Credit Management October 2022




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CM<br />

OCTOBER <strong>2022</strong> £12.50<br />




DREAMS<br />

A chance to imagine<br />

a brave new world.<br />

How will the Cost-of-Living<br />

crisis impact fraud? Page 9<br />

What does the CICM Think Tank<br />

make of a world in crisis? Page 22

OCTOBER <strong>2022</strong><br />

www.cicm.com<br />

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46<br />


Simona Scarpaleggia<br />

42<br />


David Andrews<br />


22<br />


Sean Feast FCICM<br />

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

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

Larry Coltman FCICM / Neil Jinks FCICM / Allan Poole MCICM<br />

Advisory Council: Caroline Asquith-Turnbull FCICM / Laurie Beagle FCICM / Glen Bullivant FCICM /Brendan Clarkson FCICM<br />

Larry Coltman FCICM / Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad) / Andrew Hignett MCICM(Grad)<br />

Dave Hindle FCICM / Laural Jefferies FCICM / Neil Jinks FCICM / Martin Kirby FCICM / Charles Mayhew FCICM / Hans Meijer<br />

FCICM / Debbie Nolan FCICM(Grad) / Amanda Phelan MCICM(Grad) / Allan Poole MCICM / Phil Rice FCICM / Phil Roberts FCICM<br />

Chris Sanders FCICM / Paula Swain FCICM / Mark Taylor MCICM / Atul Vadher FCICM(Grad)<br />

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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

10<br />


Sean Feast FCICM<br />



How will the Cost-of-Living crisis impact<br />

fraud?<br />

10 – MONEY TALKS<br />

A Guide to the UK Government’s Funding<br />

of EV Charging and a chance to imagine a<br />

brave new world.<br />

16 – SILVER LINING<br />

Argentina derives its name from the Latin<br />

for Silver. But are there rich pickings for<br />

UK businesses?<br />

22 – THINK BIG<br />

What does the CICM Think Tank make of a<br />

world in crisis?<br />

34 – DEAL BREAKERS<br />

What do you need to know about the UK’s<br />

new National Security regime:<br />


Is your house safe from Nuclear attack?<br />


Tackling unconscious bias by ‘un-biasing’<br />

processes.<br />


How one credit controller who decided<br />

against a teaching career, became a<br />

mentor to her credit team.<br />

Publisher<br />

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

1 Accent Park, Bakewell Road, Orton Southgate,<br />

Peterborough PE2 6XS<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

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

Laura Rhodes, Sam Wilson and Mona Yazdanparast<br />

Advertising<br />

Paul Heitzman<br />

Telephone: 01727 739 196<br />

Email: paul@centuryone.uk<br />

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<strong>2022</strong> subscriptions<br />

UK: £112 per annum<br />

International: £145 per annum<br />

Single copies: £12.50<br />

ISSN 0265-2099<br />

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UK and international markets. These services include worldwide Sanction & PEP<br />

screening, daily monitoring, email alerts and Automated Enhanced Due Diligence.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 3


Sean Feast FCICM<br />

Managing Editor<br />

A Royal send off<br />

AS an Institute, justifiably<br />

proud of our Royal<br />

Charter, it is impossible to<br />

write a column this month<br />

without mentioning the<br />

death of Her Majesty the<br />

Queen. It is similarly impossible to do so<br />

in such a way that pays worthy tribute to<br />

such an exceptional person.<br />

All of us, I am sure, will have some fond<br />

memory of the Queen, either because we<br />

have been lucky enough to meet her or be in<br />

her orbit, albeit briefly, or simply because<br />

we are of a generation that remembers<br />

Jubilees and other celebrations, and the<br />

colourful notepads and pencils given to<br />

every schoolchild to commemorate each<br />

event.<br />

My earliest memory is of a rugby match<br />

played in the grounds of the Windsor<br />

estate almost 50 years ago when I was<br />

about seven. Minding my own business at<br />

the furthest end of the three-quarter line<br />

(I was a lightning fast winger and nothing<br />

ever got past me; at least in my dreams), I<br />

spied out of the corner of my eye a small<br />

lady on horseback, with a long beige<br />

coat and riding hat, with another rider<br />

alongside, and a Range Rover following<br />

discretely perhaps 25m behind. It was Her<br />

Majesty out for her daily ride, her love of<br />

horses widely known.<br />

Needless to say, I was looking completely<br />

the wrong way at the precise moment the<br />

ball finally drifted in my general direction<br />

(the centres were a selfish bunch), but<br />

after the initial shouting and protestations<br />

at my general incompetence (and a<br />

forward pass signalled by the ref, much to<br />

my amusement), the game seemed to stop<br />

as the other players looked to see where I<br />

was pointing. It’s a small and silly story in<br />

many ways, but in others it demonstrates<br />

the utter fascination and magnetism she<br />

held, and the impact on all of us young<br />

and old.<br />

Perhaps the monarchy is an anachronism,<br />

especially today. Perhaps it does need to<br />

change, and the former members of the<br />

‘imperial family’ are probably right to<br />

question its relevance in the modern era.<br />

But regardless of your views, even if you<br />

don’t respect the monarchy you can at least<br />

respect the person, and Her Majesty’s life<br />

was one of selfless and devoted service; the<br />

like of which we will never see again.<br />

CMNEWS<br />

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

world of consumer and commercial credit.<br />

Vulnerability Index shows consumers<br />

borrowing from necessity not choice<br />

HOUSEHOLDS are<br />

increasing their<br />

borrowing despite<br />

interest rate rises to<br />

meet the inflated cost of<br />

food and energy bills.<br />

Data from Lowell and the Urban<br />

Institute’s Financial Vulnerability<br />

Index (FVI) suggests that consumers<br />

are now borrowing out of necessity,<br />

rather than choice, and warns that<br />

with the energy price cap set to<br />

increase again in <strong>October</strong> and inflation<br />

predicted to hit 18.6 percent next<br />

year, households could be pushed to<br />

breaking point.<br />

John Pears, UK CEO at Lowell,<br />

says consumers need urgent help in<br />

reducing their costs: “The cost of living<br />

is increasing across the board and<br />

households are having to fork out more<br />

money to pay for essentials like food<br />

and bills. With the rising cost of living<br />

stretching budgets to their limit, people<br />

are turning to credit more and more.<br />

“For many now, a single income<br />

shock can be enough to push a<br />

household into problem debt. People<br />

need help, and the new government<br />

needs to take action to ensure<br />

households, especially the lowest<br />

incomes, get the support they need.<br />

With the recent changes to the price<br />

cap, bringing energy bills down has to<br />

be the priority. This needs to be at the<br />

PHILLIPS & Cohen Associates, a<br />

global leader in deceased account<br />

management and debt settlement<br />

servicing, has appointed Janneen<br />

Jackson to lead the latest of PCA’s<br />

technology launches, The Debt<br />

Settlement Registry (powered by<br />

SettleNOW).<br />

PCA’s proprietary platform, The<br />

Written by – Sean Feast FCICM<br />

top of the agenda.”<br />

Signe-Mary McKernan, Vice<br />

President at the Urban Institute,<br />

believes that while the share of adults<br />

claiming social benefits and using<br />

high-cost loans has declined, families<br />

are likely using credit to keep up with<br />

the increased cost of living: “Financial<br />

vulnerability is currently lower, but<br />

looking ahead, there are concerning<br />

signs that families in the UK may be<br />

balancing on the edge of a financial<br />

cliff,” she says.<br />

The new figures show that at 53<br />

percent, credit usage in Q2 <strong>2022</strong> was<br />

the highest it has been since the early<br />

months of the pandemic (Q1 2020).<br />

Consumer defaults are on the rise<br />

again, reversing the post-pandemic<br />

downward trend, and are up seven<br />

percent on the start of the Index.<br />

Payday lending continues to fall,<br />

suggesting that the doorstep lending<br />

industry is in a long-term decline as<br />

a result of regulatory interventions in<br />

the high-cost loans market. The share<br />

of adults with high-cost loans dropped<br />

from 14 percent (Q3 2021) to 11 percent<br />

(Q2 <strong>2022</strong>).<br />

The Financial Vulnerability Index<br />

uses proprietary Lowell data (from its<br />

9.5m Lowell UK customer accounts)<br />

and publicly available data to measure<br />

household financial vulnerability<br />

across the UK.<br />

PCA appoints new lead for<br />

Debt Settlement Registry roll out<br />

Debt Settlement Registry (DSR) is<br />

described as providing creditors and<br />

debt settlement agencies (DSA’s) with<br />

access to streamlined and strategic<br />

oversight of consistently growing<br />

debt settlement portfolios. Powered<br />

by SettleNOW, PCA’s settlement offer<br />

strategy engine, the DSR is currently<br />

integrated with 150+ DSA’s and top<br />

industry payment platforms. Using<br />

real-time business intelligence<br />

through Tableau, The DSR enhances<br />

and streamlines the end-to-end debt<br />

settlement process including offers,<br />

payments, and letters.<br />

Prior to joining PCA, Janneen served<br />

as VP of Operations and VP of Business<br />

Relationships at Americor.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 4 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 5


Law firm claims Bounce Back Loan<br />

fraud reveals ‘real inadequacies’ in<br />

Banking processes<br />

ONLY 15 percent of The Bounce Bank<br />

Loan Scheme (BBLS) fraud has<br />

been investigated by the National<br />

Investigation Service in the past<br />

two years, and ‘real inadequacies’ in<br />

Banking processes and controls have left the<br />

country with little chance of recovering lost<br />

money.<br />

The Bounce Bank Loan Scheme, common<br />

to other COVID related support schemes, was<br />

heavily targeted by fraudsters. It was argued<br />

by the previous Government that it was better<br />

to issue funds to businesses through the BBLS<br />

than to subject applicants to more stringent<br />

fraud checks.<br />

Data released by the Department of<br />

Business, Energy & Industrial Strategy has<br />

confirmed that The National Investigation<br />

Service has, in the two years since September<br />

2020, only opened investigations into £160m in<br />

BBLS fraud, whilst £1.1bn in BBLS is suspected<br />

to be fraudulent.<br />

Sam Tate, White Collar Crime Partner at RPC,<br />

the international law firm says that he expects<br />

this figure of £1.1bn in reported BBLS fraud to<br />

increase over time.<br />

Under BBLS £46.6bn was distributed to 1.6m<br />

recipients. While there is some variation across<br />

financial institutions as to the proportion of<br />

defaulted loans comprising suspected fraud,<br />

again, these figures are expected to rise as<br />

internal investigations continue.<br />

While lenders have reported preventing over<br />

£2.2bn of fraudulent applications, it remains<br />

unclear as to the total amount of fraudulent<br />

funds being successfully recovered.<br />

“What this shows is not only the huge<br />

ONS data shows parents twice as likely to have<br />

borrowed more and to be behind on bills<br />

THE Office for National Statistics<br />

(ONS) has published an article on<br />

parenting and spending that shows<br />

parents are bearing the brunt of the<br />

cost-of-living crisis.<br />

Sarah Coles, senior personal finance<br />

analyst, Hargreaves Lansdown, says<br />

that around two in five parents are<br />

spending less on groceries, and two<br />

thirds are cutting back on nonessentials:<br />

“Despite this, they’re twice<br />

as likely to have run up more debts to<br />

cover rising costs, and twice as likely<br />

amount of fraud perpetrated during lockdown<br />

but also real inadequacies in systems and<br />

controls at many banks, as previously<br />

identified in FCA enforcement activity,” Sam<br />

says.<br />

“Where the banks seem to have fallen down<br />

is in not adapting and implementing antimoney<br />

laundering and fraud checks quickly<br />

enough. Now we are left with a mess and there<br />

is little chance of recovering lost money.<br />

“Next time the Government needs to be<br />

quicker to use all of the resources, including<br />

those of the private sector to stop and pursue<br />

this fraud at the earliest point.”<br />

Sam claims that the more egregious<br />

and coordinated the fraud, the lesser<br />

likelihood of recovery, as many of the<br />

fraudsters reside abroad and are members<br />

of online criminal gangs: “To really tackle<br />

the industrial scale of fraud we now<br />

see, we need a coordinated approach,”<br />

he continues. “This must include<br />

authorities in financial centres such as<br />

Dubai around e-payments and the<br />

increasing the use of crypto to hide<br />

ownership.<br />

“It is also of deep concern that the<br />

replacement to Action Fraud, which<br />

the Government has deemed is not fit for<br />

purpose, is not being put in place until some<br />

point during 2024. As Rob Jones, the Director<br />

of the NECC (National Economic Crime<br />

Council) said recently in relation to fraud, the<br />

current response is ‘just not good enough.’ It<br />

remains to be seen if sufficient funding will be<br />

put in place to deal with fraud. If not, we will<br />

continue to see exponential growth.”<br />

to be behind on their energy bills,” she<br />

says.<br />

The HL Savings & Resilience<br />

Barometer, produced with Oxford<br />

Economics, found last month that<br />

when compared to non-parents at the<br />

same income level, parents are less<br />

resilient in almost every area. Those<br />

on average incomes are roughly half<br />

as likely to have enough cash left over<br />

at the end of the month (25 percent vs<br />

52 percent) or enough in savings (38<br />

percent v 71 percent).<br />

The Barometer also found that<br />

parents face an incredibly difficult<br />

12 months ahead. For the average<br />

earner, the proportion with enough in<br />

savings will plummet from 64 percent<br />

to 28 percent and those with enough<br />

cash left at the end of the month<br />

will drop from 25 percent to just one<br />

percent. For parents on the lowest<br />

incomes the position looks incredibly<br />

worrying, because none of them will<br />

have enough surplus cash, and just 13<br />

percent will have enough in savings.<br />




CICM to Develop and Teach<br />

HCEOA Accreditations<br />

THE High Court Enforcement Officers<br />

Association (HCEOA) is making it<br />

easier for aspiring enforcement<br />

officers to learn on the job whilst<br />

receiving an Ofqual regulated<br />

qualification.<br />

As part of a new deal with the<br />

HCEOA, the CICM will assess and<br />

revamp the Level 4 diploma and<br />

all learning materials utilised, as<br />

well as creating a new certificate<br />

for the practical experience<br />

required to become a High<br />

Court Enforcement Officer.<br />

As part of the new<br />

programme, the HCEOA<br />

is seeking to attract a raft<br />

of new candidates, many<br />

of who, it is hoped, will<br />

be younger applicants<br />

looking to make the move<br />

to the industry or widen<br />

their existing skillsets. One<br />

sector the HCEOA is keen to<br />

penetrate is the existing pool<br />

of lawyers working within<br />

the credit industry and often<br />

working side-by-side with<br />

debt collection agencies and<br />

HCEO’s.<br />

Chris Badger, HCEOA board<br />

member and Chair of the<br />

HCEOA Education Committee,<br />

said: “Thanks to the<br />

partnership we can now<br />

ensure all our learners<br />

THIS is currently at an all-time high with<br />

over 40 percent of the balance being paid<br />

each month and has risen by 10 percent<br />

since just 2021, again because many<br />

consumers have more savings they<br />

can tap into. This percentage has been<br />

increasing steadily over the past few<br />

years but back when the financial crisis<br />

hit, around 25 percent of the balance was<br />

being paid each month.<br />

Over the next few months, it is<br />

expected that this percentage will drop,<br />

and this will affect average credit card<br />

balances. Will the practices necessary to<br />

manage persistent indebtedness cause<br />

a false impression if more customers are<br />

forced towards minimum payments and<br />

are therefore moved out of cards to other<br />

products, or migrate to using ‘Buy Now<br />

Pay Later’?<br />

are getting the best learning materials<br />

available as well as regulating the<br />

practical experience as part of their<br />

journey to becoming High Court<br />

Enforcement Officers.<br />

“In addition, we now have the<br />

opportunity to recruit new officers<br />

outside of our existing pool of talent,<br />

to encourage a new generation<br />

of HCEOs to join the profession<br />

and encourage others already<br />

working in credit to widen<br />

their skills.”<br />

As well as welcome<br />

new students, the CICM<br />

along with the HCEOA<br />

will migrate all existing<br />

students studying with<br />

the HCEOA onto the<br />

new programme once<br />

complete to ensure a smooth<br />

transition and no loss of time<br />

or opportunity.<br />

❝<br />

“Thanks to the partnership we can<br />

now ensure all our learners are<br />

getting the best learning materials<br />

available.’’<br />

❝<br />


BEFORE the financial crisis of 2008-2009,<br />

average spend had been rising with the<br />

same increasing trend seen before the<br />

pandemic hit. During 2008-2009 and in<br />

the first year of the pandemic, spend<br />

dropped with a higher decrease during<br />

the pandemic because of the lockdowns.<br />

Increased savings and the relaxation<br />

of restrictions resulted in a steep<br />

increase in spend between 2021-<strong>2022</strong><br />

but if we look back to 2009, this uptick<br />

in spend was also seen and continued<br />

up until 2012. At this point, regulations<br />

were being implemented giving the<br />

consumer more ‘rights’ and improved<br />

customer control. This impacted credit<br />

card limits as issuers were not allowed<br />

to automatically increase a customer’s<br />

credit limit but had to offer the increase,<br />

and greater emphasis was placed on<br />

whether the customer could afford this<br />

increase to their limit.<br />

> CICMQ<br />

NEWS<br />

Wesco Anixter’s<br />

successful assessment<br />

THE Wesco Anixter credit team<br />

met in person for the first time in<br />

two years for their annual credit<br />

meeting at their Sheffield offices in<br />

August. CICM Head of Accreditation,<br />

Karen Tuffs FCICM(Grad) joined Lisa<br />

Humphries MCICM, Regional <strong>Credit</strong><br />

Manager and the team to present<br />

Wesco Anixter’s third CICMQ reaccreditation<br />

having first securing<br />

the credit and collections industry’s<br />

flagship best practice award in 2014.<br />

Wesco Anixter’s successful<br />

assessment was completed in<br />

December 2021 against the backdrop<br />

of the pandemic and preparations<br />

for the Wesco Anixter merger,<br />

completed in June <strong>2022</strong>. Colleagues<br />

from Sheffield, Manchester,<br />

Bracknell and Dublin enjoyed an<br />

action packed three days, working<br />

on their credit roadmap, receiving<br />

their CICMQ award and finishing<br />

with Jules Eames, FCICM(Grad)<br />

PGCE, CICMs Resource and Content<br />

Manager, delivering the CICM's <strong>Credit</strong><br />

Bootcamp training. Lisa and the team<br />

are clearly busy working on honing<br />

their best practice skills even further<br />

to go for a prestigious fifth award.<br />

Huge congratulations to Wesco<br />

Anixter<br />

CICMQ award<br />

presentation<br />

CICM’s Head of Accreditation,<br />

Karen Tuffs FCICM(Grad) met the<br />

Edrington-Beam Suntory UK team<br />

in a unique location for their CICMQ<br />

award presentation...in a bar!<br />

Anne Marie Valentini MCICM,<br />

<strong>Credit</strong> Manager, Neville Ross,<br />

Supply Chain and Finance Director,<br />

Laura Dickson, Financial Accounts<br />

Manager and members of the<br />

Finance, Supply Chain and Marketing<br />

teams gathered in the UK’s premier<br />

supplier of whiskies in their office in<br />

central Glasgow.<br />

Edrington secured its first CICMQ<br />

accreditation in March 2021 following<br />

Anne Marie’s arrival in 2018 when<br />

she set her sights on developing the<br />

team’s best practice in all things<br />

credit. The celebration held in the<br />

on-site bar (coffee refreshment only,<br />

it was 11.00am!) gave the team the<br />

official acknowledgement of the<br />

success they worked hard to earn.<br />

Sincere congratulations to Anne<br />

Marie and the team.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 6 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 7

