Credit Management January February 2022

The CICM magazine for consumer and commercial credit professionals

The CICM magazine for consumer and commercial credit professionals


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CM<br />

JANUARY / FEBRUARY <strong>2022</strong><br />



The big<br />

shake-up<br />

The impact of<br />

future Insolvency<br />

regulation<br />

CICMQ is entering a<br />

new chapter in its<br />

history. Page 8<br />

Interview with Sue Chapple<br />

FCICM, the Institute's Chief<br />

Executive. Page 20

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Digital Debt Collection solutions, supporting your customers<br />


24<br />


Adam Bernstein<br />

20<br />


Sue Chapple, FCICM<br />

12<br />


David Kerr<br />

JANUARY / FEBRUARY <strong>2022</strong><br />

www.cicm.com<br />



Debbie Nolan FCICM is talking Smart.<br />

12 – INSOLVENCY –<br />


David Kerr FCICM considers the heavy<br />

hand of future regulation.<br />


Heather Greig-Smith analyses<br />

pan-European research on consumer<br />

collections and behaviours.<br />


Adam Bernstein discusses the<br />

challenges in recovering<br />

cryptocurrency from persons unknown.<br />


Sean Feast FCICM speak to Sue Chapple<br />

FCICM, Chief Executive of the Chartered<br />

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

24 – TALKING BIG<br />

Indonesia is a land of vast opportunity.<br />


Salary and recruitment trends for the<br />

year ahead.<br />


The landscape for SME lending and the<br />

challenge of Personal Guarantees.<br />


14<br />


Heather Greig-Smith<br />

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM<br />

Executive Board: Chair Debbie Nolan FCICM(Grad) / Vice Chair Phil Rice FCICM / Treasurer Glen Bullivant FCICM<br />

Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM<br />

Advisory Council: Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) / Brendan Clarkson FCICM<br />

Larry Coltman FCICM / Niall Cooter FCICM / Bryony Crossland FCICM(Grad) / Peter Gent FCICM(Grad)<br />

Victoria Herd FCICM(Grad) / Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)<br />

/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM / Chris Sanders FCICM<br />

Sarah Wilding FCICM / Atul Vadher FCICM(Grad)<br />

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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

Publisher<br />

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

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

OAKHAM, LE15 8NB<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

Imogen Hart, Rob Howard, Natalie Makin,<br />

Laura Rhodes and Sam Wilson<br />

Advertising<br />

Paul Heitzman<br />

Telephone: 01727 739 196<br />

Email: paul@centuryone.uk<br />

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ISSN 0265-2099<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 3


If it had been down to me,<br />

I’d have given you all a prize!<br />

Sean Feast FCICM<br />

Managing Editor<br />

IT’S awards season and I spent<br />

one day earlier this month<br />

judging entries for the CICM<br />

British <strong>Credit</strong> Awards <strong>2022</strong>.<br />

And I have to say I was mightily<br />

impressed.<br />

Some organisations take a somewhat<br />

cynical view to awards. I’ve heard them<br />

all: ‘it’s a fix’; ‘you only win if you’re a<br />

sponsor’; ‘you only get shortlisted so they<br />

can flog you a table’. Other organisations,<br />

and I count my own (from a different<br />

life) in that number, take a considerably<br />

more positive approach. We see awards<br />

– credible awards – as an opportunity to<br />

benchmark ourselves against the bestin-class<br />

and see how we shape up.<br />

When you’ve been in business for<br />

more than 30 years, you are constantly<br />

confronted by two opposing forces:<br />

those that love and value your expertise,<br />

knowledge, and grey hair; and those<br />

who think you can’t possibly be ‘current’<br />

anymore and are determined to try<br />

something ‘new’. Winning awards in that<br />

context is therefore hugely gratifying,<br />

supporting the decision-making of your<br />

current clients while cocking a fair<br />

snoop at those who felt the grass might<br />

be greener elsewhere. The opinion of an<br />

independent judging panel that you’ve<br />

still got what it takes gives you one hell<br />

of a buzz.<br />

Judging the BCAs, having been on<br />

both sides of the fence, has been a<br />

genuine privilege. The quality of entries<br />

was seriously impressive. Yes, I know<br />

that many award programmes talk<br />

about quality over quantity, but we had<br />

the luxury of both, a very large number<br />

of very high calibre submissions. The<br />

exchanges amongst the judges on the<br />

panel were as robust as ever (though<br />

always well-mannered) and in only<br />

a handful of cases was there a clear,<br />

outright winner. That meant hours (and<br />

I mean hours) of debate, sharing views<br />

and opinions to ensure we arrived at the<br />

right result. This was especially true of<br />

those categories where we were judging<br />

individuals rather than organisations. So<br />

before you come up to me in March and<br />

berate me should you come second, if it<br />

had been down to me, I’d have given you<br />

all a prize!<br />

By the time you read these lines we<br />

will be only a few short weeks away from<br />

announcing the winners, and after all<br />

of the nonsense of the last two years I<br />

for one can’t wait to dust off the DJ and<br />

throw a few shapes.<br />

See you on the dancefloor.<br />

Judging the BCAs, having been<br />

on both sides of the fence, has<br />

been a genuine privilege. The<br />

quality of entries was seriously<br />

impressive.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 4

CMNEWS<br />

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

world of consumer and commercial credit.<br />

Written by – Sean Feast FCICM<br />

Charity urges HM Treasury to proceed<br />

swiftly with plans to regulate BNPL<br />

BUY Now, Pay Later<br />

(BNPL) products are<br />

being widely used by<br />

people experiencing<br />

financial difficulty, and<br />

people with two BNPL<br />

loans are twice as likely as all adults<br />

to say they are finding it difficult to<br />

keep up with their household bills and<br />

credit repayments.<br />

This is the claim being made by<br />

StepChange Debt Charity as it urges<br />

the Government to accelerate its plan<br />

for regulation to protect consumers<br />

more adequately.<br />

A poll commissioned by the charity<br />

suggests that 10 percent of British<br />

adults report holding one or more<br />

BNPL debt; 30 percent of those with a<br />

BNPL debt have two or more loans and<br />

14 percent three or more. Almost nine<br />

out of 10 (87 percent) of those with a<br />

BNPL debt also have at least one other<br />

type of consumer credit product with<br />

an outstanding balance.<br />

BNPL borrowers tend to be younger,<br />

with an average age of 44 compared<br />

to 51 among those who hold any credit<br />

product. Almost half (49 percent) say<br />

they find it difficult to keep up with<br />

household bills and credit repayments,<br />

rising to 59 percent among those with<br />

two or more BNPL loans.<br />

The charity says that the size and<br />

impact of BNPL in the market is<br />

being driven at least to some degree<br />

by a ‘race for growth’. The value of<br />

customer acquisition may have<br />

affected the willingness of some firms<br />

to knowingly or otherwise engage<br />

in practices that are detrimental to<br />

consumers, such as relatively relaxed<br />

approaches to creditworthiness and<br />

affordability assessments.<br />

Phil Andrew, Chief Executive<br />

at StepChange, says that even<br />

interest-free credit can and does<br />

cause financial difficulty: ‘BNPL is<br />

deliberately marketed and presented<br />

– often to less financially experienced<br />

consumers - as a means of payment<br />

rather than as a form of credit, which<br />

is what it really is. It is marketed not<br />

just for lifestyle spending, but for<br />

essentials such as groceries or school<br />

uniform.<br />

“There is currently very little friction<br />

to prevent consumers building up<br />

significant amounts of cumulative<br />

BNPL debt,” he continues, “so it’s<br />

vital that regulation swiftly brings<br />

this rapidly growing lending market<br />

into line to ensure that consumers<br />

are better protected from the risk of<br />

financial difficulty.”<br />

The charity is not alone in<br />

demanding regulation now and not<br />

later. Sarah Coles, senior personal<br />

finance analyst, Hargreaves Lansdown,<br />

says that the Government cannot<br />

afford to drag its feet: “While it’s going<br />

through this process, the sector is<br />

mushrooming before our eyes,” she<br />

says.<br />

The growth of the market is<br />

phenomenal, with the value of<br />

transactions more than tripling<br />

in 2020 – to £2.7 billion. Since HM<br />

Treasury launched its consultation<br />

in October, millions of people have<br />

taken out new loans they may not<br />

fully understand or be able to afford.<br />

Citizens Advice said that one in ten<br />

people used BNPL over Christmas<br />

alone. “The spending squeeze risks<br />

even more people turning to this<br />

market to help make ends meet, and<br />

the spread of these services across<br />

everything from fashion to food means<br />

it’s finding its way into every area<br />

of spending. There's a real risk that<br />

building up these debts will erode<br />

people's financial resilience,” Sarah<br />

adds.<br />

Jayadeep Nair, Chief Product and<br />

Marketing Officer at Equifax UK,<br />

believes the soaring popularity of<br />

BNPL services has fundamentally<br />

changed the UK retail landscape by<br />

increasing access to affordable credit<br />

at the point of sale: “Our data suggests<br />

that 28 percent of UK consumers were<br />

actively making repayments on BNPL<br />

loans in October 2021, which is around<br />

2.8 million more people than at the<br />

start of last year.<br />

“With increased use comes<br />

increased scrutiny, and it’s wholly<br />

appropriate for the Treasury and FCA<br />

to now be weighing up the right level<br />

of regulation for what has become an<br />

extremely active and exciting part of<br />

the credit market.<br />

“BNPL providers have a<br />

responsibility to ensure that their<br />

services do not have a negative impact<br />

on the financial wellbeing of the<br />

consumers that use them. For all the<br />

good that BNPL can do for those that<br />

can manage their day-to-day finances,<br />

there are concerns that some users<br />

may be slipping through the cracks.”<br />

The Treasury’s consultation on the<br />

FCA’s regulation of the BNPL sector<br />

included proposals for formal credit<br />

agreements laying out the terms of<br />

deals when people take them out, and<br />

for retailers promoting the services<br />

to ensure people understand the<br />

risks they are taking. It also suggests<br />

section 75 of the Consumer <strong>Credit</strong> Act<br />

should apply, making BNPL providers<br />

jointly liable for the contract with the<br />

retailer in the same way that credit<br />

card providers are.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 5


Can the UK energy sector<br />

weather the current storm?<br />

AUTHOR – Tim Vine<br />

TRIGGERED by a global<br />

shortage in natural gas, the<br />

energy crisis impacting<br />

the UK has taken its toll<br />

on a number of different<br />

sectors – from transportation to<br />

manufacturing and food production.<br />

Of late, we’ve seen a further four<br />

energy companies cease trading as<br />

the surge in wholesale gas demand<br />

continues. The latest collapse saw a<br />

further 21,000 domestic customers<br />

moved to other suppliers, and<br />

consumers are well aware of the<br />

pending cost to the bill of every home<br />

in the country.<br />

The energy sector and its customers<br />

are feeling the squeeze. More than<br />

16 energy companies have collapsed<br />

since August 2021 and we’re not out<br />

of the woods just yet. The current<br />

situation shows no sign of abating,<br />

with disruption to the natural gas<br />

supply expected to continue.<br />

Whilst the future of the industry is<br />

uncertain, it’s worth reflecting on what<br />

has come before to better understand<br />

how we’ve arrived in this situation,<br />

to learn from mistakes and prevent it<br />

happening again.<br />

Current the state of play?<br />

COP26 put climate change and the<br />

environmental impact of our energy<br />

consumption on a global stage. There’s<br />

a lot of scope for the UK to utilise<br />

green energy, but the fact is around<br />

half of the UK’s electricity is generated<br />

by burning fossil fuel in gas-fired<br />

power plants. With ageing nuclear<br />

power plants and the slowing down<br />

of wind turbines due to some of the<br />

least windy months since 1961, the<br />

UK’s current reliance on fossil fuelbased<br />

electricity has become deeply<br />

entrenched.<br />

From cooking to heating, the<br />

average household relies on gas in<br />

many ways. Paired with the fact that<br />

the UK has one of lowest levels of<br />

gas storage capabilities in Europe<br />

and relies heavily on the continent<br />

for electricity, it’s become the perfect<br />

storm for an energy crisis.<br />

The good with the bad<br />

While the news of the current crisis<br />

is dominating the energy landscape,<br />

recent Dun & Bradstreet data found<br />

that the number of businesses in the<br />

energy sector has increased by 1,200<br />

over the last four years. This was<br />

predominantly driven by the ‘trade of<br />

gas through mains’, though further<br />

areas to see an increase in businesses<br />

were focused on the ‘distribution of<br />

gaseous fuels through mains’ and the<br />

‘production of electricity’.<br />

Following the Government’s<br />

mandate to shelter-in-place in 2020<br />

following the outbreak of Covid-19, it’s<br />

unsurprising to see growth within the<br />

sector across areas that supported the<br />

increase in demand to supply Britain’s<br />

households with energy.<br />

However, despite growth, the<br />

number of business closures within<br />

the energy sector has also continued<br />

to increase; in 2021 closures increased<br />

to 1,449 compared to 1,154 in 2018 and<br />

1,296 in 2019. What’s more, business<br />

liquidations increased in 2020 and<br />

<strong>Credit</strong> managers obliged to ‘guess’<br />

at bad debt reserves<br />

ALMOST a third (30 percent) of<br />

credit management professionals<br />

are obliged to guess at a figure when<br />

assessing the level of bad debt reserve<br />

they require at Year End, while less<br />

than one in ten (nine percent) are<br />

able to look to any financial model<br />

provided by their auditors.<br />

More than a third (35 percent) opt<br />

for generic, age-based percentages to<br />

arrive at a figure while a quarter (26<br />

percent) look to their experience of<br />

similar debt.<br />

Gary Brown, Founder of the<br />

collections platform Debt Register<br />

which conducted the survey, believes<br />

the findings prove what he has long<br />

thought: that the current process of<br />

providing for bad debts is invariably<br />

guesswork: “Speaking to firms and<br />

accountants, many companies have<br />

no clear picture of how collectable or<br />

otherwise certain debts are, and make<br />

provision simply by taking a best<br />

guess,” he says.<br />

“By passing the five oldest or<br />

longest-standing debts through our<br />

platform, however, there is a very<br />

real chance that those debts will be<br />

settled. This means the actual bad<br />

debt figure being provided for will be<br />

more accurate because there would be<br />

no need to reserve for those invoices<br />

at all.<br />

“Indeed, even if the money is not<br />

collected, then that also helps takes<br />

the guesswork out of the process and<br />

gives the company and the auditor<br />

something more tangible to refer<br />

to than a vague model. Either way,<br />

Debt Register can give companies a<br />

tool that supports a more accurate<br />

financial position.”<br />

Real case scenarios with current<br />

Debt Register clients have already<br />

proven the point and the age of the<br />

debt appears not to be a barrier to its<br />

collectability. One customer uploaded<br />

a debt that was 888 days overdue,<br />

and the debt was settled in 27 hours.<br />

In a more remarkable example, an<br />

uploaded debt that was 1499 days<br />

overdue was paid within 45 minutes.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 6

2021 with 41 and 48 respectively,<br />

compared to 2018 where there were 32<br />

liquidations.<br />

However, prompt payments have<br />

slightly improved in the UK from 32<br />

percent in August 2018 to 38.5 percent<br />

in August 2021. Additional insight<br />

across Europe also demonstrated<br />

positively for credit risk metrics<br />

within the sector, with data showing<br />

that the average payment delays in<br />

days dropped from 14.4 days in the<br />

first quarter to 14.1 days in the second<br />

quarter of the year.<br />

A bright future ahead?<br />

There are no doubt uncertain times<br />

ahead for the sector, but its recent<br />

growth shows the potential for the<br />

industry to weather this moment in<br />

time.<br />

As the UK’s post-Covid economy<br />

continues to recover, there will be<br />

rising calls to tackle the problem of<br />

unaffordable energy before it causes<br />

further damage. So, while we may not<br />

run out of gas, the potential to run out<br />

GOVERNMENT proposals on how<br />

insolvency services should be regulated<br />

in the future have been welcomed by<br />

Colin Haig, President of insolvency and<br />

restructuring trade body R3.<br />

He says the consultation provides<br />

an opportunity to deliver a framework<br />

that is strong and effective, that is fit<br />

for purpose in the longer term, and<br />

is better able to carry the confidence<br />

of the wider public: “A successful<br />

regulatory framework needs to be fair<br />

and proportionate, transparent, effective<br />

at addressing shortcomings, efficient in<br />

reaching decisions, flexible enough to<br />

keep pace with innovation, and, above<br />

all, consistent,” he says.<br />

“But there are still some significant<br />

issues with the proposals as they stand<br />

that will need to be worked through<br />

before any changes can be introduced.<br />

While improvements can and should<br />

be made, there appears to be a lack of<br />

evidence around some of the claims<br />


There’s a lot of scope for the UK to utilise green<br />

energy, but the fact is around half of the UK’s<br />

electricity is generated by burning fossil fuel in<br />

gas-fired power plants.<br />

of affordable energy is a mounting<br />

concern – not just for those working<br />

in the sector, but for the general public<br />

who will inevitably foot the bill.<br />

Many will look to monitor changes<br />

in the business environment of the<br />

energy sector as well as the responses<br />

at an individual country level as<br />

the crisis continues. Forecasts will<br />

undoubtedly play a starring role in<br />

supporting the industry’s anticipated<br />

recovery. And we can also expect a<br />

thorough, ongoing investigation for<br />

years to come – to ensure we prevent a<br />

reoccurrence.<br />

Tim Vine is Head of <strong>Credit</strong><br />

Intelligence at Dun & Bradstreet<br />

Future insolvency regulation<br />

still has issues, warns R3<br />

the Government has made around the<br />

current efficacy of the framework.”<br />

Crucially, Colin says, the Government’s<br />

preferred option of a single regulator<br />

operating within the Insolvency Service<br />

raises a major conflict of interest issue:<br />

“We’ve always been clear that we don’t<br />

oppose a single regulator in principle, but<br />

under these proposals, the Government<br />

would set insolvency legislation,<br />

regulate insolvency practitioners and<br />

then effectively compete with those<br />

same insolvency practitioners for work<br />

— while not being subject to the same<br />

regulation itself.<br />

“We hope the Government will set out<br />

in more detail how it would ensure the<br />

genuine independence of this proposed<br />

single regulator, as well as a level playing<br />

field for the public and private sector<br />

parts of the insolvency profession.”<br />

See article by David Kerr FCICM on p12.<br />

>NEWS<br />

IN BRIEF<br />

Do you want to be a<br />

CICM Assessor?<br />

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

<strong>Management</strong> is looking for Assessors<br />

to mark CICM assignments four times<br />

a year. If you are qualified in <strong>Credit</strong><br />

<strong>Management</strong>, Money & Debt Advice<br />

or similar, and are looking to give<br />

back to the profession, we would<br />

like to speak to you about joining<br />

us. Training will be provided. If you<br />

would like more information and to<br />

apply, visit the CICM vacancies page.<br />

Membership fees<br />

reviewed to invest in<br />

future services<br />

THE CICM has increased the cost of<br />

membership for the first time since<br />

2018. The new pricing structure, which<br />

was effective as of 1 <strong>January</strong> <strong>2022</strong>,<br />

reflects the significant investment<br />

the Institute has made in new<br />

digital platforms and training and<br />

membership packages needed to better<br />

serve its members’ needs. The new<br />

pricing is as follows:<br />

Fellow (FCICM) - £21.42 a month<br />

Member (MCICM) - £17.25 a month<br />

Associate (ACICM) - £14.08 a month<br />

Affiliate - £12.67 a month<br />

Studying Member - £8.25 a month<br />

In writing to members last month,<br />

Sue Chapple FCICM, CICM CEO says<br />

they did not take the decision lightly:<br />

“I hope you will appreciate that they are<br />

necessary to ensure your professional<br />

Institute retains its stature as the<br />

leading professional body of its kind<br />

in the world, and one to which you are<br />

proud to belong.”<br />

New Head of Audit<br />

SHELAGH Doyle has been promoted<br />

to Head of Audit and Compliance for<br />

Court Enforcement Services. Shelagh<br />

joined the business in 2020 to drive<br />

its customer care function with a<br />

wide and varied remit. In her new role<br />

she will fully support existing audit<br />

and compliance initiatives whilst<br />

adding her own ideas to drive a fresh<br />

approach for sustainable improvement.<br />

In a career spanning more than 20<br />

years, Shelagh has worked with<br />

organisations including<br />

Lloyds Banking Group,<br />

Barclaycard, Co-op Bank,<br />

VWFS and the Financial<br />

Ombudsman Service.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 7



CICMQ is entering a new chapter in its history.<br />

AUTHOR – Sean Feast FCICM<br />

IN a little over a decade, CICMQ –<br />

the credit management industry’s<br />

accreditation for best practice – has<br />

provided accredited companies<br />

with formal recognition of their<br />

organisation’s commitment to<br />

quality, continuous improvement, and best<br />

practice in all things credit.<br />

It has become the ‘kite-mark’ of<br />

excellence that Philip King FCICM, the<br />

CICM’s former CEO, originally envisaged.<br />

And in <strong>February</strong>, a new chapter in the<br />

CICMQ story begins with the appointment<br />

of Karen Tuffs FCICM, former Head of<br />

Order-to-Cash at Johnson & Johnson, to<br />

spearhead the future evolution of CICMQ<br />

as the new CICM Head of Accreditation.<br />

It is part of a plan to further integrate the<br />

qualification and accreditation product set<br />

and journey for members and clients.<br />

The history of CICMQ dates back some<br />

12 years, and a presentation given by<br />

Chris Sanders FCICM at ICM08. Chris was<br />

sharing a platform with Joris Kniep, the<br />

Global Head of <strong>Credit</strong> for Shell International,<br />

and presenting Shell’s two-year credit<br />

management journey and roadmap<br />

for improvement: “At the end of the<br />

presentation, Philip came up to me with an<br />

idea that he had literally written down on<br />

the back of a napkin,” Chris recalls. “He said<br />

that what the industry didn’t have, was an<br />

acknowledged idea of what good looked<br />

like. He asked me what I thought, and<br />

whether I could develop the idea. I said yes!”<br />


This was the genesis of CICMQ (or QICM<br />

as it was originally called), and the first<br />

company to be accredited, perhaps not<br />

surprisingly, was Shell International. It<br />

was a slow and somewhat difficult birth<br />

and struggled to gain immediate traction.<br />

Initially based on an organisation meeting<br />

five key criteria, it was quickly realised that<br />

a sixth criteria was needed against which<br />

a business should be judged: stakeholder<br />

management and roadmap: “You can have<br />

a process, but it doesn’t mean you are good<br />

at following it or that people are aware of it,”<br />

Chris explains.<br />

Fast forward three years to 2011, and a<br />

review and discussions about the future<br />

of QICM ultimately led to Chris being<br />

appointed Head of Accreditation-CICMQ in<br />

<strong>February</strong> 2012: “To be honest I was surprised<br />

but also extremely honoured to have<br />

been asked to head up the programme,”<br />

Chris Sanders<br />

FCICM<br />

“He said that<br />

what the industry<br />

didn’t have, was<br />

an acknowledged<br />

idea of what good<br />

looked like. He<br />

asked me what<br />

I thought, and<br />

whether I could<br />

develop the idea. I<br />

said yes!”<br />

Chris says. “But I was also excited by the<br />

challenge.”<br />

Chris was ideally placed to take the lead.<br />

Originally from Nottingham but brought up<br />

and educated in northwest London, the sum<br />

total of his initial careers’ advice at school<br />

was to join the gas board: “They seemed<br />

to have plenty of vacancies as a fitter,” he<br />

laughs, “but when they told my father that<br />

he stormed out of the room dragging me<br />

with him!”<br />

Originally starting out in his father’s<br />

menswear business and hating every<br />

minute, he joined Matchbox Toys in the<br />

summer of 1980, working as a customer<br />

services supervisor. A year or so into the<br />

job, he was summoned to see the Financial<br />

Director, David Smith, and asked whether<br />

he had ever considered credit control: “They<br />

had some vacancies and then told me of<br />

the untold riches (potential earnings of<br />

£7000 pa!!) and experience I would gain in<br />

the role.”<br />


Chris’ time at Matchbox Toys was not<br />

always plain sailing, especially after the<br />

business went into administration in<br />

the summer of 1982. He stayed with the<br />

toy maker, however, being promoted to<br />

credit manager and finally to customer<br />

accounts manager responsible for both<br />

credit, collections and customer services.<br />

He was still only 25 and was responsible<br />

for a team of 35. Headhunted to join Unicol,<br />

a debt collection agency, Chris managed<br />

the company’s litigation team and had his<br />

first taste of consulting. He also posted<br />

his ‘Direct Entry’ application to become a<br />

Member of the ICM.<br />

Joining the then fledgling Mercury<br />

Communications in December 1990,<br />

initially as a ‘credit policy manager’, Chris<br />

became Group credit manager shortly<br />

afterwards: “This was a fascinating<br />

business putting on 20,000 customers a<br />

month, recruiting 10 new credit controllers<br />

a month. I don’t think that customer service<br />

was brilliant at that time, people were just<br />

pleased not to have to wait six months for a<br />

phone from BT!”<br />

Chris stayed with Mercury, Cable &<br />

Wireless for 11 years after roles as Head of<br />

Billing & Collections with a team of more<br />

than 600 and being appointed Director<br />

of Transformation: “After C&W I started<br />

consulting, firstly with an American<br />

telecoms consultancy TMNG, but when<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 8


