Credit Management May 2022

CREDIT MANAGEMENT 

CM 

MAY 2022 £12.50 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

INSIDE 

Winners of the 

CICM British 

Credit Awards 

Pgs 35-51 

ICE 

MAGIC 

The secrets of 

Iceland revealed 

What’s in it for 

the ‘S’ in ESG? 

Page 10 

Exclusive: the future 

of debt advice funding. 

Page 12

Ethical and efficient debt recovery solutions to 

help organisations improve cash-flow, increase 

productivity and reduce overheads 

Debt 

Recovery 

Customer 

Care 

Receivables 

Management 

Business Support 

Services 

IT and Application 

Services 

Software 

Solutions 

01527 386 610 

controlaccount.com

35 

BRITISH CREDIT 

AWARDS SUPPLEMENT 

26 

COUNTRY FOCUS 

Adam Bernstein 

MAY 2022 

www.cicm.com 

CONTENTS 

8 – COUNTING THE COST 

The truth behind how insolvency fees 

are charged. 

10 – SOCIAL VALUES 

What’s in it for the ‘S’ in ESG? 

12 – A FOOL AND HIS 

MONEY? 

The CSA ups the stakes in the debate 

surrounding the future funding of debt 

advice 

17 – TAKE THE LEAP 

Never let fear get in the way of applying 

for your new job. 

18 – FIT FOR PURPOSE 

The future of wellness has implications 

for all. 

26 – GOING WITH THE FLOW 

There’s much more to the island nation 

of Iceland than first meets the eye. 

30 – LATE CHAT 

Sean Feast FCICM speaks to the cofounder 

of one of the leading experts in 

the management of probate debt. 

62 – YOUNG MONEY 

Apprenticeships are a marathon, not a 

sprint! 

CICM GOVERNANCE 

12 

EXCLUSIVE 

Sean Feast FCICM 

18 

WELLBEING 


President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM 

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

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

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

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

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

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

Sarah Wilding FCICM / Atul Vadher FCICM(Grad) 

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

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

Credit Management is distributed to the entire UK and international CICM 

membership, as well as additional subscribers 

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

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

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

trade mark of the Chartered Institute of Credit Management. 

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

Publisher 

Chartered Institute of Credit Management 

1 Accent Park, Bakewell Road, Orton Southgate, 

Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 


Deputy Editor 

Iona Yadallee 

Art Editor 

Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Imogen Hart, Rob Howard, Natalie Makin, 

Laura Rhodes, Sam Wilson and Mona Yazdanparast 

Advertising 

Paul Heitzman 

Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

Stephens & George Print Group 

2021 subscriptions 

UK: £112 per annum 

International: £145 per annum 

Single copies: £12.50 

ISSN 0265-2099 

Brave | Curious | Resilient / www.cicm.com / May 2022 / PAGE 3

EDITOR’S COLUMN 

Debt advice, hard-working 

families and super yachts 


Managing Editor 

SWITCHED on the television 

this morning to hear more 

gloom and doom about the 

economy and the cost-of-living 

crisis. Inflation at a level not 

seen since the 1990s, average 

wages worth three percent less than they 

were at the start of the year, petrol prices 

going through the roof, and consumers 

having to make a judgment call on whether 

they heat their homes or eat a good meal. 

Wandered down to my desk (yes working 

from home but then I was at a DE&I 

conference the day before in Zurich – see 

our article on page 10 – and arrived back 

very late – so that’s my excuse) to see a press 

release from the Money Advice Trust with 

a headline screaming that households are 

‘buckling under the strain of rising costs’, 

and tales of more gloom. One in seven of 

us are behind with our household bills and 

one in five feel totally unprepared to deal 

with rising costs. 

This means that any time soon, 

politicians will be spouting forth about 

more forbearance on the forbearance 

already provided, and some radical will 

undoubtedly suggest that all debts should 

be written off and/or we should have a 

windfall tax on Russian Oligarchs, sell 

their super yachts and give the proceeds 

to ‘hard-working families’ – a phrase I 

thoroughly detest. I work hard. I have a 

family. But they don’t mean me or my kind. 

But enough of such ranting. The serious 

point is that more people will inevitably 

fall into debt, meaning the need for 

professional debt advice will be greater 

than ever, which will probably mean 

they are quickly swamped and will be 

demanding more cash from the creditors 

for the services they provide. The Credit 

Services Association certainly thinks so, 

and it is worried, and so too are many 

CICM members working in consumer 

collections. 

Henry Aitchison, the policy chief at the 

CSA, is so concerned that he’s written a 

paper on the subject (see our exclusive on 

page 12). In a nutshell it runs up the pole 

a flag we’ve been waving vigorously in this 

magazine for several years. Unless and until 

there is greater visibility and transparency 

on how the debt advice sector is currently 

funded, why should the debt collection 

industry fork out more? And why is there 

such a narrow focus on collections, when 

the scope of ‘who pays’ should be widened 

to embrace a much broader church of 

those who ultimately benefit? 

The big fear that Henry highlights is 

that policymakers will make decisions 

behind closed doors, listening to only a 

small number of loud voices, without fully 

engaging the whole credit community who 

will ultimately be picking up the tab. And 

they will do so without the full knowledge 

and insight of the role the collections 

industry already plays in supporting 

customers, and in achieving the right 

outcomes by them. For it’s not simply a 

numbers’ game; it needs to be all about 

results, and I suspect that the debt advice 

sector would agree. 

I’m off now to see if I can pick up a 

second-hand Sunseeker. 


CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Written by – Sean Feast FCICM 

StepChange predicts huge 

rise in demand for debt advice 

STEPCHANGE Debt Charity’s 

2021 Statistics Yearbook 

shows that even before 

the latest rise in general 

inflation and the rise 

in the energy price cap, 

households in the UK experiencing 

problem debt were already facing a 

cost of living crisis. 

In 2021, StepChange was contacted 

by almost half a million (483,247) 

new clients seeking debt advice or 

guidance with their problem debt. The 

charity website received 5.9 million 

visits. StepChange completed full debt 

advice online to 105,977 clients and by 

telephone to 65,255 clients. 

Last year, 28 percent of clients at 

the time of advice were in arrears on 

their electricity bill, and 23 percent 

on their gas bill. This largely reflects 

a continuation of the trend seen 

throughout the COVID pandemic 

period. Before the pandemic, in 

2019, the equivalent figures were 17 

percent and 13 percent respectively. 

StepChange expects to see a worsening 

of energy bill arrears over the coming 

months. 

Council tax also remained 

problematic, with 37 percent of 

StepChange clients who had a 

responsibility to pay Council Tax being 

in arrears at the time they sought 

advice – compared to 30 percent in 

2019, before the pandemic. Over half (56 

percent) of all new StepChange clients 

in 2021 had some form of additional 

vulnerability as well as their financial 

vulnerability. The most common 

were depression (13 percent), stress 

or anxiety (13 percent) and a physical 

disability (seven percent). 

With arrears on 

priority bills becoming 

more common, 2022 

is going to be a tough 

year for many, and 

not just because of 

energy prices. 

Poor mental health remains closely 

associated with debt problems, and 

39 percent of all new clients were 

experiencing some form of impaired 

mental health at the time of advice. 

Richard Lane, Director of External 

Affairs at StepChange, says that more 

help is clearly needed: “When so many 

people are already struggling to make 

ends meet, a steep rise in the cost of 

living means debt becomes inevitable 

for many. Debt advice services this 

year are going to be vital to help 

people navigate their best options for 

managing a difficult situation – but 

Government needs to implement better 

structural support, too. 

“With arrears on priority bills 

becoming more common, 2022 is going 

to be a tough year for many, and not 

just because of energy prices. We can 

see that the financial impact of the 

pandemic was still being felt among 

many of our clients last year, and this 

is now being exacerbated by cost of 

living pressures.” 

Elsewhere, RCN (Royal College of 

Nursing) Foundation has partnered 

with free debt advice provider, PayPlan, 

to support nurses, midwives and 

healthcare support workers get their 

finances back on track. Through RCN 

Foundation, those who are worried 

about their financial situation can now 

be seamlessly referred to PayPlan for 

support with tackling their money 

worries. 

Deepa Korea, Director, RCN 

Foundation, says many nursing 

and midwifery staff have faced 

unexpectedly high costs or reduced 

income during the pandemic: “We’re 

really pleased to partner with PayPlan 

so we can ensure every member of our 

nursing team has access to holistic 

debt advice as and when they need it.” 

See CSA exclusive on future 

funding of debt advice on page 12 

RISING inflation, spikes in fuel prices 

and the growing cost of living crisis 

haven’t dampened UK borrowers’ 

climate conscience according to a 

new report on attitudes to unsecured 

lending from EQ Credit Services, (part 

of Equiniti). 

Almost half (45 percent) of 

respondents classed lenders’ 

green credentials as either very or 

extremely important when deciding 

Green is the colour of success 

who to borrow from. Of the 2000+ 

people surveyed, 56 percent would 

also be interested in a loan product 

that rewarded their efforts to live 

sustainably with a lower interest 

rate, should such a product become 

available. 

Will Ellis, Sales Director, EQ 

Credit Services says it’s amazing 

to see the British public prioritising 

sustainability in their finances despite 

all the pressures they’re feeling at the 

moment: “Lenders now need to focus 

on evolving their green initiatives 

as quickly as they can; the market is 

insisting on it. 

“Our data also reveals an appetite for 

credit products that are pegged to the 

borrower’s energy efficiency. This is 

a clear opportunity for an innovative 

lender to tap into this strong national 

sentiment.” 


NEWS ROUNDUP 

Young Brits think the credit score 

system is ‘fundamentally flawed’ 

MORE than half (54 

percent) of young 

people, aged 18-34, 

think the current 

credit score system 

is fundamentally 

flawed according to new research from 

MyLifeKit, a new company in the ‘AI for 

Life’ space. 

Almost half (44 percent) of all other 

respondents, aged 35 and older, also 

agreed that credit scores are flawed, 

contributing to an average of 46 percent 

of the total respondents who believe 

that the current system does not work. 

The data, which was based on a 

poll of 2,000 British consumers, also 

conducted analysis into respondents’ 

justifications for this belief: 39 percent 

of people felt that it’s unfair that credit 

scores condemn them for poor financial 

decisions made in the past, often up to 

five years ago, and a similar number 

(38 percent) also believe that credit 

scores do not accurately represent 

their lifestyle or livelihood, neither does 

it provide an accurate overview of a 

person’s credit worthiness. 

Interestingly, just over a third (35 

percent) regularly check their credit 

score and work to improve it. This figure 

increases dramatically between the 

age group of 25–34-year-olds. The most 

apathetic groups were those between 

the ages of 18-24 and 45+ with only 

31 percent each checking their score 

regularly. 

We must start to see a 

shift in how financial, 

healthcare and retail 

industries deploy 

enriched data to 

determine an individual’s 

creditworthiness. 

Romano Toscano, CEO & Founder 

of MyLifeKit questions whether in an 

age where people and organisations 

have terabytes of enriched data at their 

fingertips, it is fair to judge people’s 

creditworthiness based purely on a 

metric pertaining to financial history: 

“Credit scores can mean the difference 

between acceptance or dismissal 

for things as important as financial 

services, housing, or even mobile phone 

contracts, even though it is apparent 

that a vast fraction of the public have 

good reason to believe the credit score 

system is fundamentally flawed. 

“Therefore, we must start to see 

a shift in how financial, healthcare 

and retail industries deploy enriched 

data to determine an individual’s 

creditworthiness. Said data could 

include context relating to their 

lifestyle, health, fitness and the wider 

environment and economy, all of which 

are already being tracked and observed 

by consumers and businesses.” 

Elsewhere, a new report by global 

information and insights provider 

TransUnion has revealed that the 

number of people regularly checking 

their credit score has increased by 

nearly a third (30 percent) since the 

pandemic began. The Consumer Credit 

2022 white paper, an in-depth look at 

the current financial landscape and 

changing consumer habits, points 

to greater understanding of credit 

information and the importance of its 

role, as the cost of living crisis deepens. 

Payments platform says Zoomers 

must be taken seriously 

TO achieve growth and success past 2030, 

businesses must start to understand the 

living, shopping, and financial habits of Gen 

Z or Zoomers (consumers aged between 16 

and 24) now – and accept that they are very 

different from previous generations. This 

demographic, who never knew life without 

the internet and smartphones, currently 

represents the largest population group on 

earth, accounting for almost 2.5 billion people. 

Global payments platform Thunes 

conducted a world-wide study into 

consumers’ shopping, social, and payment 

preferences. It found that Gen Z is influenced 

by social media more than any other 

generation. Eight out of 10 said they use social 

media on multiple occasions throughout the 

day. Three-quarters of Zoomers also check 

in multiple times each day in emerging 

markets, with two-thirds stating that they 

have purchased products they first discovered 

online. 

Perhaps not surprisingly, Gen Z has 

little enthusiasm for traditional financial 

products - be it bank accounts or credit cards. 

Almost two thirds (62 percent) of Gen Z’s 

don’t have any bank account at all. Mobile 

wallets are however growing rapidly and in 

some emerging markets, and now almost 

50 percent of Zoomers now use this type of 

account. 

Zoomers spend a slightly larger proportion 

(19 percent) of their money online shopping 

than they do on socialising, eating out, and 

entertainment, and while cash is down, it 

is not yet out. About a quarter of Zoomers 

in western markets almost never use cash. 

Physical currency remains important in 

offline spend in emerging markets, but its 

influence is in decline. This is not surprising 

given the choice and accessibility of digital 

tools. 

Thunes CEO, Peter De Caluwe, says that 

to many, Gen Z is a misunderstood and 

overlooked generation: “This is a generation to 

which ‘dial-up’ and ‘desktop’ are meaningless 

words and who don’t just think ‘mobile-first’, 

but live and breathe in apps, social media, 

digital platforms and soon – the metaverse. 

We should start to take this generation 

seriously as the revenues and strategic plans 

of many businesses – especially those that 

are relying on fast growth – are dependent on 

them.” 


NEWS ROUNDUP 

CICM 2022 British Credit 

Awards break all records 

THIS year’s British Credit Awards (BCAs), 

hosted by the Chartered Institute of 

Credit Management (CICM), was the 

biggest on record with the highest 

number of ticket sales and entries of any 

previous CICM awards ceremony. 

The 2022 ceremony was the first in 

person for three years and was also 

the first time the institute achieved 

a complete sell-out, with almost 500 

members and their guests in the 

audience. Profit generated through the 

success will be re-invested in delivering 

more training courses and further 

membership opportunities throughout 

the remainder of the year. 

Sue Chapple FCICM, Chief Executive 

of the CICM said the event was a heartwarming 

reminder of how supportive 

the industry can be of its members and 

colleagues: “With it being our first event 

back in person, we expected attendance 

numbers to be high, but to break records 

Consumers in danger of 

increasing loan shark attack 

MAINSTREAM lenders are surrendering 

people into the hands of illegal loan 

sharks as many victims try to access 

credit from legal, regulated sources but 

the vast majority see their applications 

rejected, leaving them nowhere to turn 

except predatory illegal lenders. 

Analysis of the CSJ’s dataset of 1,200 

confirmed victims of illegal lending in 

its Swimming with Sharks report by 

Freedom Finance (a supporter of the 

CSJs Debt Policy Unit) demonstrates 

shortcomings of the lending industry, 

with 38 percent of loan shark victims 

stating that they had attempted to secure 

credit elsewhere. However, four in five (80 

percent) of these were rejected. 

Further analysis of FCA data reveals 

many people are also deterred from 

applying for credit altogether - more 

than one in 10 people with at least 

one consumer credit product decided 

against applying for a loan in the past 

year because they were afraid of being 

rejected, a proportion that rises far higher 

was something we never expected. 

“It reminds me just how important 

collaboration and support are within 

our industry, and on the night, to see 

members congratulating their colleagues 

and championing individuals was 

heart-warming. It was a special night 

and a special reminder of how incredible 

our members are. We can’t wait for 

next year’s event already…once we’ve 

recovered from this one!” 

The record number of tickets sales 

was aided by the equally record-breaking 

number of categories, entrants and 

category sponsors with all awards 

being sponsored by 15 of the Institute’s 

corporate partners. The awards saw the 

creation of three new award categories 

bringing it to a total of 18, which 

subsequently received almost 150 entries. 

The dramatic increase in applications for 

tickets meant the institute had to create 

its first ever ticket waiting list. 

among those with characteristics of 

vulnerability (eg, 42 percent among those 

with low financial resilience). Of those 

deterred from making an application, 

nearly half (48 percent) said they felt 

there was no point. 

Brian Brodie, Chief Executive of 

Freedom Finance and CSJ Debt Policy 

Advisory Board member, said it was a 

wake-up call for the lending industry 

to increase support for potentially 

vulnerable borrowers: “This is an 

industry problem as much as a social 

problem as a large number of the victims 

are already customers of our industry 

who were not able to get the support 

they need. “The withdrawal of many 

alternative, short-term providers of 

credit pulled up the ladder above what 

the regulator might term “high-risk” 

borrowers. This is now being filled by 

illegal money lenders as 

lenders wash their hands of 

a responsibility to provide 

fair access to credit for all.” 

>NEWS 

IN BRIEF 

Praise for UK’s 

‘robust’ Anti-Money 

Laundering systems 

JOHN Glen, Economic Secretary to 

the Treasury, has praised the UK’s 

robust Anti-Money Laundering 

(AML) approach and pledged that the 

Government will not compromise on 

its high standards. 

Addressing delegates in his 

keynote speech at the Innovate 

Finance Global Summit during 

FinTech Week 2022, the minister 

gave a wide-ranging speech 

covering issues such as growth in 

the UK’s FinTech sector, regulation, 

management of crypto assets and 

tackling the challenges posed by 

money laundering. 

Mr Glen praised the innovation 

and resolve of the sector, stating that 

year-on-year investment growth in 

UK FinTech was up more than 200 

percent in 2021. He also re-affirmed 

the Government’s commitment to 

embracing cryptocurrencies: “If 

crypto-technologies are going to be a 

big part of the future, then we – the 

UK – want to be in, and in on the 

ground floor. In fact, if we commit 

now – if we act now – we can lead 

the way.” 

On regulation, he added: “The FCA 

has already expanded and reinforced 

its world-leading Regulatory 

Sandbox, it’s piloting the new 

‘scalebox’, which offers enhanced 

support to newly authorised firms 

and just a few weeks ago, Innovate 

Finance announced the launch of 

their International FinTech Group, 

which they will co-chair with the 

Department for International Trade. 

“We’re setting direction for how 

the UK can build on its successes so 

far, notably through a new regulatory 

oversight committee that will work 

with industry to agree and implement 

the vision for the future of open 

banking in the UK.” 

Wayne Johnson, CEO and cofounder, 

Encompass Corporation, 

says he is encouraged by the 

Government’s apparent commitment: 

“The UK’s FinTech sector has 

so much potential, but, in an 

increasingly uncertain world, having 

the ability to investigate and ratify 

sources of wealth and income is 

critical. With the right regulatory 

tools and technology in place, 

organisations will be able to continue 

growing, without the fear of failing to 

adhere to increasingly complex and 

strict requirements when it comes to 

AML and Know Your Customer (KYC)." 


INSOLVENCY 

Counting the Cost 

The truth behind how insolvency fees 

are charged, reported and regulated. 

ONE of the most scrutinised and 

criticised aspects of insolvency 

is the fees the profession 

charges for its work – but much 

of this is often unwarranted 

and based on a lack of context 

and understanding about the amount of work 

carried out by insolvency practitioners (IPs) in 

individual cases. 

When high-profile cases are mentioned in 

the media, the amount of money the insolvency 

practice has charged for its work is frequently 

highlighted, but an often-missed detail is the 

difference between the fees charged and the fees 

which are actually paid at the 

end of the process. 

The reality is that insolvency 

fees are highly regulated and 

must be approved by the creditors 

of the insolvent company or 

individual. And they can vary 

hugely from case to case, with 

many IPs not being paid in full 

for the work they have carried 

out, due to the very nature of 

insolvency. 

And criticisms of IP fees also 

usually overlook the significant 

personal liability IPs face when 

carrying out their work, the strict regulatory 

requirements they must adhere to, the complex 

and numerous activities they must carry out, 

and the complicated and unpredictable nature of 

their cases. 

COMPLEX ROLE 

When a company becomes insolvent, an IP is 

usually appointed as an office holder – a role 

which means they are personally responsible for 

protecting the interests of the company’s creditors 

and can be held personally responsible for the 

company’s actions. 

And being an office holder means the IP 

is legally obliged to perform a number of 

activities, some of which include: planning, 

devising, reviewing and revising a strategy for the 

insolvency procedure; liaising with the company’s 

advisors and creditors; and producing regular 

reports for stakeholders and creditors throughout 

the process. 

While an IP is solely responsible for the case 

when appointed as an office holder, they are not 

normally the only person working on it. They will 

usually have a team of staff working alongside 

them, and this team may support them in a range 

AUTHOR – Nicky Fisher 

On occasion, 

creditors may negotiate 

a lower fee after the 

insolvency procedure 

has taken place, which 

will mean the IP will not 

receive full payment for 

the time they have spent 

on a case. 

of tasks, including: compiling and analysing the 

companies’ records, agreeing to creditors’ claims, 

responding to queries from creditors and other 

stakeholders, as well as a number of others. 

VARIATIONS IN CASES 

Legislation sets out how insolvency practitioners 

charge their fees, but there are three main ways 

fees can be and are charged. One option is to 

charge them as a percentage of the value of the 

assets realised during an insolvency procedure. 

Another is to charge them as a percentage of the 

assets with which an IP has had to deal in an 

insolvency procedure, while the other options 

are as a fixed amount, or by 

reference to the amount of time 

spent on a case by the IP and 

their staff – known as a ‘time 

cost’ basis. 

Fees are usually charged 

in one of the ways mentioned 

above, or as a combination of all 

of them, the most common of 

which is a time cost basis. Under 

this approach, IPs are required to 

provide an estimate of the time 

spent on a case by themselves 

and their staff, alongside their 

fees and expenses. They are also 

required to report all their time costs to creditors, 

but it’s worth stressing this amount is often not 

the same as what IPs are actually paid for in a 

case, given that there are often not enough assets 

left to pay for this work in full. 

And the size and complexity of the case can 

affect the level of fees which are charged to 

complete it, with fees for smaller insolvency cases 

differing significantly from those for high-profile, 

widely reported ones. 