RESEARCHERS at the Institute for<br />

Public Policy Research (IPPR) have<br />

reacted angrily to the Government’s<br />

emergency energy policy<br />

announcement and slammed the profits<br />

made by energy businesses as ‘morally<br />

indefensible’.<br />

Dr George Dibb, Head of the Centre<br />

for Economic Justice at IPPR, says that<br />

an expanded windfall tax is not only<br />

fair but essential to help pay for the<br />

new policy: “Freezing energy prices<br />

is necessary, but energy companies<br />

will still be making record profits and<br />

it is morally indefensible that these<br />

profits are underwritten by the state<br />

whilst households carry the burden and<br />

continue to struggle with high prices,”<br />

he says.<br />

“It is good to see the Prime Minister<br />

ditching the free-market rhetoric of<br />

the campaign and getting to grips<br />

with the scale of the emergency we<br />

face. Capping energy prices will keep<br />

inflation down and support household<br />

incomes, potentially holding off a<br />

damaging recession. But the PM must<br />

avoid combining it with costly and<br />

regressive tax cuts. This will waste<br />

the inflation-busting potential of price<br />

caps and will likely prompt the Bank of<br />

England to raise interest rates further<br />

still.”<br />

On the need to pivot to cheaper,<br />

cleaner and more secure energy sources<br />

Joshua Emden, IPPR senior research<br />

fellow, believes that reintroducing<br />

fracking and expanding oil and gas<br />

drilling is a waste of time and money<br />

and out of step with the public: “It will<br />

not only undermine our net-zero target,<br />

but there is much less economically<br />

viable gas than its proponents claim,” he<br />

says. “The so-called ‘treasure under our<br />

feet’ is actually fool’s gold.”<br />

“Freezing the price cap while cutting<br />

green levies is incredibly short-sighted<br />

and counterproductive. The kinds of<br />


IPPR claims scale of action<br />

on energy is laudable but<br />

‘morally indefensible’<br />

technologies these levies support like<br />

insulation for low-income housing and<br />

renewable generation are absolutely<br />

essential to cutting bills and getting the<br />

UK off gas. These technologies have<br />

never been the problem, they are the<br />

solution.”<br />

On the need for more targeted<br />

support for low-income families Rachel<br />

Statham, IPPR associate director for<br />

work and the welfare state, says there<br />

need to be more targeted support for<br />

low-income families: “Freezing the<br />

price cap at £2,500 will help scores<br />

of people across the country, but we<br />

must not forget that typical bills have<br />

already nearly doubled from <strong>October</strong><br />

last year, when they were set by the<br />

price cap at £1,277. Millions of people<br />

were struggling to pay their bills then<br />

and there are now many more for whom<br />

energy costs are simply unaffordable.<br />

“We urge the Government to deliver<br />

this support through the benefits<br />

system to ensure it is targeted, reliable,<br />

and sufficient to keep families afloat<br />

this winter.”<br />

Richard Lane, Director of External<br />

Affairs at StepChange Debt Charity<br />

agrees: “The relative relief that<br />

households will feel at the news that<br />

their immediate energy prices will be<br />

capped at current levels can’t mask<br />

the fact that many people are already<br />

struggling at current prices. For people<br />

managing debt, this will impact their<br />

ability to address their wider financial<br />

problems.<br />

“We urge the Government to ensure<br />

that for targeted households with the<br />

least financial resilience – at least those<br />

in receipt of means-tested benefits –<br />

there should be no future clawback<br />

of the support offered now. Benefits<br />

should also be uprated this Autumn to<br />

help address the wider cost of living<br />

pressures that are disproportionately<br />

affecting those on low incomes.”<br />

“The Chartered Institute of <strong>Credit</strong> <strong>Management</strong> is deeply<br />

saddened by the passing of her Majesty Queen Elizabeth II.<br />

The thoughts of everyone at CICM are with all the Royal<br />

Family at this time.’’<br />

>NEWS<br />

IN BRIEF<br />

Sitting comfortably<br />

LOWELL Group has appointed Clodagh<br />

Gunnigle as Non-Executive Director<br />

(NED) to the company’s UK board.<br />

As part of her role at Lowell, Clodagh<br />

will become Chair of the UK Audit<br />

and Risk Committee. Until recently,<br />

Clodagh was Group Chief Risk Officer<br />

at Arrow Global PLC. Prior to her role at<br />

Arrow she spent 13 years at GE Capital<br />

International, including as Chief<br />

<strong>Credit</strong> Officer. Clodagh is also a NED<br />

at Alpha Bank London, a private bank<br />

specialising in real estate investment,<br />

deposits, and investments to high-networth<br />

clients.<br />

Acquis appointment<br />

ACQUIS has appointed Richard Briscoe<br />

as Director, Business Development and<br />

General Manager of the Netherlands<br />

office. Joining from Close Finance CI,<br />

where he held the role of Managing<br />

Director, he has almost 20 years of<br />

leadership experience. As well as<br />

General Manager responsibilities for<br />

the Netherlands business, Briscoe<br />

will have a sales focus in the Benelux<br />

and Nordic regions, and will report<br />

into Chief Commercial Officer, James<br />

Rudolf.<br />

FIS to provide payment<br />

automation to members<br />

AS part of a new partnership with the<br />

CICM, payment fintech FIS will enable<br />

members to access its new GETPAID<br />

Solution to integrate automation into<br />

their order-to-cash (O2C) cycle.<br />

FIS built the web-based system as<br />

a way to help credit teams improve<br />

efficiencies in their O2C cycles using<br />

AI technology, whilst providing new<br />

levels of reporting and data analysis<br />

with cross border functionality in over<br />

50 countries across the globe.<br />

For members, the new tool will<br />

integrate with existing systems within<br />

their business and function in any<br />

active market thanks to cloud-based<br />

technology.<br />


Means to Deceive<br />

How will the Cost-of-Living crisis impact fraud?<br />

I<br />

am sure that I am preaching<br />

to the converted here but the<br />

current cost-of-living crisis is not<br />

just a personal crisis, it is also<br />

having a major impact across all<br />

businesses. Hardly a day goes<br />

by without some form of strike hitting<br />

the press and in the absence of a cap on<br />

energy prices for businesses, many of us<br />

are in for a tough winter.<br />

With supply chain disruptions and<br />

volatile markets, it is understandable<br />

that fraud may not be on the top of our<br />

minds right now, but we really do need to<br />

be prepared. The Association of Certified<br />

Fraud Examiners (ACFE) have estimated<br />

that organisations lose five percent of<br />

their revenue to fraud each year and this<br />

is money you can’t afford to lose in the<br />

current economic climate.<br />

There is a perfect storm happening<br />

when taking into consideration the COVID<br />

pandemic, changes to working practices<br />

and patterns, and the heightened cyber<br />

security risks due to the war in Ukraine.<br />

Times of crisis translate directly into<br />

times of opportunity for the fraudster. We<br />

have seen this during the pandemic with<br />

substantial frauds targeting government<br />

business support schemes and with<br />

increased phishing attacks targeting both<br />

businesses and individuals.<br />

Those who work directly in fraud<br />

risk management will be familiar with<br />

the fraud triangle, where the three<br />

edges are motivation, opportunity, and<br />

rationalisation. Eliminate any of these<br />

factors and fraud can’t occur. Motivation<br />

and rationalisation are already enhanced;<br />

the combination of high interest rates<br />

and soaring energy prices means that<br />

committing fraud may become more<br />

tempting for some. I would say that<br />

opportunities are also increasing; the shift<br />

to working from home has opened new<br />

risks and from the criminal’s perspective,<br />

developments in technology are making it<br />

easier to conduct fraud.<br />


I have always maintained that humans<br />

are the weakest link in the chain when it<br />

comes to managing fraud risk. When we<br />

are under pressure, either in our personal<br />

lives or within the work environment,<br />

we become more susceptible. A recent<br />

example is the case of Ramesh ‘Sunny’<br />

Balwani, a Silicon Valley executive who<br />

has been found guilty of deceiving<br />

investors.<br />

AUTHOR – Darren Hodder<br />

Over the last few years there has been<br />

a worrying trend for fraud via Authorised<br />

Push Payments. This is where the fraudster<br />

manages to persuade an individual to<br />

make a direct payment transfer from their<br />

bank account. It is often associated with<br />

impersonation of bank staff, romance<br />

scams and advance fee scams. Worryingly<br />

for businesses, there is an increasing<br />

trend for CEO impersonation. It can come<br />

via spoof emails, hijacked email accounts,<br />

but more recently via telephone calls<br />

making use of deepfake technologies.<br />

Anyone who has been watching the recent<br />

TV drama ‘The Capture’ will be familiar<br />

with an extreme version of this. Although<br />

it is a work of fiction and taken to an<br />

extreme, the tools and techniques are very<br />

real.<br />

❝<br />

According to Cifas,<br />

staff fraud is increasing<br />

and, more specifically,<br />

there is a rise in theft of<br />

IT equipment. This may<br />

be due to reduced controls<br />

to monitor staff who are<br />

working in a remote or<br />

hybrid environment. There<br />

have also been examples<br />

of staff exiting a business<br />

and not returning items<br />

provided to them.<br />

❝<br />

The latest annual fraud report from<br />

UK Finance makes for some pretty grim<br />

reading: authorised Push Payment fraud<br />

has now overtaken payment card fraud<br />

to become the biggest fraud type by<br />

financial loss and this is despite public<br />

awareness campaigns such as Take<br />

Five plus enhanced measures by the<br />

banks to validate the name of the payee<br />

(rather than accepting just a valid sort<br />

code and account number). Additionally,<br />

the CEO variation of the fraud is on the<br />

increase, and I expect this to continue.<br />

According to Abnormal Security, it<br />

would seem that criminals are not only<br />

impersonating CEOs but they are also<br />

impersonating vendors and suppliers.<br />

With so many types of deception and<br />

impersonation going on, it seems to<br />

me that we really must keep on top of<br />

education and awareness within our<br />

teams, especially those who have access to<br />

banking facilities and, of course, anyone<br />

within credit.<br />


Staff fraud can happen at any time but<br />

there is a danger that we could see an<br />

increase as a direct result of the cost-ofliving<br />

crisis. Employees may become<br />

disgruntled or they may feel self-justified<br />

as the effects of inflation take their<br />

toll. According to Cifas, staff fraud is<br />

increasing and, more specifically, there is<br />

a rise in theft of IT equipment. This may<br />

be due to reduced controls to monitor<br />

staff who are working in a remote or<br />

hybrid environment. There have also<br />

been examples of staff exiting a business<br />

and not returning items provided to them.<br />

If your organisation supports remote<br />

and hybrid working and has not<br />

undertaken a fraud risk review in recent<br />

times, then now may be a good time to do<br />

so. Although remote and hybrid working<br />

brings many advantages, it can bring<br />

unexpected consequences, not only in<br />

terms of fraud risk but also data protection<br />

and security in general.<br />


Whilst I have outlined many problems<br />

and challenges, there are some positive<br />

things happening within the counter<br />

fraud community. Within the Fraud<br />

Prevention Network, for example, we have<br />

a range of existing and new partners who<br />

can offer advice and specialist solutions<br />

and I am pleased that our forum has the<br />

full support and backing of the CICM.<br />

Through our quarterly meetings, our<br />

members share experiences and collaboratively<br />

we seek to work with specialists to<br />

help prevent fraud and raise awareness.<br />

The next meeting is scheduled for 17<br />

November. Forums International also<br />

publishes a regular Fraud Digest’ that<br />

highlights current trends, provides<br />

access to relevant reports, publications,<br />

and disseminates thought leadership<br />

blogs. Darren Hodder is Chair, Fraud<br />

Prevention Network at Forums<br />

International.<br />

darrenhodder@forumsinternational.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 8 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 9




A Guide to the UK Government’s Funding of EV Charging<br />

and a chance to imagine a brave new world.<br />

AUTHOR – Sean Feast FCICM<br />

AUTHOR – Sean Feast FCICM<br />

❝<br />

“Those responsible for delivering charging infrastructure need to have<br />

quite a detailed level of knowledge simply to know the right people – and the<br />

