CM magazine May 2019


The CICM magazine for consumer and commercial credit professionals



MAY 2019 £12.50





R3 President talks

Insolvency and Steel



How a new trade

partnership is helping

UK firms. Page 26

What it really means

to be an award

winner. Page 34



IN 2018

MAY 2019



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

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

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

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

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

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

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

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

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

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

Credit Management is distributed to the entire UK and international CICM

membership, as well as additional subscribers

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

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

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

trade mark of the Chartered Institute of Credit Management.

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





How a caveman sharing the secret of

fire is an allegory for more modern



Sean Feast FCICM speaks to outgoing

R3 President Stuart Frith about

insolvency, steel works and Leeds



Are credit reference agencies the

Achilles Heel in trying to spot bogus



How a new partnership is helping UK



Marcus Kuger gives an exclusive

insight into the health of the restaurant

and pub sector.


What it really means to win a CICM

British Credit Award.


CICM Trainer Jeff Lockhart discusses

credit risk and its importance to the

business world.


Chartered Institute of Credit Management

The Water Mill, Station Road, South Luffenham


Telephone: 01780 722900




Managing Editor

Sean Feast FCICM

Deputy Editor

Alex Simmons

Art Editor

Andrew Morris

Telephone: 01780 722910


Editorial Team

Imogen Hart, Rob Howard and Iona Yadallee


Grace Ghattas

Telephone: 020 3603 7946



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2019 subscriptions

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Single copies: £12.50

ISSN 0265-2099



The Recognised Standard / / May 2019 / PAGE 3


Companies House does

not verify the accuracy of the

information displayed




Sean Feast FCICM

Managing Editor

LAST month the CICM, with

the support of the European

Freight Trades Association

(EFTA), pulled off a rather

significant coup. After

months of campaigning,

representations, meetings and emails, they

managed to persuade Companies House

to include a disclaimer on its website to

state that the information it holds has not

been independently validated. The precise

words state: ‘Companies House does not

verify the accuracy of the information


This was not a climb down from the

senior management at Companies House.

They did not come to the party kicking and

screaming. Far from it. They listened to the

representations made, and the logic of the

arguments being put forward, and took a

pragmatic decision in order to help credit

managers and the hundreds of others who

use Companies House data on which to

assess business risk. Companies House

has a ‘brand’ that many rely upon, and by

including a new caveat, users of Companies

House data can now be more circumspect

in how that data is used.

Both the CICM and EFTA expect this

simple move will help in the fight against

fraud. James Campbell, Secretary of EFTA,

is now turning his attention to other

data sources, and specifically the Credit

Reference Agencies (CRAs) see page 22.

He argues, with some passion, that if a

caveat and disclaimer can be applied to

information stored at Companies House,

should not the same, bold disclaimer (i.e.

beyond the small print) be incorporated

by the CRAs who often use such data, and

similarly have no way of validating whether

the information being used is reliable. The

argument is that any recommendations

they make as regards ‘risk’ can only be

as good – and as reliable – as the data on

which such recommendations are made,

and if the information from Companies

House is used as part of the ‘blend’, then

the recommendation could be flawed.

It is an interesting argument, and

one that no doubt the CRAs will have an

answer for. All of the CRAs I know are

fundamentally honest and honourable

people doing an honest and honourable

job. Their entire credibility is based on the

quality of the information they receive,

and the ‘value’ of the recommendations

they make. It is not in their interests to

get it wrong; indeed, quite the opposite.

Steering customers away from the poor

risk and towards the better risk to facilitate

business is their raison d’etre. That said,

James raises a valid point, and CRAs would

be wise to engage.


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The Recognised Standard / / May 2019 / PAGE 5


A round-up of news stories from the

world of consumer and commercial credit

Written by – Sean Feast FCICM and Alex Simmons

Credit professionals fear

indecision over Brexit

INDECISION and ambiguity have

been a constant across both the

political and economic landscape,

leaving business leaders unsure of

what the next chapter will mean

for their businesses.

These were the key sentiments

expressed by attendees at the recent

Credit Summit questioned by the CICM

to gain insight into how trade credit

professionals are faring in light of the

country’s decision to leave the EU. Nearly

all say that the ongoing lack of clarity

around Brexit continues to be a serious


Markus Kuger, Lead Economist

at Dun & Bradstreet says the UK was

recently presented with new economic

forecasts and despite real GDP still

growing, the outlook for the economy is

forecasted to expand at a slower pace

in 2019 than initially set out: “While this

is not a UK-specific development (we

recently lowered our growth forecasts for

Germany and France too), it highlights

the risks the British economy is facing

in 2019 caused by political and economic

instability at home and in Europe.”

Philip King FCICM, CICM’s Chief

Executive, says CICM members have

a unique insight into economic issues

that affect their businesses: “Their roles

require them to see both the detailed

picture and also the much bigger

landscape that impacts on the trading

environment in which they operate. They

thrive on coping with uncertainty, Brexit

is today’s key challenge, and their views

are valuable.”

In terms of preparedness, there was

a balanced three-way split. Over a third

of those asked said that they have a

comprehensive contingency plan for how

they will approach credit terms for the

various Brexit scenarios. A third were in

the early stages of a plan but 30 percent

said they had no contingency plan in


When asked how Brexit is affecting

businesses’ trade credit operations and

whether it is impacting the level of credit,

two-fifths of those asked said they don’t

consider Brexit as a factor for their trade

credit terms. Some 30 percent are yet

to alter their credit decisioning due to

Brexit – although they said they may

They thrive on coping with

uncertainty, Brexit is today’s

key challenge, and their views

are valuable. Philip King FCICM, Chief Executive of the CICM

review this in the future.

However, when it comes to cashflow,

the picture is not so optimistic. A tenth

of credit professionals said they were

already seeing an impact on their

cashflow as a result of Brexit, and nearly

half said they believe it will impact their

cashflow moving forward.

The prolonged uncertainty around

Brexit will undoubtedly have an impact

on the trade credit industry, like many

others. The best advice to navigate

through the choppy waters is to keep

monitoring the situation closely, assess

the impact of any changes on your

business and your customers, and take

steps to prepare sooner rather than later.


DIGITAL bank N26 plans to hire a team of employees for the UK market as it

seeks to compete with rivals Monzo and Revolut. The German start-up has

claimed it is signing up 1,000 customers every day in the UK following its launch

in October, and has raised more than $500 million (£381 million) in venture

capital in recent years.

FCA fines Standard Chartered Bank

THE Financial Conduct Authority (FCA) has

fined Standard Chartered Bank (Standard

Chartered) £102,163,200 for Anti-Money

Laundering (AML) breaches in two higher

risk areas of its business. This is the

second largest financial penalty for AML

controls failings ever imposed by the FCA.

The FCA found serious and sustained

shortcomings in Standard Chartered’s AML

controls relating to customer due diligence

and ongoing monitoring. Standard

Chartered failed to establish and maintain

risk-sensitive policies and procedures, and

failed to ensure its UAE branches applied

UK equivalent AML and counter-terrorist

financing controls.

The FCA found significant shortcomings

in Standard Chartered’s own internal

assessments of the adequacy of its

AML controls, its approach towards

identifying and mitigating material money

laundering risks and its escalation of

money laundering risks. These failings

exposed Standard Chartered to the risk of

breaching sanctions and increased the risk

of Standard Chartered receiving and/or

laundering the proceeds of crime.

Standard Chartered’s failings occurred

in its UK Correspondent Banking business

during the period from November 2010

to July 2013 and in its UAE branches

during the period from November 2009 to

December 2014.

US authorities have also taken action

against the Standard Chartered group for

significant violations of US sanctions laws

and regulations.

Mark Steward, Director of Enforcement

and Market Oversight at the FCA, says

Standard Chartered’s oversight of its

financial crime controls was narrow,

slow and reactive: “These breaches are

especially serious because they occurred

against a backdrop of heightened

awareness within the broader, global

community, as well as within the bank, and

after receiving specific attention from the

FCA, US agencies and other global bodies

about these risks.”


NEW research has tracked a notable decline in shopper satisfaction with online

delivery, after several years of it remaining stable, according to the IMRG Consumer

Delivery Review 2018. The annual survey asked 2,000 UK shoppers 50 questions to

understand their perceptions of online delivery. Between 2011 and 2017, overall satisfaction

with online delivery was steady, but this year’s survey revealed that it fell from 85 percent

to 78 percent between 2017 and 2018. The number of respondents saying delivery concerns

sometimes prevent them from shopping online also rose from 41 percent to 48 percent

between 2017 and 2018.





THE CICM’s Executive Board has

agreed that both Gary Baker

FCICM(Grad) and David Kerr FCICM be

granted the Meritorious Service Award

for 2019. The Award is given rarely, and

only in recognition of an exceptional

contribution to the Institute. The

Awards will be presented to Gary and

David at the Fellows’ Lunch

on 7 June.

Virtual assistant

NATWEST is planning to launch a virtual

personal assistant that it claims will allow

users to switch insurance, subscription

and energy deals through their bank for

the first time. The Mimo app will use

new technology made possible by Open

Banking. Customers would receive a

prompt advising that a better energy deal

was available and asking them whether

they would like to switch. The app will

also aim to help users budget, remind

them of tasks and provide analysis of their

spending habits.

AI compliance

THE Bank of England and the Financial

Conduct Authority (FCA) are jointly

developing computer programs to make

financial reporting more accurate and

efficient, raising the prospect of compliance

in the financial services industry being

overseen by artificial intelligence (AI). The

technology will translate rules into code

that can automatically find the required

data in company databases. The Bank and

the FCA hope that improving the quality

of data will allow regulators to spend more

time on analysis.

Marston acquires new tech business

MARSTON Holdings has acquired Videalert which supplies intelligent

air quality and moving traffic monitoring to local authorities. The

acquisition is described as boosting Marston’s position as one of the UK’s

largest transportation and enforcement services groups.

Videalert’s technology measures and monitors pollution levels in

real-time. Its camera technology captures and accurately analyses

data to encourage Clean Air Zone compliance, and to quickly identify

contraventions. With moving traffic volumes rising due to increased use

of Uber and similar services, its technology plays an important role in

keeping road networks flowing freely.

Videalert is Marston’s second acquisition of 2019, following that of

Indian artificial intelligence software developer, Logic Valley.

Videalert’s Chief Executive David Richmond says it can now accelerate

its development strategy and fully realise its vision for Intelligent

Transportation services: “We will also explore integration with the

Group’s artificial intelligence capability, as well as its wider technology


The Recognised Standard / / May 2019 / PAGE 6

The Recognised Standard / / May 2019 / PAGE 7



StepChange predicts

rising numbers of DROs

CA suggests 'problem

bailiffs' are on the rise



Sklaroff he goes

THE Director General of the Finance &

Leasing Association (FLA), Stephen Sklaroff,

has decided to leave the FLA later this year,

after some 12 years in the post. “It has been

a privilege and a pleasure to work with the

FLA’s members over the past 12 years as

they have demonstrated their vital role in

the UK economy, and commitment to high

standards of customer service, during a time

of huge change in the political, economic and

regulatory landscape.”

Piling it on

BREXIT preparations continued to dominate

manufacturers’ activities in March as they

tried to build inventories of both purchases

and finished products, according to the latest

IHS Markit/CIPS PMI. Companies stepped up

production to build-up inventories partly to

prepare for Brexit and partly to meet rising

inflows of new work, mainly reflecting

stockpiling at clients. The surveyed rate of

increase in stocks of purchases hit a record

high for the third month running in March.

The PMI figure itself rose to a 13-month high

of 55.1 in March, up from a revised reading of

52.1 in February (originally reported as 52.0). It

has now remained above the 50.0 no-change

mark for 32 months running.

Growing pains

FUNDING Circle has expanded its broker team

with three hires to provide more support to its

introducer network in the North and Scotland.

Mike Morris, formerly at Merchant Bank Close

Brothers, joined Funding Circle as Regional

Manager for the North region and Scotland

bringing with him more than ten years of

experience in commercial finance within

asset-based lending and leasing finance.

Cameron Ritchie and Nick Newton also joined

the team as Business Development Managers.

FCA probe

THE Financial Conduct Authority (FCA) is

facing a government probe into its oversight

of London Capital & Finance (LCF), after

customers of the firm lost thousands of

pounds in investments. This follows concerns

the FCA was too slow to protect consumers

before LCF went into administration in March.

Some 11,605 people invested a total of £236

million with LCF, but only about 20 percent of

this money may be recovered.

STEPCHANGE Debt Charity has

released figures showing that the

total number of Debt Relief Orders

(DROs) agreed in the last ten years

has exceeded 40,000. And it expects that

number to continue to rise.

Figures published in April show that

40,823 StepChange Debt Charity clients

have used the DRO scheme since its

inception on their journey to becoming

debt-free. Around five percent of the

recommendations the charity makes

to people about solutions that would be

suitable for them are for DROs.

Paula Hogarth, who manages the

StepChange DRO team in Birmingham,

says that DROs have proved their worth:

“While they’re only suitable for a minority

of people, and it’s important that people go

through debt advice to work out what’s best

for their own particular circumstances, debt

relief orders have firmly taken their place

as a valuable option among possible debt


“DROs suit people with low income, low

assets and less than £20,000 of debt. They

have proved their worth for over 40,000 of

our clients. We have found the Insolvency

Service to be helpful and receptive over

the past decade, including introducing

slicker application processes and taking a

pragmatic and proportionate approach if

client circumstances change unexpectedly.”

Liz Thomas, Head of Debt Relief Orders

for the Insolvency Service, praised the role

of DROs as helping a substantial amount

of people: “We wouldn’t have been able to

successfully issue more than a quarter

of a million DROs without working with

our colleagues in the debt advice sector,

including our partners at StepChange.”

Looking ahead, StepChange Debt Charity

expects the number of clients for whom

DROs are the most appropriate solution

to continue to increase, in line with the

increase in the number of clients with low

income and low assets who contact the

charity for help.

While eligibility for them is tightly

drawn, DROs are described as simpler and

cheaper for those who can use them than

either Individual Voluntary Arrangements

or bankruptcy. They have proved to have a

very valuable place in the suite of possible

debt solutions for people with few assets,

and without a realistic prospect of clearing

their debt in other ways.

“We wouldn’t have been

able to successfully

issue more than a

quarter of a million

DROs without working

with our colleagues in

the debt advice sector,

including our partners at


Cifas reveals spike in false claims

CIFAS, the fraud prevention service, has

released figures showing a marked increase

in the number of individuals committing

insurance fraud with false claims. Between

2017 and 2018, there has been a nationwide

increase of 27 percent in fraudulent

insurance claims.

The figures show that Cifas members

identified household insurance fraud and

motor insurance fraud as the two biggest

causes of false claims – with a 52 percent

and 45 percent increase respectively.

Meanwhile, there has been an overall

decrease in another form of insurance

fraud: fronting an insurance policy.

Fronting is when a driver claims they are

the main user of a vehicle that is actually

driven by a young driver or other highrisk

motorist in order to receive lower

premiums: for example, by parents for their


Cifas members reported over 300 cases

of fronting in 2018, with the data showing

an 18 percent increase in the proportion

of 21-30 year-olds conducting this type of

fraudulent activity.

CITIZENS Advice has reported a

sharp rise in people seeking help

with ‘bailiff-related issues’ as

vulnerable consumers are targeted

by increasingly aggressive debt collection

methods. But the claims have been disputed

by the Bailiffs’ trade body.

The number of reported problems with

bailiffs exceeded 103,000 in 12 months – a

16 percent increase on the previous year —

which Citizens Advice claims was driven

by ‘a rise in bailiffs not following the rules

around rights of entry’.

Nearly one in six of the incidents

involved bailiffs ‘threatening to break in,

or unlawfully doing so’, the charity said,

a rise of 13 percent on the previous year.

Other issues the charity said it regularly

encountered included bailiffs charging

excessive fees and refusing to set up

affordable repayment plans.

The charity said it had seen a 43 percent

increase in bailiff-related issues since

2014, when the government brought in

bailiff reforms, and reiterated its call for

independent regulation so consumers would

have better means of redress.

“Five years on, we should be seeing fewer

people with bailiff problems, not more,”

Gillian Guy, Chief Executive of Citizens

Advice says. “Tinkering with the rules again

will have no impact if they’re not enforced,

which is why independent regulation is

urgently needed.”

The charity said the increase was

part of a wider problem of households

falling behind on essential bills. It

estimated that almost £19 billion of debt

is owed to government departments and

utility providers. A Ministry of Justice

spokesperson said: “There is absolutely no

excuse for aggressive bailiff tactics, which

is why we’re examining the case for an

independent regulator as part of our call for


Separate research by the Money Advice

Trust found that more than 2.3 million

debts were passed to bailiff firms by local

authorities in 2017, with 59 percent relating

to council tax debt. Single parents made up

23 percent of those seeking the charity’s

help last year, even though they account for

just six percent of the UK population. John

Griffith-Jones, chair of StepChange, said that

large numbers of single parents contacting

the charity were running a deficit budget.

Russell Hamblin-Boone, Chief Executive

of CIVEA, the Civil Enforcement Association,

strongly refuted the claims: “There is

much misunderstanding about public debt

collection and it is not possible to draw

accurate conclusions about enforcement

practices based on alleged examples

submitted by debt advisers,” he argued

“There is no robust evidence that

enforcement agents are breaking the

highly prescriptive regulations. Welfare

reforms and more rigorous debt recovery by

local authorities has led to an increase in

enforcement activity, but this remains a last


“There is absolutely no excuse for aggressive bailiff

tactics, which is why we’re examining the case

for an independent regulator as part of our call for


StepChange welcomes reforms

to bailiff industry

STEPCHANGE Debt Charity has welcomed

a report from The Justice Committee

highlighting the need for reform of the

bailiff industry, including the introduction

of an independent regulator and

complaints procedure.

Peter Tutton, Head of Policy, StepChange

Debt Charity believes it is a wellconsidered

and important report from

the Justice Committee, and he welcomes

its recommendations to drive what the

charity considers are much-needed

reform and oversight of the bailiff sector:

“Enforcement by bailiffs is intrusive

and places disproportionate costs

on people in the most vulnerable

circumstances. With our research

estimating 850,000 cases of bailiff

misconduct in the past two years, the case

for change is urgent.

“We are pleased to see the report’s

recommendations for the establishment

of an independent complaints procedure

and independent regulation of the bailiff

sector. It is also key that the committee

have recommended oversight of the fees

charged by bailiffs to ensure these are

proportionate and just.

“With powerful cross-party consensus

supporting an independent bailiff

watchdog and new complaints body, the

case for independent bailiff regulation has

never been stronger.

“The Ministry of Justice must now act

quickly to introduce a properly resourced,

independent bailiff regulator. We call

on the Government to introduce a Bill

bringing these recommendations into

effect in the next Queen’s Speech.”


A new report has revealed that venture

capital investment into UK start-ups over

the first three months of 2019 was around

the same level as last year. In total more

than £1.2 billion has been invested since

the start of the year across 161 deals.

Fintech, biotech and healthtech were the

most popular sectors for venture capital


Blockchain pilot

THE Port of Marseille Fos is to pilot a

blockchain solution on the Rhône-Saône

transport corridor, which connects

Marseille with inland ports in France

including the city of Lyon, that it hopes will

make transportation more secure and give

greater visibility in the supply chain. The

combination of logistics and technological

expertise brought in to develop the

platform would create an ‘innovative

system giving greater control and visibility

throughout the supply chain’, said the

Marseille Fos Port Authority.

The blockchain solution will give

certified users direct access to protected

documentation, enabling numerous

parties to share data without the need for

dedicated infrastructure.

Bank whistleblowers

A review by the Banking Standards Board

reveals only 41 percent of bankers who

raise concerns about bad practices or

personal worries feel their employers

listen to the complaints. The survey of

more than 72,000 employees from 26 banks

also reveals that 28 percent of investment

bankers said work was having a negative

impact on their health.

New leadership

appointed at Lowell

LOWELL has appointed Chief Financial

Officer Colin Storrar who will succeed

James Cornell as CEO. Colin has worked

closely with James to lead Lowell’s

successful transformation from a primarily

British player to a leading European

business. He brings a combination of

experience both from his time at Lowell

but also HSBC First Direct and GE Capital.

James will take the role of market and

operational consultant to the company.

