Credit Management July and August 2021

CREDIT MANAGEMENT
CM
JULY & AUGUST 2021 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Riding
the wave
Can we turn the tide
on late payment?
Regulation regarding NPLs is
potentially damaging society.
Page 10
Sean Feast speaks to
Dave Timmis of Leasing.com.
Page 12

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andrew.foyle@shoosmiths.co.uk
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JULY & AUGUST 2021
www.cicm.com
24
COUNTRY FOCUS
Adam Bernstein
10
FRIENDLY FIRE
Ben Marsh
CONTENTS
10 – FRIENDLY FIRE
Regulation that incentivises banks to
sell non-performing loans (NPLs) is
having unintended consequences on
the consumer and society.
12 – DRIVING AMBITION –
INTERVIEW
Dave Timmis, CEO of Leasing.com,
discusses the rise and rise of private
vehicle leasing.
16 – CULTURE CLUB
James Campbell argues that late
payment is little more than supplier
abuse and serial late payers need to be
called out.
20 – TRADING PLACES
Neil Munroe considers the international
landscape for Credit Reference
Agencies.
24 – AUSTRALIA FAIR?
Australia is a fully fledged nation
presenting a wealth of opportunity.
28 – WINK WINK
How is ‘nudge’ behaviour being applied
in a pre- and post-COVID world?
12
DRIVING AMBITION
Dave Timmis
CICM GOVERNANCE
President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad) / Vice Chair Phil Rice FCICM /Treasurer Glen Bullivant FCICM
Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM
Advisory Council: Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) / Brendan Clarkson FCICM
Larry Coltman FCICM / Niall Cooter FCICM / Bryony Crossland FCICM(Grad) / Peter Gent FCICM(Grad)
Victoria Herd FCICM(Grad) / Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)
/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM / Chris Sanders FCICM
Stephen Thomson FCICM / Sarah Wilding FCICM / Atul Vadher FCICM(Grad)
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
CULTURE CLUB
James Campbell
32 – INVOICE POWER
Lesley Batchelor explains the power of
the invoice in international trade.
34 – CLEAR ROAD AHEAD
Tim Vine of Dun & Bradstreet examines
the challenges faced by the transport
sector half-term report Order-to-Cash
performance.
Publisher
Chartered Institute of Credit Management
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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
Iona Yadallee
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Sam Wilson, Imogen Hart, Rob Howard
and Max Tyson
Advertising
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Email: russell@centuryone.uk
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ISSN 0265-2099
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 3

EDITOR’S COLUMN
Ambulance chasers may
unwittingly be doing SMEs a
good turn
Sean Feast FCICM
Managing Editor
I
received an email in my inbox
recently that quite alarmed me.
No it wasn’t that the price of
Whispering Angel had fallen to a
level that was at last affordable,
but rather a missive from a lady
beseeching me to spare her a few minutes
from my busy schedule to inform me ‘about
a service that may get you compensation
from ex-business customers who have paid
you late in the past.’
Not quite believing what I had read,
I read on: ‘To be clear – this is not
intended for your existing customers!
(The emboldening and exclamation mark
were hers). We mean companies that you
have not dealt with for years! Our service
identifies which companies paid you late
up to six years previously and then turns
that claim into potentially significant sums
using Late Payment Legislation.’
The email finished: ‘You choose the
companies to claim from and we do
everything else with no financial outlay
for you whatsoever!’
Directed towards a late payment
calculator to see what I may be owed,
I was asked whether her proposal was
‘worth a chat.’ Now I’ll be honest, my
initial response was one of horror. I detest
ambulance chasing at the best of times. I
always wondered, for example, how many
people actually benefitted from PPI when
it was rightfully ascribed to them but
chose to remain silent. Then I wondered
if it was legal, which I am told it is, but it
certainly isn’t what the legislation was
designed for. Neither do I think small
businesses who may be desperately short of
cash should be depending on a big payout,
as the world and his wife attempted with
PPI, when they should be focusing more on
the here and now and best-practice credit
management.
But leaving aside the fact that I still find
it all rather vulgar, perhaps I am looking
at this from completely the wrong angle.
James Campbell certainly thinks so. James
thinks that perhaps, just perhaps, such
a phenomenon could be the catalyst for
real change in terms of payment culture.
Maybe, just maybe, if serial late payers
are made aware in a hard-hitting way,
that there could be serious financial
penalties as a consequence of not paying
to terms – and that their pasts could easily
catch up with them – there might be a rethink
about indulging in such practice.
He writes in his article (page 16) that ‘the
short-term gain of holding on to a supplier’s
money for a few extra days against the
long-term risk of being landed with a
sizeable claim might be given a second
thought.’ He says that while it might not
eradicate the problem, it might start to
reduce it.
Let’s see. If it kick-starts the debate, and
gets people talking about it again, then
maybe our ambulance chasing friends are
unwittingly doing SMEs a good turn.
I detest ambulance chasing at the best of times.
I always wondered, for example, how many people
actually benefitted from PPI when it was rightfully
ascribed to them but chose to remain silent.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 4

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Brexit uncertainty impacts long
term UK-EU trade levels
UK trade with the EU
has declined at twice
the rate as trade with
the rest of the world,
according to new
economic research
from trade credit insurer Atradius.
While the UK’s global trade levels
have dropped at historically high rates
over the past year, driven primarily
by the Covid-19 pandemic, the new
Atradius report suggests the potential
impact of Brexit may have been
masked.
The economic research paper,
entitled Brexit disrupts UK-EU trade,
reports UK international trade
collapsed 14.3 percent year-on-year
in March 2021 with a near-equal
contribution of EU and non-EU trade.
Exports performed the weakest,
dropping 17.4 percent year-on-year
compared to an 11.8 percent drop in
imports.
However, comparing trade levels
from the past 12 months to those in
2018 shows the longer-term difference
in trade levels is more protracted.
Over this period, trade between the UK
and non-EU countries fell 9.1 percent
with UK-EU trade down 18.9 percent.
Written by – Sean Feast FCICM
Atradius reports that while demand in
the last year has been severely affected
by the pandemic, the higher magnitude
of long-term UK-EU trade contraction
suggests Brexit uncertainty has played
a significant role.
The impact of uncertainty can be
seen in the slowdown of growth during
2018 followed by a largely flat year in
2019. However, trade gains between the
UK and EU made since 2016 were all
but wiped out in 2020 in the run-up to
the end of the transition period with
uncertainly playing a larger role in
reducing trade than the changing trade
regime itself.
In Q1 2021, total trade growth began
to turn up from a low of -17.1 percent in
January as base effects came into play
and confidence improved. However,
this is the first quarter on record that
the value of imports from outside
the EU surpassed those from within
the EU. Non-EU imports now total
51.1 percent of the UK’s total imports
following a decline of UK-EU imports
of five percentage points since early
2018. During this time, UK-EU exports
declined four percentage points to 45.6
percent.
James Burgess, Head of UK
Commercial for Export expert
Atradius, believes UK trade is facing an
unprecedented mix of challenges with
the global health crisis and associated
lockdowns causing demand at home
and abroad to plummet: “This came at a
time of rising uncertainty surrounding
the future trade relationship with the
EU,” he says.
“The current iteration of the trade
agreement has offered optimism for
the 2021 outlook although there are
still barriers to overcome in the form of
customs bureaucracy and regulatory
uncertainty. We can clearly see the
impact of uncertainty on business
confidence and resulting trade levels.
“However, what is certain is that
the global trade environment has
changed – and will continue to do so.
Businesses must future-proof their
operations by proactively monitoring
for new, ever-changing risks with an
agile and robust response. Despite the
ensuing uncertainty, opportunities
for growth are arising across global
markets. To seize these, businesses
must equip themselves with a
comprehensive trade strategy that
protects them from the risks no matter
what the future holds.”
Brits feel financially secure despite pandemic
NEW research suggests that millions
of Brits’ financial health has improved
during the coronavirus pandemic.
The study by money transfer experts
RationalFX found that the number
of people in the UK who described
themselves as either ‘very comfortable
financially’ or ‘relatively comfortable
financially’ stood at 50 percent in
March 2021.
That marks an increase of eight
percentage points – more than four
million people – from a year before, in
March 2020, when the figure was 42
percent as the coronavirus pandemic
took hold and the first lockdown
began.
The number of people describing
themselves as ‘very comfortable
financially’ reached eight percent in
May 2021, its highest ever percentage
since YouGov launched the monthly
tracking survey in July 2019, when the
figure stood at six percent.
Back then, the population’s financial
outlook was considerably more
pessimistic, with only 41 percent
of people considering themselves
comfortable, and 18 percent saying
they were struggling to make ends
meet or worse. However, the most
recent data for May 2021 shows that
people struggling to make ends meet
or having to go without essentials has
now fallen to 12 percent.
Those over 65 are the most
financially comfortable group, with
59 percent either relatively or very
comfortable. In the 18-24 and 50-64
age brackets there are 54 percent in
each who have few money worries,
while the least comfortable age range
is those aged 25-40, of whom just
40 percent describe themselves as
comfortable.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 5

NEWS ROUNDUP
Employees made bad debt
decisions during the pandemic
NEARLY a quarter (24
percent) of employees
admit they made a bad
decision about debt during
the pandemic, according
to a new study from Aviva
that looked at the experiences of personal,
workplace and financial wellbeing since
early 2020.
Worryingly, this figure rises to more
than half (51 percent) of those aged 18-to-
24, dubbed ‘Gen-Z’. Amid the turmoil of the
pandemic, young people have emerged
as one of the most vulnerable groups in
society and have been some of the hardest
hit. More than a third (36 percent) of
‘Gen-Y’ aged 25-to-39 also feel they made a
bad debt decision since COVID-19 struck.
Aviva’s report – Thriving in the Age
of Ambiguity: building resilience for the
new realities of work – shows how our
relationship with finances, work and our
hopes for the future have evolved as we
adapt to the ambiguity from the last 12 to
18 months. Conducted in collaboration
with Business Wellbeing Specialists,
Robertson Cooper, the research reveals
that personality plays a key role in
determining our preferences, behaviours,
and outcomes – at home and work.
More than a quarter (29 percent) of
respondents disclosed they have had to
borrow to replace lost income, while 30
percent stated they are concerned their
money will run out. The research also
shows a concerning number of employees
(39 percent) agree their current financial
situation negatively impacts their mental
health, while 60 percent feel their finances
control their lives.
However, the report also reveals those
who suffer from poor financial wellbeing
do not necessarily think of themselves
as bad with money – challenging the
stereotype that money worries arise from
disorganisation or knowledge gaps.
More than two thirds (68 percent) of
employees with poor financial wellbeing
think they are organised with their money,
and 64 percent always try to minimise
debt. The research shows financial factors
only account for half (51 percent) of
someone’s sense of financial wellbeing; the
rest is driven by other factors, including
personality type.
Aviva’s report – Thriving in the Age of Ambiguity
Aviva’s study shows personality type
has a huge influence on individual
behaviour, mindset, and personal
outcomes. Employees who are thriving
in adversity tend to be naturally more
emotionally resilient and optimistic. Those
with less natural emotional resilience
regularly experience negative emotions,
low financial and mental wellbeing, along
with feelings of anxiety and struggle with
debt.
Laura Stewart-Smith, Head of
Workplace Savings and Retirement at
Aviva says the COVID-19 experience has
fundamentally altered our relationship
with money, work and health: “While some
employees have been able to boost their
financial wellbeing by saving more, others
have found their income reduced and are
facing larger debts or having to provide
support for dependent family members.
“Our report shows many trends which
have been gathering pace in recent years
have now reached an inflection point,
as new preferences emerge to shape the
way we work, feel, think and plan ahead.
Financial education in the workplace is
nothing new, but now more than ever,
there is a fundamental need for employers
to provide tailored support for employees
to ensure they can genuinely thrive in the
‘Age of Ambiguity’.
“Financial confidence can have a
tremendous impact on mental health and
personality type has a huge influence
on behaviour and mindset too. Greater
support is vital for employees to thrive
in an increasingly ambiguous financial
environment. We believe there is a crucial
role that employers can play in facilitating
this. One which introduces a new
dimension of personality type.”
Iona Bain, personal finance expert,
believes the last 18 months have had a
seismic impact on the way we live, work,
and manage our finances: “The pandemic
has accelerated existing trends and
magnified our attention on developments
that have been bubbling away for years,”
he told Credit Management.
“As we gradually move out of lockdowns
and restrictions, employers and employees
alike will need time, support, and expert
insight to skilfully navigate this brave
new world. Sadly, there appears to be a
mismatch between good intentions and
reality.”
Ethical appointment
KM2 Ethical Finance (KM2) has appointed Amir Ali FCICM
to its board to act as an independent advisor to the team.
The company recognises the invaluable contribution a fully
independent board advisor can bring as it grows, seeks
regulatory authorisation and develops client relationships with
major international finance houses. The company says that
Amir’s experience working with Government departments and
organisations in the third sector will also be of tremendous
value as it develops and unfurls its social inclusion activity.
Amir is a former Chair of the Civil Court Users Association
(CCUA) and Fellow of the Chartered Institute of Credit
Management.
Scottish woes
MORE than 31,500 people in Scotland sought help from
StepChange Debt Charity, and over 11,000 went through a
full debt advice process during the year of the pandemic,
according to the charity’s latest Scotland in the Red update.
Average client rent arrears rose by a dramatic 43 percent in
2020, one of the most worrying impacts of the pandemic and
a very clear warning that continuing support will be needed
for many households if recovery from post-COVID debt is to be
achievable. Polling shows thousands of Scots are struggling
with debt and are behind on essential bills like Council Tax
and rent, with more than a fifth using credit to make ends
meet (see notes to editors) and cover essential costs.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 6

NEWS ROUNDUP
CICM partners with CES and
champions call for change
THE Chartered Institute of Credit
Management (CICM), the world’s largest
professional credit management
organisation, has agreed a new partnership
agreement with Court Enforcement
Services (CES), a leading provider of High
Court Enforcement activities.
Several of CES’ senior management team
have been members of the CICM for many
years, and its services and advice have
been relied upon by many in the industry
for some time. Developing this relationship
into a formal partnership will extend CES’
reach, but also see it offer webinars, training
and share best practice, and strengthen
its professional relationships with credit
managers and debt recovery solicitors.
Court Enforcement Services will also
work closely with the CICM to support the
campaign to allow cases to be transferred
to High Court Enforcement for debts under
£600. The current system means debts
below the threshold can only be enforced
by county court bailiffs, but with the service
being overwhelmed by a series of national
lockdowns, work is being done to
provide wider access to justice.
Sue Chapple FCICM, Chief
Executive of the CICM, says the
Institute is pleased to be partnering
with a company that puts
professionalism and integrity
at the heart of its work: “With a
wave of insolvencies expected
over the coming months, it
is more important than ever
Funding Circle sells new tranche of debt to Azzurro
FUNDING Circle, the peer-to-peer lending
marketplace, has completed a further
sale of commercial debts to Azzurro
Associates, the commercial debt buyer,
and told investors it will enable returns on
defaulted loans of about 30p in the pound.
According to a report in The Times,
the transaction represents close to two
percent of Funding Circle’s loans under
management. Since it was launched
a decade ago, Funding Circle, which
connects investors with small business
borrowers, has facilitated some £11.5
billion of lending to about 100,000
companies.
The sale of almost 1,900 personal
guarantees to Azzurro follows a smaller
deal last year which led to reassurances
being given by Funding Circle and Azzurro
that distressed borrowers would be treated
fairly.
Funding Circle said in a statement that
that the industry pursues a professional
and ethical approach to collections and
enforcement.”
Wayne Whitford FCICM, co-founder
and director of CES, is delighted to be able
to give back to the organisation and its
members that have provided him with so
much advice and support over his 30 years
in the industry: “I am proud to be a Fellow
of the CICM. I and so many other members
of staff at CES have benefitted from CICM
membership and training over the years,
and with learning and development such
a key focus for us as a business, we are
delighted to be in a position to provide the
CICM and its members with information
and resources relating to enforcement
services.
“The CICM has enabled me to build a
significant network of likeminded people
and resulted in many trusted client
partnerships as well as many valued
friendships. I look forward to continuing to
network with and support new entrants to
the profession as well as existing clients
and contacts in the credit industry through
this partnership.”
Since forming in 2014, CES says it has
managed over 100,000 High Court Writs
and recovered more than £187m
for its clients. Its multi-awardwinning
Agent Patroller App
allows real-time reporting
between the enforcement
agent on the street, the head
office and the client.
Wayne Whitford
it had worked carefully on due diligence
before the sale, including consulting
with the all-party parliamentary group
on fair business banking, which sought
assurances over the fair treatment of
borrowers and an agreement that business
assets would be pursued before personal
ones. Azzurro was contractually obliged
to provide the ‘equivalent level of care’ as
Funding Circle in its collection tactics, a
spokesperson for the online lender said.
Andrew Birkwood FCICM, Chief
Executive and founder of Azzurro
Associates, moved quickly to reassure
the market as to the treatment customers
could expect: “Azzurro Associates is
authorised and regulated by the Financial
Conduct Authority (FCA) and upholds the
highest standards when interacting with
its customers in order to reach affordable
solutions with them,” he says.
“We have also received Interim
>NEWS
IN BRIEF
Tasty treat
ALDERMORE bank has provided a
£1.3 million commercial development
finance loan to Cookridge Estates LLP,
the West Yorkshire property developer,
to fund the construction of two detached
drive thru units built as part of a larger
roadside and retail development. The
two drive thru units have been pre-let
to Costa Coffee and Burger King. The
development site also includes a Lidl
food store which is trading, and a plot
for a petrol station and shop which is
currently under construction.
Unwise Council
THE average person in England needs
to earn 20 days’ worth of wages to cover
the cost of their council tax bill, while in
some areas the average employee would
need to work for a full month to pay the
bill. The analysis of official ONS figures
by A-Plan Insurance reveals that on
average workers in Pendle need to work
for the longest amount of time to cover
their council tax bill. The Lancashire
borough topped the list of more than 300
areas studied as it has England’s lowest
median gross salary and the 16th highest
average council tax bill.
Registration to the Business Standards
of the Lending Standards Board and are
striving to set the benchmark for Treating
Customers Fairly in the recovery of
commercial and consumer debts.”
Credit Management understands
that the portfolios acquired by Azzurro
Associates from Funding Circle since
October 2020 relate to loans that defaulted
pre-COVID. It also understands that there
has not been a single complaint upheld
from any of Funding Circle’s former
customers, whose debts were
purchased by Azzurro.”
Lisa Jacobs, Funding Circle’s
European Managing Director,
confirmed that the transaction
brought forward recoveries for
more than 90 per cent of
(retail) customers that
have lent through the
platform. Andrew Birkwood
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 7