right questions – to ask to arrive at the solution they need.”<br />

THE transition to zero emission vehicles (ZEVs)<br />

is in full swing and will ultimately support<br />

the UK in achieving its agreed climate change<br />

targets. The arguments are already well-rehearsed<br />

and the benefits clear. Not only will<br />

it help improve air quality in the country’s<br />

towns and cities, but it will also support economic growth.<br />

With the sale of new petrol and diesel cars and vans to<br />

cease by 2030, and with all new cars and vans being fully<br />

zero emission ‘at the tailpipe’ from 2035, the missing part<br />

of the jigsaw is the infrastructure that will support the<br />

‘revolution’ the Government hopes to bring about.<br />

In its spending review of 2020, The Johnson Government<br />

committed an additional £620 million to support the<br />

transition to EVs by way of targeted grants with a particular<br />

emphasis on local on-street residential chargepoints and<br />

targeted plug-in vehicle grants. It brings the total committed<br />

to vehicle grants and infrastructure to £2.5 billion.<br />

The challenge, it seems, is therefore not the money, nor<br />

the appetite among the country’s leaders to bring about<br />

significant change. The challenge rests more in those<br />

responsible for delivering that change, which aside from the<br />

private sector falls predominantly among local authorities.<br />


The EV Infrastructure strategy is setting clear expectations<br />

for major stakeholders, making local authorities responsible<br />

for planning and implementation. It is local authorities who<br />

understand the transport needs of their local population<br />

and are therefore best placed to make the right decisions<br />

on what is needed and where for local people and local<br />

businesses.<br />

So what are the funding schemes available to those<br />

local authorities seeking to embrace the Government’s<br />

revolutionary mindset? How can they be accessed? And<br />

what are the qualifying criteria? In very simple terms, the<br />

available funding is broken down into four convenient<br />

schemes:<br />

• On-Street Residential Chargepoint Scheme<br />

• Workplace Charging Scheme<br />

• EV chargepoint grants for homes<br />

• Local EV Infrastructure Fund<br />


Residents who have no access to private, off-street parking<br />

are immediately challenged in their adoption of a new<br />

Electric Vehicle. It is for this reason that the Government<br />

has created the On-Street Residential Chargepoint Scheme<br />

(ORCS), a scheme that provides funding towards the capital<br />

costs of installing public charging infrastructure for<br />

residents without private parking. Available to all UK local<br />

authorities it supports installations both on-street and in<br />

local authority-owned residential car parks. In the financial<br />

year <strong>2022</strong> to 2023, £20 million is being made available<br />

through ORCS.<br />

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continues on page 12 >



AUTHOR – Sean Feast FCICM<br />

AUTHOR – Sean Feast FCICM<br />


The Workplace Charging Scheme (WCS) is<br />

a voucher-based scheme open to all local<br />

authorities that provides support towards the<br />

upfront costs of the purchase and installation<br />

of EV chargepoints that are dedicated to staff<br />

or fleet use. The scheme provides up to £350 for<br />

each chargepoint socket installed at a site, with<br />

applicants being able to receive up to 40 grants.<br />

In <strong>2022</strong>, the WCS will be opened to small<br />

accommodation businesses and the charity<br />

sector. The Government hopes this will help to<br />

accelerate EV uptake in rural areas and support<br />

the UK tourist industry. Additional help will<br />

also be provided to small and medium-sized<br />

enterprises to fund their staff or fleet carparks.<br />

With WCS, up to £350 per chargepoint is being<br />

made available up to a maximum of 40 grants<br />

(i.e a maximum of £14,000). A new fund, worth<br />

up to £15,000 per site, will similarly be created to<br />

boost the help Government gives SMEs to install<br />

chargepoints for their staff and fleets.<br />


To accelerate the provision of chargepoints<br />

in flats and rental accommodation, the Government<br />

launched the Electric Vehicle Homecharge<br />

Scheme (EVHS) so that authorities<br />

that own social housing will be able to apply to<br />

the EV chargepoint grant for landlords. This will<br />

provide grants of up to £350 towards the cost of<br />

purchasing and installing a chargepoint, with<br />

up to 200 grants a year available for each local<br />

authority (i.e. a maximum of £70,000 per local<br />

authority).<br />

Additional support will be available later<br />

in <strong>2022</strong> for local authorities to help install EV<br />

chargepoints in residential apartment block<br />

parking spaces. The EV chargepoint grant for<br />

residential carparks will provide grants of up<br />

to £30,000 towards the cost of installing EV<br />

chargepoints in such properties.<br />


(LEVI) FUND<br />

Arguably the most important of all of the<br />

support available to local authorities is the £450<br />

million Local EV Infrastructure (LEVI) Fund.<br />

The fund is designed to help local authorities<br />

leverage private sector investment into their<br />

local charging networks and create long-term,<br />

sustainable charging infrastructure solutions.<br />

While it is the most important, the fund is still<br />

largely experimental in nature, and subject to<br />

an initial £10 million pilot.<br />

To apply for the fund, the applicant must<br />

either be a local authority, or a partnership<br />

or consortium led by a local authority within<br />

England<br />

They must be planning an electric vehicle<br />

charging infrastructure project that supports<br />

the transition to EV use in a local area, with a<br />

particular focus on provision for those without<br />

off-street parking or will provide an improvement<br />

❝<br />

The work of<br />

electricity<br />

network<br />

operators to<br />

upgrade the<br />

electricity<br />

network along<br />

motorways and<br />

A-roads will be<br />

vital to the<br />

rollout of<br />

ultra-rapid<br />

chargepoints.<br />

❝<br />

in accessible EV charging provision that would<br />

not otherwise be met by current or planned<br />

EV chargepoint infrastructure. It must also<br />

demonstrate ‘innovation’ – which could be<br />

either ‘technical’ innovation or ‘commercial’<br />

innovation and smart thinking in how the<br />

project is delivered.<br />

Value for money<br />

Those applying must also be able to demonstrate<br />

how the project will be delivered successfully and<br />

the value for money the project offers, including<br />

how the project minimises taxpayer funding<br />

and maximises private sector investment.<br />

In terms of the technologies employed, the<br />

project must demonstrate a ‘fit for purpose’<br />

approach that includes: on-street slow and fast<br />

chargepoints; rapid chargepoints, if installed as<br />

part of a wider project that includes on-street<br />

slow and fast chargepoints; and solar canopies<br />

and battery storage. All new chargepoints must<br />

also have a minimum payment method (a nonproprietary<br />

and non-phone payment method,<br />

such as contactless) installed.<br />

Given the value of the pilot, it is expected that<br />

this will provide for anything up to eight new<br />

schemes to be trialled, with a particular focus on<br />

new Hubs to address the needs of those without<br />

off-street parking. Given the increasingly<br />

commercial nature of rapid charging,<br />

with an average of 100 new rapid chargers<br />

added to the UK network every month<br />

during 2021, it is not expected that rapidonly<br />

projects will be funded through the<br />

pilot.<br />

Eligible costs<br />

The LEVI funding does not simply include<br />

the purchase cost of the charging unit. It<br />

will also include wireless charging and<br />

other hardware costs associated with the<br />

installation, for example, gullies, solar<br />

canopies or battery storage. The fund<br />

will also cover the cost of associated electrical<br />

connection components including<br />

distribution network operator (DNO) connection<br />

costs, smart charging and vehicle<br />

to grid technology costs, alongside the<br />

cost of civil engineering works related to<br />

the installation. Labour costs would be included<br />

and, where applicable, the capital<br />

costs of a parking bay and traffic regulation<br />

orders (TROs) for example paint and<br />

signage<br />

Chargepoints and any associated<br />

infrastructure which is part of the project<br />

must be maintained for a minimum of<br />

seven years after installation.<br />


The £950 million Rapid Charging Fund<br />

is designed to ensure that there is an<br />

ultra rapid charging network along<br />

motorways and major A-roads ready to<br />

meet the long-term consumer demand<br />

for electric vehicle chargepoints ahead<br />

of need. It will be available to fund a<br />

portion of costs at strategic sites where<br />

upgrading connections to the electricity<br />

grid is prohibitively expensive and<br />

uncommercial.<br />

In the shorter term, Government is<br />

working with industry to ensure that<br />

every motorway service area in England<br />

has at least six ultra-rapid chargepoints<br />

by the end of 2023, including through the<br />

Green Recovery Scheme, which is providing<br />

network upgrades at over 50 service<br />

stations.<br />

The work of electricity network operators<br />

to upgrade the electricity network<br />

along motorways and A-roads will be<br />

vital to the rollout of ultra-rapid chargepoints.<br />

The Government is therefore encouraging<br />

local authorities to work positively<br />

and proactively with electricity<br />

network operators on all works related to<br />

this project.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 12 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 13<br />


The drive towards an electric future has<br />

steadily accelerated from being the stuff<br />

of imagination to one of reality. Over<br />

the last decade, the funding landscape<br />

has gradually evolved from one that was<br />

principally focused on seed funding to<br />

inspire and encourage innovation, through<br />

to one that features a ‘standard’ model of<br />

grants and subsidies, and that will also<br />

support consultancies in delivering bestin-class<br />

products and services to local<br />

authorities and, ultimately, the general<br />

public.<br />

Put simply, EV infrastructure funding<br />

that once sought to promote disruption,<br />

is now shifting to one that supports a<br />

more mature and established sector. And<br />

generally speaking, there is sufficient<br />

funding available to help the UK achieve<br />

its net zero target by 2050.<br />



That’s not to say that there aren’t challenges<br />

with the monies being made available<br />

currently, or how local authorities and<br />

other interested parties can ensure a fair<br />

slice of the pie in the future.<br />

The Local EV Infrastructure (LEVI)<br />

Fund, for example, which promises an<br />

eye-watering £450 million of investment<br />

in total is subject to a £10 million pilot<br />

with no absolute guarantee of success.<br />

One only has to think back to the issues<br />

presented by the original Charging<br />

Infrastructure Fund (CIF), and the<br />

challenges of funding being managed<br />

through public procurement, to see how<br />

a good idea in theory can be far from<br />

successful in practice.<br />

The premise of LEVI is specifically to<br />

help local authorities leverage private sector<br />

investment into their local charging<br />

networks and create long-term, sustainable<br />

charging infrastructure solutions.<br />

Some local authorities, however, are more<br />

experienced than others in knowing what<br />

‘good’ looks like, and it is important that<br />

those who are less experienced, but have<br />

an equal or even greater need, are somehow<br />

not left behind for want of professional<br />

advice and support.<br />

Anne Buckingham, Sales Director<br />

of SWARCO Smart Charging, says that<br />

funding should be distributed equally to<br />

give those with less experience or expertise<br />

the support they need to make the<br />

transition.” “It could be argued,” she says,<br />

“that those with less experience, or those<br />

representing less affluent communities,<br />

should receive a larger allocation of funds<br />

to ensure they can play their part in the<br />

Government’s wider ‘Levelling up’ agenda.<br />

continues on page 14 >


AUTHOR – Sean Feast FCICM<br />

“Similarly, it could be argued that future Government subsidies<br />

to private sector firms should not be universal. They should<br />

instead be allocated to projects that are not commercially viable<br />

through private investment alone, as these are typically in areas<br />

in desperate need of a charging infrastructure to support social<br />

mobility.”<br />


In all cases, Anne believes, upskilling is vital. She says that what<br />

is holding some local authorities back is not the lack of will, or<br />

even the lack of funding, but rather the understandable lack of<br />

knowledge and expertise. Not surprisingly, there are very few<br />

‘true’ experts out there, and this is a potential barrier to progress:<br />

“Those responsible for delivering charging infrastructure need<br />

to have quite a detailed level of knowledge simply to know the<br />

right people - and the right questions - to ask to arrive at the<br />

solution they need,” she adds.<br />

Some £50 million of the LEVI funding is being given over to<br />

‘resourcing’; the challenge for the industry will be to create some<br />

form of Foundation Course that gives specifiers the core skills<br />

they need to make informed decisions. Some are even suggesting<br />

that funding should be conditional on having completed such a<br />

course, since it demonstrates clear evidence of competence to<br />

be able to manage the future millions potentially coming their<br />

way.<br />

“While the Government is clearly on the right road, local<br />

authorities will need to act quickly if they want to take advantage<br />

of the Chancellor’s generosity,” Anne continues. “Funding is<br />

likely to be temporary, not permanent, and as with any maturing<br />

sector it will soon be expected to survive on its own, which is<br />

why attracting private sector investment is so important.”<br />

Understanding what is currently available, and how that feeds<br />

into future capex and a three-, five- or 10-year plan, is critical, as<br />

will be the need to understand the various commercial funding<br />

models being offered by private sector firms.<br />

“This may require a radical shift in mindset,” Anne adds.<br />

“Private sector investment often requires a length of contractual<br />

commitment that many in public procurement are not used to<br />

providing and will require them to move out of their comfort<br />

zone. Local authorities who have built strong relationships with<br />

their private sector colleagues will be the ones who reap the<br />

greatest rewards.”<br />

With the funding available, and private sector support, there<br />

is an opportunity to create real change. It is important, however,<br />

that the consumer is brought along on the journey, and comes<br />

willingly, because the positive benefits of being inconvenienced<br />

are clearly explained and articulated, and viable alternatives are<br />

available for them to make the switch.<br />

It is also about thinking differently and acting radically. Anne<br />

says that rather than simply replicating the petrol forecourt<br />

model, or being at the behest of the major fuel or energy<br />

providers, there is a real chance to deliver genuine societal<br />

benefit, to re-set as an industry, and create a fairer more<br />

equitable distribution of EV charging.<br />

“There is also the chance to create something that is not<br />

simply about installing chargepoints, but rather creating a<br />

new ecosystem to embrace all parts of the transport sector that<br />

improves air quality and ultimately supports improved health<br />

and wellbeing,” she concludes. It is perhaps a once in a lifetime<br />

opportunity.<br />

The author wishes to thank SWARCO Smart Charging for its<br />

assistance in putting this article together, and permission to<br />

quote from its new Guide. hellosmartcharging@swarco.com<br />

Fast<br />

Facts:<br />

The Government’s Office for Zero<br />

Emission Vehicles (OZEV) published<br />

figures in April <strong>2022</strong> to evidence its<br />

performance in supporting the roll-out<br />

of Electric Vehicle Charging at home, in<br />

the workplace, and on street.<br />

• Since September 2014, a total of 291,549 domestic<br />

charging devices have been installed under the<br />

various Government schemes, with a total grant<br />

value of £123.7 million.<br />

• In the last 12 months the number of EV Homecharge<br />

Scheme (EVHS) funded charging devices has<br />

increased by 121,001, corresponding to an additional<br />

£42.3 million in grant value.<br />

• In terms of workplace charging, since the scheme<br />

started in late 2016, a total of 9,710 vouchers have<br />

been redeemed, accounting for 26,424 sockets<br />

installed under the WCS grant. This equated<br />

to a total grant value of £10.5 million. In the<br />

last 12 months, 4,118 vouchers were redeemed,<br />

corresponding to the installation of 10,727 sockets.<br />

This had a grant value of £3.7 million.<br />

• As of 1 April <strong>2022</strong>, the On-street Residential<br />

Chargepoint Scheme (ORCS) has funded the<br />

installation of 2,641 public charging devices since<br />

the scheme was established in 2017. This represents<br />

£9.1 million of grant funding across 87 councils. An<br />

additional 603 on-street devices were recorded as<br />

installed in the previous three months.<br />

• Of the councils that have already completed<br />

installations, 27 have had further funding awarded<br />

to install a further 1,608 charging devices with<br />

a grant value of £4.6 million. A further 70 local<br />

authorities have also been awarded grant funding,<br />

providing 3,893 on-street public charging devices<br />

with their installations yet to be completed. This<br />

represents a grant value of £17.6 million.<br />

❝<br />

“Funding should be distributed equally to<br />

give those with less experience or expertise the<br />

support they need to make the transition.”<br />

Anne Buckingham, Sales Director<br />

of SWARCO Smart Charging –<br />

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Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 14

MESSI and Maradona,<br />

gauchos, the tango,<br />

wine, steak, Patagonia,<br />

and Evita (Eva Perón).<br />

These are just some of<br />

the things that Argentina,<br />

the world’s eighth largest country, is<br />

known for.<br />

There is more, however. Historically<br />

speaking, Argentina witnessed three<br />

centuries of Spanish colonisation before<br />

the country declared independence in<br />

1816. Remarkably, its nationalists helped<br />

revolutionary movements elsewhere. As<br />

Britannica noted, ‘20th-century writer<br />

Jorge Luis Borges observed that, “South<br />

America’s independence was, to a great<br />

extent, an Argentine enterprise.”’<br />

More recently, ‘strong leaders’ such<br />

as Juan Perón (who served three terms<br />

in three decades) and the military<br />

dictatorships of the 1970s and the early<br />

1980s ran the country. But this all ended,<br />

and democracy was reinstated following<br />

Argentina losing a dispute over a set of<br />

islands in the South Atlantic.<br />

The net effect of its recent history, as<br />

summarised by HSBC in an international<br />

business guide on the country, is that ‘a<br />

century ago, Argentina was a prosperous<br />

global power, based on exports of beef and<br />

wheat. However, isolationism and military<br />

rule helped trigger recurring economic<br />

turmoil through most of the 20th century.<br />

This culminated in the major currency<br />

crisis of 2001, leading to international debt<br />

default, austerity, and political chaos.’<br />

A sign of this is the inflation rate that<br />

bubbled around the mid-teens between<br />

2007 and 2014 but which has now risen<br />

above 60 percent. Another sign is the<br />

country’s weakening currency. Divisions in<br />

the Government over economic policy saw<br />

an economy minister resign at the start<br />

of July; the replacement suggests that the<br />

Government may try to spend its way out of<br />

poverty. MoneyWeek reckons that inflation<br />

could hit 73 percent by the end of <strong>2022</strong>.<br />


Argentina, whose name is derived from the<br />

Latin word for silver, argentum, is a rich<br />


Argentina derives its<br />

name from the Latin<br />

for Silver. But are there<br />

rich pickings for UK<br />

businesses?<br />


AUTHOR – Adam Bernstein<br />

.Floralis Genérica is a sculpture made<br />

of steel and aluminum located in Plaza<br />

de las Naciones Unidas, Avenida Figueroa<br />

Alcorta, Buenos Aires, a gift to the city by the<br />

Argentine architect Eduardo Catalano.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 16<br />

source of minerals. However, Argentina's<br />

production of cattle and crops, for which<br />

it previously ranked among the richest<br />

countries in the world, has been more<br />

significant. The World Bank, in <strong>2022</strong>, stated<br />

that ‘with a GDP of approximately $490bn,<br />

Argentina is one of the largest economies<br />

in Latin America.’ A Deloitte document<br />

from May 2021 cites total exports in 2020 of<br />

$58.88bn and imports of $42.35bn.<br />

As noted earlier, Argentina is the world’s<br />

eighth largest country by landmass (the<br />

second largest in South America), with<br />

some 2.78m sq. km. It sits behind India<br />

with 3.28m sq. km. In comparison, the US<br />

has 9.32m sq. km, Russia some 17.09m sq.<br />

km, and the UK occupies a paltry 242,900<br />

sq. km.<br />

The nation sits at the bottom of South<br />

America on the Atlantic Ocean and is<br />

bounded by Chile to the west, Bolivia and<br />

Paraguay to the north, and Brazil along<br />

with Uruguay to the east. It’s long and<br />

stretches 2,360 miles from the subtropical<br />

north to the subantarctic south, and<br />

measuring 880 miles at its widest. As a<br />

result, Argentina’s geography and climate<br />

vary wildly. Countryreports.org detailed the<br />

variation with ‘humid lowlands of eastern<br />

Argentina, especially along the rivers of<br />

the Rio de la Plata system,’ ‘savannas and<br />

swamps’ in the north, and ‘humid pampa<br />

(plain) and rangeland…that become drier<br />

toward the west’. And there’s the Andes<br />

which include the heavily glaciated and<br />

ice-covered mountains of Patagonia.<br />

As for the people, Argentina is the<br />

world’s 30th most populous country with,<br />

according to preliminary <strong>2022</strong> census<br />

data, some 47.3m people. It’s a hair above<br />

Spain which sits in 31st position and nine<br />

places below the UK with around 67m. The<br />

population density of Argentina is low; the<br />

country is in 217th place with an average of<br />

16 people per sq. km. For reference, Hong<br />

Kong has 6,677 people per sq. km and the<br />

UK has 277 people per sq. km.<br />

Using 2010 data from Argentina’s INDEC<br />

census (new data is likely soon), nearly one<br />

third of the population lives in three cities<br />

– Buenos Aires (13.5m), Córdoba (1.4m)<br />

and Rosario (1.2m). More recent UN data<br />

(2018) estimates those numbers as being in 2021,<br />

15.25m, 1.58m and 1.55m, respectively.<br />

There are 21 other cities with between 162,048<br />

and 937,154 inhabitants and 99 towns with<br />

between 45,077 and 133,602 residents (2010 data).<br />

Overall, Argentina is highly urbanised with,<br />

according to the UN in 2018, 92 percent living<br />

in urban areas, albeit they’re spread around the<br />

country in pockets. Patagonia is particularly<br />

sparsely populated.<br />

Most – 97.2 percent - of the people are of<br />

European descent, according to the CIA World<br />

Factbook. Of the rest, 2.4 percent are Amerindian,<br />

and 0.4 percent are African. (2010 data). Study.<br />

com reckons that two-thirds of the population<br />

is of Italian descent – it also suggests that a<br />

million Argentines are of Asian descent. Of the<br />

languages spoken, Spanish is the official tongue,<br />

but there’s also Italian, English, German, French<br />

and indigenous languages. Argentina is clearly a<br />

melting pot of cultures.<br />

US Census Bureau International data estimates<br />

that in 2019 the country is demographically young<br />

since 87.8 percent of the population was aged 64<br />

or under. Statista quotes the World Bank when<br />

it said that in 2020 24.44 percent were under 14<br />

or under, 64.2 percent were 15 to 64, and 11.37<br />

percent were 65 or older.<br />


In business, Santander Trade Markets thinks that<br />

despite Argentina’s troubled recent economic<br />

history, the country still plays an important role<br />

within the global economy.<br />

Agriculture<br />

This sector is mainly based on livestock farming,<br />

cereals, citrus fruits, tobacco, tea, and grapes (for<br />

wine). Santander considers Argentina to be the<br />

world’s largest exporter of soy-derived products<br />

and the world’s third largest producer of such<br />

products. It adds that soy and sugar cane are<br />

cultivated for bio-fuel production and Argentina<br />

is the world’s largest exporter and sixth largest<br />

producer of biodiesel. World Bank data suggests<br />

that the agricultural sector represents 5.9 percent<br />

of the country’s GDP while only employing 0.06<br />

percent of the population.<br />

Areco Tradicíon states that the main regions<br />

for production are the provinces of Buenos Aires,<br />

Córdoba, Santa Fe, and La Pampa.<br />

Industry<br />

Data from the World Bank reckons that the industrial<br />

sector represented 23.3 percent of GDP<br />

in 2020 and employed 21.8 percent of the population<br />

in 2019. Given Argentina’s strength in food<br />

production, it’s logical to see why food processing<br />

and packaging – in particular meat packing,<br />

flour grinding and canning, and flour-milling –<br />

are such important drivers in the economy. But<br />

beyond this, there is capability in motor vehicles<br />

and parts, consumer durables, textiles, chemicals<br />

and petrochemicals, pharmaceuticals, printing,<br />

metallurgy and steel, industrial and farm<br />

machinery, electronics, and home appliances.<br />


AUTHOR – Adam Bernstein<br />

Buenos Aires is the capital and most<br />

populous city of Argentina. The city is<br />

located on the western shore of the estuary<br />

of the Río de la Plata, on the South American<br />

continent's southeastern coast.<br />

El Chalten, Santa Cruz, Argentina<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 17<br />