The Recognised Standard / / May 2019 / PAGE 8

The Recognised Standard / / May 2019 / PAGE 9



Driving on

SECURE Trust Bank Commercial Finance

has provided a £5 million invoice finance

facility to BCW Manufacturing Group, as the

automotive manufacturer looks to expand

its factory space and production line. The

Burnley-based manufacturer has been

developing bespoke automated lines, tooling,

work holdings and mistake prevention

systems, to provide value-added products to

customers such as Aston Martin, Bentley and

Jaguar Land Rover since 2002.

The £5 million funding will be used to fund

the creation of a dedicated state-of-the-art

automotive machining facility and additional

warehouse space. With increased capacity

to take on new business, the expanded

headquarters is set to create up to 50 new jobs

at BCW over the next three years.

Sparkling growth

BIBBY Financial Services (BFS) has

provided a £2.6 million Invoice Discounting

funding facility to Morris Line Engineering

(Holdings), a specialist engineering business

with two well respected brands – Morris

Line Engineering (MLE) and JW Morris.

Headquartered in Bridgend, Wales,

MLE provides specialist design and

manufacturing services for low voltage and

high voltage equipment. The business has

built an international reputation for product

development and designs over the last

four decades and has exported to over 70


JW Morris claims an even longer pedigree

of electrical installation work in process

industries and recently celebrated its 70th

anniversary of working for the UK’s largest

integrated steel works at Tata Steel Port


Chip off the old block

ARBUTHNOT Commercial ABL has

structured and delivered a £750,000

confidential invoice discounting line for

one of the larger temperate hardwood

sawmills in the country. Based in Petworth,

West Sussex, the business dates back to

the original felling records of 1865, and

now delivers bespoke products and its

customers include architects and specifiers,

construction companies and builders,

restoration specialists and automated gate




RECENT briefing includes the notice of

the fifth Annual General Meeting of the

CICM on 13 June, a free webinar on Brexit

and beyond on 30 April, and the benefits

of being a CICM member including

entitlement to the TOTUM student discount

card for those studying.

Survey suggests millions

caught in spiral of debt

MORE than 1.5 million people in

England are struggling with

the ‘vicious cycle’ of spiralling

debt and mental health

problems. And problems with mental health

dramatically increase your chances of

facing financial difficulties.

Analysis of new national data from

the Adult Psychiatric Morbidity Survey, a

nationally representative survey of over

7,500 people across England, suggests that

people with Obsessive Compulsive Disorder

(OCD) are almost six times more likely to

be in problem debt than people without

a mental health problem, in part due to

common symptoms such as unreliable

memory and difficulty in processing

information which make it harder to

manage money.

More than a quarter of people (29 percent)

with OCD in England have problem debt,

compared to just five percent for people who

do not have a mental health problem.

Similarly, people with bipolar disorder

or depression are around five times more

likely to be experiencing serious financial

difficulty than people without mental health

problems. Some one in four people affected

by these conditions are in problem debt,

compared to one in 20 people who do not

have mental health problems.

This reflects the impact of common

symptoms of bipolar disorder such as

impulsiveness – especially during manic

episodes – and symptoms of depression

such as low moods and poor concentration,

all of which can affect people’s ability to

manage their finances.

Money and Mental Health is calling for

wide-ranging action from the government,

the NHS, banks, energy providers and

regulators to reduce both the psychological

impact of problem debt, and the chances

of someone with mental health problems

falling into financial difficulty.

Helen Undy, Chief Executive of Money

and Mental Health, says when struggling

with mental health it can be much harder to

stay in work or manage spending: “Being in

debt can cause huge stress and anxiety – so

the two issues feed off each other, creating

a vicious cycle which can destroy lives. Yet

despite how connected these problems are,

financial services rarely think about our

mental health, and mental health services

rarely consider what’s happening with our

money. “The Government has an opportunity

to use its upcoming Consumer White Paper

to introduce minimum standards that

people with mental health problems can

expect across essential services like energy

and banking, to ensure that they get a fair

deal. That should include help to avoid

problem debt, and better protection from

aggressive debt collection practices when it

does happen.

“And ensuring that money advice is

routinely offered to people using mental

health services would increase

recovery rates, as well as

improving the financial

wellbeing of the 1.5 million

people currently dealing

with this combination of


Helen Undy, Chief Executive

of Money and Mental Health

Graydon signs sharing partnership

with Forums International

Graydon has signed a corporate partnership

with worldwide knowledge sharing

platform, Forums International. The focus

of the partnership will be to host and

produce quarterly forums focused on fraud

prevention, credit management and risk.

Each of the forums are designed to

bring together leading names within

different industry groups and provide

intelligence and practical tools to a

network of like-minded professionals.

Attendees can expect open discussions,

presentations from industry experts and

specialised workshops. Membership

of the forum will also provide access to

secure members’ communication


The schedule of dates for the quarterly

forums will be released shortly. Attendance

to the first forum is complimentary and is

an opportunity for prospective companies

to gauge the benefits before making a

commitment to join. Simon Blackwell,

Graydon UK’s Managing Director says

both organisations are committed to the

sharing of relevant and valuable insights

and intelligence within communities: “The

overriding aim is to help organisations

make more informed credit risk decisions

and support them in the ongoing fight

against commercial fraud and financial

crime.” Laurie Beagle FCICM, Managing

Director at Forums International says they

have worked together with Graydon for

many years on the IT Distributors Forum

(DRF) and are pleased to extend that

relationship to include both the Telecoms

Forum (ITRF) and the new Fraud

Prevention Network (FPN) being launched

on the 16 May.

“We both share the same principles and

objectives and know that the two teams

will complement each other in the delivery

of forums that provide quality benefits and

true value to its members,” he says.

HMRC business closures

deemed ‘too aggressive’

SMALL business marketplace Funding

Options says that HMRC should

expand its late payments scheme

due to ‘tough’ UK and global trading


HMRC applied to shut down 4,160

businesses that fell behind on their tax

payments last year, as smaller firms were

steadily squeezed between a slowing

economy and late payment from larger


However, this high number of

applications shows that the government’s

tax and customs department is “too

aggressive in its approach to shutting down

businesses”, said Funding Options, Chief

Executive, Conrad Ford.

The London-based marketplace, which

arranges over £100 million of funding to

small firms a year, acknowledges that HMRC

Lenders call for change to banking rules

PEER-to-peer lenders are calling for a

change to Open Banking rules to make it

easier to access borrowers’ financial data

for the duration of a loan term.

Under the current framework of the

data-sharing initiative, borrowers can grant

alternative lenders access to their banking

data but must reapprove the permissions

every 90 days. This can cause an issue for

lenders who want to monitor a borrower’s

financial situation over a longer term.

P2P business lender Growth Street

uses Open Banking to assess potential

borrowers and to help monitor their

ongoing cashflow and financial strength,

which may be problematic if data access is

refused during a long-term loan.

Greg Carter, Chief Executive of Growth

Street, said Open Banking had made the

process easier for borrowers but called the

applied to wind up 11.5 percent fewer firms

last year than in 2017, but argues that these

figures are still too high.

In February, the Bank of England forecast

growth of 1.2 percent this year, down from

its previous forecast of 1.7 percent made in

November, blaming slower-than-expected

growth in the Eurozone and China, as well as

stalled business investment amid Britain’s

prolonged departure from the European


“HMRC continues to take a hard-line

approach despite businesses facing tough

economic headwinds. While HMRC has

eased back from last year when they tried

to shut down 4,700 businesses, it should

be looking to give them even more leeway,”

Conrad adds.

“HMRC continues to take a hard-line

approach despite businesses facing tough

economic headwinds”

three-month reapproval requirement an

unnecessary burden: “We plan to request

that the Open Banking Implementation

Entity extends the maximum connection

length from 90 days to indefinite.

“The expiry of connections after 90

days means a potentially higher risk that a

borrower could lose access to their facility

– for example, if data loss results in our

credit teams reducing or even removing the


“We believe businesses should be given

the choice to give permanent consent to

third parties to access their data that can

be revoked at a time of their choosing, and

not be forced to reconnect every 90 days.”

Meanwhile, Open Banking technology

has been incorporated by a debt

management company to automate

annual reviews. Gregory Pennington has



Initiative Ireland

enters UK P2P


IRISH peer-to-peer property lender

Initiative Ireland has entered the UK

market, offering corporate lending accounts

that let companies back its development

projects through a new subsidiary called

Initiative Financial Services UK.

The minimum investment for companies

will be €10,000 (£8,640) per loan. The lender

has also launched the Initiative Financial

Senior Credit Property Sub-Fund I for

institutional investors with a minimum of


This is a five-year closed ended fund

designed to finance the construction of

residential social, affordable and midmarket

housing across Ireland on a senior,

secured basis. The P2P lending proposition

will only be available for companies at first,

but there are plans to open it up to private


Equifax hire

EQUIFAX has appointed former RBS

Operations Executive Tony Banks as

Vice President of Operations for the UK

and Ireland. Tony will be responsible for

overseeing all operational activities at

Equifax sites including London, Wexford,

Leeds and Nottingham. Based in London,

he will report directly to Patricio Remon,

President for Europe at Equifax.

integrated an Open Banking solution

provided by Equifax in partnership with

AccountScore to speed up its customer

financial reviews. Customers of the debt

management specialist will now be able to

complete the required annual review and

financial assessment by providing consent

for the extraction of transactional data

from their current account to populate the

financial statement.

Previously, the review would have been

conducted over the telephone and would

typically take up to an hour. The move

could be a boost for peer-to-peer lenders

working with debt management companies

who adopt similar technology as it could

help speed up the recoveries process.

The Recognised Standard / / May 2019 / PAGE 10

The Recognised Standard / / May 2019 / PAGE 11


Moving with the times

The importance of embracing


AUTHOR – Michelle Thorp


Evolving Times

Having knowledge is not enough. It is how such

knowledge is shared that is important.

AUTHOR – Pete Whitmore FCICM

Michelle Thorp


had the honour of visiting a creditor

representation organisation in

Belfast in April, and while it struck

me that many of the issues with

which we concern ourselves, for

example how technology can help

our business, are incredibly relevant for

solving business problems (more on that

later), the more traditional business issues

are still the most vital.

The old adage, communicate,

communicate, communicate, and when

you think you’ve communicated enough,

communicate some more, is still as

vitally important today, as whenever

the phrase was coined. For the

insolvency practitioner, communication

and dialogue with creditors, either

directly, or through their representatives is

essential for effective outcomes. So many

of the complaints we see stem from a

failure to communicate.

The prospect of losing money you are

owed by a company or an individual that

has become insolvent can sometimes

be a difficult and time-consuming

situation. But, getting involved in the

procedure means you will have a better

understanding of what is happening, what

the likely outcome is for you as a creditor

and why. The office holder is responsible

for communicating with you – you can opt

out of receiving communications without

losing your voting rights, but it’s important

to note, that by doing so, you won’t have

the detailed understanding of the strategy

and interim reports.

Creditors are often asked to get involved

in an insolvency process, for example

approving the appointment of an office

holder. In the past, physical meetings

were used as a matter of course to seek the

views of creditors on issues. And although

they were useful, they were also difficult

to convene for the large number of people

who needed to attend.


But a while ago, a rule change was put

in place to make it easier for creditors

to engage. Virtual meetings can now

be convened instead of face-to-face

meetings. A virtual meeting can often be

a conference or skype call. These meetings

mean you don’t have to be present, but you

can, as a creditor, hear about details and

raise issues with an office holder relating

to your views in a more convenient way.

We have had feedback that the virtual

meetings can often be poorly attended,

and I would urge creditors to get involved.

And, if you think a virtual meeting is not

appropriate, ten percent of creditors can

still call for a face-to-face meeting.

While we should be mindful to make

sure we don’t forget to use these old skills,

which can be so easy to do when we are all

so busy, we should also be looking to the

new. I was also struck by the piles and piles

of cheques I saw in Belfast, and thought we

should embrace the benefits of new skills

and ideas. As technology advances, it can

often seem daunting, but in the long run,

embracing technology in the right way can

have major business benefits. The trick is

to learn from the world of agile delivery –

start small, prove a concept and scale up in

manageable increments from there.


Too often, businesses try to fix everything

at once or strive to make a system perfect,

but this means the time and expense

starts to add up pretty quickly, and the

risk of failure grows everyday. At the IPA

we are embracing technology and helping

to make life easier for the people we

work with. But, we are starting small and

working up. On the infrastructure side we

are doing this through better hardware,

cloud-based software and collaborative

tools like shared documents, a new

approach to relationship management,

and – watch this space – a new look and

feel to our website. On the data side, we are

also doing this to help us manage our new

approach to volume regulation.

You may have read in other articles

that part of what we doing in this space

will be to continuously monitor case data

to check for anomalies, and dig into that

data to investigate changes in real-time.

Rather than waiting for an automated

data sharing system that works with every

firm and their different IT systems (we

are currently reliant on manual returns

through Excel), we are starting with one

company and learning the lessons as we

develop an approach for data sharing.

Then will expand out to others and learn

and adapt to their particular circumstances

as we go. 110 percent by value or number

or ten creditors. The so called 10, 10, 10

rule. The famous management consultant,

Peter Drucker said that if you wanted to

do something new, you have to stop doing

something old. I actually think, that in the

world of insolvency, we have to do both.

Michelle Thorp is CEO, Insolvency

Practitioners Association.



communicate, and

when you think you’ve

communicated enough,

communicate some

more, is still as vitally

important today, as

whenever the phrase

was coined.

Pete Whitmore

AROUND 12,000 years ago

there was a caveman called

Pip. One day, he was out

meandering along the river

bank throwing stones in the

long grasses when suddenly

one of the stones struck another and there was

a spark that ignited the grass. Pip was taken

by surprise, but noticed that there seemed to

be daylight everywhere now. He touched the

glowing grass and it was hot. Pip smacked it

with his spear and it stopped. He picked up

two more stones and struck them together;

there was another spark and the grass glowed

again; Pip smiled to himself.

Pip started to show his closest friends

what he had discovered and they thought

he was some sort of king. A little while later,

someone he didn’t know, Mik, asked him how

to make glowing grass. Pip said he would show

Mik for something in return. Mik didn’t have

anything with him, but promised to return the

next day with something of value. Pip agreed

and showed Mik how to make glowing grass,

and so was born the first training services

transaction on credit terms. Incidentally, Mik

was a good debtor and returned with a rolling

stone thingy.

Word spread about Pip’s services and

even though a few others tried to copy him,

they could not deliver the same value and

experience as Pip and his friends. The local

Chieftain was so impressed he decreed that

Pip and his friends were the best suppliers of

glowing grass in the kingdom. So was born the

Chieftain’s Institute of Cave Men, and Pip King

was the recognised standard in his profession.

Now this may seem a very old story, but

although the principle that knowledge is

power is still true today, it is also how you

make use of that knowledge and how you

share that with your fellow professionals that

brings real value. Cuthbert Greig was clearly

cut from the same cloth as Pip, because he

could also see that value when in 1939 he

was instrumental in setting up what would

eventually become today’s Chartered Institute

of Credit Management (CICM).

Some 80 years later and the Institute is

providing training, services and support

that is recognised as setting the standard in

today’s credit profession. We pride ourselves

in setting the highest standards and offer a

comprehensive range of training and Ofqual

regulated qualifications. Our qualifications

and range of flexible learning opportunities

equip our members with the professional skills

they need at every stage in their career. We

help organisations of all sizes manage credit

and maximise cash collection efficiently and

professionally in an increasingly challenging

business environment.

Through a comprehensive programme of

publications, communications, helplines,

conferences and regional events, we ensure

our members are supported, kept up-to-date

and equipped to meet the demands of the

crucial role they perform in modern business.

Our website resources are complemented by

a range of webinars and social media activity.

We promote professionalism and best

practice through our award-winning Credit

Management magazine, and our CICMQ

quality accreditation scheme recognises

outstanding organisations. Giving our

members a voice, we influence government

policy and direction, and collaborate with

other business organisations. Our close

relationship is exemplified through our

management of the Prompt Payment Code

for the Department for Business, Energy and

Industrial Strategy (BEIS), and the highly

acclaimed CICM managing cash flow guides,

of which we were the authors.

Furthermore, our members create their

own networks reaching out to each other

for support and knowledge sharing when

differing credit challenges arise. It is all of

these aspects that set the CICM apart from any

other service supplier. In today’s uncertain

world, we can provide the knowledge, skills

and experience to ignite that same spark to

allow credit professionals to manage the risk

for business success and sustainability. The

need for professional standards in credit (for

individuals and organisations) is as important

today as it has ever been, if not more.

We are the one stop shop for information,

standards, training, qualifications and

recognition. That Pip King knew a thing or


Pete Whitmore FCICM is Chairman of the

Chartered Institute of Credit Management.

The The Recognised Standard Standard / / / March / May 2019 2019 / PAGE / PAGE 12 12

The Recognised Standard / / May 2019 / PAGE 13



Sean Feast FCICM talks to R3 President

Stuart Frith about the insolvency

profession, Consett Steel works, and the

likelihood of Leeds United making the

Premier League.

STUART Frith likes an argument.

That’s not to say that I’ve upset him

or that the interview has in any way

turned hostile, but rather it helps

to explain, in part, why he opted

for a career in Law.

“After I realised I’d never play cricket for

Yorkshire,” he says, with tongue placed firmly in

cheek, “I looked at a career in Law. Originally, I

wanted to practice Criminal Law, but in the end

began specialising in commercial litigation and

I’m pleased that I did. Commercial litigation

tends to be project driven, and so it is less

‘personal’. As such, your competitors and your

clients become your friends.”

It has often been a source of mischievous

satisfaction to Stuart to fraternise with the

competition, and this reflects how the industry

operates: “There is a relatively small coterie

of insolvency solicitors,” he explains, “and

we tend to deal with the problem and not the

personalities that can get in the way of finding

the essential facts.”

A Scot by birth but a Yorkshireman

by inclination, Stuart lived a peripatetic

childhood. His father’s job in the civil service

meant regular moves, from Hoddesdon to

Harrogate, and Grammar School in Spalding.

“School was a traditional Grammar, with

inspirational teachers who you still remember

well and a strong sense of engagement with the

local community.”

School was followed by University in Leeds

to read Law: “Today we tell our young people

to study for a degree they are interested in, but

happily I was always interested in the subject,

and Leeds was a great place to be.”


Leeds Law Department has a reputation for

producing some highly eminent alumni,

especially in the world of media and politics.

These include: Mark Byford, the Deputy

Director General of the BBC; Alan Yentob, the

BBC’s Creative Director; Jack Straw and Kier


Qualifying as a solicitor in 1983, Stuart spent

the better part of 25 years practising in the

North East, before making the move to London

10 years ago. The early years were spent with

Jackson Monk & Rowe, focusing on noiseinduced

hearing loss claims from the shipyards

on the Tees, the Tyne and the Wear, for the Iron

Trades Insurance Group. “At one time there

were 75,000 claims on the Newcastle District

Register alone,” Stuart says.

His role included getting upfront and

personal with the environments in which the

claimants worked: “I remember a Consett steel

works that had a Dantés Inferno-esque feel

about it, and standing on top of a blast furnace

where the soles of your shoes began to melt.”

Today, most of the steel works and shipyards

have long-since closed down, and the rivers

that were once heavily polluted (“They used to

say you could develop a photograph in the Tees,

it was so full of chemicals,”) now have salmon

swimming free.

As Stuart’s career developed, so he became

involved with the Insolvency Lawyers

Association (ILA) and became a founding

member of the Insolvency Practitioners

Association (IPA). The perceived conflict of

the IPA being both a regulated professional

body that was also the insolvency industry’s

trade association led to a new trade body being

established which was ultimately branded R3.

“I had a coffee with Andrew Tate who was

President at that time and my name was put

forward to succeed him. It was then my 36th

year in practice and I wanted to give something


Andrew Tate had instigated a root and

branch review of R3 to accommodate the

evolving needs to its members, including

those involved in turnarounds. The review was

against a background of a challenging market

whose issues accelerated after the collapse of

Lehman Brothers. “I’ve lived through a

number of recessions, and after every one

there is someone who says ‘you must be



“Banks used to use administrative

receiverships as a remedy of choice; Peter

Mandelson and the Enterprise Act made

administrations easier. Then came the

boom and bust economy, the deregulation

of the financial services industry, and the

global financial crisis which led to the

effective nationalisation of the banks, and

everything changed. Their attitudes to

lending and administrations changed. We

need a buoyant economy for companies

to buy the assets from an insolvent


With the banks having to reconstruct

their balance sheets (“There has been a

great deal of debt trading,” Stuart says), and

the concurrent emergency of hedge funds

working to a different agenda, Stuart says

that far from the economic misery leading

to happy days for IPs, the insolvency

profession was in fact shrinking. It was

this that led to the strategic review – in

effect giving members what members

needed – and it is a strategy that has been

continued by successive Presidents. “We

are in continuous listening mode,” Stuart



The economic woes and bank

restructuring led to some in the profession

– and the media – to coin the term ‘zombie

companies’ – those companies that are

in effect insolvent but kept alive by their

banks, perhaps fearing a backlash if they

are ‘allowed’ to ‘fail’. “Some companies are

certainly just managing to get by,” Stuart

explains, “helped by low interest rates,

but any fluctuation in those rates could

make a difference.”