These high-profile, larger cases often involve 

even more complex and highly-specialised work, 

and are likely to involve additional activities, 

which may increase the total fees charged. 

For example, if the company has multiple sites, 

IPs and their teams will often have to travel to 

these various locations in order to access records, 

speak to staff and secure assets. Or if the company 

has a large number of staff, liaising with these 

and other stakeholders will require more time, 

and thus accrue a higher cost, than with a smaller 

company. And if the creditors have agreed the 

office holder will continue to run the business, 

the IP will have to manage both the operational 

and the potential restructuring processes, which 

will naturally involve additional cost. 


INSOLVENCY 

AUTHOR – Nicky Fisher 

Quite often, the hourly rate charged by IPs is the focus of 

media stories, but the nature of insolvency work means 

there is a vast discrepancy between the charges IPs report 

as part of their statutory obligations to creditors and the 

fees they receive at the end of a case. 

STRICTLY REGULATED 

Fees are heavily regulated via the Insolvency 

Act (1986) and the Insolvency (England and 

Wales) Rules 2016. The Insolvency Rules 

regulate the way in which fees can be 

charged, the information IPs must report 

to creditors and the consent required by 

creditors to approve fees for insolvency 

processes. 

Alongside this, there are a number of 

principles set out on insolvency payments 

to help ensure they are fair, reasonable and 

proportionate to the insolvency appointment. 

These principles state insolvency office 

holders must disclose to creditors ‘what was 

done, why it was done, and how much it cost’, 

in a way that is transparent and of assistance 

to creditors, and that office holders must 

supply the information in sufficient time 

for creditors to be able to make an informed 

judgement about the reasonableness of their 

requests. 

If IPs don’t comply with these regulatory 

requirements, they can be fined, sanctioned 

and can lose their licence, and creditors and 

stakeholders are able to submit a complaint 

about an IP via the Insolvency Service’s 

Complaints Gateway. 

However, it’s worth noting that in 2020, 

just three complaints were made to the 

profession’s Recognised Professional Bodies 

about IPs’ fees, in a year of 111,424 personal 

and 12,557 corporate insolvencies. 

CHARGES VS PAYMENTS 

Quite often, the hourly rate charged by IPs 

is the focus of media stories, but the nature 

of insolvency work means there is a vast 

discrepancy between the charges IPs report 

as part of their statutory obligations to 

creditors and the fees they receive at the end 

of a case. 

It is very common in smaller, low or no 

asset cases, for the insolvent company to 

have insufficient assets to pay an IP in full 

for the work undertaken in administering the 

insolvent estate. In fact, IPs are frequently 

paid none of their time costs, and receive 

only the fee in respect of pre-appointment 

advice and support given to place the 

company or individual into the appropriate 

insolvency process. 

On occasion, creditors may negotiate a 

lower fee after the insolvency procedure has 

taken place, which will mean the IP will not 

receive full payment for the time they have 

spent on a case, or an IP may agree to waive 

part of their fee in order to return more 

money to creditors. 

The latter of these is more common than 

you might think, with a number of our 

members telling us they had regularly waived 

tens of thousands of pounds in fees to ensure 

a better return to the business’ creditors. 

A LAYERED ISSUE 

I hope it’s clear that the question of insolvency 

fees is more complex than it appears on the 

surface. As I’ve said above, there are multiple 

factors which influence the amount of fees 

charged in any one case, and there is often 

a great difference between the fees charged 

and actually paid. But I suspect this is 

something we, and the profession, will have 

to continue to explain for a good while yet. 

Nicky Fisher is Deputy Vice President of 

insolvency and restructuring trade body R3. 

Nicky Fisher 


ESG 

SOCIAL VALUES 

What’s in it for the ‘S’ in ESG? 

AUTHOR – Aniela Unguresan 

CORPORATE life is full of many 

acronyms and ESG is just one 

of them. Simply put, it stands 

for Environmental, Social, and 

Governance, and investors are 

increasingly applying these 

non-financial factors to their analysis of 

organisations to identify material risks and 

growth opportunities. 

First coined in 2005 at the Who Cares 

Wins conference in Zurich, ESG factors were 

positioned from the outset as material aspects in 

the context of longer-term investment. But while 

ESG has been around for almost two decades, it 

only seems to have moved from niche into the 

mainstream in the last two or three years. 

THE RISE OF ESG 

ESG’s rise to prominence isn’t an overnight 

sensation. Rather, it can be credited to three key 

factors, each of which reinforces the other. 

Firstly, capital markets are now very much 

interested in ESG as a measure of sustainable 

business performance. As capital moves 

according to risk and opportunity profiles, so 

organisations are reacting by changing their 

focus. Significant capital is now being invested 

in ESG-orientated funds and this inflow has 

become a major driver of the move of ESG into 

the mainstream. 

The rise of the ‘E’ in ESG can also be attributed 

to the current and legitimate preoccupation with 

the environment; this too has driven processes 

aligned with capital investment. 

But there is a third underlying factor to 

consider. ESG was set up initially as a ‘do no 

harm’ type of framework. In other words, 

organisations were examined in the context of 

their financial results and how they ensured 

that those results did not come at the expense of 

Environmental, Social, and Governance issues. 

But lately, and in line with the concept 

of shared value coined by Michael Porter in 

2009 which ignited the conscious capitalist 

movement, the ambition has shifted from the 

idea of ‘doing no harm’ to ‘this world is a better 

place because a company is in it.’ In other words, 

a net positive effect as Paul Polman – the CEO of 

Unilever from 2009 to 2019 – describes it. 

Society’s expectations of business have 

changed dramatically, and organisations now 

need to ask, ‘how can we make a positive 

contribution to the world by virtue of our core 

business?’ It is worth emphasising that this 

is indeed a philosophy that is anchored in the 

core business of an organisation. Rather than 

being an afterthought or a layer on top of the 

organisation’s core purpose, it is both vital and 

fundamental to it. 

Organisations 

needed to take drastic 

action with regards 

to their workforce, 

they also needed to 

dramatically rethink 

their supply chains, 

their impact on 

employees that 

remained, and 

their impact on the 

community. 

A CORPORATE BAROMETER 

It’s interesting that the definition of ‘S’ has 

morphed in recent times. Initially it related 

primarily to human rights, but now it 

encompasses labour issues, diversity, equity, 

and inclusion (DE&I), workplace health and 

safety, and product safety and quality, including 

supply chains 

So where ‘S’ was once related to ‘social’, we 

believe that this narrow definition could be 

expanded to stand for ‘stakeholder’, putting 

at the centre of the ESG concept stakeholder 

welfare. 

Moreover, when ‘S’ practices amongst 

organisations are examined, it is apparent that 

they form an accurate barometer of corporate 

culture. 

We can see that organisations that have a 

strong and a shared culture see ‘S’ practices 

that are also strong because there is a common 

sense of purpose and reason as to why that 

organisation exists. Conversely, where neither 

common sense of purpose or a shared culture 

exists, ‘S’ practices of organisations tend to be 

rather poor. 

From an investor perspective, this makes 

‘S’,one of the most subtle, yet very powerful and 

relevant, measurements of risk associated with 

reputation and sustainable business success. 

AN INDIVIDUAL LETTER COUNTS 

There are three letters that make up ‘ESG’ and 

while there is a shared understanding of the 

meaning behind the letters ‘E’ and ‘G’, when it 

comes to the ‘S’, investors have a shakier view of 

what it means and how it should be measured. 

The point was well made by a 2019 study, from 

BNP Paribas – the Global ESG Study. It found that 

46 percent of investors from the 347 institutions 

surveyed said that the ‘S’ in ESG was the most 

difficult to analyse and embed in investment 

strategies. 

However, the pandemic and all its devastating 

effects on many different levels moved ‘S’ into 

the spotlight. Organisations needed to take 

drastic action with regards to their workforce. 

They also needed to dramatically rethink 

their supply chains, their impact on employees 

that remained, and their impact on the 

community. 

So, where once we focused almost exclusively 

on defining what ‘E’ and ‘G’ meant and how 

they could be measured, we are now doing 

the same with ‘S’. And this is because we now 

have the irrefutable evidence that ‘S’ does 

indeed matter, and it is ‘material’ when it 

comes to understanding an organisation’s risk 

and opportunity profile. It’s a key requirement 

to unlocking capital flows and investment, 


ESG 

AUTHOR – Aniela Unguresan 

precisely because ‘S’ can affect the way in which an 

organisation is performing now and will perform 

in the future. 

STANDARDS FOR MEASUREMENT 

One problem faced by those surveyed by BNP 

Paribas in 2019 was that investors said that existing 

measurements and analysis of ‘S’ did not help them 

respond to rising demand for socially responsible 

investing strategies and products. 

So, to accelerate the rise of ‘S’ in today’s world, 

to make it an important measurement of how 

sustainable the organisation is, to be able to view 

its net positive footprint and how it creates shared 

value, we need to measure its ‘S’ in a standardised 

way so that information becomes comparable. 

And we must do this because different rating 

agencies, capital markets, and indices, all rely on 

‘S’ to know what success looks like. Only robust 

and standardised measurement, independent 

oversight and verification that credibly position 

organisations on where they stand can offer this. 

Of course, there are different philosophies that 

determine how standards are set and success is 

defined. Should we set a minimum standard? Or 

do we want to define the floor and then define the 

target that we should aspire to? From an EDGE 

perspective, setting minimum standards is not 

enough – it’s not even the beginning of a journey. 

While capital and capital markets are important 

to raising standards, so too are Governments and 

the creative use of legislation. They can, for example, 

use tax systems to encourage voluntary efforts. 

And they can require compulsory disclosures. 

KPMG terms this ‘progressive legislation’ – which 

encourages the adoption of voluntary standards 

and market-based mechanisms to shift market 

trends and expectations and improve social 

outcomes. 

Of course, ESG ratings will never replace 

financial performance as the primary driver 

of an organisation’s value. But what favourable 

ratings can do is drive down the cost of capital for 

those organisations because investors know that 

lower risks equate to better management. And in 

turn, those organisations will be able to attract, 

retain, develop, and motivate the kind of talent 

that they need to succeed. Put in the words of Paul 

Polman’s Net Positive Manifesto: ‘The economy 

won’t thrive unless people and the planet are 

thriving.’ 

Aniela Unguresan is the Founder 

of the EDGE Certified Foundation. 

The rise of the 

‘E’ in ESG can 

also be attributed 

to the current 

and legitimate 

preoccupation 

with the 

environment; 

this too has 

driven processes 

aligned 

with capital 

investment. 


EXCLUSIVE 

A fool and his money? 

The CSA ups the stakes in the debate 

surrounding the future funding of debt advice. 

AUTHOR – Sean Feast FCICM 

THE Credit Services 

Association (CSA) is reigniting 

the debate over the 

future funding of the debt 

advice sector with a new 

report that calls for an end 

to behind closed doors agreements and 

demands greater accountability for the 

advice services its members are already 

funding. 

While the Association acknowledges 

the vital role that debt advice plays, it 

also questions the consistency of advice 

given. It believes there is a need to shift 

the conversation away from the binary 

question of whether advice has been 

given or not, towards one that recognises 

whether the customer has ultimately 

experienced the right outcome as a better 

measure of ‘value’. 

‘As a sector, we understand the value in 

high-quality, efficient and effective freeto-client 

advice which is why the sector 

contributes many millions of pounds of 

voluntary contributions on top of the 

quite significant compulsory levy-based 

ones,’ writes the report’s author Henry 

Aitchison, the CSA Head of Policy. 

‘Ultimately, high quality advice is 

an investment on behalf of customers 

and, in some way, an indirect cost to 

those customers. As such it is important 

to consider the extent to which that 

investment represents value for money.’ 

KEY FINDINGS 

The report details a number of key 

findings which it uses as the basis for 

future recommendations. While the scale 

of the financial guidance levy is a known 

quantity, and the Money and Pensions 

Service (MaPS) tracks the number of 

advice sessions provided, there is no 

wholly reliable data for the overall level of 

funding that free-to-client advice receives 

or what it achieves with it. Without sight 

of this, the CSA believes it is impossible 

for MaPS to credibly determine what level 

of funding is required or to determine 

levels of genuine performance. 

The CSA does not believe, in simple 

terms, that more funding has delivered 

proportionately more advice given. In 

the past decade, levy-based funding has 

quadrupled and, although levy-funded 

sessions have grown at almost the same 

rate until 2019, this is not reflected in the 

estimated global figure, despite increases 

in those funds. What’s more, even in the 

levy-funded sessions, there is no pattern 

of accelerating output that would indicate 

improvements in efficiency. As such, 

it says, simply applying more money to 

increase the amount of advice is therefore 

clearly not an effective approach in itself. 

‘In real terms, there is no way to credibly 

determine capacity or performance 

within the free-to-client sector,’ Aitchison 

continues. ‘Moreover, without a reliable 

source for this information, demands 

for greater compulsory levy funding lack 

any vestige of accountability since there 

is no way to gauge genuine need, value 

for money or to challenge unreasonable 

demands.’ 

INEFFICIENT AND INCONSISTENT 

Inefficiencies within the debt advice 

sector, and inconsistencies in service 

delivery, are also issues that need to be 

addressed. A lack of efficiency has been 

identified on multiple occasions over the 

years but as yet there is nothing to show 

that genuine improvements in efficiency 

have been made. And while in principle, 

any organisation providing regulated 

debt counselling is expected to meet 

the same regulatory standards, many 

of the same issues surrounding quality, 

consistency and efficiency in behaviour 

continue to be raised by creditors. 

Outcomes can be variable, and anecdotal 

evidence suggests that massaging 

results of advice takes place and 

ultimately, the question of whether value 

for money is achieved rests squarely on 

whether the customer experiences the 

right outcome as a direct result of the 

advice given. 

When it comes to funding sources, 

the report finds that contributors to debt 

advice funding are drawn insufficiently 

broadly. If there is a genuine expectation 

that demand will increase significantly in 

the months to come, then it will be critical 

to both broaden the pool of contributions 

and genuinely achieve a measure of 

greater efficiency. 

The key challenge for MaPS, and by 

extension policy makers and funders, is 

that unless some of the underlying and 

well documented problems are honestly 

tackled little progress will ultimately be 

made: Why is more money always needed 

when previous increases seem to have a 

declining effect? What precisely is the 

money that has already been provided 

been spent on? Where is the evidence 

of greater efficiencies being achieved? 

Where is the evidence of the quality of 

debt advice across the board? Where 

is the evidence of outcomes actually 

experienced by the customer and whether 

they were the right ones, not just whether 

they got advice or not? 

Aitchison says that these are difficult 

questions to put, but that the CSA has 

a responsibility to future customers of 

debt advice to ensure that high quality 

support is available, subject to scrutiny 

and delivering best value. So what, in the 

CSA’s view, should policymakers be doing 

about it? 

PRINCIPAL RECOMMENDATIONS 

Firstly, it believes policymakers need to 

ensure that contributions are drawn from 

a wider cross section of organisations 

whose customers and service users 

require advice, to ensure that it is 

genuinely equitable. Doing so, it believes, 

should widen and deepen the pool of 

contributions while simultaneously 

redressing current disproportionality. 

Secondly, consideration needs to be 

given as to whether the current patchwork 

of providers is capable of delivering 

consistent, high-quality advice across 

the population as a whole, and whether 

there are overlaps and gaps in provision 

that mean resources are not focused 

effectively. If they are not, consideration 

should be given to whether more direct 

control should be assumed for delivery in 

each of the four national areas to ensure 

national and local needs are met. 

MaPS should continue pushing forward 

with putting in place mechanisms to 

ensure that it has full visibility of both 

the standard of advice and that value 

for money is genuinely being achieved. 

Where it is not, or where funds are 

diverted to non-advice activities, MaPS 

should take steps to recover the relevant 

proportion of any contract which is not 

adequately performed or where funds 

have been utilised for other purposes. 

To the extent that any of the existing 

compulsory funding framework continues, 

it should be made genuinely 

transparent and accountable to all those 


EXCLUSIVE 


2.4 In 2019, the Credit Services Association undertook an exercise to estimate 

the amount of funding available to not-for-profit debt advice organisations 6 

and what that funding had achieved. A conservative estimate for the 

2018/2019 year found that in addition to the £56.3million funds available 

in the formal levy, there appeared to be a further £55.7million in ‘Fairshare’ 

payments and somewhere in the region of another £60million in donations, 

grants, and the like. 

2.5 

Debt Advice Funding (c. £172m) 

With the exception of the Financial Guidance Levy 7 , which is a known 

quantity, the amounts relating to ‘fairshare’ and donatives are conservative 

estimates drawn from annual accounts and similar publications from those 

making the payments or receiving them. 

2.6 Having determined the scale of funding, the next question to be asked 

is what those funds achieved. Again, only the information from MaPS is 

potentially reliable in contributing to an understanding of what has been 

delivered. The annual report 8 for the 2019/2020 year stated that 541,479 

sessions had been delivered in England against a cost of some £61.145 

million. Various advice organisations produce their own tallies of advice 

given but it is unclear how much of that is accounted for in the MaPS 

totals. What is less clear is what the wider funding pot achieved as a whole, 

something that is further complicated by debt advice provision now being 

split on a national level. 

2.7 What we can see is that there is an apparently large amount of funding 

already available for the provision of debt advice, even if the total is 

obscured, but a fundamental lack of clarity as to what that is achieving. 

13 

6 See the blog ‘The money merry-go-round of debt advice’ – Credit Services Association [March 2019] 

7 And Devolved Authorities levy 

8 Money and Pensions Service - Annual Report and Accounts for the year ended 31 March 2020 – [Accessed 28 

February 2022] 

Levy - 33% 

Fairshare - 32% 

Donatives - 35% 

Fig 1: 2018/2019 Estimated proportions of funding for free-to-client debt advice. 

7 

vi. The key challenge for the Money and Pensions Service, and by extension 

policy makers and funders, is that unless some of the underlying and welldocumented 

problems are honestly tackled little progress will ultimately be 

made: 

• Why is more money always needed when previous increases 

seem to have a declining effect? 

• What precisely is the money that has already been provided 

been spent on? 

• Where is the evidence of greater efficiencies being achieved? 

• Where is the evidence of the quality of debt advice across the 

board? 

• Where is the evidence of outcomes actually experienced by 

the customer and whether they were the right ones, not just 

whether they got advice or not? 

These are difficult questions to put, but we have a responsibility to future 

customers of debt advice to ensure that high quality support is available, 

subject to scrutiny and delivering best value. 

A lack of efficiency has been identified on 

multiple occasions over the years but, as 

yet, there is nothing to show that genuine 

improvements in efficiency have been 

made. 

A CREDIT SERVICES ASSOCIATION REPORT 

APRIL 2022 

HENRY AITCHISON 

WIDE OF THE MARK? 

ASSESSING THE DELIVERY AND VALUE OF 

FREE-TO-CLIENT DEBT ADVICE. 

A Credit Service 

Association report. 

By Henry Aitchison 

‘Ultimately, high quality advice is an 

investment on behalf of customers 

and, in some way, an indirect cost 

to those customers. As such it is 

important to consider the extent to 

which that investment represents 

value for money.’ 

expected to pay. As such, any proposed demand for 

funding should be consulted on with MaPS and DWP 

requiring robust evidence both of the necessity and 

fairness of any proposal, having regard to the interests 

of all parties. It should no longer be possible to agree 

funding demands behind closed doors or without genuine 

opportunity for those expected to pay to consider 

and, where appropriate, challenge unreasonable proposals. 

The CSA says that providers should be held to the 

same standard irrespective of whether they charge a 

fee or not. The efforts that MaPS has made to improve 

the consistency and quality of funded advice should 

continue. However, while the Financial Conduct 

Authority has done much to improve the standard of 

commercial providers, it must also ensure that it takes 

steps to do so in relation to non-commercial providers 

as the potential consequences of poor, inconsistent 

or inadequate advice are no less harmful by virtue of 

having been caused by non-commercial providers. 

In short, there needs to be much more 

accountability. Those receiving levy funds should 

demonstrate as a matter of course that quality, 

consistency and efficiency in advice is being achieved, 

and not merely claim that this is the case. 

UNCONSCIOUS BIAS 

The CSA’s report comes after a decade of significant 

change among lenders and the consumer credit 

industry towards how customers are treated. The 

concern is that assumptions for future funding will be 

made based on out-of-date thinking, and a conscious/ 

unconscious bias against the collections industry. 

Many sectors have invested considerable time and 

resource in moving towards greater collaboration 

with those who owe them money. Long before the 

advent of the FCA, changes in the various consumer 

credit markets were already focused on better arrears 

engagement to secure better outcomes: of having 

fewer conversations which were longer but better, 

instead of many rapid short ‘when can you give me 

the money’ conversations; of having staff with the 

necessary life experience and empathy; of having the 

right sort of forbearance strategy and options in place. 

‘That is not to suggest for an instant that every firm 

is the same, or even that every sector in the economy 

has the same approaches to handling arrears or nonpayment,’ 

Aitchison concludes. ‘The quality and 

consistency of engagement can be highly variable. But 

the underlying point is simple: as creditors continually 

improve – and it will be an ongoing and open-ended 

process – the extent to which debt advice is a direct 

‘benefit’ to those firms will continue to decline. 

‘As it does, Government and policy makers will 

find it increasingly difficult to justify drawing on 

creditors to fund it. Moreover, a stagnant debt advice 

sector and poorly judged Government intervention, 

present key challenges not least because they impact 

both the value and benefit of debt advice and more 

fundamentally affect the wider economy.’ 

The report is entitled Wide of the Mark – assessing 

the delivery and value of free-to-client debt advice. 


Apprentice profile 

REBECCA Lothian describes herself as just 

a regular gal from Warrington who outside 

of work loves animals, her family and 

going for hikes in the great outdoors: “I am 

only 27,” she says, “and thoroughly enjoy 

spending my summertime at festivals, 

however I always joke that I am secretly 80 as nothing 

beats a good old cup of tea and good book on the sofa on a 

Saturday night! Haha!” 

Prior to working at United Utilities, Rebecca used to be 

a Drama and English teacher in Secondary Education. As 

much as she loved being dramatic in the studio everyday 

with the children, she says she honestly never had a feeling 

of belonging in the classroom and experienced doubts if it 

was the right career choice: “Just before national lockdown 

in 2020, I decided to leave the profession to pursue 

something else. I noticed the role at United Utilities and 

thought why not, let’s give this a go and the rest is history!” 

Rebecca began her journey working in general debt 

and talking to customers daily regarding their payments: 

“I picked up a great deal very quickly, and considering I 

had never worked in this sector before and found it really 

interesting. 

