Credit Management October 2019.

CREDIT MANAGEMENT
CM
OCTOBER 2019 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Credit Crisis
Have the banks stopped
lending to SMEs?
80
YEARS
Insolvency sector
on brink of change.
Pages 12-14
Launch of the new
debt awareness
campaign. Pages 16-17

3
YEARS
IN 2018
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OCTOBER 2019
www.cicm.com
24
OPINION
8
ADAM WONNACOTT
CONTENTS
– NEWS SPECIAL
Credit Reference Agencies give their
thoughts on the FCA’s review into the
coverage and quality of information
they provide.
12 – INSOLVENCY SPECIAL
David Kerr and Michelle Thorp discuss
the call for evidence and a move to a
single regulator.
20 – OPINION
The language used in statutory notices
can cause unintentional harm.
26 – EXCLUSIVE REPORT
Marcus Kuger takes a closer look at
the automotive sector and the possible
effects of Brexit.
30 – TECHNOLOGY IN
ACTION
New technologies are prompting a shift
in how credit management is perceived.
36
COUNTRY FOCUS
ADAM BERNSTEIN
36 – COUNTRY FOCUS
What has The Ivory Coast got to offer
the ambitious exporter?
50 – HR MATTERS
Agency workers’ demands for hours,
the importance of National Minimum
Wage records, and the misuse of
confidentiality clauses.
CICM GOVERNANCE
View our digital version online at www.cicm.com. 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.
16
COVER STORY
LAWRIE HOLMES
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 / Glen Bullivant FCICM / Lauren Carter FCICM /
Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM / Laural Jefferies FCICM Diana Keeling FCICM /
Martin Kirby FCICM / Christelle Milojkovic FCICM / Julie-Anne Moody-Webster FCICM(Grad) / 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.
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast FCICM
Deputy Editor
Alex Simmons
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Imogen Hart, Rob Howard and Iona Yadallee
Advertising
Grace Ghattas
Telephone: 020 3603 7946
Email: grace@cabbell.co.uk
Printers
Stephens & George Print Group
2019 subscriptions
UK: £112 per annum
International: £145 per annum
Single copies: £12.50
ISSN 0265-2099
The Recognised Standard / www.cicm.com / October 2019 / PAGE 3

EDITOR’S COLUMN
You can’t win the lottery
without buying a ticket
Sean Feast FCICM
Managing Editor
I
think it was Oscar Wilde in the
Importance of Being Earnest who
wrote: Do not speak ill of society.
Only people who can’t get in do
that.’
It’s one of my favourite quotes
and one that always makes me think about
Awards (stick with me, we’ll get there in the
end). I hear more excuses from businesses
about the rationale for not entering an
Award, than I do the more positive reasons
for wanting to engage.
Top of that list always seems to be
‘what if we don’t win, or worse, lose to our
competitors’. That, to me, is not a valid
reason. You are either confident about
your abilities or you are not, and if you are
not, then how do you compete at any level
in business? No sportsman sets out to lose,
but they accept that sometimes there can
be a better man (or woman) on the day.
From those that do decide to take
part, but are not successful on the night,
I also hear, usually after the event, that
the Award was a ‘fix’, a ‘done deal’, or only
given to the winner in recompense for the
thousands they have spent on advertising
or sponsorship. If only it were so easy!
People start to speak ill of an Award,
simply because they didn’t win it.
Happily, I can tell you that no amount
of advertising, backhanders, or promises
of a dubious though fascinating nature
will win you a CICM British Credit Award.
You just have to be good and demonstrate
how good you are by telling us why you
should win. Convince the judges that
you should be the benchmark that others
should follow, that your team is the
most passionate, your service the most
advanced, and your company the most
brilliant.
I am a huge advocate of Awards. I am
excited even to make a shortlist, for it
places you among the best of the best and
gives you a solid marketing opportunity
before the final winner is announced. I
know that comperes and comedians often
take the mickey on the night, but does
it really matter that much? And should
that winner be you, then you can really
celebrate in style, enhancing you and your
team’s visibility within your own business
and the wider industry.
The closing date for this year’s Awards
is October 25. Awards are what you make
of them, but you can’t win the lottery
without buying a ticket.
No sportsman sets out to lose,
but they accept that sometimes
there can be a better man (or
woman) on the day.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 4

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The Recognised Standard / www.cicm.com / October 2019 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM and Alex Simmons
Collections body takes bold
step in consumer engagement
THE Chartered Institute of
Credit Management (CICM)
has welcomed the launch of
a major new initiative by the
debt collection industry to
support consumers in financial difficulty.
The campaign, entitled #heretohelp, is
designed to encourage early engagement
from customers struggling in debt and
is the brainchild of the Credit Services
Association (CSA), the voice of the
UK debt collection and debt purchase
sectors.
Philip King FCICM, Chief Executive of
the CICM, said that the CSA was to be
congratulated on what he described as a
bold initiative: “The campaign highlights
the importance of talking to real people
with the experience and expertise to
improve customer outcomes, rather than
trusting to spurious and often poorlyinformed
advice being offered on the
internet via consumer forums."
The main element of the campaign is a
video fronted by Brad Burton, one of the
UK’s top motivational speakers. Brad was
once £25,000 in debt and comes to the
story from a very personal perspective.
He initially buried his head in the sand,
and it was only when he began to engage
with the debt collection agencies that his
life began to turn around.
Burton interviews others like him
who have had similar experiences, and
whose lives are now back on track. He
also speaks to industry experts to explain
more about how debt collection agencies
and the debt advice sector work, and
how they can help individuals on their
journey to take control of their finances
and ultimately become debt free.
"This exciting new initiative places our
industry and our members at the heart of
helping customers who are in financial
distress,” says Peter Wallwork, CEO of the
CSA.
“By giving examples of genuine
customers whose lives have been
transformed by engaging with our
members, we want to remove the
understandable fear and uncertainty
that many customers face. We want to
show that whatever their circumstances,
they will be treated with fairness,
understanding and compassion. Our
campaign already has the support of
many in the debt advice sector, and we
want others to get behind this serious
drive to remove the stigma of debt once
and for all."
It is estimated that there are currently
more than eight million people in debt
in the UK, and debt is one of the top
ten topics ‘off limits’ for individuals to
discuss with friends and family.
Research carried out by the CSA in
2013 and then re-visited in 2019 looked at
online perceptions of the debt collection
industry and suggests that while
perceptions have changed in a positive
way, there remains a worrying trend of
people in debt going to the internet and
receiving wrong or unhelpful advice. This
advice in most cases sees a customer
falling into further financial detriment as
a result.
“The campaign
highlights the
importance of talking
to real people with
the experience and
expertise to improve
customer outcomes’’
Philip King FCICM
Chief Executive of the CICM
The video was premiered during
the CSA’s UK Credit and Collections
Conference in September, and forms
part of an extensive communications
campaign fronted by the CSA.
The CSA is seeking partners and
supporters to share the message
across different networks, sectors and
most importantly, with over-indebted
consumers. csa-uk.com
> Open banking makes market more competitive
A survey of 100 leading global credit experts has revealed nearly eight out of ten (77 percent) believe
Open Banking will make the market for credit more competitive, with only six percent believing
the initiative would make it less competitive. The findings come from the Credit Scoring and
Credit Control XVI Conference at University of Edinburgh Business School, where 400 industry
professionals and academics from over 40 countries gathered to discuss the future of credit scoring
and the burning topics within the sector. Some four in ten experts (42 percent) believe that if the UK
left the EU without a deal, it would lead to an increase in demand for consumer credit, while nearly a
third (32 percent) think this would reduce demand. business-school.ed.ac.uk
The Recognised Standard / www.cicm.com / October 2019 / PAGE 6

New register launched to
protect the most vulnerable
>NEWS
IN BRIEF
A group of consumer credit industry
professionals has launched the
Vulnerability Registration Service (VRS), a
not-for-profit initiative designed to protect
people from financial hardship and combat
the associated risks to mental health.
The VRS is described as a tool to help
people who consider themselves to be
financially vulnerable and in need of help
to register their details online, free of
charge, and indicate to businesses and
organisations they deal with that they
require sensitive handling and support.
Legally authorised third parties are also
able to register those for whom they care at
no cost.
Helen Lord, Director of the VRS, said
she believes passionately that consumers
have a right to be treated with care and
respect: “We are encouraged by the
positive response the VRS has enjoyed
from businesses who, like us, can see the
benefits that this initiative can bring to
FAILING FORGE
MORE than 250 jobs have been saved
at steel supplier John Parker & Son
after the main Canterbury yard was
bought out of administration. The
firm was forced into administration
after a string of tier one contractors
defaulted on £8 million of payments.
Administrators from Grant Thornton
were appointed and sold the firm’s
Builders Beams division to Steelo
and its Shoreham site to Barrett
Steel. The acquisition safeguards
more than 250 jobs and enables
the new company to continue
operations from the Canterbury and
depots in Cambridge and Andover.
grantthornton.co.uk
help them treat their customers fairly
and compassionately throughout the
relationship.
“We urge other like-minded organisations
to work with us to really help transform
the quality of life and peace of mind of
vulnerable consumers.”
The register was launched in London
last month and coincided with publication
of new data that suggests that 54 percent
of the public think businesses definitely
or probably should be required to identify
whether a prospective customer is
vulnerable in order that they can be better
protected against harm; and that a similar
proportion believe that businesses should
have more regulatory requirements on
them to identify vulnerable consumers.
Payday lenders and gambling companies
were particularly identified as business
types that should do more to identify
vulnerable customers.
vulnerabilityregistrationservice.co.uk
EXPERIAN JOINS
FORUMS
EXPERIAN has joined Forums International
as a Corporate Partner for two Forums –
Business and Office Supplies (BSF) and
Pharmaceuticals and Medical Devices
Credit Forum (PMF). The PMF and BSF
offer sector specific forum events run on a
quarterly basis with membership coming
from across the UK, Europe and further
afield.
forumsinternational.co.uk.
GERMAN MARKET
PHILLIPS & Cohen Associates is extending
its services to the German market
by confirming a long-term lease on a
prestigious Düsseldorf base in the CBD. The
business identified the historic and vibrant
city of Düsseldorf as an ideal headquarters
for its German expansion plans.
phillips-cohen.co.uk
INCLUSIVENESS
RESEARCH
THE European Women Payments Network
(EWPN) and the Emerging Payments
Association (EPA) are working together
to bolster understanding of the diversity
issues that exist in the financial services
sector. The first output of this partnership
is a new white paper published by the EPA–
‘Women in Changing Times’ – which sets
out a baseline in gender equality issues that
will allow for the measurement of change
over time. The EWPN and EPA plan to work
together on other research projects over the
coming months.
ewpn.eu emergingpayments.org
CICM welcomes new corporate partner in AI
ESKER, a leader in Artificial Intelligence
(AI) driven process automation solutions,
has become a Corporate Partner of CICM.
Founded in 1985, Esker works with
more than 11,000 companies worldwide,
helping financial and customer service
departments digitally transform their
order-to-cash (O2C) and purchaseto-pay
(P2P) cycles. Esker’s solutions
incorporate AI technology to drive
increased productivity, enhanced
visibility, reduce fraud risk and improved
collaboration with customers and
suppliers.
Sam Townsend, Head of Marketing
– Northern Europe at Esker says the
company is pleased to be partnering
with the largest professional credit
management organisation in the world:
“Working with the CICM will enable
us to reach credit professionals at
the forefront of the industry. We are
keen to share our experiences and
better understand the requirements of
members from every aspect of the credit
and collections lifecycle. Our strength
lies in the ability to ease the digital
transformation of managing credit and
collections with minimum disruption to
the overall process, and by engaging and
listening to our partnership members we
can continue to progress and remain a
trusted leading advisor in the field.
“In conjunction with the CICM,
we will be looking at running some
webinars and seminar sessions for
members in the coming months
focussing on the way in which the latest
collections management technologies
can help companies embrace digital
transformation without replacing
their core collections processes by
eliminating manual collection pains,
accelerating payments and empowering
the AR department.
“Through sharing our knowledge
and expertise with members that
wish to harness these technological
advancements, we will help bring
benefits to them and their customers.”
Sue Chapple, CICM Director of
Strategic Relationships, says Esker’s
advanced technological knowledge and
expertise will provide CICM members
with access to digital transformation
advice and insight.
For more information about the
CICM’s Corporate Partnership scheme,
interested companies can contact
Sue Chapple, Director of Strategic
Relationships on sue.chapple@cicm.com
or call (0)1780 722912.
esker.com
The Recognised Standard / www.cicm.com / October 2019 / PAGE 7

NEWS SPECIAL
SCORE DRAW
The FCA has concerns about the coverage and quality
of credit information and its impact on vulnerable
consumers.
AUTHOR – Sean Feast FCICM and Alex Simmons
THE Financial Conduct
Authority (FCA) recently
launched a market
study to examine how
the credit information
market operates and the
impact it has on consumers. The Credit
Information Market Review will focus on
the following themes: the purpose, quality
and accessibility of credit information;
market structure, business models and
competition; and consumers’ engagement
and understanding of credit information
and how it impacts their behaviours.
The study will also assess how the
sector is working now and how it may
develop in the future. It will look at how
the markets for credit information work
in some other countries and what the UK
market might learn from them.
Christopher Woolard, Director of
Strategy and Competition at the FCA,
says the Authority has a number of
concerns about the coverage and quality
of credit information, the effectiveness
of competition between credit reference
agencies, and the extent to which
consumers are engaged: “Through
the study we will seek to get a better
understanding of how this vital market
works and will identify remedies,
where appropriate, to make it work
more effectively for credit information
users and individual consumers. This
includes considering whether vulnerable
customers are disproportionately affected
by the way credit information is used, and
whether any alternative approaches might
deliver better outcomes for consumers.”
So what do the credit information
providers (the Credit Reference Agencies)
make of the FCA’s plans and implied
criticisms?
CAUTIOUS WELCOME
Predictably, perhaps, most give the review
a cautious welcome. Patricio Remόn,
President of Europe at Equifax provides
a typical response: “The FCA’s Credit
Information Market Review is a welcome
development,” he says. “It is vital that the
credit information market works well
and helps protect vulnerable consumers,
improve financial inclusion and ensure
“We are proud to
put the consumer
at the very heart of
our business and
we are committed
to continue our
significant investment
in innovative new
programmes and
technologies to help
keep credit reporting
fair, responsible,
accurate and
transparent.”
people can access appropriate financial
products.
“Equifax,” he continues, “is committed
to a credit information market that works
in the best interests of consumers,
increases awareness and provides deeper
understanding of credit reporting and
responsible lending.”
Patricio says he is looking forward to
working with the FCA to support what he
describes as ‘an important study.’
Paul Beard, Commercial Director
Creditsafe, expresses a similar view:
“Creditsafe welcomes any review into
our industry that has the potential to
expand the data available to Credit
Reference Agencies and the users of
products and services in our industry.
Access to accurate and predictive data is
the number one challenge for any Credit
Reference Agency, be they commercial or
consumer.”
Paul believes that any schemes or
Government initiatives to support
access to additional data sources are to
be encouraged: “Reviews like this are
invaluable as they enable the industry
to not only have input but, to improve
and ultimately promote better and more
suitable access to finance for corporates
and consumers alike.”
NATURAL DEVELOPMENT
Satrajit Saha, CEO of TransUnion in the
UK says the FCA market study is a natural
development for the industry: “This plays
an increasingly important role in assisting
businesses to ensure responsible lending
and helping consumers access the credit
needed for everyday life; such as mobile
phone contracts, car finance plans, credit
cards, loans and mortgages,” he explains.
“We believe this study aligns with
our aims of supporting businesses to
ensure that credit provided to customers
is affordable – promoting financial
inclusion – and helping consumers to
better understand their credit report
and score so they can take control of
their financial information to help them
achieve their goals.”
Satrajit claims his business is
constantly innovating and investing to
ensure that its products and services
meet these needs, with the consumer
firmly at the forefront of all that it does:
“We fully support this initiative and are
working closely with the FCA to provide
information for the market study,” he
adds.
Experian also welcomes the FCA’s
market study and says that it looks
The Recognised Standard / www.cicm.com / October 2019 / PAGE 8

NEWS SPECIAL
AUTHOR – Sean Feast FCICM and Alex Simmons
forward to supporting it. It also claims
to put the consumer at the heart of its
business: “Experian has a long track
record of raising public awareness of
credit referencing, advancing financial
inclusion and helping people to take
more control of their financial data,” a
spokesperson told Credit Management.
“We are proud to put the consumer
at the very heart of our business and
we are committed to continue our
significant investment in innovative new
programmes and technologies to help
keep credit reporting fair, responsible,
accurate and transparent.”
BLURRED LINES
While the review is only focused on
the consumer side of the information
providers sector, the views of the wider
industry are also interesting, especially
since the lines between ‘consumers’ and
smaller business owners can often be
blurred.
Nicola Howell, Senior Privacy and
Compliance Attorney at Dun & Bradstreet
says she support the move to protect
vulnerable consumers: “Although the
current review does not cover the
provision of credit information on
businesses, we believe the review is an
important exercise for the industry. Dun
& Bradstreet is regulated by the FCA for
our ratings on non-limited companies,
and has been engaging with them to
understand the impact of the review
on our credit references relating to sole
traders and small partnerships.
“We feel it is important that the development
of any recommendations
takes into consideration the potential
consequences for small and micro businesses
in the B2B credit market of any
changes to the consumer market. Small
businesses make up over 99 percent of
all private enterprises and it’s important
that the review avoids any negative
impact on the competitive position
of non-limited companies.”
Dan Hancocks, Managing
Director at CoCredo agrees, and says any
review of the credit information market,
whether it be consumer or business
related, is to be welcomed to maintain
standards and transparency throughout
the industry: “Although CoCredo focuses
on providing company credit reports and
this review is primarily focused on the
consumer market, there is a clear cross
over in the checking of sole traders and
partnerships which could be affected,” he
explains.
“We look forward to reading the
results of the review and analysing the
impact it could have on our customers if
any. As consumers ourselves it is always
interesting to keep a close eye on current
affairs and any potential change in
legislation that could come from such a
review.
“Looking at the concerns raised such
as accessibility, understanding of credit
information and engagement are key if
the industry endeavours to improve,” says
Dan. “Learning from other countries is
also a great way to expand what we have
here in the UK and we will be able to learn
some best practices that have worked
elsewhere and implement them here.”
CONFUSING MATTERS
Dan also says he applauds the FCA for
focusing on vulnerable customers, to
help them better understand credit and
their finances: “The credit industry can
be confusing if you are not armed
with all the information you
need – credit scores can be
a mystery with different
providers giving different outcomes depending
on what algorithm is used. For
those of us working in the industry we
have come to understand this but for the
general public this can be confusing.”
According to the FCA Financial
Lives Survey, nearly four in five adults
hold at least one credit or loan product.
Furthermore, those vulnerable customers,
for whom a lender’s decision is more
finely balanced, are the most likely to be
affected if the credit information market
fails them.
The FCA will report on its preliminary
conclusions in Spring 2020.
In Part two of our review of the credit
information sector, the authors will ask
CRAs for their views on the use and
validity of data from Companies House.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 9