NEWS ROUNDUP
SmartSearch urges
agents to ‘ditch documents’
to be compliant
LEADING anti-money
laundering specialist
SmartSearch has warned
property agents are in serious
danger of non-compliance
with new regulations, unless
they ditch documents and embrace a
digital solution.
With the passing of the June 10
deadline for estate and lettings agents to
register with HMRC to ensure compliance,
there are concerns that some agents
are not prepared for the extra regulatory
responsibility, and that relying on
outdated methods of ID verification is
leading to a rise in fraud.
In addition to the HMRC deadline, many
estate agents are still having to work
through the requirements of the fifth EU
Money Laundering Directive which came
into force almost 18-months-ago. As the
outbreak of the coronavirus pandemic
also led to an increase in attempted
money laundering in the property sector,
it has been a challenging period for the
sector in trying to prevent fraud.
John Dobson, CEO at SmartSearch says
there needs to be much greater awareness
of the flaws in the practice of checking
hard copy documents in the customer
onboarding process, which he says is
wide open to fraud. In addition, the UK
Government has enshrined in legislation
the need to use electronic forms of
verification wherever possible.
“No doubt it is difficult for any sector
to make the changes that are being
asked of property agents in lettings and
sales, and doubly difficult when facing a
global pandemic,” he says. “The increase
in organised criminal activity using the
property sales market to flush through its
dirty money, has been widely reported.
But also, we’re seeing reports of serious
spikes in fraud in the rental sector,
where criminals are using fake IDs to
rent accommodation as a base for their
nefarious activities.
“This is being allowed to continue
because agents are still relying on
manually checking somebody’s passport
or utility bill as part of the customer
onboarding process. But criminals are
turning out highly sophisticated forgeries
of these documents which, in a sector as
busy as it has been this past 12 months,
are not undergoing the necessary
scrutiny.
“So, if agents really want to ensure they
are compliant and want to prevent fraud
and money laundering attempts, they
need to accept that documents are dead
when it comes to ID checks.”
John believes that a digital solution
scanning global databases and lists for
sanctions and PEPs (politically exposed
persons) is far quicker with individual
checks being carried out in two seconds:
“It is more accurate, cost-effective and
ensures compliance as it updates client
details automatically,” he claims.
He also thinks that the regulator, the
Financial Conduct Authority, has a part to
play in raising awareness of the potential
benefits of technology over manual
methods of verification, otherwise many
agencies could be facing serious penalties
for failures to comply: “We are seeing
record numbers of regulated businesses
coming through our doors as they
have seen for themselves over the past 12
months how inadequate the
manual methods of verification have
become.”
>NEWS
IN BRIEF
Exclusive Networks
reinforces theme of trust
EXCLUSIVE Networks, the specialist
providers of technology solutions to
encourage the transition to a trusted
digital world, has been awarded its first
CICMQ accreditation, a demonstration of
excellence in credit management.
Graham Aynsley, Finance & Operations
Director at Exclusive Networks, says
that the key theme of ‘trust’ was core to
its reasoning to attain the accreditation:
“We know that trust is at the foundation
of our partner and vendor relationships,
and gaining accreditation demonstrates
our commitment to professionalism and
excellence.
“The process itself has obliged the
whole team to challenge what they know
and push for improvements, not only in
the cash collection process, but also in our
internal and external communications
as well as our wider knowledge of the
industry. The knowledge that has been
gained will be used for the continued
benefit of the company and its partners.”
Chris Sanders FCICM, Head of
Accreditation, CICMQ, says the team can
be proud of its achievement: “The newly
created credit policy is fit for purpose with
clear unambiguous processes and covers
all aspects of credit management relevant
to the business. Exclusive Networks
ensures that all staff understand the
importance of compliance as described,
relating to on-going training and refresher
courses across the range of compliance
topics.”
Indeed, the credit team has
demonstrated its commitment to
upskilling and training, with several
members of the team currently training
for CICM exams, and new employees
to be offered the same possibilities for
development.
Watertight Business Stream gains CICMQ accreditation
BUSINESS Stream, one of the UK’s
largest water retailers, has achieved
CICMQ accreditation, a demonstration of
excellence in credit management.
Martin Kirby FCICM, Head of Credit
Risk and Collections at Business Stream,
says the accreditation has stressed the
importance of maintaining the team’s
high standards: “Regular process audits,
internal training and external stakeholder
communication have always been a
key part of our credit policy, and we will
continue pushing these to ensure that our
team continues to deliver to the highest
level. “Our aim is to ensure that Business
Stream’s cash flow remains healthy and
exposure to bad debt is minimised. Our
collections strategy, therefore, segments
customers into low, medium, and high
risk, so that we are able to identify more
vulnerable customers and support them
accordingly.”
Chris Sanders FCICM, Head of
Accreditation, CICMQ, says the credit
team at Business Stream are energised
and motivated: “They can be extremely
proud of the results achieved during a
year where regulatory changes shifted the
collections process. “In this complex and
highly regulated business, compliance
is essential, and all process are defined.
Staff are equipped with the training
necessary to perform their roles well, to
work compliantly and to adhere to the
rules surrounding segregation of duties.”
Business Stream is described as a trusted
supplier to over 340,000 businesses
ranging from small corner shops to large
industrial estates.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 8

INSOLVENCY
Changing times
The IPA response to challenges in the
insolvency profession.
AUTHOR – Kevin Hellard
THE COVID-19 emergency
has prompted innumerable
changes to working
life across many industries.
In insolvency, a profession
with a wide variety
of stakeholders including insolvency
practitioners (IPs), creditors, the legal
sector, government, debtors, regulators,
charities and more, we have dealt with
wide-ranging developments.
There was the obvious pivoting
to remote working at pace. Multiple
changes in legislation required agility
and rapid adaptations. We also needed
to look at the way we regulate and make
reasonable adjustments to expectations
of our members and provide support.
Changes came thick and fast pretty
much throughout 2020 from March
onwards. There was also the rise of
Covid-related fraud. The changes go on
and on, and no doubt there were similar
situations in the creditor community.
As an IPA President, I would normally
serve a one-year term, but through an
Extraordinary General Meeting held
earlier this year, this term has been
extended for another year. This was put
into action so that my fellow IPA Office-
Holders and I could have the chance to
serve our terms more ‘in the open’, as
opposed to behind our laptop screens
at home or elsewhere! I am very much
looking forward to more in-person
events in 2021, as well as the adoption of
the best elements working virtually has
to offer.
At this year’s IPA Annual Conference,
together with other IPA personnel I
considered the theme of leading through
times of change. I wanted to share some
thoughts from the discussion in this
article.
As mentioned, the pandemic
brought on many different challenges
around regulating and supporting our
members, carrying out our day-today
work and ensuring that all those
involved in insolvency matters are dealt
with appropriately. Pre-pandemic, the
IPA launched a new system of riskbased
monitoring of the IPs under
our supervision, in which monitoring
focuses on inherent risks identified
from case profiles, prior monitoring,
complaints and other intelligence.
This system enables us to be far more
agile in carrying out our regulatory
responsibilities, giving more time to
those in need of additional support
to raise standards, and ultimately
contributing to a more effective
insolvency profession. This agile way of
thinking also applied to our pandemic
response.
The IPA has two Committees that
deal with matters relating to IP conduct
and any disciplinary action. These are
the Regulation and Conduct Committee
(R&CC) and the Disciplinary and
Appeals Committee (D&AC). When
it was necessary to move to remote
operations, including virtual Committee
meetings, I think some Committee
members could be forgiven for having
some initial concerns about whether
such important and technically deep
meetings could proceed smoothly!
However, by embracing technology, we
and our R&CC and D&AC Committee
members (who operate independently)
soon had any misgivings quashed, with
Committee members noting the ease
with which they could carry out their
work.
Similarly, we brought workshops and
training online. We quickly recognised
the benefits that virtual events could
bring for a future hybrid model, for
example fitting a training session into
a convenient virtual lunchtime slot, as
opposed to being in-person with the
associated required travel time and
expense. We all still like to attend things
in person of course, but it is certainly
good to have options, especially now
that those options have been tested
and we have confidence in them!
Virtual training also has the benefit
of eliminating barriers for some who
may not be able to physically attend,
for example due to cost, geographical
challenges and conflicting professional
or personal commitments.
We also had to take the IPA’s insolvency
exams online, which admittedly
presented some teething issues due
to the speed at which this had to be
executed to avoid the disappointment of
cancellations. Taking this action has also
catalysed what was believed to be the
inevitable move to online examinations
and a better experience for students.
We plan to take other IPA products and
services forward in a virtual or hybrid
form to ensure wider accessibility – for
example, internationally.
As we have highlighted to our
members, it is vital to be mindful of
the risk of people using insolvency
as a vehicle for fraud, for example
concealing fraudulent use of COVID-19
support funds.
There is also the question for
directors on whether to continue with
COVID-19 support that will require
repayment or wind up now and start
afresh – something else for creditors
to consider, as well as the anticipated
rise in insolvencies when Government
support ends.
As the economic support for
companies, the self-employed and
individuals starts to wind down,
questions still remain for those involved
in insolvency as to the lasting impact of
the pandemic. There are many positives
that we can all take forward, in terms
of use of technology and how we work.
As the UK starts to come out of this
emergency, our profession will have a
significant part to play in the recovery
of the economy. The IPA will be working
hard as a robust regulator to support this
recovery.
Kevin Hellard is President, Insolvency
Practitioners Association, and Partner
and Practice Leader, Insolvency and
asset recovery at Grant Thornton.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 9

OPINION
FRIENDLY FIRE
Regulation that incentivises banks to sell
non-performing loans (NPLs) is having
unintended consequences on the consumer
and society.
FOR more than two years, the media
in Ireland have been actively
pursuing a story that suggests
thousands of consumers are being
(or will be) disadvantaged by the sale
of distressed Irish mortgage books to
Private Equity (PE) funds.
The narrative is a familiar one: so-called ‘vulture
funds’ acquiring non-performing loans to make a
fast buck in as short a time as possible, with no
care or thought as to how the consumer is treated,
or whether there is any chance that customers
may be rehabilitated to the financial mainstream.
Talk in the Irish press of anything
up to 40,000 being left on the street
added further fuel to the fire. Such
a negative characterisation of the
PE market is hardly fair – they are
an easy target for media criticism
– but the wider issues raised by
the coverage are worthy of further
debate.
Ireland experienced a significant
property bubble and subsequent
crash, leading to significant
tranches of NPLs being put up for
sale. The reason that so many NPL
portfolios are ending up in the
hands of PE funds, however, is a
consequence of legislation brought
in after the Global Financial Crisis. And what is
happening in Ireland – and the media furore it
created – could very shortly be happening here.
REDUCING NPL RATIOS
Since the crisis of 2008/9, regulators have been
focusing on reducing the NPL ratios within banks,
encouraging those banks to sell to customers
with defaulted products. A key component of
this legislation is the Prudential Backstop which
incentivises banks to sell or otherwise write off
NPLs from their balance sheet by making them
increasingly expensive to keep, with the costs
ratcheting up over time.
The regulators hope that in making NPLs
too expensive to keep, and selling them on, the
originating banks may free up capital to lend to
new customers. To a considerable degree this
has been happening: in the recent EBA report on
NPLs, the total volume of NPLs as at June 2019
stood at €636bn but that is only half the volume
recorded four years earlier (€1.152bn). In Q2 2020
the total absolute amount of NPLs (gross value) for
AUTHOR – Ben Marsh
The regulators
hope that in
making NPLs
too expensive to
keep, and selling
them on, the
originating banks
may free up
capital to lend to
new customers.
all banks in the EU stood at €588bn, though the
steady decrease witnessed pre-COVID now seems
to have come to a stop and is perhaps unlikely to
pick up again until after the recovery has started.
But regardless of the volumes of NPLs available
for purchase, what the regulators seem to have
failed to take into account is what happens to
the customer whose debt is sold. And while they
talk of the importance of a ‘deep and liquid’
secondary market and the need even to encourage
new entrants, they do not appear to have fully
understood the differences between the various
‘buyers’ already present in the secondary market,
or their roles or motivations.
At one end of the scale are the
Investment Funds who tend to take a
short-term view over every portfolio
they buy, with little or no desire or
capability to support a customer
over the longer term or offer new
financing if they should need it.
In the middle are the mainstream
buyers, sizeable businesses in
their own right with the ability and
appetite to support customers over
the longer term. Out on their
own are the specialist banks,
who understand the customer’s
position, and are willing and
able to support that customer
through difficult times and, like the mainstream
buyers, over a much longer period because their
model is based on long-term, stable returns as
opposed to short-term cashflows. (Hoist Finance
is one example of those specialist banks, having
held a banking licence since 1996. It looks
after customers for an average of 4.5 years and
operates a deposits business, using those funds to
acquire performing and non-performing loans.)
The problem is that these specialist banks
inadvertently find themselves in a Catch 22: while
they may wish to work with a customer over the
long term, and ultimately returning that customer
to financial health with future access to credit, the
clock is ticking. As banks, and therefore subject
to the same regulation as the selling banks, they
are financially penalized for hanging on to the
portfolios of NPLs they hold!
Offloading NPLs early is likely to be to the
consumer’s detriment, excluding them from
access to mainstream credit. It might also lead to
more portfolios being sold to those funds at the
far end of the scale with different motivations,
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 10

OPINION
AUTHOR – Ben Marsh
because the bank purchaser is simply not able
to compete financially.
The legislation has in effect meant that banks
like Hoist Finance have been caught in friendly
fire as the assets continue to weigh more heavily
on balance sheets even after they are purchase.
THE CUSTOMER JOURNEY
So what’s to be done? Certainly, we believe that
consumers are better served by specialist banks
rather than unregulated investment funds. In
the fairness of balance, in exploring and better
understanding the defaulted customer journey,
there are pros and cons on all sides, both to the
customer, and to society.
Selling to a fund often leads to faster
resolution of a debt problem and frees capital
for the originating bank to create new lending.
But there is little or no focus on customer
rehabilitation and no ability to offer new
credit products, which means such customers
contribute little by way of any societal benefit.
Selling to a specialist bank purchaser
does mean a proven focus on the customer
and positive, longer-term outcomes and in
rehabilitating those customers with continued
access to credit which in turn means a continued
contribution to society. The Prudential Backstop,
however, creates what we describe as ‘a burning
platform’, and restrictions in terms of the ability
to offer new credit and restructure loans.
The loans could, of course, still sit with the
originating banks, and not be sold at all. The
original lenders are being actively encouraged
to properly recognise and manage NPLs more
actively, and identify vulnerability at a much
earlier stage. But the desire to sell is not only
driven by the regulation, but also by the fact
that the relationship with their customer has
broken down. Originating banks are often not
set up to manage long-term NPL customers.
A build-up of NPLs also prevents them from
further lending.
Banks of every hue are more highly
regulated than their counterparts which
leads to better customer treatment
generally. Current regulation,
and the need of banks
to offload NPLs
from their balance
sheet, could end
up with the very
thing that many
are trying to avoid
– a shift towards
more sales only to
investment funds, possibly to the consumers’
detriment at a time that the European
Commission is insisting that all consumer
protection obligations are upheld, irrespective
of how NPLs are resolved.
The secondary market, overall, is a good
thing, and a healthy and diversified market is
essential. There is undoubtedly a place for
Ben Marsh
‘vulture funds’
acquiring nonperforming
loans
to make a fast
buck in as short a
time as possible,
with no care or
thought as to how
the consumer
is treated, or
whether there is
any chance that
customers may
be rehabilitated
to the financial
mainstream.
PE, but as have seen in Ireland, people in debt
deserve a second chance – especially in a post-
COVID world – and might not get it if only
taking a short-term view. Investment funds
often push customers down a legal route when it
comes to collateral realisation, without, perhaps,
trying too hard to find an amicable solution.
Judicial sale prices are inevitably lower than
those realised through amicable means, and
the build-up of such judicial sales is therefore
more likely to drive house prices down over the
longer term. That in turn creates a larger debt
burden for the next set of defaulted customers,
as they see lower values recovered when their
own properties are sold. It’s a significant issue
in Ireland and in France and could end up
being a problem to UK homeowners and other
borrowers, once the Government safety net is
taken away, and the true extent of the economic
downturn is felt.
The regulation as it stands needs to be
reconsidered, and it needs to be done urgently,
for I doubt very much it was intended to impact
the customer in the way that it has, nor to the
extent that it might. It should not be a barrier to
a positive outcome for all concerned.
Ben Marsh is Head of Corporate
Development, Hoist Finance.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 11

INTERVIEW
DRIVING AMBITION
Sean Feast FCICM speaks to Dave Timmis,
founder of Leasing.com, about the resurgence
in leasing’s share of private new car finance.
DAVE Timmis started selling
classified advertising space on
the Warrington Guardian and is
today the founder and creator
of Leasing.com, the country’s
largest car leasing comparison
website. He is also one of the UK’s leading
advocates of leasing as a financing tool: “John Paul
Getty said if it appreciates, buy it, if it depreciates,
lease it,” Dave laughs.
It is now more than 20 years ago that Dave first
came up with the idea of harnessing the internet
to offer leasing deals in real time: “Even with
the dot com crash happening around us I had
a hunch, a bit of a gut feeling, that the internet
might take off! It’s easy to look back now and think
that, but to me the niche marketing opportunities
that the internet offered just made sense. It was
easy to find a website that provided exactly what
products or services you were looking for from the
comfort of your own home or desk.
“What really struck me as a great idea was to
be able to advertise car leasing offers in real time
to people that were interested in leasing cars (as
opposed to buying). The car leasing market was
really quite small then, and more focussed on
company car users, very time sensitive and niche.
But that was the point. Time sensitive and niche
was what was needed.
“Many of the consumer car magazines had
literally dozens and dozens of pages of ads from
brokers and dealers all advertising car leasing
offers, but it was all out of date by the time it was
printed. That was no good for anyone, and that’s
how the idea of Leasing.com came about.”
SIMPLE CONCEPT
Dave started the site (initially called
ContractHireAndLeasing.com) in 2000, and it
has since grown to become the largest of its
kind, perhaps five or six times the size of its
nearest competitor, according to some estimates.
The concept is simple: the site aggregates and
compares all of the best car and van leasing
deals from brokers, main dealers, funders and
manufacturers. This, Dave believes, is what gives
it its appeal: “Nowhere else attracts the audience
volume that we do or compares offers from the
breadth of partners that we do,” he says.
“Leasing.com enables consumers to find the
best deals, then enquire or apply online through
our platform. For our advertising partners, we
enable them to sell more cars by putting leasing
offers in-front of a huge in-market audience of
consumers looking for what they are offering.”
The business has grown organically, and in 2019
launched the new Leasing.com brand and website.
It was supported by a ‘say goodbye to buying’
media campaign, with the business positioning
itself as the car leasing experts, and with a vision
of being the market-leading, trusted champion of
car leasing.
So what makes leasing such an attractive
proposition in comparison to outright purchase or
Personal Contract Purchase (PCP)?
“Leasing a new car gives certainty, eliminates
residual/future value risk, and most importantly is
usually the most cost-effective method of funding
your new car for the duration of the lease,” Dave
claims, “which is usually between two and four
years. With leasing you are only funding the
car depreciation and not the whole purchase or
financing cost with additional interest applied.”
Dave says that leasing also enables customers
to take advantage of the bulk discounts and
other financial incentives applied that individual
consumers cannot access: “Fixed cost, peace of
mind motoring in a new car, under warranty,
driving the latest model, with road tax included
for the duration and a new car every few years?”
he says. “What isn’t there to like?”
STRAIGHT TALKING
Dave is straight in that he would never say leasing
is always the best option, but it usually is. “By
way of an example my own car, an Audi Q7, has
almost lost more in one year of depreciation than
the total lease cost for two years! The same car
(new) on a PCP was significantly more expensive.
Dealers were offering three plus year-old (used)
now facelifted Q7’s for about the same or more on
PCP than I’m paying to lease.”
From how Dave talks, one would imagine the
market for leasing is growing. And you’d be right.
While lending across all products fell in 2020,
leasing’s share of private new car finance actually
grew from 11.6 to 13.1 percent. That’s not to say the
market isn’t without its challenges, though Dave
thinks COVID has simply accelerated a number of
trends that were evident already.
“Consumers have definitely become more
frugal, cost conscious and want value for money,”
Dave says. “Cars are most people’s second biggest
expense. The pandemic has made everyone assess
their situation and look at costs. Most of us will
always want and need a car. Lower mileage deals
on great value leasing offers will always be a hit
with consumers. Affordable monthly payments
work for everyone. They keep manufacturers
production lines rolling and enable consumers to
afford new, fuel efficient cars with the latest tech.”
Dave believes that if the deals are there,
then the consumers are there: “Even in the
middle of the pandemic, between last May and
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 12