Argentina<br />

continues on page 18 >



AUTHOR – Adam Bernstein AUTHOR – Adam Bernstein<br />

❝<br />

Argentina is a<br />

land of great<br />

opportunity, but<br />

the challenge<br />

seems to be<br />

related to<br />

navigating<br />

economic<br />

and political<br />

minefields and a<br />

persistently high<br />

inflation rate.<br />

❝<br />

Services<br />

Santander has noted that the service sector is<br />

the largest part of Argentina’s GDP - some 54.6<br />

percent, while it employs 78.1 percent of the<br />

workforce.<br />

Argentina specialises in high-tech services,<br />

software development, call centres, nuclear energy,<br />

and tourism. Telephony and computing<br />

are also developing dynamically, as well as tourism,<br />

which is becoming increasingly important.<br />

Tourism was battered during the pandemic and<br />

to encourage growth the Government fixed prices<br />

of goods and services associated with tourism<br />

in 2021. An agreement was made to keep this in<br />

place for <strong>2022</strong>.<br />


Agriculture<br />

Interactanalysis.com commented in 2020<br />

that there are 730 firms manufacturing farm<br />

machinery serving up to 80 percent of domestic<br />

demand. There are opportunities in AgTech<br />

and BioTech as the country needs to use more<br />

technology and make its production more<br />

traceable. The US Trade Department thinks<br />

there’s also a need for irrigation equipment as<br />

the Government wants to increase irrigated land<br />

by 28 percent.<br />

Energy<br />

Argentina is rich in energy resources and offers<br />

great potential. Santander states that it is the<br />

fourth largest natural gas producer in Latin<br />

America and has the world's third largest shale<br />

gas reserves and the fourth largest lithium<br />

reserves.<br />

In 2020, Argentina produced 480,000 barrels<br />

per day (bpd) of oil, of which 134,000 bpd were<br />

exported. The US Trade Department noted that<br />

‘the Vaca Muerta shale formation is located in<br />

the provinces of Neuquén, Mendoza, and Rio<br />

Negro, and only a fraction has been developed<br />

for oil and gas production.’ Production costs<br />

have fallen as a result of shale quality, labour<br />

negotiations, and tax incentives, but there is<br />

an ongoing need for small and medium-sized<br />

service companies with shale expertise to<br />

further improve efficiency and lower costs.<br />

The Government recently launched ‘Plan<br />

GasAr,’ a natural gas plan designed to increase<br />

local production and reduce gas imports.<br />

Currently, natural gas is close to 60 percent<br />

of Argentina’s main source of energy. Despite<br />

having one of the world’s largest shale gas<br />

deposits, Argentina still relies on liquified<br />

natural gas imports.<br />

On renewables, the Government’s aim is for<br />

20 percent of energy sources to be renewable by<br />

2025. In various rounds of bidding in RenovAr,<br />

the Government’s renewable energy plan, the<br />

Government awarded 244 projects, adding more<br />

than 6,300 MW of installed capacity.<br />

Construction<br />

The Government is investing to spur on growth.<br />

The US Trade Department detailed short-term<br />

The Perito Moreno Glacier (Spanish:<br />

Glaciar Perito Moreno) is a glacier located<br />

in Los Glaciares National Park in southwest<br />

Santa Cruz Province, Argentina. It is one of<br />

the most important tourist attractions in the<br />

Argentine Patagonia.<br />

investment plans worth US $310m involving a<br />

water treatment plant in Corrientes, Highway<br />

18 in Entre Rios, Route 40 in San Juan, and<br />

Provincial Route 8 in Buenos Aires. Then there’s<br />

the San Martin cargo line, which connects the<br />

Province of Mendoza and the Port of Rosario<br />

which, interestingly are being financed by the<br />

Chinese. Allied to this is the Paraná-Paraguay<br />

Waterway which links more than 80 Argentine<br />

ports on the Paraná and La Plata rivers,<br />

carrying more than 125 million tons of all<br />

types of cargo, 1.5 million containers, 750,000<br />

vehicles per year and cruise liners. Tenders for<br />

dredging, tolls, and signalling are (were) targets<br />

for exploitation.<br />

Information and<br />

Communications Technology<br />

The Government has detailed its priorities for<br />

2020-2023 in this area with Plan ConectAR.<br />

This includes improved 4G connectivity with<br />

an eye towards 5G deployment through better<br />

satellite and fibre optic coverage. The recent<br />

health (pandemic) crisis highlighted the need to<br />

strengthen the existing 4G network and expand<br />

it throughout the country. The spend here is to<br />

be $37.9bn.<br />

There are opportunities in network implementation,<br />

management and maintenance,<br />

legacy applications, wireless LANs, remote operation<br />

processing, back-up, critical mission<br />

services, disaster recovery systems, internet<br />

and network security systems, document digitalisation,<br />

digital asset management, storage,<br />

utility computing, and information systems for<br />

rural areas. Quite a mouthful, but The Govern-<br />

ment wants to modernise and put more in<br />

the cloud. Beyond this are opportunities<br />

in cybersecurity where, according to the<br />

US Trade Department, Argentinian companies<br />

spent $50m on this in 2020 – and<br />

some 70 percent expect to spend much<br />

more on this in the future.<br />

Medical technology<br />

Public spending in this area increased<br />

to respond to the pandemic and<br />

monies went to improve the hospital<br />

infrastructure. Much of the healthcare<br />

public expenditure in 2021 was focused<br />

on vaccines and antigen tests.<br />

Pandemic aside, the overall medical<br />

devices market decreased in 2020, by<br />

around – the US estimates – 30 to 60<br />

percent during 2020. That said, whatever<br />

is used is generally imported and much<br />

recently has come from either Asia or<br />

Europe.<br />

There is demand for e-health technologies<br />

and middle- to high-end technology<br />

products, such as electro-diagnostic<br />

equipment and other specialised medical<br />

equipment and devices. Problematically,<br />

purchases of large equipment with high<br />

prices are often postponed.<br />

The Government is concentrating on<br />

primary care, maternal care, and healthcare<br />

infrastructure under a national universal<br />

healthcare coverage plan that will<br />

provide healthcare coverage to 15m people<br />

who currently are cared for by public<br />

hospitals.<br />

Education<br />

Argentina has, since 1884, had a long<br />

history of providing tuition-free access<br />

to local schools and universities. The<br />

education system is composed of primary<br />

schools, secondary schools (lower and<br />

upper), and universities. Students can<br />

attend public institutions tuition-free or<br />

can attend (fee-paying) private schools.<br />

According to Statista, Argentina has by<br />

far the highest level of English proficiency<br />

in Latin America, but there are still<br />

opportunities for English programme<br />

providers, especially where finance, law,<br />

and accounting are involved.<br />

The US Trade Department considers<br />

exchange programmes and partnerships<br />

with higher education institutions in<br />

Argentina a common method for market<br />

entry. The teaching of Spanish and Latin<br />

American studies courses to students<br />

coming to study in Argentina is key, as is<br />

engineering, law, and business.<br />

With almost universal use of social<br />

media sites, parents and students<br />

find information on educational (and<br />

subsequent job) opportunities through<br />

advertisements on social media, email,<br />

and websites.<br />

TAX<br />

Corporate taxes<br />

Corporate taxes were reformed so that<br />

for fiscal years beginning on or after 1<br />

January 2021, tax is payable in several<br />

bands.<br />

Some 25 percent is payable on taxable<br />

income up to ARS 5m; 30 percent on the<br />

amount that exceeds ARS 5m up to ARS<br />

50m; and 35 percent on any amount<br />

above ARS 50m. At the time of writing,<br />

the rate was 157 Argentinian Pesos (ARS)<br />

to £1.<br />

Legal entities resident in Argentina<br />

are subject to tax on Argentine and foreign-source<br />

income. But resident legal<br />

entities are able to claim any similar taxes<br />

actually paid abroad on foreign-source income<br />

as a tax credit. The tax rate applies<br />

to net income determined on a worldwide<br />

basis.<br />

Personal taxes<br />

Residents and non-residents are<br />

taxed at progressive income tax<br />

rates ranging from five percent<br />

to 35 percent, with the lowest<br />

band applying to income up<br />

to ARS 64,532.54, and the highest<br />

band applying to income<br />

over ARS 1,032,522.30; however,<br />

special tax rates are applicable<br />

in case of gains<br />

derived from securities<br />

(including dividends), interest,<br />

and real property.<br />

VAT<br />

The VAT rate is 21 percent, although certain<br />

specific items are subject to a 10.5<br />

percent or 27 percent rate. Digital sales<br />

are now within the 21 percent rate. The reduced<br />

rate of 10.5 percent applies to certain<br />

transactions, such as house construction,<br />

interest and other costs on personal<br />

loans, sales and imports of living bovine<br />

animals, certain supplies of publicity and<br />

advertising, and short distance domestic<br />

passenger transportation.<br />

The increased rate of 27 percent applies<br />

to 'utilities’ such as telecommunications,<br />

household gas, running water, sewerage,<br />

and energy not rendered to dwellingpurposes<br />

real estate.<br />

Some transactions are exempt from VAT,<br />

such as sales of books, ordinary natural<br />

water, common bread, milk, medicine,<br />

postage stamps, education and hospital<br />

and medical care and related activities.<br />


Argentina is a land of great opportunity,<br />

but the challenge seems to be related<br />

to navigating economic and political<br />

minefields and a persistently high<br />

inflation rate. That said, business is<br />

business, there are ways around most<br />

problems.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 18 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 19

MEET<br />

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Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 20 <br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 21




What does the CICM Think Tank make<br />

of a world in crisis?<br />

AUTHOR – Sean Feast FCICM<br />

AUTHOR – Sean Feast FCICM<br />

WE are living in incredible<br />

times and trying to predict<br />

what happens next is<br />

nigh-on impossible. That<br />

was the overriding theme<br />

to emerge from the CICM<br />

Think Tank last month which met to discuss and<br />

debate the biggest issues impacting the credit<br />

industry.<br />

It seems incredible, for example, that within<br />

the first few months of the global pandemic,<br />

consumer collections agencies were reporting<br />

their highest collection rates ever as consumers<br />

sought to take advantage of the excess cash<br />

derived from working from home to pay off what<br />

they owed. Today, things look very different.<br />

The complexion of the current world crisis<br />

also feels very different than more recent<br />

troubles. In 2008/9, the issue was one of credit,<br />

or rather the lack of available credit; today feels<br />

more like the problems faced in the 1990s, and<br />

as such are issues that many have not come<br />

across before.<br />

The war in Ukraine shows no sign of ending<br />

any time soon; if anything, Putin looks to be<br />

digging in – literally and metaphorically – for<br />

the long term, and General Winter will allow<br />

him time to recover and regroup. The Chinese<br />

are agitating in Taiwan, making some form of<br />

military intervention seem inevitable.<br />

Closer to home, though directly related to<br />

worsening relations with Russia, the UK faces<br />

an energy crisis and rising energy bills that even<br />

with the current price cap are unaffordable to a<br />

significant tranche of the country. The cost-ofliving<br />

crisis, a long time coming, is now a reality,<br />

and things will certainly get worse before they<br />

get any better.<br />

While the mainstream media focus most<br />

of their attention, understandably, on credit<br />

issues affecting consumers, there is a great<br />

deal happening in the commercial sector that<br />

cannot be ignored. The hospitality sector is once<br />

more under pressure, and rising energy bills<br />

will have a crippling effect on manufacturing,<br />

with some already on the brink of closing their<br />

doors for good. At a time when we need to be<br />

investing more in research and development,<br />

and innovation, we’re being hampered by a fear<br />

of the unknown, where hanging on to your cash<br />

in the short term may seem a better option.<br />


That said, some businesses are seeking to make<br />

good out of a bad situation. Challenger brands<br />

are still being launched and gaining market<br />

❝<br />

As an Institute,<br />

we need to be<br />

clear on how<br />

we support<br />

our members<br />

for the long<br />

term. As credit<br />

professionals,<br />

we need to be<br />

thinking more<br />

about the tools<br />

we have to<br />

manage our<br />

way through the<br />

current crises.<br />

❝<br />

share. Some are challenging old operating<br />

models. There are signs, for example, of a<br />

transition from ‘off-shoring’ to ‘on-shoring’,<br />

where ‘local’ is good. Shortened supply chains<br />

leave firms less exposed to global events or<br />

captains of container ships who don’t know the<br />

width of their vessel.<br />

But there are worrying signs too. The mood<br />

music from Her Majesty’s Customs and Excise<br />

(HMRC) appears to be towards withdrawing the<br />

option of giving distressed businesses ‘Time to<br />

Pay’, and with HMRC’s privileged creditor status<br />

this can only be bad news for the rest of us who<br />

may be owed money. Whereas it was once said,<br />

❝<br />

<strong>Credit</strong> managers will need to be flexible in their policies,<br />

and in how they treat individual customers/suppliers. And<br />

they need to listen to what their own people are saying on<br />

the front line, to be curious, and in doing so be resilient to<br />

change.<br />

❝<br />

perhaps unfairly, that HMRC had moved<br />

from being a tax collector to a benefits<br />

agency, now it seems to be shifting back,<br />

and with a vengeance.<br />

The fact is that the Government is now<br />

the biggest creditor in the market and are<br />

competing for your pound. HMRC will<br />

become more active. <strong>Credit</strong> Insurers will<br />

most likely retreat. All of which is a major<br />

concern.<br />

The Financial Services sector believes it is<br />

the only entity that loans money. The truth<br />

is that the trade credit industry dwarfs it<br />

by comparison. Indeed, our industry could<br />

teach those in the FS community a great<br />

many things, especially about what to do<br />

when things start going wrong.<br />

So what do we need to see the new<br />

Government, and the new Prime Minister,<br />

doing? We need to see them change from<br />

making short-term decisions simply to<br />

avoid a negative headline to making bolder<br />

decisions that will bring longer-term gain.<br />

Whereas forbearance and empathy are<br />

essential tenets of life, telling businesses<br />

(and, by definition, their credit teams or<br />

appointed collections agencies) to stop<br />

chasing money that’s owed is not the<br />

answer. Neither is it the right answer to stop<br />

an already failed business from becoming<br />

insolvent, or an individual from declaring<br />

themselves bankrupt.<br />

As an Institute, we need to be clear on<br />

how we support our members for the long<br />

term. As credit professionals, we need to be<br />

thinking more about the tools we have to<br />

manage our way through the current crises.<br />

<strong>Credit</strong> managers need to work through<br />

how a global issue such as a shortage of<br />

computer chips may ultimately impact<br />

the products they make or the services<br />

they provide and manage the situation<br />

accordingly. How is the war in Ukraine<br />

impacting their business, if at all, and<br />

what if China’s sabre-rattling results in<br />

something more serious? <strong>Credit</strong> managers<br />

will need to be flexible in their policies,<br />

and in how they treat individual customers/<br />

suppliers. And they need to listen to what<br />

their own people are saying on the front<br />

line, to be curious, and in doing so be<br />

resilient to change.<br />

Members of the Think Tank will be<br />

discussing these and other major issues at<br />

future meetings to create actionable plans,<br />

policy and further thought leadership.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 22<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 23

On-Demand | Online | Face-to-Face<br />


Training courses that offer high-quality approaches<br />

to credit-related topics and practical skills<br />


CICM Training courses can be delivered through a variety of<br />

options, ensuring a range of opportunities for your teams to<br />

be trained on the most up-to-date methods in the industry.<br />

Now, more than ever, the <strong>Credit</strong> <strong>Management</strong> and Collections industry is<br />

seeing drastic changes and impacts that affect the day-to-day roles of <strong>Credit</strong><br />

and Collections teams.<br />

CICM On-Demand<br />

Training<br />

CICM Online<br />

Training<br />

CICM Face-to-Face<br />

Training<br />

CICM Training offers high-quality approaches to credit-related topics.<br />

Granting you the practical skills and necessary tools to use in your workplace<br />

and the ever-changing industry. A highly qualified trainer, with an array of<br />

credit management experience, will grant you the knowledge, improved<br />

results, and greater confidence you need for your teams to succeed in the<br />

<strong>Credit</strong> <strong>Management</strong> profession.<br />

On-Demand training can be viewed anytime, anywhere with our<br />

downloadable training videos.<br />

Online training will be for those who find it easy to learn from the space<br />

of their home or office.<br />

Face-to-face training It’s been a long time coming but now you can mingle<br />

and learn together in the same room as your colleagues and peers.<br />

Get trained with your<br />

professional body and the only<br />

Chartered organisation that delivers<br />

<strong>Credit</strong> <strong>Management</strong> training<br />


CICM have a collection of training courses to meet the needs of your <strong>Credit</strong> and<br />

Collections’ teams. Take a look at the courses below and start training towards the<br />

CICM Professional Standard.<br />

Advanced Skills in Collections • Best Practice Approach to Collections<br />

Best Practice Skills to Assess <strong>Credit</strong> Risk • Collect that Cash • <strong>Credit</strong> Bootcamp Effective<br />

Communication in the <strong>Credit</strong> Role • Emergency Guide to <strong>Credit</strong><br />

Harness your leadership Style • Know Your Customer • Managing Insolvency<br />

Reflect and Develop • Set Targets that Work<br />

For more details, visit our website, scan the barcode<br />

or contact us at info@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 24<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 25

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Ceeeeeeeerrrrttttttttiiiiiffffiiiiicccaaaaatttttttteeeeeeee<br />

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Fuullll nnnnaaaaammmeeeeeeee ooooffff ccceeeeeeeerrrrttttttttiiiiiffffiiiiieeeeeeeed cccoooommmpaaaaannnny<br />

T}| trrrrooooouuup unnnnnttttttteeeeeeeerrrrnnnnnaaaaaatttttttiiiiiiiooooonnnnnaaaaaallll eeeeeeeehhhhfff.<br />

Daaaaatttttttteeeeeeee ooooffff ttttttttheeeeeeee Peeeeeeeennnneeeeeeeettttttttrrrraaaaattttttttiiiiioooonnnn Teeeeeeeestttttttt<br />

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Daaaaatttttttteeeeeeee ooooffff ttttttttheeeeeeee nnnneeeeeeee–tttttttt Peeeeeeeennnneeeeeeeettttttttrrrraaaaattttttttiiiiioooonnnn Teeeeeeeestttttttt<br />