Domestic reverse
charge delayed
HMRC has announced that the Domestic
Reverse Charge VAT for Construction
Services will be delayed until 1 October
2020. The move comes as a result of
concerns by industry representatives that
some businesses in the sector aren't ready
to implement the charge being proposed.
The delay also means that the changes will
no longer coincide with Brexit uncertainty.
HMRC has confirmed it remains
committed to the changes and in the next
12 months will be deploying additional
resources to identify and tackle fraud
within the sector.
This change to the way VAT is accounted
for is described as an attempt by HMRC
to crack down on VAT ‘missing trader
fraud’ which equates to an estimated £100
million in lost tax revenue each year. HMRC
believes the practice is on the rise, where
the trader charges a large amount of VAT
before then disappearing, along with the
output tax.
Where organisations have already
changed their invoices to meet the needs
of the reverse charge, and cannot simply
change them back in time, HMRC will take
into account the implementation date
change. Businesses who have opted for
monthly VAT returns ahead of the original
implementation date can reverse this via
the appropriate stagger option on HMRC's
website.
The VAT ‘reverse charge’ will mean
building and construction companies
no longer receive 20 percent VAT when
submitting their invoices. Instead, the
responsibility shifts, and the customer
receiving the service will pay VAT directly
to HMRC, and then report it through the
Construction Industry Scheme.
It is expected that 150,000 businesses
are set to be hit by ‘reverse charge’
implications, with the reality being a
potential 20 percent drop in cashflow –
which is crucial in keeping SMEs in a
strong place to grasp opportunities and
grow their businesses.
With the construction industry totalling
13 percent of UK GDP and creating 2.4
million UK jobs, any move that could
destabilise construction businesses could
have broad consequences on the economy.
The Federation of Master Builders
(FMB) requested a six-month delay to the
transition. Research by FMB shows that
more than two-thirds of construction
SMEs have not even heard of the upcoming
change to the VAT system.
gov.uk/guidance/vat-domestic-reversecharge-for-building-and-constructionservices
Lack of funds holding back SMEs
SOME 19 percent of UK small and
medium-sized enterprises (SMEs) have
missed a new business opportunity
in the past 12 months due to a lack of
available funding.
The latest Aldermore ‘Future
Attitudes’ study reveals that nearly a fifth
(19 percent) of UK SMEs have missed a
new opportunity in the past 12 months
due to a lack of available funding.
Medium-sized businesses are worst hit,
with over a quarter (28 percent) saying
they have been affected.
The report, which surveyed over a
thousand business decision-makers
across the UK, found those impacted
are missing out on income worth an
average of £76,888 each year. Regionally,
businesses based in London are losing
out on the most additional income due to
missed business opportunities – £135,791
on average annually. This is followed
by those based in Wales, Scotland and
>RECORD FINE
HM Revenue and Customs (HMRC) has issued a record fine
against a London business for breaching strict regulations, which
could have left them at the mercy of criminals looking to wash dirty
cash. Money transmitter Touma Foreign Exchange ignored antimoney
laundering regulations and received a £7.8 million penalty.
The company was fined by HMRC for a wide range of serious
failures under the Money Laundering Regulations. gov.uk
Northern Ireland (£67,380 per year).
Achieving growth is the top business
objective for almost two fifths (37
percent) of SMEs, while almost a quarter
(24 percent) are prioritising developing
and expanding their products and
services. Additionally, just over a fifth (21
percent) are concentrating on expanding
in the UK.
Furthermore, business owners are
apprehensive about not being able
to innovate and grow. A quarter (25
percent) of SMEs state that cashflow is
their biggest business concern over the
next 12 months. Moreover, one in ten
(12 percent) feel keeping up with new
technology is their main worry, while
a sixth (15 percent) are anxious about
attracting, retaining or upskilling staff.
See Lawrie Holmes’ article on the true
level of bank funding available to SMEs
on page 16.
aldermore.co.uk
>NEWS
IN BRIEF
PAPER TIGERS
OVER half (52 percent) of business owners
said they relied on making ad-hoc paper
notes, using spreadsheets or relying on text
messages from their bank to understand
their cashflow position, according to the
latest MarketInvoice ‘Business Insights’.
Almost half (45 percent) of business owners
check their cashflow position on a daily or
weekly basis to ensure they have the means
to continue the smooth running of their
business. marketinvoice.com
CICM Essentials
RECENT briefings include details of how to
get involved in the CICM Member Panels, a
Brexit readiness checklist, The CICM British
Credit Awards, upcoming CICM Branch
Events, and the Hays' Salary Guide.
POSITIVE HEADLINES
REACH PLC, the largest national and
regional news publisher in the UK,
has achieved CICMQ re-accreditation
demonstrating Best Practice in credit
management.
Amil Majithia, Credit Manager at Reach
says since the last accreditation, the
business have been through many changes:
“It is crucial to ensure that we are still
meeting the leading industry standards.
“Due to the changes and some
uncertainty, the department lost focus on
some of the good processes we had in place,
like process improvement. The assessment
pushed us to find ways to improve what we
do and work together as a team to deliver a
positive outcome.”
Reach PLC is the largest national and
regional news publisher in the UK, selling
620 million newspapers last year, and its
network of over 70 websites, which provide
24/7 news coverage, receiving over one
billion views per month.
FRAUDSTERS JAILED
TWO criminals from London who committed
almost half a million pounds of fraud have
received combined prison sentences of over
14 years following a successful investigation
by the Dedicated Card and Payment Crime
Unit (DCPCU), a specialist police unit
funded by the banking and cards industry.
The fraudsters first harvested bank details
from customers using ‘phishing’ emails
or ‘SMiShing’ text messages, before using
‘sim swaps’ to complete bank transfers and
purchases on their accounts.
cityoflondon.police.uk
The Recognised Standard / www.cicm.com / October 2019 / PAGE 10

NEWS SPECIAL
Reference Point
CRAs appear reluctant to issue disclaimers on the
veracity of Companies House data.
AUTHOR – James Campbell
THE May edition of
Credit Management kindly
published my article
(‘Seeing is believing?’)
which stated my belief that
Credit Reference Agencies
(CRAs) are unable to spot bogus accounts,
the all-too easy ‘weapon of choice’ for the
short firm fraudster.
The editorial that accompanied the
article suggested that it would be wise
for the CRAs to engage with me on this
matter however it would appear, with the
notable exception of Company Watch,
that the inability to spot bogus accounts
is not only an Achilles heel but also the
‘elephant in the room’ in that everyone
knows it exists but no one wants to talk
about it.
To her credit Jo Kettner, the CEO at
Company Watch, got in touch with me and
I understand that she has arranged for a
disclaimer to appear on every page of its
website and advice offered to customers
along the following lines:
‘Note that the information in this
report contains information sourced
from Companies House. Companies
House does not verify the accuracy
of information that is submitted to it.
You may wish to download the CICM
Managing Cashflow guides for tips on
what to look for when assessing credit
risk.’
The two elements highlighted in bold
are actually links to the relevant websites
and this initiative is to be welcomed.
However, despite my sending messages
to the other members of the Business
Information Providers Association (BIPA),
which comprises the seven principal
Commercial CRAs in the UK, there has
been no contact from any of them. I can
only assume, therefore, that there is no
interest in exploring with me the issue I
have raised and which interaction might
just benefit their subscribers.
Perhaps when this article is read the
other CRAs will recognise and accept
how important it is that their subscribers
should be suitably warned that bogus
accounts cannot be detected and that
suitable, properly published disclaimers,
such as the one introduced by Company
Watch, should immediately become the
norm.
In last month’s edition of Credit
Management, Jo Kettner has written an
article, in response to mine, in which
she says that she both disagrees with
me and that I am right. Quite what she
disagrees with is not clear to me from her
article and as my own article was entirely
focused on my belief that CRAs cannot
spot bogus accounts my assumption is
that I am correct in stating this.
We have recently met with Jo Kettner
and while we do not fully see eye to eye on
a number of issues, we do have a common
goal in that we both want to make a safer
business environment. I am pleased to
advise that she is willing to further engage
to see what can be done in the fight against
short firm fraud, which I welcome, and
that she has advised that Company Watch
is working on various techniques to spot
bogus accounts.
Realistically, I am not expecting to hear
anything from the other CRAs, although
any engagement would be welcomed.
I will be only too delighted if
disclaimers such as the one introduced by
Company Watch start to appear on their
reports and websites and, combined with
the warning introduced by Companies
Come on, raise
your game and do
something similar
to Company Watch.
Your subscribers
deserve nothing less.
House (which could be improved upon
by highlighting that it is actually a link to
the full disclaimer), it would be further
progress towards reducing the risk of
short firm fraud.
My message to other CRAs is a simple
one: come on, raise your game and do
something similar to Company Watch.
Your subscribers deserve nothing less.
James Campbell
is Secretary of The European
Freight Trades Association.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 11

INSOLVENCY SPECIAL
The not-so-secret service
Creditors need to engage in defining the future of
the insolvency regime.
AUTHOR – David Kerr FCICM
David Kerr FCICM
WHILE James Bond
tears through the
streets of Matera
in his iconic Aston
Martin DB5 in
007’s 25th ‘official’
episode of ‘do or die’, and Boris drives
towards his own political version in
Westminster, the rather more sedate
business of governing the UK’s liquidation
activity continues in a slightly less covert
fashion in the corridors of the Insolvency
Service in Stratford.
‘No Time to Die’ might be a suitable
slogan for the model of self-regulation
enjoyed by the insolvency profession
right now, and IPs will no doubt be
brushing up their responses to the
Government’s current call for evidence
on future regulatory arrangements for
our insolvency regime. Creditors should
be participating too, as this is a key stage
in the Service’s review. The published
document poses some open questions
about the way forward; but time is
running out – the deadline for responses
is 4 October. So, what are the key issues?
The review is the beginning of a
process which will lead to the Service
making a recommendation to ministers
about the need (or not) to activate a
provision enacted in 2015 for the possible
introduction of a single or independent
regulator for insolvency, in place of the
current arrangements. It is a power that
runs out in 2022, so we can expect that
next year the Service will formulate its
position and consult on its preferred
route. At this stage, it is in the process
of gathering information to inform that
decision.
BACK IN THE DAY
If we wind back to 2015, we might reflect
that the regulatory landscape was rather
different. There were eight regulators of
approximately 1,600 IPs in the UK, and
it was widely acknowledged that this
didn’t make much sense. Since then,
there have been significant changes. The
Service stopped directly authorising IPs,
and subsequently the Law Societies in
England and Scotland both withdrew from
insolvency authorisation – surrendering
their status as Recognised Professional
Bodies.
More recently, ACCA entered into a
collaboration agreement with the IPA,
with the latter taking on the regulatory
functions of the former for a majority of
ACCA’s IPs. Collectively,
these developments
have effectively
reduced the number
of operational RPBs
to four, of which two
(ICAEW and IPA) account
for more than
90 percent of the total
IP population in terms
of the number of IPs
they monitor (figures
as at 1 January 2019).
This rationalisation amongst the
regulators doesn’t entirely remove the
need for a review or possible change in
the way IPs are regulated, but it certainly
addresses one of the factors present
when the single regulator provision was
enacted.
NEGATIVE NOISES
Unfortunately, there are some lessthan-positive
vibes around the world of
insolvency at the moment, with landlords
making a lot of noise about retail CVA
procedures which they claim are an abuse
of process, negative headlines about Pre-
Packs, re-awakening of questions about
ethics/conflicts in relation to bank panels
and more generally, and concerns about
the way the volume IVA market operates.
Let’s look briefly at each of these.
RETAIL CVAS
As record numbers of shops close (the
UK is second only to China in terms of
the percentage of retail sales conducted
If we wind
back to 2015, we
might reflect that
the regulatory
landscape was
rather different.
online), IPs have been helping some to
survive by using Company Voluntary
Arrangements which usually involve
reductions in rent to make some stores
more viable. These are perhaps inevitable
adjustments given our change in shopping
habits, but landlords are understandably
unhappy, a topic I covered in an article
‘Controversy over CVAs’ in the July/August
2018 issue of CM.
PRE-PACKS
It has recently been reported that the use
of the Pre-Pack Pool has dwindled. The
Pool was a voluntary measure to provide
independent assurance to creditors about
pre-pack transactions, and only in 12.5
percent of cases referred last year did Pool
members conclude
that the case for a prepack
was not made.
However, only one in
ten of eligible cases
(sales to connected
parties) were sent to
the Pool for an opinion,
raising questions
about whether referral
should be compulsory
or some other
change to the system
should be contemplated. Pre-Packs will
not be outlawed, but we expect some announcement
about new regulatory steps
shortly.
CONFLICTS AND CONSISTENCY
Aside from arguments in the news about
conflicts when a bank appoints an IP and
that IP may have to pursue a claim against
the bank (for example for mis-selling), a
more-directly pertinent conflict question
has been raised by some observers about
the role of regulators. The RPBs are
also professional bodies, seeking to
maintain and grow a membership
base and provide services to members
(education, support etc). That can create
at the very least a natural tension between
their different functions – arguably, a
manageable one – but to what extent
are stakeholders convinced that regulators
can act completely independently,
and that their separate efforts produce
a level and consistent playing field for
IPs?
The Recognised Standard / www.cicm.com / October 2019 / PAGE 12

INSOLVENCY SPECIAL
AUTHOR – David Kerr FCICM
VOLUME IVAS
This is perhaps one of the more crucial
concerns, and one on which the Service
raises some specific questions. Consumer
IVAs reached an all-time high in 2018
(more than 70,000), completely dwarfing
the number of corporate insolvencies. As
the Service reports, 80 percent of those
cases were handled by eight companies,
in which there are relatively few licensed
IPs and where the IPs are not always
principals in the companies concerned.
COMPELLING CASE?
Do these issues and others, and the noises
made by different stakeholders about
them, combine to make the case for a
single regulator and what might that look
like? The timing of some of these issues
may seem unfortunate, but doesn’t the
profession have a pretty good record
of resolving issues without statutory
intervention for the most part?
There is also the question of whether
one regulator would be better than the
two main ones we have in England and
Wales now. There has been a degree
of healthy competition between them
in terms of services to members,
educational provision etc as well as the
ways in which they have executed their
regulatory responsibilities – for example,
delivering ever-improving monitoring
methods while keeping licensing costs at
an affordable (for most) level. Of course,
levelling of standards and consistency of
outcomes is always under scrutiny.
But could that greater consistency be
achieved through other steps short of a
new single regulator? It’s time for you to
have your say. You can contribute to the
CICM Technical Committee response, or
submit your own. The Service has said
that it welcomes views, even on questions
it hasn’t asked, so don’t feel constrained
by the specific questions in the document
nor the need to provide ‘evidence’; factbased
opinions will be valued and could
help shape the future of our insolvency
business.
David Kerr FCICM is an insolvency
practitioner with extensive regulatory
experience and a member of the CICM
Technical Committee.
Calling the shots
The cost of funding a single regulator would
ultimately be passed on to creditors.
AUTHOR – Michelle Thorp
Michelle Thorp
IN last month’s article, I wrote
about the important matter of
the Insolvency Service’s (IS)
call for evidence on insolvency
practitioner (IP) regulation and
set out my initial thoughts.
To recap, the call for evidence is set
against the Small Business, Enterprise
and Employment Act 2015, which
introduced regulatory objectives (ROs).
These objectives apply to the insolvency
Recognised Professional Bodies (RPBs),
plus the IS as the oversight regulator, and
were introduced to measure regulatory
performance. The call for evidence will
help to inform government on regulatory
effectiveness in relation to the ROs, and it
will assist its consideration of a potential
move to a single insolvency regulator,
which the Government has the power to
do until 2022 under the Act and so has
timed the call for evidence accordingly.
The Government has made clear that it
is neutral in its approach to the single
regulator consideration. The call for
evidence is open until 23:45 on 4 October
2019 and is open to all stakeholders.
As the business landscape evolves,
regulation needs to be adjusted to
keep it as robust as it was designed to
be. At the IPA, we think the current
system is functional, although naturally
improvements can be made. We welcome
the opportunity to build on the current
system to ensure insolvency regulation
is fit for purpose, rather than risk losing
the strengths we have through a complete
revision of the current system.
We need to make sure that the system
is set to respond to emerging issues in
an increasingly complex market. I’ve
previously alluded to the fact that there
will be four insolvency RPBs at the end of
the year (down from five, as one regulator
is ceasing the insolvency side of its
operations, with two, the IPA being one,
regulating more than 80 percent of the
market); that there are specialisms among
the RPBs and the commercial funding
model with which we operate enables
solutions to be implemented quickly.
SEEKING IMPROVEMENT
In terms of insolvency resolution, the UK’s
framework is ranked one of the world’s
best (14th) by the World Bank, which
bases this ranking on measures including
cost, outcome, recovery rate, time, and
strength of insolvency framework.
We think it is possible to improve this
status, but we are seeing unprecedented
change in the UK’s commercial sector,
brought about by developments in both
the market and technology, changes in
consumer behaviour, and uncertainty
around the potential economic impact of
Brexit. Consequently, we are also seeing
a significant upward trend in the UK
insolvency marketplace, with corporate
insolvencies rising by 2.6 percent in Q2
2019 compared to Q1 2019, and by 11.9
percent compared to Q2 2018. More than
ever, creditors need to be assured of a
robust, trustworthy framework so that
they can do business with confidence.
Despite the strengths of the current
The Recognised Standard / www.cicm.com / October 2019 / PAGE 13
continues on page 14 >

INSOLVENCY SPECIAL
AUTHOR – Michelle Thorp
system, we are aware that those viewing
the regulatory structure from the outside
may perceive a sense of multiplicity and
potential inconsistency in how we regulate
IPs. To add to the RPB specialisms
and our commercial funding model,
competition between regulators ensures
that regulation is continually under review
and strengthened
where needed, and it
means that fees are kept
stable. If there was to be
a single regulator, the
significant set up costs
would either have to be
funded from the public
purse or by the insolvency
profession, with
the unfortunate consequence
of costs being
passed on to clients
and creditors. The same would be true if
a single regulator increased the costs of
regulation.
REMAINING CONSISTENT
If we look at consistency, the IPA and
the other RPBs have worked with the
Secretary of State to implement uniform
processes where required. The Complaints
Gateway provides a straightforward,
single route to make a complaint
about an IP; the Common Sanctions
Guidance (CSG) ensures consistency
in disciplinary outcomes; and the Joint
Insolvency Committee (JIC), made up of
representatives from each of the RPBs
and lay members from the business world
with a key stake in insolvency, develops
and revises the insolvency Code of Ethics,
Statements of Insolvency Practice and
Insolvency Guidance Papers.
But we are not complacent, and we
do think change is needed in some areas.
In particular, we are recommending
the authorisation of
the firms in some
As the business
landscape evolves,
regulation needs to
be adjusted to keep
it as robust as it was
designed to be.
circumstances in
which IPs operate
(IPs are authorised
directly) to ensure
that firm and IP responsibilities
are
reciprocal; we also
support consideration
of a regulatory
function that can
provide redress and
compensation (if introduced, careful
design would be key, as in insolvency
processes, unlike other professions, there
is seldom an identifiable client); and
we are in favour of new overarching
processes (such as a single Appeals tier) to
support the RPBs’ collective consistency
and independence.
To find out more, the IPA’s position
paper will be available to view on the
IPA website at insolvency-practitioners.
org.uk from 4 October.
Michelle Thorp is CEO, Insolvency
Practitioners Association.
We think it is possible
to improve this status,
but we are seeing
unprecedented change
in the UK’s commercial
sector, brought about
by developments in
both the market and
technology, changes in
consumer behaviour,
and uncertainty
around the potential
economic impact of
Brexit.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 14

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The Recognised Standard / www.cicm.com / October 2019 / PAGE 15