INTERVIEW
AUTHOR – Sean Feast FCICM
“Cars are most people’s second biggest
expense. The pandemic has made everyone
assess their situation and look at costs. Most of
us will always want and need a car.’’
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 13
continues on page 14 >

INTERVIEW
AUTHOR – Sean Feast FCICM
June, one manufacturer sold 460 cars through
Leasing.com from 919 enquiries. That’s a
remarkable conversion rate and a similarly
remarkable number of cars sold in one of the
most depressed markets in recent times.”
ELECTRIC TRENDS
Perhaps one of the most significant trends
to emerge is a move towards the earlier
adoption of Electric Vehicles. The transition
from internal combustion engines to batterypowered
EVs gained record momentum last
year. SMMT data showed that 2020 was the
best-ever year for new battery-electric vehicles
(BEVs), with a total of 108,205 sales. This sales
volume gave BEVs a 6.6 percent share of the
total new car market, compared to just 1.6
percent in 2019. Dave believes demand is ever
greater:
“We have a huge amount of data and insight
at our disposal and we saw even greater
demand for BEVs last year than was seen in
the SMMT data,” he says. “Demand for BEVs
on Leasing.com – represented as total sales
enquiry volumes – increased by 129 percent
in 2020 compared to the previous year. Last
year, BEVs accounted for 10.4 percent of
total annual enquiries compared to just four
percent in 2019.
“While we saw increased business demand
for BEVs from April 2020 due to the Benefit-
In-Kind tax incentives introduced for electric
vehicles, nearly two-thirds of total BEV
demand came from private individuals and
cash allowance users. The BEV models and
leasing profiles chosen by private and business
users were also distinctly different in 2020, as
our analysis shows.”
If 2020 was the tipping point for BEVs, then
2021 will see their continued drive into the
mainstream market. Demand for electric vans
should also start to follow the lead of cars and
see a surge in interest in 2021.
With all eyes on the Government’s 2030
target to phase out the sale of pure internalcombustion
engines, manufacturers are
releasing an array of exciting new BEV models,
which offer consumers and businesses ever
greater choice and the ability to find a vehicle
to meet their precise needs.
“The SMMT is currently forecasting BEVs
to account for nearly 12 percent in 2021, but
we are forecasting BEV demand to exceed 20
percent of total enquiries this year,” Dave adds.
So with the lockdown easing, and confidence
returning, does Dave see a bright future for
leasing and automotive sales? “We’ve all heard
talk about and indeed experienced pent up
consumer demand,” he says, “and we are
definitely seeing a big increase in activity and
enquiries. There is undoubtedly an increased
appetite for new cars.”
And what of his own plans? “We will
continue to innovate, and through continued
investment in our website, marketing and
partnerships further solidify our position
as the most trusted and known car leasing
website for consumers,” Dave concludes.
Dave Timmis is Managing Director
of Leasing.com
Dave Timmis
“Leasing a new car
gives certainty,
eliminates
residual/future
value risk, and
most importantly
is usually the most
cost-effective
method of funding
your new car for
the duration of the
lease.”
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 14

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Can anything be done to start turning the tide? Perhaps a
first step would be to have a quick look at how a couple of
other damaging cultures came to be shifted.
Culture Club
Tackling late payment requires a
complete cultural rethink.
AUTHOR – James Campbell
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 16

OPINION
AUTHOR – James Campbell
LATE payment, a polite
enough phrase. Delayed
payment, even politer. How
about, supplier abuse? Not so
polite but, in reality, a better
description of the scourge of
payment not being made to agreed terms.
The art of the customer preserving
liquidity at the expense of the supplier.
Of deciding to make payment when it
suits and not being concerned by the
consequences of such behaviour.
Supplier abuse, sorry, ‘late payment’
has probably been around since shortly
after credit was invented and despite
plenty of worthy effort (not least from
the CICM as the originator of the Prompt
Payment Code. Ed) it is a problem which
just doesn’t seem to get any better. It has
almost become a part of doing business –
an accepted culture – despite the dreadful
consequences it causes.
Can anything be done to start turning
the tide? Perhaps a first step would be to
have a quick look at how a couple of other
damaging cultures came to be shifted.
DRINK DRIVING
It can be reasonably argued that the
cultures of drink driving and smoking
were altered by messages, partly about
consequences, largely conveyed in
Government campaigns and via the
mainstream media of the day.
First, drink driving. There was the
phrase, and even the song, ‘One for the
road’, which, in hindsight, almost seems
like an endorsement for getting behind
the wheel whilst under the influence.
What happened to combat the problem?
How many of you remember the beer mats
in the 1970’s, 80’s & 90’s with messages of
sizeable fines and possible imprisonment
when such behaviour ended with
innocent people being killed? With a few
well-publicised court cases ending with
prison sentences it didn’t take too long for
drink driving to be regarded as socially
unacceptable and not worth the risk with,
thankfully, instances of it reduced.
LIGHTING UP
Next, smoking. Widespread for most of
the last century. Just watch most pre-
80’s films or television series and there
is hardly a scene which doesn’t have a
lighted cigarette in it. Initially, when
someone decided to try and do something
to deal with the damage being caused, the
tobacco companies were forced to have
health warning messages on their packets
of ‘smokes’ and then, with much greater
effect, to have horrible pictures of what
smoking actually does to your innards.
Also, the spotlight was shone on the
effects of passive smoking. This all helped
get the message across.
The point is that two cultures were made
socially unacceptable in a reasonably
short space of time thanks largely to
strong messages and publicity which
leads to the question: ‘Can messages and
greater awareness of financial risk start
to change the culture of late payment
in British business?’ And, if so, what
should the message be and who should be
sending it out.
ACT OF PARLIAMENT
The Late Payment of Commercial Debts
(Interest) Act 1998 didn’t really have the
intended effect of reducing late payment
because suppliers are understandably
reluctant to use it in connection with
existing customers, for fear of losing vital
business. However, in a role that it was
not intended for, it might now become
an effective weapon for combating the
culture of late payment that exists. In
the age of ‘where there’s blame there is
a claim’ there is a new kid on the block
– the recent compensation bandwagon
of ‘historical claims going back six years’
being brought by debt collectors against
former customers and the Liquidators of
failed enterprises.
Some EFTA Members have been coldmailed
by debt collectors asking if they
want to consider bringing claims against
former customers for late payment
over the last six years as they ‘could be
sitting on a goldmine’. This looks like a
growth industry for the commercial debt
collection industry and in these troubled
times I am sure that many people will be
tempted to ‘give it a go’ as it is promoted as
risk-free with no outlay.
From the perspective of being on
the end of such a claim I know of one
company which, when a supplier went
into liquidation, received a claim from the
Liquidator for in excess of £15,000 relating
to around 170 invoices paid roughly 15-
days late (i.e. around the 45-day mark
against 30-day terms – a common enough
occurrence) over six years, and which
practice the supplier was willing to go
along with. The claim ended up being
settled for around £10,000 as it was just
too expensive and time-consuming to
fight, not that there appeared to be any
grounds for a defence.
Constructing such claims is not
difficult. All you need is a list of invoices,
the dates when payment should have
been made by, the dates when payments
were received and Bob’s your uncle – if
payments were not made on time you
have a compensation claim. For every
invoice up to £999 it is £40 a pop, between
£1,000 and £9,999 it is £70 and over £10,000
it is £100. You also have a claim for interest
but, in reality, this is often very little and
only the icing on the cake! It all quickly
adds up.
As an example, for 60 invoices below
£999 it will be £2,400 and for 40 invoices
over £1,000 but below £9,999 it will be
£2,800. So, if over six years (which is 72
months), a company regularly indulging
in late payment had not paid this number
and value of invoices the claim that could
be brought would be £5,200 without the
interest. So, what has this got to do with
the culture of late payment?
SERIAL LATE PAYERS
My belief is that if serial late payers were
made aware, in a hard-hitting way, that
there could be serious financial penalties
as a consequence of not paying to terms
there might be a re-think about indulging
in such practice. The short-term gain of
holding on to a supplier’s money for a few
extra days against the long-term risk of
being landed with a sizeable claim might
be given a second thought. It wouldn’t
eradicate the problem but it might start
to reduce it. The possibility of being hit
hard in the pocket could prove to be a
deterrent.
Subject to there being widespread
publicity I think it would be excellent
news if there was a large amount of claims
for historical late payment as this might
start to persuade late-paying companies
that such potential actions could be
coming in their direction.
With regard to who should be promoting
the message about the potential financial
consequences of late payment the best
party, in my humble opinion, has to be
Her Majesty’s Government (HMG) as
it has the farthest reach, the greatest
resources to do it effectively and will be
taken seriously. If HMG can be brought on
board to the idea it will then be easier for
other notable bodies, perhaps including
the CICM, to add pressure and publicity.
Late payment is supplier abuse, pure
and simple, and it should be regarded as
unacceptable. Let’s start doing something
to make it less of a problem.
James Campbell is a regular contributor
to Credit Management as the Secretary of
the European Freight Trades Association
but in this case is writing in a personal
capacity.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 17

WAYNE WHITFORD FCICM
DIRECTOR
+44 (0)7834 748 183
wayne@courtenforcementservices.co.uk
MICHAEL WHITAKER
DIRECTOR OF BUSINESS DEVELOPMENT
+44 (0)7866 840983
m.whitaker@courtenforcementservices.co.uk
NEIL JINKS FCICM
HEAD OF CLIENT DEVELOPMENT & COMMUNICATIONS
+44 (0)7542304328
n.jinks@courtenforcementservices.co.uk
FAST. FAIR. FOR YOU.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 18

ENJOY THE
JOURNEY
COME ABOARD
SEE HOW WE CAN HELP YOU OR YOUR LEGAL TEAM
IMPROVE YOUR POST-JUDGMENT COLLECTIONS
PERFORMANCE WITH A FIRST-CLASS SERVICE.
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TRADING
PLACES
Credit information in a
post-pandemic digital world.
AUTHOR – Neil Munroe MCICM
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 20

OPINION
AS we look to eventually exit the
pandemic, there is no doubt that
the focus will turn to how to
stimulate economic recovery. Key
to achieving this will be the ability
for individual’s and businesses
to gain access to credit and key to making
credit available will be having the best possible
understanding of an individual and a business’s
ability to pay back any borrowings.
As we come out of the pandemic ‘knowing your
customer’ (KYC) is going to be more crucial than
it’s ever been. When I use the term ‘know your
customer’ I am not just referring to compliance
with KYC regulations but to the whole customer
lifecycle from acquisition, risk assessment,
account management and collections.
All of these points of contact with customers
are changing as the relationship is more and
more online. As we have all experienced, this
shift to a digital world has been accelerated by
the pandemic. There is no doubt that the move to
digital services can provide significant benefits to
many. But as we have also seen it can increase the
risks of financial crime, including cyberattacks,
fraud, data breaches and money laundering.
In such a world, having access to relevant
comprehensive information on a timely basis is
going to be even more crucial.
So what changes (if any) are we likely to see
in the credit information space as a result of the
push to restart economies and the ever quickening
move to a digital dialogue with customers? Many,
is the answer with a number already taking place.
Changes in the ‘data landscape’ and in the use of
technology I believe are two of the major ones.
I also believe that you will see a significant shift
in the service offerings of the credit information
providers to support the growth in digital services
and help limit the risks I mentioned above.
Alongside all of this will be the challenge of
regulatory developments that will come about
as Governments look to support individuals and
businesses rights.
INFORMATION ASYMMETRY
There is no doubt that the pandemic has increased
the degree of information asymmetry between
lenders and borrowers. While some businesses
may appear solvent due to Government support
(e.g. subsidised loans, repayment holidays), their
condition may weaken when this support expires.
Credit providers are likely to see a deterioration in
traditional credit history of businesses. The same
can be said of individuals as measures put in place
for them also expire.
It is likely that if credit providers are relying on
traditional credit information they will start to see
a growing number of individuals and businesses
who will fail to meet their lending criteria. There
is no doubt that despite having had issues during
the pandemic some of these individuals and
businesses will have managed to recover and will
be a good risk going forward. So how are credit
providers going to identify these? One way will be
through ‘alternative data’.
Around the world, alternative data can take
many different forms; from non-financial
Further afield
(particularly in
the Far East) the
data landscape
is also changing
as a result of
the growth in
e-commerce
platforms. In
countries where
credit information
is less developed
this type of data
is increasingly
being used to grant
credit to individual
and businesses.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 21
data such as utility data (gas, electricity, telco),
to transaction data such as current account
information or online e-commerce transaction
information to data from social media platforms.
In the case of non-financial data credit providers
are able to gain a better understanding of how
an individual or business is able to meet their
commitments. With transactional data credit
providers are also able to better understand cash
flow and income. By accessing these ‘alternative
data’ sources, credit providers are able to fill ‘the
gap’ in their knowledge of a customers’ finances.
Prior to the pandemic the credit information
industry had already identified that there was
a gap in the information they could supply to
provide a 360 degree view of a customer that
credit providers need to make effective lending
decisions and ensure such things as affordability
requirement were met. Whilst credit information
providers have always been able to provide a view
of outgoings, providing information on income
has been more of a challenge.
OPEN BANKING
The evolution of ‘open banking’ and ‘open data’
post the financial crisis of 2008, driven by the
desire for Governments for individuals and
businesses to ‘own’ their data, has provided the
credit information industry the opportunity to fill
the ‘gap’. The introduction of the 2nd Payments
Services Directive (PSD2) in Europe has further
supported this move.
Using open banking and open data channels
driven by an individual’s consent has enabled
credit information providers to enhance the
level of both alternative and additional data
they can provide. These channels provide credit
information providers with real time access
to new sources of data via APIs alongside the
traditional monthly updates from lenders. This
customer driven ‘self-reporting’ of data (on the
basis it required consent from the individual or
business) is changing the customer dynamics for
the credit information providers with individuals
and businesses also being seen as the ‘customer’,
and more and more direct engagement with them
as a result.
Is this really the case I hear you ask? Well you
only have to look at the advertising campaigns
about ‘boosting your credit score’ and ‘taking
control of your credit score’ to see that it is already
taking place. Another example of the move to
customer driven ‘self-reporting’ is the increasing
ability for consumers to supply their property
rental data to the credit information providers
through specific organisations that have been set
up to collect the data from individuals. This whole
area was supported by the UK Government with
its Rent Recognition Challenge in 2017.
Further afield (particularly in the Far East) the
data landscape is also changing as a result of the
growth in e-commerce platforms. In countries
where credit information is less developed this
type of data is increasingly being used to grant
credit to individual and businesses. As a result
such platforms are moving from e-commerce
operations to also being credit information
and financial services providers challenging
continues on page 22 >

OPINION
AUTHOR – Neil Munroe
the current players in the market. One well
known example of this is Alibaba with its Ant
Financial arm. As these platforms play an
increasingly important role in the provision
of finance there has been some concern over
the fact that they operate outside the financial
services regulatory infrastructure that protects
individuals and businesses and prevents
systemic shocks. In China, where a number of
the e-commerce platforms are based, action
is now being undertaken to ensure that the
financial services arms are required to obtain
the necessary licences and permissions.
CHANGING LANDSCAPES
So taking all of these developments into account
there is no doubt that the data landscape is
changing, and will continue to change further
as a result of the pandemic and the move to
digital. So what is going to happen with all this
new alternative data? Will credit providers be
able to use it? Will it replace traditional data or
work alongside it?
There is no doubt that traditional data sources
and risk models may not be fully updated
and well-calibrated to provide an accurate
assessment of an individual’s or business’s
capacity to repay in the post-pandemic reality.
Traditional risk models, whether offered by
credit information providers or built in house
by credit providers, will need to be adapted.
At the same time new analytical tools will be
required to analyse the new alternative data that
is available and incorporate it with traditional
data to optimise the credit risk assessment.
With the volume and velocity that the new
data brings there is a need for new technology
to be able to process and analyse it. Hence
the interest in the industry in Artificial
Intelligence (AI) and Machine Learning (ML)
applications.
Credit information providers are already
undertaking a significant amount of work on
how these new technologies can be utilised
internally and externally for clients and credit
providers should expect to see new products
and services being developed using these tools.
In any application, the key to their
acceptance will be the transparency and
explain ability of the decision that is made.
The openness of the process is probably not
an issue when the ‘computer says YES’ but it
will be an issue when the ‘computer says NO’.
These concerns have already been picked up by
regulators who are keen to ensure that there is
transparency about what data is being collected
on individuals and businesses and how it is
being used. Governments and regulators have
been struggling to catch up with the fast paced
developments in AI and ML but are now starting
to look to take action. For example the EU has
recently laid out its proposals for regulation of
AI which could have far reaching consequences
on its use. Discussions are also starting in the
US on the subject.
SIGNIFICANT 9O0
The move to digital services spurred on by
the pandemic can provide significant benefits
to individuals and businesses but it can also
lead to an increase in financial crime such as
cyber attacks, fraud, data breaches and money
laundering. For credit information providers
these risks provide an opportunity, using
their data and analytical capabilities, to offer
services to credit providers to help identify and
limit the risks. They have also highlighted their
own vulnerability being such a key part of the
financial ecosystem - recent high profile data
breaches have highlighted this.
At the Business Information Industry
Association (BIIA – www.biia.com) we have
seen significant investment over the last couple
of years by the credit information industry
in both securing their own infrastructure
and acquiring businesses to support credit
providers in combating the growth in financial
crime and it is likely that we will see continued
investment going forward.
With the growing availability of data and
the use of new technology there are growing
concern from Governments and regulators
about how individuals can maintain control
over the use of their data and how their
privacy can be protected. As a result, privacy
regulations based on the EU General Data
Protection Regulation (GDPR) have been
implemented in a number of countries around
the world. In some cases where the GDPR has
been ‘cut and pasted’ into the new regulation it
has resulted in some unfortunate unintended
consequences such as limitations on the access
to the data from outside the country, and
specific requirement on consent which have in
turn had an impact on the development of the
credit information infrastructure. In Europe we
are also starting to see as anticipated further
clarification on the interpretation of the
GDPR. Some of this interpretation could have
an impact on the availability of data to credit
information providers at a time when it could
be argued that more data is required.
It is clear with all that is happening that
the world is going to be a very different place
for credit information providers as we exit
the pandemic. The changing data landscape
and new technology will change the focus
of the credit information industry, from one
of data providers to value added service
providers using their analytical and technology
capabilities to deliver the services that credit
providers will need to deliver their services in
a digital world.
Neil Munroe MCICM is Managing Director,
CRS Insights Ltd, Deputy Managing Director,
BIIA, and Deputy Chair, International
Committee on Credit Reporting.
He has more than 35 years’ experience
in financial services and credit reporting
industries. neilm@crsinsights.com
There is no doubt
that the move to
digital services
can provide
significant benefits
to many. But as we
have also seen it
can increase the
risks of financial
crime, including
cyberattacks,
fraud, data
breaches and
money laundering.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 22