“I was quite successful in my cash collection so was asked 

to join the Court team within the same department. It was 

quite nerve-wracking at first as there was much to learn, 

however it only made my passion for credit management 

grow.” 

NATURAL INTEREST 

When Rebecca heard about the CICM, her natural interest 

in education came to the fore: “Although I left that world, 

I still have a thirst for knowledge and still want to learn to 

better myself,” she says. 

“The first module was brilliant as it affirmed everything 

that I’d been doing in the role and I loved hearing the theory 

behind the practice. I was very nervous for my first exam 

so went into overdrive with revision, reading the textbook 

aloud like I was rehearsing Shakespeare or something, but 

I can say that it worked as I passed. Since then, our second 

module has been assignment based. Now this is more my 

forte! I was asked to share my writing knowledge with 

the other apprentices, so I created training sessions and 

e-learning to boost their writing skills which has been an 

absolute joy to do.” 

Rebecca says that she has learned a great deal throughout 

the course: “Working mainly with domestic customers I 

had very limited knowledge surrounding debt collection in 

a commercial or business setting, so I have found this very 

insightful. 

“I have also began to scratch the surface in regards to 

bankruptcy accounts, which has been eye-opening in my 

role. I do believe the course has provided me with a wider 

understanding of debt, which has improved my negotiation 

tactics and enabled me to feel more confident when 

speaking to customers. I really like that this opportunity has 

given me not only a wider perception of our business but 

of other businesses working with the collections lifecycle.” 

Latest in a new series 

of how CICM-led 

Apprenticeships are 

supporting professional 

development. 

Rebecca Lothian 

United Utilities 

“I was quite successful in my cash 

collection so was asked to join the Court 

team within the same department. It was 

quite nerve-wracking at first as there was 

much to learn, however it only made my 

passion for credit management grow.’’ 

Apprenticeships in Credit 

Control and Collections 

There are five apprenticeships for those working in the credit 

profession. At each Level of apprenticeship you will be able to 

gain professional CICM qualifications 

• Credit Controller/Collector 

• Advanced Credit Controller and Debt Collection Specialist 

Apprenticeship 

• Compliance/Risk Officer Apprenticeship 

• Senior Compliance/Risk Specialist Apprenticeship 

• Financial Services Degree Apprenticeship 

For more details on how CICM can help you start your 

apprenticeship journey, visit cicm.com/apprenticeships 


www.tcmgroup.com 

Probably thebest debt collection network worldwide 

Certificate of Compliance 

This is to certify that TCM Exchange Platform has successfully complied Penetration Testing 

conducted by Pentest-Tools SRL. No critical dangers have been found. 

CERTIFICATE NUMBER 

001/08/2021 

DATE OF THE PENETRATION TEST 

20th of August 2021 

FULL NAME OF CERTIFIED COMPANY 

TCM Group International ehf. 

DATE OF THE NEXT PENETRATION TEST 

20th of August 2022 

Head of Professional Services 

Razvan-Costin Ionescu 

Moneyknows no borders—neither do we 


PRED_CT YOUR 

ACCO_NTS RECEIV_BLE 

FOREC_STING WITH 

94% AC_URACY 

Take the guesswork out 

of Accounts Receivable 

Intelligent automation software to streamline 

credit-to-cash processes 

EASY INTEGRATION WITH YOUR ERP 

BOOK A DEMO 

YayPay.com/smartar

CAREERS 

Take the leap 

Why fear shouldn’t prevent you from 

applying for that dream job. 

AUTHOR – Natascha Whitehead 

HAVE you ever come 

across a desirable role 

which prompted you to 

update your CV and draft 

a carefully considered 

cover letter, but then, 

when it came to pressing ‘send’ during the 

application process, something physically 

stopped you? 

This may be due to your internal ‘what 

if’ fears. From a lack of self-belief to 

worrying about your current employer’s 

response, I’ve listed three simple ways 

to keep common concerns at bay. As the 

demand for credit professionals remains 

high – there’s no reason to not go for that 

opportunity! 

1. NO IMPOSTER SYNDROME HERE 

Have confidence in your skills and 

abilities, even if it’s a new industry. 

You may analyse your CV and realise 

that your skillset and experience might not 

be an identical fit (especially if it’s a new 

industry), but do not let this hold you back! 

It’s easy to forget that even the most senior 

staff began their career with a lack of 

experience and were most probably faced 

with the same self-doubting thoughts you 

might be encountering. 

How do you reduce these sceptical 

thoughts? While there’s no denying that 

‘required’ skills and experience are more 

challenging to overcome, hiring managers 

are often more flexible when considering 

their listed ‘desired’ skills. If you can 

emphasise that you have the soft skills 

needed to build on your credit experience, 

such as being a diligent quick learner, this 

can aid your application process. 

You can also demonstrate your 

transferable skills, especially if it’s not in 

the same industry as your current role. 

For example, if you’ve worked in a large 

corporate – your experience of dealing 

with a large number of stakeholders and 

deadlines are excellent transferable skills 

to highlight. 

2. DON’T FRET THE COMPETITION 

In the digital age we live in, more often 

than not you’ll find you can now see 

how many others have applied for a 

specific role, particularly on job boards 

and LinkedIn. In certain situations, this 

can act as a deterrent when weighing-up 

whether you want to apply or not. 

Whilst it may be easier to accept the 

negative, self-deprecating voice, practise 

substituting this dialogue with positive, 

self-confident thoughts. Implementing 

positive habits can help with selfconfidence, 

which in turn, can aid your 

self-belief when it comes to applying for 

jobs. 

If you’re ever feeling hesitant, write 

down all your achievements in your career 

so far, as well as what you can offer for 

the new role. This will help you visualise 

your accomplishments, rather than seeing 

them within a generic CV format. You can 

then play a match-making game, where 

you identify key words used to describe a 

job’s ideal candidate and pair them with 

your own list of skills and experience. 

This will naturally make you stand 

out amongst the crowd, which should 

naturally boost your confidence when 

applying for a role which has a significant 

number of active candidates. 

3. IT’S YOUR LIFE 

Remember to put yourself first. And don’t 

let loyalty and guilt prevent you from 

applying to a vacancy, especially when it is 

your ideal role within a desired company. 

It may seem that your company needs 

your resources right now, and by applying 

to a job you feel a hint of dishonesty. 

However, this is not the case. There is 

nothing misleading or deceitful about 

putting your career progression or 

happiness first. Putting yourself at the 

forefront may feel unfamiliar, and you 

may feel guilty about your decision, but 

it’s necessary when navigating the world 

of work. 

This is not to say that you should be 

inconsiderate to your current employer 

– you can give an ample notice period 

and thank them for the opportunities 

and development, whilst simultaneously 

prioritising your own career journey. 

Whilst you may not be able to control your 

managers response, you can monitor how 

you handle the situation. 

A final thought – next time you find 

yourself debating whether to go through 

with the application process, due to fears 

holding you back, remember to trust the 

process, have self-confidence, and put 

yourself first! 

Natascha Whitehead is Business 

Director & UK Channel Lead of Hays 

Credit Management. 

Natascha 

Whitehead 

Next time you 

find yourself 

debating whether to 

go through with the 

application process, 

due to fears holding 

you back, remember 

to trust the process, 

have self-confidence, 

and put yourself 

first! 


WELLBEING 

FIT FOR PURPOSE 

The future of wellness has implications for 

individuals, organisations and Governments. 

IF it’s always daunting to predict trends 

in the fast-moving wellness space, it’s 

especially so two years into a pandemic 

where the long-promised ‘post-pandemic 

world’ is becoming visible but is 

repeatedly delayed. 

So says Susie Ellis, Chair and CEO of the 

Global Wellness Summit (GWS) who recently 

published an extensive report into the wellness 

economy to predict future trends: “One thing that 

this forecast makes clear,” Sue says, “is that the 

future of wellness will be anything but a ‘restart’ 

of 2019. What consumers now need most, what 

they perceive as ‘true wellness,’ has profoundly 

changed.” 

A few key themes emerge from the report. With 

new awareness of the radical fragility of life and 

the planet, a ‘survivalist wellness’ 

is emerging: more people are 

seeking resilience and selfreliance 

and they’re now keenly 

aware that their own wellbeing 

is inextricably linked to the 

wellbeing of the planet. 

Another theme is tackling the 

glaring gaps, missing links, and 

underserved populations in both 

healthcare and wellness: from 

male body issues finally getting 

the attention they deserve, to 

innovative technology closing 

the women’s health research 

gap. They include a focus on 

‘senior living’ to the rise of professional wellness 

coaches dedicated to solving that great unsolved 

issue in both healthcare and wellness: motivating 

behaviour change. 

With the pandemic further subsuming us 

in a digital world, the future of wellness and 

technology is complex: the metaverse will plunge 

us into evermore immersive health and wellness 

experiences while a new ‘technological wellness’ 

will have us interrogating our relationship to tech 

as never before. The report covers the cool, new 

experiences rising in wellness: from pandemicweary 

cities being reimagined as accessible 

‘wellness playgrounds’ to destinations answering 

the call of a new purpose-seeking wellness 

traveller, with experiences that help them grow 

intellectually, spiritually and creatively. So let’s 

look at the 2022 trends in more detail. 

DIRT-Y WELLNESS 

Soil is our planet’s most extraordinary ecosystem: 

one handful contains 50 billion life forms. For 


Mounting research 

indicates that the 

soil and human 

microbiomes are 

anciently connected, 

and that soil exposure 

has an eye-opening 

impact on everything 

from immune to 

mental health. 

millions of years, the microbial stew that is living 

soil did its job: from cycling nutrients to plants to 

capturing vast amounts of atmospheric carbon. 

Mounting research indicates that the soil and 

human microbiomes are anciently connected, 

and that soil exposure has an eye-opening impact 

on everything from immunity to mental health. 

The problem: we’re in a huge soil crisis, so, a 

food, environmental and health crisis. Industrial 

agricultural methods quickly decimated the 

world’s soil microbiome: one-third of all farmland 

is intensely degraded. 

A new regenerative agriculture—techniques 

that restore soil’s biodiversity—is the hottest topic 

in farming and will now become a hot topic in 

wellness. ‘Regen-,’ or ‘soil-certified,’ will be the 

next food label, because it’s far more meaningful 

than ‘organic’—not only for its 

huge environmental impact but 

also because soil health is the 

true lens into food’s nutritional 

value. More wellness brands will 

pivot to Regen-farm-sourced ingredients. 

In wellness real estate, 

Regen-agrihoods are a real trend 

to watch. More people are becoming 

serious ag-geeks. An unprecedented 

greening of the urban 

landscape and an explosion 

in urban farms are underway. 

A new microbial architecture/ 

design is even creating indoor 

spaces teeming with healthy soil 

microbes. At more wellness resorts, the farm—and 

increasingly the regenerative farm—is becoming as 

important as spa and fitness. 

The world is waking up to the dire need to rewild 

the world’s soil and to the soil-human microbiome 

connection. A ‘dirty' wellness deliberately refutes 

wellness’ ‘clean’ obsession: our bodies aren’t 

gated temples, we’re just a dance between the 

trillions of microorganisms in the soil and in our 

gut. 

TOXIC MUSCULARITY 

A growing body of research is revealing that body 

image is no longer solely a ‘women’s issue’. In 

April 2021, a survey by a United Kingdom male 

suicide prevention charity and Instagram found 

that half of men aged 16-40 had struggled with 

their mental health because of how they feel 

about their bodies—and half pointed the finger at 

mainstream and social media. 

‘Toxic muscularity’ can be literally poisonous. 

Anabolic-androgenic steroid abuse is hiding in 


WELLBEING 


plain sight in the improbable shape of actors, 

athletes, influencers and action figures. The 

consequences, both mental and physical 

(sometimes fatal), could however soon be hard 

to ignore. And steroids are merely the most 

notorious of an ever-expanding pharmacopeia 

of image- and performance-enhancing drugs 

(IPEDs) that have spread from backstreet gyms 

to commercial and high-end health clubs to 

high schools. 

Toxic muscularity is contributing to the rise in 

male eating disorders and muscle dysmorphia: 

the pathological preoccupation that you’re not 

muscular enough, no matter how big and lean 

you may be. Thankfully, the male equivalent of 

the conversation about unhealthily thin female 

models and Barbie dolls is finally happening—if 

still underdeveloped. 

‘DIGITAL’ HEALTH 

Between fitness wearables, telehealth apps, and 

smart home gyms, there seems to be no shortage 

of technologies promising to make us well. But 

the truth is that most technologies – that make 

up the majority of our screen time are harming 

our health, not helping it. That’s where the 

need for technological wellness comes in: a kind 

of wellness that doesn’t just remedy the toxic 

toll that tech takes on our minds on bodies, but 

rather, puts health at the centre of how often we 

engage with technology at large. 

To accomplish this, a new kind of 

collaboration between the technology industry 

and wellness industry is required. The 

world’s biggest tech companies are already 

racing to build a world where we interact via 

virtual reality headsets and trade our glasses 

for augmented reality contacts. But by 

pausing, asking the tough questions, and 

developing everyday technologies with health 

in mind, we can create a better kind of world: 

one where we treat our tech intake more like our 

food intake — taking greater care to understand 

how it affects our mind, body, and overall 

wellbeing. 

SENIOR LIVING DISRUPTED 

According to leading aging experts, 90 will be the 

new 40 within a decade. The exponential jump 

in longevity means that people are retiring later 

and focusing on being active and engaged with 

personal growth into old age. Healthier, more 

youthful, and more active than their cohorts in 

previous generations, this incoming senior class 

doesn’t ‘feel old’ and doesn’t want to be defined 

by age, nor socially segregated by it. That’s why 

today’s age-segregated models of senior living 

communities are no longer cutting it with a new 

generation that doesn’t believe in the concept of 

being put out to pasture. 

To meet the changing expectations of aging 

adults, senior living will, and needs to, focus 

more on intentional intergenerationality. Oldschool 

intersectionality still exists in the world’s 

Blue Zones—places like Okinawa, Japan and 

90 will be the new 

40 within a decade. 

The exponential 

jump in longevity 

means that people 

are retiring later and 

focusing on being 

active and engaged 

with personal growth 

into old age. 

Sardinia, Italy—which also happen to be among 

the places where people live the longest and age 

the healthiest. 

New models for intergenerational living 

environments are being explored that can set 

the stage for reducing age segregation, while 

increasing social connections, decreasing 

loneliness, and resulting in better health 

and wellbeing outcomes for all residents. 

The latest trend is towards the development 

of pocket neighbourhoods; innovative, 

mutually beneficial intergenerational coliving 

models; and strategies for designing for 

intergenerationality. 

WELLNESS TRAVEL 

Social indicators such as the ‘great resignation’, 

record retirements and global nomadism reveal 

profound commitments to work/life balance 

and personal growth and happiness. In fulfilling 

those goals, the travel industry is rolling out 

the welcome mat for these new intentional 

travellers with the invitation: seekers, welcome. 

New travel experiences tap into a sense 

of purpose, a desire to grow creatively and 

intellectually and flourish in new environments. 

Nature as a healer and a source of awe remains 

primary, whether at a rooftop yoga class or 

trekking the forthcoming Trans Bhutan Trail. 

Seekers will be exploring the wisdom of the 

ancients in Indigenous travel experiences; 

learning to grow their own food; expressing 

their creativity in art classes; and giving back to 

academia in citizen science programs. 

The pandemic underlined the need to attend 

to personal health and taking a break became a 

bigger part of the wellness picture. In 2022, it’s 

clear that the thread of wellness is so braided 

into the travel world that nearly every trip is 

an opportunity for travellers to reclaim their 

lives, improve their health, and discover their 

purpose. 

THE GENDER GAP 

Too many women’s health conditions are 

underfunded and under-researched. This has 

led to major issues in healthcare: women with 

chronic conditions have a harder time securing 

a correct diagnosis and finding effective 

treatments, thereby impacting their view of 

mainstream medicine. Patients wonder: why 

aren’t there more solutions out there? 

Startups and technology giants are 

increasingly trying to expand and improve 

research data through AI, smartphone apps, 

wearables, and virtual trials. From datagathering 

trackers to ‘smart bras,’ Silicon Valley 

is reimagining a host of existing technologies. 

These new advancements allow for better 

representation in trials, quicker access to 

participants, and more longitudinal data. 

Research institutions and academia are starting 

to show interest, partnering with a wide range 

of startups, proving there’s more than one way 

to collect health information. 

Brave | Curious | Resilient / www.cicm.com / May 2022 / PAGE 19 continues on page 20 >

THE FUTURE 

OF WELLNESS 

2022. 

From virtual reality and augmented 

reality to merged reality and haptics, the 

coming wellness metaverse will create vast 

opportunities for each sector of the $4.4 

trillion global wellness economy. 


WELLBEING 


WELLNESS PLAYGROUNDS 

Whether it’s new or renovated bathhouses featuring 

hydrothermal bathing, large-scale wellness water 

resorts, or public parks where nature meets art 

and wellness, cities around the globe are suddenly 

making the pursuit of wellness accessible, 

affordable and inclusive. 

Communal bathing that hearkens back to 

European and Asian bathing cultures is inspiring 

an urban bathhouse renaissance around the 

globe. Additionally, sauna bathing is becoming 

more popular and playful—it’s less about being 

serious and silent and more about communal joy! 

Large event saunas have been opening outside of 

European sauna hot spots, with cities like Las Vegas 

hosting high-octane ‘Sauna Aufguss’ performances 

and London night spots offering private rooftop 

saunas adjacent to the rooftop bar. New public 

playgrounds that merge nature and art with 

wellness are transforming cityscapes—with new 

manmade beachfronts, scenic boardwalks, pop-up 

wellness classes, and even water sports becoming 

available in very unexpected places. 

NEXT-GEN NATURALISM 

For decades, the concept of progress has been 

about requiring humans to do as little as possible. 

We praise automation, reward the businesses 

who deliver convenience on-demand, and admire 

nature from a safe distance — glorifying it without 

respecting it. But the looming threat of global 

upheaval is forcing us to change our ways. As we 

collectively reckon with the fragility of our planet 

and the instability of our supply chains, we’ll see a 

long-overdue return to self-reliance. 

This self-sufficiency boom is already evident 

in the global growth of outdoor survival schools, 

foraging, homegrown produce, and TikTok 

#ecohacks. And it’s a trend that’s very much in 

line with the larger shifts towards back-to-basics 

wellness. Just as wellness is returning to the 

fundamentals, Next-Gen Naturalism requires a 

Marie-Kondo-esque simplification of one’s life and 

consumption, placing a refreshing focus on the 

natural world and ancient practices. It’s a no-frills 

kind of wellness that forces us to rethink how we 

use our natural resources, how we source our food, 

and ultimately—how we prepare for a shaky future. 

WELLNESS COACHING 

The world spends $8.3 trillion a year on healthcare, 

$4.4 trillion on wellness, but we can’t stem the tide of 

chronic diseases. Behaviour change is the toughest 

nut. So, why haven’t coaches devoted to helping 

people make healthy changes been at the centre 

of everything? They’re a no-brainer, they’ve been 

absent, but now the certified health and wellness 

coach (HWC) is finally here. 

In the Wild West of ‘wellness coaching,’ the 

future is new distinctions, because what a certified 

HWC does is utterly unique. They’re healthcare 

professionals trained in evidence-based, nuanced 

conversational techniques that get people 

developing the intrinsic motivation and confidence 

to hit realistic wellbeing goals. Unlike the 15 minutes 

doctors give you, they spend time: around 50 minutes 

a week for at least three months. Their approach 

is radically different from the ‘prescriptive’ model 

that rules both medicine and wellness. Doctors say 

exercise; wellness gurus say follow me on this path 

to weight loss or enlightenment. Motivation must 

be sparked from within. 

The need for such coaches will explode; rigorous 

training and certification programmes are now 

in place. Primary care startups and public health 

initiatives are shaking up medicine with ‘care team 

models, where this coach is as central as the doctor. 

There is a positive avalanche of digital health 

companies promising to revolutionise everything 

from chronic disease management to weight loss 

by automating ‘personalised health coaching’—and 

problems with all the coach-bots coding the human 

out of the process. Wellness resorts, working on the 

‘a week can change your life’ models, have resisted 

HWCs, but that is set to change, with urban wellness 

centres opening up for more ‘everyday’ coaching. 

Certified HWCs will increasingly work with 

doctors, insurers, employers, physical therapists, 

fitness trainers, and people independently. Because 

they are the missing link. 

WELCOME TO THE METAVERSE 

The metaverse is happening; it isn’t a maybe. And 

thanks to a wide range of social forces, including 

the pandemic, the rise of the ‘Wellness Metaverse’ 

is inevitable. With wellness front and centre in 

consumers’ minds—and at the forefront of business 

and Government strategies around the globe—the 

world is seeking new technologies that can far 

better engage and impact the health of many more 

people. From virtual reality and augmented reality 

to merged reality and haptics, the coming wellness 

metaverse will create vast opportunities for each 

sector of the $4.4 trillion global wellness economy. 

To build a Wellness Metaverse, there will 

be unprecedented new synergies between the 

technology, wellness and health industries. 

Wellness sectors, including fitness, beauty, healthy 

eating, mental wellness, wellness tourism, wellness 

real estate, spas and workplace wellness are 

introducing new technologies and virtual worlds 

that deliver a far more immersive experience and 

radically transform how wellness is delivered to 

global consumers. 

And the entire world is paying attention. Fortune 

500 companies are unveiling creative, disruptive 

new products and services that can improve people’s 

health and lives. The coming metaverse will move 

beyond gaming and health and wellbeing will be at 

the centre—it will prove one of its meaningful bright 

spots. And it’s a bright future where the wellness 

industry can play a leadership role. 

Adapted from the Global Wellness Trends Report 

– The Future of Wellness 2022. The author would 

like to thank Cassandra Cavanah for her support in 

preparing this article. 

This selfsufficiency 

boom is already 

evident in the 

global growth 

of outdoor 

survival schools, 

foraging, 

homegrown 

produce, 

and TikTok 

#ecohacks. And 

it’s a trend that’s 

very much in line 

with the larger 

shifts towards 

back-to-basics 

wellness. 


Evidence your 

compliance in a rapidly 

evolving landscape 

Ensure your business is audit ready 

with our award-winning product 

Call us to book a free demo: 

+44 (0)113 223 4491 

Visit us online: 

smartsearch.com 

Find us on: 

Ongoing monitoring for 

continuous compliance 

Full audit trail on every customer 

for peace of mind 

Easy-to-understand reports 

SmartSearch delivers verification services for individuals and businesses in the 

UK and international markets. These services include worldwide Sanction & PEP 

screening, daily monitoring, email alerts and Automated Enhanced Due Diligence.

