

This information is intended as a general<br />

discussion surrounding the topics covered<br />

and is for guidance purposes only. It does<br />

not constitute legal advice and should not<br />

be regarded as a substitute for taking legal<br />

advice. DWF is not responsible for any activity<br />

undertaken based on this information.<br />

As a CICM member you can receive free legal advice from<br />

DWF. Visit the CICM website and click on the free Advice Line.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 70


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The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 71


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Lancashire, £50,000-£70,000 + benefits<br />

A unique opportunity has arisen with a leading wholesale<br />

business. You will be responsible for the group debtor<br />

book totalling £37 million with a net turnover of<br />

£260 million. To be successful, you will a driven,<br />

commercial credit professional who is able to implement<br />

and embrace change to harness a forward-thinking<br />

ideology within a credit function. In return, you will be<br />

part of a business that is fast becoming one the leading<br />

names within this industry and are intent on furthering<br />

its foot print throughout the UK. Ref: 3523586<br />

Contact Ruben Hankinson on 01772 555587<br />

or email ruben.hankinson@hays.com<br />

BILLING ANALYST<br />

ACHIEVE SUCCESS<br />

London, £35,000 + 10% bonus<br />

A highly professional international management<br />

consultancy based in the City of London is looking<br />

for a billing analyst to join its finance team. This<br />

role involves raising highly complex invoices, key<br />

stakeholder relationship building, contract review and<br />

WIP management. You will have experience of highly<br />

complex billing processes including WIP and contract<br />

review from a professional international company.<br />

Ref: 3523754<br />

Contact Holly Parkes on 020 3465 0020 or<br />

email holly.parkes@hays.com<br />

CREDIT CONTROL SUPERVISOR<br />

SUCCESS THROUGH EXPERTISE<br />

Belfast, up to £35,000<br />

This global blue chip business, based in the heart of the<br />

city centre, is looking for a motivated and experienced<br />

credit professional to lead its credit team. You will<br />

manage all elements of credit control from collections<br />

to legal proceedings. This exciting and varied role will<br />

allow you to establish your own working practices and<br />

procedures. You will have proven managerial experience<br />

within a busy credit environment and first class<br />

communication skills within a team. Ref: 3529909<br />

Contact Nicola McCallum on 02890 446911<br />

or email nicola.mccallum@hays.com<br />

hays.co.uk/creditcontrol<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 72


CREDIT CONTROLLER TEAM LEADER<br />

GO THE EXTRA MILE<br />

Barrow In Furness, £30,000<br />

A FTSE 200 engineering company is looking for a credit<br />

control team leader to join its highly successful team<br />

on a full time permanent basis. You will be responsible<br />

for managing and promoting the credit control function<br />

across one of the UK’s largest engineering businesses,<br />

as well as maintaining procedures and documentation,<br />

following legal processes and ensuring your team hit<br />

KPI’s on the ledger and compiling monthly reports of<br />

outstanding debt. You will be hardworking, driven,<br />

passionate and looking to develop your career within a<br />

large local business. This is an exciting opportunity to<br />

learn, gain new skills and lead a fantastic team.<br />

Ref: 3526122<br />

Contact Tanya Parry on 01524 532330<br />

or email tanya.parry@hays.com<br />

ASSISTANT CREDIT MANAGER<br />

JOIN A GROWING TEAM<br />

Basingstoke, £33,000 + benefits<br />

This is an excellent opportunity to join one of the<br />

world’s leading professional services firms in a newly<br />

created role. Supporting the <strong>Credit</strong> Manager, you will<br />

take responsibility for the daily collections activities of<br />

the credit control and credit risk team. In this hands on<br />

role, you will be the go to person for escalations and<br />

providing best practice advice. Responsibilities include<br />

motivating, mentoring, training and developing the<br />

credit team, therefore previous leadership experience<br />

is essential. To be successful, you will have strong<br />

knowledge of credit control processes and be able to<br />

lead a team to achieve against targets. Ref: 3531689<br />

Contact Natascha Whitehead on 07770 786433<br />

or email natascha.whitehead@hays.com<br />

CREDIT CONTROLLER<br />

GET REWARDED FOR HITTING TARGETS<br />

Basingstoke, £25,000 + bonus (OTE £30,000)<br />

Due to continued growth, a skilled credit controller is<br />

required to join a leading technology business based in<br />

Basingstoke. Working as part of a great team, you will<br />

take ownership for your own ledger of approximately<br />

400 live accounts and be targeted on maximising cash<br />

flow, minimising bad debt and providing high levels of<br />

customer service. You will be responsible for chasing<br />

payments, resolving queries and recording all actions<br />

on the system. This role will be suited to a target driven<br />

credit controller who enjoys working in a fast-paced<br />

environment where success is financially rewarded.<br />

Ref: 3527785<br />

Contact Natascha Whitehead on 07770 786433<br />

or email natascha.whitehead@hays.com<br />

CREDIT CONTROLLER<br />

PASSIONATE ABOUT CICM<br />

New Malden, £13.85 per hour<br />

As a FTSE 250 business and corporate recruiter to the<br />

CICM, Hays Specialist Recruitment has several exciting<br />

opportunities for skilled credit controllers to join the<br />

professional credit team at the shared service centre<br />

in New Malden. The roles are on-going temporary<br />

assignments with a minimum of three months’ work.<br />

You will be a passionate, resilient, forward-thinking<br />

credit professional with sound experience in reducing<br />

aged debt and cash collection. This is a fantastic<br />

opportunity where you can achieve results and be<br />

rewarded accordingly. Ref: 3490516<br />

Contact Mark Ordoña on 0208 247 4042<br />

or email mark.ordona@hays.com<br />

This is just a small selection of the many<br />

opportunities we have available for credit<br />

professionals. To find out more email<br />

hayscicm@hays.com or visit us online.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 73