AUTHOR – Sean Feast FCICM<br />

Chris does have some funny stories too. Once<br />

invited for a guided tour of a meat wholesaling<br />

business, he fast realised this would include a trip<br />

around an abattoir: “I decided it wasn’t for me and<br />

volunteered Sharon Adams FCICM instead!”<br />

>NEWS<br />

IN BRIEF<br />

an opportunity came along to go<br />

independent, I took it. I was lucky as my<br />

boss at TMNG said, ‘If it doesn’t work<br />

out come back and work for us again’<br />

which was great! After six months I<br />

finally cut ties with TMNG in May 2006<br />

telling them I won’t be coming back!”<br />


Managing the CICMQ programme<br />

on behalf of the CICM has, is Chris’<br />

opinion, been the best job he could<br />

have had in credit management: “I<br />

have worked with some great CICMQ<br />

Assessors who are all passionate about<br />

credit management, the CICM and the<br />

CICMQ organisations of which there are<br />

now more than 50 with more working<br />

towards the accreditation.”<br />

CICMQ, however, is not just about<br />

accreditation. Perhaps the real value<br />

comes through the network and<br />

sharing best practice with Institute<br />

peers. Even with the challenges of the<br />

last two years, the CICM Best Practice<br />

Network has continued, attracting<br />

large numbers of delegates spread<br />

across more than 100 Zoom sessions,<br />

many eager to listen and learn from<br />

practising credit managers who are<br />

very much in at the deep end. The<br />

interim shift from actual to virtual<br />

assessments was also successfully<br />

achieved, and the value of a workshopled<br />

approach continued. CICMQ Best<br />

Practice Elevenses have also proved<br />

popular, as has a series of ‘lunch and<br />

learns’.<br />

As the outgoing lead, Chris has<br />

many happy memories of the last 10<br />

years: “With CICMQ you get to see every<br />

aspect of human life from retailers to<br />

utilities, breweries to wine merchants.<br />

Karen Tuffs, FCICM<br />

You meet credit teams of more than<br />

100, to a credit team of one, and every<br />

point in-between. You can sense the<br />

quality of the team immediately when<br />

you walk into a room, and that is<br />

almost always the result of a good<br />

manager.<br />

“There are three things that separate<br />

a CICMQ accredited business from the<br />

rest,” Chris continues. “They will have<br />

motivated and engaged people, led by a<br />

good manager; they will manage their<br />

stakeholder engagement well; and they<br />

will have a shared common goal across<br />

the team and the business.”<br />


Chris does have some funny stories too.<br />

Once invited for a guided tour of a meat<br />

wholesaling business, he fast realised<br />

this would include a trip around an<br />

abattoir: “I decided it wasn’t for me and<br />

volunteered Sharon Adams FCICM<br />

instead!” (Sharon, along with Pam<br />

Thomas FCICM are two of the CICMQ’s<br />

stalwart assessors.)<br />

As a new chapter in CICMQ begins,<br />

Chris is justifiably proud of how the<br />

accreditation programme has grown:<br />

“We have helped lay the foundations<br />

of something that has achieved what<br />

Philip King always wanted to achieve;<br />

we now know what good looks like,” he<br />

concludes.<br />

And as for Chris and the future?<br />

“I will never stop working in credit<br />

management, and will continue to<br />

focus on my credit management and<br />

billing consultancy business that I<br />

started in 2005,” he says. “I’d like to<br />

carry on in this industry like Glen<br />

Bullivant has done – but without the<br />

fancy ties.”<br />

A new chapter in the CICMQ story<br />

begins with the appointment of<br />

Karen Tuffs FCICM, former Head<br />

of Order-to-Cash at Johnson &<br />

Johnson, to spearhead the future<br />

evolution of CICMQ as the new CICM<br />

Head of Accreditation.<br />

Myths and Facts<br />

NEW research from Experian suggests<br />

that more than half of Brits are<br />

planning to be more careful with<br />

money in <strong>2022</strong>, and that many are<br />

confused as to the impact of certain<br />

financial products on their credit<br />

score. More than three quarters (85<br />

percent) of British consumers believe<br />

the number of credit cards they own<br />

affects their credit score, but this is not<br />

true. More than two thirds (69 percent)<br />

falsely believed making a large<br />

purchase on their credit card can affect<br />

their score.<br />

Service worth merit<br />

THE Meritorious Service Award is<br />

granted as a rare recognition of an<br />

especially meritorious contribution<br />

to the Institute. If you would like to<br />

nominate a member, visit https://www.<br />

cicm.com/cicm-meritorious-award/<br />

Greece is the word<br />

HOIST Finance has entered into an<br />

agreement with Alpha Bank to acquire<br />

a Greek portfolio of non-performing<br />

loans, compromising of unsecured<br />

consumer loans and a minor part<br />

small enterprise loans and secured<br />

loans. The total outstanding balance is<br />

approximately EUR 2.1 billion and the<br />

total investment is EUR 108 million.<br />

This is said to be Hoist Finance’s<br />

second portfolio acquisition in Greece.<br />

The transaction is expected to close<br />

during the first quarter <strong>2022</strong>.<br />

By Royal Appointment<br />

AMIR Ali, who sits on both the CICM’s<br />

Think Tank and Technical Committee,<br />

has been recognised with the OBE<br />

in the <strong>2022</strong> New Year’s Honours for<br />

Services to Court Users and the Law.<br />

The recommendation to Her Majesty<br />

The Queen to receive the Honour was<br />

made by the Prime Minister on the<br />

advice of the Independent and Main<br />

Honours Committee. The whole of<br />

the <strong>Credit</strong> <strong>Management</strong><br />

team congratulate Amir, a<br />

regular contributor to the<br />

magazine, for his welldeserved<br />

achievement.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 9


Talking Smart<br />

Shifting resolutions from <strong>January</strong> to<br />

<strong>February</strong> shows smart thinking.<br />

AUTHOR – Debbie Nolan FCICM(Grad)<br />

Debbie Nolan<br />

AS I closed out the New<br />

Year with a good friend<br />

of mine, we spent some<br />

time bemoaning all of our<br />

favourite things that have<br />

been cancelled during the<br />

last couple of years. We also congratulate<br />

ourselves on our achievements too, and<br />

came to the conclusion that it is not only<br />

good but also healthy to look back and<br />

review the past year, but only to glance<br />

at it, and not stare. Focus on the future –<br />

things that you can influence and where<br />

you can make a positive difference.<br />

In previous articles I’ve shared my love<br />

of planning and list making, and the end of<br />

one year and the start of another is always<br />

a perfect time for that. But somehow, this<br />

year I have struggled to put pen to paper<br />

(yes I even do it manually too!).<br />

<strong>January</strong> is always a tough month. It<br />

comes immediately after the holiday season<br />

when many of us have indulged more than<br />

usual. Pay day seems so incredibly far away<br />

as the reality of our last-minute generosity<br />

in December starts to hit. It’s also dark and<br />

grey most of the time, and it’s 31 days long!<br />

Nobody minds that in the summer when<br />

it’s blue skies and sunshine, but it seems<br />

never ending when its wet, muddy and<br />

chilly outside. The third week in <strong>January</strong><br />

even contains an unofficial day ‘Blue<br />

Monday’ which according to an equation<br />

commissioned by a travel company, is the<br />

most depressing day of the year.<br />

So why on earth do I always make a list<br />

of resolutions in <strong>January</strong>?<br />

Dry <strong>February</strong><br />

I have an ex-colleague who never does Dry<br />

<strong>January</strong>, but instead has a Dry <strong>February</strong>.<br />

When I asked him why, he explained:<br />

“There are only 28 days in <strong>February</strong> and all<br />

of the festive booze and chocolates are gone<br />

by then, so there’s less temptation.” Genius!<br />

Doing it that way, he always achieves what<br />

he set out to do – give his body a bit of a<br />

break and set himself a challenge he has a<br />

better chance of achieving.<br />

In business we are taught to ensure<br />

that our plans and objectives are SMART.<br />

However, like most people, as I started to<br />

plan my New Year with a list of resolutions,<br />

mostly things that I won’t do, or will do<br />

better, I reflected on them and realised<br />

none of them are particularly SMART. Just<br />

a few days in, I am already struggling to<br />

stick to them. I am not alone – last week<br />

the news reported that 25 percent of people<br />

have already given up on their resolutions.<br />

And now I see that this is mostly because<br />

they aren’t ‘realistic’.<br />

So this year, I’ve decided to scrap<br />

making any firm commitments, and reset<br />

my New Year as of 1 <strong>February</strong> instead.<br />

I’m going to focus on some things that are<br />

SMART, but not everything. I am going<br />

to be kinder to myself, for example, and<br />

not just kind to those around me, and I’ve<br />

decided to incorporate a goal to achieve 10<br />

‘wow’ factors in <strong>2022</strong>.<br />

Nothing terribly exciting; but things like<br />

making sure that I sit down, undisturbed,<br />

and read that book I’ve had on my shelf<br />

since Christmas a few years ago. Visit<br />

somewhere in the UK that I haven’t been to<br />

before. That kind of thing.<br />

And I’ve chosen 10 so that it can be one<br />

per month, excluding the party month<br />

of December and the dreary month of<br />

<strong>January</strong>. And I am going to set one a<br />

month, not create a long list at the start.<br />

I’ve decided: <strong>2022</strong> is going to be a SMART<br />

one for me!<br />

Debbie Nolan is Chair of the CICM<br />

Executive Board.<br />

“There are only 28 days in <strong>February</strong> and all of the<br />

festive booze and chocolates are gone by then, so<br />

there’s less temptation.” Genius!<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 10


NOW OPEN<br />

Thursday 24th March, Royal Lancaster London<br />




The entries are in... and the shortlist has been announced! To see who made the<br />

shortlist for the <strong>2022</strong> awards, please visit: www.cicmbritishcreditawards.com<br />

Don’t miss this fantastic evening of networking and celebration of all of the incredible<br />

achievements across the credit and collections community.<br />

With a fabulous line up of entertainment, it’s the one event in the<br />

credit calendar not to be missed!<br />


Please contact Orhan Toprakci on:<br />

T: 020 7484 9973 E: Orhan.Toprakci@incisivemedia.com<br />

For more information visit www.cicmbritishcreditawards.com<br />

or scan the QR code below to be directed to our website<br />

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Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 11


Insolvency –<br />

the big shake-up<br />

IPs feel the heavy hand of Government regulation.<br />

AUTHOR – David Kerr FCICM<br />

IN what will be the biggest change<br />

in over 35 years, the Government’s<br />

Insolvency Service has proposed<br />

a major dismantling of the<br />

current regime, which has seen<br />

a profession-led approach since<br />

licensing of Insolvency Practitioners (IPs)<br />

was first introduced in 1986.<br />

In a consultation paper published in<br />

late December, the Government proposes<br />

to take direct control of IP regulation,<br />

with a new single regulator situated<br />

within the Service – thereby removing the<br />

Recognised Professional Bodies (RPBs)<br />

from the picture. Although a seven-year<br />

‘back-stop’ power to set up a new single<br />

regulator has been on the statute books<br />

since 2015, I think it is fair to say this is not<br />

what the profession wanted or expected<br />

from the Service’s review.<br />

Of course, Government will consider<br />

consultation responses, and the deal is far<br />

from done at this stage, but this looks to<br />

be heading in one direction – state control<br />

of the work that IPs undertake, with a new<br />

team in the Service handling complaints<br />

and making all the key decisions on<br />

regulatory sanctions etc. Perhaps<br />

creditors will welcome a new approach by<br />

a regulator viewed as more impartial and<br />

potentially more robust (two of the stated<br />

aims of the change), but is this really a<br />

good move, is it the best option, and is it a<br />

justifiable revision of the current system?<br />

Do the reasons cited for this upheaval<br />

really stack up?<br />


For the Service’s proposal to work, it will<br />

have to demonstrate that it can do the<br />

job better than the RPBs. In particular, it<br />

has ambitions to speed up the complaints<br />

process; and while some aspects of<br />

the process could undoubtedly be<br />

undertaken more quickly, doing so while<br />

observing natural justice, fair process etc,<br />

and minimising the risk of legal challenge<br />

(a tricky balance, as the RPBs know<br />

well) will require significant resourcing<br />

– and training, if the new department<br />

is populated with inexperienced staff.<br />

Another key factor cited by the Service<br />

is the consistency and robustness (it<br />

says that with four RPBs there are ‘likely<br />

{author’s emphasis} to be inconsistencies’)<br />

of disciplinary outcomes, and yet the<br />

Common Sanctions Guidance currently<br />

in force is designed to achieve a level<br />

playing field, and has been the product of<br />

collaboration between the RPBs and the<br />

Service.<br />

And what of routine monitoring of<br />

IPs – a key component of any regulation<br />

system? Well, here the Service seems<br />

relaxed about using the expertise within<br />

the professional bodies, potentially<br />

engaging them under contract to visit<br />

their IPs on behalf of the new regulator.<br />

Significant reform<br />

to the existing<br />

regulatory structure is<br />

necessary to protect<br />

both consumers and<br />

creditors according to<br />

the Service.<br />

So, the prospect is of some ongoing form<br />

of hybrid between full state regulation and<br />

a system run by the professional bodies,<br />

but with the emphasis shifted massively<br />

towards the Government department<br />

which will have full control. The new<br />

regulator will determine the frequency of<br />

inspections, and decide what steps need<br />

to be taken on the back of monitoring<br />

reports – with public sanctions where it<br />

deems appropriate.<br />

In addition, the Service will take control<br />

of the standards setting process, so that<br />

when it wants to introduce a new practice<br />

statement or amendment to the code of<br />

ethics, it can do so – no doubt after some<br />

consultation, but without having to wait<br />

for the RPBs to agree a position as now<br />

through the Joint Insolvency Committee.<br />

The Service will be standards-setter<br />

licensing authority, monitor, complaints<br />

handler and decision-maker. But who will<br />

oversee its work, and to whom will one<br />

complain if dissatisfied with its decisions?<br />

Will the Service have to mark its own<br />

homework!?<br />

And what will it cost? The RPBs have<br />

managed to keep costs down while<br />

undertaking these various regulatory<br />

roles, and at the same time innovate in<br />

some areas such as monitoring methods.<br />

What incentive will there be for the<br />

Service to keep a lid on costs, when it is<br />

the only player in town and can pass its<br />

costs onto IPs? Any increase in regulatory<br />

costs is likely to finds its way into the<br />

system and will likely be felt by creditors<br />

at the end of the day.<br />


The decision to tear up the current regime<br />

looks a bit drastic when considered against<br />

the backdrop of the Service’s present role<br />

as overseer of the RPBs; it has the levers<br />

at its disposal now to hold the RPBs to<br />

account. In 2015, it took powers to issue<br />

directives to RPBs and sanction them if<br />

they were deemed to be failing to meet the<br />

statutory regulatory objectives. And yet it<br />

has not used those powers in any public<br />

way; it has published annual reports of the<br />

bodies’ regulatory activities – sometimes<br />

highlighting frustration with aspects<br />

such as the number of long-running<br />

complaints in the RPBs’ systems – but has<br />

not stated any serious dissatisfaction with<br />

the RPBs’ performance to the extent that<br />

would seem to warrant removal of their<br />

recognition as authorising bodies.<br />

If the present regime has failed (‘not<br />

fit for purpose’), then to what degree<br />

might observers consider the Service<br />

itself culpable? It has been a part of the<br />

system – it has sat around the standardssetting<br />

table, and it has monitored the<br />

RPBs’ activities at regular intervals; it has<br />

had the means to address shortcomings in<br />

a scaled way but has now chosen instead<br />

to go for the nuclear option and scrap<br />

the system entirely – a move that surely<br />

suggests it is very dissatisfied with the<br />

present system. That seems at odds with<br />

its public pronouncement hitherto.<br />

The justification in the published<br />

document seems to be based on<br />

respondents’ perceptions of impartiality<br />

and the potential for undue influence,<br />

and a claim that the RPBs are ‘not always<br />

wholly effective’ or fully transparent; and<br />

yet it acknowledges the role of lay (non-<br />

IP – including creditor) participants in<br />

RPB decision-making committees, and<br />

other advances made by the bodies (for<br />

example towards meeting the challenge<br />

of monitoring volume IVAs). It concludes<br />

that the present regime has been<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 12