Pensions deficits are a particular issue:

“In restructuring a business, you may find

that you have an underlying business that

is profitable, but a pension deficit – and

how that deficit has been evaluated – that

places a significant financial burden on

the firm and its future survival. There

are several high-profile examples in the

market, not least BHS.

“Kicking the can down the road was

clearly happening,” Stuart continues.

“Banks do not appoint as a matter of

The Recognised Standard / / May 2019 / PAGE 14

The Recognised Standard / / May 2019 / PAGE 15 continues on page 16 >



course anymore; they leave someone else to

carry the can. Creditors are often impacted;

debts are either sold or written off, and there

are incidences of banks offloading a large book

of business simply to get it off their balance


Another ongoing challenge to the profession

is pre-packs: “They are a good example of what

can happen when there is limited liquidity

in the market to allow trading to continue.

Pre-packs can be positive in saving jobs and

protecting value, but there are often tensions

in the process and a conflict of interests since

over-transparency can erode value.”


The proposed re-introduction of Crown

Preference is also vexing the industry. Stuart

sees it as a retrograde step: “The £185 million

that the Government suggests it will recover is a

mere fraction of what’s being lost in Brexit and

the cost to the revenue in comparison. It was

abolished for good reason but by re-introducing

it without any warning and on the basis of only

flimsy evidence will undoubtedly impact the

banks and other lenders. If the Government is

seeking to stimulate the economy and get the

banks to lend, this is not the right way to go

about it.”

Stuart also warns against over-regulation in

some areas, including corporate governance:

“It is a case of be careful what you wish for,”

he smiles. “Bad cases make bad law, and just

because there are challenges in the market (e.g

through examples such as BHS) we should be

looking at existing remedies and not new ones

with potentially unforeseen circumstances.”

He has been working closely with the

Insolvency Service during his term of office,

and is keen to further enhance the reputation

of the insolvency profession. Regulation, he

says, has made a real difference in weeding out

those who transgress from the high standards


Stuart hands over the reins to Duncan Swift,

the incoming President of R3, at 12:00 noon on

3 May. He stays on, however, as an immediate

past-President to help with a smooth handover

and retains his place on the Governance

committee. With whatever free time he has,

he is determined to keep singing: “My mother

was a trained opera singer, and I am currently

50 percent of the tenor section in our company


He also hopes to get his golf handicap down

(“I play all the right shots but in the wrong

order,” he laughs, stealing a line from the great

Eric Morecambe) and watch Leeds United in

the Premier League.

He is not sure which one is more likely.


“I remember a Consett

steel works that had a

Dantés Inferno-esque feel

about it, and standing

on top of a blast furnace

where the soles of your

shoes began to melt.”

R3, the UK’s insolvency and restructuring trade association, was

founded in 1990 in the wake of the overhaul of the insolvency

framework triggered by 1986’s Insolvency Act. The newly licensed

insolvency profession felt there was a need for an organisation, separate

to the insolvency regulators, which could bring together individuals

from different licensing bodies and offer support, networking, training

regardless of background, and which could allow the profession to

speak with one voice. As the profession continued to develop, there was

increased focus on the importance of using insolvency procedures to

support business rescue. As a result, the SPI became the Association of

Business Recovery Professionals in 2000 – better known as R3 (Rescue,

Recovery, and Renewal). Over the past 30 years, R3 has been a home

for the insolvency and restructuring profession – led by members,

for members. R3 supports its members as they go about their work

supporting the UK’s economy.

All round audit

THE credit team of eleven at

Ab Agri now manages annual

accounts receivables values

in excess of £1 billion, an

impressive uplift since it last

achieved CICMQ re-accreditation in 2016.

Ab Agri was originally accredited in 2010

following the creation of its credit control

team. The structure is flat with direct

reporting into the Group Credit Manager

with each credit controller responsible

for their own area/division of the business.

The majority of the team have been in

their roles since the inception of the

centralised team, some nine and half

years ago.

Frank Anderson FCICM, Group Credit

Manager, at AB Agri says this is the fourth

re-accreditation the team has achieved:

“While we are assessed by internal and

external auditors on our financial control

framework every year, the CICMQ is credit

specific and is a more rounded appraisal

of our people and processes. It also avoids

any risk of complacency – what was good

yesterday needs to be good today and needs

to be better tomorrow.”

CICMQ Assessor, Pam Thomas FCICM

said in her report: ‘The credit policy

remains an excellent document, and

all areas which serve the business are

covered serving as a basis for sound

credit management principles. All team

members and stakeholders have complete

awareness and clarity of responsibilities

and authorisation levels.’

Hays ticks all the boxes

HAYS is the leading global specialist

recruitment group and market leader in

the UK that has recently achieved CICMQ

re-accreditation for the third time. The credit

team is comprised of 63 credit professionals

who manage a ledger worth c£180 million,

collecting c£150 million per month in


Mark Phillips MCICM, Credit Control

Support Manager of the Finance Shared

Service Centre, says a number of significant

improvements have been made: “Over the

last couple of years our internal processes

within the credit department have changed,

so going through the re-accreditation

process was a great way of putting those

improvements to the test’’.

CICMQ Assessor Pam Thomas FCICM said

in her report: ‘The use of links to detailed

Standard Operating Procedures enables

a large number of topics to be included

without cluttering the policy; as a result,

it has a fresh clear feel and enables the

document to remain relatively succinct.

‘Personal and professional development is

taken seriously by credit team management.

It is evident that team behaviours and

having the right people in place is extremely

important. Interviews were held with a

number of team members, all of whom

presented themselves very positively. It was

a pleasure to observe how proud they were to

be part of the team and recognised that there

is scope to develop and progress’.

Sweet taste of CICMQ

success for Britvic

BRITVIC Soft Drinks Ltd, the largest

supplier of branded still soft drinks

in the UK, has achieved CICMQ

accreditation after demonstrating

outstanding results throughout the


The newly-installed Credit

Management team at Britvic is made

up of ten credit controllers and was led

through the CICMQ process by Ciaran

Grace MCICM, Sales Operation Manager

at Britvic.

“Along with the development of our

people, the accreditation highlights to

key external and internal stakeholders

that Britvic is committed to best

practice and maintaining the highest

standard and continuous progression in

all areas of credit,” says Ciaran.

Britvic Soft Drinks Ltd is one of the

leading branded soft drinks businesses

in Europe and South America, operating

in and exporting to over 50 countries.

That's entertainment

SONY DADC Europe, part of the Sony

Entertainment Group, has achieved

CICMQ re-accreditation, with its

procedures and processes demonstrating

Quality in Credit Management.

Sony DADC, based in Enfield, provides

distribution services to the home

entertainment industry, as well as

providing warehousing facilities. The

credit control team is 30 strong, with 15

based in the UK office and 15 based in

the Czech Republic.

Paul Saunders MCICM, Head of Credit

and Collections at Sony DADC Europe,

says achieving CICMQ re-accreditation

provides an excellent benchmarking

tool: “Not only does it provide internal

confirmation of approved processes

but also external confirmation to our

clients. Following re-accreditation, we

will continue to review and update all

of our policy and procedure documents

regularly to ensure our processes remain

at the highest possible standard.

“We currently have a few team

members who are following the

education routes available with the CICM

and we are encouraging more to sign up.”

The Recognised Standard / / May 2019 / PAGE 16

The Recognised Standard / / May 2019 / PAGE 17


An Englishman's castle

What could be considered a fair notice

period for eviction?

AUTHOR – Andrew Wilson MCICM

EVICTION is always an

emotive subject and can

bring to mind Victorian

scenes of the hard-hearted

bailiff, throwing a poor

family out on the street.

It may not be quite like that nowadays

but there are difficult cases. Getting the

balance right between landowners (who

may be relying on the rent or mortgage

payments to fund their ownership) and

occupiers (who for various reasons have

stopped making the required payments)

is not easy. Death, divorce, illness or loss

of employment are often the root cause of

the problem.

If the issues cannot be overcome and

rent continues to be unpaid, then the only

solution is for the occupier to vacate and

return the property to the landlord. The

tenant should have reasonable time to

adjust to the inevitable and the landlord

should have reasonable notice of when

occupation should be handed back.

The case of Shakir Ali v Channel 5 (2018

EWHC 298) highlighted the difference

between the practice in the County Court

and the High Court. In the County Court,

a Notice of Eviction (Form N54) is issued

to the occupier giving the date and time of

the proposed eviction at least seven days

before the event. In the High Court, there

is no similar notice requirement.

In the Ali case, the Writ of Possession

was issued on day one and the attendance

to evict took place at 08:30 on day two.

While it’s not quite Victorian standards,

it is scarcely reasonable notice to give Mr

Ali and his family the opportunity to seek

rehousing from their Local Authority,

which has the ultimate responsibility to

find accommodation for those evicted.

This difference has been picked up by

the Civil Procedure Rules Committee in

their recent consultation: Enforcement

of Possession Orders and Alignment of

Procedures in the County Court and High

Court, which closes on 2 May 2019.

The simple answer is to impose a notice

of eviction requirement on the High Court

process. Most High Court Enforcement

Officers usually give at least seven days’

notice as this often results in the occupier

vacating with all of their possessions. The

last thing that the landowner wants is to

be left with a property full of the former

occupier’s belongings, as the landowner

becomes responsible for those as soon as

the locks are changed.

There are, however, times when notice

is unwise. County Court bailiffs have a

limited time to complete their eviction

and so if the occupier refuses to leave,

the eviction is postponed causing further

losses for the property owner.

The other reason for evictions ending

up in the High Court is the length of time

that County Court possession proceedings

take, and for those possession orders to be


If you are a Buy-to-Let landlord, with

a single property and a non-paying

tenant, you will be desperate to reclaim

possession of the property and get it

re-let, particularly if you have borrowed

to buy the property. By transferring the

possession to the High Court, at not

inconsiderable expense, you can at least

speed up the enforcement side.

Introducing a notice requirement

in the High Court is likely to come into

effect, with the ability to apply to court

for notice to be waived in appropriate

cases. In the case of domestic possessions,

allowing time before eviction is entirely

reasonable, but there needs to be a limit,

which is when the landowner becomes

seriously disadvantaged.

County Court bailiffs are generally

overstretched and it can be difficult for

them to deal with an eviction in four or five

weeks from the date of the County Court

order. Hence the current willingness to

transfer to the High Court.

Sometimes an Englishman has no

choice but to leave his home but the

process should be as even handed as we

can possibly make it.

Andrew Wilson MCICM is Chairman

of the High Court Enforcement Officers

Association (HCEOA).

The other reason for

evictions ending up

in the High Court is

the length of time

that County Court

possession proceedings

take, and for those

possession orders to be


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The Recognised Standard / / May 2019 / PAGE 18





A Canadian commercial debt collector advocating

Chinese Water torture has left many in the industry

hot under the collar.

MAGAZINE editors will

tell you that there is

nothing more satisfying

than prompting a

response from one’s

readers. Disagreement

and debate are always to be encouraged.

But an article that appeared elsewhere in

the industry has prompted unanimous

surprise, consternation, and not a little

anger and frustration along the way.

The article in question was from

a Canadian business-to-business

debt collection agency, promoting

its capabilities and expertise to a UK

audience. In pursuing a debt, it argued

for an antiquated approach to collections

(including, I kid you not, a method known

as Chinese Water torture) that belonged

to the dark ages, if it ever belonged at all.

The language and tone of the piece, which

appeared to allow everything including full

on bullying and harassment, prompted

many from the industry to throw up their

hands in despair.

Steve Lewis FCICM, Managing Director

of LPL Commercial Services, had to pinch

himself before realising that the article was

not meant as a joke: “I was not sure of the

motive of the article because I thought at

first it was a tongue in cheek swipe at those

collectors that still have no appreciation of

Compliance, adherence to FCA and Credit

Services Association (CSA) Codes and legal

obligations as well as showing apparent

breaches of current legislation in respect

of the Criminal Justice Act and harassment

in particular.”

After a quick internet search, Steve

discovered that the business is registered

and operates in Canada: “Not that that

is any excuse for what appears to be, in

general, a very poor reflection on some

methods used by them. Debt Collection,

commercial or otherwise, is a skill

enhanced by professionalism, compliance

to the codes, ethics and laws of the land. If it


is the case that some or all of the advertised

methods are allowable in Canada, I cannot

say, but such techniques seem to fragrantly

disregard UK and European laws and rules.”


While the piece was speaking to a

B2B audience, many felt that it was of

detriment to the wider collections industry

– commercial and consumer – especially

since the lines between ‘personal’ and

‘business’ debt can be blurred. Business

owners, especially owners of family firms

or SoHos, are known to use personal

credit cards, for example, when money is

tight, and so whether a debt is personal or

commercial can be a grey area. Not every

B2B debt to be collected is from a faceless

corporate; behind many of these debts are

real people, with real emotions, and real


Martin Roseweir, Managing Director of

AIC and member of the CICM Think Tank

described the sentiment as everything that

should not be part of today’s Collections

approaches: “The industry has made great

strides over the last decade or more to rid

itself of what was, at times, a deserved

reputation of treating customers unfairly

and in a manner that did not engage

customers whether they were consumers

or businesses.

“The approaches described could

not be further from the reality of those

adopted, and driven by, an industry that is

at the forefront of driving good customer

interactions and journeys. We now have a

very balanced approach to collections that

does not shy away from the expectation of

debts being paid but also understands the

need to fully appreciate the customer’s

circumstances and the complete picture of

why they have not paid their debt.


“The work by those of us that have been

in the industry through those ‘darker days’

“While debt collection

will never be regarded

as a customer

orientated industry,

customers can be

confident that today’s

collection professional

has their interests at

heart and will not be

adopting ‘scam like

tactics’ to collect debt’’

“The industry has

made great strides

over the last decade

or more to rid itself of

what was, at times, a

deserved reputation

of treating customers



of collections has been transformational

and has changed how the industry is now

perceived in most quarters. The methods

described by this supplier – the Policeman,

Chinese Torturer, Salesman or Clergyman

– have no place in a professional

collections industry. True professionals

Treat Customers Fairly – whether that’s a

B2B customer or a private individual – and

work with the customers to get the best

outcome for both their client and their


David Sheridan FCICM, Operations

Director at ARC Europe and also a

Think Tank member was similarly

underwhelmed and disappointed: “Today’s

collection professionals work tirelessly to

achieve fair customer outcomes,” he says.

“This means, that collection professionals

balance commercial and conduct

standards equally. One without the other

is not acceptable and firms that do put

commercials first, I argue, won’t last long

as a business.”

He says that specialised training or

anecdotes of yesteryear’s sharp practices

on how to ‘nudge’ customers to pay in full

even though their circumstances make it

apparent they cannot belong to a different

era. Today’s collection professionals, he

argues, are highly trained as the role of

collections has significantly involved

particular in the consumer space.

“Collection agents are expected to

assess and understand the customers

circumstances and in particular act

on insight that suggests customer

vulnerability and if that is established to

help the customer access the right support

and guidance to help them deal with all

creditors. This is a very different mind-set

and approach over a rudimentary focus on

sharp tactics to better negotiate repayment.


“While debt collection will never be

regarded as a customer orientated industry,

customers can be confident that today’s

collection professional has their interests

at heart and will not be adopting ‘scam

like tactics’ to collect debt. That’s why our

clients work with us and our competitors –

we are regulated and members of the CSA,

the Credit Services Association.”

Stuart Knock MCICM, Managing

Director of EOS Solutions and CICM Think

Tank member, holds a similar view. At

first, he thought the article might have

been an April Fool: “I guess you know you

are getting old when you see an article that

taps into those halcyon days of your early

career and contrasts those warm but fuzzy

memories with the stark snap of ‘is this

really still happening?’

“Clearly we can’t pretend that the credit

management and debt collection industry

isn’t here to collect money – whether

commercial or consumer – but as an

industry we are making a rod for own back

if we start promoting a return to practices

that I thought had died years ago. What

is socially acceptable has changed for the

better and so has the regulatory landscape;

so I wonder would an FCA regulated

business associate itself with these tactics

and if so, what action would the regulator



Stuart thinks the article highlights the

challenge that he sees with regulation in

the UK, in that the practice of collecting

overdue sums of money is not the activity

that is being regulated: “The piece is

focused on commercial credit, but the

people on the receiving end of the bad

cop tactics are still precisely that – people,

human beings – and the idea that they

are afforded less protection just because

they aren’t being asked to pay a regulated

agreement doesn’t sit well with me.

“The fact that reading this piece caused

me discomfort is OK and should be used as

a force to do more good in shaping opinion

on whether these approaches really have a

place in our industry anymore, regardless

of who regulates us or what we are


The Recognised Standard / / May 2019 / PAGE 20

The Recognised Standard / / May 2019 / PAGE 21



Seeing is Believing?

Are credit reference agencies the Achilles Heel for

credit managers trying to spot bogus accounts?

AUTHOR – James Campbell

AUTHOR – James Campbell

James Campbell

House does

not verify the accuracy

of the information

displayed’. These 11

words now appear on the


Companies House Beta

(‘CH’) website pages as a result of a prolonged

and concerted campaign by Philip King

FCICM, Chief Executive of the Chartered

Institute of Credit Management (CICM), and

the Secretary of the European Freight Trades

Association (EFTA).

Whilst the words might have been better

displayed, and in a larger type, they are

nevertheless there, on the home page (and

many other pages) of the CH website, to be

seen every time that you go to that site. As

well as stating that CH does not verify the

accuracy of the information displayed it

might also have been better if it had stated

that it cannot verify the information and in

particular the content of accounts that are

filed. That, however, is a battle for another


The appearance of the disclaimer at CH is

a first, small step towards dealing with the

ever-growing menace and risk of short-firm

fraud. But the real problem of how this

particular crime is facilitated, in my opinion,

lies at the door of the unwitting credit

reference agency (CRA) sector that nearly

every business now uses to make credit

extending decisions.

While Companies House have agreed upon

a disclaimer regarding the accuracy of the

data they hold, there are no such disclaimers

among the CRAs. This is a concern, since

it potentially leaves businesses at risk for

attempting to do the right thing.


CRAs typically suggest that their

recommendations are reached by way of

bespoke algorithms where all relevant

details are fed into their particular models

(with filed accounts only being part of the

mixture). They then magically come up with

recommendations contained in reports that

are presented in such a way as to appear that

nothing has been omitted or left to chance.

Most of us, I am sure, are familiar with such

reports that contain pages and pages of figures

summarised in a recommendation that is in

turn presented with comforting traffic light

colours, large letters (A+, B etc) and ratings

out of 100 where the nearer to 100 the lower

the risk. These ‘products’ are designed for

ease-of-use so that with one cursory glance

at the report you can reach a decision about

whether or not to extend credit.

But there is a flaw. What if the accounts

that are included in the algorithm are bogus?

The resulting recommendations/suggestions

could be financially dangerous.

I have some theories as why no disclaimers

appear on CRA reports. Firstly, a belief that

CRAs, like Companies House, simply cannot

identify whether or not filed accounts are

either genuine or bogus. Over the last two years

I have shared numerous instances of bogus

accounts that have been filed at Companies

House which have resulted in CRAs giving

fantastic credit-extending recommendations

thereby putting their subscribers at risk of

potentially falling victim to short firm fraud.

Secondly, that the CRAs are naturally keen

not to have to continually publish that the

information upon which their reports are

based cannot be verified, as to have to do so

is potentially going to damage the ‘value’ of

their products and might not result in a sale.


The CRAs are well aware that there is a problem

with regard to not being able to verify the

information obtained from Companies House

because within their terms and conditions,

often in the small print, is usually a disclaimer

clause along the lines of their services being

based upon data which is provided by third

parties, the accuracy of which it would not

be possible to verify. However, on a practical

basis, how many users of their services are

aware of the existence of such words? It is my

experience that the day-to-day users of CRA

reports are the people in credit teams who

had no involvement when the service was

subscribed to, and who have not been made

aware of the inherent weakness in it.