OPINION
Lending Hands
Are banks’ credit lines to businesses showing
signs of slowing down?
AUTHOR – Lawrie Holmes
OVER the last decade, the
willingness of banks to
lend to business clients,
especially SMEs, has
been a political hot
potato. This was because
of concerns that banks were failing to
lend in substantial enough amounts to
smaller businesses, considered essential to
building the economy, especially in bailedout
banks Royal Bank of Scotland (RBS) and
Lloyds Banking Group.
It was widely felt that in order to protect
their balance sheets the big four banks,
which also include HSBC and Barclays,
were more likely to gravitate to safer, more
profitable areas such as mortgage lending.
Ten years on from the darkest days of
the financial crisis, what does the picture
look like for business lending, especially
in the light of the potential threat that
Brexit poses to the UK economy? One way
of answering that question is to look at
what has happened over the past 20 years.
Crunching the Bank of England’s own data
provides a fascinating overview.
UPWARD TRAJECTORY
The stock of outstanding loans to corporates
was on an upward trajectory to 2008, in
fact, it peaked in 2009 at £496 billion. The
change in the stock of loans (i.e. the flow
of gross new lending, minus redemptions),
did peak in 2007, but was materially positive
to 2008. The stock of
outstanding loans then
declined until 2016.
As for its current
snap-shot view, the
Bank in its Credit Conditions
Survey Q2 2019,
said the overall availability
of credit to the
corporate sector remained
unchanged in
Q2, but added: ‘The
overall availability of
credit to the corporate sector was expected
to decrease slightly in Q3.’
But flipping this round, the Bank of
England also said in the same report that
demand for credit from businesses has
eased away, reflecting recent coverage
that businesses are increasingly battening
down the hatches in anticipation of
Brexit. The Bank said: ‘Lenders reported a
decrease in demand for corporate lending
from small businesses, a slight decrease in
demand from large private non-financial
corporations (PNFCs) and no change in
demand from medium sized PNFCs in Q2.
Lenders expected demand for corporate
lending in Q3 to remain unchanged for
small and medium-sized businesses, and
to decrease slightly for large PNFCs.
SATISFYING DEMAND
From the lenders’ perspective, banks
are providing credit to more than satisfy
demand from business borrowers.
According to banks’ lobby group UK
Finance in its Business Finance Review
for the first quarter of 2019, eight out of
ten applications for loans by SMEs were
approved while loan
On the supply side,
the British Business
Bank continues
to do vital work in
facilitating funding
for small firms.
applications were
five percent fewer in
Q1 2019 than in the
same quarter of last
year.
Stephen Pegge,
Managing Director of
Commercial Finance
at UK Finance, said in
the report: ‘With SME
deposit and current
account balances
now standing at double outstanding
borrowing, and overdraft utilisation at
60 percent of limits, businesses have
significant headroom to meet their
cashflow requirements. Invoice finance
and asset-based lending complement
these sources of liquidity and while
demand for longer term finance is
currently subdued, eight out of ten loans
continue to be approved and finance is
well spread geographically across the UK.
Source: Bank of England
When it comes to the big four lending
banks there is little inclination to discuss
their historical data when it comes to
business banking, and varying degrees of
enthusiasm for describing their current
offer.
A spokesman for Lloyds Banking Group
said that in January 2019 it pledged to
support UK businesses with a commitment
to lend up to £18 billion. “So far British
businesses have borrowed £10 billion in
the year (to the end of June) and, since the
start of 2011, we have grown our lending to
SMEs by 36 percent, whilst the market has
contracted by 11 percent.
“We are on track to meet our target of £6
billion of additional net lending to start-up,
SME and mid-market clients over the three
years to the end of 2020. We approve nine out
of ten SME loans and overdraft applications.
Unlike many other banks, local lending
discretion is an important part of the service
we offer – with our most senior managers
able to lend up to £1 million for renewal and
to approve new lending up to £500,000.”
A spokesman for Barclays said the bank
lent £2.8 billion to SMEs and supported over
98,000 start-ups: “Regarding our current
lending to SMEs in the UK, in March this
year we launched a £14 billion lending fund
to support SMEs through Brexit and beyond.
And in April of this year we launched Green
Loans funding of up to £5 million available
to SMEs to invest in green projects.”
RBS said that in the first half of 2019,
lending to commercial banking clients,
which recently included business banking,
was £102.6 billion compared to £104.1
billion in 2018. “The reduction is part of
commercials strategy to refocus on key
The Recognised Standard / www.cicm.com / October 2019 / PAGE 16

Stock of outstanding loans (£billions)
Source: Bank of England
markets,” said an RBS spokesman. HSBC
declined to offer any guidance other
than to say business lending figures were
contained (unhelpfully) in the bank’s
annual report.
CUSTOMERS’ PERSPECTIVE
Reflecting on the potential implications
of Brexit for SME lending, Mike Cherry,
National Chairman of the Federation of
Small Businesses (FSB), said: “There’s no
doubt that small businesses are the first
casualties when banks turn cautious. If
you look at the latest BoE data, lending
to big corporations is up around four per
cent over past 12 months. But for small
businesses, growth is sub one percent.
“The real concern at this stage is that
– in the event of a significant downturn
over the months ahead – banks turn off
the taps for small business owners at just
the moment they need support most,
as they did during the financial crash.
In March of this year – when we were
originally supposed to be leaving the EU
– growth in lending to small firms was
negative. It continued to grow at a healthy
rate for their bigger counterparts.
Cherry said there are both supply and
demand affecting the overall picture, reflected
in recent FSB data showing that
only one in seven small firms are applying
for external finance, with the vast majority
of them seeking a
traditional debt product
from a bank. He said
more needs to be done
to encourage firms to
consider all of their options
if they are looking
at growth finance:
including peer to peer
lending, asset and asset-based
finance and
crowd funding.
He said: “The Bank
Referral Scheme – established
by the Treasury
to assist small business
owners that have been turned down by
banks to find alternative lenders – is a
great idea in principle but results to date
have been underwhelming.
“On the supply side, the British
Business Bank continues to do vital work
in facilitating funding for small firms,
particularly in areas outside of London
and the south east where investment can
be hard to come by. Thanks to initiatives
like the Start-Up Loans Company, we’re
seeing plenty of entrepreneurs who were
turned down multiple times by traditional
lenders now running profitable
businesses and going from strength to
strength.
“The Government has shown that
it’s conscious of this issue with the
establishment of a dedicated finance
council, which is reassuring. We’ll be
working with its members over the
months ahead on measures to protect
small firms as uncertainty continues to
weigh on their prospects.”
“In a changing global environment,
supporting the UK’s small and mediumsized
businesses and ensuring they
get the finance they need to support
their ambitions is essential for the UK’s
competitiveness,” he added.
SERIOUS CHALLENGE
A spokesman for the Confederation of
British Industry (CBI) said that while
the Government is taking the scale-up
challenge seriously
While there is a
significant supply
of finance available,
how businesses can
unlock this finance
and develop the
skills to be finance
ready is critical.
through its response
to the 2017 Patient
Capital Review and
the industrial strategy,
there is clearly
more to be done.
“The CBI has been
actively involved in
the Patient Capital
Review to foster a
long-term investment
culture and
works with members
to strengthen
the connections between
financial services and growth firms
to unlock growth in the regions,” he said.
“While there is a significant supply of
finance available, how businesses can unlock
this finance and develop the skills to
be finance ready is critical. CBI members
can have the best management skills and
long-term strategies and still don’t get the
long-term finance they need. A significant
barrier to seeking long-term investment is
anchored in misinformation, poor communication
and a lack of awareness of the
finance options available to firms. The finance
industry has made huge strides in
tackling these issues.
“There is a collective responsibility
to ensure that those firms with the longterm
drive to achieve more have the right
tools and information at their disposal
to make the most attractive propositions
possible. The CBI recognises it has a role
to play in encouraging this education and
will be working closely with the British
Business Bank to promote its information
hub and expanding UK network,” said the
CBI spokesman.
Certainly it would seem that in the
post-financial crisis years, the big lending
banks turned on the tap when it came to
business lending. But Brexit appears to be
a game change; quite how it will impact
the economy and the effect it will have on
lenders and their business clients remains
to be seen.
Lawrie Holmes is a freelance journalist
who regularly contributes to the
Financial Times, Sunday Telegraph, Mail
on Sunday, CFO Europe and Accountancy
Age.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 17

OPINION
Alternative routes
How alternative finance providers are plugging
the funding hole left by the banks.
AUTHOR – Sean Feast FCICM
John Davies,
Chairman of the AABF
ACCESS to capital is a
critical factor for SME
growth. And there is some
good news. Regardless
of how the Brexit
conundrum is resolved,
SMEs will continue to be a vital part of
our economy, accounting for around 60
percent of all private sector jobs and 47
percent of revenue.
SMEs aren’t going to be faced with the
situation they found themselves in after
the 2007 Financial Crisis when for various
reasons banks stopped lending to them.
That particular crisis led to a strong,
vibrant and innovative alternative finance
sector becoming well established in the
UK.
The not so good news is that the vast
majority of SMEs still first logically
approach their traditional bank that almost
certainly isn’t structured to look after the
‘S’ in SME.
Research by Just Cashflow shows that
30 percent of SMEs that get turned down
by their bank simply give up looking for
finance and shelve their plans. When
asked why, a staggering 66 percent say
they simply weren’t aware of alternative
finance providers.
This was one of the drivers behind the
formation of the Association of Alternative
Business Finance (AABF) – alternative
lenders coming together to boost
awareness and to provide reassurance
to business looking for other sources of
funding. This reassurance is provided by
members’ commitment to the Association’s
four key principles of security, fairness,
transparency and responsibility. The
detail behind these commitments strongly
mirrors the Lending Standard Board’s
Standards for Business Customers.
BANK REFERRALS
John Davies, Chairman of the AABF,
says the obvious time to be made aware
of other forms of finance is when your
bank turns you down: “This was the
thinking behind the launch in 2016 of
the Government mandated Bank Referral
Scheme that facilitates high street banks
passing on turned down businesses (with
their permission ) to alternative finance
platforms,” he explains.
“It’s a very good idea but something
clearly isn’t working as currently only
around 800 business a year are benefiting
from this scheme – a drop in the ocean.
Alternative lenders are well positioned to
take advantage of new technology and to
take the time to understand exactly what
business customers need.”
John is concerned that the raft of ‘new’
banks expect customers to do everything
digitally through their phones and shout
about being able to approve finance the
same day: “Someone running a small
business has be jack of all trades –
HR manager one moment, marketing
manager the next and sometimes finance
manager,” he continues.
“When the finance hat goes on it’s
important you can speak to someone
who can take the time to understand
your business and can provide the most
suitable finance facility. I increasingly
see a ‘one size fits all’ approach with
predominantly capital interest loans
offered that often are not best suited to
SMEs looking for working capital.
“Any good economist will explain to
you how it is very difficult for a growing
company to both create additional
free flow cash to be able to service the
interest and the capital while at the
same time generate profit for capital
repayments.
“SMEs are vital to the UK’s future
success and equally vital are traditional
banks and alternative lenders working
closely together to provide them with the
appropriate finance they need to fund
their different stages of development.”
FOLK MUSIC
Lower monthly repayments and a
relationship with an organisation that
makes the effort to understand her
business were two of the main reasons
pub company boss Lesley Humphrys
opted for a FOLK2FOLK loan.
Humphrys runs the Toastie Taverns
chain of 24 public houses in the North
west of England and she has successfully
refinanced a £705,000 loan on 13 of her
properties.
One of the reasons Humphrys has
turned to peer-to-peer lending platforms
for funding is that bank finance has
all but dried up. “If you take the pub
industry in general, it doesn’t have a
very good reputation and pubs have
been closing at a steady rate – because
it is seen as a declining market, nobody
really wants to lend.
“Once upon a time, you used to have
that with the banks: you’d go to lunch
and you’d talk about the business and
its needs. But since the financial crisis,
that approach has disappeared. To me,
though, it looks like the P2P lenders
are going back to the old banking
relationships. I have tried looking
for bank finance, but all the red tape
around it is extremely difficult to deal
with, even if someone is willing to lend.”
One of the key advantages of working
with FOLK2FOLK was being able to
have meetings in person, she adds. “It
is vitally important that the lending
platform understands what we are
doing: and in this way FOLK2FOLK was
happy with our business plan, numbers
and performance.
“One of the biggest challenges in
the industry is that pubs need to evolve
because the customer base is changing.
But having that three-year timeframe to
repay gives us the certainty to be able
to meet the challenges we are currently
facing.”
The Recognised Standard / www.cicm.com / October 2019 / PAGE 18

OPINION
AUTHOR – Sean Feast FCICM
PET PROJECT
Liberis Finance recently helped Diva Pets to invest in
new products, services and staff training to grow its dog
grooming and pet supply business with its alternative
funding solution – the Business Cash Advance.
Wayne Briscoe, business owner, opened the
Doncaster-based store in 2012 after spotting a gap in the
market and when a well-located retail outlet became
available. Wayne used his background in construction
for the shopfitting and tapped into his wife’s expertise as
a dog groomer and veterinary nurse to help get their first
customers through the door.
“As with any business, we had to put in months of
perseverance without making so much as a penny,” says
Wayne. “We just had to stick to our guns, but in time it
really paid off. The last few years have been chock-ablock
and we have now been rated as the number one
dog groomer in Doncaster.”
Liberis’ Business Cash Advance provides funding
from between £2.5K and £300,000 and payments are
linked directly to the business’ cashflow – they happen as
a small pre-agreed percentage of customer card takings.
“We’ve expanded our range to include certain products
that help set us apart from our competitors. While dog
grooming is our bread and butter, the pet supplies area
of the business is a key area of growth and the ability to
capitalise on it has been very beneficial,” he explains.
Wayne has also invested in a jacuzzi spa hydro bath
and electric grooming table, and is hoping to continue
growing Diva Pets with further investments in ultrasound
scanning, micro-chipping, breeding, and even artificial
insemination.
Wayne says the process of accessing funding through
Liberis is very straightforward: “Banks make you jump
through numerous hoops and don’t seem to favour
those that don’t carry debt. With the new ‘myLiberis’
dashboard, applying for funds takes no more than 20
minutes and, most importantly, payments work with our
business’ cashflow rather than a large lump sum at the
end of the month.
GOING ELECTRIC
SME finance provider Simply has completed a £130,000
deal to enable a taxi firm in Scotland to buy two more
electric Tesla ‘Model X’ cars to add to its green fleet of
four executive private hire vehicles.
Capital Cars, based in Gorgie Road in Edinburgh,
is one of the largest fully-licensed private hire taxi
companies in the capital. It provides a range of
services from airport transfers to luxury chauffeur
trips and exclusive tours of Scotland.
Stephen Rose, director, Capital Cars says the fact
that Simply is able to arrange funding in such a short
space of time is very valuable: “We hope to buy more
electric cars in the future to extend our fleet in line
with customer demand.”
The Recognised Standard / www.cicm.com / October 2019 / PAGE 19

OPINION
Straight Talking
The #Debtthreat campaign is talking to the
wrong audience.
AUTHOR – Peter Wallwork MCICM
COMPLIANCE can take a great
deal of credit for bringing
greater consistency in how
a service is delivered, and
in protecting consumers
with common standards
of treatment. Compliance also helps
to protect the businesses themselves,
assuring them that if they adhere to agreed
processes and systems they will not fall
foul of their regulator, or leave themselves
open to vexatious complaints.
Sometimes, however, compliance can
have unintended consequences. Sometimes
the fear of falling foul of the regulator and
its rules can lead to actions that, whilst
designed to protect the consumer, can
actually be to the consumer’s detriment.
Take, for example, the statutory, written
communication between a creditor (or debt
purchaser) and the customer, required to
be sent under the Consumer Credit Act.
These formal communications – which
include notices of default and notices of
sums in arrears (NOSIAs) – are distinct
communications that a company is obliged
to send. Failure to do so could render the
creditor or debt purchaser non-compliant,
and the debt unenforceable. It means
that not only would it be in trouble with
the regulator, but it would also be open
to complaints after the event that could
prevent it from collecting what is legally
owed.
FORMAL LANGUAGE
The language required in such a letter is
undoubtedly formal, complicated, and
arguably rather intimidating. Indeed,
it has given rise to a specific campaign
#Debtthreat calling for an end to such
communication. But this is where the
collections sector is caught between a
rock and a very hard place. While the
majority of letters it sends are often much
more customer-oriented, and very clearly
supportive (‘Business as Usual’ activities
are subject to strict controls as detailed
in the CSA’s Code of Practice and similar
controls are also in place for those letters
authorised by the FCA within CONC),
the formal letters have to use prescribed
language, phrases and words that every
company has to include.
Now of course it could be argued that
prescribed language should not be an
excuse for poor letter writing – the focus
should always be on helping the customer
– but even the most finely crafted letter
may appear intimidating to a confused
consumer and do little to aid their
understanding. The technical nature of
the Consumer Credit Act 1974 sometimes
means that there is an understandable
nervousness in writing documentation
that is clear, simple and concise. I think
we all agree, also, that a letter that is
intended to explain a customer’s situation
is of little use when all it achieves is
to drive the consumer to seek further
explanation, with all of the inherent
worry that this brings!
The #Debtthreat campaign is
understandable, but it needs to distinguish
between those letters a creditor is obliged
to send to be compliant, and those that it
would ordinarily send as BAU. In short,
#Debtthreat campaign, while making
good copy for journalists, is talking to the
wrong audience. We are on the same side
as the campaigners in wanting change
and greater flexibility in the treatment
and presentation of prescribed content
of statutory notices, but if the law and
the regulator oblige the creditor to follow
a particular path, it is a nonsense to
criticise the industry for doing what it is
told it has to do.
What the campaigners need to
recognise is that the current legislation
simply does not allow for formal notices
that are flexible or dynamic enough
to provide meaningful information
to a customer and to address any
vulnerabilities throughout the life cycle
of a debt. The campaign needs to target
the regulator and the government, for
change will require primary legislation.
And if that is what is desired, then we will
happily support the debt advice sector
and other stakeholders in seeing it comes
about.
Peter Wallwork is CEO of the Credit
Services Association and a member of
the Board of the Money Advice Liaison
Group (MALG).
The Recognised Standard / www.cicm.com / October 2019 / PAGE 20

presents
www.ddisoftware.co.uk
sales@ddisoftware.co.uk
The Recognised Standard / www.cicm.com / October 2019 / PAGE 21

TIME TO ENTER
Wednesday 5 February 2020,
The Royal Lancaster, London
The Recognised Standard
This year we have new categories and are excited to recognise
and applaud the success of you and your teams.
The British Credit Awards recognise the
standout achievements of the most deserving
individuals, teams and organisations in the
international credit industry.
The British Credit Awards were launched
8 years ago as a platform to celebrate the
achievements of credit professionals and
organisations. It is now the flagship event
in the credit industry and receiving an
award at the glittering event ceremony is
recognised as the highest accolade you
can receive in your profession.
Entries open until Friday 25 October 2019
www.cicmbritishcreditawards.com
Sponsors:
The Recognised Standard / www.cicm.com / October 2019 / PAGE 22

2020 Awards
Categories
B2B Team
B2B Supplier
Consumer Team
Consumer Supplier
Diversity & Inclusion
Innovation & Technology
Best Employer
Shared Service Provider
Debt Collection Agency
Insolvency Practioner
Legal Provider
Credit Professional of the Year
Giving Back
Rising Star
Best Payment Practice
Outstanding Contribution to the Industry
Bar sponsor:
The Recognised Standard / www.cicm.com / October 2019 / PAGE 23

OPINION
SPREADING
THE NEWS
What’s wrong with a spreadsheet?
The answer may be in your attitude to
change and continuous improvement.
AUTHOR – Adam Wonnacott FCICM
INDUSTRY is rife with supposition
about the way technology will
change how we work. AI, robots,
machine-learning; it all sounds a little
far-fetched, especially when you look
at the day-to-day reality of credit
control and collections.
Many internal collections departments are
working with a proliferation of spreadsheets
or tired databases. Spreadsheets for managing
cases, spreadsheets for reporting; layers of
spreadsheets connected to other spreadsheets
or database tools that are no longer fit for
purpose.
What’s wrong with spreadsheets? As the old
adage goes, ‘if it ain’t broke, don’t fix it’. The
answer to this lies in your attitude towards
change and continuous improvement. If you’re
still reading this article, it’s likely you’re the sort
of person that consistently seeks to improve the
way you and your function operate.
EARLY ADOPTERS
As an industry, some early adopters are starting
to leverage really impactful technology in the
collections process. Perhaps most important
is the application of ‘big data’ (the ability for
systems to quickly scan large swathes of data
and identify patterns). Also key, is the ability
to program systems to act on data or present
a user with suggestions as to how they might
want to proceed. This is the essence of ‘big
data’, ‘robots’, ‘AI’ and all the other confusing
synonyms for what are simply faster, more
capable systems.
But what are we trying to achieve with
technology-driven changes like this? At a
high level, the potential advantages can be
summarised as follows:
Customer Experience – automation
brings standardisation. Computers accept
inputs and generate outputs, instantly. For
many transactional interactions this is what
customers expect. As customers in the modern
age, we don’t tolerate delays well; especially
when we’re asking for something simple. We
also don’t tolerate error. Our expectations have
been shaped by our experiences with online
shopping and online banking. We expect
transactional experiences to be quick and
accurate and we expect prompt and helpful
human support when we have complex requests
or something goes wrong.
Efficiency – shareholders and investors
(and accordingly CFOs) are always looking
for efficiency. We’re expected to do more
with less (or, if we’re lucky, more with the
same). As explained above, automation helps
businesses automate transactional tasks.
Allowing applications to take the strain frees up
resource. It helps staff focus on complex tasks
and better serve customers, while doing more
rewarding work. It also means less error and
loss.
Insight – most of our spreadsheets are
designed to provide us with insight and help
us make decisions, based on current (or, more
likely, recent) data. With increased processing
power, predictive analytics can tell us (within
a defined level of confidence) what is going
to happen next month or next quarter. The
power of this cannot be underrated. The ability
to predict default or insolvency, or to predict
cashflow is an incredible advantage; so too is
the ability to resource on the basis of predicted
workload.
Connectivity – better systems help us
connect with our customers, our debt recovery
partners, our data partners in a way that
reduces friction. With customer or partner
portal services, third parties can begin to
‘self-serve’ and help creditors reduce the level
of noise associated with simple enquiries.
Connectivity also relates to the ability to
consume data from third parties. With the wave
of ‘digital transformation’, most organisations
are developing Application Programming
Interfaces (APIs) to help customers consume
their data or services. A good example is the
use of APIs in provision of credit risk data;
where organisations can automatically receive
information from credit reference agencies,
fuse this with payment history data, and
generate a risk level (or alert, if appropriate).
The Recognised Standard / www.cicm.com / October 2019 / PAGE 24