AUTHOR – David Kerr FCICM<br />

It is a kick in the teeth for the profession<br />

without doubt, and in many quarters will<br />

be unwelcome, but it seems clear that the<br />

Service has become frustrated with progress,<br />

or lack of it, in the present system.<br />

insufficiently effective in keeping pace<br />

with market developments.<br />

One change on which there is some<br />

consensus is a need to regulate firms as<br />

well as individual IPs, but that change<br />

could be made without the need to turn<br />

the whole system on its head. Arguably<br />

the acknowledged shortcomings in this<br />

respect are the product of the statutory<br />

position, rather than a failing on the part<br />

of the RPBs (some of which had argued for<br />

the statutory power to regulate firms).<br />

One small dividend for creditors and<br />

others might be a new compensation<br />

scheme which could be introduced to<br />

deal with situations where things go<br />

wrong, though claims might be capped<br />

at a notional level and might be used<br />

mainly to address consumers’ concerns in<br />

personal cases.<br />

And what of pre-packs, which the<br />

service cites as an example of the<br />

voluntary approach to regulation not<br />

working sufficiently well. But the review<br />

to consider how to address concerns about<br />

Phoenix pre-packs was a Governmentcommissioned<br />

one, on the back of which<br />

new arrangements such as the Pre-Pack<br />

Pool were introduced. Referrals to it<br />

were voluntary, as recommended by its<br />

author, and endorsed by the Service.<br />

Certainly, the number of referrals fell far<br />

short of what had been hoped for, and in<br />

this respect maybe IPs have helped the<br />

Service’s cause as it now cites the need<br />

for its subsequent intervention to make<br />

referrals to an evaluator compulsory<br />

as an example of the failure of the<br />

hitherto consensual approach, but the<br />

initial solution to the perceived pre-pack<br />

problem was not one designed by the<br />

professional bodies. Could the profession<br />

at large/ its practising members have<br />

done more to assuage creditors’/others’<br />

concerns about pre-pack deals? Possibly.<br />

But is it reasonable for the Service to cite<br />

this as a reason for it to take a ‘more active<br />

role’?<br />

Another factor – relevant but skirted<br />

over in the consultation document – is<br />

the issue of inconsistency caused by the<br />

number of regulators. This was of more<br />

concern in 2015 than now, as there were<br />

more RPBs then and the scope for gaps<br />

in the system was greater. Just two bodies<br />

currently account for 90 percent of IPs in<br />

England & Wales, with cooperation on<br />

standards, a joint entry examination, one<br />

common code of ethics, one complaints<br />

portal and a common sanctions guide.<br />

If there are significant differences in<br />

their approaches to complaints and/or<br />

monitoring, why would the Service as<br />

oversight regulator not have addressed<br />

these before now? – if necessary, using<br />

the graduated tools available to it for just<br />

that purpose?<br />


In some ways the proposed solution<br />

is smart in that it takes control of key<br />

regulatory elements while embracing<br />

monitoring expertise within the RPBs.<br />

However, there is no indication of<br />

how complaints might be handled<br />

more efficiently within a Government<br />

department (nor how they might be<br />

dealt with more quickly – something<br />

it could have addressed with the RPBs<br />

previously), nor how it might intend<br />

to be more robust on sanctions (with<br />

bigger fines maybe? – something it could<br />

have addressed with previous proposals<br />

for changes to the common sanctions<br />

guidance), or how more generally the<br />

proposed course of action furthers the<br />

public interest by ripping up 30+ years<br />

of regulatory experience and starting<br />

from near scratch. That move appears<br />

to sit awkwardly within the context of<br />

experience in other jurisdictions, where<br />

Government regulation might be the norm<br />

in a fledgling regime, but where a move<br />

to private ‘self-regulation’ might be seen<br />

as an indication of regulatory maturity as<br />

systems develop and professional bodies<br />

build their capacity to take on these<br />

functions and, crucially, are trusted to<br />

do so.<br />

And this is the knub of it…trust. The<br />

bottom line here is that the Service<br />

clearly believes that there is a lack of<br />

trust in the present UK regime, such that<br />

it feels it must act decisively to restore<br />

public confidence before it is too late.<br />

Whatever voices have been heard the<br />

loudest, the trust factor is perhaps what<br />

really explains this rather drastic and<br />

unexpected move. It is a kick in the teeth<br />

for the profession without doubt, and<br />

in many quarters will be unwelcome,<br />

but it seems clear that the Service has<br />

become frustrated with progress, or lack<br />

of it, in the present system. Some will<br />

believe the change is overdue and that the<br />

profession deserves what’s coming, but<br />

time will tell whether the change if/when<br />

implemented will bring about the desired<br />

improvement and whether creditors and<br />

other stakeholders will feel better about<br />

the new ‘independent’ system in say five<br />

years from now.<br />

Could an alternative package of<br />

measures have worked satisfactorily to<br />

address the perceived shortcomings? A<br />

combination maybe of the new regulation<br />

of firms, with more effective use of the<br />

Service’s current oversight powers to<br />

iron out any inconsistency between RPBs<br />

or failure to respond to a nudge when<br />

improvement is required, and perhaps<br />

also a move towards greater independence<br />

of the RPBs through the stipulation of<br />

a majority of independent directors on<br />

their governing boards – such as under<br />

the Indian Insolvency & Bankruptcy Code<br />

of 2016.<br />

No system is perfect, and IPs expect to<br />

be unloved to a degree, but this jolt seems<br />

harsh on the majority of IPs, who for<br />

the most part are working to the highest<br />

standards in difficult circumstances,<br />

and on the majority of those in the<br />

professional bodies, who for the most part<br />

are working diligently in a challenging<br />

role to maintain professional standards in<br />

the public interest.<br />

David Kerr FCICM is an insolvency<br />

practitioner with extensive regulatory<br />

experience and a member of the CICM<br />

Technical Committee.<br />

David Kerr FCICM<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 13



The pandemic continues to bite consumer finances.<br />

AUTHOR – Heather Greig-Smith<br />

AFTER a turbulent couple<br />

of years, with signs of a<br />

recovery in the second<br />

half of 2021, the Omicron<br />

variant poses a new wave<br />

of challenges. But how do<br />

consumers feel about their finances and<br />

capacity to cope?<br />

The global economic challenges<br />

are significant, but UK consumers are<br />

failing to measure up when it comes to<br />

understanding their finances, according<br />

to the annual survey of 24,000 European<br />

consumers by credit management group<br />

Intrum.<br />

While 58 percent say they want to<br />

ensure they are in a stronger financial<br />

position before another global crisis,<br />

more than a quarter have less visibility of<br />

their short-term borrowing now than they<br />

did before the pandemic started, while 24<br />

percent say they don’t even want to know<br />

how much they owe.<br />


The 2021 European Consumer Payment<br />

Report shows this trend is especially<br />

pronounced amongst younger age<br />

groups, with 45 percent of 22-37-year<br />

olds admitting they have their heads in<br />

the sand over their financial situation. It<br />

reflects a growing generational divide in<br />

the aftermath of the pandemic.<br />

When asked to calculate the impact<br />

of interest rates on savings, for example,<br />

just 36 percent of Gen Z (18-21 year olds)<br />

gave the right answer, compared with 76<br />

percent of Baby Boomers (55+). Similarly,<br />

just 25 percent of Gen Z identified the<br />

correct definition of ‘inflation’, compared<br />

with 81 percent of Baby Boomers.<br />

While it is concerning that higher<br />

proportions of younger age groups have<br />

little control over their personal finances,<br />

they also have less disposable income than<br />

other age groups and the credit they are<br />

granted is limited by their income levels.<br />

This means their outstanding balances<br />

and the scale of their debt problems are<br />

likely to be lower.<br />

Gavin Flynn is Operations Director<br />

for Intrum in the UK and Ireland: “Some<br />

consumers have found themselves in a<br />

difficult financial situation over the past<br />

year and have struggled to pay their bills<br />

on time. We have seen how the pandemic<br />

has deepened existing inequalities,” he<br />

says.<br />

The temptation for individuals to<br />

ignore the problem is huge, adds Intrum’s<br />

UK and Ireland Managing Director Eddie<br />

Nott: “Understandably, many find the<br />

situation overwhelming. As we begin <strong>2022</strong>,<br />

we face yet more uncertainty over the<br />

pandemic as well as rising unemployment<br />

and the likelihood that energy prices will<br />

rocket when the current price cap runs<br />

out in April. Things will be very tight for<br />

many consumers.<br />

“As hard as it is, it’s important that<br />

people understand the impact on their<br />

household finances and can seek help if<br />

they need it.”<br />

United Kingdom<br />

European<br />

Consumer<br />

Payment<br />

Report 2021<br />


Regardless of age, now is a good time for<br />

consumers to increase their knowledge<br />

of financial management. While 82<br />

percent of UK consumers believe they<br />

received sufficient or excellent financial<br />

education, a third don’t understand how<br />

interest rate changes could affect their<br />

financial position and 50 percent need<br />

help with complex financial matters.<br />

“The COVID-19 crisis is a stark<br />

reminder of the essential role that<br />

financial education plays in helping<br />

consumers manage their money and<br />

withstand curveballs when they arise,”<br />

says Eddie.<br />

And there are likely to be many<br />

curveballs coming our way. Almost half<br />

(48 percent) say their bills are increasing<br />

more quickly than their income and a<br />

quarter have less than 10 percent of their<br />

income left after paying bills.<br />

In the six months leading up to<br />

Intrum’s survey, 30 percent had borrowed<br />

money or reached their credit card limit<br />

in order to pay bills – higher than in 2020,<br />

when 20 percent said the same. Parents<br />

are especially hard hit, with 87 percent<br />

of them saying they have borrowed or<br />

maxed out their credit card to buy things<br />

for their children.<br />

All this adds up to financial stress.<br />

More than a quarter are more likely to<br />

miss a debt payment now than at any<br />

other point they can remember.<br />

On the positive side, the pandemic<br />

does seem to have motivated consumers<br />

to focus on financial security, with 39<br />

percent saying they are putting money<br />

aside to protect their financial wellbeing<br />

and a third saying they have set targets to<br />

better manage their bills and savings.<br />


According to the report, the pandemic has<br />

also encouraged parents to spend more<br />

time helping their children understand<br />

financial management – 54 percent said<br />

they were more likely to do this now than<br />

before the pandemic.<br />

However, although well-meaning<br />

parents are passing advice to their children,<br />

it may prove to be counterproductive if<br />

the parents themselves have not had a<br />

solid financial education, or do not take<br />

care to explain the nuances of credit and<br />

how it works.<br />

“More than half say they are more likely<br />

than they were to urge their children not<br />

to take on debt. This isn’t necessarily good<br />

advice. Managed correctly, debt supports<br />

entrepreneurial pursuits and forms an<br />

integral part of the business community<br />

and wider economy,” says Eddie.<br />

Unfortunately, it seems certain that<br />

more financial pain is coming in <strong>2022</strong>.<br />

Even before the Omicron variant hit, more<br />

than a third of UK consumers said they<br />

expected Covid to have a negative impact<br />

on their finances for another 12 months,<br />

while a fifth expected it to take more than<br />

two years to get back to normal.<br />

This means businesses need to<br />

anticipate and prepare for the impact.<br />

“The pandemic has left some groups of<br />

consumers worse off and some have taken<br />

on additional debt to make ends meet,”<br />

says Ian Davies, Client and Sales Director<br />

for Intrum UK and Ireland.<br />

“Given this, and increasing inflation,<br />

we expect more payment problems in<br />

future. Businesses will need to review<br />

their credit management strategies to<br />

meet the challenges ahead and reduce<br />

credit losses.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 14

0 20 40 60 80 100<br />

0 20 40 60 80 100<br />


AUTHOR – Heather Greig-Smith<br />

45 percent of 22-37-year olds admitting<br />

they have their heads in the sand over their<br />

financial situation. It reflects a growing<br />

generational divide in the aftermath of the<br />

pandemic.<br />

Saving for<br />

the future<br />

45%<br />

are dissatisfied with the amount<br />

they are able to save each month. In<br />

2020, 49 per cent stated the same.<br />

The European average for 2021 is<br />

54 per cent.<br />

The Covid-19 crisis has not only had an immediate impact on<br />

household finances; it also has much longer-term implications<br />

for consumers‘ ability to save for the future. According to the<br />

UK Office for National Statistics, the savings rate rocketed to<br />

23.4 per cent in Q2 of 2020. It has since come down to 11.7<br />

per cent in Q2 of 2021 but remains relatively high. Our survey<br />

shows that 81 per cent of UK consumers are able to save each<br />

month, however, 45 per cent are dissatisfied with the amount<br />

they are able to put aside.<br />

UK consumers say their main reasons for saving are for unexpected<br />

expenses (64 per cent), retirement (46 per cent)<br />

and travel (43 per cent).<br />

On average, what percentage of your salary do you save each month?<br />

20%<br />

76%<br />

save money each month<br />

I do not save money<br />

each month<br />

44%<br />

19%<br />

13%<br />

24%<br />

Female<br />

86%<br />

save money each month<br />

Male<br />

45%<br />

23%<br />

18%<br />

14%<br />

European Consumer Payment Report 2021 UK<br />

15<br />


The unequal effect of the pandemic<br />

means that some consumers have been<br />

able to save more money than others –<br />

those whose income remained unchanged<br />

had fewer travel and leisure costs, so are<br />

better off than they were previously.<br />

As a result, the savings rate has risen<br />

significantly, and 81 percent are able to<br />

save something each month. However,<br />

the survey found that almost half of those<br />

are dissatisfied with the amount they are<br />

able to put aside.<br />

Clearly, there is an ongoing divide<br />

between those badly affected by the<br />

pandemic and those whose wealth has<br />

risen. As interest rates rise, the latter will<br />

be better placed to weather the storm.<br />

“Low-income households have been<br />

more likely to experience job instability<br />

and financial hardship, which is reflected<br />

in their savings patterns,” says Intrum’s<br />

Senior Economist Anna Zabrodzka.<br />

“Those who managed to accumulate<br />

savings during the pandemic will find<br />

it easier to absorb higher costs without<br />

facing payment problems.”<br />


Meanwhile, this year’s survey shows<br />

that consumers are increasingly holding<br />

firms to account on sustainability, with<br />

56 percent of UK respondents saying<br />

they wouldn’t buy from a company they<br />

knew to be responsible for harming the<br />

environment.<br />

Social media is playing an important<br />

role in putting sustainable consumption<br />

at the top of the agenda. Though<br />

39 percent say social media creates<br />

pressure to consume more, these<br />

channels have also increased awareness<br />

around buying sustainable products.<br />

This is especially true for younger age<br />

groups.<br />

Along these lines, waste is also an<br />

issue for many – 61 percent say they are<br />

actively buying less to reduce clutter.<br />

These consumers are after a simpler<br />

life, increasingly fixing or recycling<br />

old items rather than buying new and<br />

eating more leftovers than they used to.<br />

The younger generations and parents<br />

are at the forefront of this push towards<br />

sustainability.<br />

Businesses need to be aware of the<br />

knock-on effects of this. For example, a<br />

third of UK respondents said they would<br />

feel no guilt about paying a company later<br />

than agreed if they thought the company<br />

was unethical. This figure rises to around<br />

half for Gen Z consumers, reflecting the<br />

extent to which this cohort is willing to<br />

take action around green issues.<br />

“Consumers, especially the younger<br />

generation, which is only just starting<br />

to exert its consumer power, are using<br />

their consumption to exert pressure<br />

around climate issues,” says Intrum’s<br />

Sustainability Director Vanessa<br />

Söderberg. “By focusing on sustainability,<br />

businesses of all sizes can balance their<br />

risks, maintain a healthy cash flow and be<br />

better equipped to prosper and grow.”<br />

Eddie agrees: “While it’s true that<br />

consumer intentions don’t always<br />

translate into action, businesses would<br />

be wise to pay attention to this trend<br />

if they are to retain the loyalty of these<br />

customers,” he concludes.<br />

Intrum has published The European<br />

Consumer Payment Report on an annual<br />

basis since 2013. The report is based on<br />

an external survey that is conducted<br />

simultaneously in 24 countries in Europe.<br />

A total of 24,012 consumers participated<br />

in the 2021 edition. This year marks<br />

the ninth edition of the UK version of t<br />

he report. For more information visit:<br />

www.intrum.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 15



Recovering cryptocurrency following cyber fraud<br />

without throwing good money after bad.<br />

AUTHOR – Adam Bernstein<br />

FINTECH and cybercrime are in the<br />

ascendancy and the authorities<br />

are fighting to keep up with<br />

the growth of both. Fortunately,<br />

recent decisions in the courts have<br />

demonstrated that the law of England<br />

and Wales can indeed keep up, especially when it<br />

comes to dealing with theft by cybercriminals.<br />

Cyber fraud is indeed on the rise. Computer<br />

Weekly, back in August 2021, found that individuals<br />

and organisations in the UK reported losses of £1.3bn<br />

from fraud and cybercrime between 1 <strong>January</strong> and<br />

31 July 2021 – a threefold increase on the year – while<br />

reported instances of cybercrime rose seven fold,<br />

from 39,160 to 289,437 cases.<br />

The problem, of course, is that “pursuing criminals<br />

through cyberspace and recovering assets is difficult,”<br />

says Louise Norbury-Robinson, a commercial<br />

dispute resolution and technology specialist at<br />

Walker Morris, “and has been fraught with legal and<br />

practical difficulty and risk.”<br />

For Louise, there are not only the jurisdictional and<br />

geographical uncertainties inherent in combatting<br />

fraud perpetrated over the internet to deal with,<br />

but also questions such as “how victims pursue<br />

defendants whose identity is unknown; how they<br />

collect evidence and/or trace assets which exist only<br />

in digital form and which can be deleted or dissipated<br />

instantly with a click or a swipe; and the up-front<br />

costs which a defrauded victim must meet in order to<br />

seek justice representing a worthwhile investment.”<br />

In other words, does taking legal action in such<br />

cases involve throwing good money after bad?<br />

However, several recent, high-profile cases have<br />

demonstrated that the law is keeping up and that<br />

taking tangible action against fraud in cyberspace is<br />

becoming more widely understood, more effective<br />

and therefore more worthwhile.<br />


Before offering guidance on preventative steps to<br />

take, Norbury-Robinson highlights two recent cases<br />

that have shown the way forward.<br />

Pointing first to the case of AA v Persons Unknown,<br />

she says that this “pulls together some of the key<br />

legal issues which a victim of cyber fraud can face,<br />

and confirms that UK law offers effective, practical<br />

solutions.”<br />

She continues: “As well as specifically addressing<br />

issues such as the nature and recoverability of crypto<br />

assets, the case draws on the recently developed body<br />

of case law concerning the imposition of injunctions<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 16


AUTHOR – Adam Bernstein<br />

on, and the recovery of assets from, unidentified<br />

defendants – persons unknown.”<br />

And of the more recent case of Fetch.ai v<br />

Persons Unknown, says Louise, develops the<br />

law even further: “It demonstrates the UK<br />

courts’ willingness to overcome potential legal,<br />

technical, and procedural hurdles wherever<br />

possible, to ensure that justice can be served for<br />

victims of this largely faceless fraud.”<br />

In delving into the first case, AA v Persons<br />

Unknown, Louise says that the victim<br />

company had received a ransom demand from<br />

unidentified defendants who had hacked and<br />

encrypted the business’ computer system. The<br />

company’s insurer paid the Bitcoin equivalent of<br />

$950,000 so that the system could be decrypted,<br />

and trading could continue. The insurer then<br />

sought to recover the defrauded assets via claims<br />

against persons unknown – the hackers and<br />

unidentified persons controlling the accounts<br />

into which the ransom was paid – and against the<br />

Bitcoin exchange itself.<br />

She says that the court made orders – more on<br />

this below – to enable the claimant insurance<br />

company to discover the identity of the<br />

defendants and to facilitate the preservation,<br />

tracing and potentially, ultimately, the recovery<br />

of the lost cryptocurrency.<br />

Louise says that several legal and practical<br />

points arose from the case: “Firstly, publicity<br />

could have tipped off the unknown defendants<br />

enabling them to dissipate the Bitcoin. It could<br />

also have triggered further attacks, including<br />

revenge or copycat attacks.” She adds that “the<br />

court had been provided with confidential<br />

information to determine the issues. It was<br />

possible that the Bitcoin exchange defendant had<br />

been mixed up unknowingly in the wrongdoing<br />

of the as-yet unidentified defendants.”<br />

It was for these reasons that she says it was<br />

appropriate for this hearing to be held without<br />

notice and in private.<br />

But by the very nature of the crime, it was not<br />

known where the unidentified defendants were<br />

based. The Bitcoin exchange defendant was<br />

based outside of England and Wales and appeared<br />

to have addresses in China and the British Virgin<br />

Islands. However, as Louise explains, “the claims<br />

fell under certain permitted jurisdictional<br />

gateways; and the Bitcoin could have been<br />

dissipated at any moment.” As a result, it made<br />

sense for the court “to make orders for service<br />

out of the jurisdiction and for service by e-mail<br />

at any address relating to the Bitcoin account, by<br />

delivery to any physical address relating to the<br />

account and by filing the claim at court.”<br />

The claimant insurer sought a proprietary<br />

injunction with regard to the Bitcoin. “The court,”<br />

Louise says, “confirmed that crypto assets such<br />

as Bitcoin are property and can be the subject of<br />

proprietary relief. A proprietary injunction was<br />

therefore granted, along with ancillary orders<br />

requiring all respondents to provide information<br />

as to the identity of persons unknown.”<br />

In overview, a proprietary injunction prevents<br />

a person from dealing with assets in which a<br />

claimant has a proprietary interest. Proprietary<br />

injunctions attach to the assets in question,<br />

unlike freezing injunctions which attach to<br />

defendants and respondents personally, and so<br />

give greater security to a claimant. Proprietary<br />

injunctions are also less intrusive against<br />

defendants compared to ‘freezers’ which means<br />

that they may be more readily granted.<br />

“It demonstrates the UK courts’ willingness<br />

to overcome potential legal, technical, and<br />

procedural hurdles wherever possible, to<br />

ensure that justice can be served for victims<br />

of this largely faceless fraud.”<br />

But where a claimant does not have a<br />

proprietary claim, Louise says that they<br />

can pursue a freezing injunction even in<br />

circumstances where the identity of the wrongdoers<br />

is unknown. She adds that “a flurry of<br />

recent case law in this area demonstrates that UK<br />

courts are generally willing to take a sensible and<br />

pragmatic approach to awarding an injunction to<br />

assist a victim of fraud or other harm/tort caused<br />

by persons unknown.”<br />

Louise points out that applications for<br />

injunctions often need to be supported by<br />

specific additional tactical orders, “perhaps<br />

requiring third parties to disclose information,<br />

documents or even identities that would<br />

otherwise be subject to duties of confidentiality.”<br />

As she has seen, these orders can require<br />

institutions – such as banks or other businesses<br />

based outside the jurisdiction – to provide<br />

information in line with an order of the English<br />

court. But as Louise highlights, “jurisdiction for<br />

the English court to make such orders has to be<br />

established on a case-by-case basis. It was one<br />

of the key issues addressed in Fetch.ai v Persons<br />

Unknown, the second case.”<br />

In this instance, she explains that hackers<br />

(the persons unknown, the first defendants<br />

and respondents) gained access to private keys<br />

associated with cryptocurrency accounts held by<br />

the claimant at the Binance currency exchange<br />

(the second and third respondents). “The<br />

hackers,” she says, “removed cryptocurrency<br />

from the accounts and sold it on at a massive<br />

undervalue, apparently to co-conspirators,<br />

causing loss of some $2.6 million to the claimant.<br />

The claimant therefore applied for, and was<br />

granted, a proprietary injunction, a worldwide<br />

freezing order and disclosure orders requiring<br />

third parties to provide information to assist in<br />

tracing the assets.”<br />

In this case, the court confirmed again that<br />

cryptocurrency is recognised as property under<br />

English law. Here Louise comments that “the<br />

judge also decided that the claimant's private<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 17 continues on page 18 >


AUTHOR – Adam Bernstein<br />

key constituted confidential information, thereby<br />

enabling the claimant to pursue breach of<br />

confidence as a cause of action.”<br />

But there is another case that is relevant here, one<br />

that Norbury-Robinson says went unreported. In<br />

this, the judge held that cryptocurrency assets are<br />

located where the owner has a place of residence<br />

or business. She says that “as the claimant was<br />

based in the UK, the courts of England and Wales<br />

had jurisdiction to hear this case. However, it was<br />

not known in which jurisdiction the unidentified<br />

hackers were based. The Binance exchange<br />

defendants were, though, based both in the UK<br />

and in the Cayman Islands.”<br />

She says that the court overcame any potential<br />

service difficulties by finding that the claims fell<br />

under various permitted jurisdictional gateways.<br />

It also showed that cryptocurrency cyber fraud<br />

cases “often lead to a finding of exceptional<br />

circumstances to allow service by alternative<br />

means, especially where service under the Hague<br />

Convention for service abroad will take weeks or<br />

months.” As a result, service by alternative means<br />

was allowed in this case.<br />

For reference, jurisdictional gateways enable<br />

English courts to exercise jurisdiction over foreign<br />

defendants in circumstances where the subject<br />

matter of the dispute has a sufficient connection<br />

with England. Good examples include where a<br />

person lives within the jurisdiction; where the<br />

claim relates wholly or principally to property<br />

within the jurisdiction; where the claim relates<br />

to a contract which is made in the jurisdiction,<br />

is governed by English law, or contains a term by<br />

which the parties submit to the jurisdiction of the<br />

English courts.<br />

And to aid the discovery of information, orders<br />

– referred to above – can be sought. Louise details<br />

them both:<br />

The first, a Norwich Pharmacal order – named<br />

after the case which gave rise to this form of<br />

tactical relief – “is a fairly wide disclosure order<br />

which can be made against a person who is not<br />

a party or wrongdoer, but who may be able to<br />

provide information needed to identify a party/<br />

wrongdoer or to facilitate the seeking of redress.<br />

Importantly, Norwich Pharmacal orders cannot<br />

be made outside the jurisdiction.” This was<br />

made against the UK-based Binance exchange<br />

respondent.<br />

The second, a Bankers Trust order, again,<br />

named after the case which gave rise to the relief,<br />

is slightly more limited compared to a Norwich<br />

Pharmacal. On this Louise says that “it can<br />

require banks or financial institutions to disclose<br />

account information. It can therefore still be<br />

highly effective in fraud cases, plus it can be<br />

made outside the jurisdiction.” This type of order<br />

was made against the Cayman-based Binance<br />

exchange respondent in Fetch.ai.<br />


Unfortunately, encryption and ransom as<br />

encountered in AA v Persons Unknown is<br />

relatively common. And hacking, as was seen<br />

in Fatech.ai, is often behind the increasingly<br />

prevalent push payment fraud and various other<br />

forms of cybercrime.<br />

But in Norbury-Robinson’s view, UK courts can<br />

offer options for victims of cyber fraud, “making<br />

the UK a leading jurisdiction for the prosecution<br />

and resolution of these types of claims.”<br />

That said, she beleives that there are also steps<br />

that organisations can take to protect themselves<br />

and their customers.<br />

On prevention, organisations “should<br />

understand the risks so that they can help to<br />

protect their own data and communications.”<br />

She views staff training as vital and says that<br />

everyone should be taught to recognise and<br />

react appropriately to the risks and indicators of<br />

cybercrime and fraud.<br />

Next are policies, procedures and reporting<br />

requirements. These should be reviewed and<br />

updated, and training should be repeated,<br />

regularly; cybercrime is a sophisticated and fastmoving<br />

phenomenon.<br />

Similarly, Norbury-Robinson advises regular<br />

online checks to ensure that the firm/brand is<br />

not being impersonated. She also recommends<br />

putting in place a security culture, which<br />

includes “good cyber security governance<br />

being adopted and fostered. And, where<br />

possible, firms should facilitate home and<br />

mobile working for their staff.” She’s found<br />

that this can help with business continuity<br />

in the event of an attack.<br />

Another key part of prevention is to have<br />

people meeting and speaking, rather than<br />

always communicating by e-mail. Norbury-<br />

Robinson says it’s critical that everyone should<br />

“be extremely cautious of giving any sensitive<br />

information electronically. But where electronic<br />

communication is essential, encrypted e-mails<br />

and password protected portals should be used<br />

as they offer a much greater level of data security.”<br />

But if the worst happens, immediate specialist<br />

legal advice in relation to the tracing, freezing and<br />

recovery of funds should be sought. And along<br />

with following any internal incident management<br />

regime, Norbury-Robinson says that the “police<br />

should be notified as should any lender, insurer,<br />

parties to a transaction, clients and any interested<br />

(industry) bodies.”<br />


Cybercrime and fraud are risks that are on the<br />

rise, but so are the knowledge, technological<br />

means and legal expertise required to effectively<br />

respond to and combat them. The best means<br />

of protection for a business and its customers is to<br />

be proactive, and to have expert legal assistance<br />

in the corner just in case anything does go<br />

wrong.<br />

Even so, Norbury-Robinson emphasises that<br />

victims of blackmail and extortion “should not be<br />

put off approaching a court for fear of exposure of<br />

confidential information or other risks.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 18