CRAs are sales-driven organisations. This

is no bad thing other than when a defect in

the product on sale is not being highlighted

and that such a defect could result in exactly

the opposite of what the product is being

promoted to achieve. For instance, CRAs

promote their products on the basis that

they will help you avoid bad debt; however, a

credit recommendation of £30,000 for a shortfirm

fraud company, if acted upon, is going to

result in a £30,000 loss.

CRAs typically suggest that their

recommendations are reached by way of

bespoke algorithms where all relevant

details are fed into their particular

models (with filed accounts only being

part of the mixture).

I am involved with a number of companies

where I regularly receive cold calls from CRA

sales people. Whilst I politely listen, I always

then ask what measures they have in place

to prevent short-firm fraud. My enquiry is

invariably met first with silence, and then a

question; I have yet to talk to any CRA sales

person who seems to know what short-firm

fraud is. Why? Perhaps that is a question

best answered by the CRAs themselves, and

I would invite them to respond.


At EFTA we have members who have advised

CRAs, with supporting evidence, about

accounts that are obviously too good to be

true (and which have generated glowing

credit recommendations). The response from

the CRAs has not been helpful. Their hands

appear tied unless and until something

fraudulent happens. In other words, there

has to be a victim before the CRA will alter

the recommendation it is making based

on the accounts that the fraudsters have

submitted to Companies House.

So, what is the solution? Ideally the CRAs

will include a disclaimer on every report

they generate (so as to remind readers to

be careful in case the recommendations

are based on bogus documentation). Being

realistic, however, I don’t expect this to

happen any time soon or at all. It took a long

time for the tobacco companies to agree to

put warnings on cigarette packets, so I have

no expectations that the CRA industry is

suddenly going to promote the blind spot it

has when it comes to being unable to detect

bogus accounts.

When you next look at a CRA report, ask

yourself ‘Are these credit recommendations

based on genuine or bogus accounts?’. Make

further investigations (such as physical

examination of any filed accounts to see

if they look too-good-to-be-true), and take

other sensible checks, rather than just going

along with what the CRA is recommending.

James Campbell is the Secretary for

The European Freight Trades Association.

The Recognised Standard / / May 2019 / PAGE 22 The Recognised Standard / / May 2019 / PAGE 23



There are many cultural

and economic differences

to consider when

doing business in the


Part two:

United Arab Emirates



WHEN establishing a

business in the UAE,

foreign ownership

is generally limited

to 49 percent, with

the remaining 51

percent to be held by UAE nationals unless

the business is in a free zone. These permit

100 percent foreign ownership through

branches, single or multiple shareholder

companies, remove the need for a national

agent required for branch offices of foreign

companies, have no customs duties on

imports and re-exports (except re-exports

into onshore UAE), grant special assistance

in getting work permits for staff, and

guarantee exemptions from corporate


Firms intending to trade or invest need

the correct authorisations and licences;

each emirate may also have additional


As for form of business, the Commercial

Companies Law (CCL) recognises five

forms of commercial entity – the general

partnership; limited partnership; public

joint stock company; limited liability

company (LLC); and private joint stock


The CCL allows foreign companies to

establish a branch office in the UAE. The

scope of activities permitted varies from

emirate to emirate, although generally a

broad range of commercial activities can be

undertaken. To establish a branch office,

firms need to get consent from the Ministry

of Economy; deposit a bank guarantee of

AED 50,000 (£10,500 November 2018); have

a sponsor who is either a UAE national

or a locally registered company entirely

owned by UAE nationals; and have a formal

national agency agreement in place if the

national agent sponsors and assists in

return for a fee.

It surprises many that while legislation

covering intellectual property (IP) rights in

the UAE does exist (and has national, GCCwide

or global application), there are no

specialist IP courts or many specialist local

advocates. Enforcing IP rights therefore

needs creative thinking.

Law firm Baker McKenzie notes that

while corruption is an issue globally, the

UAE does not have a standalone antibribery

or corruption law. However,

other laws contain several provisions

dealing with anti-bribery/corruption in the

public and private sectors. Most of these

provisions are found in the Penal Code.

Baker McKenzie also suggests that

foreign companies considering submitting

bids for tenders issued by public authorities

seek legal advice prior to submitting their

proposals; there are rules for federal and

local level tenders.

AUTHOR – Adam Bernstein


There is no direct personal taxation or

federal tax system in the UAE, but most

emirates levy various municipal taxes.

Income tax is only applied in practice to

foreign banks, and oil and gas companies.

There is no taxation on capital gains and

VAT (at five percent) was only brought in

last January.

Customs duties are levied on imported

goods at five percent. Higher rates apply

to alcohol and tobacco. Some categories

of goods are exempt, such as certain

agricultural products, printed material

and pharmaceuticals. Exemptions may

also be granted for goods imported for

industrial or manufacturing purposes.

Goods are imported into a free zone suffer

no customs duties.

Note that goods can only be imported

into the UAE by a company that is registered

in the UAE, that goods manufactured (or

marked) in Israel cannot be imported into

the UAE, and all printed matter, films and

tapes must be cleared by the Ministry of


At this point it’s worth noting that the

GCCʼs Common Customs Law sets the

framework for import regulations, but that

each member state administers its own

list of prohibited, restricted and exempted

products. As regards food imports, the

Gulf Standardization Organization (GSO)

determines the UAEʼs packaging and

labelling requirements. Its requirements

state that all UAE food imports provide

information in Arabic.


For economic, social and political

considerations, the UAE has an

Emiratisation policy whereby the private

sector is mandated to integrate and employ

a number of UAE nationals in varying

percentages according to business size,

or sector. Other issues to note is an end

of service gratuity which relates to service

length (equivalent to 21 days basic wage

for each of the employee’s first five years

of service and 30 days’ basic wage for each

year thereafter); no recognition of the term

‘redundancy’; 30 days leave a year (after the

first year); and 11 official holidays.


While the UAE is a multi-cultural society

with a huge expatriate community, and

is regarded as relatively liberal within the

region, national sensitivities should be

observed. Islam plays a central role in the

society, but other religions are respected;

the Islamic dress code is not compulsory.

Non-Muslim residents can get a liquor

licence to drink alcohol at home and in

licensed venues. In Dubai and all other

emirates besides Sharjah, the drinking

age is 21. Drinking in Sharjah is illegal.

Passengers in transit through the UAE

under the influence of alcohol may also

be arrested. Pornographic material, ivory/

rhino horns, cannabis, firearms, fireworks,

narcotics and opium are strictly prohibited.

English is widely spoken and while it’s

commonly used in written correspondence,

Arabic is often preferred within some

public sector organisations – it’s preferable

to have one side of a business card

printed in Arabic. Face-to-face meetings

are preferred; phone calls and emails

are sometimes seen as impersonal. The

working week is Sunday to Thursday.

Visas are available for business and

tourist visits, transit and residency. UK

citizens can get a 30-day visa on arrival.

Business visitors can be sponsored by an

employer with a business licence.

A residency visa and labour card are

needed to work in the UAE, normally

obtained by the employer. Those

establishing a business in the UAE can

apply for a residency visa once they’ve

obtained a trade licence.

The UAE is a market ripe for exploitation,

especially as the federation is moving away

from reliance on oil. But observing national

sensitivities is the key to success.

Adam Bernstein is a freelance business writer.

The Recognised Standard / / May 2019 / PAGE 24 The Recognised Standard / / May 2019 / PAGE 25


london. düsseldorf. new york.


The different trade organisations and their role

in helping British businesses export.

AUTHOR – Lesley Batchelor OBE FCICM

Lesley Batchelor

AS a member of the European

single market, the UK has

had a relatively simple time

exporting to Europe over

the past few decades. Even

in the context of the last

three year’s debate about Brexit, the EU

will likely remain the UK’s largest export

market, though of course geography has

a large role to play in this. However, with

growth in markets beyond the EU long

outpacing that on the continent, the need

for UK businesses to spread their wings and

adopt a more global outlook is significant.

Whatever the consequences of the

Brexit debate, one of its potential longterm

and significant impacts could well

be the renewed focus that it has brought

to international trade in the UK. The

government’s ‘Global Britain’ strategy

hasn’t been in the news as much as it was

in the earlier stages of the Brexit saga, yet

it remains a sound one, especially if the

UK ever does get into a situation whereby

it could negotiate independent trade deals.

A consequence of this increased

attention for non-EU markets has been

a greater appreciation of the way world

customs operates, though this has also

been bought into sharper focus through the

debate about the UK’s future relationship

with the EU. The thing that businesses

already exporting beyond the EU already

appreciate is that sending goods to these

markets requires the completion of a fair

amount of paperwork.

As with any administrative requirement,

customs procedures and documentation

can initially appear daunting. Yet, as I’ve

often written in this magazine, exporting

is easy when you know how it’s done.


In a previous edition of Credit

Management, I mentioned the important

role the World Trade Organization

(WTO) plays in global trade. Another

organisation our exporters will come into

greater contact with over the next few

years is the World Customs Organization


Established in 1952, the WCO

represents 183 customs administrations

across the globe that collectively process

approximately 98 percent of world trade.

As the global centre of customs expertise,

the WCO is the only international

organisation with competence in customs

matters that can rightly call itself the

voice of the international customs


With more UK businesses needing to

learn about the processes and paperwork

associated with customs, it is likely that

they will encounter the WCO at some

point, whether that’s through interacting

with their authorities or by participating

in one of their education schemes

(including the WCO Academy) to gain

great competency in these key export



We are delighted that we are partnering

with the WCO Academy to help more

British businesses learn about how

international customs works through

its online training courses. This is the

first ‘Strategic Partnership’ of its kind in

the UK and it will enable British trade

professionals to gain recognised skills

and expertise from the world’s premier

customs organisation.

Through the IOE&IT’s website, trade

professionals can now take customsfocused

e-learning courses developed

by the WCO, covering over 500 hours of

training on the major topics, concepts

and processes of international trade.

After completing the training courses,

individuals will be rewarded with a

certificate from the WCO Academy, a

significant achievement within the global


The courses are a fantastic opportunity

for British traders to gain prestigious

and international recognition from the

world’s leading customs institution. They

also contribute towards the IOE&IT’s

CPD programme, enabling enrolled

trade professionals to maintain and

develop their skills and competence in

international trade.


I’ve also previously written about the need

for more ‘customs practitioners’ in the UK

as we approach a new era in our trading

relations around the world. These WCO

Academy courses, alongside our own

customs-related courses, will help to give

people access to the skills and knowledge

they need in order to become the customs

experts we need.

The IOE&IT has also developed a

‘Customs Pathway’ through its suite of

training courses. The pathway takes

prospective customs professionals

through six of the IOE&IT’s courses,

culminating in the attainment of a

‘Customs Practitioner Award’.

For individuals or businesses looking

to make the most of opportunities around

the world, whatever happens with Brexit,

this pathway is well worth embarking


Lesley Batchelor OBE FCICM is Director

General of The Institute of Export and

International Trade.



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Monthly round-up of the latest stories

in global trade by Andrea Kirkby.


MOST media reports have

concentrated on the Trump/

China trade skirmishes. But

there’s much more interesting news

from China – stalling consumer


Car sales to the domestic market

fell nearly 16 percent in January 2019.

That's the seventh month of declining

car sales, and an acceleration from a

six percent fall in the whole of 2018.

(That, in turn, was the first annual

fall in car sales for nearly 20 years.)

It's not just cars, either. Apple reports

poor iPhone sales, for instance – and

CEO Tim Cooke says the speed of the

deceleration took them by surprise.

Is this the Chinese hard landing?

Actually, it might not be. Underneath

the headline economic figures, China

has made major structural changes.

The shadow banking sector has

been cut sharply, and the economy

has been diversified, with services

taking an increased share. Domestic

consumption is also taking a larger

share of the economy – so China is

less dependent on exports. So, though

the short-term looks tough, in the

long-term China is probably better off

than it was a couple of years ago.

You'll still need to mind your eye,

though. The cut in shadow banking

loans and peer-to-peer lending will

hurt private companies which tend

to borrow in these sectors rather

than from traditional banks. Watch

your customers carefully for signs

of financial stress – there could be

bumpy times ahead.


BRITAIN has now got 'new trade deals’ with Israel, the Faroe Islands, Fiji and Papua New

Guinea. Chile, the Seychelles, Zimbabwe and Madagascar also figure on the list, and we do at

least have a continuity agreement with Switzerland.

As for Japan, South Korea, and Turkey – much more important markets for British export –

there’s no word on what our arrangements will be after 30 October, or whenever.

So that's unimpressive. But what's even more unimpressive is that these marvellous new

trade deals, with all the advantages that voters were told would flow from exiting the EU and

being able to name our own terms, are in fact simply roll-overs of the deals we already had.

Whatever your view on the UK's relationship with the EU, what seems very clear is that

British exporters are being sold down the river. Perhaps it's time to take a higher public profile

and demand the needs of companies who fuel the British economy are taken into account.




OIL mist filter manufacturer Filtermist is one

of those companies that really understands

export; 92 percent of its total sales are

exported to 60 countries including the US, as

well as across Europe and the Far East.

Filtermist prefers to work through

distributors. Where the company puts

the work in is in identifying the right

markets in the first place, and then building

relationships. For instance, Filtermist

headed to IMTEX, the Indian Metal-Cutting

Tool Exhibition, to push its products in a

market where environmental performance

is currently a top issue. But it's fair to point

out that Filtermist isn't an overnight success.

One US distributor has been on board for 40

years. Obviously, you need to be in this game

for the long term.



EULER Hermes collects a huge amount

of data in order to carry out its economic

analysis. Now, it's made a lot of it available to

everyone on the Open Data Portal (opendata.

You can look at the data on the web or use

an API to build more complex models. I was

quite intrigued by some of the information

available; for instance, that Romanian

exporters to France have a much worse

payment experience than others. Or that

the sector with the worst payment records

in France are automotive (which you might

have expected) and bakers' shops (which

you might not). It's definitely a page worth

bookmarking – though your queries will

probably be less frivolous than mine.

Vietnam export value higher than GDP

ONE interesting fact that popped up on my

radar this month is that Vietnam's export

value is actually higher than its GDP. That

must make it the most export-orientated

economy in the world.

It also, of course, means the country

is highly exposed to any trade wars or

decline in global trade. But Vietnam has

a lot more going for it; high wage growth,

which together with a growing middle

class is leading to a surge in domestic

consumption. The economy is open and

well diversified, with e-commerce growing

by leaps and bounds. And as a member of

the Association of Southeast Asian Nations

(ASEAN) free trade area, Vietnam is also

a good staging post for entry to other

ASEAN countries. So far, UK exporters are

doing best in industrial sectors such as

pharmaceuticals and machinery. But the

consumer market is a massive opportunity

– as is education and training.

Getting money out of the country is

easier than it used to be, though the dong

remains a tricky currency to trade. While

the banking sector is still underdeveloped,

the country is a leader in mobile payments

– something worth thinking about if you're

selling to smaller companies or retail


Blockchain for trade finance

CREDENDO has now started an

innovation laboratory to look at new

ideas in trade finance. Credit insurance

and surety bonds might not be the

right products for the future; trade is

becoming ever more platform-based,

and it will be looking at how to make

trade finance more appropriate to the

platforms. Perhaps you'll end up getting

your credit insurance filled up on a realtime

basis with every sale you make on

Amazon. Who knows?

Europe kicks the can down the road

AU Group recently pointed to economic

weakness in both Germany and France

– previously the motors of Eurozone

growth. Trade tensions, the Gilets

Jaunes, and regulatory shock in the

automotive sector are all blamed. The

savings ratio is up – consumers aren't

spending – and economic growth will

be 'timid' at around one percent this

year and 1.5 percent or so next.

Add to that a very high rate of

corporate indebtedness in France, and

you might want to be quite careful

about how much credit you're giving


However, anyone predicting

another crash is probably going to be

disappointed. Fiscal policies in both

France and Germany are relatively

The other big thing that Credendo

has planned is looking at how

blockchain can work for trade finance.

Currently, the process as well as

the marketplace is fragmented and

inefficient. That could all change. If

you haven't grasped how blockchain

can change things, you need to get

Blockchain for Dummies – it will

probably, over the next 20 years, change

our lives as much as the internet

already has.

supportive of the economy. Meanwhile,

for the Eurozone as a whole, kicking

the can down the road seems to have

worked; economic growth has drawn

the teeth of government debt. The

Eurozone's stability, according to the

economic data AU Group looks at, is

the best it's been since 2001. And while

government debt remains above precredit

crunch levels, real progress has

been made in reducing it over the past

ten years.

Yes, there are a few clouds on the

horizon – such as an increased populist

vote in the European Parliament

elections, and Italy breaking out of its

fiscal corset. But on the whole, Europe

seems likely to continue with modest


Choose your markets

ATRADIUS' research picks out a select

few emerging markets for growth in 2019:

Bulgaria, Vietnam, Indonesia, Peru, and


But more important than the choice,

perhaps, is how that selection was made.

First, Atradius looked for economies

with steady growth fuelled by domestic

consumption and investment. That's a good

start, but the team next needed to make sure

that growth was sustainable.

They next looked at the countries'

'buffers' - foreign exchange reserves, for

instance. How well would each country

withstand an external shock – a credit

crunch or a currency war? And finally,

Atradius qualified countries by their political

and institutional stability.

A lot of exporters look for growth. Some

look for safety. But the message here is that

you really do need to take a 360-degree view

– and consider both those aspects before

you pick a new market.

I have no idea

I have no idea what's happening about

Brexit. I am not the only one. The EU Council

doesn't know. The EU Parliament doesn't

know. The House of Commons doesn't know.

Theresa May doesn't know. Nobody knows.

I don't suppose you know either. And

things seem to be changing hourly. So,

whatever I write, this isn't going to be upto-date.

So, I'm sorry, there's nothing in this

column about the big issue of the day (week,

month, year).

Let's get on with something else.

If you can stand the heat

BLACKBURN fragrance and scented candle

firm Nuhr found a new export market after

its CEO read about a candle firm who'd

shipped a big order to Saudi Arabia – but it

melted in the desert heat.

Tinkering with Nuhr's product

formulation created a heat-proof candle that

wouldn't wilt under pressure – and now the

company is hoping to gain Saudi contracts

to go with its Dubai deal.



CALL 020 7738 0777

Currency UK is authorised and regulated

by the Financial Conduct Authority (FCA).


GBP/EUR 1.1775 1.1490 Up

GBP/USD 1.3340 1.2964 Up

GBP/CHF 1.3387 1.2941 Down

GBP/AUD 1.8830 1.8312 Down

GBP/CAD 1.7774 1.7368 Down



148.596 143.805 Up

The Recognised Standard / / May 2019 / PAGE 28

The Recognised Standard / / May 2019 / PAGE 29


What’s On the Menu?

An analysis of the UK restaurant and takeaway sector

and the impact Brexit may have on its future.


AUTHOR – Markus Kuger

AUTHOR – Markus Kuger

LIKE many other industries,

the UK restaurant and pub

sector has been impacted

by the prolonged economic

uncertainty and Brexit

effect. The CGA’s business

confidence survey published in November

2018 found that just 30 percent of leaders

were optimistic about growth prospects

in the eating and drinking market for the

12 months ahead. Dun & Bradstreet is

maintaining its outlook for the UK political

environment as ‘rapidly deteriorating’

and predicts real GDP growth to slow –

forecasted at 1.6 percent in 2019-20.

The hospitality sector is the third largest

private sector employer, providing 10

percent of employment and contributing

up to five percent of UK GDP. However,

there has been a reversal of consecutive

years of growth (since 2015) with over 385

outlets closing in 2018 according to a PWC

survey and the number of restaurants in

the UK dropping for the first time in eight

years. In what has been termed a ‘crisis in

the casual dining sector’, there have been

a number of high-profile closures such

as Byron, Jamie’s Italian, Carluccio’s and

Prezzo Group.

Restaurants and pubs also suffered,

with a net 506 outlets closing, reversing

three consecutive years of growth since

2015. Carluccio’s, Jamie’s Italian and the

burger chains Byron and Gourmet Burger

Kitchen have all downsized amid a crisis in

the casual dining sector. The most popular

dining brands in the UK in a recent YouGov

survey were lower cost chains with Greggs,

J.D. Wetherspoon, McDonald’s, Subway

and Pizza Hut featuring in the top five.


Recent business rate discounts

implemented for High Street businesses

will provide some benefit for smaller

businesses but is unlikely to have a

significant impact on this industry,

especially for larger chains and franchises.