OPINION
AUTHOR – Adam Wonnacott FCICM
Adam Wonnacott
With the current
pace of change
in technology,
all businesses
will need to start
planning if they
are to remain at
all competitive
over the course
of the next
decade or two.
So far, so good. All this sounds great and it’s
undoubtedly something that can really help, or
even transform, most businesses; but is it really
achievable for a majority of businesses?
PAST EXPERIENCE
Our past experiences inform our thinking
and, if you’ve ever been involved in an ERP or
other large-scale IT project, you’ll know how
all-consuming and disruptive it can be. It can
also be very expensive, with projects routinely
running for several years. By the time the
project completes, the requirements have
almost always changed and the sense of relief
at completing the project is something even the
most ambitious product owner never forgets
and never wants to repeat.
But just as the capabilities of systems have
changed, so has the method of development.
More and more businesses are moving towards
cloud-hosted ‘platform as a service’ (or ‘PaaS’)
technologies. PaaS platforms allow developers
to use modular, standardised code to quickly
develop functionality, often through ‘low code’.
Working in a low code platform means that there
is less code to write, test and inevitably change.
Low code permits iterative improvements to
systems, allowing organisations to change
functionality as a project progresses. PaaS
platforms also readily integrate with external
software or data providers. For example,
several PaaS platforms now have bolt-ons for
integration with large accounting packages.
Development on PaaS platforms tends to use
Agile methodology. With a focus on developing
a ‘minimum viable product’ as soon as possible
and then iteratively improving, the development
timeframe is reduced considerably.
DIGITAL TRANSFORMATION
In conclusion, once we begin to cut through
some of the buzzwords and ethereal concepts
like ‘Artificial Intelligence’ and ‘Digital
Transformation’, it’s easy to appreciate that
there is real value and opportunity in rethinking
our use of technology. With the current pace of
change in technology, all businesses will need
to start planning if they are to remain at all
competitive over the course of the next decade
or two.
PaaS development helps businesses quickly
leverage new technology as platform providers
fight among each other to bring their users
transformational functionality that they can
bake into their systems. With the benefit of Agile
development and the integration capabilities of
PaaS applications, businesses don’t need to have
a clear picture of an ‘end goal’. Rather, they can
take a targeted, but iterative approach working
on the processes that represent the biggest
potential for improvement.
If you are looking for ‘low hanging’ fruit that
is ripe for digital transformation, a great place
to start is to consider where (and why) you use
spreadsheets. Invariably, processes that are
supported by spreadsheets can be positively
transformed by well-designed systems.
Adam Wonnacott is a director of Appdraft,
a designer of transformative systems for
business.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 25

EXCLUSIVE REPORT
On the Skids
What does the future hold for the
automotive sector with Brexit on the horizon?
AUTHOR – Markus Kuger
NEW emission regulations,
advancements in technology and
a growing shift towards electric
vehicles are already transforming
the UK automotive industry,
posing both opportunities and
challenges for businesses in this sector. The
industry has been impacted by slowing global
demand and changing attitudes and regulations,
including driving bans for cars with internal
combustion engines in urban emission zones. But
car manufacturers also face another problem: the
potential disruption of Brexit and the continued
lack of clarity on custom arrangements and
tariffs that are so vital to the automotive supply
chain.
The latest figures from the Association of
European Carmakers indicate that this uncertainty
is taking its toll. There was a seven percent
reduction in car sales across the EU in June 2019
(1.49 million registrations) with a 4.7 percent
drop in UK car sales to 223,400. It’s a similar story
across other EU markets with even more drastic
reductions reported in France and Spain. Outside
of Europe it’s a similar story, with the US-China
trade war weakening demand in China.
2018 investment in British auto manufacturing
declined to just over £588 million, according to the
Society of Motor Manufacturers and Traders, and
production by UK car plants fell more than nine
percent during the same period.
Recent figures from the Society of Motor
Manufacturers and Traders (SMMT) showed
investment in British auto manufacturing has
fallen to just £90 million in the first six months of
2019, down from £347 million in 2018. Production
fell by a fifth over the same period, and although
impacted partly by summer shutdowns being
brought forward to mitigate the initial Brexit
date in March, output has been falling for 12
consecutive months.
Recent figures from the Society of Motor
Manufacturers and Traders (SMMT) showed
investment in British auto manufacturing has
fallen to just £90 million in the first six months
of 2019, down from £347 million in 2018.
THE BREXIT EFFECT
While the current economic and political
uncertainty in the UK is affecting many sectors,
it’s particularly challenging for the automotive
industry, which contributes more than £18 billion
to the UK economy. The sector is highly competitive
with narrow margins and works on production
cycles of several years, with manufacturing and
investment decisions on production bases taken
years in advance.
In an open letter to Prime Minister Boris
Johnson, the (SMMT) warned that a ‘no-deal’
scenario poses an ‘existential threat’ to the
industry. Changes to customs arrangements and
tariffs could jeopardise the stability of the supply
The Recognised Standard / www.cicm.com / October 2019 / PAGE 26

EXCLUSIVE REPORT
AUTHOR – Markus Kuger
chain, causing backlogs and increasing
costs. Following decades of consolidation,
automotive supply chains are inherently
cross border, with most major producers
headquartered outside of the UK in countries
such as Japan, the U.S., Germany and India.
The introduction of tariffs and other
trade barriers would be a severe blow to the
current export of vehicles, undermining
the attractiveness of the UK for foreign
car producers. According to the 2017 UK
Automotive Sustainability Report exported
products from the UK automotive industry
accounted for nearly 13 percent of the UK’s
total export goods to a value of £44 billion.
Recent announcements from Ford, Vauxhall,
Nissan and Honda (which have all scaled
back their UK operations) indicate that a
withdrawal process is already well underway.
Vauxhall has confirmed that it is looking
at the future of Ellesmere Port, and Honda
verified the closure of its Swindon plant, which
produces around 160,000 cars per year as its
only EU factory. The company cited global
shifts and the need for investment in electric
vehicles, but arguably Brexit has been a factor
in its decision. Nissan’s European Chairman,
Gianluca de Ficchy, also commented back
in February that the company’s decision not
to produce the X-Trail in Sunderland was
impacted by ‘continued uncertainty around
the UK’s future relationship with the EU’
preventing forward-planning. And moreover,
news coverage of Ford and BMW warned the
Government of the dangers over a no-deal
Brexit.
MORE UNCERTAINTY
We expect the UK parliament to try to stop
a no-deal Brexit should the Government
pursue one. However, in such a scenario,
early elections would take place before the
end of the year and there is no clarity which
party would form the new Government or
which policy agenda would be pursued. In
addition, it is unclear whether the current
parliament would have the powers to stop
an EU exit on 31 October without a deal in
place.
It’s undoubtedly a pivotal time for the UK
automotive industry. The UK has evolved as
a European automotive manufacturing hub
because it offered an educated workforce,
a strong track record of engineering and
innovation, and economic and political
stability. However, despite these significant
advantages, if the costs of staying in the
UK begin to outweigh the benefits, global
automakers and their suppliers may decide to
base their operations elsewhere. Eight out of
10 cars made in the UK are exported, according
to the SMMT and the final outcome of Brexit
may mean that it’s more cost-effective for non-
British car factory owners to build and export
vehicles from bases outside of the UK.
INDUSTRY SNAPSHOT
• There has been an increased number of
registered businesses in the automotive
industry over the last three years, rising
from 5,316 businesses to 7,803 (an
increase of 47 percent)
• The manufacture of parts and
accessories for motor vehicles represents
half of the businesses in this sector in
2019
• The majority (75.6 percent) of the
automotive businesses are categorised as
‘micro’ businesses and nearly half (44.7
percent) are less than five years old
• Average sales in the sector increased
25 percent between 2017 and 2018, but
dropped in 2019
• Businesses are concentrated in the
Midlands and South East
• The number of business liquidations has
increased over the past three years.
Markus Kuger is Lead Economist at
Dun & Bradstreet.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 27

LEGAL MATTERS
Milestone
Judgments
What a credit manager can learn
from contracts involving a computer
software developer, automotive tyre
provider, and a 20th Century music hall.
AUTHOR – Peter Walker
WHEN I first saw a
computer (an IBM
RAMAC) in 1960,
the experts asserted
that such machines
were infallible,
but never mentioned programming
errors. These days contractors providing
computer programs, or software, can
cause legal problems too, particularly if
they do not do the work on time. In such
circumstances credit managers will turn to
their contracts to see if those documents
provide for liquidated damages for such
failures. The judges of the Court of Appeal
recently had to resolve a dispute involving
an assessment of such damages.
This was in the context of a software
supply agreement between a Delaware
company and a company with various
activities including commodities trading,
which was based in Thailand. In Triple
Point Technology Inc v PTT Public Co
Ltd [2019] 1WLR 3433, Sir Rupert Jackson
explained that the Thai company requested
tenders for the supply of a Commodity
Trading and Risk Management (CTRM)
system. The contract defined what
were called milestones such as project
preparation. The Delaware company’s
letter of intent stated that payment was to
be by ‘milestone’.
That letter set out some principles,
but the detail was in the subsequent
Contract for Commodity Trading and
Risk Management (CTRM). That detail
included a timetable, and a schedule of the
percentages to be paid as each milestone
was reached. The total contract price was
US$6.92 million.
The Delaware company started work,
and the Thai company placed some orders
including the addition of users resulting in
an increase in the licence fee stipulated in
the CTRM Contract. That did not mean that
all was well, and part of the project was
achieved 149 days late. The Thai company
paid just over US$1 million, but it refused
to make any further payments requested
by the Delaware company. The payment
demands were based on the calendar dates
stipulated in the contract, but the work
had not been done. The Thai company
insisted that the achievement of milestones
governed payments, but the Delaware
company suspended work and left the site.
DELAYS AND DISPUTES
Although the Thai company maintained
that this was a wrongful act, the Delaware
company commenced proceedings based
on the unpaid invoices. The Thai company
denied that such payments were due, and
it claimed damages for the delay and for
the termination of the contract. A High
Court judge agreed with the Defendant,
and she awarded nearly US$4.5 million on
its counterclaim, but later the judges of the
Court of Appeal took over the case.
They firstly considered the claimant’s
assertion that there were two contracts.
The first related to the development of
the software, and the second concerned
payments on specific dates. There was
alternatively one contract, but with separate
payment regimes. Whatever the situation
the judges were asked to give effect to every
provision.
They considered a law report written
long before this electronic age. This was the
case in re Strand Music Hall Co. Ltd [1865]
35 Beav. 153. The Articles of Association
empowered the directors to borrow up
to £10,000 unless authorised by a general
meeting to borrow more than that. There
was another provision that a special
meeting might authorise any amount.
The directors arranged borrowings of
£9,200, and a subsequent general meeting
authorised an amount of not more than
£30,000. A financier company lent £5,000
on the security of 200 bonds at £50 each
(£10,000). The financier sold 11 of those
bonds, and then transferred its interest to
another financier. The directors entered
into an agreement with the new financier.
The remaining 189 bonds became a first
charge over the Strand Music Hall for the
payment of £5,000. The price of the 11
bonds was paid over.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 28

LEGAL MATTERS
AUTHOR – Peter Walker
This music hall business was not successful,
and it was wound up. The directors’ actions
were challenged, and the liquidators sought the
guidance of the judges of the Court of Appeal as
to whether the transactions should have been
authorised by a special general meeting. Sir
John Romilly commented: ‘The proper mode of
construing any written instrument is to give effect
to every part of it, if this be possible, and not to
strike out or nullify one clause in a deed, unless
it be impossible to reconcile it with another and
more express clause in the same deed.’ He decided
that he could ‘give effect to both clauses’, so the
financier had a valid charge.
In the Triple Point Technology case the judges
thought the argument to be ‘ingenious’, but that it
did not apply. Article 18 in the agreement set out
the dates on which the Defendant had to pay for
the implementation, i.e. payment to be made by
milestones.
LIQUIDATED DAMAGES
But there were milestones because the contract
provided for liquidated damages, described as a
‘penalty’, amounting to 0.1 percent of undelivered
work each day. The judges would not enforce a
contractual penalty clause, a rule established
in cases such as Dunlop Pneumatic Tyre Co.
Ltd v New Garage & Motor Co. Ltd [1915] AC 79.
They will allow a clause providing for a genuine
estimate of damages resulting from the breach
of contract by one of the parties. In this case
Sir Rupert Jackson ruled that, despite the word
‘penalty’, the provision ‘was not in fact a penalty
clause. It was a lawful provision for liquidated
damages.’
The question now to be decided was the
amount of those damages, because the claimant
suggested that the clause only applied where
the contract was completed, not abandoned.
The judges of the Scottish Court of Sessions had
considered an analogous situation in British
Glantzstoff Manufacturing Co Ltd v General
Accident, Fire, and Life Assurance Co. Ltd [1913]
AC 143.
The pursuers, or claimants, demanded just
over £3,000 alleged to be due under a contract
of indemnity. The defendant insurers had
guaranteed the performance of a construction
contract between the pursuers and a firm of
contractors. The clause in the contract provided
for damages if the contractors should fail to
complete the work within a specified time.
An architect could extend that time, but he
or she could also certify the time that the works
could reasonably have been completed. If the
contractors failed to comply, they would have to
pay liquidated damages. The insurance company
granted a guarantee bond up to the value of £4,000
to the pursuers.
That should have covered everything, and the
contractors worked until 20 August 1909. Work
stopped on that day when a receiving order was
made against them. On 16 September 1909 the
pursuers employed another firm to complete the
job. A clause in the original contract permitted
them, should the contractors cease working, and
fail within 14 days to complete the contract, to
take possession of the site. The pursuers could
then appoint someone else to finish the work, and
they could claim the additional costs.
Viscount Haldane LC in the House of
Lords considered the two clauses in the contract,
i.e. one providing for damages, and the other
permitting the pursuers to take possession of the
site. He said that the clause providing for damages
did not apply in the circumstances. Its application
required the defendants to complete the work
albeit late. They were prevented from doing so,
when they were ousted from the site. The pursuers
were therefore prevented from claiming damages.
COURTING CONTROVERSY
The decision has not always been followed.
In Gibbs v Tomlinson [1992] 35 Con LR 86, a
contractor agreed to carry out extension works
to the claimant’s home, but the contract was
repudiated. A clause in the agreement provided
for damages, but because the work was not
completed, the claimant could not claim them.
The British Glantzstoff case was furthermore
not mentioned in some cases, although the
decision may have been appropriate to them. In
Shaw v MPP Foundation and Pilings Ltd [2010]
EWHC 1839 a building contract provided for
liquidated damages should there be any delays.
There were delays and the contractor failed to
remedy defective work, a repudiatory breach
of the agreement. The claimant accepted the
breach, but it claimed damages. Edwards-Street J
held that the contract had come to an end, so the
clauses relating to liquidated damages became
irrelevant. That was not an end to the matter,
because the claimants were entitled to damages
for their losses arising from the breach itself, and
for any losses arising from delays in appointing
another contractor, and so on.
CHANGE THE CONTRACT
In the Triple Point case Sir Rupert Jackson
followed the reasoning in the British Glantzstoff
case to conclude that the wording of the contract
was the key to his decision. That wording meant
that the liquidated provisions of the agreement
would only apply when the Thai company
accepted the work, which it had not.
Businesses contracting out work must
therefore review their terms and conditions.
Employers of contractors should consider the
effect of liquidated-damages clauses, and they
should draft them to give effect to what they
intended. If such an employer is considering
the termination of a contract because of alleged
breaches by a contractor, it must consider
the effect of such an action in the light of any
liquidated-damages provisions.
Peter Walker is a freelance business writer
specialising in legal matters relating to credit
management.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 29

TECHNOLOGY IN ACTION
FORCE
MULTIPLIER
Emerging technologies are enabling credit
management functions to shift from information
producer to contributor to company performance.
AUTHOR – Alastair Nicholas
IN an age of constant change
the core objectives of credit
management have remained
unchanged for decades:
maintain healthy cashflow;
minimise bad debt; and reduce
exposure to risk.
However, in the eternal race to find
better, faster and cheaper ways of working,
businesses must constantly improve
how they deliver these objectives. The
arrival of Enterprise Resource Planning
(ERP) systems several years ago fuelled
and supported the growth of financial
systems to deliver such improvements,
and it’s the same case today with Artificial
Intelligence (AI) set to take this to the
next level.
There is much debate surrounding AI
and it’s a subject that can certainly divide
opinion. While some view development
with excitement and optimism, others
deem it a threat; a dangerous endeavour
that will take over the world.
The fact is that we are witnessing a
profound transformation that is affecting
markets, companies, our world and our
own personal lives. Technologists predict
that AI will bring about the greatest
step-change to the global economy since
the last Industrial Revolution. Yet AI,
machine learning and robotic automation
are already affecting the way we live and
do business, and to a far greater extent
than we may realise. So, perhaps the
future heralds an evolution, rather than
an AI revolution?
A BRIEF HISTORY
The phrase ‘Artificial Intelligence’ was
first coined in the 1950s by John McCarthy,
when he held the first academic
conference on the subject. But interest
in AI and robotics began well before
then. Examples of independent-thinking
artificial beings have been staples of pop
culture for decades — from Mary Shelley’s
Frankenstein (1818) to Stanley Kubrick’s
2001: A Space Odyssey (1968) and James
Cameron’s The Terminator (1984).
In the 1960s and 70s there were
steady improvements to AI capabilities.
Computers became cheaper, more
accessible and had greater computational
power (computer storage and processing
speed). There were high hopes for AI;
it’s commonly cited that in 1970 Marvin
Minsky told Life magazine that within
The Recognised Standard / www.cicm.com / October 2019 / PAGE 30