AUTHOR – Adam Bernstein<br />


When reading about cryptocurrency several terms will be<br />

used. Below is a guide to the most common.<br />

Address<br />

Cryptocurrency is identified on the blockchain by unique<br />

addresses. Without an address, no coin is stored and the<br />

blockchain can’t verify its existence. Each transaction<br />

causes the value of your wallet to be updated based on your<br />

address.<br />

Altcoins<br />

Altcoins are any crypto coins not named Bitcoin.<br />

Blockchain<br />

A blockchain is a digital ledger containing every transaction<br />

made in a given cryptocurrency. These transactions are<br />

made up of ‘blocks’. Some blockchains are made of a finite<br />

number of blocks; others have no limit. Some blockchains,<br />

like Bitcoin, are completely public where everyone can see<br />

each transaction. Others are private.<br />

Digital Currency<br />

Digital currency is any currency, money, or money-like asset<br />

that is primarily managed, stored, or exchanged on digital<br />

computer systems. Types of digital currencies include<br />

cryptocurrency, virtual currency, and central bank digital<br />

currency.<br />

Fiat currency<br />

Fiat currency is that which is government-backed and<br />

not backed by any commodity like gold. The value of the<br />

currency relies on our collective faith in the government<br />

backing the currency.<br />

Gas<br />

Gas is the fee paid to make a transaction on the blockchain.<br />

Transaction fees are determined by the speed of the<br />

transaction.<br />

Mining<br />

Mining is the process of finding new transactions on a<br />

blockchain.<br />

Private Key<br />

Like a front door key, a private key is the string of<br />

numbers and letters needed to verify transactions when<br />

selling or withdrawing crypto currency.<br />

Public Key<br />

A public key is a string of characters used to purchase<br />

cryptocurrency. If someone wants to receive cryptocurrency<br />

instead of fiat currency, they can list their public key.<br />

Public Ledger<br />

Each blockchain has its own ledger where every<br />

transaction ever made on a blockchain is viewable. Some<br />

cryptocurrencies operating on an anonymous or private<br />

ledger – others are public.<br />

UK courts can offer<br />

options for victims of cyber<br />

fraud, “making the UK a leading<br />

jurisdiction for the prosecution and<br />

resolution of these types of claims.”<br />

Seed<br />

A seed phrase is a series of words generated by your<br />

cryptocurrency wallet that give you access to the crypto<br />

associated with that wallet. Seed is also used to create<br />

private keys for the sending or spending of crypto.<br />

Wallet<br />

A wallet is where your cryptocurrency is stored and contains<br />

seeds, keys, and addresses. It can be online, paper, software<br />

or hardware based. The last is a physical hardware device<br />

with dedicated security; they’re almost unhackable and<br />

need to be present to authenticate a transaction. Paper is a<br />

physical document containing the public and private keys.<br />

The others are electronic and far less secure.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 19


ENERGY<br />


Sean Feast FCICM speaks to Sue Chapple<br />

FCICM about the utilities sector, future plans<br />

for the CICM, and when 10p was enough to<br />

phone home.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 20

“On my first day I was still sitting<br />

at my desk at 18:00 when my boss,<br />

Peter Coke – an early mentor –<br />

asked me why I was still there. It was<br />

because I was waiting for someone<br />

to give me permission to go!”<br />

SUE CHAPPLE FCICM always<br />

wanted to be a teacher. She<br />

distinctly remembers a school<br />

report when she was around<br />

five that read: ‘Sue would do<br />

better concentrating on her<br />

own work rather than supervising the<br />

class’.<br />

Born in Wolverhampton, Sue’s family<br />

moved to Sidmouth when she was three<br />

and she has lived in Devon ever since.<br />

Her father was an accountant and always<br />

on the move, so much so that Sue went<br />

to 12 different schools in as many years:<br />

“Sometimes he’d move mid-way through a<br />

term, and I had to start at a new school still<br />

wearing my previous school’s uniform,”<br />

she remembers.<br />

For anyone who always sees the glass as<br />

half empty, that would have been tough,<br />

but fortunately Sue’s glass has always<br />

been half full: “Yes it was difficult, but it<br />

made me good at making small talk and<br />

fitting in, and generally not being afraid<br />

of people or situations.”<br />


Lacking any serious careers’ advice,<br />

beyond being told to learn how to type,<br />

Sue left school after CSE’s with one<br />

principal objective: to earn money. “I’d<br />

worked in a local fruit and veg shop and<br />

liked earning money,” she explains.<br />

In Sue’s mind, finding permanent<br />

employment meant one of two things,<br />

either to join a bank, or the Royal Air<br />

Force! In the event she applied to all of the<br />

local banks and was offered a job by five<br />

of them, opting to join the TSB as a junior<br />

clerk. She was 16.<br />

“I remember the sound of the clock<br />

ticking in the huge boardroom and the<br />

permanent smell of polish,” she laughs.<br />

“I also remember a crash in the banking<br />

hall and being told Mrs Littlejohn had<br />

dropped a jar of piccalilli and to get a mop<br />

and bucket. It’s so funny to think of it now.<br />

“On my first day I was still sitting at my<br />

desk at 18:00 when my boss, Peter Coke<br />

– an early mentor – asked me why I was<br />

still there. It was because I was waiting for<br />

someone to give me permission to go!”<br />

It was at the TSB that the serious<br />

business of studying towards her banking<br />

qualification began. It was, in Sue’s words,<br />

a real slog, but the studying paid off and<br />

she was soon rising through the ranks,<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 21 continues on page 22 >


AUTHOR – Sean Feast FCICM<br />

becoming the bank’s first ever female bank<br />

manager while still only 25. It was an exciting<br />

time to be at the bank; TSB was one of the first<br />

to embrace new online technologies with<br />

real-time information, virtually inventing<br />

the concept of transient banking and making<br />

it easy to change from one bank to another.<br />


A pressure to sell insurance and other<br />

branded products changed the dynamic<br />

within TSB, and with its impending merger<br />

with Lloyds, Sue decided to move out of<br />

banking and into the utilities sector, joining<br />

South West Water in Exeter as Head of<br />

Customer Accounts, just after privatisation.<br />

What she found was rather shocking: “I<br />

distinctly recall there being 13,000 items of<br />

unanswered post,” she recalls, “with an army<br />

of staff who’s job was to open the envelopes<br />

and simply add new items in and count the<br />

total every week. I immediately implemented<br />

a revolutionary policy of actually dealing<br />

with the enquiries rather than just counting<br />

them!”<br />

Sue’s tenure at South West Water coincided<br />

with the Woolf Reforms and the then ‘new’<br />

rule that customers could not, in law, be<br />

disconnected from their water supply which<br />

was a human right. “This was my first real<br />

introduction to debt and debtors in all<br />

their guises,” Sue explains, “and I found it<br />

fascinating.”<br />

Sue enjoyed 15 happy years at South<br />

West Water, but when the management of<br />

customers and debt was outsourced to a<br />

third party (the company from whom they<br />

had bought the customer management<br />

system), Sue opted for voluntary redundancy<br />

and joined Severn Trent.<br />

With Phil Wood, another great mentor,<br />

Sue helped establish a non-regulated<br />

business within Severn Trent (known as ST<br />

Utility Services) to work with other firms<br />

in their sector to collect debts. “This was<br />

again another exciting time in my career,<br />

when we were at the forefront of analytics<br />

and customer segmentation and investing<br />

in increasingly sophisticated systems to<br />

improve collections rates and customer<br />

experience.<br />

“The objective was always to grow the<br />

business to the point that it could be sold,<br />

and in the event it was successful, sold very<br />

quickly.”<br />

“EDF was a fabulous<br />

business to work for and<br />

had such a loving and<br />

nurturing approach to<br />

its people, we had some<br />

very clever people in<br />

senior roles and across<br />

many different sectors<br />

– nuclear, energy,<br />

electrical etc – and so it<br />

was always interesting.”<br />


Never short of opportunities, Sue decided<br />

to join Convergys, a large outsourcing group<br />

based in Cincinatti that provided whitelabelled<br />

services for many of the best-known<br />

financial services providers. It was her<br />

first exposure to US corporate culture, but<br />

conference calls at 03:00 UK time quickly<br />

lost their novelty value and the role was less<br />

about people and all about technology. As<br />

such she jumped at the chance of joining<br />

EDF as Head of Revenue <strong>Management</strong>.<br />

“EDF was a fabulous business to work<br />

for and had such a loving and nurturing<br />

approach to its people,” she says. “We had<br />

some very clever people in senior roles and<br />

across many different sectors – nuclear,<br />

energy, electrical etc – and so it was always<br />

interesting.”<br />

It was at this time she ever so nearly, got<br />

to fulfil her earlier ambition to become<br />

a teacher: “We were devising some new<br />

evening classes for the team, but in order to<br />

teach I would first have to qualify, and so I<br />

thought ‘here is my chance’.<br />

“While I completed the 12-month course<br />

(Preparing the Team in the Lifelong Learning<br />

Sector) I quickly realised it wasn’t for me.<br />

Most of it was about administration rather<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 22


AUTHOR – Sean Feast FCICM<br />

than actual teaching, and so I finally realised<br />

that boat had sailed!”<br />

Ten years with the business went by in a flash<br />

before Sue decided a change would do her good,<br />

and she was approached to join Indesser, a<br />

business that was just being formed to manage<br />

government debt. This was another exciting<br />

adventure, but although Indesser had been<br />

awarded the central contract, it soon discovered<br />

it had to negotiate with every individual<br />

department within government in order to sell<br />

its services.<br />

“Again, I was fortunate enough to meet and<br />

work with some brilliant people, including those<br />

in the Cabinet Office who were responsible for<br />

the decision making and strategic intent of<br />

central Government, but it was also frustrating.<br />

I had been used to a commercial environment<br />

and knew what good looked like; it was very<br />

different in the public sector and although I<br />

was pleased to have had the experience, I knew<br />

it was something I probably wasn’t going to do<br />

long term.”<br />


It was about this time that Philip King FCICM,<br />

the Chief Executive of the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> (CICM) began restructuring<br />

the Institute and approached Sue to take on a<br />

Strategic Relationships role. She had been a<br />

member of the CICM (or the ICM as it was pre-<br />

Charter) since working in the water industry and<br />

a former Financial Director and friend, Ken Hill,<br />

had encouraged her to seek out a professional<br />

body to support her career development.<br />

“I absolutely loved it,” she laughs, “partly<br />

because for once everyone always seemed<br />

delighted to see me, and that’s such a joy.”<br />

Two years into her role and Philip dropped<br />

the bombshell that he would be leaving, and<br />

proposed Sue for the interim CEO role: “It was<br />

a Friday evening, and I was on my way to Spain<br />

the next morning,” she remembers. “I was<br />

completely thrown but also knew I had to say<br />

‘yes’!”<br />

The date was 2 March, 2020. Within days, Sue<br />

found herself in charge of an Institute where<br />

the CEO had just left to take on a job as interim<br />

Small Business Commissioner (SBC), with<br />

staff working from home, no-one in the office,<br />

and the start of a global pandemic. It was, in<br />

short, survival mode. Never one to be a rabbit<br />

in the headlights, and later having her interim<br />

appointment confirmed as a permanent role,<br />

Sue immediately set about adapting to a new<br />

working normal.<br />


Today, speaking to Sue, The Institute has made<br />

further progress towards a new and exciting<br />

future. The Values have been determined and<br />

the Mission set: “We have to continue to grow<br />

a sustainable membership,” Sue explains, “and<br />

continue to modernise. Where we are known<br />

“We have to<br />

continue to grow<br />

a sustainable<br />

membership,<br />

and continue to<br />

modernise. Where<br />

we are known<br />

we are known<br />

well, but we need<br />

to be known by<br />

more people and<br />

organisations.<br />

we are known well, but we need to be known by<br />

more people and organisations.<br />

“Reviewing what we offer by way of our<br />

training and qualifications will certainly help,<br />

ensuring they always lead and reflect the needs<br />

of today and an ever-changing economy. It’s also<br />

important that we develop our relationships not<br />

only with individuals, but also organisations.”<br />

Sue is also looking forward to the new office<br />

move: “The Water Mill has served us well, but<br />

we need to be in a new space and share in<br />

the design of an office that better meets our<br />

professional, physical and emotional needs.”<br />

Now almost two years into her role, Sue<br />

recognises the tough challenge ahead as the<br />

country emerges from lockdown. But the odd<br />

challenge here and there rarely fazes her. When<br />

she was young, she rode horses, and had two<br />

in particular – Minto and Charlie – with whom<br />

she would occasionally compete: “I would leave<br />

my home at 09:00 in the morning and not come<br />

home till after it was dark,” she smiles. “And all<br />

I had with me was my packed lunch and 10p in<br />

my pocket to call home in an emergency.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 23


Indonesia is a<br />

vast expanse of<br />

opportunity.<br />

Talking big<br />

AUTHOR – Adam Bernstein<br />

THE modern world is ruled by<br />

numbers, so let’s consider the<br />

meaning of the following four<br />

-270,000,000, 17508, 6000 and 700. An<br />

ostensibly obscure set of numbers,<br />

but each is of direct importance to<br />

one country – Indonesia.<br />

Take the first, it relates to the approximate size<br />

of the Indonesian population – around 3.5 percent<br />

of the people presently on Earth. The second is<br />

roughly the number of islands which form the<br />

archipelago that is Indonesia. The next, 6000, is the<br />

number of inhabited islands in the country. And<br />

the last, 700, refers to the number of languages<br />

spoken by Indonesians.<br />


Located north of Australia and south of Malaysia,<br />

Vietnam and the Philippines, Indonesia is a<br />

presidential republic with 34 provinces spread<br />

over vast areas with much wilderness between its<br />

urban areas. Its size is so great that it incorporates<br />

three time zones from GMT +7 to GMT +9.<br />

As for its settling, Portuguese traders arrived<br />

first in 1512, followed by Dutch and British traders.<br />

The Dutch East India Company was formed in 1602<br />

and ruled the area for almost 200 years. But in<br />

1800, when the company went bankrupt, the Dutch<br />

nationalised the company and made it a colony.<br />

The Japanese invasion in March 1942 effectively<br />

ended rule by the Netherlands, and in August<br />

1945, Indonesian leaders declared independence.<br />

However, the Dutch didn’t recognise independence<br />

until 1949 following a conflict that didn’t go well<br />

for them as the former colonial power.<br />

Indonesia is famed for so much. Some might<br />

be drawn to pre-COVID memories of Bali and the<br />

country’s many active volcanoes – including that<br />

which nearly brought down BA Flight 009 south<br />

east of Jakarta (all detailed in All Four Engines<br />

Have Failed by Betty Tootell). Others might know it<br />

for having the world’s largest Muslim population –<br />

some 12 percent of the global population – as well<br />

as some stunning vistas.<br />

Regardless, Indonesia is the world’s 14th largest<br />

country and occupies around 1.9m sq. km. In<br />

comparison, the UK occupies just 242,495 sq. km<br />

and is ranked 78th. There are five main islands –<br />

Sumatra, Java, Kalimantan, Sulawesi, and Papua.<br />

But no matter the reason for its fame, Indonesia<br />

is doing rather well by some accounts. According<br />

to Project Syndicate, an online opinion forum, the<br />

country has produced ‘the world’s most effective<br />

democratically elected leader today’ – President<br />

With good<br />

relations with<br />

both China<br />

and the US,<br />

Indonesia<br />

is seen in a<br />

positive light by<br />

east and west.<br />

Joko Widodo, known as Jokowi. But few seem<br />

aware of this, and he’s only been in office since<br />

2014.<br />

He is said to have set new standards of<br />

governance that should be the envy of other large<br />

democracies and that he ‘has bridged political<br />

divides and reversed the growing momentum of<br />

more extreme parties, partly by being inclusive.’<br />

The forum also says: ‘he has redistributed land<br />

through the formalisation of land ownership,<br />

introduced a new national health-insurance<br />

scheme and cash transfers for the poor, and<br />

increased enrolment in schools.’ The result has<br />

been a decline in inequality.<br />

Yet it appears Jokowi has also been fiscally<br />

prudent, reformed labour laws, and eliminated fuel<br />

subsidies. Public debt is low at less than 40 percent<br />

of GDP (38.5 percent in 2020 according to Statista).<br />

And with a plan for infrastructure development,<br />

if it hadn’t been for COVID Indonesia would have<br />

witnessed an economic boom. With good relations<br />

with both China and the US, Indonesia is seen in a<br />

positive light by east and west.<br />


Officially Bahasa Indonesian is spoken, but so<br />

is Javanese by 70m people, Sundanese by 20m,<br />

Madurese by 9m and Malay by 15m. English is also<br />

widely used and is the lingua franca for business.<br />

With so many languages being spoken it shouldn’t<br />

come as a surprise that it’s ethnically very diverse<br />

and according to Statistics Indonesia, there are 300<br />

plus ethnic groups of which Javanese is the largest<br />

with 42 percent of the population which is followed<br />

by Sundanese (15 percent), Malay (3.5 percent),<br />

Madurese (3 percent), and the Batak (3 percent).<br />

But then there are also the Minangkabau, the<br />

Betawi, the Bugis, the Papuans…and the Chinese,<br />

Indians and Arabs.<br />

In terms of religion, Muslims form the largest<br />

part of society with 87 percent of the population.<br />

Protestants make up six percent, Catholics three<br />

percent, Hindus two percent, and others two<br />

percent.<br />

And as for the age of the populace, Santander’s<br />

data estimates that in July 2021, 23.87 percent<br />

were 14 or under, 16.76 percent were aged 15-24,<br />

42.56 percent were aged 25-54, 8.99 percent aged<br />

55-64 and just 7.82 percent were aged over 65<br />

years. Median age sits at 31.1 years compared to<br />

40.6 years in the UK. Economically speaking, the<br />

average salary in the country is around $862 per<br />

month. The OECD puts the average salary in the<br />

UK at $3,925 per month.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 24


AUTHOR – Adam Bernstein<br />

Officially<br />

Bahasa<br />

Indonesian is<br />

spoken, but so<br />

is Javanese by<br />

70m people,<br />

Sundanese by<br />

20m, Madurese<br />

by 9m and<br />

Malay by 15m.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 25<br />


The Indonesian economy has grown. Data<br />

from Santander – citing the World Trade<br />

Organisation – notes that imports stood<br />

at $172.9bn in 2015 and $210.5bn in 2019.<br />

Exports for the same years were $171.5bn<br />

and $198.5bn.<br />

Indonesia’s key business sectors have<br />

morphed over time away from agriculture.<br />

Data published by Indonesia Investments<br />

cites data that indicates that in 1965, 51<br />

percent of the economy (GDP) was based<br />

on agriculture while just 13 percent was in<br />

industry and 36 was in services. By 1996,<br />

those figures had changed to 16 percent<br />

agriculture, 42 percent industry and 41<br />

percent services.<br />

But with more detailed data available<br />

to it for 2020, Statista says that agriculture<br />

accounted for 13.7 percent of GDP, servicetype<br />

industries contributed 10.93 percent, and<br />

everything else including manufacturing,<br />

construction, mining, transportation, IT,<br />

defence, waste management generated<br />

around 73.37 percent. That’s quite a change<br />

in 50 plus years.<br />

Specifically, for food and drink, Indonesia<br />

possesses a huge domestic market. It is<br />

considered to be the biggest single part of<br />

the economy. Business Indonesia, says that<br />

production of raw material for the sector<br />

in 2019 accounted for around 13 percent of<br />

Indonesia’s GDP – similar to that found by<br />

Statista above. Meanwhile, food-based<br />

manufacturing accounted for 6.4 percent<br />

of GDP and 29 percent of all manufacturing<br />

output.<br />

Consultancy Bright Indonesia says that<br />

the food processing industry comprises<br />

an estimated 5,700 large and mediumsized<br />

producers that employ 765,000 of the<br />

Indonesian population, and 1.6m micro<br />

and small-scale producers with some 3.75m<br />

employees.<br />

Allied to this is the production of palm<br />

oil where Indonesia is the world's largest<br />

producer of what is an important exportgenerating<br />

industry for the country.<br />

Statista believes that in 2020, production<br />

of this commodity amounted to around<br />

48.3m metric tons – up from 26m in 2012.<br />

However, this level of production is causing<br />

concern amongst environmentalists.<br />

Market-Prospects.com, in a July 2021 report,<br />

picked out Indonesia’s other main industrial<br />

segments – and there are a number - and<br />

all are central to the Ministry of Industry’s<br />

Making Indonesia 4.0 Policy. This policy<br />

provides for a super deduction tax relief<br />

with a rate of up to 300 percent to encourage<br />

investment.<br />

Starting with motor, Indonesia is said to<br />

have produced around 690,000 cars in 2020<br />

and sold close to 532,000. However, data from<br />

Statista offers a lower figure for production<br />

continues on page 26 >


AUTHOR – Adam Bernstein<br />

at 551,000, placing Indonesia fifth in the region<br />

that puts China first (19.9m vehicles), followed by<br />

Japan (6.9m), South Korea (3.2m) and India<br />

(2.8m).<br />

The Government’s plan is to develop electric<br />

cars using huge reserves in Indonesia of nickel<br />

ore. Statista’s data shows that Indonesian<br />

production of nickel amounted to 760,000<br />

metric tons in 2020. But in 2019, production was<br />

even higher at 853,000 metric tons. Indonesia is<br />

the largest nickel producer in the world.<br />

Next, electronics and information. Mainly<br />

concentrated in West Java and Riau Islands,<br />

there were – according to the Indonesian<br />

Central Bureau of Statistics in 2017 – some 266<br />

electronics manufacturers in West Java and 74 in<br />

Riau Islands. Local manufacturing in Indonesia<br />

is a key plank to the 4.0 policy. The same agency<br />

says that electronics and associated output<br />

in 2020 was worth around £13bn. That for<br />

information is even higher at £36.2bn.<br />

On fintech, Asia Intern Program (AIP)<br />

highlights that this sector is growing with<br />

over 300 companies and four unicorns in the<br />

country. Open banking, digital payments and<br />

P2P lending are growing and innovation is being<br />

encouraged.<br />

Textiles and garments are an equally<br />

important export for Indonesia, and they’re<br />

centred on the island of Java. Overall, around 25<br />

percent of Indonesia’s total production is centred<br />

on domestic demand with the remainder for<br />

exports to mainly the US (36 percent), Middle<br />

East (23 percent), EU (13 percent), and China (5<br />

percent) and Asean Briefing valued the sector at<br />

$13.8bn in 2019.<br />

Similarly, there’s a strong shoemaking<br />

industry on Java that produces for international<br />

brands concentrated in Europe and the US.<br />

Revenue in the footwear market is expected to<br />

amount to $3.1bn in 2021 according to Statista.<br />

For both textiles and shoemaking, the<br />

Indonesian Investment Coordinating Board<br />

(BKPM) has stated that the Government wants<br />

to revitalise the sector with newer, more<br />

energy efficient machinery that can improve<br />

productivity.<br />

Another of sector interest is shipbuilding,<br />

and BKPM says that there are around 250<br />

shipyards in Indonesia; however, most can only<br />

build ships under 50,000 deadweights. Further,<br />

local shipbuilding-related industries only<br />

manufacture about 30 percent of the necessary<br />

parts and components. The shipyards are mainly<br />

concentrated in Batam and Java, which are<br />

adjacent to Singapore. It should be of interest<br />

that a Government plan, Sea Toll Programs,<br />

aims to improve connectivity and internal price<br />

disparity among the islands by increasing the<br />

capacity of 24 seaports. BKPM reckons that the<br />

country needs another 1,500 ships in the next<br />

five years.<br />

Petrochemicals is, and has been, a central<br />

part of the economy for some time. The<br />

Indonesian Ministry of Trade notes that oil and<br />

gas used to be a major foreign exchange earner<br />

The<br />

Government’s<br />

plan is to<br />

develop electric<br />

cars using<br />

huge reserves<br />

in Indonesia<br />

of nickel ore.<br />

Statista’s data<br />

shows that<br />

Indonesian<br />

production of<br />

nickel amounted<br />

to 760,000 metric<br />

tons in 2020.<br />

Intiland Tower in<br />

Jakarta City, Indonesia<br />

but rising domestic consumption and stagnant<br />

oil production has now made Indonesia,<br />

remarkably, a net importer of oil. And this is<br />

something that Asian Downstream Insights says<br />

Joko Widodo wants to end by 2024.<br />

It makes sense, then, that national projects<br />

have been launched to boost domestic<br />

production of petrochemicals. These include<br />

the Refinery Development Master Plan and<br />

Pertamina’s $48bn investment. The goal is to<br />

quadruple the country’s production capacity,<br />

beat domestic demand and create new export<br />

revenue. several new plants have secured multibillion-dollar<br />

investments.<br />

It’s relevant that, as BKPM explains on its<br />

website, mineral legislation demands that<br />

commodities such as coal, copper, tin, gold and<br />

nickel are processed in Indonesia before export.<br />

Tourism is gaining ground and is emerging<br />

as a major foreign exchange generator for the<br />

country. If COVID hadn’t struck, BKPM reckoned<br />

that the country would have seen 20m visitors in<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 26