Data from the Office for National

Statistics (ONS) shows that there were

32.5 million people employed in the UK

at the end of 2018, the highest rate since

the start of the data series in 1971. The

unemployment rate stood at the lowest

reading since the mid-1970s, which

creates both opportunities and risks for


Resource-heavy industries such as the

restaurant and bar sector are increasingly

struggling to find employees, as

highlighted by a rise in the number of total

UK vacancies (853,000 in November 2018).

At the same time, wage growth is easily

outstripping inflation, thereby adding to

companies’ costs. In addition, a 4.9 percent

rise of the country’s minimum wage in

April also add to the cost pressures.

The labour issue is exacerbated by

lack of clarity around employment and

residency of EU nationals in the UK in

a post-Brexit landscape. Many in the

hospitality industry have voiced concerns

as the number of migrant workers in

the UK fell in 2018 and trade body, UK

Hospitality, warns this will ‘undermine’ the

workforce across UK restaurants and bars

and hinder investment and growth in the


Cashflow can also be an issue and

Dun & Bradstreet’s latest data on payment

performance in the industry has improved,

but the average percentage of payments

made on time based on the data analysed

was still a low 31.8 percent average for

the fourth quarter of 2018. Although the

industry pays more promptly than those

in the manufacturing and government

sectors, it still lags way behind other sectors

such as agriculture and construction.


Despite a turbulent time, the CGA’s Market

Growth Monitor does still indicate growth

in the sector, with a stable number of small

and medium businesses opening their

doors and the expansion of successful

brands such as Wahaca, Wagamama,

Nando’s and Giggling Squid.

Although high street retailers saw a

decline in credit card sales and an overall

slowdown in UK consumer spending, data

from Barclaycard showed an 11.7 percent

increase in spending at pubs, and 8.6

percent increase at restaurants in October

2018 compared to the previous year.

The industry is also impacted by wider

lifestyle trends such as an increased

demand for healthier food options and

specialist dining such as vegan or glutenfree.

There is also much more of a focus

on ethical sourcing and sustainability

with consumers looking more closely at

issues such as where the food products are

sourced from, and the distance it travels to

the amount of plastics used in packaging.

Deloitte’s report in 2017 also predicted

that ‘the restaurants of the future will

use technology throughout the customer

journey’ across a range of processes from

ordering and delivery through to pricing.

With the growth of websites and apps

such as Just Eat and UberEats, takeaway

deliveries are on the up and with increasing

choice in a busy marketplace, businesses

are under increasing pressure to enable

more personalised experiences, which

require investment.

Although there are undoubtedly tough

times ahead for the hospitality industry

in a busy and competitive marketplace,

there is evidence of growth and expansion

for certain brands and opportunities for

growth are out there for those who can

adapt and move to meet changing needs.

Markus Kuger is Lead Economist at

Dun & Bradstreet.

The Recognised Standard / / May 2019 / PAGE 30 The Recognised Standard / / May 2019 / PAGE 31



The CICM has launched a new scheme called ‘Fellows of the Future’, with

an aim to support CICM members who show potential to become leaders

and role models in the credit profession.

Philip King FCICM Chief Executive of the CICM.

“Achieving Fellowship of the CICM is an accolade all credit professionals should aspire to. It is a recognition of achievement

and status by the chartered body for the profession. One of our key objectives is to support people throughout their career,

whether they are just starting out or are well on the journey. The Fellows of the Future scheme aims to identify people who

are keen and eager to progress and are recognised as leaders of the future. We want to encourage and support them and to

accelerate their progress up the career ladder.”







We invited nominations and applications earlier this year, and now have our final list of

participants for 2019. They will start a programme of workshops, mentoring, networking and

Continuing Professional Development (CPD) shortly. We asked them about their thoughts on

starting on the new scheme.

Matthew Roberts MCICM

Debt Risk Strategy Manager at npower Business Solutions, and

proud winner of ‘Credit Professional of the Year’ and ‘Winner of

Winners’ at the 2019 CICM British Credit Awards

“17 years since my first credit role, I’m more excited than ever by

the challenges we constantly face within our profession. I am

passionate about driving our CICM Corporate Membership and

CICMQ Accreditation forward. Being a Fellow epitomises where I

feel my career is close to, but just falling short of.”

Ciaran Grace MCICM

Sales Operations Manager at Britvic Soft Drinks

“Being nominated as a Fellow of the Future is a huge

achievement in itself and something I am very proud of. I know

the programme will help me develop my leadership skills further

and provide me with the support and guidance to flourish as a

credit manager.”

Harry Tumber MCICM

Head of Asset Management and Legal Services at Moneybarn

“I am looking to develop my knowledge and skills in order to

progress to director level within the credit industry. The Fellows of

the Future scheme appeals to me as I believe it is an opportunity

to increase my exposure within the CICM, learn from experienced

Fellows of the Institute and to potentially mentor others.”

Donna Bibby MCICM

Client Relationship and Business Development Manager at

Shulmans LLP

“I aim to further my career by developing my credit management

skills. Ultimately the ideal position I would like to reach is group

credit manager. I believe that achieving Fellowship status is

crucial to achieving this aim.”

Jane Owens MCICM

Premium Administration Manager at Broker Direct

“I want to learn more from my CICM colleagues to

develop myself into the best credit manager I can be

and then pass these skills on to the team. I love my role

and I want to continue to grow and hopefully inspire

others at work or by assisting the CICM to promote credit

management as a varied, challenging and rewarding


Terry Jakeway MCICM

Senior Credit Manager at Marlowe Fire and Security

“The scheme appeals to me as I have learned a lot from a

number of CICM Fellows and I believe I have something

to offer to the credit profession. I am passionate about the

profession and extremely keen to make credit a career of


Paul Whittaker MCICM

Credit Manager at Valeo Foods Ireland

“I am passionate about credit and the role the credit

department plays in the overall successful running of any

business. My goal is to be credit director of a company, and

be able to make real change in how credit professionals

are viewed in their workplace.”

Gabriele Orsini MCICM(Grad)

Head of Accounts Receivable and Treasury at Royal Free

London NHS Foundation Trust

“I’m passionate about credit management. I would like

to help others to progress in their career and promote

this exciting and rewarding profession to others. It is an

honour to take part.”

Sarah Bolas MCICM Credit Services Manager at VEOLIA ES (UK) LIMITED

“I am happy in my current role, but want to learn more about credit management, particularly strategic planning and insight.”

The Recognised Standard / / May 2019 / PAGE 32

01780 722900





Credit Management asked the winners of the 2019 British

Credit Awards what it means to them to win one of the

prestigious awards.

Legal Team of the Year:


WINNING the award has been a massive boost for the whole

department. We received lots of support from both within

the team and from our clients during the entry submission

process so winning it means a huge amount to everyone.

On a day-to-day basis we know we do a good job and our

clients are happy with our work, but to receive validation from

an outside, independent source just reaffirms the service level

we provide is industry leading.

Figures and statistics can say a lot about your quality of

work but an award such as this is something tangible that we

can all be really proud of.

Everybody likes to win and this award has given everyone

here a huge surge in confidence about what they do and the

firm that they work for. We are all thrilled.

Charise Marsden

Third Party Debt

Collection Team of the



Collections Services

WE’RE incredibly proud to have been

voted Third Party Debt Collection

Team of the Year for the second

successive year. For our team’s

performance and dedication to have

been recognised at the highest level

gives them great confidence and belief

to keep doing what they’re doing and

delivering industry-leading results for

our clients.

The CICM is the benchmark for

the credit industry, so it’s incredibly

rewarding that the values and standards

we aspire to are so aligned with the

Institute’s expectations of what a debt

collection agency should be.

It gives businesses in need of

a trusted debt collection partner

confidence in our practices and range

of services, it’s also a great reward for

our team and justification for all the

training and hard work they have put in.

It’s an award we will cherish and

display proudly and hope to win many

more in the years to come.e.

Alex Hilton-Baird

Best Use of Credit

Technology Award:

High Court

Enforcement Group

AS the largest independent High Court

enforcement company, technology

has been central to our approach from

day one and winning the British Credit

Award for best use of credit technology

was a very welcome endorsement.

Since winning the award, we have

continued our development of leadingedge

technology, with a new debtor

app, a Moodle platform, to support us

in delivering our enforcement related

training courses and workshops,

and a new CRM system. We are also

comprehensively reviewing our case

management solution to look for further


Winning the award has undoubtedly

helped both High Court Enforcement

Group and our sister company Excel

Civil Enforcement to win several

new clients over the last quarter.

It has reinforced both companies’

commitment to continuous

technological improvement. Not least,

our head of IT and his team were also

thrilled with the win!

Alan Smith

Consumer Call Centre Team of the Year:

Piggy Bank

BEING nominated for a number of categories this year is a huge honour, and we’re

really excited to be alongside some of the top companies within the industry.

These nominations are a huge testament to all departments within our business

and highlight our drive to achieve the right outcomes for our customers. Winning

this award really sets the tone for a successful 2019 and after a fantastic 2018 we're

looking forward to continuing to celebrate our company’s successes with everyone

who helps to make it happen. We know that these nominations have made our

employees feel proud to work here, it’s lovely to share that pride for the business with

all of our colleagues. Such recognition from an esteemed body is confirmation of

our ethical integrity, our continued efforts to improve and dedication to working as

efficiently as we can, to deliver the best customer service possible.

Hannah Melvin

Commercial Collections Team of the Year:

Imperial College

THIS Award is a huge achievement for Imperial College London, in more ways than

one. It is of course recognition for hard work each member of the Credit Control

team has put in, as well as a testament to the wider department activities (such

as credit checking or complex billing), but it is also a clear statement of where we

see ourselves heading. Simply put, we are looking to incorporate best practice in

everything we do.

Winning this is a destination on a 12-month journey that has been a transformative

experience. Effective management and high performance is an expectation, but

achieving excellence in an environment of constant change is a hard task even for

the most motivated of teams. This Commercial Collections Team of the Year award is

one the department can be particularly proud of, and which will set the bar for future

achievements, team efforts and departmental transformation.

Gavin Jones

Credit Information

Provider of the Year

Employer of the Year:


WINNING a CICM Award is very

precious to all the team at CoCredo

as it is recognition for all our hard

work among our industry peers and

friends. To be a double award winner

on the night was over-whelming

and for our product innovation to

be to be recognised as well as being

considered ‘head and shoulders above

our competition’ as Credit Information

Provider of the Year was one of our

proudest moments in our 16-year


Winning Employer of the Year in

such decorated company magnifies

the ethics and values we have as a

business and how we strive to not only

drive growth by listening to what our

clients want, but also our amazing

team too. We are excited about the

future and graciously thank the judges

and the CICM for this accolade.’

Dan Hancocks

Diversity and

Inclusion Award:



PAT Wilkinson and I were delighted

to pick up the Diversity and Inclusion

(D&I) award on behalf of HMRC, Debt

Management (DM). DM are really

active in D&I – touching upon the

most topical and sometimes sensitive


The team works hard to be very

conscious of inclusion across the

department – tailoring messages,

being thoughtful about differing work

patterns, careers, the mix of cultures

to name but a few – all the things that

make up our teams. To be shortlisted

for an award is fantastic but to win a

CICM award is truly exceptional and

reflects the effort that our people put

in to make debt management the

inclusive place that we see today.

We are absolutely delighted with this


Karen Cobb and Patricia Wilkinson

The Recognised Standard / / May 2019 / PAGE 34

The Recognised Standard / / May 2019 / PAGE 35

THE payment performance statistics

for April were most concerning but

there were, at least, some signs of

improvement. This month’s results

continue those positives and look

even more encouraging, with a

number of impressive performances across the

board and the average Days Beyond Terms (DBT)

figures across regions and sectors reducing to 13.1

and 12.4 days respectively.


It has been a positive month for the majority of

sectors, with all but two (Financial and Insurance

and Real Estate) of the 22 sectors reducing their

payment terms.

The biggest improvement has been in the Water

and Waste sector, reducing its DBT by a remarkable

8.5 days. Wholesale and Retail Trade and IT and

Comms also performed well, reducing DBT by 6.7

days and 6.1 days respectively.

Mining and Quarrying remains the worst

performing sector on 21.1 days overall but has

reduced its DBT by 6.5 days. International Bodies

has overtaken Education as the best performing

sector after a further reduction of 5.6 taking its

overall DBT to 4.6 days.


On The Up?

The latest monthly business to business

payment performance statistics.

AUTHOR – Jason Braidwood FCICM(Grad)


The regional standings are similarly positive, with

all but one (Northern Ireland) region reducing

their DBT. Scotland is back on top as the best

performing region after a reduction of 7.8 days

taking its overall DBT to 9.9 days. It’s been a tough

few months for the North West, but this month has

been much more encouraging, also reducing its

payment terms by 7.8 days.

The South East has also performed well,

reducing its payment terms by 7.1 days. But all

of the other regions can be encouraged by their

improvement. Northern Ireland was the only

region not to reduce its DBT, an increase of 0.5 days

means it is now the worst performing region.

Top Five Prompter Payers

Region March 19 Change from April 19

International Bodies 4.6 -5.6

Public Administration 7.7 -4.1

Education 8.5 -1

Health and Social 8.7 -3.3

Other Service 9.1 -5

Getting Better

-8.5 Water and Waste

-6.7 Wholesale and retail trade

-6.5 Mining and quarrying

-6.1 IT and comms

-5.6 International bodies

Top Five Prompter Payers

Region March19 Change from April 19

Scotland 9.9 -7.8

South East 11.2 -7.1

Yorkshire and Humberside 11.2 -4.1

South West 11.9 -3.9

East Anglia 12.2 -4.2

It has been a positive month for the

majority of sectors, with all but two

(Financial and Insurance and Real

Estate) of the 22 sectors reducing

their payment terms.


Getting Better – Getting Worse












East Anglia

East Midlands


North West

Northern Ireland


South East

South West


West Midlands

Yorkshire and Humberside


AUTHOR – Jason Braidwood FCICM(Grad)

Bottom Five Poorest Payers

Region March 19 Change from April 19

Mining and Quarrying 21.2 -6.5

Financial and Insurance 18.4 2.0

Real Estate 17.5 1.7

Entertainment 15.2 -0.2

Water and Waste 15.1 -8.5

Getting Worse

2.0 Financial and insurance

1.7 Real estate

Bottom Five Poorest Payers

Region March 19 Change from April 19

Northern Ireland 20.7 0.5

West Midlands 13.7 -5

North West 13.6 -7.8

London 13.4 -4.6

Wales 13.4 -3.7



0.5 DBT


-3.7 DBT



-3.9 DBT


-7.8 DBT



-7.8 DBT



-5.0 DBT



-4.1 DBT



-5.1 DBT


-4.6 DBT



-4.2 DBT



-7.1 DBT

The Recognised Standard / / May 2019 / PAGE 36 The Recognised Standard / / May 2019 / PAGE 37


Maintain your balance

Given the increasing external forces on

business, impacts to your working capital and

cash metrics are inevitable as the calendar

rolls toward end of period financial reporting.

Or are they?

Balance sheets don’t simply add up, they reflect an intricate balancing

effort. Numerous ratios and key performance metrics must be

individually managed. The numbers, in aggregate, tell the story of your


Whether Treasury, FP&A, or Controller, you help write that story. Yet

there is so much of the narrative your business cannot control. The

uncertainty of Brexit. The resulting requirement to stockpile inventory in

some industries. A weaker sterling pushing up the price of raw materials

for exporters. All this volatility impacts short-term investments. Globally,

payment terms and customer receipts delays are lengthening, according

to Atradius’ Payment Practices Barometer. Great Britain has the highest

proportion of overdue B2B invoices in Western Europe at 48.7%. That’s a

lot to balance.

Finance professionals can leverage new technology to gain control and

stability, taking the stress out of the financial reporting balancing act.

Tim Blundy, Enterprise Supplier

Director - EMEA, C2FO, finds

opportunities for global

corporations to improve their

long and short-term working

capital strategies by analysing

accounts receivables solutions

and overall liquidity and working

capital goals.

m / +44 (0) 7340711557

e /

Given these external forces, customer receipts remain a variable that is

at times very challenging to accurately forecast and control. This is

often because your customers are under the same pressures you face,

thus creating a global economic environment of longer payment terms

that become the cost of doing business.

This “cost” shows up on your balance sheet as increasing DSO and aging

A/R values, causing your business to wait longer for sales to convert to

cash. Fortunately, there are tools to put the cash conversion cycle back

in your control.

Using your A/R as a lever

While there are a variety of options that enable your business to

monetise customer receivables prior to invoice maturation, such as

supply chain finance, factoring, and asset-based lending, none offer as

much flexibility and choice as dynamic discounting. With no

underwriting process or contracts, and no third-party financial

intermediary, dynamic discounting offers an on-demand solution for the

timing of when you convert outstanding receivables to cash on hand.

Working capital certainty in an

uncertain climate

Flexible and convenient solutions for

monetising customer receivables should be a

part of any finance professional’s toolkit.

Dynamic discounting enables your business to

pro-actively manage the financial impacts of

the evolving complexity of external economic


Whether the objective is to support a range of

strategic cash needs driven off events like M&A,

dividend hikes, share repurchases, or even debt

repayments, the subsequent impacts of cash

output can be offset through on-demand

acceleration of customer receivables.

Doing so in a debt-free environment not only

enables you to navigate exposure ratios and

covenants, but it also helps your business

achieve critical key performance indicators and

metrics, such as free cash flow growth targets.

With the right tools that put

control back in your hands, you

can respond to issues in real time

despite the instability that external

factors create.

Business is not as predictable as we wish it were

and it is not easy to maintain balance. But, your

ability to prevent and manage challenges makes

the balancing act far less stressful.

The Recognised Standard / / May 2019 / PAGE 38 The Recognised Standard / / May 2019 / PAGE 39





How do you get that much

sought-after promotion?

WHEN you are in the muck

and bullets of the day-today

job we tend to forget

about what we want to do

and what our next step is

on the slippery corporate

ladder. A credit manager’s job is never done;

there is always the next month-end, ledger

review, customer visit, escalation, and the

pressure from the bosses to reduce debt and

increase cash which is relentless. As my boss

used to say, you are only as good as last month’s

cash and debt figures. So here is a question for

you; when was the last time you sat down and

thought about your next move and how you are

going to get there?

Last year the Chartered Institute of Credit

Management (CICM) launched the CICM

Mentor Hub where credit professionals could

either volunteer to be a mentor or ask someone

to be their mentor. As I had been in credit for

more years than I can remember, had senior

roles in large corporations, worked in a variety

of industries and for the last 18 years been a

consultant with the last 13 as an independent,

I thought that I would volunteer to be a mentor.

I also have the advantage of working in some

great organisations as part of my role as Head

of Accreditation CICMQ which gives insight

into the dynamics of credit management teams,

what methods and procedures work well and of

course the people.


I wasn’t expecting to be contacted so soon but

within a week three people had registered with

the Mentor Hub and via the portal sent me a

message, two of them I had never met and the

other was an existing client, each at different

stages in their careers seeking slightly different

things. There was though a common theme –

taking back control of their career. Very shortly

after the first conversations with the ‘mentees’

I found that I have been having informal

conversations with people for years answering

questions such as: ‘what would you do?’;

‘how did you get that job?’; ‘my boss is a #*?%

what can I do?’; ‘I have an interview next week

for X how should I approach it?’; and ‘how can I

AUTHOR – Chris Sanders FCICM

convince my boss I can do more?’

What also surprised me, looking back, was

that people who I thought had got this whole

job, career, work/life balance nailed were just

as conflicted, full of self-doubt and as unsure

what to do as I was during my corporate career.

Since leaving corporate life in 2005, the most

important thing that I realised was that the only

person who really cared about my career was

me, and during my corporate life the decisions

around my job and next move were not mine

and determined by someone else. There it is –

the big question that we should all ask ourselves

– ‘what do I need to do to take back control?’

before our future is determined for us.

This simple question covers pretty much

every question I have been asked, either

informally over a beer, dinner or through the

CICM Mentor Hub. So, I thought that I would

try and answer that question in this article and

hope that it gives some hints and tips to those

who are equally frustrated with their jobs,

careers, bosses, as I think we all have been.