TECHNOLOGY IN ACTION
AUTHOR – Alastair Nicholas
‘three to eight years we will have a
machine with the general intelligence of
an average human being’.
This proved optimistic as, nearly half
a decade later, human level machine
intelligence is still to be realised. But since
then machine-learning algorithms have
significantly advanced, as the memory
and speed of modern computers can
retain and process vast amounts of data.
DEGREES OF INTELLIGENCE
So, while the question of whether a
computer can truly think remains
unknown, a computer’s ability to process
logic is undeniable. One technology with
roots in the application of programmable
logic is Robotic Process Automation (RPA).
RPA drives innovation within financial
processes by automating repetitive,
manually intensive tasks and workflows.
It is particularly effective in automating
data entry and processing of invoices,
due to its ability to quickly recognise and
extract data within structured documents.
Since its introduction in the early 2000s
the RPA market has developed rapidly as
businesses explore new ways to apply the
technology to processes and workflows in
a bid to optimise business performance.
By 2022 Gartner research estimates that
85 percent of large companies will have
deployed some form of RPA, and spending
is on pace to reach $2.4 billion.
RPA isn’t a new concept. At its core is a
pre-defined set of algorithms to allow the
automation of high-volume, structured
tasks with the goal of increasing
efficiency. Exceptions can be managed
by ‘teaching’ the software new ways of
handling specific circumstances, but it
has no in-built intelligence – relying on
human input to tell it what action to take.
AI that utilises deep learning is a more
complex technology than RPA, but also
more powerful in terms of understanding
process complexities and discovering the
optimal solution required.
Deep learning is learning based on
a multi-layered, neural network as
opposed to task-specific algorithms. For
example, with deep learning you can train
computers to build algorithms that know
how to deal with complex issues or make
decisions with an expected outcome in
a given situation. It’s AI that makes it
possible to develop autonomous cars,
automatically detect medical anomalies,
or even win a game of chess against a
human champion.
Solutions being developed within the
area of credit management, such as those
by Esker, will see increasingly improved
processes within an organisation.
For example, using data available on a
specific company (such as that sourced
from credit bureaus) and then analysing
this in relation to the behaviour of how
a specific company has paid its invoices
previously (over a set timeframe and
possibly using other departmental data
within the company such as orders or
claims) can prove to be very beneficial.
Basically, this would allow the most
appropriate credit limit to be proposed
and recalculated automatically in the
future through a deeper learning of the
information.
Deep learning also allows Esker’s
platform to sort messages received from
multiple channels based on the nature of
the document (e.g. invoice, order form,
spam, etc.) or the language used. It can
similarly open a document to check if it
contains one or more invoices and send
them to the correct approval workflow –
all such non-value added tasks previously
undertaken by finance professionals.
AI and deep learning today are located
on the perimeter between research and
applications, however their diffusion
into the real world will be rapid and
profoundly change the nature of back
office functions.
TECHNOLOGY’S IMPACT
AI automation can transform credit
management, increasing the speed and
accuracy in which routine tasks can be
undertaken allowing real-time visibility
with customisable dashboards and builtin
KPIs. By freeing up people from low
value and repetitive tasks, RPA and AI can
lead to increased employee empowerment
to focus on strategic accounts to improve
customer relationships or generate
high-level reporting for more precise
decision making. Furthering professional
development can also be achieved through
the opportunity to access a broader skill
set.
Credit management therefore gradually
shifts from an operational, task-oriented
function to one of analysis, management
and fraud control. Technology allows
financial operations to not only measure
performance in real-time, but also identify
problems or opportunities as they arise
and thus become a key player and partner
in a company’s strategic development.
HUMAN SKILLS
Even with the many benefits that RPA and
AI can bring, technology does not replace
the need for people, because it cannot
replicate what are truly human skills.
It cannot think creatively or imagine
solutions by itself, it cannot apply social
or emotional intelligence to a situation.
So, while AI and its role in the workplace
continues to evolve, the alarm bells are
fading as a more balanced view emerges.
The robots are coming, but they will
bring neither an apocalypse nor a utopia.
Intelligent automation is the combination
of AI and human intellect – the melding of
the best the two have to offer.
Alastair Nicholas is Managing Director
of Esker Northern Europe.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 31

OPINION
Ten out of Ten
The CICM Best Practice Accreditation Programme
(CICMQ) celebrates its 10th Anniversary in October.
AUTHOR – Chris Sanders FCICM
TEN years ago, the CICM
awarded the first QICM
Accreditation, as it was
known then, to Shell
International Petroleum
Company at its UK credit
management offices in Warrington.
Shell has remained a member of the
CICM Best Practice Network ever since
and has expanded its accreditation to
International CICMQ, the first company to
achieve that too. Like Shell International,
QICM – now CICMQ – has gone through
some significant changes.
It all started as an idea by Philip King
FCICM (CICM Chief Executive) for a
‘Kite Mark for Credit Management’ so
organisations could identify ‘what good
looks like’. At the ICM08 conference at
ExCel in London I was presenting with the
then Head of Global Credit for Shell, Joris
Kniep MCICM, on Shell’s challenging but
successful ‘Credit Management Journey’
that we had been working on, leading to an
interesting discussion with Philip on his
idea, and how it might drive and celebrate
credit management best practice.
CICM set up a team which included the
senior credit managers from a number of
organisations including Veolia, British
Gas, and Barclays and myself. This was
where I first met Brian Morgan FCICM,
Head of Credit for Veolia at the time.
PASSIONATE ENGAGEMENT
When asked why he got involved with the
programme Brian said: “I was passionate,
and still am, about the advancement of
the credit profession and I believe CICMQ
was and is an excellent way to promote
best practice. I think it was vital for the
profession to have a standard that was
and is available for all to achieve. If I was
recruiting for a credit manager I would
want someone who has achieved CICMQ
in their career.”
Veolia (CICMQ since August 2010)
was an early adopter of the programme.
“At Veolia we had set our vision to ‘be
better tomorrow than today’ around the
time CICMQ was launched. One of our
benchmarks was to achieve the Quality
in Credit Management standard and be
recognised as one of the leading credit
departments – I think anyone who has
CICMQ can quite rightly say they are in
the leading group.”
The Veolia team later became the first
CICM Centre of Excellence: “I remember
the times the awards for CICMQ and
Centre of Excellence were presented and
how proud the team felt.”
Brian is now Partner Director at
Rimilia, a supporter of CICMQ, and as
such he is still very much involved in the
programme: “At Rimilia we are always
looking to set the standard for AI in credit
management with our solutions, and so
our partnership with CICMQ is a natural
one. Rimilia is proud that a number of
our customers have achieved CICMQ
and also the three Centre of Excellence
organisations that are also Rimilia
customers.”
Back in 2008 the team that developed the
accreditation had created the five QICM
criteria, against which all organisations
would be assessed, which was loosely
based on the Shell ‘Credit Management
Journey’ roadmap with an emphasis on
training and development. We needed
a guinea pig organisation to test the
concept and to see if the process worked.
We also needed assessors, and as Shell
was identified as the test, and it was my
client at the time, Glen Bullivant FCICM
became the first QICM Assessor. Glen was
suitably impressed with Shell…which was
an endorsement of the hard work that
was still going on in the Global Credit
Management team. Shell was awarded
the first QICM accreditation in October
2009. The article from the November 2009
issue of Credit Management is still in the
CICMQ Briefcase Pack.
I asked Joris recently why it was
important to him and Shell to complete
QICM: “After our internal journey at Shell
to create the first global credit function,
combining all credit activities in the Shell
Group into one coherent set of processes,
The Recognised Standard / www.cicm.com / October 2019 / PAGE 32

OPINION
AUTHOR – Chris Sanders FCICM
So much has happened in the last 10 years but
for me the images you see in Credit Management
magazine of the teams from around the country
holding their CICMQ Awards and Certificates with
happiness and pride is what this is about.
standards and customer oriented credit
strategies, it was important for my team
to be recognised for the successful
transformation, not only internally, but
also externally. There were two reasons
why we took Shell through the process:
firstly to benchmark our credit approach
against industry standards for best
practice and professionalism; and equally
importantly to motivate and engage the
Shell Credit Community.”
INTERNATIONAL ASSESSMENT
Since then a great deal has happened
and Shell has changed as much as the
accreditation. Moving from Warrington
to a ‘Captive Shared Service’ model in
Kuala Lumpur, Manila and Krakow, these
sites now form part of the assessment for
its International CICMQ Accreditation
which was successfully renewed last year.
Joris is now working with other global
organisations as a consultant.
CICMQ has changed and not just in
name. In late 2011 we carried out a review
of the programme and in February 2012
I was proud to be appointed Head of
Accreditation-QICM. In June 2012 we held
our first Best Practice Event in Verizon in
Reading. The criteria increased from five
to six with the addition of Stakeholder
Management and Roadmap, broadening
the requirements into the business. We
advertised for new assessors with the
requirement that they be ‘Operational
Credit Managers’.
Glen moved upstairs and remains
one of the senior credit professionals
who form part of the Executive Team at
CICM who approve newly accredited and
renewing organisations as part of the
governance process of the programme.
We have had some excellent Assessors and
I am pleased to say that after taking Aimia
Foods through the accreditation, Sharon
Adams FCICM (grad) joined the team.
What better than a CICMQ Accredited
Credit Team Manager as an assessor and
she is still involved along with relative
newcomer, Pam Thomas FCICM, an
experienced credit manager and trainer.
In November 2013 Travis Perkins
became the first organisation to gain the
Accreditation by the ‘Workshop Approach’.
The accreditation’s name changed from
QICM to CICMQ in November 2015 at
the time the ICM became the Chartered
Institute of Credit Management. On
February 2 2017 Coates Hire in Australia
was awarded AICMQ by the Australian
Institute of Credit Management operating
the accreditation under license from the
CICM. In 2018 we moved from fee-based
accreditation to an annual subscription
arrangement. We have the CICMQ
Scorecard and CICM Memberships for
CICMQ organisations when they start
the programme or renew. We now have
CICMQ Cash Challenges and Strategy
Days.
There are now more than 50
organisations in the CICM Best Practice
Network who share their methods
and procedures through hosting
visits and events. There are 10 new
companies going through the process
with the Institute at the moment, five
currently renewing, and a further ten due
to renew before the end of the year.
We will hold the 20th CICM Best
Practice Network Event in June 2020
which is another milestone, and the
CICMQ posts on LinkedIn were viewed
by over 15,000 people in August. CICM is
now completing CICMQ 2020 – a review of
the programme and an update to include
current trends in our industry, technology,
offshoring, remote management, third
party collections and vendor management
ready for the start of the New Year.
NETWORK EVENTS
In 2020 we will be holding four CICM Best
Practice Network events, three of which
will be hosted by CICMQ accredited
organisation in London, Corby and
Birmingham. There will also be a second
event in London next year adding to the
1,500 delegates who have attended these
events since 2012. The output of all these
now exclusive CICMQ events are all
available in the CICMQ members’ library.
The library is a significant resource of
more than 80 presentations and articles
from CICMQ credit professionals, in other
words some of the most experienced
Credit Managers around.
So much has happened in the last ten
years but for me the images you see in the
magazine of Credit Management of the
teams from around the country holding
their CICMQ Awards and Certificates
with happiness and pride is what this is
about. This speaks volumes and shows
that credit professionals remain keen
to take on the challenge of gaining the
accreditation and achieving the CICMQ
objective of ‘Improving standards in
Credit Management’. Our thanks to all of
you; it is great to see how organisations
develop, change, improve and challenge
themselves every year.
During the first presentation in 2009
to Shell, Joris dropped the award and it
broke. It was not the most auspicious
start, but it did bring ten years of good
luck!
Chris Sanders FCICM
is Head of Accreditation
CICMQ
The Recognised Standard / www.cicm.com / October 2019 / PAGE 33

PAYMENT TRENDS
Movin’ On Up
The latest monthly business-to-business
payment performance statistics.
AUTHOR – Jason Braidwood FCICM(Grad)
POSITIVITY continues this month,
with the majority of sectors and
almost all of the regions making
reductions to their payment terms.
The average Days Beyond Terms
(DBT) figures across sectors and
regions reduced by 0.9 and 1.7 days respectively.
SECTOR SPOTLIGHT
More improvements have been made by the
majority of sectors, with all but five of the
22 reducing their payment terms. Wholesale
and retail trade saw the biggest improvement,
reducing its DBT by 4.7 days.
After struggling for the past few months,
it is encouraging to see a markedly improved
performance by the Mining and Quarrying sector,
with a reduction of 4.0 days taking its overall DBT
to 14.4 days. IT and Comms (-4.0 days), Real Estate
(-3.8 days) and Agriculture, Forestry and Fishing
(-3.5 days) also made notable reductions.
Despite the positives, five sectors have seen
increases to payment terms, and a couple of
these are somewhat alarming. Britain’s worst
power blackout for a decade that caused major
travel disruption and left almost a million homes
across the country in the dark, could have been
the catalyst for DBT to increase by a massive 9.0
days. Business from Home also performed poorly,
with an increase of 6.3 days taking its overall DBT
to 23.8 days and making it the worst performing
sector overall.
REGIONAL SPOTLIGHT
The regional standings also look much healthier,
with all but one of the 11 regions reducing their
DBT. A further reduction of 1.8 days, taking its
overall DBT to 9.8 days means that the South
West is the best performing region. It is closely
followed by the West Midlands, reducing its
overall DBT to 10.0 days.
The biggest improvement came from Northern
Ireland, moving off the bottom of the standings
following an impressive reduction of 5.8 days,
taking its overall DBT to 12.0 days. London (-2.9
days), North West (-1.8 days) and Yorkshire and
Humberside (-1.4 days) also moved in the right
direction.
The only region that did not see an increase
to payment terms was the East Midlands, an
increase of 2.1 days means it is now the worst
performing region with an overall DBT of 15.6
days.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 34

PAYMENT TRENDS
Top Five Prompter Payers
Sector April 19 Change from July 19
Public Administration 5.7 0.4
International Bodies 6.0 -0.8
Agriculture, Forestry and Fishing 6.1 -3.5
Entertainment 8.5 -0.7
IT and Comms 8.7 0
Getting Better
Wholesale and retail trade -4.7
Mining and Quarrying 0
IT and Comms 0
Real Estate -3.8
Agriculture, Forestry and Fishing -3.5
Top Five Prompter Payers
Sector April 19 Change from July 19
South West 9.8 -1.8
West Midlands 10.0 -3.7
Wales 10.4 -1.3
South East 11.1 -1.3
North West 11.2 -1.8
Bottom Five Poorest Payers
Sector April 19 Change from July 19
Business from Home 23.8 6.1
Dormant 20.2 -1.9
Energy Supply 19.2 9.0
Mining and Quarrying 14.4 0
Construction 13.9 0.7
Getting Worse
Energy Supply 9
Business from Home 6.1
Construction 0.7
Public Administration 0.4
Education 0.3
Bottom Five Poorest Payers
Sector April 19 Change from July 19
East Midlands 15.6 2.1
London 12.2 -2.9
Northern Ireland 12 -5.8
Scotland 11.9 -0.4
East Anglia 11.6 -0.4
Region
Getting Better – Getting Worse
-0.4 East Anglia
12.1 East Midlands
-2.9 London
-1.8 North West
-5.8 Northern Ireland
-0.4 Scotland
-1.3 South East
-1.8 South West
-1.3 Wales
-3.7 West Midlands
-1.4 Yorkshire and
Humberside
More improvements have been made
by the majority of sectors, with all but
five of the 22 reducing their payment
terms. Wholesale and retail trade saw
the biggest improvement, reducing its
DBT by 4.7 days.
NORTHERN
IRELAND
-5.8 DBT
WALES
-1.3 DBT
SOUTH
WEST
-1.8 DBT
SCOTLAND
-0.4 DBT
NORTH
WEST
-1.8 DBT
WEST
MIDLANDS
-3.7 DBT
YORKSHIRE &
HUMBERSIDE
-1.4 DBT
EAST
MIDLANDS
2.1 DBT
LONDON
-2.9 DBT
EAST
ANGLIA
-0.4 DBT
SOUTH
EAST
-1.3 DBT
The Recognised Standard / www.cicm.com / October 2019 / PAGE 35

COUNTRY FOCUS
The Côte D’Ivoire
is a country rich in
opportunity.
AUTHOR – Adam Bernstein
AFRICAN
QUEEN
A
former French protectorate
and colony, the Ivory Coast
is a country worthy of any
exporter’s attention. Well
placed, a young population
and a government that
wants to improve the economy make for a
good combination.
Formerly made up of a number of
separate states, independence from France
came in 1960. The Ivory Coast has seen
its fair share of turmoil with a 1999 coup
and two religiously inspired civil wars post
millennium.
The country’s name comes from the
division in the 16th and 17th centuries of
the west coast of Africa by Portuguese and
French merchantmen into four coasts –
Pepper Coast, Gold Coast, Slave Coast and
of course the Ivory Coast, so named for the
export of ivory.
DEMOGRAPHICS AND GEOGRAPHY
It’s notable, for the observation of local
sensibilities if nothing else, that the
country’s government prefers Côte d’Ivoire
to the English version, Ivory Coast. The
country is square in shape and around
124,500 sq. miles in area – close to that of
Germany. It’s bordered by Liberia, Guinea,
Mali, Burkina Faso and Ghana.
The population has grown rapidly.
According to a 1975 census, the country
had a population of 6.7 million. By 1998 that
figure stood at 15.3 million, 20.6 million in
2009 and 23.9 million in 2014. By virtue of
the birth rate it is a young country with 40
percent under 14 years of age, 20 percent
between 15 and 24, 34 percent between 25
and 54, just over three percent between 55
and 64, and less than three percent over 65
years.
It’s an ethnically diverse country with
some 70 languages spoken, five main ethnic
groupings and a number of smaller groups.
According to the CIA’s ‘World Factbook’, its
population is 51 percent urban.
In terms of politics, the Ivory Coast
is, in its latest form as it’s on its third
post-colonial constitution, a presidential
republic with a civil law system based on
the French civil code. It’s organised into
14 districts of which two – Abidjan and
Yamoussoukro – are autonomous. The
former is the capital city.
ECONOMIC GROWTH
Work undertaken by the US Government
deems that the Ivory Coast is one of
the most dynamic economies in West
Africa and should be central to any
organisation wanting to access the
francophone Sub-Saharan market.
Its economy has averaged a growth rate
of more than eight percent since 2013
and now sits comfortably at 7.7 percent
The Recognised Standard / www.cicm.com / October 2019 / PAGE 36

COUNTRY FOCUS
AUTHOR – Adam Bernstein
(compared to a peak in the mid-60s of 17.6
percent and low of -10.96 percent in 1980) –
which is markedly above the UK’s estimate for
2019 of 1.2 percent.
The country welcomes foreign investment.
According to the Bank of Scotland, it is the
strongest of the Economic Community of West
African States and is a preferred destination
for foreign investors in the region. In 2017, the
country was able to attract nearly $675 million
in foreign direct investment (FDI) which
represents an increase of 17 percent compared
to 2016. Estimated at $9.4 billion, the total value
of FDI represents 25.7 percent of the country's
GDP according to United Nations Conference
on Trade and Development’s (UNCTAD) ‘2018
World Investment Report’. The main investors
are the European Union (France being the
largest) and Canada. Investments are mainly
oriented towards extractive industries and
finance.
The Government has sought to strengthen
transparency and improve governance. A new
commercial court was created to engender
impartiality and accelerate dispute resolution.
As for business sectors to exploit, mining
potential is significant with untapped resources
including gold, copper, iron ore, manganese,
bauxite and diamonds. The latter was under
an export ban until April 2014 when the United
Nations Security Council lifted a diamond
export ban that had been in place since 2005.
Energy is a key part of the Ivorian economy –
oil is increasing in importance for the country
as discoveries have been made in the Gulf of
Guinea; and projects underway aim to boost
the country’s hydroelectric and thermal power
capacity.
To illustrate the need for reliable energy, the
Government adopted an ambitious National
Development Plan that calls for investing $20
billion and the production of 4,000 megawatts
by 2030. Current generation capacity is
estimated at 2,200 megawatts. Most urbandwellers
have access to electricity and the
Government is looking at rural electrification
through expansion of the grid and the
development of off-grid providers. The country
exports electricity to its neighbours and wants
to increase this.
As for other sectors, opportunities
exist in agribusinesses, especially valueadded
processing of cocoa, cashews, rubber,
cotton, palm oil and rice. Other opportunities
exist in the sale of construction equipment
and machinery; power generation; oil, gas
and mining exploration; and infrastructure
development.
Export opportunities specifically lie in
building and construction equipment and
material; vehicles and parts; plastic materials
and resins; Information technology services
including cybersecurity and database
management; oil and gas field equipment and
services; renewable energy equipment such as
solar panels and services; agricultural products
and services; medical equipment and products;
telecoms services and equipment; fast moving
consumer goods; and paper and paper board.
One attraction of the Ivory Coast is that it
has relatively well-developed infrastructure in
comparison to other West African countries,
with around 82,000km of roadway. Abidjan
is home to the second largest port on the
continent, as well as a modern international
airport with a wide network of air-routes
offering connections with Europe, Africa, and
the Middle East.
MARKET CHALLENGES
Like any other country, those wanting to do
business in the Ivory Coast need to overcome
market challenges, especially so since there’s
a strong French and European influence. And
by definition of being a former French colony,
there’s the need to grapple with the French
language, business practices, and technical
standards. That said, Ivoirians are slowly
improving their grasp of English. Even so,
having French speaking colleagues is a must.
There are other obstacles to overcome
that include slow and/or opaque decision
making from within the Government; a need
to package products in a manner that makes
them suitable for a francophone market while
overcoming the cost advantages that French
producers have; high customs clearance costs
and uncertain customs clearance times for
inexperienced importers; significant delays at
the Port of Abidjan, generally during customs
procedures with a suggestion of demands to
pay customs officials for ‘expediting’ clearance;
and of course, the limited ability of nationals to
be able to buy imported consumer goods.
But overcome these and there’s a market
ready and willing to bear fruit.
Adam Bernstein has been writing about
business matters for nearly 30 years. He has a
particular interest in SME-related topics.
As for business
sectors to exploit,
mining potential
is significant with
untapped resources
including gold,
copper, iron ore,
manganese, bauxite
and diamonds.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 37