00008ttttttthhhh ooooofff uuuguuusssssssttttttt 2220000222<br />

Heeeeaad oooff Prroooffeeeessssiiooonaal Seeeerr viiceeees<br />

Raazvaannn-Coosstinnn<br />

Ioonnnesscu<br />

Apprentice profile<br />

www.tcmgroup.com<br />

CHLOE McShane is a current Level 2 <strong>Credit</strong><br />

Control Apprentice and aims to complete<br />

the course as an Advanced Customer<br />

Advisor. She joined as part of the March<br />

<strong>2022</strong> cohort and is currently in the process<br />

of learning about all the different areas of<br />

the Income Department at United Utilities.<br />

“After completing college, I knew University wasn’t for<br />

me,” she says. “I worked in retail for over a year building<br />

my customer service skills. Eventually, I decided that<br />

it was time to start a career. I first found out about this<br />

opportunity through a friend who was already on the<br />

Level 2 CICM course. It was a great opportunity that I<br />

found intriguing, so I decided to give it a go.<br />

“Not only can I learn while working but I have the<br />

opportunity to take the qualification to Levels 3 and 5.”<br />


Chloe is currently studying her first module called<br />

Business Communications and Personal Skills: “I have<br />

found it interesting learning business skills in relation to<br />

credit management and collections,” she continues. “So far<br />

on my CICM journey I have learnt about communication<br />

channels, styles and forms. We have also investigated<br />

many theories and models regarding teamwork within<br />

the work place.”<br />

The young apprentice says there are plenty of training<br />

resources on the CICM Knowledge hub that she has found<br />

useful while learning: “I am now implementing some of<br />

the business skills I have learnt with CICM into my work<br />

at United Utilities,” she adds.<br />

“I have enjoyed communicating with customers and<br />

learning skills such as negotiation and proactive listening.<br />

I am enjoying learning the court processes and using the<br />

cash collection techniques I have been taught. It was only<br />

once I was an apprentice at Untied Utilities that I realised<br />

how big the opportunities here really are.”<br />

After learning about the career ladder and how previous<br />

apprentices are now some of our senior leaders and<br />

directors within the business, Chloe says she can’t wait to<br />

see where her career at United Utilities takes her.<br />

Latest in a new series<br />

of how CICM-led<br />

Apprenticeships are<br />

supporting professional<br />

development.<br />

Chloe McShane<br />

Level 2 <strong>Credit</strong> Control Apprentice<br />

“I have enjoyed communicating with<br />

customers and learning skills such as<br />

negotiation and proactive listening. I am<br />

enjoying learning the court processes and<br />

using the cash collection techniques I have<br />

been taught. It was only once I was an<br />

apprentice at Untied Utilities that I realised<br />

how big the opportunities here really are.”<br />

Probably thebest debt collection network worldwide<br />

“So far on my CICM journey I<br />

have learnt about communication<br />

channels, styles and forms. We have<br />

also investigated many theories and<br />

models regarding teamwork within<br />

the work place.”<br />

Apprenticeships in <strong>Credit</strong><br />

Control and Collections<br />

There are five apprenticeships for those working in the credit<br />

profession. At each Level of apprenticeship you will be able to<br />

gain professional CICM qualifications<br />

• <strong>Credit</strong> Controller/Collector<br />

• Advanced <strong>Credit</strong> Controller and Debt Collection Specialist<br />

Apprenticeship<br />

• Compliance/Risk Officer Apprenticeship<br />

• Senior Compliance/Risk Specialist Apprenticeship<br />

• Financial Services Degree Apprenticeship<br />

For more details on how CICM can help you start your<br />

apprenticeship journey, visit cicm.com/apprenticeships<br />

Razvan-Costin<br />

Ionescu<br />

Moneyknows no borders—neither do we<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 26 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 27<br />

Semnat digital de Razvan-<br />

Costin Ionescu<br />

Data: <strong>2022</strong>.08.08 18:47:58<br />



Muddled Together<br />

The world of late payments remains topsy turvy.<br />

THE latest late payment data shows a<br />

mixed bag across UK regions and sectors,<br />

with some making steady progress and<br />

others going backwards. Meanwhile, over<br />

in Ireland, the assortment of significant<br />

reductions and huge increases to late<br />

payments continues. The average Days Beyond Terms<br />

(DBT) across regions and sectors in the UK decreased by<br />

0.4 and 0.2 days respectively. In Ireland, the figures rose<br />

by 7.2 and 2.5 days respectively. Average DBT across the<br />

four provinces of Ireland decreased by 8.1 days.<br />


In the UK, the sector figures can be cut in half, with<br />

11 increases and 11 decreases to late payments. Of<br />

those going backwards, the IT and Comms sector saw<br />

the biggest decline with an increase of 4.7 days, and<br />

an increase of 3.9 days means the Hospitality sector<br />

loses its spot at the top of the standings. Looking at<br />

the positives, Business from Home is now the best<br />

performing sector with an overall DBT of 7.3 days<br />

following a healthy reduction of 9.9 days. The Real<br />

Estate (-5.2 days), International Bodies (-5.0 days) and<br />

Business Admin & Support (-4.8 days) sectors also made<br />

useful cuts to late payments.<br />

In Ireland, only four sectors saw increases to late<br />

payments, but it’s the scale of these increases which<br />

is cause for concern. The Hospitality and Business<br />

Admin & Support sectors, both saw hefty hikes to<br />

DBT, increasing by 60.0 and 52.4 days respectively. At<br />

the other end of the scale, the Entertainment sector<br />

is on the up following a reduction of 19.9 days to its<br />

DBT. The Real Estate (-19.7 days), Wholesale and retail<br />

trade; repair of motor vehicles and motorcycles (-19.4<br />

days) and Manufacturing (-14.5 days) sectors also made<br />

important improvements.<br />


Of the 11 UK regions, although six saw increases to<br />

late payments it’s fair to say the majority are minor.<br />

Northern Ireland saw the biggest jump, with a hike<br />

of 5.8 days taking its overall DBT to 24.1 days. Of the<br />

five regions making positive moves, London (-5.1 days),<br />

the North West (-4.0 days) and South West (-3.7 days)<br />

improved most.<br />

The regional data across Ireland remains a tale of<br />

extremes. On the plus side, a number of counties,<br />

notably Kildare (-55.1 days) and Dublin (-26.9 days),<br />

where DBT fell significantly. However, the majority<br />

of the increases to late payments are sizeable. In<br />

particular, Kilkenny (+75.0 days), Wicklow (+51.9 days)<br />

and Longford (+48.8 days) saw huge increases.<br />

Across the four provinces of Ireland, Leinster made<br />

the biggest improvement with a much-needed reduction<br />

of 37.5 days to late payments. A further reduction of 0.3<br />

days means Connacht is the best performing province<br />

with an overall DBT of 5.9 days. Ulster (+3.3 days) and<br />

Munster (+2.1) moved in the opposite direction.<br />

AUTHOR – Rob Howard<br />

Top Five Prompter Payers<br />

Region Aug 22 Change from July 22<br />

South West 10.2 -3.7<br />

Yorkshire and Humberside 11.2 1.8<br />

North West 12.9 -4<br />

South East 13.3 -1.9<br />

East Midlands 13.4 0.3<br />

Bottom Five Poorest Payers<br />

Region Aug 22 Change from July 22<br />

Northern Ireland 24.1 5.8<br />

Scotland 16 -5.1<br />

West Midlands 15.2 -2.4<br />

Wales 14.8 1.1<br />

East Anglia 14.6 2.4<br />

Top Five Prompter Payers<br />

Sector Aug 22 Change from July 22<br />

Business from Home 7.3 -9.9<br />

Entertainment 8.1 1.2<br />

Hospitality 10.4 3.9<br />

Education 11.1 -1<br />

International Bodies 12 -5<br />

Bottom Five Poorest Payers<br />

Sector Aug 22 Change from July 22<br />

Mining and Quarrying 22.6 2.7<br />

IT and Comms 21.2 4.7<br />

Energy Supply 19.6 2.1<br />

Public Administration 18.4 3.3<br />

Manufacturing 17.4 2.2<br />



5.8 DBT<br />

SOUTH<br />

WEST<br />

-3.7 DBT<br />


Data supplied by the <strong>Credit</strong>safe Group<br />

WALES<br />

1.1 DBT<br />


1.3 DBT<br />

NORTH<br />

WEST<br />

-4 DBT<br />

WEST<br />


-2.4 DBT<br />



1.8 DBT<br />

EAST<br />


0.3 DBT<br />

LONDON<br />

-5.1 DBT<br />

SOUTH<br />

EAST<br />

-1.9 DBT<br />

EAST<br />

ANGLIA<br />

2.4 DBT<br />

Getting worse<br />

IT and Comms 4.7<br />

Hospitality 3.9<br />

Other Service 3.6<br />

Public Administration 3.3<br />

Mining and Quarrying 2.7<br />

Water & Waste 2.5<br />

Health & Social 2.2<br />

Manufacturing 2.2<br />

Energy Supply 2.1<br />

Entertainment 1.2<br />

Transportation and Storage 0.8<br />

Agriculture, Forestry and Fishing 0.6<br />

Getting better<br />

Business from Home -9.9<br />

Real Estate -5.2<br />

International Bodies -5<br />

Business Admin & Support -4.8<br />

Financial and Insurance -3<br />

Professional and Scientific -2.1<br />

Dormant -1.4<br />

Construction -1<br />

Education -1<br />

Wholesale and retail trade -0.6<br />

Region<br />

Getting Better – Getting Worse<br />

-5.1<br />

-4<br />

-3.7<br />

-2.4<br />

-1.9<br />

5.8<br />

2.4<br />

1.8<br />

1.3<br />

1.1<br />

0.3<br />

London<br />

North West<br />

South West<br />

West Midlands<br />

South East<br />

Northern Ireland<br />

East Anglia<br />

Yorkshire and Humberside<br />

Scotland<br />

Wales<br />

East Midlands<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 28<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 29


Switch to Direct Debit<br />

In Ireland, only four<br />

sectors saw increases to<br />

late payments, but it’s the<br />

scale of these increases<br />

which is cause for<br />

concern. The Hospitality<br />

and Business Admin &<br />

Support sectors, both saw<br />

hefty hikes to DBT.<br />

SLIGO<br />

-8 DBT<br />


0 DBT<br />


-12.9 DBT<br />


48.8 DBT KILKENNY<br />

75 DBT<br />

CARLOW<br />

0 DBT<br />

ULSTER<br />

5.8 DBT<br />

LOUTH<br />

31 DBT<br />

DUBLIN<br />

15.6 DBT<br />


51.9 DBT<br />

Why not spread<br />

KERRY<br />

-7.2 DBT<br />

Top Five Prompter Payers – Ireland<br />

Region Aug 22 Change from July 22<br />

Limerick 0 -3.7<br />

Sligo 0 -8<br />

Kerry 1.6 -7.2<br />

Donegal 3.6 -12.9<br />

Waterford 3.8 1.1<br />

Bottom Five Poorest Payers – Ireland<br />

Region Aug 22 Change from July 22<br />

Longford 120 48.8<br />

Wicklow 120 51.9<br />

Louth 99.3 31<br />

Kilkenny 90 75<br />

Carlow 46.4 0<br />

Top Five Prompter Payers – Ireland<br />

Sector Aug 22 Change from July 22<br />

Financial and Insurance 0 -2.9<br />

Health & Social 0 0<br />

International Bodies 0 0<br />

Entertainment 2.3 -19.9<br />

Real Estate 2.5 -19.7<br />

Bottom Five Poorest Payers – Ireland<br />

Sector Aug 22 Change from July 22<br />

Business Admin & Support 120 52.4<br />

Water & Waste 120 0<br />

Other Service 68.4 27.9<br />

Hospitality 62 60<br />

Construction 28.5 -8.5<br />


1.1 DBT<br />

Getting worse<br />

Hospitality +60,<br />

Business Admin & Support +52.4,<br />

Other Service +27.9<br />

IT and Comms +0.9<br />

Getting better<br />

Entertainment -19.9<br />

Real Estate -19.7<br />

Wholesale and retail trade -19.4<br />

Manufacturing -14.5<br />

Construction -8.5<br />

Financial and Insurance -2.9<br />

Professional and Scientific -2.6<br />

Public Administration -2.5<br />

Transportation and Storage -1.4<br />

the cost of your<br />

Serrala<br />

CP<br />

CICM Membership<br />

Manage your own cashflow<br />

Simply scan the code below using your phone,<br />

print and return to CICM, 1 Accent Park, Bakewell<br />

Road, Orton Southgate,Peterborough PE2 6XS<br />

and we will do the rest!<br />

Another reason to be a member<br />

Make the switch to Direct Debit<br />

For details contact: info@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 30

WE’VE known for some time that China<br />

has sought to gain influence around the<br />

world through its Belt and Road initiative,<br />

which aims to develop an expanded and<br />

interdependent market for China.<br />

Nikkei Asia recently highlighted the<br />

latest of China’s developments - the Lekki<br />

Deep Sea Port in Nigeria, which has just<br />

seen a Chinese ship berth at it.<br />

Financed by the China Development<br />

Bank, Nigerian Ports Authority managing<br />

director, Mohammed Bello-Koko, has said<br />

that the port signifies Nigeria’s readiness<br />

to “take trade facilitation a notch higher”<br />

and play a part in the African Continental<br />

Free Trade Area. The publication says<br />

that there are two globally significant<br />

International Trade<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

Nigeria as a destination<br />

GERMANY has a problem – a lack of<br />

local gas and oil. With threats of gas<br />

rationing following Russia’s invasion<br />

of Ukraine and now, levies of hundreds<br />

of euros per household to help energy<br />

companies cover the cost of replacing<br />

former Russian supplies, the country is<br />

having to rethink its energy policies.<br />

Half of its nuclear power-generation<br />

investments ready to take advantage of<br />

the port: Dangote Group’s petrochemical<br />

complex, an oil refinery with a capacity of<br />

650,000 barrels, and the $2.5bn Dangote<br />

fertiliser plant.<br />

But no matter who built or financed<br />

the terminal, it’s made Nigeria even more<br />

accessible to those wanting to export to it.<br />

And this is especially pertinent to British<br />

exporters since figures published at the<br />

start of August by the UK Government<br />

noted that the total trade in goods and<br />

services between the two countries stood<br />

at £4.4bn in the four quarters to the end<br />

of Q1 <strong>2022</strong>, an increase of 44 percent or<br />

£1.3bn from the four quarters to the end<br />

of Q1 2021.<br />

Germany, fracking, and opportunities<br />

capacity was closed almost<br />

immediately after the Fukushima<br />

disaster, yet the Greens want the<br />

remaining ones in operation to close<br />

too.<br />

Interestingly, The Economist has<br />

commented that Germany has plenty of<br />

natural gas reserves of its own, but that<br />

extraction collapsed because many are<br />


A recent note on Atradius’ website<br />

stated that Asian businesses are<br />

struggling to offset losses from bad<br />

debt and that ‘chasing down unpaid<br />

B2B trade debt has become a major<br />

headache for Asian companies trading<br />

on domestic and export markets.’<br />

Atradius considers the problem more<br />

serious in long-term – more than 90<br />

days – unpaid B2B trade debt that is<br />

written off as uncollectable despite<br />

several attempts to receive payment.<br />

And this is a major concern for<br />

businesses in China, Hong Kong, India,<br />

Indonesia, Singapore, Taiwan, Vietnam<br />

and the United Arab Emirates.<br />

Overall, Taiwan seemed to be in the<br />

worst position with a bad debt writeoffs<br />

figure now at eight percent of the<br />

total value of B2B invoices. Businesses<br />

in Hong Kong and Singapore were<br />

also seeing increased write-offs with<br />

an average 50 percent increase. Also<br />

suffering was Indonesia, with a reported<br />

40 percent increase in write-offs. And in<br />

Vietnam, liquidity is being dented both<br />

by write-offs at six percent of the total<br />

value of B2B invoices and unpaid B2B<br />

trade debt, which was affecting around<br />

half of the B2B trade value.<br />

Notably, the survey found that 20<br />

percent more companies than the<br />

previous year reported an increased<br />

willingness to extend credit to B2B<br />

customers. Atradius thinks this signals<br />

that current market conditions are very<br />

competitive and that businesses are<br />

struggling to get the additional sales<br />

revenue to make good the losses from<br />

write-offs.<br />

The comments were made after the<br />

<strong>2022</strong> edition of the Atradius Payment<br />

Practices Barometer Survey for Asia.<br />

worried about the impact of fracking.<br />

However, gas producers reckon that<br />

if allowed, they could double their<br />

output from fracking in as little as 18<br />

to 24 months. That could see Germany<br />

pumping gas well into the next century<br />

and trim imports by some $15bn a year.<br />

And that may open opportunities for<br />

those UK firms active in the area.<br />

A new Customs Declaration Service<br />

HMRC is warning that thousands of UK<br />

businesses risk ‘significant delays‘ in<br />

importing goods if they don’t move to the<br />

UK’s new streamlined customs system<br />

soon.<br />

More than 3,500 businesses have yet<br />

to transition to the Customs Declaration<br />

Service, and they will be in trouble when<br />

the old system – the Customs Handling<br />

Import and Export Freight (CHIEF) – is<br />

shut down at the beginning of <strong>October</strong>.<br />

HMRC has said that ‘it can take several<br />

weeks to be fully set up on the Customs<br />

Declaration Service, so those waiting<br />

to register risk being unable to import<br />

goods to the UK from 1 <strong>October</strong>.’<br />

To help all businesses and agents<br />

prepare for the new service, firms are<br />

being contacted by phone and email to<br />

inform them of the steps they need to<br />

take. Further information is available on<br />

GOV.UK, including a Customs Declaration<br />



REUTERS has highlighted what can<br />

happen to businesses when a central<br />

bank changes its methodologies. In<br />

this case, the Indian unit of credit<br />

rating agency, Moody's ICRA, recently<br />

commented that nearly 100 companies<br />

with debt totalling 350bn rupees<br />

(£3.6bn) could be downgraded after the<br />

Reserve Bank of India tightened rating<br />

methodologies. The companies likely<br />

to be affected are mainly in the power,<br />

healthcare, engineering, construction<br />

and roads sectors.<br />

Under the changes, rating agencies<br />

can only take into consideration an<br />

explicit guarantee by a third party for a<br />

company's debt. At the same time, other<br />

widely accepted forms of support, such<br />

as letters of support or pledged shares,<br />

will no longer be considered.<br />

As a result, ICRA thinks that Indian<br />

banks could have to set aside an<br />

additional 4bn rupees given the higher<br />

capital requirement for lower-rated<br />

companies – which may affect lending<br />

elsewhere. And, of course, when credit<br />

ratings drop, the potential for failure<br />

increases. Exercise caution.<br />

Service toolkit and checklists, which<br />

breaks down the steps traders need to<br />

take. Firms can also register or check<br />

that they have access to the Customs<br />

Declaration Service on GOV.UK and<br />

access live customer support services for<br />

additional help.<br />

It shouldn’t be forgotten that the<br />

change may affect exporters who rely on<br />

imports for raw materials.<br />


TRAVELLERS to Europe, whether for leisure or business, need to be aware of the new<br />