This is the stuff that I would go back and tell

my 20 year-old self as I entered the corporate rat


In order to take back control you need to

build trust. For example, people won’t give

you the keys to their car unless they trust

you and the same is true at work. Managers

delegate when they feel that the person they

are delegating to can do the job, even if they

have never done it before. Trust is built of two

things: firstly past experience – if they have

seen you do it before; secondly, if they see you

are confident in your own ability, even if they

haven’t seen you do something before, they will

let you if you demonstrate confidence that you

can achieve the desired outcome. Of course

you can try and ‘blag it’, and let’s be honest we

probably all know people who have done this,

but eventually the blaggers get found out, so I

would not recommend it as a long-term career

strategy. Remember it is a small world and you

don’t want that reputation. So, if you want the

boss to give you more responsibility or you want

to get that promotion how do you build trust?

There is a simple answer – understand what you

want and start planning how to get it.


What are the milestones in the department

you work in? These could be quarter end,

performance assessments, objective setting,

annual targets etc. look at these in relation to

your role and put them into an action plan.

Once you have done this, set your milestones

in line with these. Planning is easy; executing

the plan is the tough part so don’t give yourself

too much to do or you will end up planning

to fail. What is the ‘One Thing’ you want to

achieve then pick five actions all focused on

achieving the ‘One Thing’.

So for example, if your ‘One Thing’ is to

be considered for the next promotion what

do you need to do? I would suggest asking

yourself some questions: what do I do to

demonstrate confidence to build trust?;

what is the best way to communicate to my

manager?; how do I stand out from the crowd

in the department?; what do I need to do to be

the go-to person in my team or department?

If you think about it, this is about building

your brand in the department or company,

what do you want to be known for?


Each quarter, half year or year-end there is

an opportunity for you to start the process

of regaining control of your own career.

Most people wait for their bosses to provide

them with their objectives and targets for the

coming period, however long that is. Why

wait for this to happen? Start the process

yourself. With a little bit of research it is

easy to understand your business and what

it wants to achieve and, therefore, what your

manager’s objectives are likely to be. When

you know this, develop your own set of

objectives before your manager’s are cascaded

down to you. If you have done your research,

matched your objectives to the company’s

goals or mission statement, it will be difficult

for your manager to disagree. Most managers

do not enjoy the HR-imposed admin-heavy

performance management objective setting

process, so if you have done this for them they

will be pleasantly surprised and thankful.

Your objectives may need a little tweaking but

the bulk of the work would have been done

and you would have demonstrated leadership

to your manager.


When you have put together the plan,

developed and agreed the objectives it is

all about the execution. How many times

have you been in meetings and come out

with great plans but then nothing happens?

This is now down to you. How do you plan

to start creating what you want to be known

for? In other words, your personal brand. Use

the opportunity of your meetings with your

AUTHOR – Chris Sanders FCICM

manager to refer to your plan, the actions

you have taken, the results and what you are

planning to do next. If things go wrong admit

it, don’t cover it up, and say what you are

going to do to fix it.

As you are marketing yourself you need

to be a good communicator and be able to

articulate your plan clearly and concisely.

If you get the chance to present to other

managers and stakeholders use that as an

opportunity as well, but remember you

need your boss on your side so give him or

her credit for support and allowing you to

develop and expand even if they haven’t done

much of that. As a consultant my role is to

make my clients look good and the same is

true here. You want to make your manager

look good so credit them and also your team

where it is due.

By doing these things you will build trust

not only with your boss, but also with your

team and other stakeholders. Giving yourself

that ‘One Thing’ to aim for can be very

powerful, but remember you cannot do this

by yourself. How others perceive you makes

a massive difference and while you may have

all of the qualifications to gain that promotion

you need to take others with you. You do that

by building trust and becoming the ‘go-to’

person in the department. Now it is entirely

up to you. Do you want that promotion?

Chris Sanders FCICM is Head of

Accreditation – CICMQ.

There it is – the

big question that

we should all ask

ourselves – ‘what

do I need to do to

take back control?’

before our future is

determined for us.

Chris Sanders FCICM

Head of Accreditation – CICMQ.

The Recognised Standard / / May 2019 / PAGE 40

The Recognised Standard / / May 2019 / PAGE 41



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

Corporate Partnership with the CICM, please contact

Each of our Corporate Partners is carefully selected for

their commitment to the profession and best practice in the

Credit Industry and the quality of services they provide.

We are delighted to showcase them here.


Hays Credit Management is a national specialist

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The Atradius Collections business model is to support

businesses and their recoveries. We are seeing a

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pressures on cashflow for those businesses. Brexit

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Graydon has been part of Atradius, one of the world’s

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Forums International has been running Credit and

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is for credit professionals of all levels. Our forums

are not just meetings but communities which

aim to prepare our members for the challenges

ahead. Attending for the first time is free for you to

gauge the benefits and meet the members and we

only have pre-approved Partners, so you will never

intentionally be sold to.

Chris Sanders Consulting (Sanders Consulting

Associates) has three areas of activity providing

credit management leadership and performance

improvement, international working capital

improvement consulting assignments and

managing the CICMQ Best Practice Accreditation

programme on behalf of the CICM. Plans for

2019 include international client assignments in

India, China, USA, Middle East and the ongoing

development of the CICMQ Programme.

Key IVR provide a suite of products to assist companies

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credit management environment, these services are

used to cost-effectively contact debtors and connect

them back into a contact centre or automated

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Rimilia provides intelligent, finance automation

solutions that enable customers to get paid on time

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real time. Rimilia’s software solutions use sophisticated

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reconcile payments, removing the uncertainty of

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complete accounts receivable process improving

cash allocation, bank reconciliation and credit management


Improve cash flow, cash collection and prevent late

payment with Corrivo from Data Interconnect.

Corrivo, intelligent invoice to cash automation

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Real-time dashboards, reporting and self-service

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and satisfaction scores. Cost-effective, flexible Corrivo,

super-charges your cash collection effort.

Dun & Bradstreet Finance Solutions enable modern

finance leaders and credit professionals to improve

business performance through more effective risk

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and better integration of data and insights

across the business. Powered by our Data Cloud,

our solutions provide access to the world’s most

comprehensive commercial data and insights

supplying a continually updated view of business

relationships that help finance and credit teams

stay ahead of market shifts and customer changes.

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American Express® is a globally recognised provider

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solutions support buyers and suppliers across the

supply chain with working capital and cashflow.

By creating an additional lever to help support

supplier/client relationships American Express is

proud to be an innovator in the business payments


Building on our mature and hugely successful

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re-imagining our risk awareness module in 2019 to

allow for hugely flexible automated worklists and

advanced visibility of areas of risk. Alongside full

integration with all credit scoring agencies (e.g.

Creditsafe), this makes Credica a single port-of-call

for analysis and automation. Impressive results

and ROI are inevitable for our customers that also

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Bottomline Technologies (NASDAQ: EPAY) helps

businesses pay and get paid. Businesses and banks

rely on Bottomline for domestic and international

payments, effective cash management tools, automated

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and state of the art fraud detection, behavioural

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Shared Services Forum UK Limited

Shared Services Forum UK is a not-for-profit

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Benefits include; networking with like-minded

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C2FO turns receivables into cashflow and payables

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Tinubu Square is a trusted source of trade credit

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The Recognised Standard / / May 2019 / PAGE 42 The Recognised Standard / / May 2019 / PAGE 43





For further information and

to discuss the opportunities

of entering into a Corporate

Partnership with the CICM,

please contact




Serrala optimizes the Universe of Payments for

organisations seeking efficient cash visibility

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We invite all Fellows to help us celebrate 80

years of CICM at this year’s special Fellows’

Celebratory Lunch, at the Churchill War Rooms.

Walk the same corridors as Churchill, peer into the room where his

War Cabinet made their momentous decisions, and marvel at the

complexity of the abandoned Map Rooms, frozen in time since 1945.

Join us for great food, company and to welcome our newest Fellows.

We will also be launching our exciting new Fellows of the Future



Arrival drinks served at 11:30 Including welcome

reception for new CICM Fellows.

Tickets £110.00+VAT per person

which includes museum access.

Please email to book






1939 - 2019



This year marks the 80th anniversary of the Chartered Institute of Credit

Management (CICM). In this and subsequent issues, we will take a closer look at the

most important moments in its rich history and those characters that have played a

part in shaping it.

South Wales

The South Wales branch has been operating for a number of

years and has been very active for the last four to five years.

We generally hold between four and five events each year

and they are a mixture of technical and social events which

are popular with our membership.

January saw an AI event at Atradius offices in Cardiff Bay

and welcomed Philip King FCICM, Chief Executive of the

CICM to Wales again.

Our annual Christmas bowling tournament is really popular

and becoming increasingly competitive. September will see

the first mini conference with a wide range of speakers, a

great CPD event and already has a lot of interest.

Benefits of attending events are most definitely the

networking, making contacts who are happy to share

knowledge and experience.

Raising the industry profile is also important in South Wales.

It’s a real pleasure to work with such committed and fun

individuals as part of the South Wales committee – long may

it continue.

Diana Keeling FCICM

Northern Ireland

The Northern Ireland Branch of the CICM was relaunched

in April 2017 with the ethos of having a motivated and

focused approach to raise the profile and standards of

credit management throughout Northern Ireland. Events

and the wider benefit of membership has resulted in new

memberships from different sectors since 2017.

We currently hold around five events a year. The Legal Action

Workshop and the Utilities Conference were particularly well

attended and received. Our next event will be an interactive

technical seminar which will incorporate our legal action

workshop. The venue is the Crumlin Road Gaol; even though

the days of jailing debtors has passed, the gaol is a fabulously

suited venue for this topic!

The Utilities Conference in November this year will be

broadened to include other relevant sectors and will be

hosted jointly with our Irish Branch. Against the backdrop

of Brexit, the branch has held informative briefing events,

working closely with CICM Ireland to ensure members are as

prepared as is possible in the current climate.

Angela Miller MCICM

The Recognised Standard / / May 2019 / PAGE 45

Thames Valley

Formed in 1986, with Roger Cork guest speaking at the

inaugural meeting, Thames Valley branch is still going strong

30 years later.

Thames Valley holds around eight events annually generally

split between half formal and half social. Additionally, we

attend as many careers fairs as possible, normally about 10 a

year, in our efforts to promote credit as a career.

Formal events are targeted at providing members with subject

matter that helps them stay relevant and obtain CPD hours.

Our recent AGM included three speakers who updated the

audience on the UK economic situation, Brexit and credit

insurance. Other events have been organised as a result

of direct feedback obtained from surveys completed post

event asking what people would like to hear about in future


The branch network provides all involved with many

networking events, idea sharing opportunities and the

ability to pool resources to organise popular events. A great

example was last years all day event in conjunction with the

Sussex and Surrey branch in Woking that had more than ten


Gary Baker FCICM (Grad)

Essex Branch

Guided by our members’ appetite, this year we are hoping to

hold at least five events across our very large area, including

the AGM and our usual annual conference.

The events are a mixture of conferences, presentations and

roundtable forums. Our prestigious day time conferences

have top quality speakers, and have had attendances of up to

60 people, from up to eight different CICM Branches. We have

found those based around frontline credit, technology and

fraud to be particularly popular.

We encourage members to take full advantage of everything

the CICM has to offer – from upskilling, cross industry

knowledge, education, networking and mentoring – it is a

great benefit that is included in the subscription.

Atul Vadher FCICM (Grad)

If you are interested in branches or branch events contact:

T: 01780 722900 W:



1939 - 2019





CICM trainer Jeff Lockhart FCICM, outlines his

views on credit risk in the business environment.

Jeff Lockhart FCICM

The current business

environment is much

more dynamic, and the

rate of change can seem

relentless, whether it’s

through technology,

buyer behaviour or

changes in the political


Iset up St Andrews Management

Centre with my good friend

and business partner, Rick

Bond back in 2013. He already

had an established pedigree in

the further education sector

as a ‘professional educator’ – while my

background was in the corporate world

and, most predominately, credit risk. It’s

a good mix of skills and we have been

very fortunate to work with a number of

blue-chip organisations across the globe.

I was recently in Mumbai and I have

worked extensively across the Middle

East, Asia and North America, as well

as the UK and mainland Europe. As a

traveller, you become very risk-aware –

from your travel activities, to how and

what you eat and drink. I’ve never had

any real issues, but I am quite diligent in

checking out the situation in each country

before travelling. Political climate and

health risks are usually the factors that

have the heaviest ‘weighting’ for me. It’s

all about working with acceptable risk.

There’s a comparison to the risk

in credit. Traditionally, we look at the

Character and Capacity of the borrower

when we consider credit exposure,

and we settle on a risk profile that is

consistent with our appetite. This does

need to be considered in relation to the

environment in which an organisation

operates. In my early career in credit, we

relied on supplementary information we

could glean from Credit Circles, where

local knowledge proved invaluable.

The current business environment

is much more dynamic, and the

rate of change can seem relentless,

whether it’s through technology, buyer

behaviour or changes in the political

environment. It’s important that we try

to understand the environment that

our customers operate in and how well

prepared they are for any such changes.

PESTEL analysis helps us consider

the political, economic, sociological,

technological, environmental and legal

factors impacting upon an industry or

organisation. And if that is a rapidly

changing environment, we need to

regularly revisit to make sure that we stay


Is there any one factor that seems

to be more important than others at

the moment?

I have been finding that the ‘B word’

is featuring more and more when I

discuss credit risk with my clients.

Brexit – whatever your political views –

has introduced uncertainty. How will

the market change? Currency exchange

rates? Economic growth or decline? What

will changes in the trading environment

do to the revenues, cost structure and

cashflow of my debtors? The UK Brexit

position is not yet finalised but as the

mist disappears, an understanding

of the factors that are influencing

your customers will be invaluable in

determining how, if at all, the risk

exposure in your debtors is changing.

Has increasing globalisation

made any impact upon the risk


Certainly, globalisation has contributed

to the concept that our world has

diminished into a much smaller place.

Not physically, of course, but our ability

to reach distant markets has greatly

increased and it is commonplace to find

even the smallest of businesses part of

an international supply chain. I look at

my schedule for the past few years and

often wonder what my parents would

have made of it. In their day, after all,

New York was a world away from where

we lived in Scotland. Now, it’s literally a

‘click’ away.

So, what’s the answer?

It all boils down to knowing your

customer. There are many reputable

credit information suppliers who can

provide quality data and can often

supplement statutory filings with useful

information on court activity or payment

scores. Of course, you don’t need to

be able to read financial statements to

understand a credit report – but if you

can, you’ll develop a better understanding

of what is going on in a business. And the

environmental scanning? That gives you

the context – and it’s changing too so the

whole process is an ongoing one. You

need to actively manage your collection

I have been finding that the

‘B word’ is featuring more and

more when I discuss credit

risk with my clients.


• Introduction to Credit Risk Assessment

• Fundamentals of Credit Risk

• Credit Risk Analysis

• Advanced Credit Risk

CICM training programmes cover all levels and

functions of credit management and collections


Credit Control and Collections | Credit Risk |

Litigation Financial | Export | Management |

General Business | Industry Specific

Programmes can be tailored or bespoke to ensure

they are relevant to current needs in support of

business objectives.

Expert trainers share their knowledge and

experiences, tips, tools and techniques to help

improve effectiveness of the team.

• Delivery is designed to meet the needs of all

sectors, trade or consumer, using current best

practice tools and techniques.

• Cost effective training to upskill, motivate and

develop knowledge, skills and performance for a

maximum of 15 delegates per day.

• CPD hours are attributed to all training


Contact Julie Dalton, In-company Training Adviser,

to discuss your requirements.

E:, T: +44 (0)1780 722907.

strategies relative to the risk in the debtor

– for example, you could focus effort on

the high risk, high exposure debtors but

treat the low risk, high value debtors more


Credit risk assessment is a moving feast in

terms of the Boston Consulting Group (BCG)

matrix – todays stars may be tomorrows

dogs. We only need to look at the business

news to see examples of that.

Jeff Lockhart FCICM, is an international

management and training consultant,

specialising in Finance, Commerce and

Project Management. He has held several

senior level positions for international

businesses, and has operated as a trainer and

consultant in the UK, EMEA, Commonwealth,

North America, Far East and Australasia.

The Recognised Standard / / May 2019 / PAGE 46 The Recognised Standard / / May 2019 / PAGE 47

Are you making the most of

CICM and your membership?


and bespoke

training for

your credit





Business news

and industry










Advice line














Your specialism is

our specialism




At the CICM we know that credit and collections is a unique profession, and your business

calls for a training solution that is not ‘off-the-peg’.








We take pride in delivering practical and effective learning to credit and collections teams.

Our training is designed and tailored to your business needs and to deliver results.

Your team will learn from our specialist trainers, who all have vast experience in the

profession and will share their real experiences and successes.

What is the CICM? For you; For your team; For business

The CICM is the largest recognised professional body in the world for the credit community. When

you join us, our network of members across the world becomes your professional family.

We have been promoting the importance of credit management, influencing government policy and

regulation and supporting credit professionals through their careers since 1939. It is our reason for

being, and our passion for expertise in the credit and collections profession is second to none.


Our specialist team will manage everything from

start to finish. To find out more information contact –

T: 01780 722907: E: W:

Tailored and bespoke training in...

01780 722900

Developing Credit Strategy; Building Business; Managing Risk; Complying with Regulations; Improving

Customer Relations; Collecting the Cash; Negotiating and Influencing; Psychology of Collections; Achieving

Targets; Debt Recovery; Insolvency; Management Skills.



Age discrimination, the gender pay gap and

whistleblowing in the public interest.

EMPLOYERS and HR advisors

as well as employees and

job applicants may find the

guidance published by Acas,

The Advisory Conciliation

and Arbitration Service,

helpful in understanding what amounts

to age discrimination, when it is likely to

occur and how to prevent it.

Called Age discrimination: key

points for the workplace, the guidance

explains the legal requirements, gives

good practice recommendations and also

AUTHOR – Gareth Edwards

includes helpful case studies to illustrate

potentially problematic situations. It

makes the point that age discrimination

is not just in relation to ‘old’ age.

Discrimination can arise in relation

to someone younger too; that policies

and practices in the workplace should

not put an employee at a disadvantage

because of age; age discrimination is not

just treatment of someone because of

their own age. Discrimination can arise

as a result of a person's association with

another individual or as a result of a

person’s perceived age; and that there is

no minimum length of service required

– protection is afforded to job applicants

and also past employees, for example

references. The guidance also provides

information on situations in which age

discrimination may be allowed and what

circumstances are more likely to be


Tips are also given throughout the

guidance for how to avoid bias and

stereotypes which can affect decisions in

the workplace.

Whistleblowing and the public interest

SINCE 2013, whistleblower protection

has only been available to workers who

reasonably believe that their disclosure is

in the public interest. Can allegations by

a worker that he or she has been defamed

ever satisfy this test?

The answer is – it all depends on the

facts. In Ibrahim v HCA International

Limited, Mr Ibrahim complained to HCA

that rumours were circulating that he

was responsible for breaches of patient

confidentiality. He said he needed to ‘clear

his name’.

HCA investigated his complaint but

rejected it. When Ibrahim was later

dismissed, he lodged a whistleblowing

claim. For his claim to get off the ground,

THE Government Equalities Office (GEO)

has published two new pieces of guidance

to help employers close their gender pay

gap by both identifying the root causes of

their gender pay gap as well as what steps

and actions can be taken to eradicate it.

The first guide, Eight ways to understand

your gender pay gap, focuses on eight

potential causes of a gender pay gap. The

guidance recommends that employers

look for pay discrepancies in different job

types and departments (including seniority

Ibrahim needed to show that at the time he

raised his complaint with HCA he believed

he was acting in the public interest and his

belief was reasonable.

HCA claimed that Ibrahim's complaint

could not be in the public interest, because

his concern was only that false rumours

had been made about him and the effect

those rumours had on him personally.

Both the Employment Tribunal and

the Employment Appeal Tribunal agreed

with HCA. All the evidence supported the

conclusion that Ibrahim was seeking to

protect his personal interest; his claims


To benefit from the special protection

afforded to whistleblowers, workers

Causes of gender pay gap

structures). The guide also focuses on

specific parts of employment, from

recruitment to termination, and provides

an insight to employers on which of their

policies or practices could be contributing

to their gender pay gap, with suggestions

for improvement.

The second guide, Four steps to

developing gender pay gap action plan,

focuses on employers working hand in

hand with staff to obtain feedback, which

should then be used to formulate effective

must be able to show that at the time

they made their disclosure they believed

it had a connection to the wider public

interest. This makes it more difficult for

whistleblowing claims to succeed where

the alleged disclosure is a breach of the

employee's own contract of employment

or, as in the case of Ibrahim, alleged

defamatory comments by colleagues.