NEW MEMBERS<br />

NEW CICM MEMBERS<br />

The Institute welcomes new members<br />

who have recently joined.<br />

ASSOCIATE<br />

MEMBER BY EXAM<br />

FELLOW<br />

MEMBERS<br />

Simon Davies<br />

David Gibbs<br />

Kayrul Islam<br />

James King<br />

Rachael Barber<br />

Damien Rochford<br />

Roger Dago<br />

Peter Felton<br />

Dara Kiernan<br />

Eldred Mascarenhas<br />

Tania Midwinter<br />

Charles Okello<br />

Fiona Palmer<br />

STUDYING MEMBERS<br />

Nicola Aldus<br />

Susan Angel<br />

Jack Archer<br />

Alexander Barwell<br />

Amy Bennett<br />

Florina Bocu<br />

Andrea Boni<br />

Bettina Bossanyi<br />

Miria Cerullo<br />

Alexis Child<br />

Amy Cooper<br />

Terry Cooper<br />

Susan Cornall<br />

Liam Crank<br />

Nicola Dalessandro<br />

Thomas Davies<br />

Rebecca Day<br />

Bethany Dixon<br />

Zoe Dowell<br />

Luke Edwards<br />

Joy Emegbo<br />

Mandy Farrar<br />

Kelly Firth<br />

Danial Fisher<br />

Emma Fitzgibbons<br />

Paige Ford<br />

Lloyd Foster<br />

Shaun Fuller<br />

Shelley Garrington<br />

Marina Ghiorzi Farcili<br />

James Gibson<br />

Nicholas Goddard<br />

Elise Gubbins<br />

Barry Hall<br />

Lorna Harding<br />

Stephanie Higgins<br />

Laura Holder-Stephenson<br />

Mark Hollingworth<br />

Michael Hooper<br />

Neil Humphries<br />

Nazakat Hussain<br />

Khazima Iqbal<br />

Elsie Juma<br />

Mashuda Khan<br />

Darren King<br />

Georgina Kyriacou<br />

Daniel Leaning<br />

Sam Lee<br />

Andrea Lopes<br />

Laisha Mansfield<br />

Amy-Jane Marsden<br />

Giuseppe Matrullo<br />

Rosie Matthews<br />

Tracey McIver<br />

Olivia McKay<br />

Yasmin Mia<br />

Zoe Millington<br />

Andrea Moore<br />

Danny Moores<br />

John Muir<br />

Sian O'Brien<br />

Victoria O'Neill<br />

Karolina Osinska<br />

Ravin Patel<br />

Sunaina Paul<br />

Jaswant Pouni<br />

Katie Radnedge<br />

Ian Ravenscroft<br />

Annette Reed<br />

Jason Roberts<br />

William Runacre<br />

Cesar Sabato<br />

Sukhvinder Sahota<br />

Matthew Skinner<br />

Laura Smith<br />

Dilip Sond<br />

Katie Standbridge<br />

Vladimir Stefanov<br />

Sunny Talafair<br />

Carly Taylor<br />

Amanda Thrower<br />

Jacqueline Tongue<br />

Lee Tregear<br />

John Turner<br />

Sarah Ward<br />

Pauline Watson<br />

Sarah Waymouth<br />

Karen Welch<br />

Paul Wilde<br />

Harry Williams<br />

AFFILIATE<br />

Ruurd Bakker<br />

Curtis Broadhead<br />

Craig Chappell<br />

Rachel Crookes<br />

George Edmond<br />

Paul Hover<br />

Charise Marsden<br />

Elizabeth Willmore<br />

WE WANT YOUR BRANCH NEWS!<br />

Get in touch with Andrew Morris by emailing andrew.morris@cicm.com<br />

with your branch news and event reports. Please only send up to 400 words<br />

and any images need to be high resolution to be printable, so 1MB plus.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 74


Are you a Leader<br />

or follower?<br />

CICMQ accreditation is a proven model that has consistently delivered<br />

dramatic improvements in cashflow and efficiency<br />

CICMQ is the hallmark of industry leading organisations<br />

The CICM Best Practice Network is where CICMQ accredited organisations<br />

come together to develop, share and celebrate best practice in credit and<br />

collections<br />

Be a leader – Join the CICM Best Practice Network today<br />

To find out more about flexible options to gain CICMQ accreditation<br />

E: cicmq@cicm.com, T: 01780 722900<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 75