Q&A 

Credit Management speaks to Michelle Frewin 

MCICM(Grad) about the experience of obtaining 

the company’s first CICMQ accreditation. 

The credit control team at Shorterm, one of the largest and fastest growing specialist technical 

engineering recruiters and training providers in the UK, has achieved best practice with CICMQ 

accreditation, a formal acknowledgement of excellence in all things credit. The award was 

presented to the team in March. 

Michelle Frewin 

MCICM(Grad) 

Michelle Frewin 

MCICM(Grad) is the Credit 

Control Manager at Shorterm. 

She was in conversation 

with Mona Yazdanparast and 

Laura Rhodes. 

CM: What is the size of your credit team 

and what services do you provide? 

MF: The team is made up of me as credit 

manager, with three credit controllers 

who are responsible for specific business 

units or businesses within our group of 

companies, and a credit control analyst 

who has responsibility for our self-billing 

clients. We are a training and recruitment 

agency originally specialising in the 

provision of contract engineers to a wide 

range of engineering companies. After 

multiple acquisitions over the years, 

and one most recently in 2022, we have 

expanded our staffing and training 

solutions to business partners across 

an extensive range of industry sectors, 

notably energy, aviation, aerospace, 

automotive, electronics, engineering, 

construction, telecommunications, rail, 

and power. 

CM: What are the advantages of being 

accredited to CICMQ? 

MF: It is beneficial to acknowledge 

hard work as a team and to continue to 

develop and fulfil the high standards 

we set. It is a major achievement to 

have an industry leader like the CICM 

personally attest for the quality of our 

work. It demonstrates to our clients 

and stakeholders that we are working to 

robust processes which are underpinned 

by expertise and knowledge of credit 

management. 

CM: What are the reasons that you 

sought CICMQ accreditation? 

MF: The CICMQ accreditation confirms 

that an organisation is meeting industry 

best practices. We wanted to be 

assessed as working in line with credit 

management best practices set by the 

Institute of Credit Management. It is an 

achievement for us, and one that we are 

incredibly proud of as a team. 

CM: What were the central challenges 

you faced in gaining accreditation? And 

is there anything you will do differently 

next time now that you have gained 

accreditation? 

MF: To prepare ourselves before starting 

the accreditation process, we spoke to 

another company that has achieved 

CICMQ accreditation. It helped us greatly 

in our preparation as I was fully aware 

of the expectations from the CICMQ 

assessment and what was expected from 

our business in order to be accredited. 

Some of the key lessons learned are to 

fully document process improvements, 

as we did not document the process and 

the outcome earlier. This is an area we 

are consistently looking at to improve 

efficiency. 

CM: Does the team receive any CICM 

training and are there plans for this to 

begin or expand? 

MF: I am a CICM graduate and qualified 

in 2020 and we currently have one 

student in the team. We are in process of 

considering our plans going forward. 

The credit control team at Shorterm 

was reviewed by Pam Thomas of CICM, 

who stated that the assessment period 

revealed the team to be professional 

in their work: “They have developed a 

good reputation within the business 

and have embraced the opportunity to 

improve working relationships, highlight 

deficiencies in processes and procedures, 

drive performance to achieve positive 

outcomes for all those involved,” she said. 

“The team demonstrate good 

stakeholder involvement with process 

developments and working capital at the 

forefront of their activities. This small 

but effective team demonstrates the 

attributes and rightly deserve recognition 

for their achievements.” 


International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

Russia creates more risk 

THE effects of the Russian 

invasion are spilling out 

across the world. Pakistan 

created waves when its prime 

minister, Imran Khan, struck 

a huge trade deal with Russia to import 

natural gas as well as 2m tons of wheat 

following a visit shortly after the war 

began. 

Khan’s actions have not gone down 

well. While he has expressed concern 

over the invasion of Ukraine, he’s not 

denounced it either. The US reacted 

angrily to the news of Khan’s visit. 

India too is in trouble and risks the 

‘wrath’ of the West by opening talks with 

Moscow to buy heavily discounted oil 

and other goods according to The Times. 

By using a rupee-rouble transaction, 

sanctions imposed on Russia by the West 

could be bypassed. India currently buys 

only around three percent of its fuel from 

Russia, but discounts of around 40 percent 

has made Russian oil tempting. 

This could blowback on both Pakistan 

and India. Exporters ought to be wary – 

who knows what sanctions the US could 

impose on those that trade, indirectly, 

with Russia. 

Other nations including Poland, 

Moldova, Finland, and Sweden have 

also been threatened by Russian sabrerattling. 

And with Putin having effectively 

nationalised billions of dollars’ worth of 

stranded leased aircraft, those exporting 

to threatened countries face the risk, 

albeit small right now, of sales going 

unpaid through sanction or Russian 

intervention. 

UK trade deal with the US 

TOWARDS the end of March, the 

UK and US struck a trade deal that 

removes US tariffs on British steel and 

aluminium, while the UK will lift levies 

on American whiskey, motorcycles, and 

tobacco. 

The deal requires any UK steel 

company owned by a Chinese entity to 

audit their financial records to assess 

possible influence from China and 

share the results with the US. 

The agreement follows similar deals 

the Biden administration signed with 

the European Union and Japan in 

recent months as part of its effort to 

repair trade ties with friendly nations 

damaged by Trump’s trade war. 

Notably, The Wall Street Journal 

said that the tariffs originally 

imposed in 2018 by the former Trump 

administration: “succeeded in pushing 

down US steel imports but didn’t lead 

to the steelmaking renaissance that 

Trump promised.” 

THE Russian invasion has forced 

multinational firms to think carefully 

about how they act. Many cut off 

supplies and dealings, even to the point 

of writing off billions in assets and 

business. Others have been shredded in 

the court of public opinion as the media 

made clear its unhappiness with their 

inaction. 

Consider Shell. At the start of the war, 

it bought heavily discounted Russian 

oil just as it said it was closing its 500 

Media pressure can sink a firm 

petrol stations there and cutting links 

with Gazprom – all within days of 

condemning the invasion. 

Dmytro Kuleba, Ukraine’s Foreign 

Minister, summed up the global 

sentiment of Shell when he tweeted: 

“Doesn’t Russian oil smell [like] 

Ukrainian blood for you?” 

But because of such damaging 

opprobrium, Shell recanted and stated 

that it would immediately stop 

buying Russian crude oil on the spot 

market and would not renew 

contracts. 

In a similar position was Japanese 

clothing firm, Uniqlo. It initially refused 

to stop trading in Russia because it felt 

its clothing was ‘essential’. It too has 

changed tack. 

So, for those who haven’t got the 

message, be very careful. One misstep 

and a brand can be destroyed. The 

management of P&O Ferries is now 

learning this lesson the hard way. 


Putin has killed globalisation 

PUTIN’S invasion of Ukraine has hastened 

the death of globalisation by pushing 

up the cost of energy, disrupting supply 

chains and hiking up inflation. Many 

businesses are now looking at sources 

closer to home for raw materials, energy, 

components, and other supplies. It’s likely 

that manufacturing will be repatriated or 

brought closer to home. 

For exporters, this means that far flung 

markets may see trade dented and as a 

result, living standards in export markets 

dropping as demand for products wanes. 

However, a contrarian view suggests that 

demand won’t evaporate but instead, will 

relocate. This brings its own problems 

Brazil is back on the map 

BRAZIL exited recession in the fourth 

quarter of 2021. It still suffers from weak 

growth and high inflation but it’s GDP 

grew by 0.5 percent from October through 

December. GDP for 2021 ended up 4.6 

percent. 

While this is good news for all, there 

are plenty of uncertainties around the 

country's political future which will 

make things unpredictable and will delay 

strategic decisions on the economy. Some 

commentators are looking at the horror 

show that is stagflation. 

In more detail, Brazil's agricultural sector, 

which is key, grew 5.8 percent quarter-onquarter 

(it contracted 0.2 percent on the 

year); services grew 0.5 percent quarteron-quarter 

and 4.7 percent year-on-year; 

and industry contracted 1.2 percent for the 

quarter but grew 4.5 percent for the year. 

The Getulio Vargas Foundation, a 

Brazilian higher education institution and 

think tank, doesn’t consider this a solid 

recovery. But it’s better than nothing and 

offers something to those willing to trade 

with Brazil. 

Procurement Instrument 

THE European Parliament, the European 

Commission and the Council of the EU 

have come to an agreement, published 

in EU acts to improve reciprocal access 

to international procurement, on the 

International Procurement Instrument 

(IPI). 

Once implemented, this instrument 

means that the Commission will be 

entitled to impose market access 

restrictions on third countries’ companies 

to the European public procurement 

market if it finds European companies 

face serious and recurring restrictions in 

accessing public procurement markets of 

these third countries. 

Countries which are parties to an 

international public procurement 

agreement with the EU are exempted 

from the IPI. Least developed countries 

will also not be subject to IPI measures. 

The IPI will apply only to procedures 

above €15m for works and concessions 

and above €5m for goods and services. 

and bonuses – on the one hand, local 

demand will rise, but on the other, 

inflation may follow. 

So, consider where you export to and 

review the threats, especially to sectors 

that are sensitive, such as tourism. If the 

market moves closer to home, follow it. 

And as if you need telling, keep a firm 

eye on energy costs – the world has 

weaponised it. 

Many societies are going to struggle, 

and civil unrest is perfectly plausible 

where economies suffer. Beyond that, 

countries with strong economic ties to 

Russia will suffer as sanctions trickle 

down. 

Paperless toolkit 

EXPORTING has become so bureaucratic 

that the International Chamber of 

Commerce and the World Trade 

Organization have published a standards 

toolkit to help firms and government 

agencies adapt to the digitalisation of 

trade processes. 

It won’t surprise or shock readers that 

the average transaction now requires 

36 documents and 240 copies and less 

than 1 percent of trade documents is 

fully digitised. The toolkit covers nearly 

100 standards and puts in place a set of 

standardised trade-related document and 

data formats. 

A report that runs alongside the 

toolkit covers off details such as country 

codes as well as offers specific kits for 

organisations such as operators and 

customs authorities. 

The detail can be found in a press 

release entitled ICC and WTO launch 

irst-ever standards toolkit for paperless 

trade. 

Trade body 

launches £1m voucher fund 

EXPORTERS can access £1.1m in free 

training and consultancy to help them 

trade more effectively overseas. The pot 

is funded by the Institute of Export and 

International Trade in the form of vouchers 

worth £1,100 excluding VAT and is on offer 

to 1,000 businesses that want to access the 

institute’s services. 

The institute says that the initiative is 

in response to a fall in the number of UK 

exporters in the last year. Its latest export 

monitor found that in February numbers 

had declined by 521 to 61,005 compared 

with the year before. 

Calls for alignment with EU 

THE UK Trade and Business Commission 

has published its annual report, Promoting 

Internationalism: Annual Report 2021- 

2022, which proposes 21 interventions at 

improving cooperation and trade between 

the UK and the EU. 

Included in the recommendations are an 

EU-UK veterinary agreement; a successor 

to the Brexit Support Fund; a long-term 

plan to improve UK-EU relations; more 

flexible visa rules for seasonal workers, 

service industries and the creative sector; 

and a more defined process and increased 

scrutiny of new trade deals, including 

the creation of new bodies to assess the 

impact the new agreements will have on 

UK standards and carbon ambitions. 

Germany to speed up 

renewables push 

GIVEN its reliance on Russian gas, 

Germany not unsurprisingly, wants 

to speed up its wind and solar energy 

projects. The country also announced plans 

to ensure that its gas storage facilities are 

full at the beginning of winter, irrespective 

of operator interests. 

The drive has added impetus as 

Germany has plans to exit nuclear power 

this year and coal-fired energy by 2030 to 

help it reach climate change targets. New 

legislation will suspend cuts to subsidies 

for new solar panels on roofs this year and 

will increase solar tenders to 20 gigawatts 

by 2028 from about five gigawatts now. 

CURRENCY UK 

EXCHANGE RATES VISIT CURRENCYUK.CO.UK 

OR CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

HIGH LOW TREND 

GBP/EUR 1.21523 1.14688 Up 

GBP/USD 1.42267 1.29489 Down 

GBP/CHF 1.28253 1.21065 Down 

GBP/AUD 1.91848 1.71780 Down 

GBP/CAD 1.75788 1.62644 Down 

GBP/JPY 165.416 149.087 Up 

This data was taken on 19th April and refers to the month 

previous to/leading up to 18th April 2022. 


COUNTRY FOCUS 

Iceland may be 

small, but it has 

much to offer. 

Going with the flow 

AUTHOR – Adam Bernstein 

IT can’t be easy for a country to be 

synonymous with a UK food retailer, 

especially when that company attempts 

to trademark the name of that state. 

However, in 2019, Iceland – the country 

– won. Its objection was upheld by the 

European Union Intellectual Property Office. It 

said that that Iceland Food Ltd could not register 

a trademark for the sole use of the word ‘Iceland’ 

within the European Union. 

Of course, there’s more to the island nation of 

Iceland than a court case. 

Located in the North Atlantic, on the mid- 

Atlantic ridge, between the UK, Greenland 

Denmark and Norway, its placed 106th in the world 

in terms of landmass with an area of 100,000 km2. 

By way of comparison, Iceland occupies land that 

is around 41 percent that of the UK’s 242,495 km2 

which itself is ranked 78th. 

Iceland, as anyone affected by the 2010 eruption 

of Eyjafjallajökull and the subsequent disruption 

to Atlantic air travel will remember, is set on a 

volcanic plateau that is highly active. Just outside 

of the Arctic Circle it nevertheless has a temperate 

climate since it’s warmed by the Gulf Stream. 

Iceland is a relatively young nation having 

been first settled in 874 by Viking explorers. 

Independent until the 13th century, it became 

part of the Kalmar Union in 1397 and subject to 

Norwegian rule. Post 1523, when Sweden left the 

union, Iceland moved to Danish rule. Fast forward 

to 1918 and Iceland regained independence and 

became a republic in 1944. 

Present day Iceland is a member of NATO 

the European Economic Area, European Free 

Trade Association United Nations, International 

Monetary Fund, World Bank, World Trade 

Organization, Organization for Economic 

Cooperation and Development and Organization 

for Security and Cooperation in Europe. 

THE PEOPLE 

In terms of population, Iceland has just 376,000 

inhabitants which puts it in 172nd position 

globally. The UK, in contrast, is in 21st place 

globally with a population of 67m. Doing the 

maths, Iceland’s population density couldn’t 

be more different with an average of just three 

people per km2; the UK can count 277 people per 

km2. Only Western Sahara (two people per km2), 

Mongolia (2), the Falkland Islands (0.3), Svalbard 

and Jan Mayen (0.04) and Greenland (0.03) have 

lower population densities. Of course, statistics 

don’t tell the full story as populations aren’t evenly 

Iceland may be 

small, but it has much 

to offer, not least of 

which is an almost 

limitless supply of 

very inexpensive 

energy which does 

not rely on fossil 

fuels. 

spread about a country’s surface. In terms of 

Iceland, the population is almost entirely urban 

with most located in and around the capital of 

Reykjavik. There are smaller clusters along the 

coast in the north and west. 

In more detail, there are some 107 settlements 

of which the capital, Reykjavik, is the largest with 

124,847 (2018 data), followed by Kópavogur with 

35,966, and Hafnarfjöròur and its 29,409 souls. 

There are four more towns with between 10,225 

and 18,542 residents each. And beyond that, 23 

towns count between 1006 and 7564 people. That 

leaves that smallest 76 settlements with anywhere 

from 43 up to 970 inhabitants. 

The mother tongue is Icelandic, and stems from 

Old Norse; it has changed remarkably little since 

the country was first settled by the Vikings. That 

said, English is widely spoken, and most Icelanders 

speak at least one Scandinavian language. Further, 

most students, past compulsory schooling age, 

will have learnt German, Spanish or French. 

As to ethnicity, the CIA World Factbook 

estimates – using 2021 data – that Icelandic is 

spoken by 81.3 percent of the population, Polish 

by 5.6 percent, Danish by one percent, and 12.1 

percent comes from elsewhere. 

By looking at data from Statistics Iceland from 

2008, it’s possible to see how the population has 

changed. Back then, Icelandic was spoken by 93.2 

percent of the population, Polish by 2.74 percent, 

Lithuanian by 0.43 percent, English by 0.32 

percent, and German and Danish by 0.31 percent 

each. Just 2.72 percent spoke by ‘others’. 

In terms of age, the CIA estimates (2020 data) 

that the demographic is relatively evenly spread 

out with 20.31 percent aged 14 or under (male 

36,394/female 34,837); 12.85 percent aged 15-24 

years (male 22,748/female 22,317); 39.44 percent 

aged 25-54 years (male 70,227/female 68,095); 

11.94 percent aged 55-64 years (male 20,762/ 

female 21,111); and 15.47 percent aged 65 and 

over (male 25,546/female 28,697). The median age 

is 37.1 years. 

According to the World Economic Forum’s 

Global Gender Gap Report, Iceland is the most 

gender-equal country – a position it has held for 

the past 12 years. 

INDUSTRY AND BUSINESS SECTORS 

As for the economy, the OECD, citing 2021 data, 

puts the Icelandic economy at ISK 2844.bn or 

some $22bn. The OECD also thinks that the 

economy will grow by 5.2 percent in 2022 and 

four percent in 2023, largely driven by foreign 


COUNTRY FOCUS 


On wind power, Landsvirkjun has plans to build a 200 

MW wind farm near Búrfell Power Station. Others have 

shown interest in constructing wind farms and some 

pilot projects have been initiated. 

tourism and exports. But in terms of business 

sectors, many may know Iceland from the 

2008 banking crisis and collapse. Its currency 

crashed, unemployment soared, and the 

stock market was almost wiped out. Worse, 

the country’s three major banks – Kaupthing, 

Glitnir and Landsbankinn – were allowed to 

fail and the Government went after ‘reckless’ 

bankers. Many senior executives were jailed, 

and the country's ex-prime minister Geir 

Haarde was also put on trial, although he was 

subsequently cleared of negligence. 

The Icelandic banking system now 

consists mainly of three banks: Arion Bank, 

Íslandsbanki and Landsbankinn; and the 

investment bank Kvika. Today, only Arion 

Bank and Kvika are owned by private investors 

and publicly listed; the Government owns 

Íslandsbanki and 98 percent of Landsbankinn. 

Iceland is endowed with many natural 

resources and industries based on those 

resources constitute 22 percent of Iceland’s 

GDP and roughly 73 percent of exports. 

However, according to the Icelandic Chamber 

of Commerce: “the exact definition of resourcebased 

sectors is open to interpretation as 

most economic activity is reliant on natural 

resources to a certain extent.” As a result, 

the chamber goes on to classify the resource 

sector as consisting of three main sectors; 

tourism, which is by far the largest, seafood, 

and energy intensive industries of which 

aluminium production is the largest. 

TOURISM 

Tourism has now surpassed fishing and 

aluminium as Iceland’s main export industry 

and in 2016 accounted for, according to the 

CIA World Factbook, 8.6 percent of Iceland’s 

GDP and 39 percent of total exports of 

merchandise and services. The Factbook also 

highlighted that between 2010 to 2017, the 

number of tourists visiting Iceland increased 

by nearly 400 percent and is now a main driver 

of Icelandic economic growth. The number of 

tourists in 2016, at times, reached 4.5 times the 

Icelandic population. 

Tourism, says the Icelandic Chamber of 

Commerce, is mostly concentrated around the 

southern and western part of Iceland. Visitors 

in 2019, mainly came the US (23.4 percent 

of total), followed by the UK (9.7 percent) 

and Germany (6.7 percent). This growth 

can be partly attributed to the falling value 

in the Icelandic Krona post-banking crisis. 

It also helps that the country has a unique 

and largely unspoiled landscape. However, 

COVID-19 swept the legs from underneath 

the sector which peaked in 2018 and the 

Government sought ways to revive the sector. 

One strand of this was a ISK 1.5bn grant from 

the Government to Promote Iceland. 

SEAFOOD 

Before 2006, seafood accounted for over half 

of exported goods but that now has decreased 

to 21 percent. The OECD cites 2018 data when 

it notes that Iceland produced 1.3m tonnes 

of fish (including molluscs and crustaceans) 

to a value of $1.3bn. Official policy is based 

on ‘individual transferable quotas’ (ITQ) 

which aim to protect and ensure sustainable 

fishing in conjunction with exploitation 

of the resource. Fishing quotas are bought 

and sold in the market, with the ITQ system 

incentivising companies to plan and invest 

with a long-term perspective. 

Beyond the sustainable fisheries policy 

which has led to strong fish stocks, the 

fishing fleet and associated equipment has 

been replaced in recent years. The Icelandic 

Chamber of Commerce considers the UK to be 

its most important market with a 15 percent 

share (2020) which is followed by France (11 

percent), Spain, Norway and the US all with a 

9-10 percent share. 

Another strand to Iceland’s seafood sector 

is agri- and aquaculture. However, despite 

investment in the sector, this remains small 

compared to the catch of wild fish and only 

accounts for about two percent of total exports. 

But just, to illustrate that data should always 

be taken with a pinch of salt, the OECD says 

that nine percent of fish came via aquaculture 

while 91 percent was derived from wild fish. 

Nevertheless, the Icelandic Chamber of 

Commerce says that some 27,000 tons of 

farmed fish was produced in 2019 – 20,000 

tons more than in 2013. The plan is to further 

expand open-cage salmon farming in the 

Westfjords and Eastfjords. 

INDUSTRY 

Iceland is fortunate, considering the global 

energy crisis at present, to be located 

between two tectonic plates and so can 

harness geothermal power. The country also 

has abundant precipitation, glaciers and 

Brave | Curious | Resilient / www.cicm.com / May 2022 / PAGE 27 

continues on page 26 >

COUNTRY FOCUS 


mountains which are perfect for generating 

renewable energy inexpensively. Some 73 

percent of Iceland’s electricity is produced 

from hydropower, while geothermal 

power accounts for 27 percent says the 

Iceland Government’s latest data (2015). 

As a result, Iceland is well placed to host 

energy intensive industries which consume 

77 percent of the electricity generated 

and which contribute 17 percent to total 

exports. 

The country hosts three large aluminium 

plants (Alcoa Fjarðaál, Norðurál, and 

ISAL) which accounted for over 15 percent 

of Iceland’s total exports in 2019 and over 

one percent of global aluminium production. 