ADVERTORIAL
7 best practice tips for
better credit control
With credit management more important than ever post
lockdown, CICM Corporate Partner Satago advises on how
you can get on top of your credit control…and stay there.
WE’VE all been there.
You invoice a
customer promptly,
include all relevant
payment details
in your email, but
when you come to check your accounts
on the due date, no payment has been
made. You spend the next few days
chasing payment and every day that
passes negatively affects your business’
cashflow. But it doesn’t have to be this
way.
ESTABLISH THE RIGHT
COMMERCIAL RELATIONSHIP
FROM THE OUTSET
Winning a new customer is an exciting
time for your business, but it’s important
that you start off on the right foot.
Remember, customers who owe you
money are less likely to book work with
you in future, so don’t offer them credit
unless you’re sure they’ll be able to pay
on time. It’s better to build a trusting
commercial relationship over time
through regular, prompt payment than
to offer overly generous payment terms
before that trust has been built.
ALWAYS RUN RISK ASSESSMENT
ON NEW AND EXISTING
CUSTOMERS
They might be a well-known company or
even a good friend, but unless you’ve run
proper risk analysis on your customers,
you have no way of knowing what their
credit score is and how promptly they pay
their bills.
Use a professional risk analysis tool
– such as Satago – to find out your
customer’s risk band before you agree
your payment terms. Remember, the right
terms are always the ones that work best
for you.
GET TO KNOW THEIR PROCESSES
Card, BACS, cash? People pay their bills in
different ways and many businesses have
lengthy processes which can cause delays.
When sending an invoice, make sure you
get the contact details of the person who
will be processing your payment so you
can confirm:
• Which payment method they prefer
• What their sign-off process is
• If you need to be added to a list of
preferred suppliers
• What extra information needs to be
included on the invoice.
Tackling these questions early on will
save you a headache in the long run.
SEND REMINDERS SEVEN DAYS
BEFORE PAYMENT IS DUE
Often, invoices are paid late for simple
reasons, such as the right person being
on holiday. By sending a reminder a
week before your payment is due you can
avert these issues before they become a
problem.
This is where automation can really
help. With Satago for example, you can
set automated payment reminder emails,
monthly statements and thank you emails
to send on specific days before and after
payment is due.
KEEP A RECORD OF ALL
COMMUNICATION WITH
CUSTOMERS
Keeping a trail of communication with
your customers can be crucial if queries
arise around payment. What if finance
loses the original invoice? Or the person
who booked the job leaves the company?
Whatever happens, by keeping a record of
all emails and calls, you can ensure you
have all necessary information to hand
should a dispute arise.
ALWAYS BE PROACTIVE AND
PROFESSIONAL IF LATE PAYMENT
OCCURS
Even if you do everything by the book,
late payments can still occur. When
this happens, it’s important to follow a
consistent strategy to ensure payment is
made as soon as possible:
• Set automated reminders to send on
specific days after non-payment
• Highlight your payment details and any
late fees in the body of the emails
• Include the original invoice in all
emails
• If payment is not made after a set date,
escalate the issue.
EVALUATE EXISTING CUSTOMERS
It’s important to continue analysing your
customers over time. If their credit score
improves or they earn your trust through
regular prompt payment, you can reward
them with more generous terms.
On the other hand, if an existing
customer’s credit score declines, you may
need to adjust your payment terms to
avoid putting your business at risk.
Satago monitors all your customers
automatically and notifies you of any
changes to their risk profile, so you’re
always on top of things.
At Satago, we’re committed to
supporting SMEs through automated
credit control, data-driven risk insight
and flexible invoice finance. To start your
free trial, visit satago.com
Satago
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 23

COUNTRY FOCUS
Australia is one of
the world’s leading
economies.
AUSTRALIA
FAIR?
AUTHOR – Adam Bernstein
ANYONE looking at a map
of the world might assume
that Australia is quite
possibly one of the largest
countries, by landmass, on
the face of the planet. And
they’d be right. But what would most likely
surprise them is that it’s not the largest;
that honour goes to Russia with 17m km2.
Canada is next with 9.9m km2. Australia
is, in reality, the sixth largest country with
‘just’ 7.6m km2 of land and sits behind
China, the US and Brazil.
Nevertheless, what makes Australia
special, for British exporters at least, is
that English is the (unofficial) mother
tongue, it follows legal principles that are
similar to the UK’s and has an abundance
of businesses and industries. And it’s
a wealthy country too with a high GDP
per capita ($51,885 nominal, 2020 IMF
estimate) and a low rate of poverty. Not bad
for a country of just 26m people.
Australia is internationally active and is a
member of the World Trade Organisation,
G20, and has numerous trade partnerships
with countries close to hand including
New Zealand, China, South Korea, Japan,
Singapore and Malaysia. Australia, with
seven major international airports,
considers itself a bridge between eastern
and western markets.
And because of its size it is incredibly
diverse in terms of resources and biology.
COUNTRY DEMOGRAPHICS
It doesn’t take much more than elementary
maths to note that Australia is, on average,
sparsely populated with a density of three
people per km2. It’s so low that it’s placed
192nd in a table that sees just eight nations
beneath it including the Falkland Islands
(0.21 people per km2) and Greenland (0.03
people per km2).
But the reality of the climate and its
sheer size means that the majority of the
population lives in just 10 cities. Sydney,
according to 2019 Australian Bureau of
Statistics (ABS) data, is the largest with 5.3m
which is followed by Melbourne (5.0m),
Brisbane (2.5m) Perth (2.0m) and Adelaide
(1.3m). In 20th place is Launceston with
just 87,000 souls. In comparison, Coventry
is the UK’s 20th largest conurbation with
360,000 residents.
Ethnically speaking, the 2016 census
found 36.1 percent of the population
are of English descent, 33.5 percent are
Australian (generally Anglo-Celtic), Irish 11
percent, Scottish 9.3 percent, Chinese 5.6
percent, Italian 4.6 percent and German 4.5
percent. The census also found significant
numbers of people who identify as
Indian, indigenous, Greek, Dutch, Filipino,
Vietnamese and Lebanese. While diversity
can be said of most nations around the
world, the fact that effectively 89.9 percent
have an association with the UK should
encourage exporters.
As for place of birth, ABS data from
2019 shows that apart from the 17m who
said they were born in Australia, 986,000
were born in England, 677,000 in China
and India is in fourth place in supplying
660,000 individuals.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 24

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Uluru, or Ayers Rock, is a massive
sandstone monolith in the heart of the
Northern Territory’s arid "Red Centre".
The nearest large town is Alice Springs,
450km away. Uluru is sacred to indigenous
Australians and is thought to have started
forming around 550 million years ago. It’s
within Uluru-Kata Tjuta National Park, which
also includes the 36 red-rock domes of the
Kata Tjuta (colloquially “The Olgas)”
Australia is a fully
fledged nation
with countless
opportunities for
exporters. The only
question is, now that
the UK is outside of
the EU, how these
opportunities will be
exploited.
Looking at age distribution, Australia’s
population is getting greyer according to the
CIA’s 2020 World Factbook. There are nearly
as many over 65s (15.88 percent) as there are
under 14s (18.72 percent). The age bulge now
lies around 25-54 years with 41.15 percent
of the population. Statista shows data from
2019 as being 19.28 percent under 14 and
15.92 percent over 65. A difference but the
point is made.
INDUSTRIES AND OPPORTUNITIES
For nearly two decades to 2017, Australia’s
international trade had surged. It saw export
prices rising faster than import prices, lowish
unemployment, generally low inflation and
low public debt. But that ended in 2018 as a
number of challenges presented themselves,
not least of which was a slowdown in the
Chinese economy which was a key trade
partner. The net effect was that Australian
commodity prices fell significantly. Even so,
Australia is the world’s 13th largest economy
(according to Investopia).
As for business sectors, starting with
minerals, Australia is self-sufficient in most
minerals of economic importance and
according to a 2019 Herbert Smith Freehills
report, mining contributed about 8.2 percent
to Australia’s GDP and just under half of the
value of total goods exported.
Specifically, this included gold, silver,
nickel, coal, lead, industrial diamonds,
manganese, tantalum, copper, zinc, iron ore
and ferrous compounds as well as uranium
since the 1950s; oil and gas since the early
1960s; and bauxite, alumina and aluminium
since the 1970s. There is also considerable
utilisation of mineral sands.
Clearly, this offers a wide range of
commercial opportunities for ventures
including exploitation, processing, and
services and equipment to the industry.
Along with substantial petroleum reserves,
Australia has natural gas resources that
meet its domestic gas needs and its liquefied
natural gas exports in 2018 were second
($16.9bn) to Qatar’s ($26.1bn).
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 25
continues on page 26 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Government policy on uranium is such that
mining, and export, of uranium is under strict
international agreements designed to prevent
nuclear proliferation.
AGRICULTURE AND TOURISM
The agricultural sector accounts for 2.2 percent of
Australian GDP according to 2020 data from the
Australian Government. The industry employs
over 228,000 people and covers 58 percent of
the land mass. The Government reckons that it’s
worth around $69bn a year of which 70 percent is
exported annually – 11 percent of Australia’s total
exports. Production includes wheat, grains, wine
grapes, fruits and nuts, vegetables, cattle, sheep,
cotton, wool and many more.
With 446m hectares used for so many strands of
agriculture it’s a natural target for those looking
for growth in Australia.
In terms of holidaymakers, Australia is a big
draw for international tourists and 2019 data from
Tourism Australia (there’s precious little point in
looking at data for 2020), shows that there were
9.4m visitors who collectively spent $45.2bn and
used 27m aircraft seats.
According to Statista, the sector contributes
well over $50bn to GDP and rose in value by 6.6
percent in 2019. Over 650,000 people were directly
employed in the sector in 2019.
BUILDING AND CONSTRUCTION
Australian construction has seen some turbulence
in the last few years with output in 2014 (real 2017
US$) of $176bn, $155bn in 2016, $172bn in 2017,
$163bn in 2019. But Global data reckons that the
sector is heading for a period of growth that is
predicted to be worth close to $185bn in 2023.
The decline was a function of problems in
the residential sector as a result of oversupply.
However, the report believes that growth will come
from investments in transport infrastructure,
especially $58.9bn from the Government to
develop the country’s transport infrastructure by
2027–2028. Commercial and industrial projects
and an improvement in consumer and investor
confidence will also provide support. That
prospect appears to be backed by data from ABS
where value of the private sector rose in the fourth
quarter of 2019 to the same period in 2020 by 1.4
percent, 2.6 percent in the public sector and 1.9
percent in engineering construction.
MANUFACTURING EXPERTISE
Australia’s manufacturing sector is large.
According to 2020 data from the Government, it
employs around 900,000 Australians, contributes
$100bn to GDP and contributes 26.4 percent
of business expenditure on research and
development.
IBISWorld lists the industry categories of the top
manufacturers for 2019 as including food product
manufacturing (17 of the top 100 manufacturers),
pharmaceuticals (7/100), basic chemical and
chemical product manufacturing (5/100), beverage
and tobacco product manufacturing (5/100) and
non-metallic mineral manufacturing (5/100).
While the country is known for agricultural
exports and minerals – see above – it appears that
its strict medical standards and regulations have
created opportunities for its pharmaceuticals
sector.
IBISWorld also notes a key strength for
Australian manufacturers – the tendency to
vertically integrate so that, for example, Caltex
Australia not only drills and refines petroleum,
but also runs its own petrol stations.
Notably, the Government has published a set
of National Manufacturing Priorities with a goal
to ‘deliver long term transformational outcomes
for the Australian economy.’ And it’s looking to
further develop resources technology and critical
minerals processing, food and beverage, medical
products, recycling and clean energy, defence
and space. Some $1.4bn will be spent by the
Government in this area.
RUNNING A BUSINESS
The first thing to note is that Australia is
federally constructed. The Federal Government
is responsible for the conduct of national affairs.
Its areas of responsibility are stated in the
Australian Constitution and include defence and
foreign affairs; trade, commerce and currency;
immigration; postal services, telecommunications
and broadcasting; air travel; most social services
and pensions.
The states and territories are responsible for
everything not listed as a federal responsibility.
Confusingly, sometimes both are involved. Key
state responsibilities include schools, hospitals,
conservation and environment, roads, railways
and public transport, public works, agriculture
and fishing, industrial relations, community
services, sport and recreation, consumer affairs,
police, prisons and emergency services. Each state
has its own constitution setting out its system of
Government.
As a result, good advice is essential to
understand the interaction of federal and state
level rules before setting up shop.
FINDING THE ENTITY
According to Mazars, the two most common
business structures for foreign run businesses are
a private company and branch office.
The former requires at least one Australian
resident director and a public officer that is
ordinarily a resident in Australia. The company
is incorporated through registration with
the Australian Securities and Investments
Commission (ASIC) which is usually completed
within one working day.
Private companies are categorised as large or
small. A company is classed as large if it meets two
of the following criteria – consolidated revenue
of $50m or more; consolidated end of the year
gross assets of $25m or more; the company and its
controlled entities have 100 employees or more.
Large private companies must lodge audited
financial reports with ASIC.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 26

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Small companies are normally exempt from lodging audited
financial reports unless they are majority foreign owned. Small
majority foreign owned companies may apply for an exemption
from auditing and lodging their financial reports.
Unlike a private company, a foreign company operating a branch
in Australia is not a separate legal entity, so it does not protect the
foreign company from Australian risks. Branches must still comply
with Australian tax law.
A branch office may be the best option if the business has a
limited time span or scope in Australia. Registration is completed
with ASIC, but the process can take several months. ASIC will need
detailed information about officeholders and operations. The
benefit of a branch operation is that of tax – residents of a country
which Australia has a double tax agreement with will only be taxed
on Australian sourced business profits derived through that branch.
There are rules on foreign investment to prevent conflicts with
the national interest.
TAXATION AND DUTIES
The Australian tax year runs from 1 July to 30 June. On a corporate
level, there are two tax rates that apply to companies. For 2020/21
it’s 26 percent for companies that are base rate entities; these are
generally companies that have an aggregated annual turnover of
less than $50m and derive 80 percent or less of their assessable
income in the form of passive income. It’s 30 percent for all other
companies.
It is planned that the lower rate will reduce to 25 percent from
2021/2022. There are currently no plans to reduce the 30 percent
rate. Where a company has employees, it must register for and
deduct pay as you go (PAYG) from their wages to remit to the
Australian Taxation Office (ATO).
As for personal tax, individuals resident in Australia face banded
rates. The first $18,200 is tax free. It’s 19 percent between $18,201
and $45,000, 32.5 percent between $45,001 and $120,000, 37 percent
between $120,001 and $180,000, and 45 percent over $180,001.
Foreign residents pay tax on the Australian sourced income at 32.5
percent to $120,000; 37 percent between $120,001 and $180,000; and
45 percent over $180,001.
Australia has a 10 percent Goods and Services Tax (GST) on the
supply of goods or services connected with Australia, including
imports. It doesn’t apply to GST-free supplies such as medical
supplies, exports, and basic food or input-taxed supplies, including
residential premises and financial supplies.
Sydney, capital of New South
Wales and one of Australia’s
largest cities, is best known for
its harbourfront Sydney Opera
House, with a distinctive sail-like
design. Massive Darling Harbour
and the smaller Circular Quay port
are hubs of waterside life, with
the arched Harbour Bridge and
esteemed Royal Botanic Garden
nearby. Sydney Tower’s outdoor
platform, the Skywalk, offers
360-degree views of the city and
suburbs.
EMPLOYMENT LAW
Australian employment law confers a number of rights on workers.
There is a maximum working week of 38 hours (plus reasonable
additional hours), a right to request flexible working, up to 12
months unpaid leave plus the right to request a further 12 months,
four weeks paid leave with another week for some shift workers, 10
days paid personal carers, 10 days unpaid community service leave,
long service leave, up to five weeks termination and up to 16 weeks
redundancy pay, and a fair work statement.
On top of that, employees have a right to join a union, 9.5 percent
of pay into a pension and there is also workers compensation
insurance.
IN SUMMARY
Australia is a fully fledged nation with countless opportunities
for exporters. The only question is, now that the UK is outside of
the EU, how these opportunities will be exploited. At the time of
publication, the UK has secured a trade deal with Australia and this
is the first major trade deal negotiated since we left the EU
Adam Bernstein is a freelance business writer.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 27

OPINION
WINK WINK
How ‘nudging’ and behavioural science
can help us recover from COVID-19.
AUTHOR – Richard Chataway
EVERYTHING a business
communicates can – and
should – attempt to change
people’s behaviour. After all,
unless a business influences
behaviour, it cannot succeed.
A business needs people to buy and use its
products and services to generate revenue.
It needs the people in the business to
produce those products and services (or to
program the machines that provide them).
And it needs to do those things better than
its competitors to survive – and grow.
But it is not enough to recognise that all
communication should change behaviour;
everything communicates, and therefore
has the opportunity to influence. Whether
it be what your employees say on the phone
or in person, the copy on your website, or
the script used by your chatbot.
The good news is that due to advances in
understanding of the drivers and barriers
of behaviour (collectively behavioural
science) we have learnt more about
behaviour in the last 50 years than the
previous 5,000. This tells us that how you
say something matters as much as what
you say. Context is everything – which is
also why testing and experimentation in
context is so important.
CHANGE IN CONTEXT
And the biggest change to the context
in which we are all living over the last 18
months has been the COVID-19 pandemic.
Whilst it is tempting to think that the
enforced changes to our lifestyle have
also changed us as people, one thing
behavioural science also tells us is that
the inherent biases and heuristics (mental
‘rules of thumb’) that guide our behaviour
have been ingrained over millennia.
Evolution doesn’t work so fast that innate
human behavioural traits can change in
such a short time, though our world may
now look very different (with people staying
at home, maintaining social distance,
and wearing masks). People remain less
rational in their decision-making than we
traditionally assume – in terms of COVID-19
we see it with some people prioritising the
risks of vaccine side-effects over the risks of
COVID itself (vaccine hesitancy), or simply
failing to comply with restrictions imposed
to protect their safety.
So whilst these non-rational drivers of
individual behaviour remain just as true as
they have always been, what COVID-19 has
driven is the acceleration of certain existing
long-term collective trends in behaviour. For
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 28