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
UK exporters not properly
prepared for no deal
ACCORDING to HMRC, some two
thirds of UK exporters have not
taken the necessary steps to prepare
for a no deal Brexit. By looking at its
records, HMRC thinks that only 70,000 out
of 240,000 companies that export into only
the EU at present have so far registered
for an economic operator registration
and identification (EORI) number. EORI
numbers, which are based on a company’s
VAT number, are required by companies in
order to complete a Customs Declaration
and to comply with other regulations for
exporting.
Companies that only send goods into
the EU have so far not needed an EORI
number as such shipments have not been
counted as exports due to the freedom
of movement of goods within the EU.
However, if the UK does leave the EU
without a deal, the movements of goods
into the EU will be counted as exports and
so customs declarations will need to be
completed.
While the Government is promising
to launch a major public information
campaign urging businesses and
individuals to prepare for a no deal Brexit,
it would make sense for exporters to be
proactive and apply for their EORI number
via gov.uk/hmrc/get-eori. And this is
still the case despite the Government
announcing that it’s to follow what
other EU countries have been doing
automatically issuing their businesses with
EORI numbers.
ESSEX GIRLS
ACCORDING to a report from UK Export
Finance (UKEF), it is actually possible to export
Essex girls, or rather, the beauty products they
might use. Essex Girl Beauty has apparently
increased revenue by 50 percent following
support from UK Export Finance (UKEF) and
the Department for International Trade. The
company had 35 percent of sales going to
export markets in Europe, the United States
and Canada, which resulted in cashflow
restrictions; the company had to make a
quick return on existing stock before ordering
new products. But as the story goes, Michelle
Lauren, Founder and Director of Essex Girl
Beauty, spoke to UKEF and soon found new
connections and introductions that helped the
business buy more stock for the UK and abroad.
A win-win for all concerned.
THE PLUNGING POUND
UK plc isn’t doing too well if Bloomberg is to be
believed. Sterling has fallen through the floor
and some are thinking that this devaluation
is not going to provide the traditional boost to
exports that follows from UK-made products
being ‘cheaper’ compared to destination-made
products. Why? The relative sweet spot that UK
exporters have (such as being more competitive,
and within the single market and associated
trading arrangements) could soon evaporate if
the UK leaves the EU without a deal. Further,
and this is the worrying part, 2017 was the best
year in recent times for the global economy.
Since then we’ve had Trump-led trade wars and
an increasing likelihood of a global downturn.
Taking advantage of the falling pound is going to
be harder and so exporters would be well advised
to diversify and seek out trading partners in
countries where the UK is likely to have a decent
post-Brexit trading agreement.
A report in MoneyWeek has outlined
what should be apparent to all – that
the world is trying to become more
educated and it is opening up a number
of opportunities.
According to the report, global
workers are finding that knowledge
and skills are their passport to higher
incomes, career progression and higher
living standards. It’s also included
EDUCATION, EDUCATION, EDUCATION
figures from researchers HolonIQ, that
said around £4.1 trillion was spent in
education in 2015, a number which is
expected to rise to more than £8 trillion
by 2030.
While most tend to think of education
as being a ‘not for profit’ process, the
reality is that it’s becoming big business
for investors. Where this becomes more
interesting is that like rising consumer
spending the growth isn’t coming from
the advanced economies, but instead
from countries such as India, Vietnam,
Indonesia and Brazil. Further, the
markets are moving – understandably
– towards e-learning rather than
textbooks. In other words, if you’re an
education business, and you’re not
looking beyond the narrow confines of
the UK, now’s the time to refocus.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 38

Opportunities in the Caribbean
THE Department for International Trade
(DIT) recently hosted an event in Bristol
in partnership with the Caribbean
Development Bank and the Caribbean
Council that outlined the growing number
of opportunities for UK exporters to
Caribbean markets.
HMRC’s data notes that the UK
exported £1.2 billion to the Caribbean
Community (CARICOM) in the four
quarters to the end of Q1 2019 – an
increase of 76.1 percent from the four
quarters to the end of Q1 2018. The data
found that the export of services alone
was worth £1 billion.
The event heard from Swindonbased
David Jarvis Associates. It is
already tapping into the CARICOM
market to support the production of the
National Spatial Plan for the Jamaican
Government. Its consultants, chartered
town planners, urban designers and
landscape architects, are to produce
technical reports after assessment of
the island to guide the future location
of housing, industry, infrastructure and
tourism. The one advantage the company
– and other exporters to the region – has
is that the contract language is English.
Translators need not apply.
The world is up in (UK) arms
DIT figures released at the end of July have
shown that the world is buying plenty of
arms made in the UK. Exports include
Typhoon aircraft to Qatar and F-35 related
components to the US. British defence
exports rose in 2018 to £14 billion, up by £5
billion compared to 2017, and put the UK
in second place after the US and ahead of
Russia and France.
The problem for the UK, however, is
that the figures show how reliant it is on
Middle East partners like Saudi Arabia
Don’t cry for me Argentina
AFTER an unexpected defeat for
conservative Argentine President
Mauricio Macri in the primary elections,
Argentinian stock markets and its
currency both plunged. The peso fell 15
percent against the dollar the following
day after earlier plunging around 30
percent to a record low. Worse still, some
of the country's most traded stocks
also lost around half of their value in
one day. Cement producer Loma Negra
was among those worst affected, with
its share price down around 55 percent,
while financial services firm Galicia
Financial also saw a 46 percent drop in
its stock value. The current favourite to
win October’s presidential race is Alberto
Fernández, a centre-left rival.
While Argentina has suffered all sorts
of economic problems in the past, even
and Qatar. The data shows that close to 80
percent of all British defence exports came
from the region last year. The worrying
part – and one which UK exporters might
want to think about addressing – is that
96 percent of export sales last year were
generated from aerospace. While France
lagged behind the UK in terms of total
value of exports, it served a greater number
of defence industry sectors and in a wider
range of countries (including a good
number in Europe).
by its standards, this market meltdown is
unprecedented.
In just two hours, a third of the Merval
index (which accounts for the most
traded stocks in the country) was wiped
out in value; it appears that investors
see the end of a pro-business agenda
to save Argentina's economy that has
been implemented since Macri came to
power in 2015, which includes IMF loans,
austerity measures and the end of capital
controls.
So, if you’re heavily geared up to
selling into Argentinian markets, it
would be a sensible move to check on
the liquidity of your customers; while the
country is in recession and still suffering
with inflation and poverty, this lack of
confidence could send the country down
further.
Falling US interest (rates)
WHAT Donald Trump wants Donald Trump
gets. Right? Not quite. For some time, he’s
been lambasting the US Federal Reserve on
the basis that it’s not cut interest rates. Well at
the end of July it cut rates by 0.25 percent for
the first time in ten years and Trump still isn’t
happy, tweeting: ‘What the market wanted to
hear from Jay Powell and the Federal Reserve
was that this was the beginning of a lengthy
and aggressive rate-cutting cycle which
would keep pace with China.’
UK exporters should be hoping that other
central banks (and some have) will match the
US cut and keep its impact in check; if the
Fed doesn’t keep in line, the dollar will rise
making US exports more expensive…all to the
advantage of everyone else including the UK’s
exporters.
An Abu Dhabi do
FOR some time, Abu Dhabi has been trying
to diversify away from reliance on oil. The
state has just launched a $163.4 million
events fund as part of its $13.6 billion
Ghadan 21 diversification plan. Abu Dhabi
has a number of tourist attractions that
includes Formula One, a local branch of
the Louvre, and a Warner Brothers theme
park. Two museums, the Guggenheim and
Zayed National Museum are also being built.
All of this is part of an attempt to attract
more tourists on top of the ten million
that visited in 2018. With hotel demand
rising by four percent, the fund wants to
encourage more entertainment brands to
the region. By extrapolation, times could
be good for those supplying any part of the
tourist or entertainment sectors as well as
construction and allied services.
EXCHANGE RATES VISIT
CURRENCYUK.CO.UK OR
CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
GBP/EUR
GBP/USD
GBP/CHF
GBP/AUD
GBP/CAD
CURRENCY UK
HIGH LOW TREND
1.12944 1.08932 up
1.24998 1.19674 up
1.23784 1.18659 up
1.83575 1.78244 up
1.66140 1.59773 up
GBP/JPY 135.14313 126.87001 up
The data was taken on 17 September and refers to the
month previous to/leading up to 17 September.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 39

TRADE TALK
Dream Academy
Businesses that don’t prepare for Brexit may be
financially disadvantaged.
AUTHOR – Lesley Batchelor OBE FCICM
Lesley Batchelor
THE twists and turns of the
Brexit saga continue to
both compel and frustrate
the UK public, but beyond
the ongoing parliamentary
dramas and historic party
conundrums there is plenty to occupy
the minds of UK businesses. Over the
summer it was reported that there were
around 240,000 businesses in the UK that
export only to the EU. These businesses
will be facing new customs requirements
in order to continue selling into the EU,
including the need to complete customs
declarations.
While customs processes aren’t to
be feared – after all, there are plenty of
businesses that have been successfully
exporting beyond the EU for years – they
do require diligence and knowledge.
Businesses that don’t prepare for Brexit
by learning key exports skills could face
delays at ports, fines and unfactored
costs, which will ultimately hit their
bottom line.
GRANT FUNDING
The Government is aware of the
need for greater customs skills and
knowledge in the business community
and has thankfully been putting money
towards rectifying the current lack. It
has announced £16 million of funding
towards helping businesses train staff in
making customs declarations and to help
businesses that support others to trade
goods to invest in IT.
The grant will give businesses up to
100 percent of the cost of training for
their employees, up to a limit of £2,250 for
each course. It will also cover the cost of
training they run internally, up to a limit
of £250 for each employee on the course.
Applications for the funding close on 31
January 2020, so whatever happens in the
coming months in regards to the politics
of Brexit, businesses have time to make
the most of this opportunity to get funded
training in key export skills.
The scale of this opportunity should
not be undervalued. Businesses should
remember that, even if Brexit was not to
happen, knowledge and skills in customs
processes will enable them to export to
any market around the world. Given that
emerging markets dominate the UK’s
export growth – with HSBC predicting that
70 percent of the world’s future economic
growth will come from these markets –
the ability to export efficiently to these
markets will be extremely valuable. If
Brexit does happen, these skills will be
vital.
The Institute of Export & International
Trade provides several training courses
that this funding can be used against,
including the following:
• Step by step guidance on completing
Customs declarations;
• Customs procedures and
documentation;
• Customs classification and tariff codes;
• Understanding rules of origin, free
trade agreement and export preference;
• Introduction to exporting;
• Introduction to importing;
• Advanced exporting;
• Advanced importing;
• Post-Brexit planning workshop;
• Post-Brexit documentation and
compliance.
More details about the funding and the
IoE courses can be found at export.org.
uk/page/CustomsGrants. If you have
questions get in touch with us at training@
export.org.uk.
UK CUSTOMS ACADEMY
Government funding towards no deal
Brexit preparations have also contributed
towards the establishment of a new
UK Customs Academy. Alongside KGH
Customs Services and the Centre for
Customs and Excise Studies, we are
delighted to have been asked by HMRC to
set up this exciting new initiative.
The UK Customs Academy will provide
a comprehensive development pathway
for Customs professionals, from those
just starting out to those who are already
experienced but are looking to take
their career to the next level. It is a vital
solution to bolstering the level of skills
and knowledge in Customs processes
within the business community – as well
as in the Customs intermediary sector
which will be so important as we face
Brexit.
Businesses will be
facing new customs
requirements in
order to continue
selling into the EU,
including the need
to complete customs
declarations.
Through the Academy you will be
able to access a range of Customsspecific
qualifications from an entrylevel
Certificate in Customs Practice
and Procedure through to a Diploma
in Advanced Customs Compliance. All
training materials are online, providing
learners with the flexibility to start their
studies at the time of their choosing, at
their own pace and from any location.
Learners are also supported by highly
qualified professionals who are experts in
their field.
We believe the UK Customs Academy
will become an essential resource for
industry professionals and the initiative
is a key step towards ensuring businesses
and individuals can gain the skills that
will be so vital as the UK forges its post-
Brexit path.
To find out more information visit
ukcustomsacademy.co.uk/.
Lesley Batchelor OBE FCICM is Director
General of the Institute of Export and
International Trade.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 40

Developing Credit in
a Changing Workplace
Tuesday 5 November 2019
09:30 – 14:30
Come and join us for out latest
daytime, free to attend, conference
in central London. The subject for
our major conference this year is
developing credit in a changing
workplace and, for the first time,
East of England Branch has been
joined by our friends on the CICM
Kent Branch Committee to bring
you a fascinating, educational and
informative line up of experienced
credit management professionals.
As is usually the case for our large
conferences, and at the request of
East of England Branch members
living throughout Essex, Suffolk and
Norfolk and in parts of Bedfordshire,
Cambridgeshire, Hertfordshire and
Northamptonshire, (many of whom
CICM EAST OF ENGLAND
AND CICM KENT BRANCHES
work in London), the event will
be held in central London, kindly
hosted and sponsored, once more,
by Goodman Masson at their offices
near Barbican station.
We are grateful to our friends on the
CICM London Branch Committee
for agreeing, as they have each
year, to us holding our conference
in London and, as in the past, we
expect that many CICM London
Branch members will want to
come along. CICM Kent Branch
Committee is pleased to invite all
of its members to attend this year’s
conference, as so many have in
the past. All CICM members from
any Branch, and non members, are
welcome.
CPD
5
FREE OF
CHARGE
EVENT
The day will include
light breakfast, a
full buffet lunch and
plenty of time for
networking.
Venue
Goodman Masson,
120 Aldersgate Street,
London EC1A 4JQ
Book Now
Book online www.cicm.com/branches/
or email branches@cicm.com for more
information call 01780 722900
CICM NORTHERN IRELAND BRANCH
Credit Focus 2020
Tuesday 19 November 2019
09:00 – 16:00
CICM Northern Ireland and
Ireland Branches are hosting
our ‘Credit Focus 2020‘
FREE OF
CHARGE
FOR CICM
MEMBERS
This is a full day event which
will focus on the most up-to-date
and the best practice in Credit
Management, drawing on the
expertise of our guest speakers from
banking, law, insolvency, training
and recruitment sectors to name
just a few.
A few weeks post Brexit and the
uncertainty surrounding the
cross-border trade issues will most
certainly remain. We will have to
allow for plenty of questions as this
should be a busy and interactive
event!
This is a free event for CICM
members and awards six CPD
hours. Further information on the
programme will be released nearer
the time.
CPD
6
Venue
City North Hotel and Conference Centre
Gormanston, Co. Meath, K32 W562,
Ireland.
Book Now
Book online www.cicm.com/branches/
or email branches@cicm.com for more
information call 01780 722900
The Recognised Standard / www.cicm.com / October 2019 / PAGE 41

INTRODUCING OUR
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact corporatepartners@cicm.com
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
The Company Watch platform provides risk analysis
and data modelling tools to organisations around
the world that rely on our ability to accurately predict
their exposure to financial risk. Our H-Score®
predicted 92 percent of quoted company insolvencies
and our TextScore® accuracy rate was 93
percent. Our scores are trusted by credit professionals
within banks, corporates, investment houses
and public sector bodies because, unlike other credit
reference agencies, we are transparent and flexible
in our approach.
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
HighRadius is a Fintech enterprise Software-as-a-Service
(SaaS) company. Its Integrated Receivables platform
reduces cycle times in the Order to Cash process through
automation of receivables and payments across credit,
e-invoicing and payment processing, cash allocation,
dispute resolution and collections. Powered by the RivanaTM
Artificial Intelligence Engine and Freeda Digital
Assistant for Order to Cash teams, HighRadius enables
more than 450 organisations to leverage machine
learning to predict future outcomes and automate routine
labour intensive tasks.
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
Forums International has been running Credit and
Industry Forums since 1991 covering 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.
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
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform delivering
automated messages by voice and SMS. In a
credit management environment, these services are
used to cost-effectively contact debtors and connect
them back into a contact centre or automated
payment line.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
T: +44(0)7747 761641
E: chris@chrissandersconsulting.com
W: www.chrissandersconsulting.com
T: +44 (0) 1302 513 000
E: sales@keyivr
W: www.keyivr.co.uk
American Express® is a globally recognised provider
of business payment solutions, providing flexible
capabilities to help companies drive growth. These
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
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
Building on our mature and hugely successful
product and world class support service, we are
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
have an active input into our product development
and evolution.
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools, automated
workflows for payment processing and bill review
and state of the art fraud detection, behavioural
analytics and regulatory compliance. Every day, we
help our customers by making complex business
payments simple, secure and seamless.
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
The Recognised Standard / www.cicm.com / October 2019 / PAGE 42

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.
THEY'RE WAITING TO TALK TO YOU...
Onguard is a specialist in credit management
software and a 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. Our
intelligent tools can seamlessly interconnect and
offer overview and control of the payment process,
as well as contribute to a sustainable customer relationship.
The Onguard platform is successfully used
for successful credit management in more than 50
countries.
T: +31 (0)88 256 66 66
E: ruurd.bakker@onguard.com
W: www.onguard.com
The Atradius Collections business model is to support
businesses and their recoveries. We are seeing a
deterioration and increase in unpaid invoices placing
pressures on cashflow for those businesses. Brexit
is causing uncertainty and we are seeing a significant
impact on the UK economy with an increase in
insolvencies, now also impacting the continent and
spreading. Our geographical presence is expanding
and with a single IT platform across the globe we can
provide greater efficiencies and effectiveness to our
clients to recover their unpaid invoices.
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
With 130+ years of experience, Graydon is a leading
provider of business information, analytics, insights
and solutions. Graydon helps its customers to make
fast, accurate decisions, enabling them to minimise
risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon
uses 130+ international databases and the information
of 90+ million companies. Graydon has offices in
London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s
largest credit insurance companies.
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Rimilia provides intelligent, finance automation
solutions that enable customers to get paid on time
and control their cashflow and cash collection in
real time. Rimilia’s software solutions use sophisticated
analytics and artificial intelligence to predict
customer payment behaviour and easily match and
reconcile payments, removing the uncertainty of
cash collection. Rimilia’s software automates the
complete accounts receivable process improving
cash allocation, bank reconciliation and credit management
operations.
T: +44 (0)1527 872123
E: enquiries@rimilia.com
W: www.rimilia.com
Improve cash flow, cash collection and prevent late
payment with Corrivo from Data Interconnect.
Corrivo, intelligent invoice to cash automation
highlights where accounts receivable teams should
focus their effort for best results. Easy-to-learn,
Invoicing, Collection and Dispute modules get collection
teams up and running fast. Minimal IT input required.
Real-time dashboards, reporting and self-service
customer portals, improve customer communication
and satisfaction scores. Cost-effective, flexible Corrivo,
super-charges your cash collection effort.
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
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 help finance and credit teams
stay ahead of market shifts and customer changes.
T: (0800) 001-234
W: www.dnb.co.uk
Shared Services Forum UK Limited
Shared Services Forum UK is a not-for-profit
membership organisation. with one vision, to form
the largest community of people from the business
world and facilitate a platform for them to work
together to mutual benefits.
Benefits include; networking with like-minded
professionals in Shared Services. The criteria is a
willingness to engage in our lively community and
help shape our growth and development.
T: 07864 652518
E: forum.manager@sharedservicesforumuk.com
W: www.sharedservicesforumuk.com
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.
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 43

INTRODUCING OUR
CORPORATE
PARTNERS
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
2019 CICM
EVENTS NOT
TO BE MISSED
Workshops
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-to-cash
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: +44 118 207 0450
E: contact@serrala.com
W: www.serrala.com
Round
Table Events
Webinars
CICM Best
Practice Events
Esker’s Accounts Receivable (AR) solution removes
the all-too-common 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.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
Just another great
reason to be a member
See full programme at
www.cicm.com/events
www.cicm.com | +44 (0)1780 722902
The Recognised Standard / www.cicm.com / October 2019 / PAGE 44