Aluminium production is tied to the 

power generation and grid investments of 

Landsvirkjun (the national power company 

and producer of 71 percent of Iceland’s 

electricity). 2019 coincided with a collapse 

in the global price of aluminium to a low of 

$1,443 a tonne and plants reduced output. 

One, ISAL, was placed under operational 

review. However, the price has recovered to 

more than $3,500 a tonne in February 2022. 

Silicon is another sector of importance 

to Iceland. The Icelandic Chamber of 

Commerce says that three plants have been 

built although only Elkem’s ferrosilicon 

was, at one point operating – United Silicon 

had been shut down following complaints 

about its operation, and in June 2020 PCC 

Bakki had to shut down temporarily due 

to a sharp decrease in the world price of 

silicon. 

Data centres are a new and rapidly 

growing industry in Iceland which has 

benefitted from the growing global 

demand for data storage and the recent 

boom in cryptocurrencies. A combination 

of Iceland’s cold climate, low energy prices 

and almost limitless renewable energy 

production make it an ideal location for 

such operations. Multiple data centres 

have been constructed in recent years and 

further growth is anticipated. 

FUTURE OPPORTUNITIES 

Looking to the future, there’s potential 

for the construction of an electrical 

interconnector between Iceland and 

the UK. The project has stalled, but the 

current crisis may change thinking and 

Landsvirkjun is still interested. 

On wind power, Landsvirkjun has plans 

to build a 200 MW wind farm near Búrfell 

Power Station. Others have shown interest 

in constructing wind farms and some pilot 

projects have been initiated. The Federation 

of Icelandic Industries thinks the country’s 

electrical grid needs investment. Landsnet, 

the grid owner, is planning for 26 new 

maintenance and investment projects over 

the next four years. 

In terms of transport, there is a need 

for road maintenance, as well as new 

roads, bridges, and tunnels. However, the 

Government’s budget is tight and won’t 

cover the estimated ISK 68bn ($530m) – so, 

public-private partnership projects may be 

the answer. 

There’s also the planned Finnafjord Port 

Project, a deepwater port for the northeast 

of Iceland. Made possible by the melting of 

Arctic ice, Icelandic engineering firm EFLA 

thinks the port could become a distribution 

hub for offshore Arctic oil and mineral 

resources in Greenland and Iceland. 

Keflavik airport is outdated and 

investment in the airport’s infrastructure is 

necessary. Icelandair is pushing for a new 

international airport between Reykjavik 

and Keflavik, in Hvassahraun. 

TAX 

Lastly, there’s the matter of taxation in 

Iceland. Looking at income tax first, it is 

divided into state income tax and municipal 

income tax, both of which are withheld and 

paid monthly on progressive rates. 

On the first ISK 349,018, both taxes equate 

to a rate of 31.45 percent; income from 

ISK 349,019 to ISK 979,847 37.95 percent is 

charged; and on income over ISK 979,847 

46.25 percent is payable. 

The current personal tax allowance is ISK 

50,792 per month. 

On Corporation Tax, resident corporations 

pay tax on their worldwide income less 

operating expenses. Corporate income tax 

(CIT) for limited liability companies and 

limited partnership companies is assessed 

at a rate of 20 percent. CIT for other types 

of legal entities, such as partnerships, is 

assessed at a rate of 37.6 percent. 

And in terms of VAT, it is charged on 

goods and services supplied in Iceland 

Reykjavik, on the coast of Iceland, 

is the country's capital and largest 

city. It's home to the National and 

Saga museums, tracing Iceland’s 

Viking history. The striking concrete 

Hallgrimskirkja church and rotating 

Perlan glass dome offer sweeping 

views of the sea and nearby hills. 

Exemplifying the island’s volcanic 

activity is the geothermal Blue Lagoon 

spa, near the village of Grindavik. 


COUNTRY FOCUS 


by businesses and on imported goods. The 

standard rate is 24 percent. A reduced rate of 11 

percent applies to certain goods, such as hotel 

rooms, newspapers, books, and food for human 

consumption (except for alcohol). Financial 

services are exempt. The export of goods 

and services is generally zero-rated although 

exceptions can apply for services. 

SUMMARY 

Iceland may be small, but it has much to offer, 

not least of which is an almost limitless supply 

of very inexpensive energy which does not rely 

on fossil fuels. Situated mid-Atlantic it’s well 

placed for trade, especially as the Arctic ice is 

now retreating. 

Adam Bernstein is a freelance 

business writer. 

The Factbook also 

highlighted that between 

2010 to 2017, the number 

of tourists visiting Iceland 

increased by nearly 400 

percent and is now a 

main driver of Icelandic 

economic growth. 

Hallgrímskirkja is a Lutheran 

parish church in Reykjavík, Iceland. 

At 74.5 metres tall, it is the largest 

church in Iceland and among the 

tallest structures in the country. 


INTERVIEW 

LATE CHAT 

Sean Feast FCICM speaks to Adam Cohen 

about collecting deceased debt, digital tools, 

and why he supports Man City. 


ADAM Cohen never set out for 

a career in credit, but 25 years 

after co-founding Phillips & Cohen 

Associates with a good friend – 

Matt Phillips – in the US, he seems 

to have made a pretty good fist 

of things. 

He’s helped build a business that now works 

with more than 70 of the UK’s largest creditors 

across a range of different sectors, from finance 

and banking to local government and utilities. It’s 

a business that’s been winning awards and plaudits 

ever since it opened its doors to UK business in 

2006. 

As one of the world’s most respected businesses 

handling specialty recoveries, Phillips & Cohen 

has earned the right to be considered a genuine 

thought leader in the management of probate debt, 

and in delivering a range of services to simplify and 

ease the journey for customer and clients alike. It 

might claim to have been a pioneer in the deceased 

account management space, managing more than 

$30 billion in specialty portfolios in a quarter of a 

century of trading. 

It could have been very different for Adam had 

he stayed at the firm in Pennsylvania he joined 

from Law School: “It took me 90 days to realise that 

it wasn’t for me,” he laughs, “and so I joined a debt 

collection agency instead!” 

PASSION FOR LAW 

Born in Philadelphia, an early passion for the law 

led him to study Political Communications at the 

George Washington University before a further 

three years at Villanova University Charles Widger 

School of Law: “I had always wanted to be a 

transactional attorney,” Adam explains. 

“I used to watch all of the TV programmes at 

the time with criminal defence attorneys getting 

their clients off with some fantastic last-minute 

evidence and just knew it wasn’t for me. For me it 

was always about business and doing deals.” 

Happily, his friend Matt Phillips reached out 

at that very moment and Adam’s career took a 

different path. He joined Matt at MRS Associates 

to set up a legal department, spending the first 

six months on the ‘phone, learning the ropes: “I 

figured that if I was going to be advising a business 

on how to do things then I needed experience and 

context for the advice I would be giving,” he adds. 

“Matt ran the business development team, 

and I ran the legal department. MRS was a good 

company to work for. It was the 1990s, and we were 

steadily moving from quad paper to tertiary, then 

secondary and finally prime debt.” 

Adam was only 26 at the time and Matt was 

27, and the pair recognised an opportunity to 

start their own business and focus on some of 

the more nuanced areas of the credit industry 

that they felt were not yet being addressed. They 

looked at particular parts of the recoveries world, 

like bankruptcy work, researching and devising a 

strategy for how that could be serviced, and how to 

recover money from people who had died. 

WATERSHED MOMENT 

Phillips & Cohen Associates was formally 

established in 1997, initially handling general 

recoveries before specialising in areas such as 

cease and desist, and gaining a reputation as 

‘problem solvers’. The watershed moment was 

the award of a deceased portfolio of debt from 

MBNA in 1999, which subsequently became the 

company’s core focus. 

“The buying power of the baby boom generation 

coincided with the launch of the first charge cards, 

and by analysing the demographics, it was clear 

that at a certain point in the future, creditors would 

find themselves in a position where a significant 

portion of their debt would be tied up in deceased 

estates,” Adam says. 

“The large financial institutions were great at the 

macro level, but not geared up for more localised 

events such as probate. We saw an opportunity to 

bridge that gap while also bringing some social 

capital by way of information and resources that 

would support all of the constituents in the probate 

process. 

“Executors of estates are very often an adult 

child of the deceased, so not only are they dealing 

with the loss of a loved one, but they also have a 

responsibility to creditors and other beneficiaries 

of the Will. Helping them through the process 

is a ‘win win’ for all concerned – it makes a very 

difficult time much easier to cope with, and 

ultimately leads to a better return to the creditor.” 

“There are many in the industry who now do great work in supporting 

consumers and don’t always get the credit they deserve for the work that they do. 

We have the advantage, perhaps, in that we have been doing it for 25 years.” 


EMPATHY AND COMPASSION 

The skill of the collections team rests in 

the empathy and compassion they have 

for the bereaved, and the ability for each 

collector to envisage themselves on 

either side of the conversation. These 

interpersonal skills are also supported 

by technology, including the very latest 

speech analytics: “Technology today can 

not only identify tone of voice, but even 

sarcasm,” Adam says. 

Adam believes that the secret, albeit 

acquired through 25 years of knowledge, 

insight and experience, is in making it 

clear from the outset that the executor is 

not personally liable for the debts of the 

deceased This immediately removes the 

potential for an adversarial exchange: 

“When somebody dies, the executor is 

responsible for notifying their creditors 

of the death. 

“The creditor then has several 

options open to them. If there is a zero 

credit balance, then no action needs 

to be taken. If there is credit in favour 

of the deceased, then that has to be 

reconciled with the estate. If there is 

a debt, the creditor has an obligation 

to send a creditor’s claim against the 

estate. “What we do is make contact 

with the executor and expressly tell 

them that they are not personally liable 

in any way. We also help them with the 

process using a combination of online 

digital tools and human interaction, 

whichever suits them best.” 

SUPPORT TOOLS 

Among the tools Phillips & Cohen has 

developed are a range of support services 

that go way and above what might be 

expected of a ‘traditional’ collections 

agency. They include ContinuedPath, 

an information resource that helps 

the bereaved to cope with grief and 

better understand Wills, Estates, and 

the probate process. They also include 

Estate-Serve, a system that provides 

executors with the ability to manage all 

aspects of their accounts online, from 

uploading important documentation all 

the way to paying an account in full. 

“Consumers may still choose to speak to 

one of our representatives at any time, 

and what we usually find is that they 

use the online platform to complete 

most of the tasks, and then speak to an 

individual when they feel ready,” Adam 

says. “We’ve developed these platforms 

for convenience when they want it, and 

compassion when they most need it.” 


continues on page 32 >

INTERVIEW 


These established digital tools have since 

been further expanded with a number of 

complementary services including Notify 

NOW, Legacy Now and Inherit Now. 

NOTIFYING CREDITORS 

NotifyNOW recognises that the most 

challenging part of the probate process is 

in identifying and notifying creditors that 

an individual has passed: “In the old days 

an executor would simply wait for a letter 

in the post to identify which accounts the 

deceased may have had and who they owed 

money to. But with everything now digital 

and online, and password protected, this 

has become more difficult. Through our 

‘NotifyNOW’ service executors can easily 

identify and notify multiple creditors with 

a single communication.” 

With LegacyNOW, Phillips & Cohen 

has created a service that allows an 

individual to plan for their death in a way 

that will simplify the probate process: 

“It is in effect a digital ‘lock box’,” Adam 

explains, “in which an individual can 

keep all of their passwords and personal 

information, and all of the notifications 

you would have to make as an executor, so 

that in the event of their death, everything 

is in the one place.” 

InheritNOW is different again: it is 

a non-recourse advance for money that 

is ultimately due to a beneficiary, ahead 

of probate being completed. It’s another 

service that helps ease the minds of those 

going through the bereavement process. 

draws many parallels with the people of 

Manchester and those from his home 

town of Philadelphia. “If you come from 

Philly you’re passionate about sport, and I 

am a great admirer of talent when I see it.” 

He admits to being a Manchester City 

fan and likes to stress that he was a fan 

before the money arrived: “I realise that 

in stating I am a City fan I will upset some 

people, especially those who support 

United,” he says. 

In terms of the future, Adam is also 

excited about how the company is 

evolving, and his plans for the coming 

months and years ahead: “We’re looking at 

further extending our global footprint over 

the next 12 to 24 months,” he concludes, 

“and in delivering on our vision to become 

the pre-eminent compassionate care 

conglomerate. We think we have proven 

that if you do it right, and you do it well, 

and you treat people in the right way, then 

success will naturally follow.” 

Philadelphia, Pennsylvania’s largest city, is 

notable for its rich history, on display at the Liberty 

Bell, Independence Hall (where the Declaration of 

Independence and Constitution were signed) and 

other American Revolutionary sites. Also iconic 

are the steps of the Philadelphia Museum of Art, 

immortalized by Sylvester Stallone’s triumphant run 

in the film "Rocky." 

“What we do is 

make contact with 

the executor and 

expressly tell them 

that they are not 

personally liable 

in any way. We 

also help them with 

the process using 

a combination 

of online digital 

tools and human 

interaction, 

whichever suits 

them best.” 

EXPANDED ECOSYSTEM 

Adam is excited about the new products 

and services his team are developing to 

address different parts of the probate 

ecosystem. He is also proud of the work 

and the thinking his team have done 

historically, including the foundation 

of the Samaritans Academy, a training 

academy aimed specifically at developing 

best practices in emotional engagement 

with consumers and in supporting both 

distressed customers and colleagues: “For 

innovation you need time and resource,” 

he continues, “and we have both. 

“There are many in the industry 

who now do great work in supporting 

consumers and don’t always get the credit 

they deserve for the work that they do. We 

have the advantage, perhaps, in that we 

have been doing it for 25 years.” 

With six national offices serving nine 

national markets, Phillips & Cohen is well 

represented on the global stage. Adam 

is a regular visitor to the UK, basing 

himself in the firm’s UK headquarters 

in Manchester. As a keen sportsman, he 


THE MARKET LEADERS IN 

HIGH COURT ENFORCEMENT 

Proud Sponsor of the ‘Legal Provider of the Year Award’ at the CICM British Credit Awards 2022 

CONGRATULATIONS 

ALL WINNERS AND FINALISTS 

Contact us to discover 

how we can help you 

or your legal team 

to improve your postjudgment 

collections 

performance with a 

first-class service. 

01993 220557 

bd@courtenforcementservices.co.uk 

www.courtenforcementservices.co.uk 


Get invoices paid faster with 

SMS payment reminders 

Increase your chances of getting paid with SMS, and let customers pay 

instantly via a link in their payment reminder text message. 

chaserhq.com 


End-to-end 

accounts receivables 

automation

BRITISH 

CREDIT 

AWARDS 

2022 

THE CICM 

BRITISH CREDIT 

AWARDS 2022 

Supplement special 


Taking control of debt 

HCE Group helps you take back control of debt owed to you 

or your client. With our wide range of enforcement services, 

skilled enforcement agents and outstanding recovery rates, 

our team is on hand to help. 

When you choose us to enforce your writs of control, you will 

find that we put service and performance right at the heart 

of everything we do. We aim to not just meet, but also exceed 

your expectations. 

Instruct us for 

Enforcement of judgments and tribunal awards 

Eviction of activists, squatters and travellers 

Eviction of commercial and residential tenants 

Commercial landlord services 

Tracing and process serving 

Vehicle recovery and enquiry 

To find out more or instruct us 

08450 999 666 

www.hcegroup.co.uk 

Resizing HCE adverts.indd 2 


19/12/2019 09:35

BRITISH 

CREDIT 

AWARDS 


Recognising 

the best in credit 

management 

IN our proud history, the CICM has come through a great many 

challenges, and there will doubtless be more to follow as we head 

into further economic uncertainty, and an increasingly troublesome 

world. But while we need to be mindful of these difficulties, we 

must not allow ourselves to be defined by them. We should still 

take the opportunity to celebrate some of the more positive aspects 

of life, like these awards which are a celebration of all that is good about 

our fabulous profession and our brilliant people. To the winners, many 

congratulations and thank you for demonstrating excellence in all you do. To 

the highly commended and indeed to all of those shortlisted, be proud of the 

company you keep, and delighted to be up there with the best. 

Sue Chapple, FCICM 

Chief Executive of the CICM 

Sue Chapple, FCICM 


BRITISH 

CREDIT 

AWARDS 


B2B Team of the Year Award 

Winner 

Associated 

British Ports 

Sponsor: Amex 

Judges' comment: Outstanding 

financial results demonstrating the 

core value of a high performing credit 

management team. 

Presenter : Natalie Ross, Head of Strategic Sales, American Express 

Collector of award : Associated British Ports Team 

B2B Supplier of the Year 

Winner 

Chaser 

Sponsor: Global Credit Recoveries 

Judges' comment: The judges saw a 

clear focus on the customer with both 

meeting and anticipating their needs. 

Presenter : Joshua Mayhew ACICM , Director, Global Credit Recoveries 

Collector of award : Chaser Team 


BRITISH 

CREDIT 

AWARDS 


Supplier of the Year Award 

Winner 

Escalate Law 

Sponsor: Chaser 

Judges' comment: Escalate’s 

innovative approach to its pricing 

model has made its service 

more attractive and enhanced its 

collaboration with DCA partners. 

Presenter : Sonia Dorais, CEO, Chaser 

Collector of award : Stephen Rose MCICM Associate Debt Collection Manager and 

Costas Nicolaou 

Equality, Diversity & Inclusion Award 

Winner 

Shoosmiths LLP 

Highly Commended: Weightmans LLP 

Sponsor: Company Watch 

Judges' comment: Shoosmiths takes 

the diversity agenda seriously and 

works proactively to ensure it is at 

the heart of the business. Its High 

Performing Women Programme and 

its three Employee Networks are good 

examples of its approach. 

Presenter : Jo Kettner, CEO, Company Watch 

Collector of award : Paula Swain FCICM, Partner at Shoosmiths LLP, Gillian Crotty, 

Partner at Shoosmiths & Rachel McNeice 


BRITISH 

CREDIT 

AWARDS 


Innovation & Technology Award 

Winner 

IncomeMax 

Sponsor: Cedar Rose 

Judges' comment: A digital platform 

that has truly made a difference to 

people's lives, including vulnerable 

customers. What a fantastic set of 

results attributable to this tech and 

innovation. 

Presenters : Cynthia Gebeily, Managing Director, Cedar Rose 

Collector of award : Becki Sharpe ACIM, Marketing and Events Manager at CICM 

Risk Management Achievement Award 

Winner 

Company 

Watch Ltd 

Sponsor: High Court Enforcement 

Judges' comment: The Covid Forecast 

Scenario H-Score is a great example 

of pro-active product development 

and enhancement to meet changing 

circumstances and needs. 

Presenters : Alan Smith FCICM, Director at High Court Enforcement Group 

Collector of award : Jo Kettner, CEO of Company Watch & Mike Newman, Sales 

Director of Company Watch Ltd 


BRITISH 

CREDIT 

AWARDS 


Shared Service Provider of the Year Award 

Winner 

Biffa Waste 

Services Ltd 

Sponsor: Paladin 

PALADIN 

Judges' comment: A stand out 

winner for this award with strong and 

delivered investment in people and 

process. 

Presenters : George Miles, Managing Director, Paladin 

Collector of award : Biffa Waste Services Ltd Team 

Debt Collection Agency of the Year Award 

Winner 

Atradius 

Collections Ltd 

Sponsor: Payt Software 

Judges' comment: Atradius has 

introduced a range of technologybased 

innovations that have enhanced 

its effectiveness, and despite its size, 

has allowed it to offer a personalised 

service. 

Presenters : Alastair Wallace, Country Director, Payt Software 

Collector of award : Atradius Collections Ltd Team 


BRITISH 

CREDIT 

AWARDS 


Legal Provider of the Year Award 

Winner 

Clarke Willmott LLP 

and DWF Law LLP 

Sponsor: Court Enforcement 

Services 

Winner : Clarke Willmott LLP 

Presenters : Wayne Whitford 

FCICM, Director, Court 

Enforcement Services 

Collector of award : Anna 

O’Reilly FCICM Debt Recovery 

Team Manager at Clarke 

Willmott, & Kate Huish FCICM, 

Supervisor at Clarke Willmott 

Judges' comment: Clarke Wilmott 

– A holistic approach to client and 

customer management which enables 

Clarke Wilmott to deliver strong results 

DWF – An impressive array of 

initiatives introduced to address the 

impacts of Covid and ensure high 

levels of service and success were 

maintained. 

Winner : DWF Law LLP 

Presenter : Wayne Whitford FCICM, Director, Court Enforcement Services 

Collector of award : DWF Law LLP Team 

Giving Back Award 

Winner 

Scottish Water 

Business Stream 

Highly Commended: Bryony Crossland 

FCICM(Grad), Anixter Ltd 

Sponsor: Quadient 

Judges' comment: The commitment 

to ‘make a positive difference’ is 

impressive and effective. 

Presenters : Duncan Groom, Chief Operating Officer, Quadient 

Collector of award : Martin Kirby FCICM, Head of Risk and Credit Management, Kirsty 

Montgomery Operations Manager, Julie Donnelly, from Scottish Water Business 

Stream 


AR that moves to 

a different beat 

BlackLine Integrates with any ERP, any 

currency, and bank—no remittances required. 

Release cash with lightning 

speed, make accurate finance 

decisions based on data not 

guesswork, and optimise your 

working capital. 

• Cash application 

• Collections management 

• Disputes & deductions management 

• AR Intelligence 

• Team and task management 

• Credit and risk management 

Visit blackline.com to start your 

journey to world-class standards. 


BRITISH 

CREDIT 

AWARDS 


Rising Star Award 

Winner 

Ethan Court, 

Themis Global 

Sponsor: Hays 

Judges' comment: The Themis Global 

board were so impressed, that a 

number of his ideas developed into an 

integral module of our new, groundbreaking 

Customer Correspondence 

Management system. 

Presenters : Natasha Whitehead, Business Director, Hays 

Collector of award : Michael Court FCICM, Director, Mark Robertson MCICM, Director 

and Co-Founder Patrick Wanless, Co-founder and Chief Technology Officer of 

Themis Global 

Resilience & Continuity Award 

Winner 

Skyscanner 

Sponsor: Atradius 

Judges' comment: They have done a 

great job to get things back on track 

and with great client feedback. 

Presenters : Yvette Gray MCICM, Regional Manager, UK & Ireland 

Collector of award : Skyscanner Team 


The most complete smart accounts 

receivable management software 

Do you want to get paid faster 

and boost your customer 

relationships with less work, 

less worry, and more control? 