OPINION
AUTHOR – Richard Chataway
example, our increasing use of digital channels
as a preferred route for engaging with brands.
‘The COVID-19 crisis has accelerated the
digitisation of customer interactions by several
years,’ says McKinsey. Data from Salesforce
showed that the estimated share of interactions
with companies taking place online by
consumers increased by 49 percent in 2020, and
this was maintained into 2021.
Correspondingly, some negative behaviours
have also been accelerated by the pandemic.
UK Finance reported 2.8 million cases of frauds
involving UK-issued payment cards, remote
banking and cheques via their recording system,
CAMIS, in 2020. Within plastic card frauds there
was a 61 percent increase in ‘remote banking’
fraud (to 61,752 incidents). This increase reflects
the greater number of people now regularly
using internet, telephone and mobile banking,
and the attempts by fraudsters to take advantage
of this.
OPTIMISING COMMUNICATIONS
At BVA Nudge Unit we have been successfully
applying this understanding of consumer
behaviour using insights from behavioural
science to optimise communications for a
number of years – such as encouraging adoption
and usage of digital services in banking, without
compromising security. With increased usage of
digital channels becoming ever more prevalent,
the importance of making sure customers are
willing and able to use these channels – and
satisfied with doing so – becomes ever more
important.
We often do this via our proprietary
COGNITION audits – an expert review rooted
in behavioural science, where our COGNITION
framework is applied to create a shortlist of
optimisations designed to be put into testing.
The results achieved have been dramatic –
this approach helped one of the UK’s largest
savings banks achieve an 11 percent efficiency
saving via its call centre, through incorporating
behavioural ‘nudges’ into the scripting
and structures used by customer service
representatives.
We have applied this approach to optimise
the customer experience by changing physical
elements of the customer journey, to drive
use of digital self-service options. A Latin-
American bank deployed nudges in the branch
environment (such as floor signage and colour
schemes) to encourage use of automatic deposit
cashiers – the initial trial in two branches saw
an increase of usage of 35 percent overall,
from 12 percent before the intervention to
16 percent afterwards. In the UK a pilot using
purely conversation-based nudges by staff in
eight branches similarly increased usage of selfservice
by eight percent.
These techniques can also deliver better
customer experiences within digital channels
and encourage continued adoption and usage.
Industry data from our sister company BVA
Richard Chataway
But a deeper
understanding
of the real
drivers of human
behaviour will
mark out the
most successful
businesses,
long after this
pandemic is a
(hopefully) distant
memory.
BDRC shows that the biggest barriers to customer
adoption of banking websites and apps relate to
ease of usage, and that the ‘neobanks’ (Monzo,
Starling etc.) far out-perform the traditional
banks in terms of Net Promoter Score (NPS).
This is because customers find them much
easier (i.e. less cognitively effortful) to transact
with.
For example, opening an account with a
traditional high street bank (such as Lloyds,
Barclays, NatWest or HSBC) typically takes
in excess of 70 individual clicks. With the
neobanks, it is between 25 and 45 clicks – much
easier, simpler, and therefore better for the
customer.
DIGITAL EXPERIENCE
This accords with our experience optimising
digital banking experiences, where ‘making
it easy’ for customers can have large positive
effects. In 2018, a credit card company asked
us to behaviourally optimise their consumer
website. They found that, having driven potential
customers to their site, surprisingly few actually
went on to apply for a card. A COGNITION audit
identified several opportunities to make the
user experience cognitively easier – including
that users had to scroll through three pages of
(largely irrelevant) product information before
they got to the ‘Apply Now’ button. For customers
wanting to get on with an application, this
required unnecessary cognitive effort.
One of our recommendations was to conduct
an A/B test to see how the existing website
compared to a version where the button was
made more salient – by moving it ‘above the
fold’, to the top of the web page. This instantly
increased the click-through rate to application
on the webpage by 54 percent.
For businesses that can collate data on actual
behaviour and test accordingly, there really are
no excuses for not doing these kinds of live user
tests, and the benefits are potentially huge.
Accordingly, there are opportunities to apply
techniques derived from behavioural science to
optimise CX across all touchpoints, throughout
the user journey. These can ensure that digital
experiences are both adopted and used,
consistently and repeatedly. Digital adoption
may have been speeded up by COVID-19, but it
is not inevitable that these behaviours stick.
Vaccination is clearly the biggest driver
of economic recovery from COVID-19. But
a deeper understanding of the real drivers
of human behaviour will mark out the most
successful businesses, long after this pandemic
is a (hopefully) distant memory.
Richard Chataway is CEO of BVA Nudge Unit
UK. His book ‘The Behaviour Business’ was
published in February 2020 by Harriman
House.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 29

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
A global reset for trade
NGOZI Okonjo-Iweala, the new Director
General of the World Trade Organisation,
thinks that ‘multilateralism has taken a
lot of knocks’ and that ‘globalisation has
lifted hundreds of millions of people out
of poverty, but it's also left some people
behind.’
It’s true to say that international trade
has changed in recent years, whether as
a result of the 2008 financial crises, new
forms of protectionism, or nationalism
as advocated by Donald Trump. Even the
newish Biden administration wants the US
to buy American to help the economy.
But for Okonjo-Iweala, global free trade
is the key to everyone doing well: “the
new multilateralism must be managed
and supported in such a way that it can
contribute to tackle the problems that
globalisation did not deal with, and even
strengthen the solidarity and cooperation
that we need to solve problems of the
global commons,” she said.
In other words, she’s against talking
about protectionism, deglobalisation and
globalisation not working. She prefers
to think of it as ‘re-globalisation… that
globalisation is being reorganised.’
One thing she is keen to emphasise
though, is that COVID has shown that there
are many lessons to be learned from the
crisis, including the interconnectedness
of the world and how unprepared both the
rich and the poor countries were for this
crisis.
Reshoring, the bringing home of activity,
may well be on corporate agendas, but
business is still there to be done.
GOOD NEWS ON
EXPORTS TO THE EU
ACCORDING to data released by the Office for
National Statistics, UK’s exports to the European
Union are close to being back to where they were
at the end of 2020 after dropping by 43.2 percent
at the beginning of the year.
The data shows that exports to the EU rose by
8.6 percent to £12.7bn in March – which is very
‘close’ to the £13.7bn exported in December. The
good news element of these figures suggests
that not only is trade between the EU and the
UK getting back to a new normal, but it has also
mostly recovered – especially as many firms
stocked up before the year end in case of severe
post-transitional period disruption.
But despite the recovery in trade, the UK’s
quarter one exports to the EU were still down 18.1
percent compared with the fourth quarter of last
year. It’s also interesting to see that exports to
non-EU countries rose by 0.4 percent.
What does this tell us? Politics aside, the data
highlights that Brexit may be done and dusted,
but nothing trumps trade, money and proximity
to a market.
THE Chancellor announced in his
March Budget a new policy of creating
eight freeports around England (with
more to be announced by the regional
governments). However, businesses
that operate from them – so as to
benefit from reliefs and the ability
to import goods tax-free that are
processed before re-export without
leaving the freeport area – look to have
been dealt a blow; they will face tariffs
to 23 countries under various post-
Brexit deals.
UK FREEPORTS BLUNDER?
In detail, the government has
confirmed that firms will not benefit
from being in a freeport if they export to
Switzerland, Canada, Singapore, Iceland,
Norway, Singapore, Israel, Egypt,
North Macedonia, Chile, Morocco,
Ukraine, Lebanon, Jordan, Tunisia,
Serbia, Georgia, Faroe Islands, Moldova,
Liechtenstein, Albania, Kosovo and
Palestine. This is because recent
post-Brexit trade agreements included
clauses that prevent manufacturers in
freeport-type zones from benefitting
from the deals.
The problem does not apply to
exports to the European Union, the UK’s
largest exports market.
The Department for International
Trade has said that where the
provisions apply, firms will be able to
opt for either ‘duty drawback’ – the
refund of import duty when goods are
re-exported – or for the preferential
rates under the free trade agreement,
providing they comply with the deal’s
rules of origin tests.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 30

Deutschland nicht über alles
OH dear, Germany is in a bit of pickle
according to credit insurer Coface which
is predicting a rise in insolvencies in a
recent report.
While insolvencies in Germany dropped
significantly in 2020 compared to 2019,
despite the worst recession since 2009 –
partly because of government support, it
seems that early-announced applications
for regular insolvency proceedings
increased sharply in February and March
2021, signalling a pending increase in
corporate insolvencies.
According to official rules, to qualify
for state support, firms had to prove that
their business model was working before
the pandemic. But as Coface notes, the
metals and automotive sectors have been
in recession since the end of 2018, so
some firms did not meet the criteria and
RESEARCH site Worldstopexports.com
has compiled data on the UK’s 2020 exports
from several sources and it shows how
the country is doing. By definition, what
follows is going to be list-like, but here
goes.
In first place was machinery including
computers with $60.4bn (15 percent) of
total exports; next was gems and precious
metals on $43.3bn (10.8 percent); vehicles
with $36.4bn (9.1 percent); mineral fuels
including oil at $26.4bn (6.6 percent);
electrical machinery and equipment with
$25bn (6.2 percent); which is followed by
pharmaceuticals with $24.8bn (6.2 percent);
UK’s top exports
went insolvent. From its observations,
insolvencies in the metals sector
increased by 7.1 percent in 2020, while
automotive insolvencies rose 31.6 percent.
Overall, though, most insolvencies were
in business services, construction, and
hospitality, as well as retail and transport.
But just as statistics can be used to
prove anything, actual insolvencies in
metals accounted for three percent of all
insolvencies in 2020 while automotive
accounted for just 0.5 percent. That
said, insolvencies were concentrated in
microenterprises and small to medium
sized companies. And losses from
corporate insolvencies came to €44.1bn in
2020 – the highest level since 2009.
So, while Germany is still an economic
powerhouse, it makes sense to be cautious
with days offered in your terms.
optical, technical and medical apparatus
with $17.6bn (4.4 percent); aircraft and
spacecraft with $13.2bn (3.3 percent); and
organic chemicals of $12.1bn (3 percent).
And in last place was plastics and plastic
articles with exports valued at $10.6bn (2.6
percent).
These ten categories account for around
two-thirds (67.1 percent) of the UK’s global
shipments. But the figures do need to
be taken with a pinch of salt, especially
when comparing exports over years, since
the results are based on exchange rate
data which have a horrible tendency to
fluctuate.
Put Italy on the travel list?
ITALY is in dire need of reform, politically
and economically, and the hope is that
Italian Prime Minister Mario Draghi – a
former economist, banker, academic and
civil servant – is up to the job.
Reports have it that he wants to spend
€222bn on several projects, including
high-speed internet, more high-speed
rail, earthquake-proofing homes and
improving the energy efficiency of public
buildings. As to where the cash will come
from, €191.5bn will be sourced from the
EU’s pandemic recovery fund – Next
Generation EU, and a further €30.6bn
will come from extra Italian government
borrowing. With Italy needing to digitise
its government and improve its education
and research, it looks like the spending
is well targeted. But beyond that, the
country needs to move its GDP on; growth
has stagnated at around 0.3 percent over
the last decade and public debt sits at 160
percent of GDP.
But another target for Draghi is a reform
of Italy’s courts says the Financial Times.
It cited World Bank reports that it can
take more than 1,100 days to enforce a
commercial contract in Italy – twice the
average in other large EU economies.
The hope is that even if Draghi’s
term in office is short – which is likely
as governments tend to last 1.14 years
– he will nevertheless leave behind
a new roadmap that other successor
governments cannot ignore.
The net effect of Draghi being in Italy’s
hot seat is that, despite Brexit, the country
should be on the corporate radar as a
destination, not just for holidays, but for
business too.
Australia – part one
BLOOMBERG recently commented on
Australia’s ‘big-spending budget’ which it
says seeks to run the economy hot with
a fiscal-monetary tandem that has the
policy goal of lowering unemployment to
levels rarely seen in the past 50 years.
The plan includes a budget deficit
for the 12 months to July 2022 which
will reach five percent of GDP. It appears
that record-low interest rates and a
quantitative easing programme has put
the government in a position where it can
invest heavily in infrastructure, age-care
while offering tax breaks to households
and businesses. Net debt is expected
to hit 34.2 percent of GDP in June 2022,
peaking in June 2025 at 40.9 percent of
GDP — half that for the US and UK.
But storm clouds are looming for
Australia. It’s relationship with China
is deteriorating and tourism has,
understandably, taken a battering.
Growth has been undermined.
Now cast your mind back to the
situation of just 18 months ago when the
(conservative) government was heading
towards Australia’s first budget surplus in
a decade. What a difference.
Australia – part two
THE UK and Australia have agreed the
broad outlines of a free-trade agreement
– and this is being seen as a stepping
stone for the UK to join a wider Asia
Pacific free-trade agreement. But while
there are benefits to British exporters who
will find it cheaper to sell in Australia,
sight shouldn’t be lost of the fact that
there might be some losers back home. In
particular UK farmers, who are worried
about a lowering of tariffs on Australian
meat imports. I’m not sure which side of
the fence you sit on, but whatever deal
exports effectively win in Australia will
be applied here too – watch your supply
chain.
CURRENCY UK
EXCHANGE RATES VISIT CURRENCYUK.CO.UK
OR CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
HIGH LOW TREND
GBP/EUR 1.17043 1.15339 Up
GBP/USD 1.42442 1.37868 Down
GBP/CHF 1.27979 1.26239 Flat
GBP/AUD 1.84935 1.81738 Up
GBP/CAD 1.72203 1.70309 Up
GBP/JPY 156.043 151.341 Down
This data was taken on 21st June and refers to the month
previous to/leading up to 20th June 2021.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 31

THE HITCHHIKER’S GUIDE TO INTERNATIONAL TRADE •
HITCHHIKERS GUIDE TO FINANCE
INVOICE POWER
How can invoice finance help companies trading
internationally get paid? Part 1.
AUTHOR – Lesley Batchelor OBE, FCICM
TRADING with overseas buyers
tends to carry more risk than
trading domestically, although
it does offer opportunities for
huge growth. One of the riskiest
elements of exporting is usually
around getting paid and therefore it is important
that sellers consider how they can reduce this
risk.
There are several ways you can de-risk
getting paid, and each has its own advantages
and disadvantages. These include payment
in advance, letters of credit, and trade credit
insurance. In this article, we take a look at
invoice factoring and confidential invoice
discounting.
INVOICE FACTORING
Invoice factoring involves a third party, a
factoring company, buying your invoices at a
lower than face value price, and then recovering
the full value of the invoice from your customer.
Essentially, they are buying the debt from you
and it is they who take the risk of not getting
paid.
PROS AND CONS
The biggest advantage to factoring your invoice
is that you definitely get paid and in a timely
manner. This removes the risk of not getting
paid and doesn’t compromise your cash flow.
The most obvious disadvantage of factoring
is that you lose a proportion of the value of
your invoice. This will need to be considered
when setting your sale price. Most factoring
companies will also expect to take your whole
sales ledger, rather than you identify and select
the riskiest contracts to insure. This means that
you will have to pay fees even for very low risk
invoices. This allows the factoring company to
spread their own risk.
Because the factoring company deals directly
with your customer to recover payment,
you must trust that they will deal with your
customers in the same professional way that
you would, otherwise you could potentially
risk damaging your trading relationship
The biggest
advantage to
factoring your
invoice is that
you definitely
get paid and in a
timely manner.
This removes the
risk of not getting
paid and doesn’t
compromise your
cash flow.
by association. There is even potentially a
reputational risk as some buyers may associate
factoring with companies who are struggling
financially, although nowadays this is part of the
set-up discussion with the factoring company.
CONFIDENTIAL INVOICE DISCOUNTING
Confidential invoice discounting is similar
to factoring, with the main difference being
that your buyer remains unaware that a third
party is involved as you will always deal with
them to secure payment. Confidential invoice
discounting is facilitated by an invoice finance
provider. You invoice your customer and send
a copy of the invoice to the invoice finance
provider. They then pay an agreed percentage
of the invoice, usually within a couple of days.
When the customer pays their invoice, you
receive this minus a fee.
PROS AND CONS
As with factoring, the main benefit is that you
receive a payment very quickly. You also retain
the relationship with the customer, so you have
control of the whole process. The customer
remains unaware that a third party is involved
so there is no negative association. Confidential
invoice discounting is usually less expensive
than factoring.
As with factoring, you lose a percentage of
each invoice and most invoice finance providers
will want your full book. With this method
there is still an element of risk if the customer
does not pay as you wouldn’t receive the final
balance.
If you find that you wish to finish either type
of agreements with your providers, you are
normally free to do so – check your agreement.
However, any monies that have been paid to
you for invoices that have not yet been paid by
the customer would have to be given back to the
provider and this needs to be carefully planned
to avoid impacting your cash flow.
Lesley Batchelor OBE, FCICM
COO & Commercial Director at Open
Borders Direct.
As with factoring, the main benefit is that you receive a
payment very quickly. You also retain the relationship with
the customer, so you have control of the whole process.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 32

EXPORT
Research Engine
Should tax credits extend to exporting research.
AUTHOR – Lesley Batchelor OBE, FCICM
OECD – Research and Development tax
credits – this isn’t the first time I’ve
suggested it, but why don’t they extend
this scheme to include research into
new markets? And any modifications
that might be needed for new markets
in terms of packaging or marking specific for new
markets?
When we trade internationally, we can’t just offer
exactly the same product to every country. International
marketing simply doesn’t work that way. Of course, it
is cheaper if you can get away with it but even Coca-
Cola has had to modify flavours and colours of some of
their drinks to suit the market, as tastes vary between
cultures.
STANDARD MANTRA
Although the standard mantra for new markets has been
traditionally gung-ho, just having a stab at exporting
isn’t going to work unless it’s backed by thorough
research into how the product or service will be sold
and to whom.
The one thing that has come out loud and clear from
the perils of leaving the EU is that as a nation we have
slipped behind in our understanding of how trade
actually works. Understanding that the product you sell
attracts a tariff and that this will impact the final price
in the market is not just your customer’s problem but
yours too. If you can work with your customer wherever
they are in the world to mitigate and efficiently execute
any resultant paperwork this, in itself, can reduce costs.
When we look at a new market it shouldn’t be
simply be a question of how much something can
be sold for, but a serious analysis of the consumers
tastes and preferences as they vary between markets.
Establishing where to sell, who your target audience
will be and how much to charge is not a simple
quation as is contains many qualitative as well as
quantitative elements that need rational consideration.
A pricing life cycle needs to include all costs, from the
research into the product through to the cost of shipping
and placing on the shelf. This in itself is a costly and
time-consuming exercise, not to be rushed and skimped
on, and being able to claim back the expenditure or
offset these costs, at least until the first export sale is
made, would be a great benefit to those serious about
exporting.
This issue needs to be discussed and added to the
Export Strategy due to be published later this year.
SIITACE is a new forum for Independent International
Trade and Customs Experts and will want to hear from
you about this in readiness for a paper to be published
in the summer.
Do send any ideas or thoughts to
Lesley.batchelor@exportbootcamps.com
Lesley Batchelor OBE, FCICM
COO & Commercial Director at Open Borders Direct.
Understanding that the product you sell
attracts a tariff and that this will impact
the final price in the market is not just your
customer’s problem but yours too.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 33