AUTHOR – Adam Bernstein<br />

Pura Ulun Danu Batur (also known<br />

as "Pura Batur" or "Pura Ulun Danu") is<br />

a Hindu Balinese temple located in the<br />

island of Bali, Indonesia. As one of the<br />

Pura Kahyangan Jagat, Pura Ulun Danu<br />

Batur is one of the most important<br />

temples in Bali which acted as the<br />

maintainer of harmony and stability of<br />

the entire island. Pura Ulun Danu Batur<br />

represents the direction of North and<br />

is dedicated to the god Vishnu and the<br />

local goddess Dewi Danu, goddess of<br />

Lake Batur, the largest lake in Bali.<br />

2019 – many of whom may have headed<br />

for any of one of ten main destinations<br />

such as Lake Toda, Cape Coast Kelayang<br />

and the Borobudur Temple.<br />

The final point to note in relation to<br />

industry, is that in a country so widely<br />

spread, many overseas manufacturers<br />

choose to set up factories in industrial<br />

parks because the infrastructure<br />

elsewhere is often underdeveloped.<br />

Indonesia currently has about 100<br />

industrial parks in operation, more than<br />

half of which are in Java. It’s pertinent that<br />

the workforce numbers 134m, is low cost<br />

and ideal for labour-intensive industries.<br />


With not much space left to cover other<br />

related matters, we turn to taxation and the<br />

standard rate of Corporation Tax, which is<br />

22 percent for 2021. This was due fall to 20<br />

percent in <strong>2022</strong>, but was cancelled. Public<br />

companies meeting certain conditions<br />

are entitled to a 3 percent reduction, and<br />

small enterprises with a turnover under<br />

IDR 50bn (around £2.6m) are entitled to<br />

a 50 percent reduction. And those with<br />

a turnover under IDR 4.8bn (around<br />

£250,000) pay just 0.5 percent of gross<br />

income.<br />

Employers must cover workers' social<br />

security costs. Employer contributions<br />

are 0.24 to 1.74 percent for work accident<br />

protection; 0.3 percent for death<br />

insurance; 3.7 percent for old age savings;<br />

and two percent (subject to a salary cap)<br />

for the pension plan. There’s also an<br />

employer contribution for the healthcare<br />

scheme of four percent (subject to a salary<br />

cap).<br />

Regional Governments may also levy<br />

taxes on matters such as vehicles, water,<br />

entertainment, hotels, road illumination<br />

and park. VAT attracts a standard rate<br />

of 10 percent, a zero rate on exports and<br />

services, and exempts goods and services<br />

such as livestock, water, vaccines and<br />

books. However, this rate is due to rise to<br />

11 percent in <strong>2022</strong> and 12 percent by 2025.<br />

Lastly, income tax is progressive and<br />

ranges in bands from five percent to 30<br />

percent.<br />


Indonesia may be on the other side of<br />

the planet to the UK, but it’s heading for<br />

the stratosphere. So much so that a 2017<br />

report from consultancy PwC said that by<br />

2050 Indonesia will be the world’s fourth<br />

largest economy behind - and in this order<br />

– China, India and the US. It’s not clearly a<br />

country to be ignored.<br />

Adam Bernstein is a freelance<br />

business writer.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 27


Winning Ways<br />

What is it like to win one of the biggest<br />

awards in the credit industry?<br />

AUTHOR – Sam Wilson<br />

Elisabeth Doppelhofer<br />

“You could see<br />

winners of all awards<br />

beaming with pride<br />

and being supported<br />

and championed<br />

by their peers and<br />

their own teams all<br />

evening long. I felt<br />

really happy for him,<br />

and I wanted that<br />

for myself and my<br />

team.”<br />

FOR Elisabeth Doppelhofer, Head<br />

of <strong>Credit</strong> and Support Services at<br />

the Adecco Group UK & Ireland,<br />

the world’s second-largest Human<br />

Resources provider, the British<br />

<strong>Credit</strong> Awards is the gold standard<br />

in credit management.<br />

“Being a finalist, or even better, winning<br />

an award, is such an achievement. To be<br />

recognised by an Institute as respected as the<br />

CICM is the biggest compliment anyone in our<br />

industry can achieve.”<br />

And for Elisabeth, her journey started<br />

many years ago thanks to her former boss, and<br />

previous Adecco Group UK & Ireland Head of<br />

<strong>Credit</strong>, Martin Kirby: “I used to work under a<br />

Head of <strong>Credit</strong> who I very much looked up to<br />

and around five years ago, I was there when he<br />

won his award for <strong>Credit</strong> Professional of the<br />

Year. Seeing how much that meant to him was<br />

inspiring.<br />

“You could see winners of all awards<br />

beaming with pride and being supported and<br />

championed by their peers and their own teams<br />

all evening long. I felt really happy for him, and<br />

I wanted that for myself and my team.”<br />


As soon as Martin left the company, the next<br />

logical successor to the role was the longserving<br />

Elisabeth, who threw herself into it<br />

immediately. It wasn’t long before her managers<br />

recognised her hard work and nominated her<br />

for the same award as her predecessor.<br />

After being recognised with a ‘highly<br />

commended’ on her first nomination,<br />

Elisabeth’s supervisors took it upon themselves<br />

to enter her again the following year. This<br />

time, she took home the winner’s prize: “For<br />

me it felt like the pinnacle of my career, to be<br />

recognised externally as <strong>Credit</strong> Professional of<br />

the Year. It’s quite hard to put it into words how<br />

much that means.<br />

“I’m lucky enough to have a great team<br />

around me so I‘m noticed and celebrated by<br />

them, however, to be recognised by your peers<br />

and judges, and for them to say, ‘this is best<br />

practice and this is our <strong>Credit</strong> Professional of<br />

the Year’ it just means the world and it’s a huge<br />

confidence boost.”<br />

Elisabeth believes the biggest effect of<br />

the win can be felt within her team and her<br />

department. Her win, which she credits to her<br />

team and their support, has catapulted her<br />

department to Board level recognition within<br />

the business and has given them a big morale<br />

boost.<br />

“The wins we’ve had at the BCAs has given<br />

our team such encouragement over the past<br />

few years and have significantly raised the<br />

standing of our team within the business. The<br />

morning after I won my award, after the Board<br />

and the wider company had been notified, we<br />

had congratulatory emails flying around all<br />

day. In fact, when we won Team of the Year, our<br />

CFO came over to our offices to personally say<br />

‘well done’.”<br />


The wins have sent such ripples around the<br />

team, Elisabeth has seen the number of<br />

nominations within her team increase, and<br />

with this year’s entries sat on her desk for<br />

review at the time of our conversation, she was<br />

immensely proud to see her team nominated.<br />

“Our team individually and collectively<br />

are now striving to be nominated at the BCAs<br />

which is so rewarding to see, and Debbie<br />

Matthews, one of the <strong>Credit</strong> Managers on my<br />

team, won the same award last year, which fills<br />

me with pride.<br />

“The awards themselves are also now<br />

seen as the ‘go-to’ event in the calendar with<br />

our new CFO ensuring they stay within the<br />

budget for the next few years based on the<br />

recommendation of our previous CFO, who<br />

enjoyed them so much!”<br />

With the BCAs returning to an in-person<br />

format this year, the CICM is very much looking<br />

forward to seeing the team out in full force.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 28



What does it mean to win the ‘Giving Back’ Award?<br />

AUTHOR – Sam Wilson<br />

KATHERINE Bailey FCICM is a<br />

‘lifer’. An educator and professional<br />

credit manager, credit<br />

management has been her<br />

passion since she took the first<br />

steps into the industry. And<br />

it’s that passion and commitment that saw her<br />

recognised at The British <strong>Credit</strong> Awards in 2020<br />

when she received the Giving Back Award.<br />

“Being a Fellow of the CICM, the BCA awards<br />

was the one I wanted to win because it’s the<br />

Institute I’m a member of and they’re the exams<br />

I worked hard to complete. It’s the award I’m<br />

most proud of, and when I eventually get a<br />

mantel piece, it will take pride of place.”<br />

Whilst receiving an award as prestigious<br />

as this, would during any normal period, be<br />

monumental for Katherine and her company,<br />

Valor Hospitality, the pandemic put a tiny pin in<br />

celebrations thanks to nationwide shut down of<br />

the entire hospitality industry.<br />

“I suppose all of the benefits we could have<br />

seen as a company from winning an award<br />

such as this were subsumed by the pandemic<br />

because everything else was far more important<br />

at the time.”<br />

However, the award gave her team the<br />

confidence they needed to get through a difficult<br />

time: “Within the business we celebrated the<br />

award completely, and it gave our team a massive<br />

confidence boost. Particularly because credit in<br />

hospitality is often adjoined to accounts, so it<br />

allowed the team and the credit controllers on<br />

site to see someone in credit being recognised.”<br />


That inspiration, something Katherine is very<br />

well known for amongst her students, resonated<br />

with her team, so much so that more awards<br />

were soon in the offing. “Funnily enough a<br />

member of my team did win an award, after<br />

I put them forward for the Apprentice of the<br />

Year.”<br />

Now, her team are more driven than ever as<br />

Katherine evidenced through their persistence<br />

to enter the <strong>Credit</strong> Team of the Year Award:<br />

“Winning has sparked something within the<br />

team as a whole,” she says. “Now they’re all<br />

asking me if we can enter the <strong>Credit</strong> Team of the<br />

Year Award, rather than me doing all of the flag<br />

waving, which just shows how impactful the<br />

BCAs can be.”<br />

The mentorship that allowed Katherine’s<br />

Apprentices to win a highly recognised award<br />

and prompt them to push for entry into the Team<br />

Award is one of the main reasons Katherine was<br />

put forward for her commendation.<br />

“The win definitely created a new passion<br />

point for the CICM within our business. In<br />

the wake of the pandemic, we’ve seen more<br />

“Winning<br />

has sparked<br />

something within<br />

the team as a<br />

whole, now they’re<br />

all asking me if<br />

we can enter the<br />

<strong>Credit</strong> Team of the<br />

Year Award, rather<br />

than me doing all<br />

of the flag waving,<br />

which just shows<br />

how impactful the<br />

BCAs can be.”<br />

and more people come through into credit<br />

management and express an interest in learning<br />

and becoming part of the Institute, including<br />

some of our Apprentices.”<br />

After nine years as part of the CICM’s<br />

teaching panel, educating students in a variety<br />

of subject areas including trade, consumer<br />

and export credit management, as well as<br />

business environment and Law, the CICM<br />

appointed her as Chair of the Steering Group for<br />

Apprenticeship Standards.<br />

“I’ve been teaching for the CICM for eight<br />

years and I love giving back to my students and<br />

being there to teach them, not just to pass their<br />

exams but to help them develop their career.”<br />

It’s not just Katherine who sees the benefits.<br />

To this day she has close relationships with<br />

students she mentored many years previously.<br />

“Having ex-students phone me up asking for<br />

advice or even to proofread something means so<br />

much. Seeing them progress beyond the course<br />

I teach and go on to do their Level Five, for<br />

example, makes me feel great and very much<br />

makes me smile!”<br />

Sue Chapple FCICM, Chief Executive of<br />

the CICM said Katherine is an example of a<br />

dedicated mentor and someone who continues<br />

to put her heart and soul into the industry:<br />

“Katherine consistently goes above and beyond,<br />

not just for her students but for her local East<br />

of England branch and the industry as a whole.<br />

She’s an example of someone who has excelled<br />

within her career but also someone who has<br />

demonstrated commitment to learning and<br />

education, a core principle of the CICM.<br />

“We’re extremely lucky to have her within<br />

the Institute and she thoroughly deserves the<br />

recognition she receives.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 29


TRADE<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

UK exports doing well<br />

ACCORDING to a new report,<br />

The Export Divided, from<br />

Barclays Corporate Banking<br />

UK, manufacturing exports will<br />

bring in around £176bn to the<br />

domestic economy.<br />

According to the report, overseas trading<br />

has remained resilient despite challenging<br />

economic conditions caused by the<br />

pandemic, Brexit, widespread supply chain<br />

issues and energy shortages.<br />

The Barclays report says that total<br />

exports could even rise to £190bn by 2030 if<br />

manufacturers that are currently planning<br />

to enter the market begin selling their<br />

products overseas.<br />

As to the source of the data, Barclays<br />

ran a survey of 604 senior managers in<br />

manufacturing businesses with 10 or more<br />

employees for a week in mid-October.<br />

The data found that 69 percent were<br />

currently exporting. And of those firms not<br />

yet exporting, there is significant demand<br />

to start doing so, with 63 percent looking to<br />

start selling overseas in <strong>2022</strong>.<br />

However, 71 percent of manufacturers<br />

told the survey that the pandemic<br />

continues to have a negative impact on<br />

their businesses. And 43 percent are<br />

diversifying their global supply base<br />

with 40 percent setting up overseas<br />

warehousing space to offset the problems<br />

in their supply chains.<br />

Interestingly, a minority of respondents<br />

were aware of current or emerging<br />

initiatives to encourage international trade,<br />

such as the UK’s bid to join the Trans-<br />

Pacific Partnership (42 percent) and the<br />

recently signed free trade agreements<br />

with Japan (41 percent) and Australia (39<br />

percent).<br />

And only 35 percent were aware of plans<br />

to create eight new freeports in England,<br />

which offer tax breaks for manufacturers<br />

on the import of materials.<br />

So good news mixed with no news?<br />



A report in MoneyWeek suggests firms should<br />

look to partner up with firms linked to digital<br />

health which is on an upward curve.<br />

While technology has been growing in this<br />

area for a while, the pandemic kicked it into<br />

high gear and according to MoneyWeek: “more<br />

and more venture-capital money is pouring into<br />

innovative health-technology start-ups: 2021 is<br />

on track to be another record year, with around<br />

$51bn already raised for global health-tech startups<br />

so far.” Research from consultants McKinsey<br />

describes digital health as a $350bn industry in<br />

2019 which is growing by at least eight percent<br />

a year.<br />

As to the sector’s key growth areas,<br />

MoneyWeek notes five – telehealth that<br />

facilitates virtual health interactions between<br />

patients and professionals; remote monitoring<br />

where patients are tracked remotely as they go<br />

about their lives rather than in a health centre;<br />

mental health that is seeing demand for mental<br />

healthcare and support is spiking post-pandemic;<br />

records and growing health data that needs<br />

to be managed and available to patients and<br />

health experts alike; and diagnostics that involve<br />

remote diagnosis.<br />

So, if you’re involved in sectors close to these<br />

areas, you really should be capitalising on your<br />

position before someone else does.<br />


THE European Parliament Think Tank<br />

has published a briefing – The United<br />

Kingdom's possible re-joining of the<br />

2007 Lugano Convention.<br />

The convention, which regulates<br />

the free movement of court judgments<br />

in civil cases between EU member<br />

states and the three EFTA states<br />

(Switzerland, Norway and Iceland)<br />

but following the UK’s exit from the<br />

EU and the expiry of the transition<br />

period provided for by the Withdrawal<br />

Agreement, the UK was no longer<br />

bound by the convention.<br />

The new briefing discusses the<br />

impact of Brexit on the UK and the<br />

Lugano Convention, the UK’s bid to<br />

re-join the convention, as well as<br />

whether the EU will join the HCCH<br />

2019 Judgments Convention, and<br />

what this might mean if the UK also<br />

joined, among other things.<br />

Common-sense may prevail in the<br />

end.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 30

UK Government publishes report<br />

on digital trade and protectionism<br />

THE Department for International Trade<br />

has published a report, Digital trade<br />

key to unlocking opportunities of the<br />

future, written by the Board of Trade,<br />

outlining the opportunities that digital<br />

trade presents for boosting UK exports,<br />

economic growth and jobs across the<br />

UK. The report encourages the UK to<br />

take further action to tackle digital<br />

protectionism and discrimination on the<br />

global stage.<br />

The report recommends that the<br />

Government focusses its digital trade<br />

policy around five goals: open digital<br />

markets, free and trusted data flows,<br />

consumer and business safeguards, digital<br />

Steel company secures<br />

exports with finance support<br />

A story on GOV.UK details that Paralloy, a<br />

steel company on Teeside, has benefited<br />

from UK Export Finance’s new General<br />

Export Facility.<br />

Paralloy makes patented steel alloy<br />

castings used in high temperature<br />

furnaces and exports 95 percent of what it<br />

makes in the UK to 70 overseas markets.<br />

Its exports had reached record levels<br />

of £50m and the firm required general<br />

working capital to fulfil record demand<br />

for its services. As the story explains, the<br />

Seaweed firm wins Belgian contract<br />

ACCORDING to the Herald of Scotland,<br />

SHORE the Scottish Seaweed Co<br />

recently secured a major export deal to<br />

supply seaweed chips to Belgium. From<br />

November, the company’s Lightly Salted<br />

and Sweet Sriracha flavours have been on<br />

sale in up to 300 Delhaize supermarkets.<br />

Not bad since the UK launch in<br />

2020 of the company’s seaweed chips.<br />

Furthermore, its products have several<br />

industry awards, including a Gold Free<br />

trading systems, and partnerships to<br />

shape global rules, norms, and<br />

standards; concludes accession to<br />

Comprehensive and Progressive<br />

Agreements for Trans-Pacific Partnerships<br />

(CPTPP) and builds a pipeline of modern<br />

digital free trade agreements; pursues<br />

a Digital Economy Agreement with<br />

Singapore; pushes for substantial<br />

progress in ongoing World Trade<br />

Organisation e-commerce negotiations;<br />

and uses its G7 Presidency, and<br />

membership of the G20, Organisation for<br />

Economic Co-operation and Development,<br />

and WTO, to advocate for an open,<br />

inclusive digital economy.<br />

company secured a £15m funding package<br />

from Santander UK that was supported<br />

by UK Export Finance with an 80 percent<br />

guarantee. The funding will enable<br />

Paralloy to fulfil the most exports in its<br />

90-year history, with shipments to North<br />

America, the Middle East and Asia-Pacific.<br />

The firm has opened two additional sites<br />

and recruited 76 new staff following record<br />

demand for its exports. The firm plans to<br />

hire a further 40 additional staff, including<br />

engineers, welders, and fabricators.<br />

From Food Award and Winner of Best<br />

Snacking Product at the World Food<br />

Innovation Awards as well as a Great Taste<br />

Award.<br />

Keith Paterson, managing director of<br />

SHORE, sees the potential in export: “We<br />

see export as a key part of our strategy,<br />

so we are delighted to announce this<br />

partnership with Delhaize supermarket in<br />

Belgium, something we have been working<br />

on for the last six months.”<br />

UKEF to use 20 percent budget<br />

increase to pursue multi-year growth plan<br />

Spain to get 10bn<br />

euros – and more<br />

SPAIN could become a more appealing<br />

target for exporters now that the<br />

European Commission has given<br />

preliminary approval to the disbursement<br />

of 10bn euros under the EU recovery plan.<br />

The money comes as part of the EU’s<br />

27-nation plan to support the recovery<br />

of the European economy following the<br />

pandemic.<br />

While the 10bn euros is interesting,<br />

a total of 70bn could be headed Spain’s<br />

way, but only if it takes steps towards a<br />

greener, more digital economy.<br />

Venezuela on the turn?<br />

COULD Venezuela be on the road to some<br />

form of recovery? Possibly. The Socialist<br />

party of Venezuelan president, Nicolás<br />

Maduro, won in the local and state<br />

elections recently, albeit from a low turnout<br />

of just 41 percent of eligible citizens voted.<br />

The vote was not seen as open and fair.<br />

That said, the Venezuelan economy<br />

looks like it might have grown by between<br />

five and 10 percent during 2021 – its<br />

first annual growth since 2013. The Wall<br />

Street Journal puts that volte-face down<br />

to the “scrapping of an ossified stateled<br />

economic model in exchange for an<br />

anything-goes version of capitalism”<br />

that Maduro introduced in 2019. As a<br />

result, basic goods no longer have price<br />

controls, imports are tariff-free and<br />

there is “virtually no tax enforcement on<br />

businesses and individuals”.<br />

But despite the improvement, the US<br />

dollar is now reported to be the de facto<br />

national currency and so exporters should<br />

be not only careful with whom they trade<br />

but also, in which currency they get paid.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


UK Export Finance (UKEF) has<br />

commented on what it seeks to achieve<br />

with the 20 percent funding increase<br />

announced in the Autumn Budget 2021.<br />

The increase, which will be funded by<br />

the premium income UKEF generates<br />

for the taxpayer will be used to pursue<br />

UKEF’s current multi-year growth, enable<br />

it to implement its net zero commitment<br />

and increase support for green projects,<br />

expand its network of International<br />

Export Finance Executives overseas and<br />

improve risk management, underwriting<br />

and cyber security capacity.<br />

UKEF has said that “in 2020-21, the<br />

department provided the highest level<br />

of support for UK businesses in 30 years.<br />

£12.3 billion went to 549 UK businesses,<br />

which is estimated to have supported up<br />

to 107,000 UK jobs.”<br />

GBP/EUR 1.20050 1.17878 Up<br />

GBP/USD 1.37097 1.33518 Up<br />

GBP/CHF 1.25923 1.22764 Up<br />

GBP/AUD 1.89900 1.85127 Up<br />

GBP/CAD 1.72919 1.70080 Down<br />

GBP/JPY 157.265 152.369 Up<br />

This data was taken on 24th <strong>January</strong> and refers to the<br />

month previous to/leading up to 23rd <strong>January</strong> <strong>2022</strong>.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 31


Patchy Payment<br />

Performance<br />

The latest late payment figures are a mix<br />

of good and not so good.<br />

FORECASTING the world of late<br />

payment remains a challenge,<br />

highlighted by the latest statistics<br />

which show a mixture of both<br />

positives and negatives. The<br />

average Days Beyond Terms (DBT)<br />

across regions in the UK reduced by 1.3 days<br />

but increased by 0.3 days across sectors. In<br />

Ireland, the sector figures reduced by 3.8<br />

days but increased by 2.1 days across regions.<br />

Average DBT across regions in Northern Ireland<br />

reduced by 0.2 days.<br />


More than half of UK sectors are moving in the<br />

right direction, making improvements to their<br />

late payments. A reduction of 4.9 days, taking<br />

its overall DBT to 16 days, means Construction<br />

moves off the bottom of the standings. Further<br />

improvement (-2.2 days) sees the Entertainment<br />

sector maintain its position as the best<br />

performing sector, but the Hospitality sector<br />

remains close behind following a reduction<br />

of 3.6 days to its DBT. Moving at pace in the<br />

wrong direction is the Water & Waste sector,<br />

a sharp increase of 14 days mean it is now the<br />

worst performing sector with an overall DBT<br />

of 26.5 days. Elsewhere, the Energy Supply<br />

(+5.1 days), Financial and Insurance (+3.8 days)<br />

and Mining and Quarrying sectors also saw<br />

unwanted increases.<br />

The outlook in Ireland is also positive on<br />

the whole, with only three of the 20 sectors<br />

seeing increases in late payments. On the up in<br />

some style is the Real Estate sector, reducing<br />

its DBT by 24.9 and taking its overall DBT<br />

to zero days, alongside seven other sectors.<br />

The Agriculture, Forestry and Fishing sector<br />

also made great strides, reducing its late<br />

payments by 20 days, moving it off the bottom<br />

of the rankings. Taking its place as the worst<br />

performing sector, as in the UK, is the Water<br />

& Waste sector, no change means its overall<br />

DBT remains at 34 days. IT and Comms (+4.7<br />

days) and the Wholesale and retail trade;<br />

repair of motor vehicles and motorcycles<br />

(+2.8 days) sectors both saw increases, but the<br />

biggest jumper in the wrong direction is the<br />

Public Administration sector, experiencing an<br />

increase of 24.8 days to its late payments.<br />


The UK regional standings are positive for<br />

the most part, with nine of the 11 regions<br />

making reductions to late payments. A further<br />

improvement by the South West (-2.1 days),<br />

means it remains the best performing region<br />

with an overall DBT of nine days. East Anglia<br />

remains the worst performing region with an<br />

overall DBT of 18.9 days, but a reduction of 2.9<br />

days to its late payments means it is, at least,<br />

moving in the right direction.<br />

Over in Ireland, the regional standings are a<br />

real mixed bag. Looking at the positives, some<br />

10 regions (Cavan, Clare, Donegal, Leitrim,<br />

Longford, Meath, Sligo, Tipperary, Waterford<br />

and Westmeath) are all sitting pretty on an<br />

overall DBT of zero days. At the other end of<br />

the scale, Mayo’s DBT soared by a massive 60<br />

days. There were also hefty increases in late<br />

payments for Offaly (+15.6 days), Wicklow<br />

(+14.1 days) and Kerry (+13.7 days).<br />

In Northern Ireland, only one (Ulster) of the<br />

four regions saw an increase in late payments.<br />

An increase of 1.5 days means its overall<br />

DBT now stands at 16.4 days, making it the<br />

worst performing region in Northern Ireland.<br />

Meanwhile, Connacht (-3.1 days) and Munster<br />

(-0.3 days) made steady reductions, and there<br />

was no change for Leinster, maintaining its<br />

position as Northern Ireland’s leading region<br />

with an overall DBT of zero days.<br />

The world of late payment remains a challenge,<br />

highlighted by the latest statistics which show<br />

a mixture of both positives and negatives.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 32