EDUCATION/MEMBERSHIP
A fond farewell
The CICM paid tribute to two significant figures
from the Assessment Board.
AUTHOR – Debbie Tuckwood
AT our most recent
Assessment Board meeting
we said goodbye to two
key figures Jane Abramson
and Judith Proctor who are
stepping down. We took
the opportunity to celebrate their time and
contribution to the Board.
What can I say about these very special
people? Jane has been a member of our
Education Committee since the early 2000s
when Philip King FCICM was still Chair,
before he became Director General (and
now Chief Executive) of our fine Institution
(ICM as it was known then).
She then joined the Examination Board
at the end of 2003 which Philip also Chaired,
taking over as Chair in 2004 when we made
a governance change, splitting Chairs of
these Committees. During this period Jane
was examiner for Business Environment
until 2008 and Judith was an examiner and
then moderator for Accounting Principles,
joining Jane on the Examination Board in
April 2006.
Our Assessment Board was very different
in those days, as I know Judith and Jane will
remember. We focused on getting the exam
papers right and had a huge committee
of 16 moderators for each subject who
took a whole day to review all the papers.
Needless to say, it was a laborious process.
John Lavery, Principal Audit Officer at the
QCA, thought our approach worked really
well and gave excellent feedback after the
meeting he inspected in 2003. How times,
expectations and regulation in Assessment
have changed.
CLOSE INSPECTION
In August 2010, Judith and Jane were both
selected for our smaller Assessment Board
when it was set up. This consisted of just
five members and aimed to be much more
agile and independent, with time set aside
to look more closely at candidates’ work
and other documentation.
Judith took over from Jane as Chair in
November 2012, which opened up the
opportunity for Jane to become Chair of
the Education Committee the following
year when David Ancliffe retired. During
this time both Judith and Jane were
awarded CICM membership and have
been senior teachers and co-ordinators of
CICM programmes at respective colleges
in Leicester and Leeds for many years.
They certainly have some stamina!
I consider CICM very lucky to have
such dedicated, professional and talented
people working with us for over 20 years,
and I can’t thank them enough for their
exemplary service. More than that, they
are both very thoughtful and generous
people, who have become trusted
colleagues of the CICM team, and all they
have worked with.
In numerous ways over the years
they have helped us tackle a range of
challenges in the right way, and steer our
assessment approach forward, ensuring,
I believe, that we not only do the right
thing, but do it in the right way. So a very
big thank you from me, the team, and our
wider CICM community.
Fortunately, although Judith and
Jane are retiring from the Assessment
Board, they will both continue to work
with CICM in a couple of key areas:
Jane remains Chair of the Education
Committee, and Judith will continue to
use her considerable teaching expertise
to review and guide our Credit Academy
teachers through her perceptive lesson
observations.
At their last Assessment Board meeting
we took the opportunity to give the pair
flowers and cards and in true Judith
tradition, we enjoyed a delicious cake
before Assessment Board business was
resumed.
Debbie Tuckwood, Chief Advisor
(Professional Development)
How can I thank them enough for their exemplary service to the
Institute? In various ways over the years they have helped us tackle
in the right way, a range of challenges, and steer our assessment
approach forward.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 46

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I
ESTABLISHED Management
and Training Associates Limited
back in 2002. Working with
colleagues in the credit industry,
we developed innovative
techniques for establishing credit
worthiness, credit scoring and the setting
of credit levels (I prefer this term over
limits). These methods combined both
financial and non-financial factors, for a
holistic approach. My specialism is using
accounts, both financial and management,
to make informed decisions, mainly in
the credit management area but also for
making better investment choices.
How important is an understanding of
finance and accounts?
Of prime importance, particularly these
days with so much political and economic
uncertainty. Anyone involved in credit
risk assessment must appreciate the
essential basics of risk assessment.
Whatever the outcome of the current
European negotiations, the basics will still
apply.
Do I need an accountancy qualification
or degree to make use of the numbers?
No, although any prior knowledge is a
good thing. We are not looking at how
the financial statements are produced
but more how to interpret the numbers.
Anyone with a logical mind will be able to
benefit.
Can you give some real life examples
of how an understanding of the figures
produces positive results?
I was giving a lecture on using accounts to
value a company. One of the participants
was in the process of selling a subsidiary
company. At the coffee break he rang his
EDUCATION/MEMBERSHIP
Talking Company Accounts
CICM Trainer, Tony Skone shares his experience
on working with company accounts.
team and using what he had just learnt
secured an additional £150k. Drinks all
round!
Using insolvency prediction models, I
have been able to help a large organisation
avoid a very substantial bad debt.
We also use financial analysis to make
investment decisions. We can identify
undervalued shares as well as those shares
that should be sold or shorted. Two of my
contacts in the US were able to retire early
using their analysis based on algorithmic
data.
Of the three main financial statements,
which would you say was the most
important?
They are all vital in risk assessment but I
recommend paying particular attention
to the Cash Flow Statement. In 1998,
the directors of Enron were asked by a
journalist from the Wall Street Journal
why they hadn’t produced a Cash Flow
Statement. The Profit & Loss Account
looked great (by using some financial
engineering), the Balance Sheet also
looked wonderful but a Cash Flow
Statement would have shown the true dire
situation. The directors’ response cannot
be printed here!
What about Management Accounts?
The main drawback with financial
accounts is that they are probably a year
old at least. Small and medium sized
companies only have to lodge modified
accounts at Companies House.
Asking your debtors for management
accounts which show the up-to-date
situation as well as cashflow forecasts
which show the budgeted cash receipts
and payments is to be recommended.
Management accounts can also identify
CICM Financial Training
break-even points, margins of safety
and operational gearing, which are all
indicators of risk.
In granting credit, the profit margin on
the sale will also be an important factor in
the risk/reward scenario.
What are the key factors to be
aware of?
In the Profit and Loss Account (Income
Statement) there are at least five different
profits. The most important is the profit
before interest, tax, depreciation and
amortisation (EBITDA). As Paulie Walnuts
says in the Sopranos ‘it’s the true measure
of a company’s profitability’.
The Balance Sheet is the main measure
of risk. It shows the ratio between debt
and equity, the gearing or leverage. It also
shows long and short term sources and
long and short term uses of finance.
A key measure is the current ratio
showing the ratio between current assets
and current liabilities. A balance sheet
can be arranged to show where the money
originated on the left and where it was
invested on the right. I once had to make
a recommendation as to the financial
stability of a debtor. I finished off by
saying ‘there’s nothing left on the right and
nothing right on the left’!
In the Cash Flow Statement, which is
subdivided into operating, investment
and financing, a key figure is the free cash
flow. This is the amount available to pay
dividends and make loan repayments.
To summarise, sales are vanity, profit is
sanity and cash is reality.
Tell us an accountant’s joke
A client of mine, a farmer, asked me to
help round up 19 cows. I said ‘sure, that’s
20 cows.’
Programmes can be tailored or bespoke to ensure they are relevant to current needs in support of business objectives.
CICM training programmes cover all levels and functions of credit management and collections including:
Credit Control and Collections | Credit Risk | Litigation | Financial | Export | Management | General Business | Industry Specific
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 programmes
Contact Julie Dalton, In-company Training Adviser, to discuss your requirements.
E: training@cicm.com, T: +44 (0)1780 722907.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 48

AUTOMATION IN
THE WORKPLACE
ARE YOU READY
FOR CHANGE?
This year’s What Workers Want report comes at a time when
automation and digital transformation are major priorities for
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people deliver greater human value.
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hays.co.uk/what-workers-want-2019
© Copyright Hays plc 2019.

HR MATTERS ROUNDUP
Confidentiality yours
Contractual hours and agency workers, a change to
National Minimum Wage records, and confidentiality
clause proposals.
CAN agency workers demand
the same contractual hours
as employed staff? That
question was answered in
Kocur v Angard Staffing
Solutions Limited and
another tribunal case. According to the
Court of Appeal’s interpretation of The
Agency Worker Regulations 2010 (AWR), an
employment tribunal's decision regarding
this question was correct – agency workers
don’t have that right.
The court reached its decision both on
the statutory language and the underlying
purpose of the AWR and the Agency
Workers Directive. There was nothing to
Changing the record on National Minimum Wage
AS the recent case of Mears Homecare
Limited v Bradburn has highlighted, it’s
important to include National Minimum
Wage (NMW) records in the transfer
of paperwork when employees transfer
under Transfer of Undertakings (Protection
of Employment) Regulations 2006
(TUPE).
Under the National Minimum Wage
Act 1998, employers are under a duty to
keep sufficient records to establish that
their workers have been paid the NMW.
If employees believe they have not been
paid the NMW they can make a request to
their employer to provide them with these
records and the employer has 14 days to
respond. Failure to provide these records
within 14 days can lead to the employees
being awarded 80 times the NMW rate
outstanding.
FOLLOWING the Government’s consultation
on the misuse of confidentiality clauses
in situations of workplace harassment or
discrimination, a response has been published.
The Government’s view is that although
there is a legitimate place for confidentiality
clauses in employment contracts and
settlement agreements, reforms are needed
to ensure that these clauses do not silence
or intimidate victims of harassment and
discrimination.
The Government has said that it now
AUTHOR – Gareth Edwards
In this case, the employees were
employed by Mears Homecare Ltd until
October 2016, when they TUPE transferred.
In February 2017, they made requests of
Mears to provide them with their last 12
months of pay records, as nine months of
records would have been held by Mears
and only three by their new employers.
Mears did not respond within 14 days
and the employees consequently brought
proceedings.
The Employment Tribunal (ET)
concluded that Mears was still the
'employer' for the purposes of the NMW
legislation, even though the employees
had TUPE transferred to a new employer in
October 2016. It was ordered to pay each of
the employees £600 – Mears appealed this
decision.
The Employment Appeal Tribunal
Keeping it confidential
intends to introduce legislation to ensure
that confidentiality clauses cannot be
used to prevent an individual making
disclosures to police, regulated health and
care professionals or to legal professionals.
The Government also intends to introduce
legislation to ensure that the limitations of
a confidentiality clause are clear to anyone
signing one. In the case of employment
contracts, the mandatory written
statement of particulars of employment
will be required to clearly set this out. With
settlement agreements, the independent
suggest that they were intended to regulate
the amount of work that agency workers
were entitled to be given. The inclusion of
the duration of working time as a relevant
term and condition in regulation 6(1)(b)
of the AWR was intended to refer to terms
which set a maximum length for any such
periods.
The court was also mindful of the
purpose of using agency workers, which
is to give the hirer flexibility in the size of
its workforce. The Employment Tribunals
and Employment Appeal Tribunal (EAT),
incorporating lay members, recognised
this fact and the court held that their full
weight should be given to their expertise.
(EAT) later overturned the decision of the
ET. The EAT held that Mears was not the
party upon whom the requests under the
NMW legislation should have been served
because when the employees transferred
under TUPE, their employment did not
terminate and the new employer inherited
all of the rights, duties and obligations in
relation to their contracts of employment.
This included the necessity to provide
NMW records.
This case highlights that employers
receiving employees under TUPE can be
liable to provide NMW records for periods
that the employees were not employed
by them. The outgoing employer will still
remain liable for criminal sanctions if they
have not kept the correct NMW records, as
criminal liability will not transfer under
TUPE.
legal advice which must be obtained by any
individual signing a settlement agreement
will require specific advice on the
limitations of any confidentiality clause.
However, the Government has decided
not to introduce any standard wording for
confidentiality clauses. The conclusion
was that this would be too restrictive and
require frequent updating.
Gareth Edwards is a partner in the
employment team at Veale Wasbrough
Vizards. gedwards@vwv.co.ukon.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 50

ACCA /CICM
JOINT SURVEY
As part of research initiated by the
CICM’s Credit Industry Think Tank,
we would like to gain your views about
changes in risk assessment of new
customers over the past five years.
Details of how you can
contribute will feature
in your Essentials
newsletter over the
coming weeks, or you
can visit www.cicm.com
for more details.
FREE
EVENT
17:30 TO
20:00
THE 2019 CICM
TURNER
LECTURE
Friday, 8 November 2019
This year marks the 20th Anniversary
of the CICM Turner Lecture!
Held at the Law Society, London where we will be hosting a mock trial on a question of liability
and authority – Our members say this is a common problem they face almost on a daily basis and
naturally want to know where they stand.
Following the lecture, you are invited to join us for a three course meal at the Law Society, the cost for
this is £75+VAT per person.
To book a place, please visit www.cicm.com. We hope to see you at to what promises to be another
entertaining and informative event.

NEW AND UPGRADED MEMBERS
Do you know someone who would benefit from CICM membership? Or have
you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more details, or call us on 01780 722903
Studying Members
NEW MEMBERS
Gladys Adjaye
Shirina Ali
Hussain AlJama
Ian Armstrong
Thomas Barr
Lynda Bradbury
Mark Burrows
Michael Carrington
Abbie Carter
Julie Cox
Haley Cretchley
Sabine Crook
Patrick Cunningham
Aliesha Davies
Lauren Donnelly
Sabrina El Ghandour
Thomas Evans
Daniel Forrester
Joanne Frost
Joshua Gibbons
Rebekah Glover
Adele Greenwood
Krishna Mohan Gudipati Venkata
Emma Hardie
Peter Hepburn
John Higham
Christopher Holyhead
Kevin Hontanosas
Andrea Hopkin
Sarah Jakeman
Ivan Jarvis
Motaz Jayyusi
Michal Laskowski
Lina Lindstrom
Ashleigh Littlewood
Christopher Lloyd
Nicole Magg
Tania Mannell
Natasha Massey
Ulrich M'Boko
Lorraine McDonald
Lukasz Mikolajczyk
Euan Morris
Pollyana Nogueira
Shaun Nuttall
Leigh-Marie Padgett
Hinal Pattni
Seanne Powers
Gary Quilligan
Cristina Radulescu
Jessica Rees
Luke Richardson
Martin Rimmer
Kirsty Roberts
Lisa-May Ross
Suzanne Ryan
Tamara Shanks
Sandra Simeone
Neil Steed
Rachel Storey
Paul Tebbutt
Keeley Tyas
Michelle Tyrer
Kieran Wilson
Affiliate
Gurmeet Chahal
Oliver Collis
Andrew Fraser
Samira Gilao
Alexander Irvine
Wesley Lewis
Nicola Nairn
Selina Ndlovu
Kyle Plum
Nancy Vaus
Emma Wilkinson
Helen Worsley
Associate
Olatunde Akinfenwa ACICM
Taleen Avakian-Feeney ACICM
Mark Bumpsteed ACICM
Ruksana Mahmood ACICM
Courage Osayande ACICM
Member
Mahdi Alwayil MCICM Fiona Curtis MCICM Michelle O'Toole MCICM Joanne Stevens MCICM
Fellow
Margaret Dunsmore FCICM
Julie Redding FCICM
Congratulations to our current members who have upgraded their membership
Upgraded members
Nicos Ioannour FCICM
Nicholas Smallwood-Faraci FCICM
Jonathan Dermott MCICM
David Pepper MCICM
Ben Hunter ACICM
Business Development Director, Infocredit Group
Nicos Ioannou FCICM
‘‘There is a big difference between the UK and Cyprus in terms of credit
management practices and business culture. The unlimited supply of useful
resources and guidance provided by the CICM has helped me to stay up-todate
with current best practices and has enabled me to share this valuable
knowledge both with my peers and Cypriot businesses. My plan is to benefit
from all the support provided by the Institute in the future so that I continue
to gain further insight which will help me in my profession.’’
The Recognised Standard / www.cicm.com / October 2019 / PAGE 52

8.3 MILLION PEOPLE IN THE
UK ARE OVER-INDEBTED
WHAT WOULD YOU DO
IF A DEBT COLLECTION
COMPANY CONTACTED YOU?
The CSA’s #heretohelp campaign aims to give people in debt the
confidence to engage with CSA members and speak about their
money problems earlier than they are currently doing.
As part of the campaign the CSA has produced a video to deliver
a reassuring message that early contact will always result in a
better outcome.
The CSA is seeking partners and supporters to share the
video’s message across different networks, sectors and most
importantly, with over-indebted consumers.
To view the video please visit www.csa-uk.com/page/heretohelp
if you would like to
support the campaign
please contact:
colleen.peel@csa-uk.com
or call 0191 217 3070.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 53
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The Recognised Standard / www.cicm.com / October 2019 / PAGE 54

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The Recognised Standard / www.cicm.com / October 2019 / PAGE 55

AWARDING BODY
CONGRATULATIONS
Congratulations to all of the following, who successfully
achieved Diplomas in Credit Management.
LEVEL 3 DIPLOMA IN CREDIT MANAGEMENT (ACICM)
Gatsha Abrams
Mark Baker
Claudia Beaumont
Angela Bell
John Campbell
Danny Dicker
Robert Lee Evans
Daniel Everton
Margaret Farquhar
Sarah Harrison
Michael Hart
Trudi Hodson
Edward Hooley
Sarah Jayne Hurk
Mohamed Sayed Kazi
Gareth Lello
Eela Lucas
Menna Lukey
Orla Lynch
Daniel Mccredie
Zoe Timea Mihadas
Gillian Murray
Ayoola Odume
Alejandra Rodriguez
Brett Ross
Christopher Samworth
Leonid Shuleshko
Chris Tomlin
Karen Tuffs
Zain Ul-Abedin
Emily Wilson
Xhiljola Xhixhi
LEVEL 3 DIPLOMA IN CREDIT & COLLECTIONS (ACICM)
Mark Arnold
Chantal Banton
Sean Batchelor
Robin Benn
Daniel Clinton
Laurie Cooper
Robert De Wit
Sophie Eden
Stuart Edwards
Sophie Harlow
Michelle Holmes
Vipul Mehra
Melanie Middleton
Kiah Phillips-Trigg
Will Powell
Peter Sacre
Salma Shah
Stephanie Soni
Victorine
Tchokouleu Kammani
Paula Trotter
LEVEL 3 DIPLOMA IN DEBT COLLECTION (ACICM)
Amie Smith
Alan Tuck
Felice Verrino
Adam Wardle
Laura Winward
LEVEL 3 DIPLOMA IN MONEY & DEBT ADVICE (ACICM)
Zahid Malik
LEVEL 5 DIPLOMA IN CREDIT MANAGEMENT (MCICM(GRAD))
Kieran Way
LEVEL 5 DIPLOMA IN CREDIT AND COLLECTIONS (MCICM(GRAD))
Joanne Davies Neil Desouza Emily Newman Seija Langley
The Recognised Standard / www.cicm.com / October 2019 / PAGE 56

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onboard customers and suppliers alike,
with one integrated platform.
For more information about Grayon Onboarding or Graydon Detect,
contact us on sales@graydon.co.uk
or + 44 (0)20 8515 1400
Fraud Prevention Credit decisions KYC/AML www.graydon.co.uk

BRANCH NEWS
Three Peaks Challenge
THOSE of you of who know
me will know that I can often
be found up a mountain
– either in walking boots
or skis – depending on the
season; so when a friend
suggested we sign up for the Three Peaks
Challenge (completing Ben Nevis, Scafell
Pike and Snowdon within 24 hours,
including the travelling between each
climb), I thought – how hard can it be?
Reality dawned when the opening
words of the Mountain Leader were: ‘you
have signed up for a challenge, not a
guided walk in the mountains.’
We set off up Ben Nevis with a skip in
our steps in the blazing sunshine – this was
going to be fun! This very quickly changed
CICM London branch hosted two events
in quick succession in August and
September. On 23 August, more than
20 London branch members attended
Summer in the City, a regular London
event hosted by Devonshires Solicitors
at the Apex Hotel in City. Members and
to a relentless mission with a merciless
pace – no views observed, no pictures
taken – very little time to fuel and hydrate
(what I used to call butties and a drink!)
Straight down Ben Nevis and into the
minibus to drive to the Lakes for Scafell
Pike. This is where not knowing how far
away Ben Nevis is had not prepared me for
how far it actually is!
We started the ascent of Scafell Pike at
midnight – obviously in the pitch black – it
was tough, having been sat on the minibus
for six hours. The legs had stiffened and
the realisation had dawned that we had to
do this again (and then again). I wouldn’t
have taken much persuasion to stay on
the bus. Next stop Snowdon – just the five
hours travelling.
Summer in the City
London Branch
guests took the opportunity to network
with the branch committee and offer
suggestions for future branch events.
On 5 September, Hays Cheapside hosted
the London branch Students Evening with
some 12-15 branch members enjoying a
presentation by Mark Hodgson of Tremark
I felt relatively OK about going up
the Pyg pass, as I have done it a number
of times before – however, not at this
pace and not having completed the
other two with no sleep in between. I
massively underestimated the emotional
and physical challenge of this event. In
hindsight I think my naivety helped me
– had I known just how tough it would
be, I’m not sure I would have so brazenly
entered!
My final time was 22 hours and three
minutes, with all limbs intact (which
I take as a result!) The best thing was,
having burned almost 10,000 calories;
eating fast food and chips was a dream.
Author: Sue Chapple FCICM
Associates on the ‘Lawful Investigation,
tracing and profiling of debtors’. Food and
refreshments were kindly provided by
Hays and many of the members stayed on
after the presentation to discuss the issues
raised with Mark.
Author: Alan Church FCICM
The Recognised Standard / www.cicm.com / September 2019 / PAGE 58