OPINION
CLEAR
ROAD AHEAD?
The transport sector in a post-pandemic
world will be greener and multi-layered.
AUTHOR – Tim Vine
Combine this with the electric vehicle
revolution just around the corner,
and you have an industry which is
significantly greener than before the
pandemic.
THERE isn’t a single industry
that hasn’t been touched in
some way by the pandemic.
Manufacturing, retail, finance,
travel – all of them
have had to dig deep in
order to survive the pandemic, with many
fundamentally reimagining how they
operate.
Transport is no exception. Transportation
is of course integral to our lives, but
under lockdown, it took on a new importance.
Organisations’ focus shifted to ensure
that key workers – those responsible
for keeping our society moving throughout
the darkest of times – were able to
commute to work and back as safely as
possible. This involved quickly reshaping
transportation services – adapting bus,
train and Underground schedules and
reducing staff to a skeleton crew to
ensure as many people as possible were
protected.
Another area of focus for transport
organisations over lockdown has been
sources of revenue. As you can imagine,
with the public ordered to stay at home,
businesses are left with a shortfall in their
finances which many struggle to fill.
According to data from Google, visitors
to all public transit locations – such as
bus services, terminals, and waiting areas
– have fallen significantly. Because of
this, many operators have had no choice
but to scale back or completely shut
down less viable routes, while others are
passing their costs onto consumers. This
last point is particularly undesirable for
the disadvantaged in society who may
not have other transport options. This
reduction in transport is likely to have
had a knock-on effect to other businesses,
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 34

OPINION
such as coffee shops, newsagents and
sandwich bars in train stations which
were reliant on the transport industry’s
commuter footfall.
It’s a problem that shows no sign of
abating. Even if many countries are
now apparently over the worst of the
virus, unlocking society is a slow and
cautious business (and the risk of further
restrictions has not yet faded).
There’s no two ways about it – disruption
will be the new normal for the foreseeable
future. And with that in mind, businesses
need to be predicting what’s on the road
ahead.
AUTHOR – Tim Vine
A POSITIVE FUTURE
While uncertain times definitely lie
ahead for the transportation sector, it’s
not necessarily all doom and gloom. Over
the last year many roads have been turned
into cycle or public transport routes,
lowering emissions, and improving the
health of the population. Combine this
with the electric vehicle revolution just
around the corner, and you have an
industry which is significantly greener
than before the pandemic.
and public transport will begin to swell to
considerable – if not quite pre-lockdown
– levels. The road ahead is different to
what’s come before, but it’s not necessarily
worse. The world is on course for a
future which is both greener and more
convenient for consumers.
It’s now up to organisations to weather
the current storm, remain flexible as
the world opens up, and put in place a
bold new vision to take advantage of an
exciting future.
THINKING LONG TERM
In terms of long-term thinking,
transportation businesses must continue
to monitor the situation as we emerge
out of lockdown and adapt as needed.
As policies change, they need to strike
a balance between reduced operations,
and providing enough capacity for key
workers and whoever else can legally
travel while adhering to social distancing.
On the back of this, long term investment
programmes need to be re-examined
in light of the fact that things won’t be
returning to normal anytime soon. On
the subject of employees, organisations
will have to plan for the availability of
key personnel to ensure that staff with
critical skills and training are available.
As the world opens up and more people
are allowed to travel, businesses will
need a strategy for scaling up their active
workforce to ensure networks remain safe
and operational.
Another point to consider is that
travelling patterns may well never return
to normal. It’s no secret that the world
has embraced remote working with
enthusiasm, and many businesses will
no longer require employees to be in the
office all the time. This will significantly
reduce use of transportation services in
the long run.
Payment performance data can be used
as an indicator of the financial health of
businesses and is a useful tool to help
businesses assess risk. Our trade payment
data shows that payment behaviour in the
transport industry slightly deteriorated
over the past year, with businesses paying
their bills promptly decreasing by 2.8
percent to 36.3 percent in February 2021.
Urban, suburban or metropolitan area
passenger transport – other than railway
transportation by underground – saw
the highest deterioration in prompt
payments. Thankfully, the current data
indicates that the industry has enough
short term assets to cover its short
term debt and return to growth as
lockdown eases.
Transport is no exception.
Transportation is of course integral to
our lives, but under lockdown, it took on
a new importance.
This change in how we move also comes
with brand new business opportunities.
Ridesharing for example, or bicycle
rentals. As the economy opens up, there
will be further opportunities across the
industry and the whole economy. In fact,
as a baseline scenario, Dun & Bradstreet
expects the economy to rebound by
around five percent this year, offsetting
some of the losses incurred in 2020 when
real GDP fell by almost 10 percent .
As the world begins to open up, private
Tim Vine is Head of International Finance
and Risk Solutions at Dun & Bradstreet.
Advancing the credit profession / www.cicm.com /July & August 2021 / PAGE 35

PROFILES - MARKETING AND EDITORIAL
Your CICM HQ Team
Meet some of the people who are responsible for raising
the profile of the credit management profession and the
professionalism with it. Part 1.
Becki Sharpe
Marketing and Events Manager
Andrew Morris
Art Editor
Zoe Pope
Digital Communications Specialist
AFTER leaving college, Becki has worked
within sales and marketing positions in
industry sectors, including retail, manufacturing
and publishing. Becki joined
CICM (ICM) back in 2012, where her main
responsibilities were managing the endto-end
processes associated with planning,
facilitating and resourcing the CICM
events programme, during this time she
completed her Level 3 Event Management
qualification with distinction.
Following an internal promotion in
2018, Becki looks after the Marketing team
and is now responsible for all external
marketing activity, including multi-channel
campaigns, analytics, website design
and content whilst still being the main
organiser of CICM events. “With a new
knowledgeable team to manage, the CICM
Marketing department is transforming the
external profile of CICM,’’ says Becki. “I am
excited to see what new ideas and concepts
the team come up with.” Away from the
office, Becki enjoys family time with her
husband and two children, running and is
partial to a drink (or two) with friends!
LEAVING Art College, Andrew has
accumulated more than 20 years
experience in the creative design industry.
Andrew started his apprenticeship with
EMAP, a well-known publishing company,
learning about print production and
typography skills. He then progressed
through the ranks to eventually manage
the art department where he worked on
various print and digital design projects.
He then moved into editorial design
and began designing news pages as a
senior designer on various magazines and
newspapers.
Andrew has been Art Editor of
Credit Management magazine for seven
years, and has injected a modern and
contemporary style into the magazine
and the CICM’s branding.
After re-locating to Cornwall four
years ago, he has several hobbies which
include: art, aviation, playing guitar and
motorbikes. He is also a member of the
local volunteer HM Coastguard Rescue
Team.
Holly Clancy
Partnership Marketing Executive
AFTER graduating university in 2012 with
a Journalism degree, Zoe made the switch
to a career in digital marketing and never
looked back. She has been working in the
digital marketing sector for the past seven
years, working within industries spanning
from Events, Manufacturing, Agency and
the Housing sector.
Zoe has been working at CICM
since November 2020 as the Digital
Communications Specialist and is
passionate about continually growing
CICM’s brand internationally.
With skills ranging from social media
management, web content management,
content writing and email management to
name a few, Zoe is your go-to girl for all
things digital. In her spare time, she likes
to travel and explore the UK and abroad,
try and get through her never-ending list
of books, and create new memories with
her little boy.
AFTER graduating from De Montfort
University with a BA Honours Marketing
degree this is Holly’s first job post university.
Holly was a Brand Marketing Intern for
her one year placement where she carried
out several tasks including copywriting all
feature copy across four brands along with
supporting brand managers with brand
campaigns, product launches and events.
Holly’s main responsibilities at CICM
are forming and growing relationships
with the CICM Corporate Partners and
facilitating all marketing activities, to
ensure relevant content is available to our
members in return for communicating our
partner’s products and services. Holly has
several hobbies including dance, drama
and singing.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 36

PROFILES - MARKETING AND EDITORIAL
Tom Sharman
Marketing Apprentice
TOM completed his A-level studies in 2020 and
is the youngest employee at CICM. He recently
joined CICM in December 2020 as a digital
marketing apprentice so this is his first big step
into a career. Tom is currently working towards
a Level 3 in a Digital Marketing qualification
course at Stamford College and is enthusiastic
to become fully qualified in his role through his
apprenticeship at CICM. He is looking forward
to learning more about the industry he is
involved in and becoming skilled in his career
in the years to come.
PROFILES – GOVERNANCE AND AWARDING BODY
Nicola Harris
Governance Manager
PRIOR to joining CICM in 2014, Nicola
held several positions over 15 years within
the Global Banking and Financial Services
sectors. Her last role was as a Client
Experience Manager, which afforded
her valuable stakeholder relationship
insight, and senior level administration
experience across Europe and the USA.
Nicola is Governance Manager at
CICM HQ, managing the day-to-day
activity of the department. This includes
responsibility for supporting all CICM
Boards and Committees, and ensuring
compliance to the Institute's Royal
Charter By-Laws and Regulations. Nicola
forms strategic approaches to government
and professional body consultations and
undertakes targeted research to obtain
technical items of importance to CICM
members. In addition, Nicola administers
the CICM Member Advice Service, and coordinates
the administration behind the
CICMQ accreditation process.
Nicola’s next big project is to manage
the CICM Advisory Council Elections for
the 2022 – 2024 term.
Tracey Turville
Awarding Body Officer
TRACEY Turville is the Awarding Body/
Responsible Officer for CICM. It is her
responsibility to ensure that the CICM
meets its regulatory requirements in
the development, delivery and assessment
of its professional qualifications
and End Point Assessments for the Level
2 Credit Controller/Collector and Level
3 Advanced Credit Controller/Debt
Collection Specialist apprenticeship
Standards.
She is responsible for planning and
prioritising the tasks and processes
of the Awarding Body and works with
Tanya Clegg, Awarding Body Co-ordinator
to carry out day-to-day activity
with regard to assessment delivery and
results, including dealing with any concerns
that may arise before, during or
after an assessment.
She started work with CICM (ICM)
in 2004. She has been married for 35
years, with two grown-up children and
three adorable grandchildren.
Tanya Clegg
Assessment Coordinator
TANYA worked in the adult private
education industry for over ten years
coordinating the client’s requirements,
preparing and delivering management
training programmes.
She has been working with CICM
coming on eight years now, within
the Awarding body team working
alongside Tracey Turville. Her passion
is supporting candidates through
the assessment process of our CICM
qualifications, assisting them with
all areas of the exams to support
and encourage them to achieve their
desired goals.
Outside of work, Tanya enjoys
spending time with family, and in
her spare time enjoys all aspects of
gardening including her cut flower
allotment. During the summer months
Tanya is often away in her caravan with
her husband and her Jack Russell dog,
Bob.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 37

CICM ADVISORY COUNCIL
Three-line WIP!
Credit Management asked three of the CICM’s Advisory
Council to give us their half-term work in progress report.
Debbie Nolan FCICM(Grad)
Chair of CICM
IT couldn’t be a more exciting time
to be a member of the Advisory
Council. I’ve been fortunate
enough to be part of this group
for three terms and have always
relished the opportunity this
environment gives me to engage with
my peer group across so many different
aspects of the Credit Industry.
This term feels different somehow.
In recent times, the role of Council
Member has always been to ensure that
we raise our ideas or concerns and act
on the behalf of the community that
we represent. And we all do this very
passionately. However the formation of
three formal Working Parties that meet
outside of the usual Council forum has
helped us to accept more responsibility
for driving those changes.
The Working Party for Current and
New Products was a little overwhelming
at the beginning. The CICM has so many
products and services developed and
refined over many years, it was difficult
to agree where to start. So we decided to
divide into manageable chunks.
We considered what members want
or need to see, hear or learn about,
and narrowed the immediate focus to;
industry peers experience and member
lifecycle stories; original CICM content
that will help members with their current
and future challenges; revitalising
the existing Knowledge Hub to create
a Resources Bank that members can
access for templates, case studies etc.
and utilising the Technical Committee
to share the CICM view on hot topics. We
also agreed that the messaging style of
the CICM should be modernised to
become more punchy and visual.
We have been running this working
party in parallel to Sue Chapple’s reorganisation
of the team at HQ and this has
included the introduction of Bev Ewens-
Davey MCICM, Head of Transformation,
John Kane MCICM, Head of Strategic
Relationships, Zoe Pope, Digital Comms
Specialist, Holly Clancy, Partnership
Marketing Executive, Tom Sharman,
Digital Marketing Apprentice and Beth
Turiccki, Business Admin Apprentice. Bev
and the rest of the team at HQ have been
working for months in the background,
already transforming many of the areas
our working party felt had opportunity to
be strengthened.
So it was with great excitement that
Becki, Bev, John, Sara and Debbie from
the HQ team joined our most recent
session and shared some detail of the
initiatives they are already working on
and how aligned they are with the outputs
of this Working Party. We will continue to
work closely with the HQ team and the
other Working Parties to continuously
improve the services and support for our
members.
This truly is a thrilling time to be
part of the Advisory Council and such a
privilege to be part of shaping the future
of the CICM.
Bryony Crossland FCICM(Grad)
AS we approach mid-year and the
continued recovery from the pandemic,
it’s been important for me to take some
time to reflect and consider how I spend
my time both from a career and personal
perspective.
There’s no doubt that the last 15
months have been a challenge on all
fronts and, if you’re anything like me,
then you’ve probably just ploughed on
regardless. However, I think it’s often
been a case of taking each day at a time!
Everyone has handled the situation
differently and I, for one, have certainly
changed how I live my life (no longer
sitting on motorways) and realise the
importance of strong relationships with
my friends, family and colleagues alike.
As an active member of the Advisory
Council during that time I have also
really valued my involvement in CICM
HQ business and want to give a huge
thanks to Sue and the team for their focus
and determination to keep business
as usual. The importance of our credit
profession has been highlighted by the
economic impacts and CICM stands
proud with the support of its members
and evolving offering.
The escalation of the move to
online studying and examinations was
so impactful on keeping our student
members on track, as well as seeing the
evolution of the Institute’s strategy to
best serve our current and future needs
– these are indeed exciting times.
Alongside my fellow Advisory
Council members we have also all
been involved in helping review and
put forward recommendations to ‘reengineer’
various elements of the
CICM offering. This has involved
regular working party calls and allowed
everyone to have their voice heard in
terms of what does or doesn’t work and
really insightful feedback for new ideas
and suggestions. It is great to have
new faces on the Council from various
roles in the profession which led to
lively (but balanced) discussions in the
Working Party– reviewing the Centre of
Excellence award. The value of having
new input and a focus on the future
was clear and we have put forward our
report to the Executive Board for their
consideration - watch this space!
Keeping up to date remains a key part
of my career and I can see that my active
involvement on the Advisory Council
makes a difference. I’m also allocating
time to attending CICM Webinars and
activity on social media, particularly
LinkedIn and look forward to keeping in
touch with fellow members as we come
out into the post-pandemic world and a
flourishing future for our Institute.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 38

’
CICM ADVISORY COUNCIL
I have mentioned the power of the
network and this is never more obvious
than when we meet as a Council.
Peter Gent FCICM(Grad)
WHEN I was elected onto the CICM
Advisory Council my goal was to help
support my fellow members in the North
West further their Careers through
mentoring /advice and via my extensive
list of contacts across all parts of the
Credit Industry. Additionally I really
wanted to use our regional events to
promote our fantastic profession and
drive its advancement across the region's
employers.
Joining the Advisory Council in the
mist of a global Pandemic has been a
challenge to say the least, but more than
ever what I wanted to achieve is relevant.
Although many of our members in
the North West have continued to work
mostly at home, others have seen huge
change in their employers who have,
through economic necessity, needed to
restructure and reduce costs.
From a human level we have people
potentially feeling a little isolated without
the support of their colleagues, others
feeling happy that they finally have some
work life balance, and others having to
change roles. From a professional level
there are still DSO targets to achieve and
risk assessments to be done, often whilst
managing this huge change.
My role and that of the other Council
members is now more crucial than ever
as we continue to try to re-invigorate our
Institute at regional levels and build on
the great work being done at CICM HQ.
I have mentioned the power of the
network and this is never more obvious
than when we meet as a Council. Most
of us have known each other longer than
we care to remember. This means we are
able to have an honest debate about the
direction of travel and crucially listen to
each others views. There is no right or
wrong way to do things and having battled
hard as a Branch Chair for nearly 10 years,
it’s clear we can all learn from each other.
It also really does show what a great
thing we have, being active members
of the Institute. If we can replicate this
collaborative approach at a Branch
Committee and national level, then there
is every reason to think we can succeed
and grow a more active membership. The
more people involved, the more word of
mouth kicks in, and the benefits of getting
involved will become apparent.
In the North West we had a decent
2020 with meetings switched to Zoom. We
know it’s not the same, but it has shown
that the future will involve a mixture of
online and face to face events. I see now
that we can incorporate presentations,
and panel discussions into an online
platform and let that sit alongside face to
face networking events.
So what have we been up to at Advisory
Council? Well, it’s been a busy time with
our ongoing plans to revisit our Branch
network structure moving into 2022.
We have made great inroads and have
come up with a plan that should be fit
for purpose as we enter the next five
years. The key now is to really push on
with creating great events for CICM
members. By doing so, we will hopefully
start increasing membership numbers
and welcome some new younger blood
driving the Institute forward.
I think the future is bright. Of course
we have challenges, but by putting our
best feet forward, the CICM has the
experience, the team, the leadership
and the determination to deliver an even
better experience for the members and
wider credit community.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 39

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
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Key IVR provide a suite of products to assist companies
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Tinubu Square is a trusted source of trade credit
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Building on our mature and hugely successful
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W: www.credica.co.uk
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 40

Each of our Corporate Partners is carefully selected for
their commitment to the profession, 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...
Hays Credit Management is a national specialist
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T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Court Enforcement Services is the market
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Data Interconnect provides ERP-agnostic AR
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E: anna.donadelli@c2fo.com
W: www.c2fo.com
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a
timely manner. From credit management to cash
allocation, Esker automates each step of the orderto-cash
cycle. Esker’s automated AR system 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
Advancing the credit profession / www.cicm.com / July & August 2021 / 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
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
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: 020 3868 0947
E: lisa.bruno@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/
Chris Sanders Consulting – we are a different
sort of consulting firm, made up of a network of
independent experienced operational credit and
collections management and invoicing professionals,
with specialisms in cross industry best practice
advisory, assessment, interim management,
leadership, workshops and training to help your
team and organisation reach their full potential in
credit and collections management. We are proud to
be Corporate Partners of the Chartered Institute of
Credit Management and to manage the CICM Best
Practice Accreditation Programme on their behalf.
T: +44(0)7747 761641
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
CICM has launched
critical AR Factsheets
for EMEA countries
Powered by
Powered by Baker Ing, country specific factsheets have been
provided for up-to-date information on payment performance,
legislation, and the effects of COVID-19 and Brexit. The factsheets
are designed for credit professionals, and they cover legal business
forms, credit risk data, collections protocols, enforcement and
much more.
Credit professionals need granular knowledge of the situation
in their clients’ territories. Whether you need an off-the-peg
checklist for dealing with a new country, or you need on-the-spot
information to help review risk strategies and Credit Policies, these
insightful documents will help.
Visit cicm.com to view country specific factsheets from, Germany,
Italy, Czech Republic, Spain, France, UK.
Powered by
EU Factsheet
COVID-19 RESPONSE
Germany has introduced a raft of measures and programmes to help combat the
economic impact of COVID-19 containment measures. Here we present what we
consider to be the most significant and interesting. This section is not exhaustive.
Loans and grants – employees:
Three main tranches of wage subsidy have been introduced.
The most wide-reaching is “Kurzarbeit”. This programme existed before COVID-19.
It is a social security programme whereby the government will subsidy employees’
wages up to 60% (more for those with children) in order to allow their employers to
reduce their hours (and their expenditure on wages) instead of laying them off.
Under COVID provisions, the subsidy has been increased. From the fourth month,
the rate is increased to 70% of flat-net renumeration for those households without
children and 77% for those households with children. From the seventh month, it is
increased to 80% for those households without children and 87% for those
households with children. In September, there was a decree to make this benefit
more flexible (e.g., reducing the minimum number of employees effected by
working hours reduction to 10% for the business the qualify) and to extend the
period for receiving this benefit from 12 to 24 months until 31 st December 2021.
Freelance artists in Germany can access funds if they work for cultural institutions
funded by the Federal Government. They will be compensated for up to 60% o fees
from cancelled events up to €1,000 and 40% up to €2,500.
Students can access interest-free loans of up to €650 per month for jobs lost due to
the pandemic.
Loans and grants – businesses:
EU Factsheet
GERMANY
As well as the enhanced terms of “Kurzarbeit”, there are a variety of direct loans
and grants available which businesses of different sizes can access.
A grant of up to €150,000 / 80% of fixed costs in the subsidy period is available for
businesses showing decreased sales volumes compared to the same month of the
previous year. This Federal Government grant has been supplemented by some
Federal States’ own grant programmes.
Powered by
BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT
CHARTERED
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 42