FORTHCOMING EVENTS<br />

Full list of events can be found on our website: www.cicm.com/events<br />

We are inviting all members to bring a colleague to a CICM membership<br />

event, free of charge. For more information, email events@cicm.com<br />

CICM<br />

EVENTS<br />

UP AND COMING EVENTS IN MARCH<br />

5 March<br />

CICM Yorkshire Ridings Branch<br />

LEEDS<br />

You’re On Stop! Details to follow, Please visit our<br />

online events calandar.<br />

Booking deadline: 1 March <strong>2019</strong><br />

Contact : Phil Holbrough 07919214412<br />

VENUE : DWF LLP Bridgewater Place,<br />

Water Lane, Leeds, LS11 5DY<br />

5 MARCH<br />

CICM North East Branch<br />

NEWCASTLE UPON TYNE<br />

Annual General Meeting<br />

Contact : Angie Deverick 07740 855420<br />

VENUE : Muckle LLP Time Central, 32<br />

Gallowgate, Newcastle Upon Tyne, NE1 4BF<br />

12 MARCH<br />

CICM London Branch<br />

LONDON<br />

Annual General Meeting<br />

Contact : Kabir Gulabkhan (0203) 4650020<br />

kabir.gulabkhan@hays.com<br />

VENUE : Hays 107 Cheapside, London, EC2V 6BT<br />

12 MARCH<br />

CICM Wessex Branch<br />

EASTLEIGH<br />

Annual General Meeting<br />

Contact : Linda Woolcocks<br />

wessexbranch@cicm.com<br />

VENUE : Lakeside Country Park Wide Lane,<br />

Eastleigh, SO50 5PE<br />

14 MARCH<br />

CICM South West Branch<br />

ASHBURTON<br />

Annual General Meeting<br />

To book please email southwestbranch@cicm.<br />

com by 7th March <strong>2019</strong>.<br />

Contact : Gerry Thomas 07827 159 041<br />

VENUE : Dartmoor Lodge, Peartree Cross,<br />

Ashburton, Devon, TQ13 7JW<br />

14 MARCH<br />

CICM South Wales Branch<br />

CARDIFF<br />

Annual General Meeting and Quiz<br />

Contact : Diana Keeling 07921 492348<br />

VENUE : Holiday Inn Cardiff, Merthyr Road,<br />

Tongwynlais, Cardiff, CF15 7LH<br />

18 - 22 MARCH<br />

CICM Supporting <strong>Credit</strong> Week <strong>2019</strong><br />

LONDON<br />

www.creditstrategy.co.uk/credit-week<br />

VENUE : Various London Locations<br />

19 MARCH<br />

CICM Bristol & West Branch<br />

BRISTOL<br />

AGM with a Presentation on Litigation<br />

Contact : Tim Peakman 07765 956 894<br />

VENUE : Clarke Willmott LLP<br />

1 Georges Square, Bath Street, Bristol, BS1 6BA<br />

19 MARCH<br />

CICM Northern Ireland Branch<br />

BELFAST<br />

Celebrate <strong>Credit</strong> Week <strong>2019</strong> with a Branch<br />

Breakfast and Panel Discussion (2 CPD Hours)<br />

Register today at northernirelandbranch@cicm.<br />

com to secure your FREE place/s. Members and<br />

non-members will be made most welcome.<br />

This event is free but booking is essential.<br />

Contact : Angela Miller 028 90239385<br />

VENUE : Clayton Hotel 22-26 Ormeau Avenue,<br />

Belfast, BT2 8HS<br />

21 MARCH<br />

CICM London Branch<br />

LONDON<br />

London Gin Distillery Tour<br />

The ‘City of London Distillery’ brought Gin<br />

distilling back to the City in 2012, after an<br />

absence of nearly 200 years.<br />

Contact : Alan Church londonbranch@cicm.com<br />

VENUE : City of London Distilllery<br />

22-24 Bride Lane, London, EC4Y 8DT<br />

More reasons to be a member<br />

OTHER<br />

EVENTS<br />

6 MARCH<br />

Branch<br />

LONDON<br />

Corporate Partner Onguard –<br />

Academy Big Data: impacting Order to Cash<br />

Contact : Please visit our online events calandar<br />

for more details.<br />

VENUE : The Trampery Old Street, London, EC1V<br />

7 - 8 MARCH<br />

Forums International<br />

PARIS<br />

International Telecoms Risk Forum<br />

Email itrf@forumsinternational.co.uk.<br />

VENUE : Paris, France<br />

18-22 MARCH<br />

<strong>Credit</strong> Week <strong>2019</strong><br />

LONDON<br />

From guest speakers and bespoke workshops to<br />

dinners and awards ceremonies, <strong>Credit</strong> Week is<br />

the must attend event in <strong>2019</strong>.<br />

VENUE : Various London Locations<br />

21 MARCH<br />

Forums International<br />

LONDON<br />

Business & Office Supplies <strong>Credit</strong> Forum<br />

Email bsf@forumsinternational.co.uk.<br />

VENUE : Moore Stephens, London<br />

25 - 26 MARCH<br />

AMLP Forum<br />

LONDON<br />

The Financial Crime and Corruption Association<br />

CICM Members will receive a ten percent<br />

discount upon registration – please quote ‘CICM’<br />

when you book to secure this.<br />

Contact : Please visit our online events calandar<br />

for more details.<br />

VENUE : The Salt Point Bar, 5 Exchange Square,<br />

London, EC2A 2EH<br />

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

CICM membership, as well as additional subscribers<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 76