However, the facts of each case will

be important. There will be cases where

disclosures are both in the public interest

and in the private interests of the employee


Gareth Edwards is a partner in the employment

team at

action plans. Employers are encouraged to

analyse and monitor their action plan to

ensure that it is having the desired effect

and is integrated into the organisation.

The GEO has found that more companies

are now reporting on their gender pay gap

since the legislation was introduced in

2017, with 69 percent of employers now

placing closing the gender pay gap at a high

or medium priority.

Acas has also published guidance on the

subject – Managing gender pay reporting.

Opportunities at the CICM

Could you work with us to help develop

the future of the credit profession?

Whether you can spare a few hours a week, month, or ad hoc, there is a

role for you. Training and administrative support will be provided. Please

go to the vacancies section of the CICM website or contact Deidre at, or call 01780 722909.

Be a CICM Learning Support Coach: all levels

Provide tutorial support and feedback to learners who are studying

towards a CICM qualification at home (home study). The work is flexible

and can be fitted around a full-time role. You can choose how many

learners you support.

Be a CICM Examiner:

This is an interesting opportunity to build assessment experience

with an accredited awarding body. We are currently recruiting in three

examiner roles:

1: Credit Management Assignment-based assessments

2: Money & Debt Advice assessments

3: High Court Enforcement assessments

Be a CICM Volunteer Membership Assessor

This vital role helps us to review CICM professional membership

applications at ACICM, MCICM and FCICM level. If you are an MCICM or

FCICM member, and have a few hours to spare each month (working via

email and online), we would love to hear from you.

Be a CICM Subject expert

We are looking for credit and collections professionals for ad

hoc work supporting resource development working with our

education advisers. There is no ‘up-front’ time commitment

for this role.



Your CICM lapel badge

demonstrates your commitment to

professionalism and best practice



If you haven’t received your badge





The fifth Annual General Meeting of the Chartered

Institute of Credit Management will be held on

Thursday 13 June 2019 at CICM HQ, The Watermill,

Station Road, South Luffenham, Oakham, LE15 8NB at

13:00 (or at the rising of the Advisory Council from its

preceding meeting, whichever is later).

By order of the Executive Board

Philip King FCICM

Chief Executive

To read the Notice, visit:

The Recognised Standard / / May 2019 / PAGE 50

The Recognised Standard / / May 2019 / PAGE 51



A tale of a young lad’s first job,

a misplaced set of keys and the

King’s funeral.

AUTHOR – Derek Scott FCICM

MANY moons ago I wrote

an article in Credit

Management entitled

The Office Boy from Hell,

which described my first

job as an office boy in

a chartered accountants. I was just over 15

years old and without any qualifications, but

at least numerate and reasonably literate.

Unfortunately, I was not yet in working mode

and lived up to the title of the article.

The senior partner when he offered me

the position said I was lucky to be earning 35

shillings a week and should begin paying him

back for the opportunity by learning double

entry book keeping and basic accounting.

My basic tasks also included making the tea,

sorting the post and running errands including

lighting his fire in the winter.

The latter job was early each morning

starting with old newspapers, kindling, and

coal. This was stored in the basement and had to

be carried up four floors. In a way the basement

was my kingdom, as no one else ever went down

there. It had several rooms used previously for

storage and I found some interesting bits down

there. I remember a large pile of letters which

seemed to relate to a ‘breach of promise’ case

at the time of King George V (all the envelopes

had his stamps on them). It was a Georgian

house in what was known as Solicitor’s Row.

In fact, we coincidentally shared the premises

with a solicitor.


I had been with the practice about two years

when I lost the key to the back door. At that

time I found myself in the senior partner’s

bad books as I had missed a nought in a set of

accounts, so one important figure read £4,000

instead of £40,000! As it happened it was a

funeral director’s and when these incorrect

details were read out by my boss, the director’s

nearly became their own clients! I dare not

tell anyone about the key, but I was fortunate

the solicitor was always an early bird so I was

still able to get in. The real problem was yet to


In 1952 King George VI passed away and as a

mark of respect on the day of the funeral both

the solicitor and ourselves decided to close, so

luck was with me. However, I still had not found

the key. Two years later, a second funeral was to

prove my Achilles heel. In 1954, the late Prime

Minister Winston Churchill died, the solicitors

again decided to close, but we did not.

I now had a real problem but as they say

‘necessity is the mother of invention’, so there

must surely be a solution to this situation. The

one part of the building which was my domain

was the offices basement. Apart from the coal

bunker there were two more rooms. It had

presumably been used as storage from before

the second world war. The neglect showed

it was damp, there was mildew everywhere,

the paint had peeled off, and any wood was

crumbling thanks to dry rot. The largest room

was at the front which had an alcove under the

front steps to the building.


In the alcove was a small window which looked

out on a little yard with railings topping a low

wall. To my surprise the window opened and

closed without any difficulty. One important

draw back was that there were two bars. I found

the wood around the bars also had dry rot,

and as in those days I was still of slim stature

removing a single bar would be enough to allow

me to squeeze though. One bar was reasonably

firm, but the other with a bit of coaxing came

out. I left the window off the latch, and very

early the next morning, making sure the coast

was clear, I got over the railings, opened the

window, and climbed in. Then latched the

window and replaced the bar, I was jubilant.

I collected a scuttle of coal and went up to

light the senior partners fire. As I was putting

the coal on ready to light it, there amongst it

was the missing key! To this day I still find it

hard to believe. However, through life you soon

learn kismet will play many tricks on you, some

good, some bad!

In credit management you will face

situations which cannot be solved by normal

actions. You will not find the answer in text

books, or any solution based on some sort of

statistical theory, in real life it never works. You

will need to think way outside the parochial

credit management box. I have experienced

many situations in my lengthy period in the

profession, and at times the solutions as they

say in Star Trek ‘were to go where no credit

manager has gone before’, but as someone

once said ‘problems are opportunities wearing


Derek Scott FCICM is a freelance writer.

In 1954, the late Prime Minister

Winston Churchill died, the

solicitors again decided to

close, but we did not.

I now had a real problem but

as they say ‘necessity is the

mother of invention’, so there

must surely be a solution to this


The Recognised Standard / / May 2019 / PAGE 52 The Recognised Standard / / May 2019 / PAGE 53

Congratulations to all of the following, who successfully

achieved Diplomas in Credit Management.



Joshua Albright

Marco Anholts

Amanda Barton

Darren Beejadhur

Erika Bone

Marie Byford

Claudia Carausu

Julia Carr

Alexia Clark-Webber

Georgina Davies

Dalbinder Dulai

Leanne Eason

Thomas Fowler

Wendy-Jayne Foy

Benjamin Franklin

Cheryl Gray

Leigh Ellen Griffiths



Julie Griggs

Freya Hanbury

Shanaz Herbert

William Hern

Alberto Hernandez Rivas

Shabana Hussain

Craig Isherwood

Jennifer Jeffery

Rachel Jones

Siobhan Kirk

Joanne Lafferty

Latia Latham-Hopper

Lynn Macdonald

Zena Maher

Brenda McKee

Mihael Mihaylov

Holley-Ann Mimms

Paul Murphy

Lisa Nash

Samantha Poil

Andrew Robinson

Lynne Robson

Kelly Rushmore

James Rutter

Stephen Sands

Sarah Sheldon

Hannah Shirtcliffe

Jenny Stephens

Paul Thackray

Kirsty Tippett

Lisa Whannel

Mark Wiles

Wendy Zhungu



Martin Poole



Clive Atkinson

Lauren Brooks

Lisa Browne

Shauna Duffy

Haydn Garnett

Katherine Gilmour

Danielle Holroyd

Lucy Kihlberg

Paul Mcmanus

Andrew O'Donnell

Patience Pattison

Heidi Robinson

Jake Schulz

Leanne Simister

Katie Smith



Sana Ahmed

Beccy Eady-Wagstaff

Jodie Foster

Eleanor Kelly

Daniel Parker

Antonia Penfold



Matthew Norman


Stepping up to seniority

Driven and ambitious employees are an important part

of any organisation to help them achieve success.

Karen Young

AUTHOR – Karen Young

WHILE employers can

provide opportunities to

feed the ambition of their

workforce, employees

can take their own steps

to give themselves the

best chance of advancing to senior positions in

credit management.

The Hays Salary and Recruiting Trends 2019

guide showed that progression was a primary

concern for credit professionals. Almost a

quarter (23 percent) of employees revealed that

the main reason they would leave their current

job is because of lack of future opportunities

and over half (51 percent) feel that there is no

scope for career progression in their current

role. Professionals across all sectors should

feel constantly empowered to progress within

their role but this is of particular importance

for aspiring managers and leaders in the credit


Although you can’t award yourself your

next promotion when you personally feel

you deserve it, you can still keep your goal in

sight to accelerate your journey. Set yourself

personal progression and development

milestones and ask your employer to make your

promotion path and timeline as clear as they

can. If your goals are long-term and relevant

to your broader career, communicating these

to your recruiter will ensure your future roles

align appropriately. Plotting and sharing your

progression expectations keeps you motivated

and gives others the best chance of helping you

get to where you want to be.


Continuous learning is something all successful

professionals strive to achieve, and those in

credit management realise the importance of

this. Data from our Salary Guide shows training

and/or professional certification support is

the most important benefit for 38 percent

of credit staff when considering a new role.

Encouragingly, professionals in this specialism

realise the credibility that qualifications add to

your professional profile and the bearing they

can have you on career development.

No matter what’s on offer at work, this is

one of the ways employees can take control of

their progression. If relevant to your role, take

advantage of any training which is available to

you. Find yourself a mentor, take up shadowing

opportunities and keep a look out for webinars

and industry events. There is also a wealth of

accessible multimedia content online that can

offer easy to digest information. Expanding

your knowledge within your field will equip you

with the skills to take on more opportunities

which enable you to expand and advance your



Being indecisive is permissible lower down the

career ladder, but there is no room for it as an

individual progresses and has to respond to

increasingly urgent and financially significant

demands. Procrastinating over a tough business

decision can mean losing out on advantageous

opportunities. Being decisive at the right

moment is crucial further up the ladder and

exhibiting this at any level will demonstrate

your potential to work at a senior level in credit


However, decisiveness without the ability

to learn can seriously inhibit a professional’s

development. If you regularly make quick

decisions, this won’t always go to plan but it’s

crucial to learn from your errors to know the

correct course of action in a similar situation.

Strike a balance between showing you can be

decisive while also recognising the impact of

your decisions in order to demonstrate that you

can operate at a senior level.


Having an admirable approach to work is

different to having achieved a lot in a particular

role or being willing to work extra hours

when required. Professionals who exhibit a

commendable work ethic get to the top by

showing how they go above and beyond to

benefit the business. This might take the form

of achieving extra qualifications, attending

network events, gaining international

experience, working closely with different

functions in the business or getting involved

with external industry events.

If you go the extra mile by doing these things

you’re revealing your ambition, self-motivation

and proactiveness through the way you work.

These qualities are present in senior leaders

across all professions so making sure they shine

through is key to advancing your role.

While you can’t write a prescriptive list

detailing you how to get to the top in credit

management, acting on the above points will

ensure you are doing what you can to reach your

potential. Along with personal traits, strategic

career moves and the occasional bit of luck,

you can propel yourself to where you want to

be while contributing to a workforce that works

harder and smarter and gets better results.

Karen Young is Director at Hays

Credit Management.

The Recognised Standard / / May 2019 / PAGE 54 The Recognised Standard / / May 2019 / PAGE 55


Do you know someone who would benefit from CICM membership? Or have

you considered applying to upgrade your membership? See our website for more detail, or call us on 01780 722903


Are you a Leader

or follower?

Studying Members

Vicky Aitken

Emma Allen

Donna Axell

Dean Backhouse

Mandy Baxter

Neil Bellamy

Tanis Belsham-Wray

Sarah Blayney

Carl Bradley

Sarah Bradmore

Lauren Brennan

Jaden Brookin

Emma Caffrey

Zoe Carter

Patricia Cassidy

Lisa-Marie Clark

William Corulla

Jade Costello

Samantha Davis

Samuel Evans

Claire Gallagher

Melissa Galvin

Alison Gear

Stuart Gray

Peter Hanson

Gibson Harawa

Hala Hassan

Amy Holland

Angela Hudson

Andrew Jones

Katie Jones

Daniel Kemp

Martin Kisby

Rhiannon Lamb

Zoe Leonard

Vito Mannino

Maria Martin

Sean Murphy

Aleksei Naumov

Lioma O'Hara

Joanna O'Neill

Loraine O'Shaughnessy

Evangelia-Eirini Pantoliou

Hollie Anne Parker

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Alexander Pisolkar

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Member by exam

Margaret Bailey MCICM(Grad)

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Karan Anand

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Nidhi Nidhi

Patrycja Paryz

Ashwin Pillai

Emma Ruttle

Diana Tuviskina

Shaun Wilkes


Beverley Ashcroft ACICM

Louise Baughan ACICM


Mohamad Bawab MCICM

Oliver Bridges MCICM

Witold Chojnowski MCICM

Honorary Fellow

Frances Coulson FCICM

Upgraded members

Julia Eames FCICM

Alan Smith FCICM

Helen Hannon ACICM

Andrea Haywood ACICM

Sandra Dworkin MCICM

Richard Fenton MCICM

James George MCICM


Craig Proctor FCICM

Amar Patel ACICM

Kulraj Mann ACICM

Katherine Ochoa-Cardenas ACICM

Anita Heer MCICM

Sadak Miah MCICM

Stuart Parmenter MCICM

Syed Ul-Hassan MCICM

Congratulations to our current members who have upgraded their membership

Accounts Receivable Specialist at Shutterstock


“I recently joined the CICM after completing some exams. Belonging

to the Institute will help with my career progression as it will open

doors in the future and employers have greater respect for those

people that are members.”

CICMQ accreditation is a proven model that has consistently delivered

dramatic improvements in cashflow and efficiency

CICMQ is the hallmark of industry leading organisations

The CICM Best Practice Network is where CICMQ accredited organisations

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


Be a leader – Join the CICM Best Practice Network today

To find out more about flexible options to gain CICMQ accreditation

E:, T: 01780 722900

The Recognised Standard / / May 2019 / PAGE 56



Matthew Schmid


Head of Credit Services


Breedon Group





View our digital version online at

Log on to the Members’ area, and click on the tab labelled

‘Credit Management magazine

Just another great reason to be a member

Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers

The Recognised Standard | +44 (0)1780 722900 |

Brexit or Breakfast

Thames Valley Branch

THAMES Valley Branch’s AGM

took place this year at Dun &

Bradstreet in Marlow which, in

addition to hosting, supplied

speakers and ensured all 60

plus attendees were well fed with breakfast

and kept supplied with tea and coffee

throughout the morning.

A review of last year’s branch activities

was provided by the Chair, Secretary

and Treasurer and a few successes noted

– number of careers fairs attended; reorganisation

of our banking arrangements;

and our well-attended and very wellreceived

all day credit event jointly held

with Sussex and Surrey branch in June


Our first speaker was Dun & Bradstreet’s

Lead Economist Markus Kuger. Markus

gave an overview of D&B’s country risk

services which included some in depth

analysis and detail on subjects such as the

UK’s unemployment trends, investment

levels, business failures and payment


There were highlights, such as

‘unemployment is still falling with

wages growing robustly’ but probably

more lowlights! For example, ‘business

investment fell in the last three quarters’

and ‘the forward-looking indicators are

deteriorating’. Markus noted that payment

performance overall was improving with 36

percent of UK companies paying to terms

but added that both the Netherlands and

Germany figure reach 70 percent. Markus

ended with a view on the economics of the

Thames Valley region.

After a short break Charlie Reith, Account

Director at Portland Communication,

brought everyone up to speed on Brexit and

explained how he had to change his slides

with regularity leading up to this event,

including only a day or so before when we

learnt that some MPs broke away to form

the Independent Group. Charlie explained

what had happened recently, gave details

of all the various options, potential

outcomes, ramifications and time lines

involved. Charlie finished with taking some

questions and offered a wider view on how

over 50 percent of people polled in the UK,

France and the US consider their countries

‘broken’. He followed up by saying that

sensational news now seems commonplace

with ‘crisis’ being an overused word.

Rob Coulton and his colleague Ian

Maitland from Acumen Credit Insurance

Brokers ended proceedings with an

insightful look at how Brexit has so far

affected their market. They shared statistics

on how credit insurance has changed

recently, with uncertainty over Brexit and

losses incurred by large company failures

such as Carillion. They also shared with the

audience how ships laden with goods from

the UK are setting off to Asia without the

knowledge of what tariffs/duties may be

payable in the future.

This very well attended event concluded

around 10:00. with thanks being given to

attendees, speakers and to Dun & Bradstreet

for hosting a highly enjoyable morning.

Author: Gary Baker FCICM




I was trying to find my place in the world

and fell into a credit role. Best move I ever

accidentally made!



Definitely the people. I know it’s a cliché but

we have some great people here at Breedon,

from top to bottom.


Problems to be solved and challenges to be

met, there’s always something happening

here at Breedon! I’m a creative person so

building teams, systems and processes is a

good outlet.



Credit control isn’t really about transactions,

it’s about people. Understanding people, and

what motivates them goes a long way.



I enjoy playing guitar, anything from

acoustic blues to heavy metal.


Passion and commitment to the cause is a

great quality to have.



I’m not sure I can put my finger on one

moment. The process of developing people

and helping them to bring out the best in

themselves really does make me happy.



I’m always surprised by the range of

activities we get involved in across the

business, credit control is certainly not







I’d like to be working at director level, helping

to bring the commercial and credit functions

closer together to increase our effectiveness

as a business.



I’m proud that people trust me to get the job

done, on the basis that I’ve always got the

job done. There’s something very satisfying

about that.

The Recognised Standard / / May 2019 / PAGE 59







Kingston upon Thames, c.£75,000

A multi-national insight consultancy is now in a period

of growth and development and requires a qualified

CICM billings/collections manager to lead a team

across the UK, APAC and MENA region. You will have

a proven track record of leading projects on global

O2C implementation, change transformation, systems

implementation or process streamlining. This is a

fantastic opportunity for a forward-thinking senior credit

professional to challenge the mould and be part of this

company’s global transformation.

Ref: 3556540

Contact Mark Ordoña 020 8247 4042

or email




Cardiff, up to £35,000 + performance related bonus

This exciting new credit management consultancy

based in central Cardiff has a number of large global

corporations within its client base. It is now looking for

an experienced credit control and operations manager

to join the company in its infancy. You will be required to

oversee an on-site team of five people initially as well as

a number of remote workers. You will assist with training

in credit control, putting processes into place, overseeing

any litigation requirements and deal with the day-to-day

running of the operation. The company is expected

to expand over the next couple of years and you will

be instrumental in supporting the growth of the team.

Previous experience in a similar role is required.

Ref: 3564902

Contact Jessica Dando on 02920 222500

or email



Glasgow, £32,000-£38,000 + benefits

An opportunity has arisen for a credit supervisor on

a permanent basis. Reporting to the Credit Manager

and Head of Credit, you will be responsible for a

range of tasks including managing a team of seven

credit controllers, appraisals, setting KPIs, managing

attendance, training and development of the team,

weekly reporting for senior management, implementing

new projects and designing processes. You will be an

experienced people manager with an excellent track

record that understands the designing and implementing

of credit processes. The hours of work are Monday

to Friday 9am-5pm and the organisation has onsite

parking available. Ref: 3559589

Contact Lauren Hamilton on 0141 212 3665

or email



Bradford, up to £28,000 + benefits

A unique opportunity has arisen to be part of a start-up

business, within a globally recognised brand, offering

equally exciting career development opportunities.

Working with local finance teams and customers based

throughout Continental Europe, Asia and Australia, you’ll

collect monies due on its accounts receivable ledger,

bringing queries to a swift resolution, ensuring accounts

are up to date and credit limits are not unduly affected.

Whether you have experience working in credit control or

want to start your career in finance, it’s your exceptional

customer service, communication and data entry skills

that will give you the edge in this role. Ref: 3549590

Contact Michael Stocchero on 0127 473 1666

or email



Watford, up to £28,000 + benefits

A rapidly growing recruitment company with over

40 successful years in the industry is looking for a credit

controller. This company takes pride in its employees and

has a ‘family business’ feel. This role involves managing

your own ledgers and running your own desk to achieve

a low DSO and steady cash flow. You will be responsible

for a portfolio of B2B accounts, this role is predominately

managing the accounts rather than chasing on the phone.