Payt makes accounts 

receivable management easy 

and clear for you and your 

customers. Want to know more? 

Scan the QR-code! 

Whatever you make. Whatever you deliver. 

Get it. Payt.

BRITISH 

CREDIT 

AWARDS 


Best Employer of the Year 

Winner 

Stonegate 

Group 

Sponsor: Amex 

Judges' comment: A good example 

of how focusing on learning & 

development can lead to better career 

progression. 

Presenters : Natalie Ross, Head of Strategic Sales, American Express 

Collector of award : Stonegate Group Team 

Sir Roger Cork Prize 

Winner 

Liana Jones 

ACICM 

Judges' comment: Liana Jones ACICM 

has successfully achieved the highest 

aggregate pass-mark in 2021 for CICM 

examinations. 

Presenters : Dr Debbie Tuckwood, Chief Advisor (Professional Development), CICM 

Collector of award : Liana Jones ACICM, Credit Analyst at Credit Reporting Agency 

Limited 


BRITISH 

CREDIT 

AWARDS 


The Jenny Oldfield Supporting Women in Credit Award 

Winner 

Anita Pickersgill 

MCICM, Thornbury 

Collections 

Judges' comment: Anita is already a 

member of the CICM and has been for 

many years and is a great advocate 

and proud member of the CICM so 

furthering her CICM career by having a 

qualification would be a great thrill to 

her, and one she'd cherish. 

Presenters : Jenny Oldfield FCICM 

Collector of award : Becki Sharpe ACIM, Marketing and Events Manager at CICM 

Credit Professional of the Year Award 

Winner 

Dee Weston FCICM, 

Exclusive Networks 

Ltd 

Sponsor: Blackline 

Judges' comment: Commitment to 

her team and the CICM is paramount, 

interdepartmental collaboration is also 

at the top of her agenda identifying 

common goals to unite the various 

departments. 

Presenters : Andy Lilley, VP Product Global AR at BlackLine 

Collector of award : Dee Weston FCICM, Credit Manager at Exclusive Networks Ltd 


BRITISH 

CREDIT 

AWARDS 


Excellence in Credit Management Award 

Winners 

Aggregate Industries, Veolia, RS 

Components, Adecco and HSCNI 

The Excellence in Credit Management Award is the highest accolade awarded by CICM. It recognises 

organisations at the very top of their game The winners of this award have demonstrated their best in class 

standing by meeting challenging criteria, ratified by the Institutes Executive Board – including; business results, 

continuous improvement, membership, learning and qualifications across their teams as well as sharing 

examples and supporting others in our profession. 

Presenter : Dr Stephen Baister FCICM, President, CICM 

Collector of Veolia award: Sarah Bolas, Credit Services Manager 

at Veolia & Stephanie Priest, Senior Credit Support Services 

Administrator at Veolia 


Collector of HSCNI award: John Kane FCICM, Head of Stratigic 

Relationships at CICM 


Collector of Aggregate award: Aggregate Team 


Collector of RS Components award: RS Components Team 


CICM MEMBER 

Excellence in Credit Management Award 

EXCLUSIVE 


Collector of Addeco award: Adecco Team 

Your CICM lapel badge 

demonstrates your commitment to 

professionalism and best practice 

TAKE PRIDE IN 

WEARING YOUR BADGE 

If you haven’t received your badge 

contact: cicmmembership@cicm.com 

Outstanding Contribution to the Industry 

Winner 

Angela Widdup 

ACICM, Royal Mail 

Highly Commended: Brenda Linger 

FCICM, Credit Management Ltd 

Sponsor: The Portfolio Group 

Judges' comment: Angela sounded 

not only like a wonderful friend, but a 

force to be reckoned with. She clearly 

had a huge impact on the Royal Mail 

team and has left a great legacy 

Presenters : Chad Vigano, Business Manager, Portfolio Group 

Collector of award : Mary Delahunty MCICM (Grad) Cert Ed. Professional 

Development Advisor at CICM 

Save the date – 2 February 2023 – Register your interest here. 

BCA2023 

Register for the next British Credit Awards 2023 

We look forward to seeing you all next year. 




Introducing our 

CORPORATE PARTNERS 

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

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com 

High Court Enforcement Group is the largest 

independent and privately owned High Court 

enforcement company in the country, with more 

authorised and experienced officers than anyone 

else. This allows us to build and manage our 

business in a way that puts our clients first. 

Clients trust us to deliver and service is paramount. 

We cover all aspects of enforcement –writs of 

control, possessions, process serving and landlord 

issues - and are committed to meeting and 

exceeding clients’ expectations. 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

YayPay makes it easy for B2B finance teams to stay 

ahead of accounts receivable and get paid faster – 

from anywhere. 

Integrating with your ERP, CRM, and billing 

systems, YayPay presents your real-time data 

through cloud-based dashboards. Automation 

improves productivity by 3X and accelerates 

collections by up to 34 percent. Predictive analytics 

provide insight into payor behavior and an online 

portal enables customers to access their accounts 

and pay at any time. 

T: +44 (0)7465 423 538 

E: marketing@yaypay.com 

W: www.yaypay.com 

HighRadius provides a cloud-based Integrated 

Receivable Platform, powered by machine learning 

and AI. Our Technology empowers enterprise 

organisations to reduce cycle time in the order-tocash 

process and increase working capital availability 

by automating receivables and payments processes 

across credit, electronic billing and payment 

processing, cash application, deductions, and 

collections. 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

Bottomline Technologies (NASDAQ: EPAY) helps 

businesses pay and get paid. Businesses and banks 

rely on Bottomline for domestic and international 

payments, effective cash management tools, automated 

workflows for payment processing and bill review 

and state of the art fraud detection, behavioural 

analytics and regulatory compliance. Every day, we 

help our customers by making complex business 

payments simple, secure and seamless. 

T: 0870 081 8250 

E: emea-info@bottomline.com 

W: www.bottomline.com/uk 

Our Creditor Services team can advise on the best 

way for you to protect your position when one of 

your debtors enters, or is approaching, insolvency 

proceedings. Our services include assisting with 

retention of title claims, providing representation at 

creditor meetings, forensic investigations, raising 

finance, financial restructuring and removing the 

administrative burden – this includes completing 

and lodging claim forms, monitoring dividend 

prospects and analysing all Insolvency Reports and 

correspondence. 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

Key IVR provide a suite of products to assist companies 

across Europe with credit management. The 

service gives the end-user the means to make a 

payment when and how they choose. Key IVR also 

provides a state-of-the-art outbound platform 

delivering automated messages by voice and SMS. 

In a credit management environment, these services 

are used to cost-effectively contact debtors and 

connect them back into a contact centre or 

automated payment line. 

T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

With 130+ years of experience, Graydon is a leading 

provider of business information, analytics, insights 

and solutions. Graydon helps its customers to make 

fast, accurate decisions, enabling them to minimise 

risk and identify fraud as well as optimise opportunities 

with their commercial relationships. Graydon 

uses 130+ international databases and the information 

of 90+ million companies. Graydon has offices in 

London, Cardiff, Amsterdam and Antwerp. Since 2016, 

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

largest credit insurance companies. 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

Intelligence solutions include the Tinubu Risk 

Management Center, a cloud-based SaaS platform; 

the Tinubu Credit Intelligence service and the 

Tinubu Risk Analyst advisory service. Over 250 

companies rely on Tinubu Square to protect their 

greatest assets: customer receivables. 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com. 

Building on our mature and hugely successful 

product and world class support service, we are 

re-imagining our risk awareness module in 2019 to 

allow for hugely flexible automated worklists and 

advanced visibility of areas of risk. Alongside full 

integration with all credit scoring agencies (e.g. 

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

for analysis and automation. Impressive results 

and ROI are inevitable for our customers that also 

have an active input into our product development 

and evolution. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 


Each of our Corporate Partners is carefully selected for 

their commitment to the profession, best practice in the 

Credit Industry and the quality of services they provide. 

We are delighted to showcase them here. 

They're waiting to talk to you... 

Hays Credit Management is a national specialist 

division dedicated exclusively to the recruitment of 

credit management and receivables professionals, 

at all levels, in the public and private sectors. As 

the CICM’s only Premium Corporate Partner, we 

are best placed to help all clients’ and candidates’ 

recruitment needs as well providing guidance on 

CV writing, career advice, salary bench-marking, 

marketing of vacancies, advertising and campaign 

led recruitment, competency-based interviewing, 

career and recruitment trends. 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Court Enforcement Services is the market 

leading and fastest growing High Court Enforcement 

company. Since forming in 2014, we have managed 

over 100,000 High Court Writs and recovered more 

than £187 million for our clients, all debt fairly 

collected. We help lawyers and creditors across all 

sectors to recover unpaid CCJ’s sooner rather than 

later. We achieve 39 percent early engagement 

resulting in market-leading recovery rates. Our 

multi-award-winning technology provides real-time 

reporting 24/7. 

T: +44 (0)1992 663 399 

E: wayne@courtenforcementservices.co.uk 

W: courtenforcementservices.co.uk 

Shoosmiths’ highly experienced team will work 

closely with credit teams to recover commercial 

debts as quickly and cost effectively as possible. 

We have an in depth knowledge of all areas of debt 

recovery, including: 

• Pre-litigation services to effect early recovery and 

keep costs down • Litigation service • Insolvency 

• Post-litigation services including enforcement 

As a client of Shoosmiths, you will find us quick to 

relate to your goals, and adept at advising you on the 

most effective way of achieving them. 

T: 03700 86 3000 

E: paula.swain@shoosmiths.co.uk 

W: www.shoosmiths.co.uk 

Forums International has been running Credit and 

Industry Forums since 1991 covering a range of 

industry sectors and international trading. Attendance 

is for credit professionals of all levels. Our forums 

are not just meetings but communities which 

aim to prepare our members for the challenges 

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

gauge the benefits and meet the members and we 

only have pre-approved Partners, so you will never 

intentionally be sold to. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Data Interconnect provides corporate Credit Control 

teams with Accounts Receivable software for bulk 

e-invoicing, collections, dispute management and 

invoice finance. The modular, cloud-based Corrivo 

platform can be configured for any business model. 

It integrates with all ERP systems and buyer AP 

platforms or tax regimes. Customers can self-serve 

on mobile friendly portals, however their invoices are 

delivered, and Credit Controllers can easily extract 

data for compliance, audit and reporting purposes. 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Serrala optimizes the Universe of Payments for 

organisations seeking efficient cash visibility 

and secure financial processes. As an SAP 

Partner, Serrala supports over 3,500 companies 

worldwide. With more than 30 years of experience 

and thousands of successful customer projects, 

including solutions for the entire order-to-cash 

process, Serrala provides credit managers and 

receivables professionals with the solutions they 

need to successfully protect their business against 

credit risk exposure and bad debt loss. 

T: +44 118 207 0450 

E: contact@serrala.com 

W: www.serrala.com 

American Express® is a globally recognised 

provider of business payment solutions, providing 

flexible capabilities to help companies drive 

growth. These solutions support buyers and 

suppliers across the supply chain with working 

capital and cashflow. 

By creating an additional lever to help support 

supplier/client relationships American Express is 

proud to be an innovator in the business payments 

space. 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

The Company Watch platform provides risk analysis 

and data modelling tools to organisations around 

the world that rely on our ability to accurately predict 

their exposure to financial risk. Our H-Score® 

predicted 92 percent of quoted company insolvencies 

and our TextScore® accuracy rate was 93 

percent. Our scores are trusted by credit professionals 

within banks, corporates, investment houses 

and public sector bodies because, unlike other credit 

reference agencies, we are transparent and flexible 

in our approach. 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 


Introducing our 

CORPORATE PARTNERS 

Each of our Corporate Partners is carefully selected for their commitment 

to the profession, best practice in the Credit Industry and the quality of 

services they provide. We are delighted to showcase them here. 

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

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com 

Chris Sanders Consulting – we are a different 

sort of consulting firm, made up of a network of 

independent experienced operational credit and 

collections management and invoicing professionals, 

with specialisms in cross industry best practice 

advisory, assessment, interim management, 

leadership, workshops and training to help your team 

and organisation reach their full potential in credit 

and collections management. We are proud to be 

Corporate Partners of the Chartered Institute of Credit 

Management. For more information please contact 

enquiries@chrissandersconsulting.com 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

VISMA | Onguard is a specialist in credit management 

software and market leader in innovative solutions for 

order-to-cash. Our integrated platform ensures an optimal 

connection of all processes in the order-to-cash 

chain. This enhanced visibility with the secure sharing 

of critical data ensures optimal connection between 

all processes in the order-to-cash chain, resulting 

in stronger, longer-lasting customer relationships 

through improved and personalised communication. 

The VISMA | Onguard platform is used for successful 

credit management in more than 70 countries. 

T: 020 3868 0947 

E: edan.milner@onguard.com 

W: www.onguard.com 

The CICM Benevolent Fund is 

here to support members of 

the CICM in times of need. 

Some examples of how CICM have helped our members are: 

• Financed the purchase of a mobility scooter for a disabled member. 

• Helped finance the studies of the daughter of a member who 

became unexpectedly ill. 

• Financed the purchase of computer equipment to assist an 

unemployed member set up a business. 

• Contributed towards the purchase of an orthopaedic bed for one 

member whose condition was thereby greatly eased. 

• Helped with payment for a drug, not available on the NHS, for 

medical treatment of another member. 

If you or any dependants are in need or in distress, please apply today – we are here to 

help. (Your application will then be reviewed by the CICM Benevolent Fund committee and 

you will be advised of their decision as quickly as possible) 


Fill your vacancy or find your next career 

move at www.portfoliocreditcontrol.com 

“Angela sounded not only like a 

wonderful friend, but a force to 

be reckoned with. 

She clearly had a huge impact on 

the Royal Mail team and has left a 

great legacy” 

Angela’s award was collected 

by Mary Delahunty on behalf of 

Angela for her family. 

Angela Widdup ACICM, Royal Mail for winning 

‘Outstanding Contribution to the Industry’! 

Mark Watson, award-winning Comedian & Author; Mary Delahunty, Professional Development 

Advisor - CICM and Chad Vigano, Senior Business Manager – Portfolio Credit Control. 

Portfolio Credit Control, part of the 

Portfolio Group, are proud to be the only 

true specialist Credit Control recruitment 

agency in the UK. 

Contact us to hire 

the best Credit Control talent 

Scan with your phone to fill your vacancy or find your next career move 

at www.portfoliocreditcontrol.com 

Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move! 

LONDON 020 7650 3199 

1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE 

MANCHESTER 0161 523 5585 

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB 

www.portfoliocreditcontrol.com 

recruitment@portfoliocreditcontrol.com 

theportfoliogroup 

portfoliocredit 

Rated as Excellent 

portfolio-credit-control 


PAYMENT TRENDS 

Pole Position 

Improvements to late payments across regions 

and sectors see the UK leading the way. 

AUTHOR – Rob Howard 

FOLLOWING recent improved 

performance across the 

board, the latest late payment 

statistics show the UK 

setting the standard with 

more reductions across regions 

and sectors, leaving Ireland with a 

little catching up to do. The average Days 

Beyond Terms (DBT) across regions and 

sectors in the UK reduced by 3.4 and 3.0 

days respectively. In Ireland, the average 

regional figure increased by 1.7 days but 

reduced by 1.2 across sectors. Average 

DBT across the four provinces of Ireland 

increased by 4.3 days. 

SECTOR SPOTLIGHT 

In the UK, performance across sectors 

is promising with all but four of the 

22 sectors making reductions to late 

payments. Business from Home remains 

the best performing sector with an overall 

DBT of 6.8 days, but the Transportation 

and Storage sector saw the biggest 

improvement, reducing its DBT by 10 

days to 7.8 days overall. The International 

Bodies (-8.7 days), Water & Waste (-8.1 

days), Agriculture, Forestry and Fishing 

(-7.0 days) and Energy Supply (-6.3 days) 

sectors also made notable reductions 

to late payments. The Mining and 

Quarrying sector remains at the bottom 

of the rankings, but is at least moving in 

the right direction, with a much-needed 

reduction of 5.1 days to its DBT. Of the 

four sectors which saw increases, Health 

& Social saw the biggest jump, with an 

increase of 1.9 days to its terms. 

In Ireland, there is not a huge amount 

of movement. Four sectors saw increases 

to late payments, five made reductions, 

and more than half (11) saw no change 

at all. Of those standing still, five remain 

joint-top of the standings with an overall 

DBT of zero days. Of those moving in the 

right direction, most made notable cuts 

to late payments – Agriculture, Forestry 

and Fishing (-13.5), Professional and 

Scientific (-11.0 days), Construction (-10.4 

days) and Transportation and Storage 

(-7.9 days). Of those moving in the wrong 

direction, Real Estate saw the biggest 

hike to late payments, with an increase 

of 15.5 days taking its overall DBT to 47.8 

days, which means it is now the worst 

performing sector in Ireland. 

REGIONAL SPOTLIGHT 

The UK regional standings show a clean 

sweep of improvements, with all 11 

regions reducing their DBT. The South 

West maintains its pole position with an 

overall DBT of 7.4 days following a further 

reduction of 3.4 days, and a reduction 

of 2.3 days means that Yorkshire and 

Humberside isn’t too far behind with an 

overall DBT of 8.8 days. Northern Ireland 

was the biggest mover, reducing its DBT 

by 7.2 days and moving it off the bottom 

of the standings. Despite a reduction 

of 0.6 days, London is now the worst 

performing region with an overall DBT of 

17.1 days. 

As with the sector standings, the 

regional figures across Ireland show 

many counties (15 of 26) staying where 

they were with no change to late 

payments. Only four regions made 

improvements, with Roscommon (-12.2 

days) and Wicklow (-9.0 days) the very 

best of the bunch. However, of the seven 

regions moving in the wrong direction, 

a huge increase of 36.5 days means that 

Kerry slides right down the standings. 

Mayo and Sligo, also previously with 

an overall DBT of zero days, also saw 

increases. 

Across the four provinces of Ireland, 

Connacht made a steady reduction (-1.2 

days) to its DBT, while no change is good 

news for Ulster as it remains the best 

performing region. Leinster saw a small 

increase (+1.0 day) to its late payments, 

but a hefty hike of 17.4 days means that 

Munster is now the worst performing 

region. 


STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region March 22 Change from Feb 22 

South West 7.4 -3.4 

Yorkshire and Humberside 8.8 -2.3 

Wales 10.7 -3 

East Midlands 10.9 -3.1 

North West 11.3 -3.9 

Bottom Five Poorest Payers 


London 17.1 -0.6 

Northern Ireland 17 -7.2 

East Anglia 14.4 -5.5 

South East 13.5 -1.9 

Scotland 12.6 -3 

Top Five Prompter Payers 

Sector March 22 Change from Feb 22 

Business from Home 6.8 -1.3 

Entertainment 7.4 -4.4 

Transportation and Storage 7.8 -10 

Agriculture, Forestry and Fishing 8.9 -7 

Water & Waste 9.4 -8.1 

Bottom Five Poorest Payers 


Mining and Quarrying 17 -5.1 

Professional and Scientific 16.7 -1.8 

Business Admin & Support 15.7 -1.1 

Health & Social 15.6 1.9 

Other Service 15.5 -2.5 

Getting better 

Transportation and Storage -10 

International Bodies -8.7 

Water & Waste -8.1 

Agriculture, Forestry and Fishing -7 

Energy Supply -6.3 

Mining and Quarrying -5.1 

Entertainment -4.4 

Wholesale and retail trade -4 

Hospitality -2.9 

Other Service -2.5 

Construction -2.4 

Dormant -2.2 

Professional and Scientific -1.8 

IT and Comms -1.7 

Manufacturing -1.7 

Business from Home -1.3 

Business Admin & Support -1.1 

Public Administration -0.4 

Getting worse 

Health & Social 1.9 

SCOTLAND 

-3 DBT 

Real Estate 1.7 

Financial and Insurance 0.9 

NORTHERN 

IRELAND 

-7.2 DBT 

SOUTH 

WEST 

-3.4 DBT 

WALES 

-3 DBT 

NORTH 

WEST 

-3.9 DBT 

WEST 

MIDLANDS 

-4 DBT 

YORKSHIRE & 

HUMBERSIDE 

-2.3 DBT 

EAST 

MIDLANDS 

-3.1 DBT 

LONDON 

-0.6 DBT 

SOUTH 

EAST 

-1.9 DBT 

EAST 

ANGLIA 

-5.5 DBT 

Education 0.7 

Region 

Getting Better – Getting Worse 

-7.2 

-5.5 

-4 

-3.9 

-3.4 

-3.1 

-3 

-3 

-2.3 

-1.9 

-0.6 

Northern Ireland 

East Anglia 

West Midlands 

North West 

South West 

East Midlands 

Scotland 

Wales 

Yorkshire and Humberside 

South East 

London 


PAYMENT TRENDS 

Getting worse / no change 

MUNSTER 

17.2 DBT 

KERRY 

36.8 DBT 

CLARE 

0 DBT 

GALWAY 

0 DBT 

CORK 

0 DBT 

CONNACHT 

-1.2 DBT 

ROSCOMMON 

0 DBT 

DONEGAL 

0 DBT 

LEITRIM 

0 DBT 

LONGFORD 

0 DBT 

CAVAN 

0 DBT 

CARLOW 

0 DBT 

ULSTER 

-0 DBT 

LOUTH 

0 DBT 

KILKENNY 

0 DBT WEXFORD 

0 DBT 

MONAGHAN 

0 DBT 

LEINSTER 

1 DBT 

Real Estate 15.5 

Wholesale and retail trade 3.4 

IT and Comms 1.5 

Financial and Insurance 0.2 

Business Admin & Support 0 

Education 0 

Energy Supply 0 

Entertainment 0 

Health & Social 0 

Hospitality 0 

Top Five Prompter Payers – Ireland 


Cavan 0 0 

Clare 0 0 

Cork 0 0 

Donegal 0 0 

Kilkenny 0 0 

International Bodies 0 

Mining and Quarrying 0 

Other Service 0 

Public Administration 0 

Water & Waste 0 

Bottom Five Poorest Payers – Ireland 


Louth 120 0 

Monaghan 91.8 0 

Carlow 65 0 

Wexford 48.2 0 

Kerry 36.8 36.8 

Top Four Prompter Payers – Northern Ireland 


Ulster 0 0 

Connacht 4.8 -1.2 

Leinster 10.2 1 

Munster 17.6 17.2 

The latest late payment 

statistics show the UK 

setting the standard with 

more reductions across 

regions and sectors, 

leaving Ireland with a little 

catching up to do. 