3<br />

YEARS<br />

IN 2018<br />

<strong>Credit</strong><br />

Controller<br />

Accounts Receivable<br />

Specialist<br />

<strong>Credit</strong> Control<br />

Supervisor<br />

Head of<br />

<strong>Credit</strong><br />

Billing<br />

Administrator<br />

CELEBRATING 30<br />

YEARS OF MATCHING<br />

EXCEPTIONAL TALENT<br />

TO LEADING BRANDS<br />

ACROSSTHE UK.<br />

Portfolio <strong>Credit</strong> Control, part of the Portfolio Group, have been supplying the highest calibre permanent,<br />

temporary and contract staff for 30 years and our dedicated Consultants have specialist expertise in the<br />

<strong>Credit</strong> Control market.<br />

We’ve opened our <strong>Credit</strong> Control Division in Manchester<br />

Centrally located, we are nowable to provide apersonal level of service<br />

in aclose proximity to our clientsbased in: MANCHESTER &THE NORTH<br />

WEST •LEEDS &YORKSHIRE •NEWCASTLE &THE NORTH EAST<br />

Contact one of our dedicated Recruitment Consultants to fill<br />

your current vacancy or find your next career move!<br />

LONDON 020 7650 3199<br />

THIRD FLOOR, 1FINSBURYSQUARE, LONDON EC2A 1AE<br />

MANCHESTER 0161 836 9949<br />

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB<br />

www.portfoliocreditcontrol.com<br />

recruitment@portfoliocreditcontrol.com<br />

www.facebook.com/theportfoliogroup<br />

linkedin.com/company/portfolio-credit-control<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 77<br />

WE ARE RATED 9OUT OF 10<br />

@portfoliocredit


CREDIT TO<br />

THE EXPERTS<br />

CELEBRATING YOUR<br />

SUCCESS<br />

We believe a job well done should be celebrated.<br />

That’s why we’re pleased to have sponsored the<br />

award for ‘Employer of the Year’ at the recent<br />

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

We are proud to have been involved in an event that<br />

raises the profile of the industry, recognises and rewards<br />

credit professionals for their hard work and commitment<br />

and promotes credit management as an exciting career.<br />

Whether you are looking for a credit risk analyst, team leader,<br />

credit control administrator, credit manager or head of credit, we<br />

can find the best talent to help meet your requirements, across<br />

the public and private sectors.<br />

We work exclusively in premium corporate partnership with the<br />

CICM, providing invaluable careers advice and support to our<br />

candidates and clients.<br />

Congratulations to all the winners and all those shortlisted for<br />

the awards.<br />

Whether you’re looking to recruit or considering your<br />

next career move,or simply some advice or benchmarking,<br />

we have the expertise to help you. Contact our UK credit lead,<br />

Kabir Gulabkhan and our team of credit recruitment experts on<br />

020 3465 0017 or visit hays.co.uk/offices.<br />

Proud sponsors of the CICM British <strong>Credit</strong> Awards <strong>2019</strong><br />

hays.co.uk/creditcontrol<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 78