EDUCATION & MARKETING
CICM Virtual Training is an ‘access anywhere’ range of interactive, online training
courses, designed to give you the skills and tools you need to thrive in your credit
work. Each training course offers high quality approaches to credit-related topics, and
practical skills that can be used in your workplace. A highly qualified trainer, with an
array of credit management experience, will guide you through the subject to give you
practical skills, improved results and greater confidence.
These are pre-recorded training sessions
that you can access anywhere and at
anytime. Short, sharp and to the point –
these suit you if you are short on time, or
need a quick introduction or update on a
subject.
These are live, interactive sessions, delivered
virtually by a qualified trainer, experienced
in the subject. Through a series of tasks and
discussions, you will access a hands-on
training session that offers the best practice
approach to essential credit and debt skills.
NEXT VIRTUAL WORKSHOPS
Advanced Skills in Collections – 19 July at 11.30 & 16 August at 10:30
Collection Skills For The New Credit Future – 19 July at 09.30 & 16 August at 08:30
Best Practice Skills To Assess Credit Risk – 19 July at 13.30 & 16 August at 12:30
MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher,
trainer and credit manager with experience in credit and debt specialisms across the
O2C spectrum and ancillary businesses, in consumer, B2B and export markets.
INTRODUCTORY PRICE £90.00+VAT per person.
For group training, please contact info@cicm.com

EDUCATION & MARKETING
Booking your
exams has never
been easier
Head over to our new exam pages
for all the information you need to prepare,
book and take your CICM exams
www.cicm.com/exams/
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 44

MARKETING & EDUCATION
Virtual Classes
for 2021
Get CICM qualified by attending
Virtual Classes: The best of both worlds.
Home study does not mean you have to study alone. Our ‘gold standard’
distance learning offer, our Virtual Classes have the greatest success
rate of all our packages. Your study will be supported and led by one of
our experienced CICM Tutors via a series of virtual classes and activities,
which are interactive, challenging and fun.
LEVEL
2
Commercial
Telephone Collections – 1 November
Consumer Telephone Collections – 20 September
LEVEL
3
Accounting
Principles – 6 September
Business Environment – 6 September
Business Law – 6 September
Credit Management – 6 September
Advanced Collections – 20 September
Advanced Business Communications – 4 October
Credit Risk Management – 1 November
Debt Recovery Management – 1 November
LEVEL
5
Compliance
with legal, regulatory, ethical and social requirements – 23 August
Process Improvement – 23 August
Strategic Communications and Leadership – TBC
Strategic Planning – 23 August
Book your place today, visit www.cicm.com
or contact a member of our team on 01780 722900

PAYMENT TRENDS
Finding firmer footing?
The latest payment performance statistics show
small signs of improvement.
AUTHOR – Rob Howard
THE world of late payments is as
unpredictable as ever, with the future
picture looking anything but clear.
The latest figures, however, do show
marginal signs of improvement across
both regions and sectors, but don’t
call it a comeback just yet. The average Days Beyond
Terms (DBT) across regions and sectors reduced by 1.4
and 1.2 days respectively.
SECTOR SPOTLIGHT
Although all sectors and industries have been affected
by the impact of the pandemic, perhaps none have
been hit harder than the Hospitality sector, cast
adrift as the worst performing sector in terms of late
payments for some time now. A massive reduction of
16.2 days to its payment terms takes its overall DBT to
28.1 days and moves it off the bottom of the standings.
Also making positive strides forward is the
Agriculture, Forestry and Fishing sector, reducing its
payment terms by 9.8 days. There have been notable
improvements elsewhere too: Entertainment sector
where late payment dropped by 8.1 days; Other
Services (including hairdressers, beauty services and
dry cleaners fell by 7.9 days); Health and Social by 6.7
days; and Construction by 5.8 days. However the top
performing sector is now Education with a further
reduction of five days to its payment terms, taking its
overall DBT to 8.1 days.
Moving quickly in the wrong direction, however, is
the Financial and Insurance sector, with a whopping
increase of 15 days to its payment terms. Also
struggling is the IT and Comms (+10 days), Professional
and Scientific (+9.3 days), and Manufacturing (+7.4
days) sectors.
REGIONAL SPOTLIGHT
The regional standings are mostly positive, with seven
of the 11 regions making much needed improvements
to payment terms. Yorkshire and Humberside was the
biggest mover, reducing its terms by 7.9 days to climb
off the bottom of the standings. A further reduction
of 6.2 days for the South East means its overall DBT
now stands at 13.8 days, making it the new best
performing region. The East Midlands (-4.6 days),
Wales (-4.2 days) and Scotland (-3.3 days) also made
steady improvements.
An increase of 5.4 days to its payment terms mean
that East Anglia is now the worst performing region
with an overall DBT of 26.7 days. London (+3.5 days),
the North West (+2.7 days) and Northern Ireland (+1.3
days) also move in the wrong direction.
By Rob Howard
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 46

STATISTICS
Data supplied by the Creditsafe Group
AUTHOR – Rob Howard
Top Five Prompter Payers
Region April 21 Change from March 21
South East 13.8 -6.2
Scotland 14.4 -3.3
Wales 14.4 -4.2
West Midlands 14.9 -1.5
South West 16.3 -0.8
Bottom Five Poorest Payers
Region April 21 Change from March 21
East Anglia 26.7 5.4
London 23.3 3.5
Yorkshire and Humberside 21.6 -7.9
Northern Ireland 20.7 1.3
North West 19.4 2.7
Top Five Prompter Payers
Region April 21 Change from March 21
Education 8.1 -5
Health & Social 10.9 -6.7
Agriculture, Forestry and Fishing 13.3 -9.8
Public Administration 13.7 -3.4
Wholesale and retail trade 14.1 1.1
Bottom Five Poorest Payers
Region April 21 Change from March 21
International Bodies 35.1 1.7
Financial and Insurance 32.6 15
Professional and Scientific 28.5 9.3
Hospitality 28.1 -16.2
IT and Comms 26.9 10
Getting Better
Hospitality -16.2
Agriculture, Forestry and Fishing -9.8
Entertainment -8.1
Other Service -7.9
Health & Social -6.7
Dormant -5.9
Construction -5.8
Education -5
Business from Home -3.4
Public Administration -3.4
Real Estate -3.1
Water & Waste -2.2
Business Admin & Support -1.3
Getting Worse
IT and Comms 10
Professional and Scientific 9.3
Manufacturing 7.4
Transportation and Storage 4
Mining and Quarrying 3.9
International Bodies 1.7
SCOTLAND
-3.3 DBT
Wholesale and retail trade 1.1
Energy Supply 0.2
NORTHERN
IRELAND
1.3 DBT
SOUTH
WEST
-0.8 DBT
WALES
-4.2 DBT
NORTH
WEST
2.7 DBT
WEST
MIDLANDS
-1.5 DBT
YORKSHIRE &
HUMBERSIDE
-7.9
DBT
EAST
MIDLANDS
-4.6 DBT
LONDON
3.5 DBT
SOUTH
EAST
-6.2 DBT
EAST
ANGLIA
5.4 DBT
Region
Getting Better – Getting Worse
-7.9
-6.2
-4.6
-4.2
-3.3
-1.5
-0.8
5.4
3.5
2.7
1.3
Yorkshire and Humberside
South East
East Midlands
Wales
Scotland
West Midlands
South West
East Anglia
London
North West
Northern Ireland
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 47

Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 48

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
A Freedom of Choice
Modernising the High Court Enforcement system
across England and Wales.
AUTHOR – Alan J Smith
WE all know that the
COVID-19 pandemic has
had an unanticipated and
lasting effect on finances
across the UK. With the
pause on enforcement
activity and the Government’s new Breathing
Space moratorium, debtors have rightly been
given the time and space needed to seek
advice and get their affairs in order. However,
while extra measures have been put in place
to protect debtors, what is being done for the
creditor? Particularly those owed sums under
£600.
At present, any unregulated debt under
£600 must be enforced via the County Court
Bailiff system. A system which is currently
overloaded with a significant backlog of cases,
subjecting creditors to long, stressful delays
and uncertainty. While £600 might not sound
like much, for a small business, or a creditor
owed multiple, smaller debts, this soon adds up
and puts them at risk of becoming the debtors
of tomorrow.
Under the current system, creditors can
commission the services of a High Court
Enforcement Officer (HCEO), to transfer up
unregulated debts of between £600-£5,000
from the County Court to the High Court for
enforcement. This process can bypass some
of the delays and allow creditors to receive the
money they are owed in good time.
But creditors that are owed debts under this
threshold are left to deal with longer waiting
times, lower success rates and no other options.
The HCEOA Board strongly believes that
the Ministry of Justice should give court users
a greater freedom of choice to allow them to
decide for themselves who they want to enforce
their County Court Judgments under £600.
HOW DO COURT USERS FEEL?
After speaking to our members and their clients,
it has been clear for some time that the current
system is less than ideal for creditors and
landlords seeking to recover smaller amounts.
What’s worrying is that many creditors seem to
be giving up on unregulated debts under £600
as unclaimable, rather than pursuing these
through the County Courts.
This means that creditors would rather write
off money they are owed than deal with the
current court system. That can’t be right.
Not only is this unfair on the creditor, but
it is also putting them under undue financial
pressure, leading to sleepless nights, additional
borrowing and, in some cases, administration.
Not to mention the reputational damage
and loss of earnings from solicitors and debt
recovery services who are losing clients due to
lack of results when dealing with the County
Courts.
How do we know this? Well, the HCEOA
is undertaking a survey in order to establish
exactly how court users feel about the current
system.
While the full results are still being analysed,
initial findings show that 95 percent* of court
users would support a change in regulations
to allow them to choose whether they would
like to use a County Court Bailiff or HCEO to
enforce debts under £600.
In fact, 35 percent* of respondents stated that
not only would they like this freedom of choice,
but the that the number of claims they issue
would likely increase.
Once we have the full survey results we will
publish our report on the HCEOA website, and
will be using this feedback to make a case for
change with relevant stakeholders and decision
makers.
WHAT MIGHT THIS CHANGE LOOK LIKE?
While we know that any changes won’t happen
overnight, giving court users another option
will not only allow them to recover money that
they are legally owed, but will give them peace
of mind when collecting future debts.
This reform can be delivered simply and
easily by the Lord Chancellor/Ministry of
Justice, and we will be campaigning to ensure
creditors’ voices are heard.
Changes to the current regulations would
alleviate some of the pressure on the current
court system, giving the County Court Bailiffs
the time needed to work through the backlog
of cases from outstanding judgments, and take
on new cases from creditors who do not want to
transfer up lower amounts of unregulated debt.
Overall, the changes would be a positive step,
allowing creditors and their representatives the
ability to make an informed choice about how
and when their debt is recovered.
*Figures taken from HCOEA’s recent survey
‘Expanding the Use of High Court Enforcement’.
Full results will be available on the HCOEA
website soon.
Alan J Smith FCICM is the newly appointed
Chair of the High Court Enforcement Officers
Association.
Overall, the changes
would be a positive
step, allowing
creditors and their
representatives the
ability to make an
informed choice
about how and
when their debt is
recovered.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 49

OPINION
NEW-WORLD ORDER
How AI can dramatically improve
Order-to-Cash performance.
AUTHOR – Mark Sheldon
WHILE scientists and
Governments wrestle with
the COVID-19 pandemic, a
more important wrestling
match for businesses is also
taking place – one which has
the potential to boost enterprises’ profitability out
of all recognition. It’s an opportunity for businesses
to make handling cash more efficient by using an
AI software-based automated Order-to-Cash (O2C)
process.
The extent of the potential problem for
enterprises’ cash handling processes is unlike
other recessions. Data produced by our Unpaid
Invoice Tracker, for example, has highlighted the
rate of unpaid invoices in the UK since March 11,
2020 – just before the first nationwide lockdown
was announced in Great Britain – has increased by
23 percent. In France, the increase is 56 percent,
Spain 52 percent and Italy 82 percent.
Our figures show that less than 10 percent of
organisations have implemented an automated
O2C process and are finding out the hard way
the difficulty of using a mainly manual workflow
process for invoice processing and payment
reconciliation. The O2C process rarely gets the
attention it deserves and only when a crisis looms
do firms wake up to it being one of the most critical
processes in its finances.
REDUCING BAD DEBTS
Improving the working capital performance
helps enterprises reduce bad debts, achieve
faster cash collections, and reduce time spent on
customer invoice disputes. A major challenge for
organisations looking for the Nirvana of business
process automation, is the lack of data visibility
into their operations, a problem which means
being unaware of ‘pinch points’ or bottlenecks in
their order-to-cash handling systems.
The lack of collaboration due to siloed sales and
financial teams using siloed systems (CRM, ERP,
etc.) exacerbates this, particularly when staff have
to work remotely because of multiple lockdowns.
Automating O2C reduces siloed systems, which
may run on legacy IT and potentially need
extensive IT support, especially if organisations
need to improve processes drastically.
Manual tasks normally slow down workflow
processes resulting in slowing down the whole
capital management process. Typically, multiple
applications need to run sequentially by different
finance teams, and so the data these teams require
takes time to pull off different systems.
Automating the O2C process genuinely improves
the working capital position. Our data shows the
average ‘day sales outstanding’ drops from 52
to 40 days when automating the O2C process.
That’s nearly 25 percent, which is a tremendous
The O2C process
rarely gets the
attention it
deserves and
only when a
crisis looms do
firms wake up to
it being one of
the most critical
processes in its
finances.
difference. The COVID-19 crisis has prompted
firms to put emergency measures into effect to
protect cash and upgrade cash flow forecasting -
it’s a Band-Aid fix and long term is unsustainable,
which is why I think most businesses are beginning
to realise the need for an effective working capital
management strategy. This can be achieved using
AI and would enable enterprises to react faster not
only in the current crisis, but also, for example, to
recessions not related to pandemics.
As I mentioned earlier, the main reason for
implementing an AI software system in the O2C
process is to reduce bad debt, achieve faster
cash collection, and also minimise time spent on
disputes with customers. A sure-fire way to improve
customer relationships is to have an automated
system for resolving – and avoiding disputes.
The O2C process allows organisations to set up
payment plans with difficult customers or those
in financial difficulties. Such a system cuts debt
resolution times, and our own data shows that
currently around one in seven invoices end up
being tangled up in disputes and those invoices 30
days overdue are six times less likely to be settled.
Yes – it is the case that firms can extend payment
times to gain market share over rivals who are –
shall we say – cash strapped. Being able to do so
automatically with the whole process digitised
is more efficient, especially as finance teams are
constantly being asked to do more with less – i.e.
improve financial performance with less staff.
The O2C process shouldn’t stop after payment
for goods and services has been received. The
data collected by AI software can be analysed
automatically to identify trends and patterns.
This allows predictions about future customer
behaviour which is very useful for enhancing
forthcoming buyer/supplier invoice payments.
O2C automation can also point out bottlenecks
in the process and reveal where the process can
be improved and optimised. Having your finance
teams poring through Excel spreadsheets would
disappear – along with the associated clunkiness
and risk.
Businesses battling to stay afloat during
this pandemic have a chance to improve their
cash collection processes – courtesy of AI and
automation. An automated O2C system also boosts
cross-departmental collaboration – because all
sales and finance teams have an enterprise-wide
view of the cash collection process sharing one
unique cash culture. Further lockdowns – and
other non-pandemic recessions – can happen so
making cash collection as efficient as possible can
ameliorate the effect on the organisations’ bottom
lines.
Mark Sheldon is Chief Technology
Officer at Sidetrade.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 50

OPINION
AUTHOR – Mark Sheldon
The main reason for implementing an
AI software system in the O2C process
is to reduce bad debt, achieve faster cash
collection, and also minimise time spent on
disputes with customers.
Automating the O2C process genuinely
improves the working capital position.
Our data shows the average ‘day sales
outstanding’ drops from 52 to 40 days when
automating the O2C process.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 51

ANNUAL
GENERAL MEETING
The seventh Annual General Meeting of the
Chartered Institute of Credit Management will
be held on Tuesday, 7 September 2021 at
a central London location (details to follow,
through all CICM channels) at 13:00
(or at the rising of the Advisory Council from
its preceding meeting, whichever is later). Any
changes to location or format will be advised of
if necessary.
By order of the Executive Board
Sue Chapple FCICM
Chief Executive
To read the Notice, visit:
http://www.cicm.com/about-cicm/governance/
CM
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consumer and commercial credit professionals
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Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 52

OPINION
A year of two halves
Beware the Post COVID Slump
AUTHOR – Declan Flood AICDP, FCICM, CMIIP
IN Ireland things are beginning
to get back to normal, with
shops reopening and pubs and
restaurants open for outdoor
dining and the promise of indoor
service from July, albeit with
reduced capacity. The hope is that we
should be back to business as usual by the
end of the year.
The Government are providing help
and support to businesses, and banks are
spending fortunes on advertising low-cost
loans to help small businesses with cash
flow.
I believe we are coming out of the worst
recession the world has ever seen and it
has been hidden by massive Government
borrowings to keep the economy afloat in
the short term.
There seems to be a greater tolerance
for growing levels of overdue debt and
delayed payments from customers due to
the current economic situation. Added to
this, we are entering the summer, the sun
is shining, we are working from home, we
have money in our pockets, and all looks
great in the world.
The point of this article is to tell you
that it isn’t all sweetness and light. All
the predictions point to a record number
of business failures in the second half of
the year when the supports are phased
out and success will be achieved by the
credit manager who keeps their focus on
managing their exposure and getting it
down to the lowest possible level in the
next couple of months. By all means, work
with your customers to find a way through
the current difficulties, remember there
are Government supports and bank
facilities available for small businesses, so
they shouldn’t have to rely on you to give
them additional cash flow by giving them
further extended credit terms.
Remember too, that the current climate
has been really good for some businesses
mainly in the pharmaceutical, online
sales and IT infrastructure, so there is no
reason why these accounts should ever go
beyond terms. One thing I have learned
over the years is that the more lenient you
are, the more you will be taken advantage
of. So, take this as a wake-up call to double
your efforts to get your ledger back in
shape as quickly as you can.
You can enjoy the sunshine in the
evenings and the weekends, when it
comes to the day job, now is the time
for increased effort from all within the
business to work together to ensure every
sale that has been made is converted to
cash in the quickest possible time, and on
this point, if your workload is excessive,
if you simply haven’t got the resources
necessary to mount a major collection
campaign, there are lots of reputable,
specialist collection companies out there
who are ready to help you. Rather than
seeing this as a failure on behalf of the
credit team, view it as simply part of the
overall process and what is required to
ensure the timely collection of all money
owed.
Happy collecting!
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Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 53