Data supplied by the <strong>Credit</strong>safe Group<br />

Top Five Prompter Payers<br />

Region Dec 21 Change from Nov 21<br />

South West 9 -2.1<br />

Yorkshire and Humberside 10.9 -3.1<br />

East Midlands 11.4 -2.1<br />

West Midlands 12.7 -0.5<br />

South East 13.2 -1.6<br />

Bottom Five Poorest Payers<br />

Region Dec 21 Change from Nov 21<br />

East Anglia 18.9 -2.9<br />

Northern Ireland 17.3 -3.9<br />

North West 17.1 -0.9<br />

Wales 16.9 3<br />

London 15 -1.1<br />

Top Five Prompter Payers<br />

Sector Dec 21 Change from Nov 21<br />

Entertainment 7.1 -2.2<br />

Hospitality 7.9 -3.6<br />

Business from Home 8.8 2.6<br />

Public Administration 9 -2.1<br />

Agriculture, Forestry and Fishing 11 0.5<br />

Bottom Five Poorest Payers<br />

Sector Dec 21 Change from Nov 21<br />

Water & Waste 26.5 14<br />

Energy Supply 22.1 5.1<br />

Other Service 19.9 2.8<br />

Real Estate 16.3 -1.1<br />

Transportation and Storage 16.3 -1.3<br />

Getting better<br />

Dormant -5.7<br />

Construction -4.9<br />

Hospitality -3.6<br />

IT and Comms -2.7<br />

Entertainment -2.2<br />

Public Administration -2.1<br />

Business Admin & Support -1.6<br />

Transportation and Storage -1.3<br />

Real Estate -1.1<br />

International Bodies -0.8<br />

Wholesale and retail trade -0.7<br />

Professional and Scientific -0.6<br />

Health & Social -0.1<br />

Getting worse<br />

Water & Waste 14<br />

Energy Supply 5.1<br />

Financial and Insurance 3.8<br />

Mining and Quarrying 2.9<br />

Other Service 2.8<br />

Business from Home 2.6<br />


1.3 DBT<br />

Education 1.8<br />

Manufacturing 0.9<br />



-3.9 DBT<br />

SOUTH<br />

WEST<br />

-2.1 DBT<br />

WALES<br />

3 DBT<br />

NORTH<br />

WEST<br />

-0.9 DBT<br />

WEST<br />


-0.5 DBT<br />



-3.1 DBT<br />

EAST<br />


-2.1 DBT<br />

LONDON<br />

-1.1 DBT<br />

SOUTH<br />

EAST<br />

-1.6 DBT<br />

EAST<br />

ANGLIA<br />

-2.9<br />

DBT<br />

Agriculture, Forestry and Fishing 0.5<br />

Region<br />

Getting Better – Getting Worse<br />

-3.9<br />

-3.1<br />

-2.9<br />

-2.1<br />

-2.1<br />

-1.6<br />

-1.1<br />

-0.9<br />

-0.5<br />

3<br />

1.3<br />

Northern Ireland<br />

Yorkshire and Humberside<br />

East Anglia<br />

East Midlands<br />

South West<br />

South East<br />

London<br />

North West<br />

West Midlands<br />

Wales<br />

Scotland<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 33


Getting worse / no change<br />

GALWAY<br />

-3 DBT<br />


3.7 DBT<br />


0.5 DBT<br />

CAVAN<br />

0 DBT<br />

ULSTER<br />

16.4 DBT<br />


xDBT<br />

Public Administration 24.8<br />

IT and Comms 4.7<br />

Wholesale and retail trade 2.8<br />

Business Admin & Support 0<br />


4.1 DBT<br />

CLARE<br />

-21.5 DBT<br />


0 DBT<br />


0 DBT<br />

CARLOW<br />

0 DBT<br />


-23.5 DBT WEXFORD<br />

0 DBT<br />

DUBLIN<br />

1.1 DBT<br />

Education 0<br />

Energy Supply 0<br />

Hospitality 0<br />

International Bodies 0<br />

Mining and Quarrying 0<br />

Transportation and Storage 0<br />

Top Five Prompter Payers – Ireland<br />

Region Dec 21 Change from Nov 21<br />

Cavan 0 0<br />

Clare 0 -21.5<br />

Donegal 0 0<br />

Leitrim 0 -0.5<br />

Longford 0 0<br />

Bottom Five Poorest Payers – Ireland<br />

Region Dec 21 Change from Nov 21<br />

Monaghan 91.8 0<br />

Carlow 65 0<br />

Mayo 60 60<br />

Wexford 48.2 0<br />

Kildare 41 8.8<br />

Top Four Prompter Payers – Northen Ireland<br />

Region Dec 21 Change from Nov 21<br />

Leinster 0<br />

Connacht 3.7<br />

Munster 4.1<br />

Ulster 16.4<br />

Top Five Prompter Payers – Ireland<br />

Sector Dec 21 Change from Nov 21<br />

Entertainment 0 -9<br />

Health & Social 0 -10<br />

Hospitality 0 0<br />

International Bodies 0 0<br />

Other Service 0 -21.5<br />

Bottom Five Poorest Payers – Ireland<br />

Sector Dec 21 Change from Nov 21<br />

Water & Waste 34 0<br />

Business Admin & Support 28 0<br />

Energy Supply 26 0<br />

Public Administration 25.5 24.8<br />

Education 24 0<br />

Water & Waste 0<br />

Business Admin & Support 0<br />

Education 0<br />

Energy Supply 0<br />

Hospitality 0<br />

International Bodies 0<br />

Mining and Quarrying 0<br />

Transportation and Storage 0<br />

Water & Waste 0<br />

Getting better<br />

Real Estate -24.9<br />

Other Service -21.5<br />

Agriculture, Forestry and Fishing -20<br />

Entertainment -9<br />

Financial and Insurance -8.4<br />

Construction -6<br />

Manufacturing -5.8<br />

Professional and Scientific -3.7<br />

The outlook in Ireland is also positive<br />

on the whole, with only three of the<br />

20 sectors seeing increases in late<br />

payments. On the up in some style<br />

is the Real Estate sector, alongside<br />

seven other sectors.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 34




The CICM Centre of Excellence Award<br />

has evolved to a new Standard.<br />

AUTHOR – Sam Wilson<br />

BEING labelled a Centre of<br />

Excellence carries with it a<br />

certain level of gravitas many in<br />

the credit management industry<br />

strive to achieve. For the<br />

handful that have been awarded<br />

such honour in the past 10 years, that gravitas<br />

never really wanes. It’s the sort of award that<br />

sits atop a mantlepiece but never gathers dust.<br />

Time has moved on, however, and after<br />

almost two years of unprecedented change<br />

that has affected almost every department in<br />

every business, the CICM’s Centre of Excellence<br />

Award is to be replaced. And with something<br />

even better.<br />

The idea behind the change is to reflect the<br />

way credit management teams are running<br />

in today’s ‘post pandemic’ world. The new<br />

award, aptly named ‘CICM Excellence in <strong>Credit</strong><br />

<strong>Management</strong>’, now recognises that businesses<br />

are no longer a ‘centre’; they’re remote, mobile<br />

and more diversified than ever before.<br />

What has not changed, however, is the<br />

standard one must attain to achieve such a<br />

prestigious new accolade. Whilst the moniker<br />

may now be different, the gravitas it brings,<br />

and the level of achievement it represents, is as<br />

high as ever.<br />


The CICM Excellence in <strong>Credit</strong> <strong>Management</strong><br />

will sit at the very top of the CICM’s awards<br />

table and will recognise organisations that<br />

can demonstrate they meet a very specific and<br />

challenging criteria that is then ratified by the<br />

Institute’s Executive Board.<br />

Chief Executive Sue Chapple FCICM is fully<br />

behind the new initiative: “One of the most<br />

gratifying elements of my role at the CICM is<br />

awarding those who have reached the highest<br />

possible level within their industry,” she says.<br />

“The sense of pride we, as an Institute, have<br />

in these awards is exactly why we wanted to<br />

replace the existing award with something that<br />

better reflects the modern age in which we live,<br />

regardless of whether their offices are physical<br />

or digital.”<br />

To ensure the new award is truly sought<br />

after, the Excellence in <strong>Credit</strong> <strong>Management</strong><br />

will be limited to just five winners annually to<br />

ensure that only the best are recognised. The<br />

awards will be presented on stage at the annual<br />

British <strong>Credit</strong> Awards with certification lasting<br />

two years from the date the accreditation is<br />

granted.<br />


Unlike the rest of the British <strong>Credit</strong><br />

Award categories, the Excellence in <strong>Credit</strong><br />

<strong>Management</strong> accreditation award requires full<br />

board agreement and the deadline for entries<br />

to be considered is 31 <strong>January</strong>, <strong>2022</strong> (and will<br />

continue on this date each year).<br />

The full qualifying criteria can be found on<br />

the CICM’s website. Candidate businesses must<br />

have held a CICMQ accreditation for a minimum<br />

of two years, have CICM memberships for all<br />

key members of the organisation’s team, and<br />

a clear demonstration of a commitment to the<br />

credit community and further development of<br />

the profession.<br />

“Our members, especially those who<br />

are heavily involved with the CICM, pride<br />

themselves on making the <strong>Credit</strong> <strong>Management</strong><br />

industry a better place for those that follow,” Sue<br />

adds. “Therefore, it’s only right that we expect<br />

to see our highest achievers demonstrating<br />

how they continue to make credit management<br />

a better profession in the future.<br />

“This can come in many forms including<br />

learning and mentorship, education and<br />

teaching or even student sponsorship.”<br />

“The sense of pride we, as an Institute, have in these awards<br />

is exactly why we wanted to replace the existing award with<br />

something that better reflects the modern age in which we live,<br />

regardless of whether their offices are physical or digital.”<br />

Excellence<br />

In <strong>Credit</strong> <strong>Management</strong><br />

Brave | Curious | Resilient / www.cicm.com /<strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 35


NEW YEAR,<br />


Salary and recruitment trends for the year ahead.<br />

AUTHOR – Natascha Whitehead<br />

LAST year brought plenty<br />

of change to the world of<br />

work including increased<br />

optimism, and plenty for<br />

professionals and employers<br />

to consider over the coming<br />

12 months.<br />

Following research from credit<br />

professionals and employers published<br />

in the Hays Salary & Recruiting Trends<br />

<strong>2022</strong> guide, here is a glimpse into what we<br />

can expect for <strong>2022</strong> as well as some of the<br />

most significant trends that we witnessed<br />

last year.<br />


Optimism amongst finance employers<br />

has improved over the last 12 months,<br />

with two-thirds (66 percent) now<br />

confident about the wider economic<br />

climate over the next two to five years,<br />

compared to only a third (34 percent) in<br />

2020. <strong>Credit</strong> professionals are much more<br />

optimistic too, with over half (54 percent)<br />

expressing confidence in the wider<br />

economic climate versus just 18 percent<br />

the year prior.<br />

Recruitment was firmly back on the<br />

agenda in 2021 and talent shortages<br />

increased across many areas, including<br />

credit management. Going forward, 60<br />

percent of accountancy and finance<br />

employers plan to hire over the next 12<br />

months, with over two-thirds (67 percent)<br />

anticipating a shortage of suitable<br />

applicants.<br />

Some four fifths (80 percent) of<br />

accountancy and finance employers<br />

encountered skill shortages over the past<br />

year, higher than last year (73 percent).<br />

Employee morale was seen as the biggest<br />

casualty of these skills shortages, with<br />

almost half (48 percent) saying it had<br />

been negatively impacted, a significant<br />

increase on last year (31 percent).<br />


Pay rises were higher than anticipated in<br />

accountancy and finance in 2021. Almost<br />

two thirds (64 percent) of employers<br />

increased salaries over the past year,<br />

despite the fact that only 55 percent<br />

expected to do so. Pay inflation looks<br />

set to continue, with over three quarters<br />

(76 percent) expecting to increase<br />

their salaries over the coming year,<br />

considerably higher than the UK average<br />

(61 percent).<br />

Overall, salaries across credit<br />

management rose by 1.4 percent on<br />

average, higher than the 0.5 percent seen<br />

in 2020.<br />


Encouragingly, over half (57 percent)<br />

of credit professionals feel positive<br />

about their career prospects this year,<br />

compared to just 30 percent the year<br />

prior. However, less than half (48 percent)<br />

of professionals plan to move jobs over<br />

the next 12 months, lower than 60 percent<br />

in 2020.<br />

Although this may seem that<br />

credit professionals are settled with<br />

their employer – close to half (49<br />

percent) believe there is no scope for<br />

career development in their current<br />

organisation. So, employers should be<br />

doing all they can to improve career path<br />

transparency in order to retain talented<br />

individuals.<br />

When thinking about moving<br />

roles, aside from salary, 37 percent of<br />

professionals said work-life balance<br />

is the most important factor, followed<br />

by job security (20 percent). Across all<br />

sectors, including in credit, salary is<br />

becoming slightly less of the deciding<br />

factor in the job search – as 60 percent of<br />

credit professionals would be willing<br />

to accept a lower paid job for a better<br />

work-life balance or a job with more<br />

purpose.<br />

With hybrid working taking over the<br />

working world, it’s no surprise that 70<br />

percent of credit professionals could be<br />

tempted to move jobs if the employer<br />

offered a flexible approach to hybrid<br />

working, rather than set days in or out of<br />

the office.<br />



In data from our guide, finance employers<br />

told us that the soft skills they need most<br />

are communication and interpersonal<br />

skills (61 percent), followed by the<br />

ability to adopt change (57 percent) and<br />

flexibility and adaptability (51 percent).<br />

However, for credit professionals,<br />

the skills they’d most like to improve<br />

are people management (35 percent),<br />

communication and interpersonal skills<br />

(27 percent), critical thinking (26 percent)<br />

and problem solving (26 percent).<br />

To build successful teams, employers<br />

need to be onboard with what skills exist<br />

in their teams already, and what critical<br />

skills are needed to succeed. Positively,<br />

over half (54 percent) of finance<br />

employers would be willing to hire a<br />

professional who does not possess all of<br />

the required skills with the intention of<br />

upskilling them.<br />

Tips and actions for the year ahead<br />

Based on the findings from our guide,<br />

here are three actions I recommend<br />

employers and professionals take in the<br />

year ahead.<br />

1. Salary isn’t everything<br />

While salary and benefits remain<br />

important to credit professionals, our<br />

findings show that people are increasingly<br />

attracted to roles that offer a good<br />

work-life balance, and to organisations<br />

that prioritise their purpose, social<br />

responsibility and ‘doing good’. Staff<br />

volunteer days and opportunities to<br />

support charitable organisations are very<br />

important to prospective candidates,<br />

along with the sustainability strategy of<br />

a potential employer. Remember that<br />

salary isn’t everything – I’d recommend<br />

employers have a clear understanding<br />

of why potential new hires want to work<br />

with you, and what will make them stay.<br />

2. Time for a new job<br />

Hopefully the break between Christmas<br />

and the New Year will have given<br />

professionals time to evaluate if they are<br />

ready for a move in <strong>2022</strong>. With 60 percent<br />

of finance employers planning to hire in<br />

the coming months, now is a good time<br />

to know your market worth and look for a<br />

new opportunity if you are ready.<br />

If you’re not ready to take the plunge<br />

but aren’t happy with the progression you<br />

are making in your current role – make<br />

sure to diarise a catch up with your line<br />

manager in the New Year. Take the time<br />

to express your desire to upskill and make<br />

headway on your career path.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 36


AUTHOR – Natascha Whitehead<br />

CREDIT SALARIES UK <strong>2022</strong><br />

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

Controller<br />

Senior<br />

<strong>Credit</strong> Controller<br />

<strong>Credit</strong> Risk<br />

Analyst<br />

<strong>Credit</strong> Control<br />

Supervisor<br />

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

Manager<br />

Group <strong>Credit</strong> Manager<br />

/ Head of <strong>Credit</strong><br />

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

Director<br />

Region<br />

2021 <strong>2022</strong> 2021 <strong>2022</strong> 2021 <strong>2022</strong> 2021 <strong>2022</strong> 2021 <strong>2022</strong> 2021 <strong>2022</strong> 2021 <strong>2022</strong><br />

East Midlands £23,000 £25,000 £26,000 £28,000 £40,000 £40,000 £29,000 £30,000 £40,000 £40,000 £60,000 £60,000 £80,000 £80,000<br />

East of England £25,000 £26,000 £29,000 £30,000 £40,000 £40,000 £38,000 £38,000 £47,000 £48,000 £60,000 £60,000 £70,000 £70,000<br />

London £27,000 £27,000 £32,000 £32,000 £50,000 £50,000 £36,000 £36,000 £55,000 £55,000 £72,000 £72,000 £95,000 £95,000<br />

North East £21,000 £22,000 £25,000 £25,000 £32,000 £32,000 £27,000 £29,000 £39,000 £40,000 £60,000 £60,000 £75,000 £75,000<br />

North West £24,500 £25,000 £27,000 £27,000 £40,000 £45,000 £30,000 £30,000 £45,000 £45,000 £60,000 £60,000 £80,000 £80,000<br />

Northern Ireland £24,000 £25,000 £29,000 £29,000 £33,000 £33,000 £38,000 £38,000 £47,000 £47,000 £55,000 £55,000 £72,000 £72,000<br />

Scotland £23,000 £24,000 £26,000 £28,000 £32,000 £32,000 £30,000 £30,000 £40,000 £40,000 £55,000 £55,000 £65,000 £65,000<br />

South East £27,500 £27,000 £32,000 £32,000 £40,000 £40,000 £35,000 £37,000 £45,000 £48,000 £65,000 £65,000 £85,000 £85,000<br />

South West £25,000 £26,000 £27,000 £30,000 £42,000 £42,000 £30,000 £34,000 £40,000 £45,000 £55,000 £55,000 £70,000 £70,000<br />

Wales £20,000 £22,000 £25,000 £26,000 £30,000 £30,000 £27,000 £28,000 £37,000 £38,000 £52,000 £53,000 £65,000 £65,000<br />

West Midlands £24,000 £26,000 £27,000 £27,000 £37,000 £37,000 £33,000 £34,000 £48,000 £48,000 £62,500 £65,000 £80,000 £80,000<br />

Yorkshire £23,000 £23,000 £25,000 £25,000 £32,000 £32,000 £28,000 £30,000 £40,000 £40,000 £60,000 £60,000 £70,000 £70,000<br />

Average £23,917 £24,833 £27,500 £28,250 £37,091 £37,545 £31,750 £32,833 £43,583 £44,500 £59,708 £60,000 £75,583 £75,583<br />

2021-<strong>2022</strong> % increase 3.8% 2.7% 1.1% 3.4% 2.1% 0.1% 0.0%<br />

3. Hire for potential<br />

Some four fifths (80 percent) of accountancy<br />

and finance employers told us they<br />

had encountered skill shortages over the<br />

past year, so hiring for potential is going<br />

to be more important than ever as competition<br />

for talent increases. While 54<br />

percent of employers are willing to hire<br />

professionals who don’t possess all of the<br />

required skills – this number should be<br />

much higher.<br />

So, when considering how you are<br />

going to fill vacancies, why not look at<br />

upskilling existing staff members, or<br />

consider hiring new recruits that may not<br />

tick every single box? Many skills can be<br />

taught and learnt while on the job and<br />

having an open mind to what skills or<br />

experiences are truly essential could be a<br />

game-changer for hiring managers.<br />

Being armed with the latest insights<br />

about the profession and the wider<br />

world of work will help those in credit<br />

put their best foot forward as we tackle<br />

the year ahead – to find out more visit<br />

www.hays.co.uk/salary-guide<br />

Natascha Whitehead is Business<br />

Director of Hays <strong>Credit</strong> <strong>Management</strong><br />

Pay inflation looks set to<br />

continue, with over three<br />

quarters (76 percent)<br />

expecting to increase their<br />

salaries over the coming<br />

year, considerably higher<br />

than the UK average<br />

(61 percent).<br />

Northern Ireland<br />

£47,000<br />

Wales<br />

£38,000<br />

South West England<br />

£45,000<br />

<strong>Credit</strong> Manager<br />

Regional Salaries <strong>2022</strong><br />

North West<br />

£45,000<br />

West Midlands<br />

£48,000<br />

Scotland<br />

£40,000<br />

South East England<br />

£48,000<br />

North East<br />

£40,000<br />

Yorkshire & Humber<br />

£40,000<br />

East Midlands<br />

£40,000<br />

London<br />

£55,000<br />

East of England<br />

£48,000<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 37


Virtual Classes<br />

for <strong>2022</strong><br />

Get CICM qualified by attending<br />

Virtual Classes: The best of both worlds.<br />

Home study does not mean you have to study alone. Our ‘gold standard’ distance<br />

learning offer, our Virtual Classes have the greatest success rate of all our packages.<br />

Your study will be supported and led by one of our experienced CICM Tutors via a<br />

series of virtual classes and activities, which are interactive, challenging and fun.<br />

LEVEL<br />

3<br />

LEVEL<br />

5<br />

Business Environment<br />

28th <strong>February</strong><br />

<strong>Credit</strong> <strong>Management</strong> (Trade, Export and Consumer<br />

28th <strong>February</strong><br />

Advanced Telephone Collections<br />

14th March<br />

Business Law<br />

25th March<br />

Process Improvements<br />

14th March<br />

Compliance with legal, regulatory,<br />

ethical, and social requirements<br />

14th March<br />

Book your place today, visit www.cicm.com<br />

or contact a member of our team on 01780 722900<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 38


These are pre-recorded training sessions that<br />

you can access anywhere and at anytime.<br />

These are live, interactive sessions,<br />

delivered virtually by a qualified trainer.<br />

Upcoming Virtual Workshops<br />

<strong>Credit</strong> Boot Camp<br />

Coming soon, register your interest today<br />

Collection skills<br />

Coming soon, register your interest today<br />

Effective communication<br />

Coming soon, register your interest today<br />

Collect that cash<br />

Coming soon, register your interest today<br />

Reflect and develop<br />

Coming soon, register your interest today<br />

Advanced collection skills<br />

Coming soon, register your interest today<br />

Best practice skills<br />

to assess credit risk<br />

Coming soon, register your interest today<br />

MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher,<br />

trainer and credit manager with experience in credit and debt specialisms across the<br />

O2C spectrum and ancillary businesses, in consumer, B2B and export markets.<br />

Book your place today, visit www.cicm.com<br />

or contact a member of our team on 01780 722900<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 39