BRANCH NEWS<br />

Full name<br />

Derek Saunders.<br />

The robots are coming<br />

South Wales Branch<br />

THE South Wales branch<br />

of the CICM welcomed<br />

Philip King to the Atradius<br />

HQ building. Based in the<br />

beautiful Mermaid Quay,<br />

Cardiff, the impressive building overlooks<br />

the bay which was bathed in glorious<br />

winter sun. Such was its appeal that we all<br />

immediately thought back to our Cardiff<br />

Bay Cruise trip in September.<br />

The event was based around the<br />

theme – ‘The robots are coming...or are<br />

they already here?’ A good crowd were in<br />

attendance and all grateful for the early<br />

cup of coffee and bacon roll!<br />

After much mingling and not too many<br />

cups of coffee, (did I get that the right way<br />

round?), the event got underway. Philip<br />

began by giving us his thoughts on robots<br />

in the workplace, including the rise of<br />

the use of artificial intelligence – really<br />

fascinating stuff.<br />

This was followed by, self-confessed<br />

luddite and Global Channel Programme<br />

Manager at Atradius, Gideon Jones’,<br />

presentation on the advance of technology,<br />

starting from when he was a lad with the<br />

invention of the press machine in 1440,<br />

through to such advancements like the<br />

world wide web.<br />

Tanya Giles, Regional Manager at<br />

Atradius then talked about the impact all<br />

this technology will have on people and<br />

the global jobs market.<br />

Following on from the three great talks<br />

there was an open Q&A session that was<br />

very lively. Who’d have thought we’d have a<br />

five-minute discussion about camels!<br />

At the end of the event we had a<br />

networking session where it was lovely to<br />

meet some of our newest members. Keep<br />

an eye out on the CICM website for further<br />

events in South Wales this year.<br />

Author: Steve White MCICM<br />

May the course be with you<br />

Sheffield Branch<br />

WEDNESDAY evening saw Sheffield and<br />

District branch embark on a pre-AGM<br />

team golf challenge at the Paradise Island<br />

Adventure Golf in Sheffield. Members<br />

and guests assembled straight after work<br />

for a 18.15 four team tee off across the<br />

two available courses. As ever, there was<br />

strong individual competition and team<br />

rivalry but plenty of fun and networking<br />

across our business areas. Once each team<br />

had completed their round it was down<br />

to the formal business of the AGM at our<br />

boardroom table set for us at the Proove<br />

Restaurant, followed by refreshments and<br />

pizza.<br />

The formalities of the AGM were<br />

conducted by Branch Secretary Myron<br />

Fedak and following a series of votes the<br />

committee for <strong>2019</strong> was approved. Paula<br />

Uttley agreed to serve a second term and<br />

was appointed Branch Chair for a further<br />

12 months. Following a review of branch<br />

activities in 2018 and the planned events<br />

for <strong>2019</strong>, it was time to formally close<br />

the AGM and get on with the remaining<br />

informal business of pizza and prizes.<br />

After scrutiny of all team scorecards Carl<br />

Goodman was declared clear (four under<br />

par) winner of the Branch trophy. Runner<br />

up was Richard House (four over par)<br />

receiving a rather useful wooden spoon.<br />

Author: Myron Fedak MCICM<br />

Current job title<br />

<strong>Credit</strong> Control and<br />

Billing Manager.<br />

Current company name<br />

Bewley’s Tea and Coffee UK.<br />

Number of years in credit management 20.<br />

Number of years in current role<br />

Six months.<br />

How did you get into credit management?<br />

I was working in an accounts role and<br />

needed to cover credit control. From there<br />

on I developed and progressed over the<br />

years into credit management.<br />

What is the best thing about where you<br />

work?<br />

The people are great and there is a real<br />

team spirit.<br />

What motivates you?<br />

Hitting a target and achieving a goal.<br />

What skill do you think has helped you<br />

most in your credit career so far?<br />

Being focused on targets and organising a<br />

team to achieve them.<br />

Name three people you would invite to a<br />

dinner party and why?<br />

Arnold Schwarzenegger as I admire his<br />

amazing determination. Princess Diana<br />

for her heart and not being afraid to be<br />

herself. SpongeBob Squarepants – he’s just<br />

so funny.<br />

What is your favourite pastime/relaxation<br />

activity?<br />

I really enjoy running and I’ve completed<br />

several half marathons and marathons.<br />

What is the best/worst quality in a leader?<br />

Being approachable is without a doubt the<br />

best quality and being unapproachable is<br />

the worst.<br />

Who is your business or personal hero?<br />

My brother. He’s been through a great deal,<br />

outspoken when needed, always there for<br />

people.<br />

What can't you live without?<br />

Family. It means everything to me.<br />

What’s been your most rewarding moment<br />

in your credit career?<br />

Achieving the MCICM Grad qualification.<br />

What has surprised you the most about<br />

working in credit?<br />

People can be creative in thinking of ways<br />

in which not to pay.<br />

If you weren’t working in credit<br />

management, what would you be doing?<br />

Possibly fitness as I’m also a qualified Self<br />

Defence Instructor.<br />

Where do you see your career in five years’<br />

time?<br />

Being an effective credit manager.<br />

60SECONDS<br />

WITH<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 79


Cr£ditWho?<br />

CICM Directory of Services<br />

COLLECTIONS<br />

COLLECTIONS LEGAL<br />

COURT ENFORCEMENT SERVICES<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside,<br />

Cardiff Bay, Cardiff, CF10 4WZ<br />

United Kingdom<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance of<br />

maintaining customer relationships whilst efficiently and effectively<br />

collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to provide<br />

them with a collection strategy that echoes their business character,<br />

trading patterns and budget.<br />

For further information contact: Hans Meijer, UK and Ireland Country<br />

Director (hans.meijer@atradius.com).<br />

INTERNATIONAL COLLECTIONS<br />

Premium Collections Limited<br />

3 Caidan House, Canal Road<br />

Timperley, Cheshire. WA14 1TD<br />

T: +44 (0)161 962 4695<br />

E: paul.daine@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

For all your credit management requirements Premium Collections<br />

has the solution to suit you. Operating on a national and international<br />

basis we can tailor a package of products and services to meet your<br />

requirements.<br />

Services include B2B collections, B2C collections, international<br />

collections, absconder tracing, asset repossessions, status reporting<br />

and litigation support.<br />

Managed from our offices in Manchester, Harrogate and Dublin our<br />

network of 55 partners cover the World.<br />

Contact Paul Daine FCICM on +44 (0)161 962 4695 or<br />

paul.daine@premiumcollections.co.uk<br />

www.premiumcollections.co.uk<br />

COLLECTIONS LEGAL<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway, Old Portsmouth<br />