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Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 54
EXCLUSIVE
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members

HR MATTERS
For the sake of comparison
Finding a policy of neutrality for religious symbols in
the workplace and avoiding sex discrimination when
navigating enhanced pay policies.
THERE have been many legal
cases concerning the wearing
of religious symbols in the
workplace. In such cases
courts often need to decide
if a ban or partial ban is
discriminatory on the grounds of religious
belief or if it can be justified by a policy of
neutrality.
A recent opinion of an Advocate General
to the European Court of Justice (ECJ)
emphasises the existing position that bans
or partial bans on the wearing of religious
symbols which apply equally to all will not
amount to direct discrimination. And nor
will it amount to indirect discrimination if
they relate to a legitimate aim (such as an
employer’s desire for neutrality) and are a
proportionate means of achieving that aim.
The opinion was given in response to
two German cases where, in one case, an
employer had prohibited the wearing by
their customer-facing employees of any
visible signs of political, philosophical or
religious beliefs in the workplace and, in
another, an employer had instructed an
employee to attend her workplace without
any conspicuous, large-scale political,
philosophical or religious signs. In both cases,
the employers’ rules were challenged by
Muslim employees who had been prohibited
from wearing the Islamic headscarf. The two
German courts asked the European Court of
IN Price v Powys County Council, the
Employment Appeal Tribunal (EAT)
was asked to consider whether it was
discriminatory for an employer to provide
enhanced adoption pay to a woman on
statutory adoption leave (SAL) but no
enhanced shared parental pay to a man
on shared parental leave (SPL).
Mr Price was employed by Powys County
Council and brought a claim for direct
sex discrimination against the council
on the basis that they paid employees on
statutory maternity leave (SML) and SAL
more than employees on SPL.
Following the reasoning in a previous
case, Ali v Capita, the Employment
Tribunal (ET) found that there were
material differences between Price and
his chosen comparators: a woman on SML
AUTHOR – Gareth Edwards
It will be left to national
courts to determine, on
the facts of each case,
whether an employer’s
policy on the wearing of
religious symbols can
be justified.
and a woman on SAL. The ET held that
the correct comparator in this case was
a female employee on SPL. As a female
employee on SPL would have received the
same pay as Price under Powys County
Council's policy, there was no direct sex
discrimination. Price appealed to the
EAT in relation to the ET’s rejection of his
second comparator – a woman on SAL.
However, the EAT upheld the ET's
decision that a woman on SAL was not an
appropriate comparator in this case. The
EAT found that the purposes of SAL and
SPL differed. Whereas the predominant
purpose of SPL was the facilitation of
childcare, the purpose of SAL went beyond
childcare alone to include the forming of
a parental bond and the taking of steps to
prepare and maintain a safe environment
Justice if the rules complied with the Equal
Treatment Framework Directive.
In the Advocate General’s view an
employer’s rule that prohibits employees
from wearing any visible signs of political,
philosophical or religious beliefs can be
justified in the context of pursuing political,
philosophical and religious neutrality
in the workplace. Further, an employer
should be at liberty to prohibit only the
wearing of large-scale, conspicuous signs
such as hats, turbans and headscarves
– however the prohibition must be part
of a policy of political, philosophical or
religious neutrality and be implemented in a
consistent and systematic manner.
It will be left to national courts to
determine, on the facts of each case,
whether an employer’s policy on the wearing
of religious symbols can be justified.
Although the UK withdrew from the
European Union on 31 January 2020, UK
courts will also continue to consider issues
of EU law and the findings of the ECJ will
remain influential.
Employers seeking to implement rules
should ensure that this is done in a
consistent and systematic manner and that
there are objective and justifiable business
reasons for doing so. Whether such rules
can be justified will depend on the facts of
each case and the arguments are often finely
balanced.
Paying men on shared parental leave
for the child.
The EAT upheld the ET’s finding that
there were material differences between
SPL and SAL, including that SAL can
commence prior to the child's placement,
whereas SPL cannot. This further
supported the ET’s conclusion that a
woman on SAL was not an appropriate
comparator for Price.
This case provides helpful clarification
for employers wishing to offer an
enhanced adoption pay policy whilst
offering statutory entitlements for SPL
that such policies will not give rise to a
successful sex discrimination claim.
Gareth Edwards is a partner in
the employment team at VWV
www.gedwards@vwv.co.uk
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 55

TAKE CONTROL OF
YOUR CREDIT CAREER
ACCOUNTS RECEIVABLE SUPERVISOR
Dublin, €45,000, 1-year fixed purpose contract
Working within the public sector, an excellent opportunity
has been created for a skilled accounts receivable supervisor
with strong management experience. You will manage five
accounts receivable specialists, develop KPI reports and
monitor performance, as well as development of staff.
You will ensure training is completed by all members of the
team. You will assist with month end close, ensuring the relevant
controls, reconciliations and reports are completed, ensure tax
compliance procedures are followed and further develop credit
control procedures. Agresso experience will give you a distinct
advantage. Ref: 1077900
INTERIM CREDIT MANAGER
Bury St Edmunds, up to £42,000
This is an exciting opportunity to join a leading national brewery
and pub partner. The role will be focused around leading a team
of ten credit controllers both on site and remotely, managing
various business unit ledgers and supporting the Head of Accounts
Receivable in process improvement. You will ideally be a CICM
qualified credit manager that is available immediately or on short
notice with significant staff management experience.
Ref: 3983706
Contact William Plom on 01603 760141
or email william.plom@hays.com
Contact Seodhna Durkin on 01 571 0011
or email seodhna.durkin@hays.com
ACCOUNTS RECEIVABLE SUPERVISOR
South West London, up to £37,000 + 5% annual bonus
Working for a global retail entertainment business you will
primarily be responsible for supervision of two accounts receivable
clerks ensuring timely and correct cash allocation of payments.
You will also oversee the administration of intercompany and
sundry receivables accounts. This is a progressive role where
you will get involved in major projects, SOX controls and
implementation of new processes after a recent key acquisition.
Experience with large systems such as SAP or Oracle and solid
reporting skills on Excel is essential. Ref: 3977144
Contact Mark Ordoña on 07565 800574
or email mark.ordona@hays.com
SENIOR CREDIT CONTROLLER
Birmingham City Centre, up to £36,000
An excellent opportunity is available to join a market leading
organisation, based in Birmingham city centre. This position
will focus on one of the organisations largest portfolios with
emphasis on client facing collections. This role requires a hands-on
individual with experience in large scale reconciliations and large
scale portfolio experience. The role offers an extremely attractive
package and strong personal development opportunities.
Ref: 3986755
Contact Dan Day on 07734 726142
or email dan.day@hays.com
hays.co.uk/creditcontrol
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 56

TRAIN FOR THE
YEAR AHEAD
My Learning – free skills
training from Hays
To find out more visit
hays.co.uk/mylearning
SOLE CHARGE CREDIT CONTROLLER
Frimley, Surrey, up to £33,000 + bonus & benefits
This is an exciting opportunity to join a growing business in a newly
created role. You will take full responsibility for the entire order to
cash cycle, ensuring that aged debt is kept to a minimum, whilst
maximising cash flow. Experience of working with retail clients is
highly desirable, strong Excel skills and the ability to work in a sole
charge capacity is essential.
Ref: 3987637
Contact Natascha Whitehead on 07770 786433
or email natascha.whitehead@hays.com
CREDIT CONTROLLER
Harlow, £25,000-£30,000
This new role is for a large international leader in the luxury
retail space. You will be supporting a new credit manager in the
maintenance of broad UK & overseas ledgers, with a focus on
query resolution and proactive debt collection. We are looking for
someone who is either CICM qualified or studying towards this
qualification and who has strong Excel skills. You must be open
minded and comfortable in a changing environment. Ref: 3989701
Contact William Plom on 01603 760141
or email william.plom@hays.com
This is just a small selection of the many opportunities we
have available for credit professionals. To find out more visit
us online or contact Karen Young, Hays Credit Management
UK Lead on 07834 260029
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 57

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 Member
Danielle Allen
Richard Allibone
Peter Barker
Darius Boller
Frieda Brinson
Eleonora Burghoff
Roderick Byatt
Christopher Craig
Connor Dequincey
Jonatan Dominguez
Sonia Dorais
Mirian Ellermaa
Amy-Rose Fox
Fiona Friebel
Marta Gregori
Connor Gregory
Laura Gurnell
Deborah Haggerstone
Samuel Heath
Nils Gustav Isidorsson
Hannah Jackson
Bulut Kahraman
Aaron Kanagalingam
Meah Kirk
Ricardo Leith - Bowen
Richard Lloyd-Hughes
Salvijus Macys
Caoimhe Magennis
Sebastien Magis
Tracy Mahaffy
Simon Mainwood
Amy McMullan
Kate Meads
Lauren Monteith
Elizabeth Morse
Archanesh Mukherjee
Joe Murray
Montey Patel
Wesley Pritchard
Adam Rogers
Gustavo Henrique Santos Munhon
Nicola Scowen
Marie Selby
Ashley Sharif
Christopher Sharif
Nykola Shroll-Lee
Malin Simonsen
Sheri Smith
Kian Meng Soon
Sophie Thomas
Shannon Townsend
David Wallace
Mayra Williams
Tyne Willis
Nicola Wilson
Callum Winter
Member
Roy Barrow MCICM
Barry Bermingham MCICM
Keith Lochner MCICM
Claire McConnell MCICM
Nese Bogle MCICM
Affiliate
Brenda Bevelacqua
Kyle Campbell
Matt Civil
Anna Frackowiak
Carlos Guerrero
Emily Hornby
Chris King
Jennifer Martinez
Rae McCarthy
Dannielle Robert
Stacey Robertson
Silvia Strazovcova
Grete Tiks
Agnieszka Tyminska
Associate
Stuart Maclean ACICM
Carl Woodman ACICM
Congratulations to our current members who have upgraded their membership
Upgraded member
Metish Kachra FCICM
AWARDING BODY
Congratulations to the following, who successfully achieved Diplomas
Level 3 Diploma in Credit Management (ACICM)
NAME
Gary Auckland
Ashley Booth
Neeta Bulsara
Lucy Foulkes
Alicja Gracjasz
Gareth Guyers
Jorge Guzman
Pavlina Mitchell
Scott Offord
Charlotte Sweeney
Joanne Turley
Kaljit Rama
Zacki Rahman
Level 3 Diploma in Credit & Collections (ACICM)
NAME
Gemma Pawson
Level 4 Diploma in High Court Enforcement
NAME Tom Ennis
Level 5 Diploma in Credit & Collections Management MCICM(Grad)
NAME
Kiah Phillips-Trigg
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 58

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
ONLINE EVENTS
Keep an eye on our events calendar at CICM.COM for all CICM events!
Visit our website and book online at: www.cicm.com/cicm-events
Many of our events are now available
online, along with a new series of
live recorded webinars for the credit
profession.
Studying at a
distance
with CICM
Visit our website for
updates and instructions
on how to register...
From interactive virtual classrooms to supporting texts,
from mentor advice to peer support, we’ve got it all.
Contact CICM for more information on any of these services,
or check them out at cicm.com
Giving you the tools to continue
working through this crisis.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 59

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
COLLECTIONS (INTERNATIONAL)
COLLECTIONS LEGAL
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.
Guildways
T: +44 3333 409000
E: info@guildways.com
W: www.guildways.com
Guildways is a UK & International debt collection specialist with over
25 years experience. Guildways prides itself on operating to the
highest ethical standards and professional service levels. We are
experienced in collecting B2B and B2C debts. Our service includes:
• A complete No collection, No Fee commission based service
• 10% plus VAT commission for UK debts
• Commission from 22% plus VAT for International debts
• 24/7 online access to your cases through our CaseManager portal
• Direct online account-to-account payments, to speed up
collections and minimise costs
If you are unable to locate your customer, we also offer a no trace, no
fee, trace and collect service.
For more information, visit: www.guildways.com
COLLECTIONS (INTERNATIONAL)
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside, Cardiff, CF10 4WZ
Phone: +44 (0)29 20824397
Mobile: +44 (0)7767 865821
E-mail:yvette.gray@atradius.com
Website: atradiuscollections.com
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 Yvette Gray Country Director, UK
and Ireland.
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
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
Sterling Debt Recovery
E: info@sterlingdebtrecovery.com
T: 0207 1005978
W: www.sterlingdebtrecovery.com
Sterling specialises in international business debt collection
to get outstanding invoices paid quickly and cost effectively.
Our experienced, enthusiastic collectors achieve results whilst
maintaining a professional image.
We work on a commission only basis with no up-front fees and
no hidden costs. Each client is allocated a named collector for
personal service and regular updates. We collect the majority
of debt without litigation, with our on-site lawyer supporting us
where appropriate.
Where local expertise is required our global network are available
to assist.
BlaserMills Law
London – High Wycombe – Amersham – Silverstone
T: 01494 478660
E: jar@blasermills.co.uk
W: www.blasermills.co.uk
Blaser Mills Law’s commercial recoveries team is internationally
recognised, regularly advising large corporations, multinationals
and SMEs on pre-legal collections, debt recovery, commercial
litigation, dispute resolution and insolvency. Our legal services
are both cost-effective and highly efficient; Our lawyers are also
CICM qualified and ranked in the industry leading law firm rankings
publications, Legal 500 and Chambers UK.
Keebles
Capitol House, Russell Street, Leeds LS1 5SP
T: 0113 399 3482
E: charise.marsden@keebles.com
W: www.keebles.com
Keebles debt recovery team was named “Legal Team of the Year”
at the 2019 CICM British Credit Awards.
According to our clients “Keebles stand head and shoulders
above others in the industry. A team that understands their client’s
business and know exactly how to speedily maximise recovery.
Professional, can do attitude runs through the team which is not
seen in many other practices.”
We offer a service with no hidden costs, giving you certainty and
peace of mind.
• ‘No recovery, no fee’ for pre-legal work.
• Fixed fees for issuing court proceedings and pursuing claims to
judgment and enforcement.
• Success rate in excess of 80%.
• 24 hour turnaround on instructions.
• Real-time online access to your cases to review progress.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
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.”
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 60

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
russell@centuryone.uk 0203 603 7937
CONSULTANCY
CREDIT INFORMATION
CREDIT MANAGEMENT SOFTWARE
Chris Sanders Consulting
T: +44(0)7747 761641
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Chris Sanders Consulting – we are a different sort of consulting
firm, made up of a network of independent experienced
operational credit & collections management and invoicing
professionals, with specialisms in cross industry best practice
advisory, assessment, interim management, leadership,
workshops and training to help your team and organisation reach
their full potential in credit and collections management. We are
proud to be Corporate Partners of the Chartered Institute of Credit
Management and to manage the CICM Best Practice Accreditation
Programme on their behalf. For more information please contact:
enquiries@chrissandersconsulting.com
CREDIT INFORMATION
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
industry-leading 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.
CREDIT MANAGEMENT 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 is dedicated to solving complex Accounts
Receivable problems through reliable, easy-to-use cloud
software. We empower billing managers and collections experts
with the tools and data they need in a user-friendly interface, for
timely, tax-compliant invoicing, collections and reconciliation in
the most cost effective, secure, auditable and trackable manner.
The powerful, flexible, Corrivo platform is the only system your
AR team needs to manage your company’s cashflow better.
2 0 0 2
—
2 0 2 0
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
CoCredo has 18 years experience in developing credit reports for
businesses and is the current CICM Credit Information Provider
of the Year. Our company data is continually updated throughout
the day and ensures customers have the most current information
available. We aggregate data from a range of leading providers
across over 235 territories and offer a range of services including
the industry first Dual Report, Monitoring, XML Integration and
DNA Portfolio Management.
We pride ourselves in offering award-winning customer service
and support to protect your business.
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.
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 blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the all-toocommon
obstacles preventing today’s businesses from collecting
receivables in a timely manner. From credit management to cash
allocation, Esker automates each step of the order-to-cash cycle.
Esker’s automated AR system 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.
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.
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.
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-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.
ONGUARD
T: 020 3868 0947
E: lisa.bruno@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.
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.
Satago
48 Warwick Street, London, W1B 5AW
T: +44(0)020 8050 3015
E: hello@satago.com
W: www.satago.com
Satago helps business owners and their accountants avoid credit
risks, manage debtors and access finance when they need it – all
in one platform. Satago integrates with 300+ cloud accounting
apps with just a few clicks, helping businesses:
• Understand their customers - with RISK INSIGHTS
• Get paid on time - with automated CREDIT CONTROL
• Access funding - with flexible SINGLE INVOICE FINANCE
Visit satago.com and start your free trial today.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 61

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
russell@centuryone.uk 0203 603 7937
DATA AND ANALYTICS
ENFORCEMENT
INSOLVENCY
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.
High Court Enforcement Group Limited
Client Services, Helix, 1st Floor
Edmund Street, Liverpool
L3 9NY
T: 08450 999 666
E: clientservices@hcegroup.co.uk
W: hcegroup.co.uk
Putting creditors first
We are the largest independent High Court enforcement company,
with more authorised officers than anyone else. We are privately
owned, which allows us to manage our business in a way that
puts our clients first. Clients trust us to deliver and service is
paramount. We cover all aspects of enforcement – writs of control,
possessions, process serving and landlord issues – and are
committed to meeting and exceeding clients’ expectations.
FINANCIAL PR
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Our Creditor Services team can advise on the best way for you
to protect your position when one of your debtors enters, or
is approaching, insolvency proceedings. Our services include
assisting with retention of title claims, providing representation
at creditor meetings, forensic investigations, raising finance,
financial restructuring and removing the administrative burden
– this includes completing and lodging claim forms, monitoring
dividend prospects and analysing all Insolvency Reports and
correspondence.
For more information on how the Menzies Creditor
Services team can assist please contact Giuseppe Parla,
Licensed Insolvency Practitioner, at gparla@menzies.co.uk
or call +44 20 7465 1919.
LEGAL
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.
ENFORCEMENT
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
Court Enforcement Services is the market leading and fastest
growing High Court Enforcement company. Since forming in 2014,
we have managed over 100,000 High Court Writs and recovered
more than £187 million for our clients, all debt fairly collected. We
help lawyers and creditors across all sectors to recover unpaid
CCJ’s sooner rather than later. We achieve 39% early engagement
resulting in market-leading recovery rates. Our multi-awardwinning
technology provides real-time reporting 24/7. We work in
close partnership to expertly resolve matters with a fast, fair and
personable approach. We work hard to achieve the best results
and protect your reputation.
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.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 bestknown
brands working on often challenging briefs. As the partner
agency for the Credit Services Association (CSA) for the past 22
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.
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
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.
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.
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 62

PAYMENT SOLUTIONS
ARE YOU A LEADER
OR FOLLOWER?
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.
RECRUITMENT
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.
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.
Cr£ditWho?
CICM Directory of Services
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
Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 63

Advancing the credit profession / www.cicm.com / July & August 2021 / PAGE 64