Top Five Prompter Payers – Ireland 


Entertainment 0 0 

Health & Social 0 0 

Hospitality 0 0 

International Bodies 0 0 

Other Service 0 0 

Bottom Five Poorest Payers – Ireland 


Real Estate 47.8 15.5 

Construction 39.8 -10.4 

Water & Waste 34 0 

Business Admin & Support 28 0 

Energy Supply 26 0 

Getting better 

Agriculture, Forestry and Fishing -13.5 

Professional and Scientific -11 

Construction -10.4 

Transportation and Storage -7.9 

Manufacturing -1.4 


Shortlisted as Debt Collection Agency of the Year, for 

the British Credit Awards, Global Credit Recoveries Ltd 

are specialists in Arbitration and Debt Collection with 

offices in London & Dubai and an extensive global 

partner network. 

We have the ability, and network, to have someone visiting 

your debtors offices, throughout EMEA, within 72 hours. 

Collecting International Debt for over 28 years. 

Contact Global Credit Recoveries: 

Charles Mayhew FCICM or Joshua Mayhew ACICM 

Email: info@globalcreditrecoveries.com 

U.K Telephone: +44 (0) 203 589 6655 

U.A.E Telephone: +971 (0) 4 8790 250 

www.globalcreditrecoveries.com 


MARKETING & EDUCATION 

Virtual Classes 

for 2022 

Get CICM qualified by attending 

Virtual Classes: The best of both worlds. 

Home study does not mean you have to study alone. Our ‘gold standard’ distance 

learning offer, our Virtual Classes have the greatest success rate of all our packages. 

Your study will be supported and led by one of our experienced CICM Tutors via a 

series of virtual classes and activities, which are interactive, challenging and fun. 

LEVEL 

3 

LEVEL 

5 

Business Environment 

Classes start in June 

Credit Management (Trade, Export and Consumer 


Business Law 

May 2022 

Compliance with legal, regulatory, 

ethical and social requirements 


Strategic Planning 


Process Improvement 


Book your place today, visit www.cicm.com 

or contact a member of our team on 01780 722900 


EDUCATION & MARKETING 

These are pre-recorded training sessions that 

you can access anywhere and at anytime. 

These are live, interactive sessions, 

delivered virtually by a qualified trainer. 

Upcoming Virtual Workshops 

Effective communication 

Collect that cash 

Reflect and develop 

Collection skills 

Advanced collection skills 

Best practice skills to 

assess credit risk 

Credit Boot Camp 

Register your interest today 

MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher, 

trainer and credit manager with experience in credit and debt specialisms across the 

O2C spectrum and ancillary businesses, in consumer, B2B and export markets. 

Book your place today, visit www.cicm.com 

or contact a member of our team on 01780 722900 


YOUNG MONEY 

Going the Distance 

In a new series, we speak to CICM apprentices 

to discover more about their learning experience. 

AUTHOR – Sam Wilson 

WHAT do a detective and a marathon 

runner have in common? Credit 

management it would seem. Well, 

that’s very much the case for 

Nicole Magg, a marathon runner 

and assistant cash manager, now 

studying with the CICM as part of its apprenticeship 

programme. 

“I started running at the beginning of lockdown. I 

wasn’t even a runner; I was just doing the odd 5k. Then 

I met a marathon world record holder (Nick Nicholson) 

and he asked if I’d ever run a marathon. I said, “I can’t 

do that!” to which he replied “Well, have you tried?” Fast 

forward to now, I’ve been running one a month for the 

past 10 months toward a goal of 12 in 12 months!” 

Having held an interest in credit management since 

1991, it’s that goal-driven mentality that has pushed 

Nicole to pick up where she left off in South Africa in 

1996 and continue her studies. 

“I’ve been in credit for 32 years,” she explains. “It all 

started in South Africa after my schooling in Germany. 

I had no idea what I really wanted to do as a job. I had 

been an apprentice as a beauty consultant, but I wanted 

an office role and I saw an advert for some office work 

and ended up working for an FMCG brand issuing credit 

notes for returned or damaged stock.” 

After three months, and getting extremely bored 

writing credit notes, Nicole started on the path to her 

future career as a credit manager. 

“I asked my boss if there was anything else I could do, 

so he put me in charge of balancing the regional ledgers. 

He then offered me a junior credit controller position. I 

had no idea what the job meant but I’m so glad I took it.” 

That’s when Nicole’s inner detective took over and her 

love of learning became apparent. Through her drive to 

reconcile the books and solve the problem on the first 

go, she discovered her love of credit. 

“I quite like it when there’s an anomaly, it means I have 

to go and think outside the box. It’s like solving a riddle. 

I have to speak to many different people, look through 

the ledger to find a missing invoice or payment and the 

satisfaction of solving that is great.” 

From becoming a veritable detective, Nicole decided 

after her move to the UK in 2000 that it was time to finish 

the qualifications she’d started with the Institute of 

Credit Management South Africa. 

“I quite like it when there’s an anomaly, it means I have to go and think 

outside the box. It’s like solving a riddle. I have to speak to many different 

people, look through the ledger to find a missing invoice or payment and 

the satisfaction of solving that is great.” 


YOUNG MONEY 


“I now have tools to be a better credit controller. The Accounting Principles module, 

for example, was one of my favourites and gave me a clear example of how credit fits 

into a business and why it’s crucial. But more than that, it’s allowed me to be a more 

collaborative team member. I’m now seen as the ‘Guru’ of credit.” 

“I started my diploma in SA back in 

1996 with the intention of completing it 

right through to Level 3 but things got in 

the way. I was a young working mum and 

I was singing in a band. There was just 

too much going on. I was waiting to have 

a little bit more time. 

“More than two decades later and 

moving to the UK, I thought I was too 

old. But my boss encouraged me to 

pick up my learning again. The HR 

development & learning team suggested 

an apprenticeship, to which I thought 

‘no, that’s for the young ones’ but they 

said no, it’s for all ages. After looking 

through it all, I thought it would take two 

years, and I’ll always be two years older, 

but this way I could be two years older 

with a diploma!” 

After getting on board with the scheme, 

Nicole realised she’d have to learn how to 

learn again. Something the inner credit 

detective loved doing. 

“It’s been a real challenge, more so 

than the marathons but I’m proud of 

myself. I’ve learned things even a 32-year 

career in credit can’t teach. I’ve learned 

how credit control impacts the rest of a 

business, I’ve learned about business 

law, how and why sales and credit should 

work together and how cash forecasting 

can impact the bigger picture. I’m no 

longer in a credit control bubble.” 

It’s this ‘extra knowledge’ that Nicole 

sees as the biggest value add to her career. 

“I now have tools to be a better credit 

controller. The Accounting Principles 

module, for example, was one of my 

favourites and gave me a clear example 

of how credit fits into a business and 

why it’s crucial. But more than that, it’s 

allowed me to be a more collaborative 

team member. I’m now seen as the ‘Guru’ 

of credit.” 

With her new role of Assistant Cash 

Manager in the treasury team, Nicole 

feels her learning has been invaluable 

and allowed her transition to the new 

role to be seamless, thanks to her new 

skillset. 

And on being in a class of young 

apprentices, Nicole loved it. 

“They were such lovely people. There 

was a huge age mix, including the young 

ones, but they bring so much to the 

table, like technology experiences which 

helps us all learn and develop. So, it was 

a beneficial experience having people 

from all walks of life and age groups.” 

So, what’s next? 

“I am considering the Level 5 

qualification. But I might have a year off 

first!” 


ANNUAL 

GENERAL MEETING 

The eighth Annual General Meeting of the 

Chartered Institute of Credit Management will 

be held on Thursday, 16 June 2022 at CICM, 


Peterborough PE2 6XS at 13:00 (or at the rising 

of the Advisory Council from its preceding 

meeting, whichever is later). 

By order of the Executive Board 

Sue Chapple FCICM 

Chief Executive 

To read the Notice, visit: 

http://www.cicm.com/about-cicm/governance/ 

VOTING IS NOW OPEN 

Voting is now open until 31 May 2022 

for the CICM Advisory Council Elections! 

The engaged and driven individuals within the CICM’s Advisory Council reflect the fantastically diverse range of 

skills and experience amongst the Institute’s membership. 

Now is YOUR chance to vote and elect those members who you feel will help continue to advance the important 

work of the CICM, bring valuable expertise and knowledge to the table, and drive its strategy forward. 

PLEASE USE YOUR VOTE 

Eligible* members will have received their ballot information via email, however if you have not, please contact 

Mi-Voice at support@mi-voice.com or +44 (0)2380 763987, or email elections@cicm.com. 

*Currently, eligible voters are fully paid-up members who hold the professional letters of MCICM or FCICM. 

The Chartered Institute 

of Credit Management 

Elections 


Brave | Curious | Resilient

BRANCH NEWS 

How technology and 

automation in accounting has 

changed since the Pandemic 

East of England branch 

AUTHOR – Mark Maynard 

AT a webinar held at the 

end of March, General 

Manager EMEA of 

Cforia Software, Matthew 

White gave members 

of the CICM East 

of England Brand a fascinating insight 

into how the pandemic has accelerated 

AI and technology by several years, 

making almost all previous research 

obsolete. In the session, which was facilitated 

by the Branch’s Andy Moylan and 

Lyn Commons, Matt gave valuable examples 

of how developing methods of requesting 

payment and open banking can 

improve the collection process. 

Generation X and Millennials will make 

up 72 percent of the workforce by 2029 

and they want to be able conduct the same 

transactions anywhere in the world that 

they currently can on their smart phones. 

‘Buy now pay later’ demand is 

increasing the importance of knowing 

your customer (for B2B this means the 

right person, message, time and channel), 

and technology. 

Understanding your employees, 

including their emotional and mental 

health, is important and so too is find 

ways of sharing the knowledge held by the 

WFH age group. 

An example of an early challenge 

presented by employees working from 

home was not being able to take credit 

card payments, which was quickly 

resolved by easily implemented and cost 

effective virtual portal terminals. 

The questions generated by Matt’s talk 

showed that there was far more ground 

to cover than the webinar allowed. It 

became clear there was an appetite to both 

continue an overview of the latest trends 

and to dive deeper into specific types 

of automation that credit professionals 

would benefit from knowing more about 

in these uncertain times. 

If you are interested to hear more, please 

contact Andy Moylan or Lyn Commons 

via the Branch LinkedIn Group. 

If you missed this highly informative 

and engaging webinar, you can watch 

the recording of the webinar on the 

Branch page of the CICM website or on 

YouTube. 

CICM MEMBER 

EXCLUSIVE 

Save this 

diary date 

Kent Branch – The 2022 Credit Management Review 

Wednesday, 15 June : 11:00 – 13:00 

The Law Society in London, 

113 Chancery Lane, London WC2A 1PL 

Networking 

Back to basics and training your teams 

Building your career from Credit Controller to Credit Manager 

Importance of Credit Risk 

Court Enforcements 

Q&A Session 

Your CICM lapel badge 

demonstrates your commitment to 

professionalism and best practice 

TAKE PRIDE IN 

WEARING YOUR BADGE 

If you haven’t received your badge 

contact: cicmmembership@cicm.com 

Register Today! 

CPD 

2 


OPINION 

Inspirational stories 

A Platform for Change – Women in Credit 


IN an industry dedicated to 

celebrating other’s achievements, 

championing ones own can be 

difficult. For Jenny Oldfield, she 

believes it’s vital for building 

confidence and inspiring those in 

the industry to push their career forward. 

Especially for women. 

At the 2022 British Credit Awards, the 

CICM introduced a new award, The Jenny 

Oldfield Supporting Women in Credit 

Award, sponsored by Jenny, a long-standing 

Fellow of the CICM, for women working in 

credit management. 

The award is presented to women 

currently working in credit management, 

who display a passion and drive for 

personal development in the credit industry 

regardless of their age, length of service or 

experience. 

Jenny believes the BCAs created a platform 

for young credit managers to champion 

their careers by meeting colleagues and coworkers 

and being seen by the industry: “I 

think awards dinners and events encourage 

people to be seen, meet the right people and 

connect and that’s really important for those 

looking to progress their careers.” 

“The credit-control industry is often 

made up of small teams or often individuals 

that can, especially in smaller businesses, be 

sat on their own within an office performing 

many different credit control related job 

roles. So having access to the institute and 

being able to be seen to be succeeding is 

important for their development.” 

“More importantly, thanks to the recent 

changes to the level of access members 

have to education programmes, like soundbite 

courses, people can progress their 

own careers and champion themselves, 

especially young women coming into the 

profession.” 

INSPIRATIONAL THOUGHT 

Jenny was inspired to sponsor the award after 

her diagnosis with Stage Four pancreatic 

cancer and being given two years to live, 

which she decided to use to encourage more 

women in the industry to recognise their 

own achievements, and hopefully inspire 

future credit controllers. 

“The award was created to celebrate 

women in the industry that push boundaries 

and innovate,” she says. “Women in business 

don’t often push themselves forward or 

believe in self-promotion, and so their 

achievements are not always recognised. We 

The CICM and I, wanted to encourage women 

to see their achievements documented as 

part of their application process, because we 

don’t do that enough.” 

Having had much success in her own 

career including a ten-year stint at PwC 

and opening and running her own business 

for 20 years, Jenny recognises the unique 

skills some women in credit possess: “Over 

the 20 years running my business, I’ve 

recruited and developed numerous credit 

professionals and I think female credit 

controllers and credit managers have 

something really unique and special and it 

should be celebrated. 

“This award is almost a manifestation of 

what support and achievement I would have 

liked to have seen available to me as I was 

coming up through the industry.” 

The award forms part of the BCAs for the 

next two years thanks to Jenny’s sponsorship; 

however, she hopes it will continue into the 

future and form its own legacy. 

“I would like to see someone take the 

award forward for the aspirational benefits 

and encouraging women to shout about their 

achievements. I’d be delighted to see entries 

continue to grow and see an undercurrent 

of women being recognised for their success 

as there’s merit in this level of positivity. 

Equally, it means I would carry on making 

a difference, and I’d like to that memory to 

be focussed on encouraging those in the 

industry to achieve what they deserve.” 

After her diagnosis, Jenny decided to 

wind up her business to live her life by 

celebrating causes that are close to her 

heart – creating this award and supporting 

Pancreatic Cancer UK 

Jenny raised an incredible £17,000 for 

Pancreatic Cancer UK in less than two 

months, with donations still coming in: 

“The support I have received from my 

family and friends and from The British 

Credit Awards and Pancreatic Cancer UK 

has been amazing. I’ve had both women 

and men come to me saying the work we’ve 

done has encouraged them to get their own 

health checked and that could be potentially 

making a difference to people’s lives and 

outcomes.” 

Jenny is continuing to fundraise for 

Pancreatic Cancer UK and is encouraging 

people to get involved with her 77 Ways 

campaign. 

To donate or read more about Jenny’s 

journey, visit https://fundraise. 

pancreaticcancer.org.uk/fundraisers/ 

jennyoldfield 

Jenny Oldfield 

“The award was created 

to celebrate women in 

the industry that push 

boundaries and innovate,” 

she says. “Women in 

business don’t often push 

themselves forward or 

believe in self-promotion, 

and so their achievements 

are not always 

recognised.’’ 


TAKE CONTROL OF 

YOUR CREDIT CAREER 

ACCOUNTS HANDLER 

London, competitive salary and bonus 

An insurance company is looking for someone to join their 

finance team as an Accounts Handler and take on end to end 

insurance credit control processes. You will be investigating bad 

debt, attending divisional meetings and chasing clients of the 

underwriters and brokers. Experience in the insurance sector will 

be a big bonus in applications for this role. Ref: 4182419 

Contact Daniel Lee on 020 3465 0020 

or email daniel.lee1@hays.com 

GLOBAL HEAD OF CREDIT 

Paddington, competitive salary and bonus 

Reporting to the CFO, as the Global Head of Credit you will 

establish best practice across all countries, and improve the 

overall credit control function. Managing a team of two UK-based 

credit controllers, you will remain hands on, actively working with 

key customers and managing the credit insurance policy. Cash 

forecasting, aged debt reporting and complex reconciliation work, 

will also form a key part of this role. Experience working in the 

FMCG industry is essential for this position. Ref: 4185140 

Contact Hussain Ahmed on 03330 107453 

or email hussain.ahmed@hays.com 

HEAD OF CREDIT 

Brentwood, hybrid working, up to £55,000 

Working for a FTSE100 business, you will work with the largest 

and most recognisable brands and are market leaders in their 

industry. As Head of Credit you will have a significant place in 

the UK finance leadership team. Your daily responsibilities will 

focus around the operational management of a UK-based and 

overseas collections team, developing their skills and helping 

those individuals reach their potential. You will have a forward 

thinking and progressive mindset and be able to identify areas of 

improvement, working with a dedicated transformation team to 

facilitate progress. Ref: 4179945 

Contact William Plom on 01603 760141 

or email william.plom@hays.com 

INTERIM INVOICING MANAGER 

(12 MONTH CONTRACT) 

Ipswich, hybrid working, up to £60,000 + car 

Working for a leading global shipping business, providing an 

unparalleled service to an international client base, you will be 

joining a high performing finance team as a member of the 

leadership team. This role will manage a total of 40 staff through 

4 direct reports and be influential in the operation efficiency 

of a large scale invoicing process. You will have strong staff 

management exposure and understand the O2C or billing cycle 

extensively. You will be a proactive thinker and work with the wider 

team to improve and streamline business processes. Ref: 4167262 

Contact William Plom on 01603 760141 

or email william.plom@hays.com 

hays.co.uk/creditcontrol 


TRAIN FOR THE 

YEAR AHEAD 

My Learning – free skills 

training from Hays 

To find out more visit 

hays.co.uk/mylearning 

ORDER TO CASH PROCESS SME 

Stockport, up to £47,500 

Holding a pivotal role within the company you will assist the Head 

of OTC, representing the UK OTC in any process improvement 

and associated projects. You will be responsible for maintaining 

documented processes, process flow charts, in relation to 

project(s) or continuous improvement initiatives, and leading a 

culture of continuous improvement through root cause analysis, 

data gathering & problem solving. Ref: 4064584 

Contact Joanna Taylor-Coburn on 0161 926 8605 

or email joanna.taylor-coburn@hays.com 

CONTRACT AR OPERATIONS ANALYST 

Weybridge, up to £200 per day 

The purpose of the role is to develop and maintain the right 

support to the AR/Credit delivery function, with analytical insight 

and interpretation of activity based performance. Reporting to the 

Head of AR/Credit this role is key to deliver timely and accurate 

information about AR performance, projects and opportunities 

for improvements. This will include a deep dive analysis of OTC 

process and performance, to identify improvement areas across 

the AR function. Ref: 4182135 

Contact Natascha Whitehead on 07770 786433 

or email natascha.whitehead@hays.com 

This is just a small selection of the many opportunities we 

have available for credit professionals. To find out more 

visit us online or contact Natascha Whitehead, Hays Credit 

Management UK Lead on 07770 786433 


Some jobs… 

...require a 

professional 

We support you during every step 

of your credit management with: 

Final demand letters 

Accounts Receivable outsourcing 

Debt Collection (domestic and international) 

CICM knows a professional when they see one. That’s why they 

awarded us with the Debt Collection Agency of the year Award. 

Curious how we can support you? 

Visit www.atradiuscollections.com 


Switch to Direct Debit 

Why not spread 

the cost of your 

Serrala 

CP 

CICM Membership 

Manage your own cashflow 

Simply scan the code below using 

your phone, print and return to: 

Chartered Institute of Credit Management 


Peterborough PE2 6XS 

Another reason to be a member 

Make the switch to Direct Debit 

For details contact: info@cicm.com

CICM Resource Centre 

Delivering the best 

Resources for you 

and your team 

Member Exclusive resources 

Whether you’re completely new to credit 

management or want to take your skills to the next 

level, our free guides, toolkits, 

Serrala 

blogs and tips are 

CP 

designed to help you enhance your knowledge, 

stay informed about developments and gain advice 

from a range of experts. 

Keeping you up-to-date with: 

Help and Advice from our Corporate Partners 

Money and Debt Advice / Wellbeing / Legal Advice 

Log in to your members area for 

Member Exclusive resources 

For details contact: info@cicm.com 


HR MATTERS 

Sounds Business Sense 

A winning IR35 tax case and an example of how a 

person’s conduct counts when it comes to compensation. 

AUTHOR – Gareth Edwards 

AN individual’s employment 

status for tax determines the 

taxes they pay. Individuals who 

avoid income tax and National 

insurance by supplying services 

through an intermediary 

to disguise their employment status, have been 

targeted in recent years under a set of tax rules. 

Recent case law has demonstrated how a 

hypothetical contract of employment between 

two parties contracting through a personal 

service company can lead to large tax bills. 

However, in the case of Basic Broadcasting v 

HMRC, the First Tier Tax Tribunal has held 

there to be no employment relationship 

between TV presenter Adrian Chiles, and two TV 

companies, despite mutuality of obligation and 

control being established. 

In overview, Mr Chiles is a director of his 

personal service company, Basic Broadcasting 

Ltd (BBL). He performed services for the 

BBC and ITV through BBL. His hypothetical 

contracts with each of the TV companies were 

lengthy and represented over 75 percent of his 

income (although they took up less than half his 

working time). 

In examining the relationship between Chiles 

and the two TV companies, the tribunal found 

there was mutuality of obligation, in that he 

was under ‘some’ obligation to work, and the 

TV companies were under the obligation to pay 

for his work. The tribunal also found that Chiles 

was under the TV companies control in terms of 

the way editorial control was exerted over the 

content he produced. 

However, the tribunal found that because 

Chiles was in business on his own account 

and had entered into the relevant contracts 

as part of that business, there was no 

employment relationship between him and the 

TV companies. 

In reaching its decision, the tribunal took 

into account Chiles’ freelance work history, in 

particular that he used a management company 

to which he paid a 15 percent commission, and 

a personal assistant to promote his reputation 

and generally manage his career, which was 

indicative of sound business management. 

He also provided his services to 25 additional 

clients, generating over £350,000, and used his 

own tools (in particular, a home office) to provide 

his services to the TV companies, and was not 

integrated into their businesses (although he 

was an integral part of the programmes he 

presented). 

It should be said that HMRC may yet seek 

to appeal the decision to the Upper Tier Tax 

tribunal. 