Road, Guildford, Surrey GU3 1LR<br />

T: +44(0)1483 457500 E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

Lovetts has been recovering debts for 30 years! When you<br />

want the right expertise to recover overdue debts why not use a<br />

specialist? Lovetts’ only line of business is the recovery of<br />

business debts and any resulting commercial litigation.<br />

We provide:<br />

• Letters Before Action, prompting positive outcomes in more than<br />

80 percent of cases • Overseas Pre-litigation collections with<br />

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

management system ‘CaseManager’<br />

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

“...All our service expectations have been exceeded...”<br />

“...The online system is particularly useful and is extremely easy<br />

to use... “...Lovetts has a recognisable brand that generates<br />

successful results...”<br />

Yuill + Kyle<br />

Capella, 60 York Street, Glasgow, G2 8JX, Scotland, UK<br />

T: 0141 572 4251<br />

E: scowan@yuill-kyle.co.uk<br />

W: www.debtscotland.com<br />

Do You Have Trouble Collecting Debts in<br />

Scotland? We Don’t<br />

Yuill + Kyle is one of Scotland’s leading debt recovery and credit<br />

control law firms. With over 100 years of experience, we are<br />

specialists in resolving disputed and undisputed debts. Our track<br />

record for successful recoveries means you have just moved one step<br />

closer to getting your money back.<br />

How we can help you:<br />

• Specialist advice for all of your legal matters<br />

• A responsive and straightforward approach<br />

• Providing you with solutions-driven advice<br />

• Delivering cost certainty and value for money<br />

Our services<br />

• Pre-sue • Fast track collections • Judgement enforcement<br />

• Insolvency • Bankruptcy • Liquidation<br />

CONSULTANCY<br />

Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

High Court Enforcement that will Empower You!<br />

We help law firms and in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. Setting us<br />

apart in the industry, our unique and Award Winning Field Agent App<br />

helps to provide information in real time and transparency, empowering<br />

our clients when they work with us.<br />

• Free Transfer up process of CCJ’s to High Court<br />

• Exceptional Recovery Rates<br />

• Individual Client Attention and Tailored Solutions<br />

• Real Time Client Access to Cases<br />

CREDIT INFORMATION<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s industryleading<br />

financial analytics to drive their credit risk processes. Our<br />

financial risk modelling and ability to map medium to long-term risk as<br />

well as short-term credit risk set us apart from other credit reference<br />

agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®, to<br />

developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />

Blaser Mills Law<br />

40 Oxford Road,<br />

High Wycombe,<br />

Buckinghamshire. HP11 2EE<br />

T: 01494 478660/478661<br />

E: Jackie Ray jar@blasermills.co.uk or<br />

Gary Braathen gpb@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

A full-service firm, Blaser Mills Law’s experienced Commercial<br />

Recoveries team offer pre-legal collections, debt recovery,<br />

litigation, dispute resolution and insolvency. The team includes<br />

CICM qualified staff, recommended in both Legal 500 and<br />

Chambers & Partners legal directories.<br />

Offices in High Wycombe, Amersham, Rickmansworth, London<br />

and Silverstone<br />

Sanders Consulting Associates Ltd<br />

T: +44(0)1525 720226<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Sanders Consulting is an independent niche consulting firm<br />

specialising in leadership and performance improvement in all aspects<br />

of the order to cash process. Chris Sanders FCICM, the principal, is<br />

well known in the industry with a wealth of experience in operational<br />

credit management, billing, change and business process improvement.<br />

A sought after speaker with cross industry international experience in<br />

the business-to-business and business-to-consumer markets, his<br />

innovative and enthusiastic approach delivers pragmatic people and<br />

process lead solutions and significant working capital improvements to<br />

clients. Sanders Consulting are proud to manage CICMQ on behalf of<br />

and under the supervision of the CICM.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 80<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

CoCredo’s award winning credit reporting and monitoring systems have<br />

helped to protect over £27 billion of turnover on behalf of our customers.<br />

Our company data is updated continually throughout the day and access<br />

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

At CoCredo we aggregate data from a range of leading providers in<br />

the UK and across the globe so that our customers can view the best<br />

available data in an easy to read report. We offer customers XML<br />

Integration and D.N.A Portfolio <strong>Management</strong> as well as an industry-first<br />

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


FOR INFORMATION,<br />

OPTIONS AND PRICING<br />

PLEASE EMAIL:<br />

grace@cabbell.co.uk<br />

CREDIT INFORMATION<br />

CREDIT MANAGEMENT SOFTWARE<br />

CREDIT MANAGEMENT SOFTWARE<br />

Experian<br />

The Sir John Peace Building, Experian Way<br />

NG2 Business Park, Nottingham NG80 1ZZ<br />

T: 0844 481 9920<br />

W: www.experian.co.uk/business-information/<br />

For over 30 years Experian have been processing, matching and deriving<br />

insights to provide accurate, up-to-date information that helps B2B<br />

organisations to make more effective, fact based decisions, reduce<br />

risks and meet regulatory standards. We turn complex data into clear<br />

insights that help manage UK and international businesses to maximise<br />

opportunities for growth and identify and minimise the associated risks.<br />

Blending our business and consumer data we can offer a truly blended<br />

score for sole traders and enhanced scoring on SME’s to tell you more<br />

about the business and the people behind the business. Experian can<br />

support with new business, acquisition through to collections while<br />

managing KYC requirements online or via our suite of APIs.<br />

CREDIT INFORMATION<br />

Keyivr<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong>’s Corporate partnership scheme. The CICM is a<br />