European Travel Information and Authorisation System (ETIAS). Aimed at non-EU citizens<br />

from countries where a visa is not required to enter the EU, it’s rather like the US ESTA and<br />

grants permission to travel to and enter a Schengen zone EU member state.<br />

The ETIAS costs seven euros, lasts for two years and was meant to come into force in<br />

May 2023; it’s now been silently pushed back to November 2023.<br />

That said, a new and separate Entry/Exit System (EES) will, from May 2023, require all<br />

non-EU arrivals to have four fingerprints scanned and a photograph taken. This is designed<br />

to replace the stamp put into a passport. Some warn that EES is a relatively easy process at<br />

an airport but will be much harder and slower at seaports and the Eurotunnel – especially<br />

if there’s more than one person in a vehicle.<br />

So, if you’re travelling on business, make sure that you diarise the new ETIAS system<br />

from November 2023 and if you’re in a vehicle, allow extra time at the ports to cope with<br />

EES from next May.<br />



ACCORDING to research from Make UK<br />

and business advisory firm BDO - Regional<br />

Manufacturing Outlook <strong>2022</strong> – which was<br />

cited by the likes of The Manufacturer and<br />

NationCymru, Welsh exports have become<br />

more dependent on the EU after Brexit.<br />

The research found that the EU’s share<br />

of Wales’ export market rose from 58<br />

percent to 60 percent, despite the opening<br />

up of export markets with the rest of the<br />

world being a stated objective of the Brexit<br />

project.<br />

Researchers suggested the nations<br />

and regions that voted for Brexit had<br />

actually increased their dependence<br />

on the EU for manufacturing exports,<br />

while the European market remained the<br />

overwhelming favoured destination for the<br />

sector.<br />

Make UK said the EU remains ‘by some<br />

distance’ the most important export<br />

destination for UK goods, and BDO said<br />

‘manufacturing businesses have done a<br />

good job in adapting to new post-Brexit<br />

rules for trading with the EU, but ongoing<br />

government support may well be required,<br />

particularly for firms at the smaller end of<br />

the spectrum.’<br />


AS mad as it sounds, a good number of<br />

businesses – especially SMEs – rely on<br />

Facebook to promote themselves. And<br />

they do this to the exclusion of other<br />

forms of media. The problem is that not<br />

everyone uses Facebook, so bypassing<br />

other media means businesses are<br />

missing out on countless pairs of eyes.<br />

This was thrown into sharp relief<br />

recently as Facebook’s parent company,<br />

Meta, announced its first quarterly<br />

decline in revenue. After jumping by 60<br />

percent between 2019 and 2021, sales<br />

fell by one percent year-on-year in the<br />

second quarter of <strong>2022</strong>; it resulted from a<br />

14 percent fall in advertising revenue and<br />

a drop in users by one percent.<br />

Some think that Meta’s drop is<br />

a function of market maturity. But<br />

whatever the reason, other media<br />

firms are doing well and MoneyWeek<br />

highlighted French advertising and PR<br />

firm Publicis as an example. It posted a<br />

21 percent year-on-year revenue increase<br />

for the second quarter, while another<br />

French advertising firm, JCDecaux,<br />

reported a 22 percent jump.<br />

In other words, and as Bloomberg<br />

reckons, ‘the hold of social media on<br />

advertisers is weakening.’ This may be<br />

the result of pressure on governments to<br />

reform social media while dealing with<br />

political bias and the ‘abuse’ of personal<br />

data. But it’s also a function of Apple<br />

making it harder for advertisers to<br />

trace what people do with their<br />

iPhones, and then there’s the rise of<br />

other platforms that are impinging on<br />

Facebook’s market.<br />

The point is this – don’t rely on just<br />

one media platform to promote your<br />

company and its goods and services.<br />

Doing so shuts out so many potential<br />

customers that may miss the message.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.1881 1.3859 Down<br />

GBP/USD 1.1878 1.3627 Down<br />

GBP/CHF 1.14125 1.09585 Down<br />

GBP/AUD 1.72179 1.68716 Down<br />

GBP/CAD 1.53478 1.50403 Down<br />

GBP/JPY 166.863 160.76 Up<br />

This data was taken on 21st September and refers to the<br />

month previous to/leading up to 21st September.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 32<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 33




The UK’s new National Security regime:<br />

What do you need to know?<br />

THE UK’s new, and more<br />

extensive, national security<br />

regime entered into force<br />

on 4 January <strong>2022</strong> after<br />

the National Security and<br />

Investment Act 2021 received<br />

Royal Assent in April last year.<br />

The new regime is the culmination of a<br />

number of years of discussion of the UK’s<br />

approach to national security matters that<br />

included a white paper published in 2018; it<br />

reflects a global trend for more intervention<br />

in and scrutiny of national security issues.<br />


Fundamentally, the Act sets out a new,<br />

standalone regime that allows the UK<br />

Government to scrutinise – and potentially<br />

block – acquisitions and investments in<br />

sensitive sectors which could impact upon<br />

national security.<br />

The expectation is that the Government<br />

will be more likely to intervene in<br />

transactions under this new regime than<br />

was the case under the national security<br />

provisions of the Enterprise Act 2002.<br />

Concerns are greater under the new regime<br />

if a transaction involves the acquisition of<br />

an entity or asset in (or closely linked to) 17<br />

specified sectors of the economy. The new<br />

powers are deliberately flexible to address<br />

concerns in any sector and evolving national<br />

security risks (with national security not<br />

defined).<br />

The Act introduced a significant change<br />

in approach in terms of the requirement on<br />

companies to notify deals under mandatory<br />

elements of the new regime. These are<br />

very broad and are backed by the power to<br />

impose significant financial and criminal<br />

penalties for failure to comply.<br />

Now the regime is in force, the key issue<br />

for companies to consider is whether their<br />

transaction requires mandatory notification<br />

or alternatively a voluntary notification may<br />

be advisable, as well as ensuring that the<br />

regime is factored into deal timelines and<br />

documentation to manage the risks of delay<br />

or Government intervention.<br />

AUTHORS – Ian Giles and Mark Daniels<br />


The new regime falls into two parts -<br />

mandatory and voluntary.<br />

The mandatory regime requires qualifying<br />

transactions to be notified for approval<br />

before they take place. The voluntary regime<br />

allows parties to submit transactions for<br />

approval and also allows deals to be calledin<br />

retrospectively even if not voluntarily<br />

notified. Notifications are made to the<br />

new Investment Security Unit (ISU), within<br />

the Department for Business, Energy and<br />

Industrial Strategy (BEIS), which operates<br />

the regime on a day-to-basis. Under the Act,<br />

it is strictly the Secretary of State for BEIS<br />

who decides whether to call-in a transaction<br />

and the outcome of any review.<br />


The test for a mandatory notification<br />

comprises two parts – an acquisition of<br />

rights or interests amounting to a relevant<br />

trigger event regarding a target entity active<br />

in a qualifying sector.<br />

The 17 qualifying sectors and final<br />

definitions for these sectors are set out<br />

in a Statutory Instrument – the National<br />

Security and Investment Act 2021 (Notifiable<br />

Acquisition) (Specification of Qualifying<br />

Entities) Regulations 2021. As well as<br />

obvious sectors such as defence, energy and<br />

transport, there is a significant focus on<br />

technology and innovation such as advanced<br />

robotics and quantum technologies.<br />

The sector definitions are relatively<br />

detailed and technical and, recognising their<br />

complexity, BEIS has published guidance<br />

to help explain what the definitions are<br />

intended to capture and how to apply<br />

them. However, despite this guidance, the<br />

definitions are often not straightforward<br />

to apply. Organisations may also need to<br />

consider several of the sector definitions<br />

given a number are closely linked and take<br />

care that even if a target’s core activities are<br />

not within one of the 17 sectors it does not<br />

have other activities that are caught.<br />

The trigger events for mandatory<br />

notification are the acquisition of more<br />

than 25 percent, more than 50 percent, or 75<br />

percent or more of the voting rights or shares<br />

in a qualifying entity; or the acquisition of<br />

voting rights enabling or preventing the<br />

passage of any class of resolution governing<br />

the affairs of the qualifying entity.<br />


The trigger events described above also<br />

apply to target entities that are not active<br />

in a qualifying sector – however, in those<br />

cases the notification is voluntary rather<br />

than mandatory. In addition, whether or<br />

not the transaction involves a target entity<br />

in a qualifying sector, there are trigger<br />

events which apply under the voluntary<br />

regime (i.e. which do not require mandatory<br />

AUTHORS – Ian Giles and Mark Daniels<br />

notification). These are the acquisition of material influence<br />

over a qualifying entity’s policy; or the acquisition of a right<br />

or interest in, or in relation to, a qualifying asset providing<br />

the ability to use or control the asset (either entirely or to a<br />

greater extent).<br />


To fall within the new regime the target entity or asset must<br />

be from, in, or have a sufficient connection with the UK. A<br />

qualifying entity must carry on activities in the UK or supply<br />

goods or services to people in the UK, and a qualifying asset<br />

must be used in connection with activities carried on in the<br />

UK or the supply of goods or services to people in the UK.<br />

BEIS has published specific guidance on when target<br />

entities and assets outside the UK are within the scope of the<br />

new regime, which indicates a relatively broad approach in<br />

this regard. For example, an overseas company producing<br />

goods for export to a UK company could be caught, as could<br />

machinery located overseas used to produce equipment that<br />

is used in the UK.<br />

Assessments will also be fact specific and may not be<br />

straightforward – the guidance explains that an overseas<br />

entity is likely to be a qualifying entity if its staff travel to the<br />

UK and undertake business activities similar to working in a<br />

regional office, but it is not likely to be one if those staff solely<br />

conduct market research or are part of a sales team seeking<br />

new clients.<br />

Another complexity is that, whereas a non-UK entity<br />

counts as a qualifying entity if it carries on activities in the<br />

UK or supplies goods or services to persons in the UK, for an<br />

acquisition of such an entity to require mandatory notification<br />

it must actually carry-on UK activities that fall within one<br />

of the 17 sensitive sectors. However, care is needed in this<br />

regard as some of the activities within the definitions for the<br />

17 sectors include supply of goods or services to UK persons.<br />


While the focus is clearly third-party acquisitions, intragroup<br />

reorganisations may also fall within the new regime,<br />

potentially even requiring mandatory notification. The<br />

published guidance provides the example of two parties<br />

that share the same ultimate owner but are run separately<br />

from each other. If one of these parties acquires part of the<br />

other, this would fall within the scope of the Act if the level of<br />

interest being acquired amounts to a trigger event.<br />

SCOPE<br />

One key take away is that this new regime is wider than that<br />

which applies to traditional M&A deals. The trigger events<br />

set out above could include minority investments, as well as<br />

intra-group transactions and (in the context of the voluntary<br />

regime) acquisitions of or transactions giving control over<br />

assets such as land or intellectual property.<br />

Under the Act, the Secretary of State must publish a<br />

statement explaining how the power to call-in transactions<br />

for a full national security assessment is expected to be<br />

used. This provides guidance on the sorts of issues that will<br />

be taken into account when considering whether to call a<br />

transaction in – and hence how parties might assess whether<br />

to make a voluntary notification, as well as whether a notified<br />

transaction (mandatory or voluntary) is likely to be cleared<br />

after an initial review or called-in for a full assessment.<br />

Qualifying acquisitions in any area of the economy could be<br />

reviewed, but a transaction is unlikely to be called-in unless<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 34 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 35<br />

continues on page 36 >


the target entity or asset is in one of the 17 sensitive<br />

sectors or a sector closely linked to one of those<br />

sectors.<br />

There are three risk factors that are also relevant<br />

in particular in determining whether a transaction<br />

is likely to be called in.<br />

These are target risk – whether the target entity<br />

or asset is being used, or could be used, in a way<br />

that poses a risk to national security; acquirer<br />

risk – whether the acquirer has characteristics<br />

that suggest there is, or may be, a risk to national<br />

security from the acquirer having control of the<br />

target; and control risk – whether the amount of<br />

control that has been, or will be, acquired poses a<br />

risk to national security (a higher level of control<br />

may increase the level of national security risk).<br />

BEIS believes there will be around 1,000 to<br />

1,830 transactions notified each year with 70 to 95<br />

transactions called in for a full national security<br />

assessment. Others think those numbers will be<br />

exceeded.<br />

But whatever the exact number of national<br />

security reviews under the new regime, it is clear<br />

the number will be significantly higher than under<br />

the previous Enterprise Act regime. National<br />

security reviews under the Enterprise Act were<br />

relatively rare (fewer than 20 reviews since 2003),<br />

even despite a notable increase in such reviews<br />

after the Bill for the new regime was published in<br />

November 2020.<br />


While the full regime came into force at the start<br />

of the year, the retrospective call-in power applies<br />

from the day after publication of the Bill. This<br />

means that trigger events that occurred during the<br />

period 12 November 2020 to 3 January <strong>2022</strong> can also<br />

see transactions called in for review.<br />

Parties to transactions where a trigger event<br />

occurred between those earlier dates had an<br />

incentive to make the ISU aware of their transaction<br />

before the Act came into force. Doing so limited<br />

any retrospective call-in to six months from 4<br />

January <strong>2022</strong> instead of up to five years from that<br />

date (although any call-in subject to the five-year<br />

deadline also needs to be within six months of<br />

when the Secretary of State became aware of the<br />

trigger event after the Act came into force).<br />

The mandatory notification requirements have<br />

applied from 4 January <strong>2022</strong> (including in relation<br />

to any deals that were signed previously but where<br />

a relevant trigger event takes place after the Act<br />

came into force). Accordingly, parties to any deals<br />

that might require mandatory notification need<br />

to factor the process into their deal planning, and<br />

likewise for transactions where parties decide to<br />

submit a voluntary notification.<br />


The ISU deals with notifications. It will conduct<br />

an initial review within 30 working days of<br />

notification, after which the transaction will either<br />

be cleared or called-in for a full national security<br />

assessment. A full assessment will itself take up to<br />

30 working days, subject to an initial extension of<br />

45 working days, and further potential voluntary<br />

AUTHORS – Ian Giles and Mark Daniels<br />

❝<br />

The mandatory<br />

notification<br />

requirements<br />

have applied<br />

from 4 January<br />

<strong>2022</strong> (including<br />

in relation to<br />

any deals that<br />

were signed<br />

previously but<br />

where a relevant<br />

trigger event<br />

takes place after<br />

the Act came<br />

into force).<br />

❝<br />

extension if agreed with the parties. The clock can<br />

be stopped on the review during a full assessment<br />

if further information is required.<br />

For mandatory notifications, clearance must be<br />

received before the transaction takes place. Where<br />

a mandatory notification has not been made, the<br />

Secretary of State may call-in the deal at any future<br />

point, provided this is within six months of the<br />

Secretary of State becoming aware of the trigger<br />

event.<br />

For voluntary notifications, the parties have the<br />

option to notify, but the Secretary of State is able to<br />

call-in a deal for up to six months after they become<br />

aware of it, any time up to five years after the deal<br />

takes place. A transaction under the voluntary<br />

regime but not voluntarily notified will proceed<br />

straight to a full assessment if called-in for review.<br />

There are specific requirements for the content<br />

of mandatory and voluntary notifications, which<br />

are set out in the National Security and Investment<br />

Act 2021 (Prescribed Form and Content of Notices<br />

and Validation Applications) Regulations 2021.<br />

Additional requirements in terms of the procedure<br />

for submitting notifications and other documents<br />

to BEIS, including use of the NSI electronic portal,<br />

are in the National Security and Investment Act<br />

2021 (Procedure for Service) Regulations 2021.<br />


If a deal requiring mandatory notification is not<br />

approved the transaction will be legally void. In<br />

addition, there are civil and criminal penalties,<br />

including potential daily penalties for ongoing<br />

breaches. Completing a transaction that is subject<br />

to mandatory notification without approval will<br />

risk a penalty of up to five percent of group worldwide<br />

turnover or £10m (whichever is higher), and<br />

imprisonment for individuals for up to five years.<br />

Notably, the Secretary of State may retrospectively<br />

validate a transaction that failed to gain approval.<br />

The Secretary of State also has the power to<br />

impose remedies to address any national security<br />

concerns. These may include, for example,<br />

conditions restricting access to sensitive sites,<br />

access to confidential information and intellectual<br />

property transfers.<br />


Ultimately the Secretary of State has the power to<br />

block deals, or to require acquisitions that have<br />

taken place to be divested or unwound.<br />

However, the vast majority of transactions<br />

reviewed under the new regime are expected to<br />

be cleared without needing remedies. Despite<br />

this, the new regime is far-reaching with serious<br />

consequences for non-compliance and requires<br />

parties to transactions in a much wider range<br />

of situations to engage with a potential national<br />

security review than under the previous Enterprise<br />

Act regime.<br />

Ian Giles is a partner and head of Norton Rose<br />

Fulbright LLP’s antitrust and competition team in<br />

Europe, the Middle East and Asia. Mark Daniels is<br />

a senior knowledge lawyer at the firm.<br />



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• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 020 3868 0947<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

T: +44 (0)7465 423 538<br />

E: marketing@yaypay.com<br />

W: www.yaypay.com<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

T: +44 (0)1992 367 092<br />

E: a.whitehurst@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

Our <strong>Credit</strong>or Services team can advise on the best<br />

way for you to protect your position when one of<br />

your debtors enters, or is approaching, insolvency<br />

proceedings. Our services include assisting with<br />

retention of title claims, providing representation at<br />

creditor meetings, forensic investigations, raising<br />

finance, financial restructuring and removing the<br />

administrative burden – this includes completing<br />

and lodging claim forms, monitoring dividend<br />

prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

FIS GETPAID solution is a fully integrated, webbased<br />

order-to cash (O2C) solution that helps<br />

companies improve operational efficiencies, lower<br />

DSO, and increase cash flow. The solution suite<br />

includes strategic risk-based collections, artificial<br />

intelligence, process automation, credit risk<br />

management, deduction and dispute resolution and<br />

cash application. FIS is a global leader in financial<br />

services technology, providing software, services<br />

and outsourcing of the technology that empowers<br />

the financial world.<br />

Forums International has been running <strong>Credit</strong> and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