You will need previous experience in credit control and

intermediate excel skills and be proactive and open

to change. Ref: 3528049

Contact Charlotte Clarke on 01923 205286

or email



Sheffield, £25,000 + benefits

Hays Credit Management is supporting a market leading

nationwide business recruiting several new positions into

its credit team. You will be responsible for managing your

own portfolio of 500-800 live accounts whilst resolving

invoice queries and providing excellent customer service.

You will also be hands on with reconciling payments

made against current credits for each account, improving

cashflow for the business and meeting KPIs (debtor days,

DSO, reduction of bad debt provision) supporting the

sales ledger team, investigating and resolving any

mis-allocated cash. In return, you will be offered

a fantastic salary and excellent benefits. Ref: 3524006

Contact Daniel Cherry on 0114 273 8775

or email

This is just a small selection of the many

opportunities we have available for credit

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



Birmingham, £25,000-£27,000 + benefits

A large FTSE 100 business, implementing change, is

looking for an experienced and talented individual

to transform the order to cash process. The role will

support the team of credit managers in the day-to-day

supervision of the credit controllers and will manage

their key account ledgers. Ideally, you will have previous

credit experience within a large shared service centre

environment. In return, you will have access to free

parking, great commuting links and study support for

both AAT and CICM.

Ref: 3516757

Contact Peter Kidd on 0121 212 3301

or email



Castle Donnington, £negotiable

Breedon is a leading construction materials group in UK&I

and is currently recruiting for a credit controller to join its

team. You will join a team of 15 credit professionals and

will be responsible for building relationships with clients to

drive cash collection, dealing with supplier queries. This is

an exciting opportunity to join a growing organisation with

state of the art offices and great career opportunities.

Ref: 3462686

Contact Philippa Smith on 01332 290890

or email

The Recognised Standard / / May 2019 / PAGE 60 The Recognised Standard / / May 2019 / PAGE 61


Full list of events can be found on our website:

We are inviting all members to bring a colleague to a CICM membership

event, free of charge. For more information, email


16 May

CICM East of England


Business Fraud Breakfast Seminar – 2CPD

08:30 – 10:45

We are delighted to invite you to our breakfast

seminar in Chelmsford, with our expert speakers

from Hastings & Co and Advanced Collection


Contact : Please visit our online events calendar

for booking details by 15 May 2019.

VENUE : Hays Specialist Recuitment

(Chelmsford) Summit House, Waterloo Lane,

Chelmsford CM1 1BD United Kingdom

21 May

CICM Northern Ireland Branch


Interactive Technical Seminar – Small Claims

and Insolvency – 6 CPD

This event is FREE event for Members and

£25 for non- members – which includes

refreshments throughout.

Contact : Paul Taylor: +44 7979992110

To book please contact the branch direct at – nonmembers

please book through Eventbrite.

VENUE : Crumlin Road Gaol, 53-55 Crumlin

Road, Belfast, BT14 6ST

7 June

CICM Fellows’ Celebratory Lunch.


We invite all Fellows to help us celebrate

80 years of CICM at this year’s special

Fellows’ Celebratory Lunch.

Contact : Email to book.

VENUE : Churchhill War Rooms, Clive Steps,

King Charles Street, London, SW1A 2AQ.

11 June

CICM Sheffield and Yorkshire Ridings Branch


Credit Circuit Training

Contact : Paula Uttley (0114) 2518850

(239) / 0771 3367588

VENUE : Yorkshire Sculpture Park, West Bretton,

Wakefield, WF4 4LG United Kingdom



16 May

C2FO Webinar


Technology in trade finance – take control of

your working capital

Contact : Please visit our online events calendar

for booking details.

12 - 14 May

ICTF – International Credit Professionals



Global Credit Management Excellence, Expert

Perspectives and Best Practices.

Contact : Please visit our online events calendar

for booking details.

VENUE : Sheraton Grand Krakow Hotel

7 Powisle Street, Krakow 31-101, Poland

14 May

Forums International


Export / International Credit Forum

Contact : For an information pack email

VENUE : Moore Stephens, London

15 May

Forums International


Annual Golf Tournament

Contact : For more information email

VENUE : Whittlebury Park Golf Club

Nr. Towcester, Northamptonshire

16 May

Fraud Protection Network (FPN)


Inaugural Meeting

Contact : Please visit our online events calendar

for booking details.

VENUE : DLA Piper160 Aldersgate Street, London,


More reasons to be a member

16 May

ICTF – Webinar: Establishing and Managing

Customer Credit Limits


In this interactive 60-minute webinar we will

discuss the various ways creditors establish

credit limits, factors to consider when setting

credit limits for applicants and the preferred way

to set up customer credit limits.

CICM members can obtain a US$50 discount

against the advertised registration fees by


Contact : Please visit our online events calendar

for booking details.

22-14 May

R3 Annual Conference


Broadening Horizons

Contact : Please visit our online events calendar

for booking details.

VENUE : Slaley Hall, Coal Rd, Hexham, NE47 0BX

23 May



Webinar: Conflict Management for Credit Team


CICM members can obtain a US$50 discount

against the advertised registration fees by


Contact : Please visit our online events calendar

for booking details.

6 June

Forums International


Senior Management Forum

Contact : For an information pack email


11 June

Forums International


Pharmaceuticals & Medical Devices Credit Forum

Contact : For an information pack email pmf@


Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers




Access over 1,000 credit

and collection resources

anytime, anywhere.

CICM Knowledge Hub is a new online platform for credit

professionals, providing one location to easily find the tools

and information you need to help you in your job.

‣ Tailored elearning courses ‣ CM Magazine articles

‣ Research papers from industry experts ‣ Webinars

‣ Best practice guidance.

CICM Members get free access to CICM Knowledge Hub and much

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

CICM Membership.

National and

regional events


and training





Branches around

the country

The Recognised Standard / / May 2019 / PAGE 62

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


CICM Directory of Services










Atradius Collections Ltd

3 Harbour Drive,

Capital Waterside,

Cardiff Bay, Cardiff, CF10 4WZ

United Kingdom

T: +44 (0)2920 824700


Atradius Collections Ltd is an established specialist in business

to business collections. As the collections division of the Atradius

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

knowledge and reputation.

Annually handling more than 110,000 cases and recovering over

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

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

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

maintaining customer relationships whilst efficiently and effectively

collecting monies owed.

The individual nature of our clients’ customer relationships is

reflected in the customer focus we provide, structuring our service

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

them with a collection strategy that echoes their business character,

trading patterns and budget.

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

Director (


Premium Collections Limited

3 Caidan House, Canal Road

Timperley, Cheshire. WA14 1TD

T: +44 (0)161 962 4695



For all your credit management requirements Premium Collections

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

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


Services include B2B collections, B2C collections, international

collections, absconder tracing, asset repossessions, status reporting

and litigation support.

Managed from our offices in Manchester, Harrogate and Dublin our

network of 55 partners cover the World.

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


Lovetts Solicitors

Lovetts, Bramley House, The Guildway, Old Portsmouth

Road, Guildford, Surrey GU3 1LR

T: +44(0)1483 457500 E:


Lovetts has been recovering debts for 30 years! When you

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

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

business debts and any resulting commercial litigation.

We provide:

• Letters Before Action, prompting positive outcomes in more than

80 percent of cases • Overseas Pre-litigation collections with

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

management system ‘CaseManager’

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

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

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

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

successful results...”

Yuill + Kyle

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

T: 0141 572 4251



Do You Have Trouble Collecting Debts in

Scotland? We Don’t

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

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

specialists in resolving disputed and undisputed debts. Our track

record for successful recoveries means you have just moved one step

closer to getting your money back.

How we can help you:

• Specialist advice for all of your legal matters

• A responsive and straightforward approach

• Providing you with solutions-driven advice

• Delivering cost certainty and value for money

Our services

• Pre-sue • Fast track collections • Judgement enforcement

• Insolvency • Bankruptcy • Liquidation


Court Enforcement Services

Wayne Whitford – Director

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

E :


High Court Enforcement that will Empower You!

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

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

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

helps to provide information in real time and transparency, empowering

our clients when they work with us.

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

• Exceptional Recovery Rates

• Individual Client Attention and Tailored Solutions

• Real Time Client Access to Cases


Company Watch

Centurion House, 37 Jewry Street,


T: +44 (0)20 7043 3300



Organisations around the world rely on Company Watch’s industryleading

financial analytics to drive their credit risk processes. Our

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

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


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

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

developing analytics on our customers’ in-house data.

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

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

providing actionable intelligence in an uncertain world.


The Sir John Peace Building, Experian Way

NG2 Business Park, Nottingham NG80 1ZZ

T: 0844 481 9920


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

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

organisations to make more effective, fact based decisions, reduce

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

insights that help manage UK and international businesses to maximise

opportunities for growth and identify and minimise the associated risks.

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

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

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

support with new business, acquisition through to collections while

managing KYC requirements online or via our suite of APIs.

Graydon UK

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

Middlesex, HA1 1BE

T: +44 (0)208 515 1400



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

providing access to business information on over 100 million entities

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

of data from diverse data sources into invaluable information. Based

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

help its customers make better business decisions and ultimately

gain competitive advantage. Graydon is owned by Atradius, Coface

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

offers a comprehensive network of offices and partners worldwide to

ensure a seamless service.



SmartSearch, Harman House,

Station Road,Guiseley, Leeds, LS20 8BX

T: +44 (0)113 238 7660

E: W:

KYC, AML and CDD all rely on a combination of deep data with broad

coverage, highly automated flexible technology with an innovative

and intuitive customer interface. Key features include automatic

Worldwide Sanction & PEP checking, Daily Monitoring, Automated

Enhanced Due Diligence and pro-active customer management.

Choose SmartSearch as your benchmark.


T: +44 (0) 1302 513 000

E: sales@keyivr W:

Key IVR are proud to have joined the Chartered Institute of Credit

Management’s Corporate partnership scheme. The CICM is a

recognised and trusted professional entity within credit management

and a perfect partner for Key IVR. We are delighted to be providing

our services to the CICM to assist with their membership collection

activities. Key IVR provides a suite of products to assist companies

across the Europe with credit management. Our service is based

around giving the end-user the means to make a payment when and

how they choose. Using automated collection methods, such as a

secure telephone payment line (IVR), web and SMS allows companies

to free up valuable staff time away from typical debt collection.


T: +31 (0)88 256 66 66



Onguard is specialist in credit management software and market

leader in innovative solutions for order to cash. Our integrated

platform ensures an optimal connection of all processes in the order

to cash chain and allows sharing of critical data.

Intelligent tools that can seamlessly be interconnected and offer

overview and control of the payment process, as well as contribute to

a sustainable customer relationship.

In more than 50 countries the Onguard platform is successfully used

for successful credit management.

Tinubu Square UK

Holland House, 4 Bury Street,

London EC3A 5AW

T: +44 (0)207 469 2577 /



Founded in 2000, Tinubu Square is a software vendor, enabler of the

Credit Insurance, Surety and Trade Finance digital transformation.

Tinubu Square enables organizations across the world to significantly

reduce their exposure to risk and their financial, operational and technical

costs with best-in-class technology solutions and services. Tinubu

Square provides SaaS solutions and services to different businesses

including credit insurers, receivables financing organizations and

multinational corporations.

Tinubu Square has built an ecosystem of customers in over 20 countries

worldwide and has a global presence with offices in Paris, London, New

York, Montreal and Singapore.

Data Interconnect Ltd

Units 45-50

Shrivenham Hundred Business Park

Majors Road, Watchfield

Swindon, SN6 8TZ

T: +44 (0)1367 245777



Data Interconnect provides Intelligent Invoice to Cash Automation.

Corrivo Billing, Collection and Dispute modules seamlessly integrate

for a rich, end-to-end A/R user experience. Branded customer

portals, real-time dashboards, advanced reporting, available in 15

languages as standard; are some of the reason why global brands

choose Data Interconnect.

Proud supporters



Corbett House, Westonhall Road, Bromsgrove, B60 4AL

T: +44 (0)1527 872123 E:


Operating globally across any sector, Rimilia provides intelligent,

finance automation solutions that enable customers to get paid on time

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

software solutions use sophisticated analytics and artificial intelligence

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

reconcile payments, removing the uncertainty of cash collection. The

Rimilia software automates the complete accounts receivable process

and eliminates unallocated cash, reducing manual activity by an

average 70% and achieving best in class matching rates recognised

by industry specialists such as The Hackett Group.


T: +44 7399 406889



HighRadius is the leading provider of Integrated Receivables

solutions for automating receivables and payment functions such

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

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

(SaaS). HighRadius also offers SAP-certified Accelerators

for SAP S/4HANA Finance Receivables Management, enabling

large enterprises to maximize the value of their SAP investments.

HighRadius Integrated Receivables solutions have a proven track

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

increasing operation efficiency, enabling companies to achieve an

ROI in less than a year.

Blaser Mills Law

40 Oxford Road,

High Wycombe,

Buckinghamshire. HP11 2EE

T: 01494 478660/478661

E: Jackie Ray or

Gary Braathen


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

Recoveries team offer pre-legal collections, debt recovery,

litigation, dispute resolution and insolvency. The team includes

CICM qualified staff, recommended in both Legal 500 and

Chambers & Partners legal directories.

Offices in High Wycombe, Amersham, Rickmansworth, London

and Silverstone

Sanders Consulting Associates Ltd

T: +44(0)1525 720226



Sanders Consulting is an independent niche consulting firm

specialising in leadership and performance improvement in all aspects

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

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

credit management, billing, change and business process improvement.

A sought after speaker with cross industry international experience in

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

innovative and enthusiastic approach delivers pragmatic people and

process lead solutions and significant working capital improvements to

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

and under the supervision of the CICM.


Missenden Abbey, Great Missenden, Bucks, HP16 0BD

T: 01494 790600



CoCredo’s award winning credit reporting and monitoring systems have

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

Our company data is updated continually throughout the day and access

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

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

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

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

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

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




Cedar Rose

3, Georgiou Katsonotou Street,3036, Limassol, Cyprus

E: T: +357 25346630


Cedar Rose has been globally recognised as the expert for

credit reports, due diligence and data for the Middle East

and North African countries since 1997. We now cover over

170 countries with the same high quality, expert analysis

and attention to detail we are well-known and trusted for.

Making best use of artificial intelligence and technology, Cedar

Rose has won several awards including Credit Excellence

& European Business Awards. Our website is a one-stopshop

for your business intelligence solutions. We are the

ultimate source; with competitive prices and friendly customer

service - whether you need one or one thousand reports.

Credica Ltd

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

T: 01235 856400E: W:

Our highly configurable and extremely cost effective Collections and

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

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

• To provide meaningful analysis of your business

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

Professionals across the UK and Europe, our system is successfully

providing significant and measurable benefits for our diverse portfolio

of clients.

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

‘no nonsense’ and human approach to computer software.


Dun & Bradstreet

Marlow International, Parkway Marlow

Buckinghamshire SL7 1AJ

Telephone: (0800) 001-234 Website:

Dun & Bradstreet Finance Solutions enable modern finance

leaders and credit professionals to improve business performance

through more effective risk management, identification of growth

opportunities, and better integration of data and insights across the

business. Powered by our Data Cloud, our solutions provide access

to the world’s most comprehensive commercial data and insights

- supplying a continually updated view of business relationships

that helps finance and credit teams stay ahead of market shifts and

customer changes. Learn more here:

The Recognised Standard / / May 2019 / PAGE 64 The Recognised Standard / / May 2019 / PAGE 65 continues on page 66 >


CICM Directory of Services



15 Statton Street, Mayfair,

London W1J 8LQ

T: 07799 692193

E: W:

C2FO turns receivables into cashflow and payables into income,

uniquely connecting buyers and suppliers to allow discounts in

exchange for early payment of approved invoices. Suppliers access

additional liquidity sources by accelerating payments from buyers

when required in just two clicks, at a rate that works for them.

Buyers, often corporates with global supply chains, benefit from the

C2FO solution by improving gross margin while strengthening the

financial health of supply chains through ethical business practices.


Serrala UK Ltd, 125 Wharfdale Road

Winnersh Triangle, Wokingham

Berkshire RG41 5RB

E: W:

T: +44 1182 070 464 M: +44 7802 881 797

Serrala optimizes the Universe of Payments for organisations seeking

efficient cash visibility and secure financial processes. As an SAP

Partner, Serrala supports over 3,500 companies worldwide. With

more than 30 years of experience and thousands of successful

customer projects, including solutions for the entire order-tocash

process, Serrala provides credit managers and receivables

professionals with the solutions they need to successfully protect

their business against credit risk exposure and bad debt loss.



T: +44 (0)1246 555055



Forums International Ltd have been running Credit and Industry

Forums since 1991. We cover a range of industry sectors and

International trading, attendance is for Credit Professionals of all

levels. Our forums are not just meetings but communities which

aim to prepare our members for the challenges ahead. Attending

for the first time is free for you to gauge the benefits and meet the

members and we only have pre-approved Partners, so you will never

intentionally be sold to.


American Express

76 Buckingham Palace Road,

London. SW1W 9TQ

T: +44 (0)1273 696933


American Express is working in partnership with the CICM and is

a globally recognised provider of payment solutions to businesses.

Specialising in providing flexible collection capabilities to drive a

number of company objectives including:

•Accelerate cashflow •Improved DSO •Reduce risk

•Offer extended terms to customers

•Provide an additional line of bank independent credit to drive

growth •Create competitive advantage with your customers

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

American Express is working with credit managers to drive growth

within businesses of all sectors. By creating an additional lever to

help support supplier/client relationships American Express is proud

to be an innovator in the business payments space.










For only £1,250 + VAT for the year

- your business will be listed in

Credit Management magazine,

which goes out to all our members

and subscribers.

To book your listing

in CreditWho contact:

Grace Ghattas

T: 02036037946


or Russell Bass


T: 0203 603 7937



How to set up a great one click link to the CICM website on

your mobile phone. Follow these four simple steps...

Step 1 Step 2 Step 3 Step 4

Go to > Click highlighted icon at bottom of screen > Click add to Home screen icon

> Click add icon at top right of screen > CICM icon will appear on your screen


Sam Townsend Head of Marketing

Northern Europe Esker Ltd.

T: +44 (0)1332 548176 M: +44 (0)791 2772 302


LinkedIn: Esker – Northern Europe

Twitter: @EskerNEurope

Esker’s Accounts Receivable (AR) solution removes the all-toocommon

obstacles preventing today’s businesses from collecting

receivables in a timely manner. From invoice delivery to cash

application, Esker automates each step. Esker's automated AR

system powered by TermSync helps companies modernise without

replacing their core billing and collections processes. By simply

automating what should be automated, customers get the post-sale

experience they deserve and your team gets the tools they need.


Bottomline Technologies

115 Chatham Street, Reading

Berks RG1 7JX | UK

T: 0870 081 8250 E:


Bottomline Technologies (NASDAQ: EPAY) helps businesses

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

domestic and international payments, effective cash management

tools, automated workflows for payment processing and bill

review and state of the art fraud detection, behavioural analytics

and regulatory compliance. Businesses around the world depend

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

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

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

by making complex business payments simple, secure and seamless.


For even greater exposure to

our membership and a closer

association with CICM, why

not enquire about becoming a

Corporate Partner.

To find out more contact

Sue Chapple 07741 884 916.




Gravity London

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

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


Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the best

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

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

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

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

Chartered Institute of Credit Management since 2006, it understands

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

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

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029



Hays Credit Management is working in partnership with the CICM

and specialise in placing experts into credit control jobs and credit

management jobs. Hays understands the demands of this challenging

environment and the skills required to thrive within it. Whatever

your needs, we have temporary, permanent and contract based

opportunities to find your ideal role. Our candidate registration process

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

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

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

spectrum of job search and recruitment issues.



Portfolio Credit Control

1 Finsbury Square, London. EC2A 1AE

T: 0207 650 3199



Portfolio Credit Control, solely specialises in the recruitment of

permanent, temporary and contract Credit Control, Accounts

Receivable and Collections staff. Part of an award winning recruiter

we speak to and meet credit controllers all day everyday understanding

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

control professionals. We have achieved enormous growth because we

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

to service delivery that exceeds your expectations every single time.

Step 1 Step 2 Step 3 Step 4

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T: +44 (0)1780 722900 | WWW.CICM.COM

The Recognised Standard / / May 2019 / PAGE 66

Faster, safer, compliant.

Fraud Detection,

Credit and Compliance

made easy.

Remove silos from your business,

onboard customers and suppliers alike,

with one integrated platform.


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