recognised and trusted professional entity within credit management<br />

and a perfect partner for Key IVR. We are delighted to be providing<br />

our services to the CICM to assist with their membership collection<br />

activities. Key IVR provides a suite of products to assist companies<br />

across the Europe with credit management. Our service is based<br />

around giving the end-user the means to make a payment when and<br />

how they choose. Using automated collection methods, such as a<br />

secure telephone payment line (IVR), web and SMS allows companies<br />

to free up valuable staff time away from typical debt collection.<br />

CREDIT MANAGEMENT SOFTWARE<br />

Proud supporters<br />

of CICMQ<br />

Rimilia<br />

Corbett House, Westonhall Road, Bromsgrove, B60 4AL<br />

T: +44 (0)1527 872123 E: enquiries@rimilia.com<br />

W: www.rimilia.com<br />

Operating globally across any sector, Rimilia provides intelligent,<br />

finance automation solutions that enable customers to get paid on time<br />

and control their cashflow and cash collection in real time. Rimilia’s<br />

software solutions use sophisticated analytics and artificial intelligence<br />

(AI) to predict customer payment behaviour and easily match and<br />

reconcile payments, removing the uncertainty of cash collection. The<br />

Rimilia software automates the complete accounts receivable process<br />

and eliminates unallocated cash, reducing manual activity by an<br />

average 70% and achieving best in class matching rates recognised<br />

by industry specialists such as The Hackett Group.<br />

CREDIT MANAGEMENT SOFTWARE<br />

Graydon UK<br />

66 College Road, 2nd Floor, Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Graydon UK is a specialist in <strong>Credit</strong> Risk <strong>Management</strong> and Intelligence,<br />

providing access to business information on over 100 million entities<br />

across more than 190 countries. Its mission is to convert vast amounts<br />

of data from diverse data sources into invaluable information. Based<br />

on this, it generates economic, financial and commercial insights that<br />

help its customers make better business decisions and ultimately<br />

gain competitive advantage. Graydon is owned by Atradius, Coface<br />

and Euler Hermes, Europe's leading credit insurance organisations. It<br />

offers a comprehensive network of offices and partners worldwide to<br />

ensure a seamless service.<br />

THE ONLY AML RESOURCE YOU NEED<br />

SmartSearch<br />

SmartSearch, Harman House,<br />

Station Road,Guiseley, Leeds, LS20 8BX<br />

T: +44 (0)113 238 7660<br />

E: info@smartsearchuk.com W: www.smartsearchuk.com<br />

KYC, AML and CDD all rely on a combination of deep data with broad<br />

coverage, highly automated flexible technology with an innovative<br />

and intuitive customer interface. Key features include automatic<br />

Worldwide Sanction & PEP checking, Daily Monitoring, Automated<br />

Enhanced Due Diligence and pro-active customer management.<br />

Choose SmartSearch as your benchmark.<br />

CREDIT MANAGEMENT SOFTWARE<br />

ONGUARD<br />

T: +31 (0)88 256 66 66<br />

E: ruurd.bakker@onguard.com<br />

W: www.onguard.com<br />

Onguard is specialist in credit management software and market<br />

leader in innovative solutions for order to cash. Our integrated<br />

platform ensures an optimal connection of all processes in the order<br />

to cash chain and allows sharing of critical data.<br />

Intelligent tools that can seamlessly be interconnected and offer<br />

overview and control of the payment process, as well as contribute to<br />

a sustainable customer relationship.<br />

In more than 50 countries the Onguard platform is successfully used<br />

for successful credit management.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Tinubu Square offers companies across the world the appropriate SaaS<br />

platform solutions and services to significantly reduce their exposure<br />

to risk, and their financial, operational and technical costs. Easy to<br />

implement, our solutions provide an accurate picture of a customers’<br />

financial health through the entire order-to-cash cycle, improve cash<br />

flow, and facilitate control of risk across the organization whether groupwide<br />

or locally. Founded in 2000, Tinubu Square is an award winning<br />

expert in the trade credit insurance industry, with offices in Paris, London,<br />

New York, Montreal and Singapore. Some of the largest multinational<br />

corporations, credit insurers and receivables financing organizations<br />

depend on Tinubu to provide them with the means to drive greater trade<br />

credit risk efficiency.<br />

HighRadius<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

HighRadius is the leading provider of Integrated Receivables<br />

solutions for automating receivables and payment functions such<br />

as credit, collections, cash allocation, deductions and eBilling.<br />

The Integrated Receivables suite is delivered as a software-as-aservice<br />

(SaaS). HighRadius also offers SAP-certified Accelerators<br />

for SAP S/4HANA Finance Receivables <strong>Management</strong>, enabling<br />

large enterprises to maximize the value of their SAP investments.<br />

HighRadius Integrated Receivables solutions have a proven track<br />

record of reducing days sales outstanding (DSO), bad-debt and<br />

increasing operation efficiency, enabling companies to achieve an<br />

ROI in less than a year.<br />

DATA AND ANALYTICS<br />

Dun & Bradstreet<br />

Marlow International, Parkway Marlow<br />

Buckinghamshire SL7 1AJ<br />

Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />

Dun & Bradstreet Finance Solutions enable modern finance<br />

leaders and credit professionals to improve business performance<br />

through more effective risk management, identification of growth<br />

opportunities, and better integration of data and insights across the<br />

business. Powered by our Data Cloud, our solutions provide access<br />

to the world’s most comprehensive commercial data and insights<br />

- supplying a continually updated view of business relationships<br />

that helps finance and credit teams stay ahead of market shifts and<br />

customer changes. Learn more here:<br />

www.dnb.co.uk/modernfinance<br />

FINANCIAL SERVICES<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections and<br />

Query <strong>Management</strong> System has been designed with 3 goals in mind:<br />