As the Winners of the Legal Team
of the Year 2019, Debt Recovery
is nothing new to Keebles.
We recovered over £5.7 million of
debt for clients this financial year
Having practised successfully in this area for
many decades, you can be confident inour
experience and ability.
We appreciate the needs of our clients and
understand that each client’srequirements
are different. Whether you are alarge
organisation requiring regular management
reports and file reviews, orasmall business
growing rapidly, but with little experience
of the debt recovery process, wehave the
flexibility tocater for your needs.
We work closely with our clients and will
tailor aservice level agreement sothat
we both know exactly what needs tobe
achieved and at what cost.
No Recovery No Fee
We do not charge for issuing aLetter Before
Action. Wewill only charge you commission,
at an agreed rate, onany sums recovered.
If we are unable to recover your debt at this
stage itwill cost you nothing.
No Hidden Costs
For many cases, where it is necessary
to issue legal proceedings, we can offer
service on afixed fee basis with nohidden
costs and, where possible, wewill make
additional claims on your behalf for interest
and compensation under The Late Payment
of Commercial Debts legislation to further
minimise the recovery cost to you.
Success is the Key
Over the past 5years we have successfully
recovered over 80% of our Clients’ debts in
full or by way ofanagreed settlement.
Call now totalk to amember of
the Debt Recovery Team:
0113 399 3470
charise.marsden@keebles.com
www.keebles.com
The Recognised Standard / www.cicm.com / October 2019 / PAGE 59

WHAT'S ON
A 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. Book online on our website www.cicm.com/cicm-events
CICM EVENT
11 October
CICM Bristol & West and Thames Valley Branch
Swindon
Andy Scholes Memorial Golf Day
Arrive at 10:20 for bacon rolls and coffee, tee off
time at 11:20. Teams of four, but individual golfers
are very welcome and can be put into teams on
the day. One course meal and prizes to follow.
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Venue: Wrag Barn Golf Club, Shrivenham Road,
Highworth, Swindon, SN6 7QQ
CICM EVENT
CICM EVENT
CICM EVENT
15 October
1
CICM East Midlands Branch
Nottingham
Tracing of Debtors and Lawful Investigation,
Surveillance and Profiling. The East Midlands
Branch welcomes guest speaker Mark Hodgson,
CEO of Tremark Associates, Leeds. Mark is the
Immediate Past President of The Association of
British Investigators.
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Venue: Novotel Bostocks Lane, Sandicare,
Nottingham NG10 4EP United Kingdom
5 November
5
East of England and Kent Branch
London
Developing Credit in a Changing Workplace
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Venue: Goodman Masson 120 Aldersgate Street,
London, EC1A 4JQ
CPD
CPD
19 November
CPD
6
CICM Northern Ireland Branch
Ireland
All Ireland Credit Focus 2020 Conference. This is
a full day event which will focus on the most
up-to-date and the best practice in Credit
Management, drawing on the expertise of our
guest speakers from banking, law, insolvency,
training and recruitment sectors to name just a
few. Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Venue: City North Hotel, Gormanstown, Co. Meath
K32 W562 Ireland
OTHER INDUSTRY EVENTS
CICM EVENTS
8 November
CICM Turner Lecture 2019
London
Held at the Law Society, London where we will be
hosting a mock trial on a question of liability and
authority – Our members say this is a common
problem they face almost on a daily basis and
naturally want to know where they stand.
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Venue: The Law Society, 113 Chancery Lane,
London, WC2A 1PL
8 October
Forums International
Bracknell
Credit Professional Forum
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email cpf@forumsinternational.co.uk
Venue: Coppid Beech Hotel
John Nike Way, Bracknell, RG12 8TF
The Recognised Standard / www.cicm.com / September 2019 / PAGE 60

More reasons to be a member
Make connections and keep up-to-date
with our exclusive events.
9 October
Forums International
Didcot
SAP User Group
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email sapug@forumsinternational.co.uk
Venue: Hachette UK, Milton Road, Didcot, OX11 7HH
9 October
Credit Risk Forums
London
Recruitment (APSCo)
Book online at www.cicm.com/cicm-events
or email events@cicm.com for more information.
Venue: London
12 November
Forums International
Nottingham
Business & Office Supplies Credit Forum
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email bsf@forumsinternational.co.uk
Venue: Experian, Nottingham
10 October
Forums International
Stratford Upon Avon
IT Distributor & Reseller Credit Forum
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email drf@forumsinternational.co.uk
Venue: Stratford Upon Avon
15 October
Forums International
Stratford Upon Avon
Pharmaceuticals & Medical Devices Credit Forum
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email pmf@forumsinternational.co.uk
Venue: Stratford Upon Avon
14 November
Credit Risk Forums
Birmingham
Home Enhancements & DIY Credit Risk Forum
Book online at www.cicm.com/cicm-events
or email events@cicm.com for more information.
Venue: Birmingham
16 October
Forums International
Stratford Upon Avon
Senior Credit Management Forum
Book online at www.cicm.com/cicm-events or
email events@cicm.com for more information.
Email smf@forumsinternational.co.uk
Venue: Stratford Upon Avon
17 October
Credit Risk Forums
FMCG Credit Risk Forum (Food, drink, tobacco)
Book online at www.cicm.com/cicm-events
or email events@cicm.com for more information.
Venue: TBC
18-19 November
AMLP Forum
13th Annual European AML and Financial
Crime Conference
London
Book online at www.cicm.com/cicm-events
or email events@cicm.com for more information.
Venue: London
The Recognised Standard / www.cicm.com / September 2019 / PAGE 61

TAKE CONTROL OF
YOUR CREDIT CAREER
GLOBAL HEAD OF ORDER TO CASH
SUCCESS THROUGH EXPERTISE
Kingston-upon-Thames, c.£75,000
A multi-national insight consultancy is looking for
a qualified CICM credit professional 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, working capital, change transformation
or system implementation and 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: 3663104
Contact Mark Ordoña on 020 8247 4042
or email mark.ordona@hays.com
COLLECTIONS SPECIALIST
JOIN A RAPIDLY EXPANDING BUSINESS
Hammersmith, £30,000-£33,000
Due to international expansion of the company,
there is an exciting opportunity for a collections specialist
to join its team. You will be responsible for the timely
collection of payments from customers, taking payments
over the phone, negotiating repayment plans when
necessary and assisting the Team Leader to implement
suitable and effective processes for the newly created
team. Previous experience working with business to
consumer customers is essential and fluency in one
or more of the Nordic languages as well as English,
would be highly advantageous. Ref: 3643944
Contact Julia Foster on 020 3465 0020
or email julia.foster2@hays.com
COLLECTIONS SPECIALIST
PROCESS DRIVEN PERFORMANCE
Leicester, up to £37,000
This global organisation is leading the way in automation
technology, aiding advances in industry process
performance and is grounded on strong company values
which enables them to continually move forward in an
ever-changing international market. Reporting directly
to the Regional Collections Manager, you will assist the
management of UK project related accounts receivable
collections, following standard processes and procedures
to ensure the collections team provides the most effective
and efficient support to the business. You will have solid
experience in an accounts receivable role, with the ability
to work independently and manage your own time to
meet tight deadlines. Ref: 3667429
Contact Christopher Trenfield on 0116 251 2288
or email christopher.trenfield@hays.com
SENIOR CREDIT CONTROLLER
PROGRESS YOUR CAREER
Solihull, £25,000-£30,000 + study support CICM
A UK market leader in the hospitality and beverage sector
is looking for an experienced credit professional to join its
team in a newly created role. As senior credit controller,
you will support the Credit Management Team with
escalations and reports for key clients and develop and
train new staff members. This is a fantastic opportunity
where you can progress your career, with potential of
becoming a credit manager. Ref: 3643951
Contact Peter Kidd on 0121 212 1814
or email peter.kidd@hays.com
hays.co.uk/creditcontrol
The Recognised Standard / www.cicm.com / October 2019 / PAGE 62

COLLECTIONS ANALYST
REACH A RESOLUTION
Glasgow, £20,000-£25,000 + benefits
This reputable organisation is looking for a collections
analyst to join its finance team on a permanent basis.
Working as part of a finance team, you will take ownership
of all credit control and collections duties and be
responsible for credit control via telephone and email,
negotiation of payment plans, adhering to compliance,
reporting on trends and general associated administration.
The role is 35 hours per week across Monday to Friday
and you may be required to work one in four Saturdays or
Sundays, but your hours will not exceed 35 hours per week.
The organisation is easily accessible by public transport
and there is parking nearby. Ref: 3660811
Contact Lauren Hamilton on 0141 212 3665
or email lauren.hamilton@hays.com
CREDIT CONTROLLER
THE FUTURE OF CREDIT CONTROL
New Malden, £13.85 per hour
Hays Credit Management have several exciting
opportunities for skilled credit controllers to join its
professional credit team at the shared service centre.
These roles are on-going, temporary assignments with a
minimum of three months’ work. You will be a passionate,
resilient, forward-thinking credit professional with sound
experience in reducing aged debt and cash collection.
This is a fantastic opportunity where you can achieve
results and be rewarded accordingly. Ref: 3598639
Contact Mark Ordoña on 020 8247 4042
or email mark.ordona@hays.com
CREDIT CONTROLLER
MAKE AN IMPACT
Exeter, £18,000-£22,000 pro-rata
Based on the outskirts of Exeter, this successful firm
specialises in management and logistics and is looking
for a credit controller to join its team on a part-time
basis. Your responsibilities will include creation and credit
checking of new customer accounts, maintenance of
existing accounts and chasing unpaid or overdue debts.
You will be liaising with debtors and fee earners and
working for the Credit Manager. Ideally, you will have
experience in a similar industry or environment but this
is not essential. In return, you will receive a competitive
salary and benefits package. Ref: 3635055
Contact Simon Lawrence on 01392 348871
or email simon.lawrence@hays.com
GLOBAL CREDIT MANAGER
IDENTIFYING & IMPLEMENTING
BEST PRACTICE GLOBALLY
Dundee, £negotiable DOE + benefits
A rare opportunity has arisen with an established and unique
client for an experienced global credit control manager.
Your responsibilities will include managing a team of credit
controllers who focus on collections for UK, US, Asia and
Germany, leading continuous improvement projects and
working closely with Regional Finance Manager’s to create
a set of global credit and collection processes and policies.
To be successful, you will be a highly experienced credit
manager who has worked within a global business and
possess strong people management, customer management
and cross functional collaboration skills. You will also have a
proven track record of managing continuous improvement
initiatives. In return, you will be offered 35 days annual leave,
a competitive pension and a negotiable salary. Ref: 3668237
Contact Emma Clitherow on 01382 723 871
or email emma.clitherow@hays.com
This is just a small selection of the many
opportunities we have available for credit
professionals. To find out more email
hayscicm@hays.com or visit us online.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 63

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
INTERNATIONAL COLLECTIONS
COLLECTIONS LEGAL
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside,
Cardiff Bay, Cardiff, CF10 4WZ
United Kingdom
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
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 (hans.meijer@atradius.com).
Baker Ing International Limited
Office 7, 35-37 Ludgate Hill, London. EC4M 7JN
Contact: Lisa Baker-Reynolds
Email: lisa@bakering.global
Website: https://www.bakering.global/contact/
Tel: 07717 020659
Baker Ing International is a dedicated team of Credit industry
experience that, combined, covers time served in most industries.
The team is wholly comprised of working Credit Manager’s across
the Globe with a minimum threshold of ten years working experience
within Credit Management. The team offers a comprehensive
service to clients - International Debt Recovery, Credit Control, Legal
Services & more
Our mission is to help companies improve the cost and efficiency
of their Credit Management processes in order to limit the risks
associated with extending credit and trading around the globe.
How can we help you - call Lisa Baker Reynolds on
+44(0)7717 020659 or email lisa@bakering.global
COLLECTIONS LEGAL
Yuill + Kyle
Capella, 60 York Street, Glasgow, G2 8JX, Scotland, UK
T: 0141 572 4251
E: scowan@yuill-kyle.co.uk
W: www.debtscotland.com
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
CONSULTANCY
Controlaccount Plc
Address: Compass House, Waterside, Hanbury Road,
Bromsgrove, Worcestershire B60 4FD
T: 01527 549 522
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount Plc provides an efficient, effective and ethical
commercial debt recovery service focused on improving business
cash flow whilst preserving customer relationships and established
reputations. Working with leading brand names in the UK and
internationally, we deliver a bespoke service to our clients. We offer
a no collect, no fee service without any contractual ties in. Where
applicable, we can utilise the Late Payment of Commercial Debts
Act (2013) to help you redress the cost of collection. Our clients
also benefit from our in-house international trace and legal counsel
departments and have complete transparency and up to the minute
information on any accounts placed with us for recovery through our
online debt management system, ClientWeb.
INTERNATIONAL COLLECTIONS
Premium Collections Limited
3 Caidan House, Canal Road
Timperley, Cheshire. WA14 1TD
T: +44 (0)161 962 4695
E: paul.daine@premiumcollections.co.uk
W: www.premiumcollections.co.uk
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
requirements.
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
paul.daine@premiumcollections.co.uk
www.premiumcollections.co.uk
Blaser Mills Law
40 Oxford Road,
High Wycombe,
Buckinghamshire. HP11 2EE
T: 01494 478660
E: Jackie Ray jar@blasermills.co.uk
W: www.blasermills.co.uk
A full-service firm, Blaser Mills Law’s experienced Commercial
Recoveries team offer pre-legal collections, debt recovery,
litigation, dispute resolution and insolvency. The team includes
CICM qualified staff, recommended in both Legal 500 and
Chambers & Partners legal directories.
Offices in High Wycombe, Amersham, Rickmansworth, London
and Silverstone
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 457500
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business debt
collection and recovery, Lovetts Solicitors collects £40m+ every year
on behalf of our clients. Services include:
• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%
of cases)
• Advice and dispute resolution
• Legal proceedings and enforcement
• 24/7 access to your cases via our in-house software solution,
CaseManager
Don’t just take our word for it, here’s some recent customer feedback:
“All our service expectations have been exceeded. The online
system is particularly useful and extremely easy to use. Lovetts has a
recognisable brand that generates successful results.”
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all aspects
of the order to cash process. Chris Sanders FCICM, the principal, is
well known in the industry with a wealth of experience in operational
credit management, billing, change and business process improvement.
A sought after speaker with cross industry international experience in
the business-to-business and business-to-consumer markets, his
innovative and enthusiastic approach delivers pragmatic people and
process lead solutions and significant working capital improvements to
clients. Sanders Consulting are proud to manage CICMQ on behalf of
and under the supervision of the CICM.
COURT ENFORCEMENT SERVICES
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183 T : +44 (0)1992 663 399
E : wayne@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
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
The Recognised Standard / www.cicm.com / October 2019 / PAGE 64

FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT INFORMATION
CREDIT INFORMATION
CREDIT MANAGEMENT SOFTWARE
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
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.
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
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
agencies.
Quality and rigour run through everything we do, from our unique
method of assessing corporate financial health via our H-Score®, to
developing analytics on our customers’ in-house data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of choice,
providing actionable intelligence in an uncertain world.
Graydon UK
66 College Road, 2nd Floor, Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
With 130+ years of experience, Graydon is a leading provider of
business information, analytics, insights and solutions. Graydon
helps its customers to make fast, accurate decisions, enabling them
to minimise risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon uses 130+ international
databases and the information of 90+ million companies. Graydon
has offices in London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s largest credit
insurance companies.
THE ONLY AML RESOURCE YOU NEED
SmartSearch
SmartSearch, Harman House,
Station Road,Guiseley, Leeds, LS20 8BX
T: +44 (0)113 238 7660
E: info@smartsearchuk.com W: www.smartsearchuk.com
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.
CEDAR
ROSE
R
Cedar Rose
3, Georgiou Katsonotou Street,3036, Limassol, Cyprus
E: info@cedar-rose.com T: +357 25346630
W: www.cedar-rose.com
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.
CREDIT MANAGEMENT SOFTWARE
ONGUARD
T: +31 (0)88 256 66 66
E: ruurd.bakker@onguard.com
W: www.onguard.com
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 /
E: uksales@tinubu.com
W: www.tinubu.com
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.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
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.
Data Interconnect Ltd
Units 45-50
Shrivenham Hundred Business Park
Majors Road, Watchfield
Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
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
of CICMQ
Rimilia
Corbett House, Westonhall Road, Bromsgrove, B60 4AL
T: +44 (0)1527 872123 E: enquiries@rimilia.com
W: www.rimilia.com
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.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
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.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 65 continues on page 66 >

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT MANAGEMENT SOFTWARE
DATA AND ANALYTICS
LEGAL
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
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.
identeco – Business Support Toolkit
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
Telephone: 01527 549 531 Email: info@identeco.co.uk
Web: www.identeco.co.uk
identeco’s Business Support Toolkit is an online portal connecting
its subscribers to a range of business services that help them to
engage with new prospects, understand their customers and
mitigate risk. Annual subscription is £79.95 per year for unlimited
access. Providing company information and financial reports,
director and shareholder structures as well as a unique financial
health rating, balance sheets, ratio analysis, and any detrimental
data that might be associated with a company. Other services also
included in the subscription include a business names database,
acquisition targets, a data audit service as well as unlimited,
bespoke marketing and telesales listings for any sector.
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively as
possible. We have an in depth knowledge of all areas of debt recovery,
including:
• Pre-litigation services to effect early recovery and keep costs down
• Litigation service
• Post-litigation services including enforcement
• Insolvency
As a client of Shoosmiths, you will find us quick to relate to your goals,
and adept at advising you on the most effective way of achieving them.
PAYMENT SOLUTIONS
Redwood Collections Ltd
0208 288 3555
enquiry@redwoodcollections.com
Airport House, Purley Way, Croydon, CR0 0XZ
“Redwood Collections offers a complete portfolio of debt collection
services ranging from sensitive client-debtor mediation through to
legal and insolvency action.
Incorporated in 2009, we are pleased to represent in excess of
11,000 clients. Whatever your debt collection needs, we have the
expertise and resources to deliver a fast, efficient and cost-effective
solution.”
DATA AND ANALYTICS
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
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:
www.dnb.co.uk/modernfinance
C2FO
C2FO Ltd
105 Victoria Steet
SW1E 6QT
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
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.
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope Esker.blog
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.
FINANCIAL PR
Gravity London
Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB
T: +44(0)207 330 8888. E: sfeast@gravitylondon.com
W: www.gravitylondon.com
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.
FORUMS
FORUMS INTERNATIONAL
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
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.
Bottomline Technologies
115 Chatham Street, Reading
Berks RG1 7JX | UK
T: 0870 081 8250 E: emea-info@bottomline.com
W: www.bottomline.com/uk
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.
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
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.
Key IVR
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
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 globe 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.
The Recognised Standard / www.cicm.com / October 2019 / PAGE 66

Testimonial
‘‘We have been regular advertisers
in Credit Management (CM)
magazine for more than ten
years and have found it to be an
excellent medium for raising our
brand awareness and securing
major contracts.
By way of example, one of the
largest logistics firms in the world
approached us for our services
having seen our profile in CM.
This led to a very successful
relationship and gained us
significant credibility.
We would recommend advertising
in CM magazine to other
businesses’’
RECRUITMENT
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
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.
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
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.
ARE YOU A LEADER
OR FOLLOWER?
CICMQ accreditation is a proven model
that has consistently delivered dramatic
improvements in cashflow and efficiency
CICMQ is the hallmark of industry
leading organisations
The CICM Best Practice Network is where
CICMQ accredited organisations come
together to develop, share and celebrate
best practice in credit and collections
BE A LEADER – JOIN THE CICM BEST
PRACTICE NETWORK TODAY
To find out more about flexible options
to gain CICMQ accreditation
E: cicmq@cicm.com T: 01780 722900
The Recognised Standard / www.cicm.com / October 2019 / PAGE 67