Conduct can affect compensation 

A recent Employment Appeal Tribunal 

(EAT) decision provides a useful 

demonstration of the circumstances 

under which the conduct of either 

employer or employee can reduce the 

amount of compensation awarded in an 

unfair dismissal claim. 

In this case, Wilkinson v Driver and 

Vehicle Standards Agency, Mr Wilkinson 

was a driving examiner who had 

knowingly breached his employer's policy 

by driving a candidate's car back to the 

test centre after an aborted test. He then 

failed to disclose his actions to his line 

manager and also deliberately completed 

paperwork, giving vague information, in 

order to hide what he had done. 

When his line manager found out about 

the breach by chance some weeks later, 

a disciplinary procedure was instigated. 

Wilkinson remained in his post with 

no restrictions during the procedure, 

although his line manager emailed the 

investigating officer saying his trust 

in Wilkinson was broken and ‘‘hard to 

repair.’’ Wilkinson was subsequently 

dismissed for gross misconduct and for a 

breakdown in trust and confidence. 

But was Wilkinson’s dismissal unfair? 

He thought so and claimed as such. 

The Tribunal found that the procedure 

followed by the employer had been flawed, 

so that the dismissal was indeed unfair. 

Turning to the question of what level 

of compensation it was appropriate to 

award, the Tribunal reduced the amount 

of both the basic and the compensatory 

award to zero “because of Mr Wilkinson's 

conduct”. Wilkinson appealed to the EAT. 

In looking at the impact of contributory 

conduct, the EAT allowed the appeal. 

It held that an unfair dismissal 

compensatory award can be reduced for 

contributory conduct by the employee 

even if, had the employer acted fairly, 

the dismissal would not have occurred. 

However, the EAT also found the impact 

of the employer's contributory conduct 

should also have been taken into account 

by the Tribunal in determining the 

appropriate value of the award. The EAT 

remitted the case back to the Tribunal for 

it to reconsider the appropriate amounts 

of the basic and compensatory awards. 

Gareth Edwards is a partner in the 

employment team at VWV. 

He then failed to disclose his actions to his line manager and also 

deliberately completed paperwork, giving vague information, in order to hide 

what he had done. 



EDUCATION & MARKETING 

Booking your 

exams has never 

been easier 

Head over to our new exam pages 

for all the information you need to prepare, 

book and take your CICM exams 

www.cicm.com/exams/ 


Predict your exposure to 

financial risk 

Managing risk takes more than a backward look at past 

performance: it needs a glimpse into the future too. 

We call it #HindsightInAdvance 

Want to know more? 

Scan me 

www.companywatch.net 


NEW AND UPGRADED MEMBERS 

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

you considered applying to upgrade your membership? See our website 

www.cicm.com/membership-types for more details, or call us on 01780 722903 

Studying Member 

Adam Seaton-Shaw 

Annemarie Harding 

Cally Hamilton 

James Hamilton 

James Ryan 

Iuliana Georgeta Constantinou 

Christopher Firman 

Claire Spoelstra 

Emily Smith 

Celia Forbes 

Francesca Long 

Gagandeep Virdee 

George Holmes 

Graeme Conroy 

Heather Knight 

Heather Bates 

Helena Krajewski 

Kirsty Ingle 

Irina Eugenia Zbranca 

Istiaq Ahmed 

James Vine 

Jasmine Marshall 

Jennifer Brown 

John Chinaka 

Jordi Sancho 

Kelly Farrar 

Laura Cleaver 

Leon Thompson 

Letizia Beghi 

Lucy Hanson 

Martin Bowden 

Melanie Lottering 

Kamisha Grant 

Mohammed Mukith Chowdhury 

Natasha Pomeroy 

Nicola Mirzai 

Paul Bayliss 

Samantha Rehman 

Rhian Showers 

Richard Feely 

Robert Green 

Samantha Battensby 

Samantha Walker 

Scott Cooper 

Neal Farrant 

Natalie Bloomfield 

Sophia Hidalgo Aviles 

Stephen Horan 

Emily Thomas 

Natasha Clarke 

Thandazile Dlamini 

Michelle Walker 

Yuen Ting Chan 

Affiliate 

Carlotta Vanetti Deborah Morley Marie Lebourg Paola Gasbarrone 

Congratulations to our current members who have upgraded their membership 

Upgraded member 

Eric Roe MCICM 

AWARDING BODY 

Congratulations to the following, who successfully achieved Diplomas 

Level 3 Diploma in Credit Management (ACICM) 

Candice Marlen 

Julie Coghlan 

Kimblerley Morgan 

Sadia Akram 

Helen Archer 

Emma Fairbrother 

Kalyan Gurung 

Jennie Hill 

Manjinder Mangat 

Tracey Mcmanus 

Liana Jones 

Level 3 Diploma in Credit & Collections (ACICM) 

Leo Rossiter 

Glenn Langdown 

Mona Rathod 

Beverley Jackson-Broome 

Rochus-Cornelis Hillebrink 

Angela Hall 

Vijay Chauhan 

Chandni Premgi 

Level 3 Diploma in Money & Debt Advice (ACICM) 

Jaden Brookin 

Level 5 Diploma in Credit & Collections Management MCICM (Grad) 

Satya Oleti 

Harvey Fielding 

Kirstie Day 

Steven Radley 

Benjamin Ryland 

Aurelie Smith 

WE WANT YOUR BRANCH NEWS! 

Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports. 

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus. 


THE LATEST 

HIRING TRENDS 

ARE HERE 

Hays Credit Management would like to 

congratulate all nominees, finalists and 

winners at the British Credit Awards 2022. 

Covid-19 recovery continues to affect the UK hiring 

landscape, demonstrated by changing trends in work 

practices, skills shortages and salary benchmarks. 

Employers are continuing to encounter talent 

shortages, with over three quarters (77%) saying they 

don’t have access to the skills they need. 

As a market leader, we are experts at finding, 

engaging, and matching the right talent to build your 

workforce. We drive the latest reports and training 

products to give employers the tools required to 

upskill employees and inform industry leaders. 

View the latest trends and insights in our spring 

update of the UK Salary Guide. Request your copy 

today at hays.co.uk/salary-guide 

hays.co.uk 

© Copyright Hays plc 2022. HAYS, the Corporate and Sector H devices, Recruiting experts worldwide, the HAYS Recruiting experts worldwide logo and Powering the world of work are trademarks of Hays plc. 

The Corporate and Sector H devices are original designs protected by registration in many countries.All rights are reserved. 


Cr£ditWho? 

CICM Directory of Services 

continues on page 81 > 

COLLECTIONS 

COLLECTIONS LEGAL 

CREDIT INFORMATION 

Controlaccount Plc 

Address: Compass House, Waterside, Hanbury Road, 

Bromsgrove, Worcestershire B60 4FD 

T: 01527 386 610 

E: sales@controlaccount.com 

W: www.controlaccount.com 

Controlaccount plc has been providing efficient, effective and 

ethical pre-legal debt recovery for over forty years. We help our 

clients to improve internal processes and increase cashflow, 

whilst protecting customer relationships and established 

reputations. We have long-standing partnerships with leading, 

global brand names, SMEs and not for profits. We recover 

over 30,000 overdue invoices each month, domestically and 

internationally, on a no collect, no fee arrangement. Other 

services include credit control and dunning services, international 

and domestic trace and legal recoveries. All our clients have 

full transparency on any accounts placed with us through our 

market leading cloud-based management portal, ClientWeb. 

BlaserMills Law 

High Wycombe | Amersham | Marlow | Silverstone 

Rickmansworth | London 

Jackie Ray : 07802 332104 | 01494 478660 

jar@blasermills.co.uk 

Nina Toor : 01494 478661 nit@blasermills.co.uk 

Edward Bible : 07766 013352 ceb@blasermills.co.uk 

www.blasermills.co.uk 

Commercial Recoveries & Insolvency 

Blaser Mills Law’s commercial recoveries team is internationally 

recognised, regularly advising large corporations, multinationals 

and SMEs on pre-legal collections, debt recovery, commercial 

litigation, dispute resolution and insolvency. Our legal services 

are both cost-effective and highly efficient; Our lawyers are also 

CICM qualified and ranked in the industry leading law firm rankings 

publications, Legal 500 and Chambers UK. 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

Celebrating its 20th year in business, CoCredo has extensive 

experience in providing online company credit reports and 

related business information within the UK and overseas. In 2014 

and 2019 we were honoured to be awarded Credit Information 

Provider of the Year at the British Credit Awards and have been 

finalists every other year. Our company data is continually updated 

throughout the day and ensures customers have the most current 

information available. We aggregate data from a range of leading 

providers across over 235 territories and offer a range of services 

including the industry first Dual Report, Monitoring, XML Integration 

and DNA Portfolio Management. 

We pride ourselves in offering award-winning customer service and 

support to protect your business. 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

experienced in collecting B2B and B2C debts. Our service includes: 

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

• 24/7 online access to your cases through our CaseManager portal 

• Direct online account-to-account payments, to speed up 

collections and minimise costs 

If you are unable to locate your customer, we also offer a no trace, no 

fee, trace and collect service. 

For more information, visit: www.guildways.com 

COLLECTIONS (INTERNATIONAL) 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

debt collection and recovery, Lovetts Solicitors collects £40m+ 

every year on behalf of our clients. Services include: 

• Letters Before Action (LBA) from £1.50 + VAT (successful in 86% 

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

• 24/7 access to your cases via our in-house software solution, 

CaseManager 

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

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

Company Watch 

Centurion House, 37 Jewry Street, 

LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

Organisations around the world rely on Company Watch’s 

industry-leading financial analytics to drive their credit risk 

processes. Our financial risk modelling and ability to map medium 

to long-term risk as well as short-term credit risk set us apart 

from other credit reference agencies. 

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

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

to developing analytics on our customers’ in-house data. 

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

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

providing actionable intelligence in an uncertain world. 

CONSULTANCY 

Atradius Collections Ltd 

3 Harbour Drive, 

Capital Waterside, Cardiff, CF10 4WZ 

Phone: +44 (0)29 20824397 

Mobile: +44 (0)7767 865821 

E-mail:yvette.gray@atradius.com 

Website: atradiuscollections.com 

Atradius Collections Ltd is an established specialist in business 

to business collections. As the collections division of the Atradius 

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

knowledge and reputation. 

Annually handling more than 110,000 cases and recovering over 

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

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

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

of maintaining customer relationships whilst efficiently and 

effectively collecting monies owed. 

The individual nature of our clients’ customer relationships is 

reflected in the customer focus we provide, structuring our service 

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

provide them with a collection strategy that echoes their business 

character, trading patterns and budget. 

For further information contact Yvette Gray Country Director, UK 

and Ireland. 

Chris Sanders Consulting 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Chris Sanders Consulting – we are a different sort of consulting 

firm, made up of a network of independent experienced 

operational credit & collections management and invoicing 

professionals, with specialisms in cross industry best practice 

advisory, assessment, interim management, leadership, 

workshops and training to help your team and organisation 

reach their full potential in credit and collections management. 

We are proud to be Corporate Partners of the Chartered Institute 

of Credit Management. For more information please contact: 

enquiries@chrissandersconsulting.com 

identeco – Business Support Toolkit 

Compass House, Waterside, Hanbury Road, Bromsgrove, 

Worcestershire B60 4FD 

Telephone: 01527 386 607 

Email: info@identeco.co.uk 

Web: www.identeco.co.uk 

identeco Business Support Toolkit provides company details 

and financial reporting for over 4m UK companies and 

business. Subscribers can view company financial health and 

payment behaviour, credit ratings, shareholder and director 

structures, detrimental data. In addition, subscribers can also 

download unlimited B2B marketing and acquisition reports. 

Annual subscription is only £79.95. Other services available 

to subscribers include AML and KYC reports, pre-litigation 

screening, trace services and data appending, as well as many 

others. 


Paladin Commercial would like to congratulate 

Biffa Waste Services Ltd 

as winners of 

Shared Service provider of the Year 

At the CICM British Credit Awards 2022 

www.paladincommercial.co.uk 

Outsourcing|Collections|Litigation 

Contact: sales@paladincommercial.co.uk 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

CREDIT MANAGEMENT SOFTWARE 

CREDIT MANAGEMENT SOFTWARE 

ENFORCEMENT 

HighRadius 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

HighRadius provides a cloud-based Integrated Receivable 

Platform, powered by machine learning and AI. Our Technology 

empowers enterprise organisations to reduce cycle time in the 

order-to-cash process and increase working capital availability by 

automating receivables and payments processes across credit, 

electronic billing and payment processing, cash application, 

deductions, and collections. 

Tinubu Square UK 

Holland House, 4 Bury Street, 

London EC3A 5AW 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com 

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

of the Credit Insurance, Surety and Trade Finance digital 

transformation. 

Tinubu Square enables organizations across the world to 

significantly reduce their exposure to risk and their financial, 

operational and technical costs with best-in-class technology 

solutions and services. Tinubu Square provides SaaS solutions 

and services to different businesses including credit insurers, 

receivables financing organizations and multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 

countries worldwide and has a global presence with offices in 

Paris, London, New York, Montreal and Singapore. 

Credica Ltd 

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

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk 

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

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

• To provide meaningful analysis of your business 

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

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

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

our ‘no nonsense’ and human approach to computer software. 

Data Interconnect Ltd 

45-50 Shrivenham Hundred Business Park, 

Majors Road, Watchfield. Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

We are dedicated to helping finance teams take the cost, 

complexity and compliance issues out of Accounts Receivable 

processes. Corrivo is our reliable, easy-to-use SaaS platform 

for the continuous improvement of AR metrics and KPIs in a 

user-friendly interface. Credit Controllers can manage more 

accounts with better results and customers can self-serve on 

mobile-responsive portals where they can query, pay, download 

and view invoices and related documentation e.g. Proofs of 

Delivery Corrivo is the only AR platform with integrated invoice 

finance options for both buyer and supplier that flexes credit 

terms without degrading DSO. Call for a demo. 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

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

W: www.esker.co.uk LinkedIn: Esker – Northern Europe 

Twitter: @EskerNEurope blog.esker.co.uk 

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

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

allocation, Esker automates each step of the order-to-cash cycle. 

Esker’s automated AR system helps companies modernise 

without replacing their core billing and collections processes. By 

simply automating what should be automated, customers get the 

post-sale experience they deserve and your team gets the tools 

they need. 

SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

E: r.hammons@serrala.com W: www.serrala.com 

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations 

seeking efficient cash visibility and secure financial processes. 

As an SAP Partner, Serrala supports over 3,500 companies 

worldwide. With more than 30 years of experience and 

thousands of successful customer projects, including solutions 

for the entire order-to-cash process, Serrala provides credit 

managers and receivables professionals with the solutions they 

need to successfully protect their business against credit risk 

exposure and bad debt loss. 

FOR 

ADVERTISING 

INFORMATION 

OPTIONS AND 

PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 

VISMA | ONGUARD 

T: 020 3966 8324 

E: edan.milner@onguard.com 

W: www.onguard.com 

VISMA | Onguard is a specialist in credit management software 

and market leader in innovative solutions for order-to-cash. Our 

integrated platform ensures an optimal connection of all processes 

in the order-to-cash chain. This enhanced visibility with the secure 

sharing of critical data ensures optimal connection between all 

processes in the order-to-cash chain, resulting in stronger, longerlasting 

customer relationships through improved and personalised 

communication. The VISMA | Onguard platform is used for 

successful credit management in more than 70 countries. 

Court Enforcement Services 

Wayne Whitford – Director 

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

E : wayne@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

we have managed over 100,000 High Court Writs and recovered 

more than £187 million for our clients, all debt fairly collected. We 

help lawyers and creditors across all sectors to recover unpaid 

CCJ’s sooner rather than later. We achieve 39% early engagement 

resulting in market-leading recovery rates. Our multi-awardwinning 

technology provides real-time reporting 24/7. We work in 

close partnership to expertly resolve matters with a fast, fair and 

personable approach. We work hard to achieve the best results 

and protect your reputation. 

High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor 

Edmund Street, Liverpool 

L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

owned, which allows us to manage our business in a way that 

puts our clients first. Clients trust us to deliver and service is 

paramount. We cover all aspects of enforcement – writs of control, 

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

FINANCIAL PR 

Gravity Global 

Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB 

T: +44(0)207 330 8888. E: sfeast@gravityglobal.com 

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

building long-term relationships with some of the industry’s bestknown 

brands working on often challenging briefs. As the partner 

agency for the Credit Services Association (CSA) for the past 22 

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

and what works and what doesn’t in supporting its clients in the 

media and beyond. 

Cr£ditWho? 



Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

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

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

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

members and we only have pre-approved Partners, so you will 

never intentionally be sold to. 

PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

American Express is working in partnership with the CICM and is a 

globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

• Accelerate cashflow • Improved DSO • Reduce risk 

• Offer extended terms to customers 

• Provide an additional line of bank independent credit to drive 

growth • Create competitive advantage with your customers 

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

American Express is working with credit managers to drive growth 

within businesses of all sectors. By creating an additional lever 

to help support supplier/client relationships American Express is 

proud to be an innovator in the business payments space. 

RECRUITMENT 

Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

it. Whatever your needs, we have temporary, permanent and 

contract based opportunities to find your ideal role. Our candidate 

registration process is unrivalled, including face-to-face screening 

interviews and a credit control skills test developed exclusively for 

Hays by the CICM. We offer CICM members a priority service and 

can provide advice across a wide spectrum of job search and 

recruitment issues. 

INSOLVENCY 

Menzies 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

Our Creditor Services team can advise on the best way for you 

to protect your position when one of your debtors enters, or 

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor Services 

team can assist, please contact Bethan Evans, Licensed 

Insolvency Practitioner, at bevans@menzies.co.uk or call 

+44 (0)2920 447 512. 

LEGAL 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

Tel: 03700 86 3000 W: www.shoosmiths.co.uk 

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

as possible. We have an in depth knowledge of all areas of debt 

recovery, including: 

•Pre-litigation services to effect early recovery and keep costs 

down 

•Litigation service 

•Post-litigation services including enforcement 

•Insolvency 

As a client of Shoosmiths, you will find us quick to relate to your 

goals, and adept at advising you on the most effective way of 

achieving them. 

Cr£ditWho? 


Bottomline Technologies 

115 Chatham Street, Reading 

Berks RG1 7JX | UK 

T: 0870 081 8250 E: emea-info@bottomline.com 

W: www.bottomline.com/uk 

Bottomline Technologies (NASDAQ: EPAY) helps businesses 

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

domestic and international payments, effective cash management 

tools, automated workflows for payment processing and bill 

review and state of the art fraud detection, behavioural analytics 

and regulatory compliance. Businesses around the world depend 

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

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

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

by making complex business payments simple, secure and 

seamless. 

Key IVR 

T: +44 (0) 1302 513 000 E: sales@keyivr.com 

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of 

Credit Management’s Corporate partnership scheme. The 

CICM is a recognised and trusted professional entity within 

credit management and a perfect partner for Key IVR. We are 

delighted to be providing our services to the CICM to assist with 

their membership collection activities. Key IVR provides a suite 

of products to assist companies across the globe with credit 

management. Our service is based around giving the end-user 

the means to make a payment when and how they choose. Using 

automated collection methods, such as a secure telephone 

payment line (IVR), web and SMS allows companies to free up 

valuable staff time away from typical debt collection. 

YayPay by Quadient 

T: + 44 (0) 7465 423 538 

E: r.harash@quadient.com 

W: www.yaypay.com 

YayPay by Quadient makes it easy for B2B finance teams to stay 

ahead of accounts receivable and get paid faster – from anywhere. 

Integrating with your existing ERP, CRM, accounting and billing 

systems, YayPay organizes and presents real-time data through 

meaningful, cloud-based dashboards. These increase visibility 

across your AR portfolio and provide your team with a single 

source of truth, so they can access the information they need to 

work productively, no matter where they are based. 

Automated capabilities improve team efficiency by 3X and 

accelerate the collections process by making communications 

customizable and consistent. This enables you to collect cash 

up to 34 percent faster and removes the need to add additional 

resources as your business grows. 

Predictive analytics provide insight into future payer behavior to 

improve cash flow management and a secure, online payment 

portal enables customers to access their accounts and pay at any 

time, from anywhere. 


PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

1 Finsbury Square, London. EC2A 1AE 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

Portfolio Credit Control, a 5* Trustpilot rated agency, solely 

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

including remote workers. Part of The Portfolio Group, an awardwinning 

Recruiter, we speak to Credit Controllers every day and 

understand their skills meaning we are perfectly placed to provide 

your business with talented Credit Control professionals. Offering 

a highly tailored approach to recruitment, we use a hybrid of faceto-face 

and remote briefings, interviews and feedback options. 

We provide both candidates & clients with a commitment to deliver 

that will exceed your expectations every single time. 

FOR 

ADVERTISING 

INFORMATION 

OPTIONS AND 

PRICING CONTACT 

paul@centuryone.uk 

01727 739 196

View our digital version online at www.cicm.com 

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

‘Credit Management magazine’ 

Just another great reason to be a member 

Credit Management is distributed to the entire UK and international 

CICM membership, as well as additional subscribers 

Brave | Curious | Resilient 

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com 


Fill your vacancy or find your next career 

move at www.portfoliocreditcontrol.com 

RECRUITING FROM 

YOUR OFFICE... 

Portfolio Credit Control, part of 

the Portfolio Group, are proud 

to be the only true specialist 

Credit Control recruitment 

agency in the UK. 

...OR 

REMOTELY 

Specialising in solely recruiting for Credit 

Controllers and Credit professionals since 

2008. We place permanent, temporary and 

contract credit professionals at all levels. 

Our expert market knowledge & industry 

experience is trusted by SME’s through 

to Global Blue Chip businesses including 

FTSE 100 companies across the UK for all 

their Credit Control hiring needs. 

We recruit for: Credit Manager / Head of Credit Control; (Senior) 

Credit Controller / Team Leader / Supervisor; Credit and Billing 

Manager; Sales Ledger / Accounts Receivable (Manager); 

Credit Analyst. 

Contact us to hire 

the best Credit Control talent 

Scan with your phone to fill your vacancy or find your 

next career move at www.portfoliocreditcontrol.com 

Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move! 

LONDON 020 7650 3199 

1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE 

MANCHESTER 0161 836 9949 

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB 

www.portfoliocreditcontrol.com 

recruitment@portfoliocreditcontrol.com 

theportfoliogroup 

portfolio-credit-control 

portfoliocredit 

Rated as Excellent

Credit Management May 2022

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?