• To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of <strong>Credit</strong><br />

Professionals across the UK and Europe, our system is successfully<br />

providing significant and measurable benefits for our diverse portfolio<br />

of clients.<br />

We would love to hear from you if you feel you would benefit from our<br />

‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,<br />

Oxfordshire. SN7 7BP<br />

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

C2FO<br />

15 Statton Street, Mayfair,<br />

London W1J 8LQ<br />

T: 07799 692193<br />

E: anna.donadelli@c2fo.com W: www.c2fo.com<br />

Data Interconnect provides integrated e-billing and collection<br />

solutions via its document delivery web portal, WebSend.<br />

C2FO turns receivables into cashflow and payables into income,<br />

By providing improved Customer Experience and Customer<br />

uniquely connecting buyers and suppliers to allow discounts in<br />

Satisfaction, with enhanced levels of communication between both exchange for early payment of approved invoices. Suppliers access<br />

parties, we can substantially speed up your collection processes. additional liquidity sources by accelerating payments from buyers<br />

when required in just two clicks, at a rate that works for them.<br />

Buyers, often corporates with global supply chains, benefit from the<br />

C2FO solution by improving gross margin while strengthening the<br />

financial health of supply chains through ethical business practices.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 81<br />

continues on page 82 >


Cr£ditWho?<br />

CICM Directory of Services<br />

FOR INFORMATION,<br />

OPTIONS AND PRICING<br />

PLEASE EMAIL:<br />

grace@cabbell.co.uk<br />

FINANCIAL PR<br />

Gravity London<br />

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

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com<br />

W: www.gravitylondon.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the best<br />

in its field. It has a particular expertise in the credit sector, building<br />

long-term relationships with some of the industry’s best-known<br />

brands working on often challenging briefs. As the partner agency for<br />

the <strong>Credit</strong> Services Association (CSA) for the past 13 years, and the<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since 2006, it understands<br />

the key issues affecting the credit industry and what works and what<br />

doesn’t in supporting its clients in the media and beyond.<br />

FORUMS<br />

FORUMS INTERNATIONAL<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

LEGAL MATTERS<br />

DWF LLP<br />

David Scottow Senior Director<br />

D +44 113 261 6169 M +44 7833 092628<br />

E: David.Scottow@dwf.law W: www.dwf.law/recover<br />

DWF is a global legal business, transforming legal services through<br />

our people for our clients. Led by Managing Partner & CEO Andrew<br />

Leaitherland, we have over 26 key locations and 2,800 people<br />

delivering services and solutions that go beyond expectations. We<br />

have received recognition for our work by The Financial Times who<br />

named us as one of Europe's most innovative legal advisers, and we<br />

have a range of stand-alone consultative services, technology and<br />

products in addition to the traditional legal offering.<br />

PAYMENT SOLUTIONS<br />

American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is<br />

a globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

•Accelerate cashflow •Improved DSO •Reduce risk<br />

•Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth •Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever to<br />

help support supplier/client relationships American Express is proud<br />

to be an innovator in the business payments space.<br />

PAYMENT SOLUTIONS<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and seamless.<br />

RECRUITMENT<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and credit<br />

management jobs. Hays understands the demands of this challenging<br />

environment and the skills required to thrive within it. Whatever<br />

your needs, we have temporary, permanent and contract based<br />

opportunities to find your ideal role. Our candidate registration process<br />

is unrivalled, including face-to-face screening interviews and a credit<br />

control skills test developed exclusively for Hays by the CICM. We offer<br />

CICM members a priority service and can provide advice across a wide<br />

spectrum of job search and recruitment issues.<br />

PORTFOLIO<br />

CREDIT CONTROL<br />

Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> Control, Accounts<br />

Receivable and Collections staff. Part of an award winning recruiter<br />

we speak to and meet credit controllers all day everyday understanding<br />

their skills and backgrounds to provide you with tried and tested credit<br />

control professionals. We have achieved enormous growth because we<br />

offer a uniquely specialist approach to our clients, with a commitment<br />

to service delivery that exceeds your expectations every single time.<br />

ATTENTION<br />

PRODUCT AND<br />

SERVICE PROVIDERS<br />

GET YOUR BUSINESS IN<br />

CREDITWHO AND ON THE<br />

ONLINE DIRECTORY.<br />

For only £1,250 + VAT for the year<br />

- your business will be listed in<br />

<strong>Credit</strong> <strong>Management</strong> magazine,<br />

which goes out to all our members<br />

and subscribers.<br />

To book your listing<br />

in <strong>Credit</strong>Who contact:<br />

Grace Ghattas<br />

T: 02036037946<br />

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

or Russell Bass<br />

E: Russell@cabbells.uk<br />

T: 0203 603 7937<br />

For even greater exposure to<br />

our membership and a closer<br />

association with CICM, why<br />

not enquire about becoming a<br />

Corporate Partner.<br />

To find out more contact<br />

Sue Chapple 07741 884 916.<br />

CICM CORPORATE<br />

PARTNERS NOW GET<br />

CREDITWHO INCLUDED.<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 82


www.paladincommercial.co.uk<br />

Contact: george@paladincommercial.co.uk<br />

The Recognised Standard / www.cicm.com / March <strong>2019</strong> / PAGE 83

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