For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com<br />

High Court Enforcement Group is the largest<br />

independent and privately owned High Court<br />

enforcement company in the country, with more<br />

authorised and experienced officers than anyone<br />

else. This allows us to build and manage our<br />

business in a way that puts our clients first.<br />

Clients trust us to deliver and service is paramount.<br />

We cover all aspects of enforcement –writs of<br />

control, possessions, process serving and landlord<br />

issues - and are committed to meeting and<br />

exceeding clients’ expectations.<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Satago helps business owners and their<br />

accountants avoid credit risks, manage debtors<br />

and access finance when they need it – all in<br />

one platform. Satago integrates with 300+ cloud<br />

accounting apps with just a few clicks, helping<br />

businesses:<br />

Understand their customers - with RISK INSIGHTS<br />

Get paid on time - with automated CREDIT CONTROL<br />

Access funding - with flexible SINGLE INVOICE FINANCE<br />

Visit satago.com and start your free trial today.<br />

T: 020 8050 3015<br />

E: hello@satago.com<br />

W: www.satago.com<br />

HighRadius provides a cloud-based Integrated<br />

Receivable Platform, powered by machine learning<br />

and AI. Our Technology empowers enterprise<br />

organisations to reduce cycle time in the order-tocash<br />

process and increase working capital availability<br />

by automating receivables and payments processes<br />

across credit, electronic billing and payment<br />

processing, cash application, deductions, and<br />

collections.<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

Our <strong>Credit</strong>or Services team can advise on the best<br />

way for you to protect your position when one of<br />

your debtors enters, or is approaching, insolvency<br />

proceedings. Our services include assisting with<br />

retention of title claims, providing representation at<br />

creditor meetings, forensic investigations, raising<br />

finance, financial restructuring and removing the<br />

administrative burden – this includes completing<br />

and lodging claim forms, monitoring dividend<br />

prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B <strong>Credit</strong> Risk<br />

Intelligence solutions include the Tinubu Risk<br />

<strong>Management</strong> Center, a cloud-based SaaS platform;<br />

the Tinubu <strong>Credit</strong> Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

<strong>Credit</strong>safe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 40

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

<strong>Credit</strong> Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />


Hays <strong>Credit</strong> <strong>Management</strong> is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CICM’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Court Enforcement Services is the market<br />

leading and fastest growing High Court Enforcement<br />

company. Since forming in 2014, we have managed<br />

over 100,000 High Court Writs and recovered more<br />

than £187 million for our clients, all debt fairly<br />

collected. We help lawyers and creditors across all<br />

sectors to recover unpaid CCJ’s sooner rather than<br />

later. We achieve 39 percent early engagement<br />

resulting in market-leading recovery rates. Our<br />

multi-award-winning technology provides real-time<br />

reporting 24/7.<br />

T: +44 (0)1992 663 399<br />

E: wayne@courtenforcementservices.co.uk<br />

W: courtenforcementservices.co.uk<br />

Shoosmiths’ highly experienced team will work<br />

closely with credit teams to recover commercial<br />

debts as quickly and cost effectively as possible.<br />

We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Forums International has been running <strong>Credit</strong> and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Data Interconnect provides corporate <strong>Credit</strong> Control<br />

teams with Accounts Receivable software for bulk<br />

e-invoicing, collections, dispute management and<br />

invoice finance. The modular, cloud-based Corrivo<br />

platform can be configured for any business model.<br />

It integrates with all ERP systems and buyer AP<br />

platforms or tax regimes. Customers can self-serve<br />

on mobile friendly portals, however their invoices are<br />

delivered, and <strong>Credit</strong> Controllers can easily extract<br />

data for compliance, audit and reporting purposes.<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

Chris Sanders Consulting – we are a different<br />

sort of consulting firm, made up of a network of<br />

independent experienced operational credit and<br />

collections management and invoicing professionals,<br />

with specialisms in cross industry best practice<br />

advisory, assessment, interim management,<br />

leadership, workshops and training to help your<br />

team and organisation reach their full potential in<br />

credit and collections management. We are proud to<br />

be Corporate Partners of the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> and to manage the CICM Best<br />

Practice Accreditation Programme on their behalf.<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 41




For further information and to discuss the<br />

opportunities of entering into a Corporate<br />

Partnership with the CICM, please contact<br />

corporatepartners@cicm.com<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately predict<br />

their exposure to financial risk. Our H-Score®<br />

predicted 92 percent of quoted company insolvencies<br />

and our TextScore® accuracy rate was 93<br />

percent. Our scores are trusted by credit professionals<br />

within banks, corporates, investment houses<br />

and public sector bodies because, unlike other credit<br />

reference agencies, we are transparent and flexible<br />

in our approach.<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

VISMA | Onguard is a specialist in credit management<br />

software and market leader in innovative solutions for<br />

order-to-cash. Our integrated platform ensures an optimal<br />

connection of all processes in the order-to-cash<br />

chain. This enhanced visibility with the secure sharing<br />

of critical data ensures optimal connection between<br />

all processes in the order-to-cash chain, resulting<br />

in stronger, longer-lasting customer relationships<br />

through improved and personalised communication.<br />

The VISMA | Onguard platform is used for successful<br />

credit management in more than 70 countries.<br />

T: 020 3868 0947<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

The Atradius Collections business model is to support<br />

businesses and their recoveries. We are seeing a<br />

deterioration and increase in unpaid invoices placing<br />

pressures on cashflow for those businesses. Brexit is<br />

causing uncertainty and we are seeing a significant<br />

impact on the UK economy with an increase in<br />

insolvencies, now also impacting the continent and<br />

spreading. Our geographical presence is expanding<br />

and with a single IT platform across the globe we can<br />

provide greater efficiencies and effectiveness to our<br />

clients to recover their unpaid invoices.<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

C2FO turns receivables into cashflow and payables<br />

into income, uniquely connecting buyers and<br />

suppliers to allow discounts in exchange for<br />

early payment of approved invoices. Suppliers<br />

access additional liquidity sources by accelerating<br />

payments from buyers when required in just two<br />

clicks, at a rate that works for them. Buyers, often<br />

corporates with global supply chains, benefit from<br />

the C2FO solution by improving gross margin while<br />

strengthening the financial health of supply chains<br />

through ethical business practices.<br />

T: 07799 692193<br />

E: anna.donadelli@c2fo.com<br />

W: www.c2fo.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 42

www.tcmgroup.com<br />

Probably thebest debt collection network worldwide<br />

Certificate of Compliance<br />

This is to certify that TCM Exchange Platform has successfully complied Penetration Testing<br />

conducted by Pentest-Tools SRL. No critical dangers have been found.<br />


001/08/2021<br />


20th of August 2021<br />


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20th of August <strong>2022</strong><br />

Head of Professional Services<br />

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Moneyknows no borders—neither do we<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 43




Personal Guarantees are a hidden risk<br />

to small business lending.<br />

AUTHOR – Sean Feast FCICM<br />

LENDERS to the small business<br />

community have ongoing concerns<br />

about Personal Guarantees (PGs).<br />

On the one hand, they believe that<br />

some small business owners do not<br />

fully comprehend their individual<br />

responsibilities as a borrower if a loan they<br />

have guaranteed should default. On the other,<br />

they suspect that individuals are using the same<br />

guarantee to secure additional credit even after<br />

a previous loan from a different lender has<br />

defaulted. The problem is, they have no way of<br />

actually knowing.<br />

Some Personal Guarantors defaulted by<br />

accident, unclear of their true responsibilities;<br />

some by design, in a deliberate attempt to<br />

defraud. While some individuals undoubtedly<br />

need protecting from themselves, based on<br />

the surprise they appear to experience when<br />

they are approached to fulfil the obligations of<br />

their guarantee, the greater concern is lack of<br />

transparency across the risk spectrum.<br />

Many of the concerns regarding PGs,<br />

expressed at a small business lending Forum<br />

at the end of last year, echoed those of Andrew<br />

Birkwood, Founder of commercial debt buyer<br />

Azzurro Associates. Whereas the lenders suspect<br />

foul play, Andrew has hard evidence of cases<br />

where PGs back credit facilities from multiple<br />

creditors, where successive credit is guaranteed<br />

in a differing company from the company that<br />

had previously defaulted. It’s a phenomenon<br />

known as ‘PG Stacking’.<br />


Greater transparency and reporting of Personal<br />

Guarantees, perhaps by establishing a dedicated<br />

PG <strong>Credit</strong> Bureau, is critical to supporting future<br />

lending and could be the answer. But it would<br />

need careful protocols and controls.<br />

“Transparency is essential, and significant<br />

progress is being made to allow commercial<br />

creditors to report business debts against a<br />

Personal Guarantor’s personal credit file once<br />

the debt has become ‘non-performing’ and the<br />

corporate borrower is unable to service the<br />

debt,” Andrew explains. “Once the PG assumes<br />

the liability for the debt, the debt can be reported<br />

against the personal credit file of the guarantor.”<br />

Andrew is also a keen advocate of creating a<br />

credit bureau specifically for PGs: “If all creditors<br />

reported in this way, the total contingent liability<br />

assumed by a PG could be seen, and assessed<br />

“Transparency<br />

is essential,<br />

and significant<br />

progress is being<br />

made to allow<br />

commercial<br />

creditors to report<br />

business debts<br />

against a Personal<br />

Guarantor’s<br />

personal credit<br />

file once the debt<br />

has become ‘nonperforming’<br />

and<br />

the corporate<br />

borrower is unable<br />

to service the debt.”<br />

as part of the underwriting process,” Andrew<br />

continues. “But individuals would of course<br />

need to be protected, and certain protocols<br />

established, such as creditors reflecting the<br />

potential credit reporting on PGs personal credit<br />

files in their Terms and Conditions and giving<br />

the Guarantor 30-days’ notice of the intended<br />

reporting, as it will undoubtedly have a serious<br />

impact on their personal credit file.”<br />

Comparisons can be drawn between the<br />

UK and other parts of the world where small<br />

business commercial loans require a PG as a<br />

matter of course such that the business owner<br />

has ‘skin in the game’. While there appears<br />

little appetite for a similar obligation in the UK,<br />

it is noted that PGs helped to keep the cost of<br />

borrowing at acceptable levels, and greater<br />

certainty of risk is also crucial if levels of<br />

funding are to be maintained.<br />

Government support has enabled some<br />

guarantors to offload their guarantees, and to<br />

some extent this has meant the industry has<br />

been shielded from what might have happened<br />

had COVID not struck. The hiatus, however,<br />

may only be temporary.<br />


Alternative finance is fundamentally there to<br />

support businesses outside of the mainstream<br />

lending community, and as such Personal<br />

Guarantees are a common tool to mitigate risk.<br />

It should be said that multiple PGs are not,<br />

in themselves, a bad thing. Some guarantors are<br />

very capable of taking on more debt and APRs<br />

can be misleading. A PG who secures a £10,000<br />

loan to buy £10,000 of product that is then sold<br />

for £15,000 two weeks later may be considered<br />

a shrewd businessman. To that end, PGs can<br />

be used legitimately to support multiple credit<br />

lines over the short term. Not all examples,<br />

however, are genuine, and fraud a very real<br />

risk, even in an era of Open Banking which is<br />

widely acknowledged as being a potential game<br />

changer for the lending community.<br />

Some commentators, however, see PGs only<br />

from the borrower’s perspective, especially if<br />

that loan should default. While Government<br />

and the policymakers are keen for the PG not to<br />

lose their homes over a loan that turns sour, it is<br />

important to note that since it is a commercial<br />

loan and not a personal loan, the borrower will<br />

not have the same protections afforded under<br />

the consumer credit act (CCA).<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 44


AUTHOR – Sean Feast FCICM<br />

That may, of course, change over time, and<br />

for the smaller businesses, the direction of<br />

travel is likely to result in greater protections<br />

being offered. But for the moment all bets<br />

are off; while it is perhaps too soon to tell<br />

what sort of line the courts will take, early<br />

indications are that they are not interpreting<br />

such cases with a CCA mindset, regardless of<br />

what the policyholders may wish.<br />

Whether that position changes in the<br />

event of a large volume of cases, as we might<br />

see when the CBIL/BBIL issue comes home<br />

to roost, will be interesting to watch. Seen<br />

through a PR lens, it is difficult to imagine a<br />

Government that allows potentially hundreds<br />

of individuals to lose their homes, regardless<br />

of any guarantees given. The media outcry<br />

would be deafening.<br />


Some in the commercial collections and<br />

litigation space express concern that a PG is<br />

surprised to have to honour their guarantee<br />

should the need arise (and assuming every<br />

step has been taken first to service the debt<br />

from the business as part of an accepted<br />

‘sequencing’ of actions). But as one of the<br />

Forum declared: “The borrowers and the<br />

policymakers can’t have it both ways. A PG<br />

allows us to keep the cost of borrowing down<br />

and take on the risk. Remove the PG, and<br />

the cost of borrowing would be prohibitively<br />

high.”<br />

Price is of course directly linked to the<br />

certainty of risk. The greater the certainty, the<br />

lower the risk, the better the price. Agreeing<br />

to be the guarantor of a loan, however, comes<br />

with responsibilities. As the panelist added:<br />

“Businesses can’t have all of the benefits of<br />

low-cost borrowing without taking on some<br />

of the risk themselves, and the risk might not<br />

be limited to their companies.”<br />

Interestingly, while many believe that<br />

price is the biggest differentiator in the<br />

market for competitive lending products,<br />

speed of delivery is in fact considered more<br />

important. Businesses that need money often<br />

need it there and then and are prepared to pay<br />

a slightly higher price for faster access to the<br />

cash.<br />


Another trend to emerge from the Forum<br />

was the importance borrowers attach to<br />

location and proximity. Research conducted<br />

by one of the panelists suggests that exactly<br />

half of all businesses would consider leaving<br />

their current bank if a rival bank had a local<br />

relationship manager on their doorstep.<br />

“Access to the human touch is still important,”<br />

the panelist said.<br />

“Small businesses want to be known,<br />

they want to be understood, and they want<br />

their lender to understand the industry they<br />

operate in. It is not simply transactional; it is<br />

also about what added value and insight the<br />

lender can bring to the relationship.”<br />

While the alternative banking sector<br />

appears to be booming, some of those at the<br />

Forum believe that looks may be deceptive.<br />

One suggested a reason for the ‘record’<br />

number of ‘new’ banking customers being<br />

reported by some of the more recently arrived<br />

challenger banks: “What we are seeing,” he<br />

said, “is a shift to a new era where businesses<br />

are retaining their core bank but opening<br />

secondary accounts based on the need for a<br />

specific ‘product’.<br />

“They are not ‘switching’ their bank<br />

account as such,” he added, “but are simply<br />

being temporarily expedient.”<br />

Another interesting fact to emerge<br />

from the Forum was the widespread use of<br />

personal credit cards to<br />

fund business borrowing.<br />

This is despite the fact that<br />

a company cannot build<br />

business credit by using<br />

a personal card, neither<br />

does it necessarily afford<br />

the same protections if an<br />

owner does not keep their<br />

personal and business<br />

purchases separate.<br />

Personal credit cards<br />

are in fact the most<br />

dominant form of business<br />

finance by volume; some<br />

1.5 million business<br />

owners use their own personal credit lines to<br />

buy stock e.g at the cash and carry – running<br />

up bills in excess of £10,000. While these<br />

tend to be the much smaller businesses (the<br />

so-called ‘micro businesses’), those with a<br />

turnover of less that £100,000, it is likely to<br />

create a new challenge for lenders, regulators<br />

and policymakers alike.<br />

“When the lines between personal and<br />

commercial debt become so blurred, it is<br />

even more important that those responsible<br />

for extending credit or creating debt<br />

management solutions adhere to the highest<br />

regulatory standards in treating customers<br />

fairly,” Andrew Birkwood concludes.<br />

“Regulators and policymakers are in for<br />

a challenging time as the fall-out from the<br />

COVID pandemic unfolds, and it is important<br />

that decisions taken now, are not those that<br />

they come to regret later down the line.”<br />

The Forum was organised by Azzurro<br />

Associates and attended by Chief Executives<br />

and Chief Risk Officers from business banks,<br />

business loan and MCA providers, and<br />

business credit card lenders.<br />

“The borrowers and the<br />

policymakers can’t have it<br />

both ways. A PG allows us to<br />

keep the cost of borrowing<br />

down and take on the risk.<br />

Remove the PG, and the<br />

cost of borrowing would be<br />

prohibitively high.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 45

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Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 46



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THE CICM <strong>2022</strong> ELECTIONS ARE COMING SOON<br />

The Chartered Institute<br />

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

Elections<br />

<strong>2022</strong><br />

Could you be a member of the<br />

CICM Advisory Council?<br />

There is still time<br />

to register your<br />

interest by visiting:<br />

www.mi-nomination.com/cicm<br />

Ask any question about the process by contacting<br />

the CICM Governance team at elections@cicm.com<br />

Brave | Curious | Resilient<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 47

Apprentice profile<br />

AUTHOR – Sean Feast FCICM<br />

LAURA Dalton has been working at United<br />

Utilities since September 2015 and secured<br />

a permanent contract in <strong>February</strong> 2016.<br />

Two years later she secured a customer<br />

service advisor advanced role within<br />

the collections team, prior to which she<br />

had worked in billing, and supported the company’s<br />

Priority Services and Network team with leak forms<br />

before it went mostly digital.<br />

“I was quick to learn that the income team are a<br />

friendly bunch and the company banter of moving over<br />

to the ‘dark side’ quickly became a distant memory,”<br />

she jokes. “I’d say we are more of a family, and I was<br />

welcomed within my new role with open arms!”<br />

Laura’s day-to-day role within collections is varied:<br />

“I answer customer phone calls, speak to customers on<br />

web chat and respond to inbound customer contacts<br />

(emails/ letters),” she explains. “I enjoy my job and<br />

when the opportunity came about to better myself and<br />

broaden my knowledge I thought ‘why not’?<br />

Starting the CICM apprenticeship four months ago,<br />

Laura initially thought there wasn’t much she could<br />

learn that she didn’t already know: “I actually believed<br />

I knew quite a bit about my current job but this belief<br />

was short-lived when I started the course.<br />

“This course has enlightened me in to the more<br />

‘nitty gritty’ part of cash collection and credit<br />

management which is not so widely discussed. This<br />

includes legislation, why we follow it, preparing for<br />

legal proceedings, and the correct order in which<br />

this should be done. It offers more of an insight into<br />

the collections cycle we experience in our day-to-day<br />

roles.”<br />

To date, Laura has received much positive feedback<br />

from her tutors and support network on tasks and<br />

homework, and some of her work is even being<br />

included in a new E-learning module for the company’s<br />

affordability team.<br />

“I am planning to use the next two years putting<br />

all the things I am learning – and what I have learned<br />

so far - into practice. In doing so I hope to improve<br />

my current performance and eventually be able to<br />

progress or move around different teams within the<br />

income department.<br />

“I think anyone planning to do the CICM<br />

apprenticeship should give it a whirl,” she concludes.<br />

“My main worries were that I wouldn’t retain any new<br />

information or would get stressed out about upcoming<br />

exam preparation, but the support I’ve had personally<br />

has been tremendous. As much as I’d like to discuss<br />

this further, I best get my skates on, I’ve got some<br />

revision to do!”<br />

Latest in a new series<br />

of how CICM-led<br />

Apprenticeships are<br />

supporting professional<br />

development.<br />

Laura Dalton<br />

United Utilities<br />

Customer service advisor<br />

“This course has enlightened me in to the<br />

more ‘nitty gritty’ part of cash collection<br />

and credit management which is not so<br />

widely discussed. This includes legislation,<br />

why we follow it, preparing for legal<br />

proceedings, and the correct order in<br />

which this should be done. It offers more<br />

of an insight into the collections cycle we<br />

experience in our day-to-day roles.”<br />

Apprenticeships in <strong>Credit</strong><br />

Control and Collections<br />

There are five apprenticeships for those working in the credit<br />

profession. At each Level of apprenticeship you will be able to<br />

gain professional CICM qualifications<br />

• <strong>Credit</strong> Controller/Collector<br />

• Advanced <strong>Credit</strong> Controller and Debt Collection Specialist<br />

Apprenticeship<br />

• Compliance/Risk Officer Apprenticeship<br />

• Senior Compliance/Risk Specialist Apprenticeship<br />

• Financial Services Degree Apprenticeship<br />

For more details on how CICM can help you start your<br />

apprenticeship journey, visit cicm.com/apprenticeships<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 48