Data Interconnect provides corporate <strong>Credit</strong> Control<br />

teams with Accounts Receivable software for bulk<br />

e-invoicing, collections, dispute management and<br />

invoice finance. The modular, cloud-based Corrivo<br />

platform can be configured for any business model.<br />

It integrates with all ERP systems and buyer AP<br />

platforms or tax regimes. Customers can self-serve<br />

on mobile friendly portals, however their invoices are<br />

delivered, and <strong>Credit</strong> Controllers can easily extract<br />

data for compliance, audit and reporting purposes.<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

T: +447730500085<br />

E: getinfo@fisglobal.com.<br />

W: www.fisglobal.com<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B <strong>Credit</strong> Risk<br />

Intelligence solutions include the Tinubu Risk<br />

<strong>Management</strong> Center, a cloud-based SaaS platform;<br />

the Tinubu <strong>Credit</strong> Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

<strong>Credit</strong>safe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately predict<br />

their exposure to financial risk. Our H-Score®<br />

predicted 92 percent of quoted company insolvencies<br />

and our TextScore® accuracy rate was 93<br />

percent. Our scores are trusted by credit professionals<br />

within banks, corporates, investment houses<br />

and public sector bodies because, unlike other credit<br />

reference agencies, we are transparent and flexible<br />

in our approach.<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 38 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 39

Introducing our<br />


Each of our Corporate Partners is carefully selected for their commitment<br />

to the profession, best practice in the <strong>Credit</strong> Industry and the quality of<br />

services they provide. We are delighted to showcase them here.<br />

Do you know someone who would benefit from CICM membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

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

Cora-Jade Gerrard<br />

Finley Cole<br />

Mara Helena Fernandes Caires<br />

Marcel Malanca<br />

Maria Taylor<br />

Sarah Jackson<br />

Sebastiano Flynn<br />

Bradley Ford<br />

Sarah Aird<br />

Lauren Paige Ford<br />


Sarah Hall<br />

Jodie Jarvis<br />

Sean Harris<br />

Sheena Ferguson<br />

Kieran Gibson<br />

Valeska Sharkey<br />

Omar Hajat<br />

Harry Payne<br />

Sam Sharpe<br />

Massimiliano Cerolini<br />


Amy Occleshaw<br />

Kevin Sherwood<br />

Lee Taylor<br />

Dominic Grossett<br />

Jasmine Bailey<br />

Lee-Anne Phillips<br />

Ellie Coulson<br />

Mia Radford<br />

James Dewar<br />

Lindsay Williams<br />

Michael Myrie<br />

Jennifer Egan<br />

Mark Jamieson<br />

Laura Mather<br />

Vicki Hall<br />

Alina Jircovici<br />

Marius Craioveanu<br />

Louise Leacock<br />

Jack Easdon<br />

Chris Sanders Consulting – we are a different sort of<br />

consulting firm, made up of a network of independent<br />

experienced operational credit and collections<br />

management and invoicing professionals, with<br />

specialisms in cross industry best practice advisory,<br />

assessment, interim management, leadership,<br />

workshops and training to help your team and<br />

organisation reach their full potential in credit<br />

and collections management. We are proud to be<br />

Corporate Partners of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong>. For more information please contact<br />

enquiries@chrissandersconsulting.com<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

For further information<br />

and to discuss the<br />

opportunities of entering<br />

into a Corporate<br />

Partnership with the<br />

CICM, please contact:<br />

Sema Fongod<br />

Helen Stephanie Dixon<br />

Adam Smith<br />

Mehmood Khan<br />


MCICM<br />


Congratulations to our current members who have upgraded their membership<br />

corporatepartners@cicm.com<br />


Mandy Whelan-Brown ACICM<br />

The CICM Benevolent Fund is<br />

here to support members of<br />

the CICM in times of need.<br />

Some examples of how CICM have helped our members are:<br />

• Financed the purchase of a mobility scooter for a disabled member.<br />

• Helped finance the studies of the daughter of a member who<br />

became unexpectedly ill.<br />

• Financed the purchase of computer equipment to assist an<br />

unemployed member set up a business.<br />

• Contributed towards the purchase of an orthopaedic bed for one<br />

member whose condition was thereby greatly eased.<br />

• Helped with payment for a drug, not available on the NHS, for<br />

medical treatment of another member.<br />

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

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

you will be advised of their decision as quickly as possible)<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> (ACICM)<br />

Alison Tearall<br />

Saffron West<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

Victoria Akroyd<br />

Gillian Brades<br />

Neil Brown<br />

Beatrice Chauveau<br />

Daniel Coggin<br />

Caroline Cruickshank<br />

Callum Long<br />

Hannah Cox<br />

Renard Frederick<br />

Rebekah Glover<br />

Michelle Graham<br />

Philip Hodgson<br />

Crystal Cheung<br />

Rianna Ibbetson<br />

Caroline Jackson<br />

Alice Latham<br />

Lisa McQueen<br />

Robbie Menzies<br />

Level 5 Diploma in <strong>Credit</strong> & Collections <strong>Management</strong> MCICM (Grad)<br />

Kevin Pearce Laura Brown Eoghan Rodgers<br />

Dean Monks<br />

Jordan O'donovan<br />

Eniko Szabo<br />

Virginija Tesarcik<br />

Terri-Anne Walker<br />

Raise your credibility and<br />

boost your career prospects<br />

– Apply for your upgrade today<br />

Contact: info@cicm.com for more details<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 40 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 41



AUTHOR – David Andrews<br />

UP, UP<br />

AND AWAY<br />

Is your house safe<br />

from Nuclear attack?<br />

AUTHOR – David Andrews<br />

THAT’S the header which has<br />

just popped into my inbox.<br />

I get a lot of really weird<br />

emails, and I daresay you<br />

do too…but I was intrigued<br />

by this one. Looking around<br />

my mid 19th century cottage, solidly built<br />

but by Victorian builders who were chiefly<br />

focused on protecting its early occupants<br />

from driving rain and sub-zero temperatures<br />

(it gets pretty parky out here in the<br />

South Downs), I concluded that, no, my<br />

cottage is not ‘safe’ from nuclear attack.<br />

On closer inspection, it transpires that<br />

the email emanates from – go figure – a US<br />

insurance company.<br />

What!!! Surely this is a new low in the<br />

annals of turning a fast buck on a home<br />

insurance premium?<br />

You know what, bud, you think you’ve<br />

got your ass covered…but when those<br />

Ruskies start lobbing the nukes over, who<br />

do you think is going up in smoke first of<br />

all?<br />

That’s right, my friend, and there won’t<br />

be much left of you guys to clear up. So<br />

better safe than sorry, eh?<br />

Now of course, even this most perverse<br />

take on the hard sell defies any actual logic.<br />

But given that our American comrades<br />

across the ocean appear to have abandoned<br />

any semblance of logic either in the<br />

way they elect their politicians or conduct<br />

corporate business, why, I am wondering,<br />

does it niggle me so much.<br />

Possibly because, having recently<br />

moved house, I have been literally bombarded<br />

(not quite nuked) by insurers competing<br />

for my business.<br />

In a free-range economy such as ours<br />

that’s to be expected, but it seems that in<br />

the post-pandemic economic recovery period,<br />

levels of avarice and chasing down<br />

the last buck have imploded. Sales peeps<br />

have always been driven by targets, the<br />

promise of commission every time they<br />

nail a sale, sign up yet another punter into<br />

a lengthy contract which turns out to be as<br />

watertight as the pair of tennis trainers I<br />

have finally binned.<br />

But I think what is, if I drill down,<br />

really bothering me in today’s hard sell<br />

universe is the complete absence of any<br />

compassion.<br />

While insurance for our homes and our<br />

vehicles are a given, the endless exhortations<br />

to be covered for this, that and the<br />

other – nuclear war!! – is enervating at the<br />

least, infuriating at worse.<br />

At the end of April this year, UK adults<br />

owed £1,786bn to banks, credit card firms,<br />

mortgage lenders and other assorted debt<br />

providers.<br />

Including the mortgage (for those who<br />

are ‘lucky’ enough to have them – so many<br />

young adults in particular are being crippled<br />

by rapidly rising monthly rents), the<br />

typical adult in the UK owes just shy of<br />

£34,000. Far more for graduates struggling<br />

to repay their student loans.<br />

According to the Office for Budgetary<br />

Responsibility, household debt is set to<br />

climb dramatically this year and into<br />

2023. A perfect storm of historically high<br />

inflation, the ongoing crisis in Eastern Europe<br />

and a wage freeze for many workers<br />

means that hard working households are<br />

likely to face ever more drains on their<br />

limited resources.<br />

Without doubt these are nervous times<br />

for our finances. Not helped by an alarmist<br />

media constantly banging the drum regarding<br />

gas and electricity price rises. This<br />

Autumn is likely to see consumer payments<br />

for domestic power rise to around<br />

£3,500, if you believe the Daily Telegraph<br />

home news reporting team.<br />

I don’t. This is fake news. The<br />

Government has made it clear that consumer<br />

prices will be capped, so while the<br />

energy repayments will be uncomfortably<br />

high for many, the ruinous sums being<br />

banded about are a fiction, designed to terrify<br />

readers for reasons best known to the<br />

media bosses who thrive on this kind of<br />

misinformation.<br />

Mortgage repayments are also creeping<br />

up. We are nowhere near the scenario<br />

faced by so many homeowners, including<br />

myself, in the late 1980s, when the base<br />

rate rose to 15 percent. Thousands of<br />

property owners capitulated, with many<br />

pushing the keys back through the building<br />

society door.<br />

Now that really was a ruinous scenario.<br />

But I can’t see the rates spiralling to<br />

anything like that level, despite the current<br />

crisis. I can however envisage the<br />

base rate climbing to roughly half of that,<br />

but these rises will be staggered, as the<br />

Bank of England’s Monetary Policy Committee<br />

will not want to bankrupt the country.<br />

Speaking to a couple of local estate<br />

agents, the view from the front line is<br />

that property prices will start to go off<br />

the boil towards the end of <strong>2022</strong>; by the<br />

end of the third quarter of next year we<br />

could be witnessing a distinct cooling<br />

of home values. Good news for those<br />

struggling to get on the ladder, not so<br />

good if you’ve bought this year – which is<br />

now looking distinctly like the top of the<br />

market.<br />

As they say, what goes up must (eventually)<br />

come down. Maybe we should take<br />

a leaf out of our European neighbours’<br />

book. Our chums in France, for example,<br />

are giving a collective Gallic shrug, as most<br />

(around two thirds of the population) rent<br />

their homes.<br />

Pas de soucie, they say, no worries.<br />

It can be someone else’s problem. Over<br />

here however far too much of our collective<br />

wealth is tied up in property, despite<br />

it being quietly vulnerable. Longer term,<br />

say the experts, property will always come<br />

good.<br />

But the concern right now is that the<br />

once seemingly invincible property<br />

market is looking decidedly shaky…<br />

and the wider stock markets have been<br />

pounded since Russia went into Ukraine<br />

at the beginning of the year. Nowhere<br />

looks to be a particularly attractive home<br />

for our money.<br />

Wrap up well. It may be a long, harsh<br />

winter.<br />

David Andrews is a freelance journalist.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 42 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 43


Supporting Court Users<br />

The importance of freedom of choice for court<br />

users and how you can help.<br />



AUTHOR – Alan J. Smith<br />

WITH the cost-of-living<br />

increases, war in the<br />

Ukraine, Brexit, and the<br />

long-term effects of the<br />

pandemic, we can assume<br />

that more judgments<br />

will be sought as we head towards 2023<br />

as organisations take a proactive approach to<br />

managing debts in a time of financial uncertainty.<br />

Ultimately, this could mean further delays in<br />

the County Court system. A system which just<br />

five percent of court users think is effective.<br />

The significant backlog of cases already stuck<br />

in the County Courts, coupled with a potential<br />

increase in judgments, does not bode well for<br />

creditors who just want to recover the money<br />

that is owed to them to help cover their own<br />

costs.<br />

At present, any debt under £600 must be collected<br />

via the County Court Bailiff system. This<br />

means people and businesses in the UK don’t<br />

have a choice about how their judgments are<br />

enforced.<br />

While £600 may not sound like a lot of money,<br />

for a small business, or a creditor owed multiple<br />

smaller debts, this soon adds up and puts<br />

them and their business at risk of becoming the<br />

debtors of tomorrow.<br />

We’ve surveyed court users to find out what<br />

delays in the court system have meant to them<br />

and their organisations in the past. An overwhelming<br />

97 percent of court users expressed<br />

concern over the backlog of cases in the County<br />

Courts and 86 percent have experienced these<br />

delays first-hand.<br />

In fact, some respondents commented that<br />

they had stopped chasing debts under £600 altogether,<br />

with one stating: “Many solicitors feel<br />

that use of the courts is now something to be<br />

avoided at all costs.”<br />

This means that creditors would rather write<br />

off money they are owed than deal with the<br />

current court system. That can’t be right.<br />

Not only is this unfair on the creditor, but it<br />

also puts them under increased financial pressure,<br />

leading to sleepless nights, additional<br />

borrowing and, in some cases, administration.<br />

Another serious consequence is the reputational<br />

damage it causes them, along with the<br />

loss of earnings for solicitors and debt recovery<br />

services, which are losing clients due to lack of<br />

results when dealing with the County Courts.<br />


We believe what the system needs is a simple<br />

change to give court users another option.<br />

A quick and simple amendment to the High<br />

Court and County Court Jurisdiction Order<br />

1991 to allow High Court Enforcement Officers<br />

to enforce judgments below £600 in respect of<br />

unregulated judgments would solve a lot of<br />

these issues.<br />

Since publishing our ‘Supporting Court Users<br />

– the Right to Freedom of Choice’ report in<br />

2021, we have been engaging with Government<br />

about this important issue and discussing what<br />

a change in this legislation might look like.<br />

We’re proposing the fees that HCEOs charge<br />

for collecting debts under £600 should match<br />

the non-High Court fee scale for debts of the<br />

same amount – they would be 100 percent in<br />

line with the current system.<br />

Would this mean every creditor would then<br />

choose a High Court Enforcement Agent to recover<br />

their debts? Of course not. This won’t be<br />

the solution for everybody, or a quick fix for the<br />

court system.<br />

Instead, what I would expect to see is space<br />

for the County Courts, allowing County Court<br />

bailiffs to clear the backlog of cases and focus<br />

on those who choose them as their preferred<br />

enforcement option.<br />


As part of this ongoing work, we’ve launched a<br />

follow up survey so that, as a profession, we can<br />

use the collective feedback and evidence provided<br />

by court users to continue to campaign<br />

for this change with the Ministry of Justice.<br />

Our survey will be live until 24 <strong>October</strong> <strong>2022</strong>,<br />

and we would be grateful for feedback on your<br />

experiences and opinions.<br />

The High Court enforcement profession is<br />

ready, willing and able to support this change.<br />

It just needs Government action.<br />

Alan J. Smith FCICM is Chairman of the<br />

High Court Enforcement Officers Association<br />

(HCEOA).<br />

Your CICM lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

CM<br />




IN DEPTH<br />



<strong>Credit</strong> <strong>Management</strong>, the magazine of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> (CICM), is the leading publication in its field. The magazine<br />

includes full coverage of consumer and trade credit, export and company<br />

news, as well as in-depth features, profiles and opinions. To receive the free<br />

magazine you must be a member of the CICM or subscribe.<br />

ASK THE<br />


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Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 44 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 45