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 49

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 50



The problem with delusional beliefs affecting work<br />

performance, and the difference between ‘standby time’<br />

and working time.<br />

AUTHOR – Gareth Edwards<br />

THE Court of Appeal<br />

recently confirmed that an<br />

employee who experienced<br />

two episodes of paranoid<br />

delusions was not disabled,<br />

as the episodes did not have<br />

a long-term substantial adverse effect on<br />

their ability to perform normal day to day<br />

activities.<br />

In Sullivan v Bury Street Capital Ltd,<br />

the Employment Appeals Tribunal (EAT)<br />

decision in this case, where a claimant who<br />

suffered two episodes of delusional beliefs<br />

in 2013 and 2017, held that they were not<br />

considered disabled in law, because there<br />

was no long-term substantial adverse<br />

effect on his ability to carry out normal<br />

day-to-day activities.<br />

The claimant was a senior sales executive,<br />

employed by the respondent since 2009.<br />

His employers identified concerns with<br />

his timekeeping and attitude from the<br />

start of his employment. In May 2013, he<br />

began experiencing paranoid delusions<br />

that he was being tracked and monitored<br />

by a Russian gang. The delusions affected<br />

his work, in particular his timekeeping<br />

and attendance. The claimant's condition<br />

improved and by September 2013, he could<br />

manage his condition without letting it<br />

affect his work.<br />

Despite the improvement in the<br />

claimant's condition, his employer<br />

continued to have concerns about his<br />

timekeeping and attitude. These concerns<br />

were raised regularly with the claimant at<br />

reviews between July 2014 and September<br />

2017. In September 2017 the claimant was<br />

dismissed on the grounds of capability.<br />

The claimant alleged his dismissal was<br />

discriminatory on the grounds of disability.<br />

A person will be disabled for the<br />

purposes of the Equality Act 2010 if they<br />

have a physical or mental impairment,<br />

and the impairment has a substantial and<br />

long-term adverse effect on their ability to<br />

carry out normal day-to-day activities. An<br />

impairment is considered 'long-term' if it<br />

has lasted for at least 12 months or is likely<br />

to last for at least 12 months.<br />

The Court of Appeal confirmed the<br />

Employment Tribunal was entitled to find<br />

that the claimant was not disabled in law.<br />

His delusional beliefs persisted for periods<br />

only and he could work normally during<br />

times of normality. The claimant was<br />

therefore unable to demonstrate a longterm<br />

impairment.<br />

This case turns on a very specific set of<br />

circumstances but is a useful reminder<br />

of the strategic value of considering the<br />

definition of a disability at the earliest<br />

stages of a process.<br />

A recent European Court of Justice (ECJ)<br />

case has determined that ‘standby time’,<br />

during which a firefighter could do<br />

other work but could be recalled to his<br />

fire duties within ten minutes, did not<br />

constitute working time.<br />

In MG v Dublin City Council, the<br />

claimant was required to be on standby<br />

24 hours a day, seven days a week<br />

(except for annual leave). He could work<br />

elsewhere (in his case as a taxi driver)<br />

but was required to return to the station<br />

within 10 minutes when recalled. He was<br />

not required to remain in a particular<br />

place when on standby. He was required<br />

to participate in at least 75 percent of<br />

the fire brigade’s interventions, but if he<br />

failed to return to the station within the<br />

allotted time, the only consequence was<br />

that he would not be paid.<br />

The claimant argued this requirement<br />

breached the rules on daily and weekly<br />

rest, and maximum weekly working<br />

time, under the Working Time Directive<br />

(WTD), and that it also interfered with<br />

his private life. However, the ECJ<br />

determined that the requirements<br />

imposed on the claimant did not<br />

significantly affect his ability to manage<br />

his own time whilst on standby, and for<br />

Some like it hot<br />

this reason the time was held not to be<br />

working time.<br />

This decision demonstrates the fact<br />

that context is everything when it<br />

comes to determining whether time is<br />

working or rest time for the purposes<br />

of the WTD. In this case, the deciding<br />

factors were the claimant's freedom to<br />

carry out another professional activity<br />

during the standby time, the fact that<br />

he was not obliged to participate in<br />

emergency callouts, and the fact he was<br />

not required to remain at a designated<br />

place during standby time.<br />

Whilst the focus of this case was on<br />

the WTD, it is also worth noting the<br />

potential link to National Minimum<br />

Wage issues. Time spent on call or on<br />

standby outside normal working hours<br />

is subject to special rules under the<br />

National Minimum Wage Regulations.<br />

In the UK, this decision will not be<br />

binding in domestic courts. However,<br />

courts and tribunals may still have<br />

regard to ECJ case law where it is relevant<br />

to the issue they are considering.<br />

Gareth Edwards is a partner in<br />

the employment team at VWV<br />

www.gedwards@vwv.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 51


Freedom of Choice<br />

Looking ahead and setting out the High Court Enforcement<br />

Officers Association priorities for the coming year.<br />

AUTHOR – Alan J. Smith<br />

THE last 12 months have been<br />

challenging for everyone,<br />

including members of the<br />

enforcement profession. I’d like<br />

to acknowledge the outstanding<br />

professionalism and resilience<br />

demonstrated by all our members – and<br />

indeed the wider enforcement community –<br />

during another challenging ‘COVID’ year.<br />

As <strong>2022</strong> gets down to serious business,<br />

we’re seeing the pace of change and reform<br />

(at least for the enforcement world) move<br />

quickly as well. In the past few months, the<br />

HCEOA has supported a whole range of new<br />

developments, including:<br />

– the introduction of Breathing Space<br />

to enable debt advisors and local authorities<br />

to freeze interest, fees, and enforcement for<br />

up to 60 days for vulnerable debtors.<br />

– the launch of the Enforcement<br />

Conduct Authority – a new oversight body codesigned<br />

by the debt relief sector, the Centre<br />

for Social Justice, and the enforcement<br />

profession, to provide independent, fair,<br />

and formal supervision of enforcement.<br />

We’re looking forward to being a part of that<br />

conversation as it continues in <strong>2022</strong>.<br />

– a resolution to the long-standing<br />

VAT on high court fees debate – with new<br />

guidance issued by the Ministry of Justice,<br />

providing widely welcomed clarity for the<br />

enforcement community, creditors, and<br />

debtors alike.<br />

The High Court Enforcement Officers<br />

Association is looking to continue that<br />

momentum in our work throughout <strong>2022</strong>,<br />

whilst of course ensuring that we support our<br />

members and their businesses in conducting<br />

safe and responsible enforcement.<br />

Throughout <strong>2022</strong> we and our members will<br />

focus on:<br />

• Helping creditors – the people and<br />

businesses who are owed money – by<br />

enforcing their judgments and recovering<br />

unpaid debts.<br />

• Informing debtors – the people who owe<br />

money – by ensuring that anyone who<br />

owes money is treated fairly, ethically, and<br />

proportionately.<br />

• Supporting Government – by<br />

recommending changes and implementing<br />

improvements to the legal framework<br />

around High Court enforcement to help<br />

it modernise and to improve clarity and<br />

transparency wherever possible.<br />

To deliver that, we have three key priorities<br />

for the year ahead, which have been<br />

developed with input and support from our<br />

members.<br />

Campaigning for greater Freedom of Choice<br />

for court users – we’ll be talking to ministers<br />

and civil servants to ramp up the HCEOA’s<br />

‘Freedom of Choice’ campaign – persuading<br />

Government to change the regulations and<br />

allow HCEOs to enforce judgments under<br />

£600.<br />

We’ve had some hugely positive responses<br />

to the campaign work so far, and we’re<br />

absolutely committed to making it easier for<br />

court users to recover debts they are owed<br />

by enabling them to avoid the county court<br />

backlog and use the high court enforcement<br />

as an alternative solution. Some 99 percent<br />

of court users back the plan and just five<br />

percent think the current system is effective.<br />

It’s worth remembering that Government<br />

could solve this problem today. A small<br />

change to the High Court and County Court<br />

Jurisdiction Order 1991 would allow High<br />

Court Enforcement Officers to enforce<br />

judgments and give creditors the freedom<br />

to choose another option to recover debts of<br />

under £600.<br />

High Court Enforcement Fee Scale Review<br />

– we are engaging with the MoJ to persuade<br />

it to undertake a long overdue review of the<br />

High Court enforcement fee scale (which<br />

hasn’t even been reviewed never mind<br />

changed since 2014!) to bring it at least close<br />

to something like in line with other court fees<br />

that were reviewed and increased in 2021.<br />

Encouraging a more diverse and<br />

representative enforcement profession –<br />

if we’re totally honest, we have some way to<br />

go in many of areas. But we’re moving in the<br />

right direction. The HCEOA is starting work<br />

on a long-term initiative to encourage a more<br />

diverse profession and reflect that increasing<br />

diversity in terms of representation on our<br />

Board and throughout the membership.<br />

If you want to be part of it, your support<br />

would be welcomed as we head in to <strong>2022</strong><br />

with a positive step. After the past two years,<br />

surely things can only get better.<br />

Alan J. Smith FCICM is Chairman of the<br />

High Court Enforcement Officers Association<br />

(HCEOA).<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 52

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Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 53




Ipswich, £50,000-£60,000<br />

A rare opportunity has arisen at a leading UK utilities provider<br />

for an experienced and commercially astute Pricing & Billing<br />

Manager. You will be primarily responsible for the management<br />

of all regulated business regarding invoice production and<br />

administration, tariff management and pricing structure. You will<br />

supervise a Billing & Settlements Analyst and work with them to<br />

ensure the completion of regular billing runs, monitor the billing<br />

system performance and identify areas for operational efficiency<br />

improvement. Ref: 4129972<br />

Contact William Plom on 01603 760141<br />

or email william.plom@hays.com<br />


South Norfolk, £25,000-£35,000<br />

A leading electronics distributor with a vast international<br />

presence has partnered with Hays exclusively to recruit an<br />

exceptional <strong>Credit</strong> Risk Analyst for a maternity cover contract.<br />

The role will be focused on engagement with key customers<br />

by utilising a range of data and resources to assess credit<br />

worthiness. You will work with internal and external stakeholders<br />

to support successful commercial operations and ensure<br />

business growth opportunities. Ref: 4138868<br />

Contact William Plom on 01603 760141<br />

or email william.plom@hays.com<br />


Weybridge, up to £38,000<br />

An exciting opportunity for a progressive credit professional<br />

to joining a leading FMCG organisation on a permanent<br />

basis. Reporting to a CICM qualified manager, you will<br />

take responsibility for the day to day running of the credit<br />

department including training, coaching and ledger reviews.<br />

You will also be involved in process improvement, project<br />

work and reporting. This is a fantastic opportunity for a<br />

candidate with proven leadership skills, who has experience<br />

of dealing with major retails. Ref: 4139548<br />

Contact Natascha Whitehead on 07770 786433<br />

or email natascha.whitehead@hays.com<br />


Manchester, permanent hybrid working, £25,000<br />

This role gives you the opportunity to work for a forward<br />

thinking, rapidly growing business boasting brand new modern<br />

offices. You will focus on what <strong>Credit</strong> Controllers do best,<br />

proactively contacting customers and a separate AR team will<br />

take care of the rest. To be considered, previous credit control<br />

experience and the ability to prioritise workload effectively is a<br />

must. If you are looking to work for a business that offers scope<br />

to progress upwards or branch out into other areas this role is<br />

worth finding out more about. Ref: 4121117<br />

Contact Adam Crossland on 01612 367272<br />

or email adam.crossland@hays.com<br />

hays.co.uk/creditcontrol<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 54



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training from Hays<br />

To find out more visit<br />

hays.co.uk/mylearning<br />


Gloucester or remote,<br />

competitive salary + bonus + benefits<br />

A rare opportunity has arisen for a skilled candidate to join<br />

a growing business in a high profile, newly created position.<br />

The Global Process Owner (Order-to-Cash) is responsible for<br />

driving global process standardisation, transactional efficiency,<br />

organisational capability, process performance, and a prioritised<br />

roadmap of all global Order to Cash processes. You will have<br />

considerable experience in a complex, global organisation,<br />

executing process transformation initiatives and driving change<br />

across a global organisation. Ref: 4081960<br />

Contact Andrew Piercy on 01242 226 227<br />

or email andrew.piercy@hays.com<br />

This is just a small selection of the many opportunities<br />

we have available for credit professionals. To find out more<br />

visit us online or contact Natascha Whitehead, Hays <strong>Credit</strong><br />

<strong>Management</strong> UK Lead on 07770 786433.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 55

Do you know someone who would<br />

benefit from CICM membership?<br />

Or have you considered applying to<br />

upgrade your membership?<br />

See our website www.cicm.com/membership-types<br />

for more details, or call us on 01780 722903<br />

Studying Member<br />


Jonny Saint<br />

Carol Ryan<br />

Tania Monteiro<br />

Joshua Wilkinson<br />

Demar Jackson<br />

Ahtsham Anwer Malik<br />

Adnan Anwar Malik<br />

Amelia R C Roberts<br />

James Allen<br />

Rob Butcher<br />

Claudia Yeo<br />

Grant Flint<br />

Giuseppina Coda<br />

Natalia Mazanova<br />

Hayley Woolley<br />

Konur Fevzi<br />

Karolina Palacz<br />

Darren Wooldridge<br />

Bridgette Jali<br />

Candice Padayachee<br />

Yolande Purdon<br />

Deepak Ram<br />

Nicola Churchill<br />

Associate<br />

Udeshika Rathanayake<br />

Safina Omari<br />

Congratulations to our current members who have upgraded their membership<br />

Upgraded member<br />

Martin Stafford ACICM<br />

Caroline Burrell MCICM<br />

Donna Parker MCICM<br />

Faraz Ashraf FCICM<br />

Mohamad Bawab FCICM<br />

Indraka Liyanage FCICM<br />

Julian Donnelly FCICM<br />

Andrea Baker FCICM<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

Danielle Barrow<br />

Louise Bent<br />

Lasanthi Deshapriya<br />

Lisa Dutton<br />

Lauren Heap<br />

Laura Hodgson<br />

Stacey Thomason<br />

Laura Webb<br />

George Woodall<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

Lucy Aldis<br />

Kayleigh Bagnall<br />

Randy Bainbridge<br />

Hayley Chapman<br />

Luke Edwards<br />

Anita Foxall<br />

Carrie Harvey<br />

Nicole Magg<br />

Shelley Nelson<br />

Quays Nouristani<br />

Alison Ramsey<br />

Carly Smith<br />

Eniko Szabo<br />

Level 3 Diploma in Money & Debt Advice (ACICM)<br />

Andrew Bass<br />

Level 5 Diploma in <strong>Credit</strong> & Collections <strong>Management</strong> MCICM (Grad)<br />

Jonathan Ferguson<br />


Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports.<br />

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 56

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 57

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Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 58

IN November last year the CICM<br />

East Of England Branch held a<br />

webinar with Paul Bohill as the<br />

guest speaker. Paul Bohill, who<br />

is a former police officer and<br />

TV personality best known for<br />

his role in Can’t pay? We’ll take it away!,<br />

gave fascinating insight into his time as an<br />

enforcement officer as well as discussing<br />

company restructuring and turnarounds –<br />

an area that he has not returned to.<br />

Branch Committee member Andy<br />

Moylan FCICM of EFCIS moderated the<br />

webinar, asking many of the questions<br />

submitted in advance.<br />

According to Paul, the skills required<br />

as an enforcement officer include<br />

emotional intelligence, physical as well as<br />

social awareness, and the ability to listen,<br />


Day in the Life of a<br />

High Court Enforcement officer<br />

East of England Branch<br />

whilst not being aggressive, and looking<br />

at a problem from all sides. Paul talked<br />

through some of his more interesting<br />

experiences, which include seizing a<br />

racing car worth £1m for a £40k debt!<br />

Like many others, Paul expects to<br />

see a huge increase in insolvencies,<br />

triggered by problems in obtaining<br />

loans. He explained how to spot the<br />

warning signs for vulnerable companies<br />

and also personal debtors before the<br />

courts are involved, as well as touching<br />

on how to get the best from legal action<br />

when it is the only option left to recover<br />

your debt.<br />

Paul believes the court system to be<br />

stacked in favour of the debtor so he warns<br />

against legal action and recommends only<br />

using it as a last resort. He also highlighted<br />

the significant backlog in court cases<br />

at the moment – currently to August<br />

<strong>2022</strong>.<br />

Paul talked through his new role,<br />

and first love, company restructuring,<br />

saying that the biggest constraint for new<br />

companies at present was the reluctance<br />

of mainstream banks to open accounts for<br />

them.<br />

Overall, this was a highly informative<br />

and engaging discussion which offered<br />

useful insights into enforcement and<br />

company restructuring, and a must watch<br />

for anyone who has an interest in either<br />

subject.<br />

If you missed this session, its available<br />

on the CICM YouTube channel.<br />

Author: Richard Brown FCICM – CICM<br />

East of England Branch Vice Chairman<br />

NetWalking at Wentworth Woodhouse<br />

CICM Sheffield and District Branch<br />

ON a drizzly Sunday morning last October,<br />

Sheffield and District Branch members<br />

and guests met at Wentworth Woodhouse<br />

– one of Yorkshire’s best kept secrets. We<br />

were joined by our guide, David, who gave<br />

us a brief introduction to the house before<br />

we moved out into the hidden gardens<br />

at the rear, just in time for the sunshine<br />

to make an appearance. David guided us<br />

around the many varied areas and told us<br />

all about the Punch Bowl, South Terrace,<br />

Ionic Temple and Camellia House to name<br />

but a few features. I even managed to get a<br />

friendly robin to perch on my finger!<br />

There could have been no better venue<br />

to network with fellow credit professionals<br />

and chat about our experiences of the last<br />

18 months and the road ahead, than in<br />

the gardens of Wentworth Woodhouse,<br />

which have certainly survived their own<br />

turbulent times when open cast mining<br />

came right up to the doorstep of the house.<br />

Congratulations and a bottle of red<br />

went to Michelle Goodman for collecting<br />

the most contacts during the NetWalking.<br />

Many thanks to all attending members<br />

and guests for making the morning a great<br />

success.<br />

Author: Paula Uttley MCICMGrad –<br />

CICM Sheffield & District Branch Chair<br />

The CICM Branch Annual General Meeting season is now upon us,<br />

and all branches are required to hold their AGMs by 31 March <strong>2022</strong>.<br />

Please visit the Branch Network page of the CICM website for more information –<br />

www.cicm.com/branches/ or contact governance@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 59

Cr£ditWho?<br />

CICM Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 386 610<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount plc has been providing efficient, effective and<br />

ethical pre-legal debt recovery for over forty years. We help our<br />

clients to improve internal processes and increase cashflow,<br />

whilst protecting customer relationships and established<br />

reputations. We have long-standing partnerships with leading,<br />

global brand names, SMEs and not for profits. We recover<br />

over 30,000 overdue invoices each month, domestically and<br />

internationally, on a no collect, no fee arrangement. Other<br />

services include credit control and dunning services, international<br />

and domestic trace and legal recoveries. All our clients have<br />

full transparency on any accounts placed with us through our<br />

market leading cloud-based management portal, ClientWeb.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

• 24/7 online access to your cases through our CaseManager portal<br />

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />


BlaserMills Law<br />

London – High Wycombe – Amersham – Silverstone<br />

T: 01494 478660<br />

E: jar@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

Blaser Mills Law’s commercial recoveries team is internationally<br />

recognised, regularly advising large corporations, multinationals<br />

and SMEs on pre-legal collections, debt recovery, commercial<br />

litigation, dispute resolution and insolvency. Our legal services<br />

are both cost-effective and highly efficient; Our lawyers are also<br />

CICM qualified and ranked in the industry leading law firm rankings<br />

publications, Legal 500 and Chambers UK.<br />

Keebles<br />

Capitol House, Russell Street, Leeds LS1 5SP<br />

T: 0113 399 3482<br />

E: charise.marsden@keebles.com<br />

W: www.keebles.com<br />

Keebles debt recovery team was named “Legal Team of the Year”<br />

at the 2019 CICM British <strong>Credit</strong> Awards.<br />

According to our clients “Keebles stand head and shoulders<br />

above others in the industry. A team that understands their client’s<br />

business and know exactly how to speedily maximise recovery.<br />

Professional, can do attitude runs through the team which is not<br />

seen in many other practices.”<br />

We offer a service with no hidden costs, giving you certainty and<br />

peace of mind.<br />

• ‘No recovery, no fee’ for pre-legal work.<br />

• Fixed fees for issuing court proceedings and pursuing claims to<br />

judgment and enforcement.<br />

• Success rate in excess of 80%.<br />

• 24 hour turnaround on instructions.<br />

• Real-time online access to your cases to review progress.<br />

Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation reach<br />

their full potential in credit and collections management. We are<br />

proud to be Corporate Partners of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> and to manage the CICM Best Practice Accreditation<br />

Programme on their behalf. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />


CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

Celebrating its 20th year in business, CoCredo has extensive<br />

experience in providing online company credit reports and<br />

related business information within the UK and overseas. In 2014<br />

and 2019 we were honoured to be awarded <strong>Credit</strong> Information<br />

Provider of the Year at the British <strong>Credit</strong> Awards and have been<br />

finalists every other year. Our company data is continually updated<br />

throughout the day and ensures customers have the most current<br />

information available. We aggregate data from a range of leading<br />

providers across over 235 territories and offer a range of services<br />

including the industry first Dual Report, Monitoring, XML Integration<br />

and DNA Portfolio <strong>Management</strong>.<br />

We pride ourselves in offering award-winning customer service and<br />

support to protect your business.<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside, Cardiff, CF10 4WZ<br />

Phone: +44 (0)29 20824397<br />

Mobile: +44 (0)7767 865821<br />

E-mail:yvette.gray@atradius.com<br />

Website: atradiuscollections.com<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance<br />

of maintaining customer relationships whilst efficiently and<br />

effectively collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to<br />

provide them with a collection strategy that echoes their business<br />

character, trading patterns and budget.<br />

For further information contact Yvette Gray Country Director, UK<br />

and Ireland.<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%<br />

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

• 24/7 access to your cases via our in-house software solution,<br />

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 60



paul@centuryone.uk 01727 739 196<br />




identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 386 607<br />

Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco Business Support Toolkit provides company details<br />

and financial reporting for over 4m UK companies and<br />

business. Subscribers can view company financial health and<br />

payment behaviour, credit ratings, shareholder and director<br />

structures, detrimental data. In addition, subscribers can also<br />

download unlimited B2B marketing and acquisition reports.<br />

Annual subscription is only £79.95. Other services available<br />

to subscribers include AML and KYC reports, pre-litigation<br />

screening, trace services and data appending, as well as many<br />

others.<br />


HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Data Interconnect Ltd<br />

45-50 Shrivenham Hundred Business Park,<br />

Majors Road, Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

We are dedicated to helping finance teams take the cost,<br />

complexity and compliance issues out of Accounts Receivable<br />

processes. Corrivo is our reliable, easy-to-use SaaS platform<br />

for the continuous improvement of AR metrics and KPIs in a<br />

user-friendly interface. <strong>Credit</strong> Controllers can manage more<br />

accounts with better results and customers can self-serve on<br />

mobile-responsive portals where they can query, pay, download<br />

and view invoices and related documentation e.g. Proofs of<br />

Delivery Corrivo is the only AR platform with integrated invoice<br />

finance options for both buyer and supplier that flexes credit<br />

terms without degrading DSO. Call for a demo.<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />


Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />


T: 020 3966 8324<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

VISMA | Onguard is a specialist in credit management software<br />

and market leader in innovative solutions for order-to-cash. Our<br />

integrated platform ensures an optimal connection of all processes<br />

in the order-to-cash chain. This enhanced visibility with the secure<br />

sharing of critical data ensures optimal connection between all<br />

processes in the order-to-cash chain, resulting in stronger, longerlasting<br />

customer relationships through improved and personalised<br />

communication. The VISMA | Onguard platform is used for<br />

successful credit management in more than 70 countries.<br />


C2FO<br />

C2FO Ltd<br />

105 Victoria Steet<br />

SW1E 6QT<br />

T: 07799 692193<br />

E: anna.donadelli@c2fo.com<br />

W: www.c2fo.com<br />

C2FO turns receivables into cashflow and payables into income,<br />

uniquely connecting buyers and suppliers to allow discounts<br />

in exchange for early payment of approved invoices. Suppliers<br />

access additional liquidity sources by accelerating payments<br />

from buyers when required in just two clicks, at a rate that works<br />

for them. Buyers, often corporates with global supply chains,<br />

benefit from the C2FO solution by improving gross margin while<br />

strengthening the financial health of supply chains through<br />

ethical business practices.<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

Court Enforcement Services is the market leading and fastest<br />

growing High Court Enforcement company. Since forming in 2014,<br />

we have managed over 100,000 High Court Writs and recovered<br />

more than £187 million for our clients, all debt fairly collected. We<br />

help lawyers and creditors across all sectors to recover unpaid<br />

CCJ’s sooner rather than later. We achieve 39% early engagement<br />

resulting in market-leading recovery rates. Our multi-awardwinning<br />

technology provides real-time reporting 24/7. We work in<br />

close partnership to expertly resolve matters with a fast, fair and<br />

personable approach. We work hard to achieve the best results<br />

and protect your reputation.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query <strong>Management</strong> System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

<strong>Credit</strong> Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Satago<br />

48 Warwick Street, London, W1B 5AW<br />

T: +44(0)020 8050 3015<br />

E: hello@satago.com<br />

W: www.satago.com<br />

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Visit satago.com and start your free trial today.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 61

Cr£ditWho?<br />

CICM Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />




High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />


Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Our <strong>Credit</strong>or Services team can advise on the best way for you<br />

to protect your position when one of your debtors enters, or<br />

is approaching, insolvency proceedings. Our services include<br />

assisting with retention of title claims, providing representation<br />

at creditor meetings, forensic investigations, raising finance,<br />

financial restructuring and removing the administrative burden<br />

– this includes completing and lodging claim forms, monitoring<br />

dividend prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

For more information on how the Menzies <strong>Credit</strong>or<br />

Services team can assist please contact Giuseppe Parla,<br />

Qualified Insolvency Practitioner, at gparla@menzies.co.uk<br />

or call +44 20 7465 1919.<br />

LEGAL<br />

Key IVR<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong>’s Corporate partnership scheme. The<br />

CICM is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CICM to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />


Gravity Global<br />

Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB<br />

T: +44(0)207 330 8888. E: sfeast@gravityglobal.com<br />

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the <strong>Credit</strong> Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

FORUMS<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />




paul@centuryone.uk<br />

01727 739 196<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your goals,<br />

and adept at advising you on the most effective way of achieving<br />

them.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CICM. We offer CICM members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, a 5* Trustpilot rated agency, solely<br />

specialises in the recruitment of Permanent, Temporary & Contract<br />

<strong>Credit</strong> Control, Accounts Receivable and Collections staff<br />

including remote workers. Part of The Portfolio Group, an awardwinning<br />

Recruiter, we speak to <strong>Credit</strong> Controllers every day and<br />

understand their skills meaning we are perfectly placed to provide<br />

your business with talented <strong>Credit</strong> Control professionals. Offering<br />

a highly tailored approach to recruitment, we use a hybrid of faceto-face<br />

and remote briefings, interviews and feedback options.<br />

We provide both candidates & clients with a commitment to deliver<br />

that will exceed your expectations every single time.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 62

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

Just another great reason to be a member<br />

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

CICM membership, as well as additional subscribers<br />

Brave | Curious | Resilient<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>January</strong> & <strong>February</strong> <strong>2022</strong> / PAGE 63

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