ESG<br />

ESG<br />

Influential thinking<br />

Tackling unconscious bias by ‘un-biasing’ processes.<br />

SOME weeks ago, I was invited to take<br />

part in a panel debate. Having been<br />

very familiar with such events, I<br />

asked what the seating arrangements<br />

would be and was told there would<br />

be high stools. Being rather petite, I<br />

didn’t much like the idea of having to clamber<br />

up onto a high seat, with my legs dangling over<br />

the edge for all the world like a ventriloquist’s<br />

dummy – without the ventriloquist!<br />

A conversation to that end took place, and the<br />

organisers replaced the stools with comfortable<br />

armchairs, and everything went off smoothly.<br />

In this example, the decision to choose high<br />

stools was probably taken by an individual who<br />

unconsciously expected most of the panellists to<br />

be men, and therefore of a certain height. It is<br />

unlikely that they took into account that women<br />

are on average much shorter than men, or that<br />

a man or woman from Mexico or Vietnam is<br />

typically much shorter than someone from<br />

the US or Western Europe. I doubt they also<br />

considered what people wear, and that a high<br />

stool might not therefore be appropriate for a<br />

woman in a skirt. And I very much doubt they<br />

considered whether any of the panellists had<br />

mobility issues.<br />

The point of telling you this story is that<br />

it is an example of unconscious bias, and<br />

the influence unconscious bias has on<br />

our attitudes and behaviours, especially<br />

to other people. It can influence<br />

key decisions in the workplace<br />

and can contribute to<br />

inequality, especially in terms<br />

of recruitment, appraisals, or<br />

promotion.<br />


Unconscious bias is nothing new.<br />

Back in the 1940s in the UK, newly-built<br />

aircraft were ferried from<br />

the factories to their front-line<br />

squadrons by pilots of the Air<br />

Transport Auxiliary, many of<br />

whom were women. There is<br />

a famous story of one enormous<br />

four-engined aircraft<br />

landing at an airfield and<br />

a party of men gathering<br />

to greet the pilot. When<br />

a very petite young woman<br />

clambered out the<br />

back, the men remained<br />

standing, refusing to<br />

believe that she could<br />

have flown such a<br />

mighty aircraft, or indeed<br />

any aircraft for that<br />

AUTHOR – Simona Scarpaleggia<br />

matter. Only after some time, and when<br />

no-one else emerged, did they finally believe<br />

she must have been at the controls.<br />

In more recent times, a woman in the<br />

US recounts of her experience parking<br />

in a ‘Veterans and Military’ parking<br />

spot, getting out of her car, and a man<br />

confronting her and shouting: ‘That spot<br />

is for vets, ya know!’. ‘I know.’ She replied.<br />

‘It’s nice to be appreciated! Women have<br />

been serving for decades!’ Unconscious<br />

bias manifests itself in other ways that<br />

impact our daily lives. A study by two<br />

Dutch scientists at Maastricht University<br />

in 2015, for example, found that most<br />

offices set their thermostats based on the<br />

resting metabolic rate of a 40-year-old<br />

man. This is in accordance with standard<br />

indoor air conditioning guidelines which<br />

date back to the 1960s and which have<br />

never been updated. Because women<br />

tend to be smaller and have more body<br />

fat than men, however, they have slower<br />

metabolic rates. Which means the current<br />

air conditioning standards are too cold for<br />

most women.<br />


To be clear, unconscious bias is not limited<br />

to gender. It also impacts ethnicity and<br />

other visible diversity characteristics such<br />

as height, body weight and even names. It<br />

is triggered by our brains unconsciously<br />

making quick judgments and assessments<br />

that are influenced by our background<br />

and personal experiences, as well as our<br />

concept of societal stereotypes.<br />

Typically, bias falls into one of four<br />

categories:<br />


This is a bias towards people we like and<br />

immediately identify with, and often<br />

manifests itself when recruiting and<br />

favouring a candidate that we see<br />

as the right ‘fit’ when actually we<br />

should value diversity and consider<br />

what the individual will<br />

bring to the team.<br />


Having perhaps decided to<br />

recruit an individual in our<br />

own image, we then seek to<br />

confirm we have made the<br />

right choice by looking<br />

for information that confirms<br />

our thinking and<br />

ignoring information<br />

that doesn’t quite fit<br />

the narrative we<br />

have formed. This<br />

can of course lead<br />

to challenges later<br />

AUTHOR – Simona Scarpaleggia<br />

down the line if we choose to overlook an<br />

issue that subsequently becomes a problem.<br />


The halo effect comes when our positive<br />

perception of an individual makes us<br />

see everything they do as being ‘great’<br />

and effectively giving them a ‘halo’. This<br />

again can be dangerous and mean that<br />

we ignore other aspects of their character<br />

or performance that can become an<br />

issue, or that we fail to pick up on formal<br />

appraisals.<br />


The horn effect is the direct opposite of<br />

the halo effect, and instead of only seeing<br />

the good in someone, we only see the bad,<br />

and focus on their negative traits.<br />

❝<br />

To address unconscious<br />

bias, it is essential to<br />

recognise and understand<br />

what biases you may have,<br />

because of your experience,<br />

your gender, your sexual<br />

orientation, and your own<br />

social background.<br />

❝<br />



So in management, how can you address<br />

the issue of unconscious bias, and help<br />

yourself to make the right decisions<br />

for your colleagues, your business and<br />

yourself?<br />

The key point is one of honesty and<br />

being honest with yourself, which is not<br />

always easy. We will all know of examples<br />

over the years where we may have had<br />

favourites or championed one individual<br />

over another. To address unconscious<br />

bias, it is essential to recognise and<br />

understand what biases you may have,<br />

because of your experience, your gender,<br />

your sexual orientation, and your own<br />

social background. Discussing the issue<br />

in an honest and open forum and raising<br />

the awareness of unconscious bias is the<br />

best way of starting to mitigate against it.<br />

This will certainly help from a personal<br />

point of view, but it won’t mean that bias<br />

will disappear. Indeed quite the opposite.<br />

Leaving the issue of bias to a myriad of<br />

individual considerations and preferences<br />

serves to fuel the subjectivity of decisionmaking,<br />

and in no way contributes to<br />

a structured process. The best way for<br />

this to be achieved, and create a more<br />

effective, sustainable solution, is to ‘unbias’<br />

the process.<br />

This means that when hiring, promoting,<br />

assigning projects, or organizing<br />

the seating at a conference, an organisation<br />

needs to have a proper process that<br />

is designed to be neutral, and takes into<br />

account how we all differ.<br />

Let me give you some examples:<br />

• Use gender neutral language for job<br />

advertisements and for other communication:<br />

by doing this, you will attract more<br />

candidates/encourage wider engagement.<br />

• Make application processes transparent.<br />

Remember that potential candidates also<br />

have their own bias and by having a clearer<br />

picture of the process they will realise they<br />

will not be excluded ‘by default’ – because<br />

of some aspect of diversity they embody –<br />

in the way that they thought.<br />

• Require a gender balanced shortlist of<br />

candidates for hiring and for promotion:<br />

this will help safeguard meritocracy and<br />

will secure equity.<br />

• Promote in groups: promoting in batches<br />

as opposed to announcing promotions<br />

on a one-by-one basis will make the<br />

gender balance more visible. It will make<br />

leaders more aware of the decisions they<br />

are taking and increase trust among the<br />

employees.<br />

• Pay for performance, not for ‘face time’<br />

presence: the pandemic has shown the<br />

latter was heavily overestimated and<br />

performance can be measured more<br />

objectively through relevant quantitative<br />

KPIs and qualitative parameters, rather<br />

than simply being ‘seen’ to be working.<br />

• Show more diverse role models: it is a<br />

very powerful way to encourage everyone<br />

to lean in and to aspire to an interesting<br />

career in their organisation.<br />

The list could continue; there is so<br />

much that can be done that will help an<br />

organisation in creating a more equitable<br />

workplace and a more effective one<br />

too. Being alive to unconscious bias will<br />

open a new world of opportunity to you<br />

and your business. It is not simply about<br />

ensuring you lay out the right furniture<br />

the next time you’re hosting a conference<br />

or panel debate, but rather ensuring you<br />

enrich your organisation with a more<br />

diverse team, with all of the benefits that<br />

brings.<br />

Simona Scarpaleggia is a former Country<br />

CEO of IKEA and Board Director, EDGE<br />

Strategy.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 46<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 47


The Quiet Life<br />

Organisations shouldn't rely on people to constantly<br />

go 'above and beyond', and employees shouldn't<br />

compromise their careers through 'quiet quitting'.<br />

Are you New2<strong>Credit</strong>? Either through study, apprenticeship or a career change and<br />

looking for an opportunity to harness the power of networking to enhance your<br />

learning and development?<br />

THERE’S no doubt that the<br />

world of work has changed<br />

considerably over the<br />

past few years. Workplace<br />

culture has changed, what<br />

employees want has changed<br />

and the methods that employers are using<br />

to attract and retain staff in a competitive<br />

jobs market have also changed.<br />

After the initial shocks that came with<br />

the enforced adjustment to working in a<br />

pandemic, some of the changes to how<br />

and where we work have actually resulted<br />

in positive progress – for example in how<br />

major employers now think about flexible<br />

working, work life balance and employee<br />

wellbeing.<br />

But one new trend that has been talked<br />

about frequently over the past few months<br />

– is a practice that’s been labelled as ‘quiet<br />

quitting’. Originating from TikTok and<br />

quickly becoming a hot topic on social<br />

media, quiet quitting isn’t about walking<br />

out on your job without telling anyone,<br />

it’s about doing only what is in your job<br />

description, and no more.<br />

It was described in one news story as<br />

‘no more going the extra mile to impress<br />

your boss’ – and not working extra hours,<br />

replying to emails outside of work or<br />

taking on tasks that aren’t really part of<br />

your job.<br />

The people opting to take this approach<br />

seem to be doing so because they’ve grown<br />

tired of not getting the recognition or<br />

financial reward for putting in extra hours<br />

and see it as a way of protesting against<br />

the long-hours culture that still pervades<br />

in many sectors.<br />

Different generations may say long<br />

hours is all part of getting ahead, especially<br />

if you’re at the start of your career. But<br />

post-pandemic, it’s no surprise to hear<br />

these sentiments – in fact, we recently ran<br />

a poll on LinkedIn and nearly two-thirds<br />

(63 percent) of respondents said they had<br />

‘quietly quit’ before or they are doing it<br />

now in their job.<br />

We know from our own research<br />

that not only do staff value competitive<br />

salary packages and career advancement<br />

opportunities, but now actively avoid<br />

employers who don’t genuinely prioritise<br />

the work-life balance and mental health<br />

of their staff. The same goes for employers<br />

AUTHOR – Natascha Whitehead<br />

who don’t have a positive culture or lack a<br />

clearly defined purpose.<br />

What’s questionable is that a movement<br />

with the admirable goal of reducing<br />

burnout seems to be encouraging people<br />

to still show up for work in organisations<br />

they are clearly unhappy working for. The<br />

reasons people can feel dis-satisfied with<br />

their workplace can be wide-ranging:<br />

pay, benefits, hours, responsibility, career<br />

trajectory, training provision, lack of<br />

purpose, working environment, culture,<br />

failings in diversity and equality – it’s a<br />

long list.<br />

But if employees can’t resolve the issues<br />

that make them unhappy with their<br />

employer, our research shows that the vast<br />

majority of people simply choose to move<br />

on, particularly in competitive sectors<br />

such as finance.<br />

It’s crucial that employers take active<br />

responsibility in ensuring they retain staff<br />

by empowering their workforce, offering<br />

skills development, and investing in<br />

talent. And there’s more acceptance now<br />

that ‘work is not your life’ – which was the<br />

start point for the TikTokker who launched<br />

the ‘quiet quitting’ conversation.<br />

But I’m not sure that showing up for<br />

work but only being prepared to stay<br />

strictly within the boundaries of your job<br />

requirements is good for anyone.<br />

If you’re considering ‘quiet quitting’,<br />

first arrange a career discussion with<br />

your manager, explore your career<br />

opportunities within your employer and<br />

evaluate your personal aspirations, your<br />

professional development options and if<br />

the timeline to achieve them is realistic.<br />

If after this you still aren’t satisfied,<br />

speak to a recruitment specialist. There<br />

are plenty of opportunities out there<br />

within the credit management sphere –<br />

and our experts can help provide you with<br />

a career check in.<br />

Natascha Whitehead is Business<br />

Director & UK Channel Lead of Hays<br />

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

❝<br />

It’s crucial that<br />

employers take active<br />

responsibility in<br />

ensuring they retain<br />

staff by empowering<br />

their workforce, offering<br />

skills development, and<br />

investing in talent.<br />

❝<br />

Laurie Beagle FCICM<br />

Register your interest:<br />

new2credit<br />

@forumsinternational.co.uk<br />

Or Call:<br />

+44 (0) 1260 275716<br />

Register your interest:<br />

fpn@forumsinternational.co.uk<br />

Or Call:<br />

+44 (0) 1260 275716<br />

FRAUD<br />

CALL US: +44 (0) 1260 275716<br />

Our vision is to create a forum as a joint venture with partners where members can<br />

meet face to face or join virtually and learn from a wide range of subjects both during<br />

the meetings and through a dedicated members portal including:-<br />

Shared experiences (good and bad).<br />

Develop knowledge of systems and software.<br />

Improve team management skills including retention and tips for hiring.<br />

Learn about innovation and best practice.<br />

Communicate with <strong>Credit</strong> Professionals through forum attendance.<br />

Learn more about regulations, compliance and changes to the law.<br />

<strong>Credit</strong> Risk management.<br />

Develop relationships by networking with other credit professionals.<br />

The forum will host quarterly meetings but there will also be a community that<br />

supports them (a “goto” place) throughout the year. The forum would be free to join<br />

with funding obtained through a range of sponsors. Register your interest today -<br />

email new2credit@forumsinternational.co.uk<br />

Fraud Prevention Network<br />

Fraud is an issue that can impact any business and it is currently on the rise. As we<br />

work through highly turbulent times, criminals are taking advantage and are<br />

constantly evolving their techniques and methods.<br />

Supported by CICM, The Fraud Prevention Network is a cross-sector forum that<br />

meets quarterly. Our members share experiences and collaboratively we invite<br />

specialists to give advice & guidance to help prevent fraud and to help you raise<br />

awareness within your business.<br />

Membership benefits include:<br />

Quarterly Meetings<br />

Additional ad-hoc workshops & events<br />

Earn CICM CPD Points<br />

The Fraud Digest – providing the latest news, publications, & advice<br />

Access to a range of experts to provide guidance and support<br />

We encourage you to try out our forum and attend your first session for free. Our<br />

next meeting will take place on 17 November. Visit<br />

https://www.forumsinternational.co.uk/credit-forums/fpn/<br />


Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 48 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 49





Home-based with UK travel, market rate salary<br />

+ profit share bonus<br />

An excellent opportunity has arisen for an experienced credit<br />

risk analyst working with a leading independent group in the<br />

distribution sector. This group operates across the UK and Ireland,<br />

servicing upwards of 16,000 customers. This permanent post suits a<br />

highly motivated and credible expert with experience using a variety<br />

of commercial, analytical, financial, and environmental techniques<br />

to evaluate the risks associated with lending to consumers on an<br />

ongoing and new customer basis. This role has the gravitas to<br />

represent the organisation at board level. Ref: 4195667<br />

Contact Madeleine on 01902 771975<br />

or email madeleine.burrows@hays.com<br />


Surrey, £30,000-£38,000<br />

A rare opportunity for a driven and ambitious candidate,<br />

without previous management experience, to step up into a<br />

leadership role. The ideal candidate will currently be working<br />

in a senior billing position and be keen to take the next step in<br />

their career. Full training and support from a highly experienced<br />

senior management team will be available to a candidate that<br />

demonstrates all the attributes required to be a successful leader.<br />

Ref: 4169888<br />

Contact Natascha on 07770 786433<br />

or email natascha.whitehead@hays.com<br />



St Albans, £35,000-£40,000<br />

Exclusive permanent, hybrid role – fantastic opportunity to<br />

join the management team of a dynamic, friendly and growing<br />

business. They are seeking an experienced accounts receivable/<br />

credit controller to take control of the sales ledger side of the<br />

business, from bespoke invoicing to cash allocation, including<br />

policy and process implementation. The successful candidate will<br />

have proven experience in a similar role, have excellent analytical<br />

skills and reporting experience. Ref: 4274034<br />

Contact Caroline on 01494 419740<br />

or email caroline.evans@hays.com<br />



Acton, West London, £30,000-£35,000<br />

A varied role that will see you managing a ledger of approx.<br />

120 customers, taking responsibility for the entire order to cash<br />

cycle. You will work closely with regional teams to help maximise<br />

sales, whilst ensuring that payments are collected and risk to the<br />

business is minimised. Other duties will include monitoring credit<br />

limits, invoicing, cash posting, account reconciling and related<br />

reporting. This role will be suited to a skilled candidate who enjoys<br />

building relationships with their customers and taking ownership<br />

of the credit and accounts receivable process. Ref: 4271997<br />

Contact Mark on 07565 800574<br />

or email mark.ordona@hays.com<br />


Beaconsfield, £27,000-£30,000<br />

An exclusive permanent and hybrid working opportunity to join<br />

the highly successful billing team in this established and growing<br />

business in the care sector. They are seeking an experienced<br />

accounts receivable/billing specialist to liaise effectively with<br />

their high-end residential care homes to ensure accurate and<br />

timely resident billing is maintained. The successful candidate<br />

will have proven experience in a similar role and will have great<br />

attention to detail and brilliant initiative. Ref: 4265697<br />

Contact Caroline on 01494 419740<br />

or email caroline.evans@hays.com<br />


Remote Based, £25,000-£31,000<br />

A well-established and rapidly growing IT and telecommunications<br />

group are currently seeking an experienced credit professional<br />

to join their team. This business has had significant investment<br />

over the past few years and are seeking a driven and progressive<br />

individual to work as part of their finance function. You will be<br />

responsible for managing the credit cycle for three of the group<br />

companies as well as supporting with a system integration project<br />

onto Oracle Netsuite. Experience of using this system is essential.<br />

Ref: 4238513<br />

Contact Will on 01603 760141<br />

or email william.plom@hays.com<br />

hays.co.uk/creditcontrol<br />

This is just a small selection of the many opportunities<br />

we have available for credit professionals. To find out<br />

more, visit our website or contact Natascha Whitehead,<br />

<strong>Credit</strong> <strong>Management</strong> UK Lead at Hays on 07770 786433.<br />

© Copyright Hays plc <strong>2022</strong>. The HAYS word, the H devices, HAYS WORKING Brave | FOR Curious YOUR | Resilient TOMORROW / www.cicm.com and Powering the world / <strong>October</strong> of work <strong>2022</strong> and / associated PAGE 50 logos and artwork are trademarks of Hays plc.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 51<br />

The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1127837124



The teacher in all of us<br />

How one credit controller, who decided against a<br />

teaching career, became a mentor to her credit team.<br />

AUTHOR – Sam Wilson<br />

AUTHOR – Sam Wilson<br />

❝<br />

“After going back into<br />

credit, I realised I missed<br />

learning,” also, I always<br />

wanted to be the best credit<br />

control manager I could, so<br />

I started researching courses<br />

with the CICM and that’s how<br />

I began my journey on the<br />

apprenticeship scheme.”<br />

❝<br />

LOUISE Bent got her first<br />

job in credit control at<br />

the tender age of 19. She<br />

thought it would last a year<br />

or so and help support<br />

her young family after<br />

welcoming her first child. What she didn’t<br />

know, however, was that her first step in<br />

a credit career was just about to be taken.<br />

“It sounds silly, but I just needed a job.<br />

I saw the advert in the local paper and<br />

having just had a baby, I decided to apply.<br />

I had no idea what a credit controller was,<br />

nor did I know where the job was. In fact,<br />

I got the letter inviting me to interview<br />

at half nine on the day of the interview<br />

itself!”<br />

That interview, scheduled for just<br />

an hour after the post arrived, led to a<br />

second, and finally onto a full-time job<br />

Louise held for the next 10 years. It was,<br />

however, a far cry from her original plan<br />

of becoming a teacher, and, once her<br />

son went to school and the nursery fees<br />

stopped, Louise committed to a part-time<br />

English Literature and Education Studies<br />

degree in the evening.<br />

“Even though I was working, I was still<br />

keen to train as a teacher,” she says. “My<br />

degree took six years thanks to it being<br />

part-time with evening classes. I worked<br />

whilst going to college one day a week.<br />

But, after completing my degree I wasn’t<br />

sure I wanted to do it anymore. Plus, I<br />

couldn’t really afford to do the PGCE at<br />

the end.”<br />

After graduating, Louise decided to use<br />

her degree to get a place in a graduate<br />

scheme, and in her words, it didn’t really<br />

matter in what field.<br />

“Even though I didn’t want to teach,<br />

I’d spent all this money on a degree, so<br />

I thought I’d find a job that required a<br />

degree to put it to use. So, I became an<br />

area manager for a local supermarket.<br />

The problem was, by the time I hit my 30s<br />

everyone was considerably younger than<br />

me. So, after six months I realised this<br />

wasn’t what I wanted to do.”<br />


Louise realised credit was her calling<br />

and decided to return to the industry.<br />

And as she confesses, she didn’t leave the<br />

industry because she didn’t like it, but<br />

more because she had come to the end of<br />

her time at the company.<br />

After a six-month break, Louise found<br />

a new role in credit as a team leader<br />

thanks to both her credit experience<br />

and her experience as a manager at the<br />

supermarket. But after a few months,<br />

Louise realised she was missing that<br />

‘extra-curricular’ element of her life.<br />

“I missed learning,” she continues.<br />

“Also, I always wanted to be the best credit<br />

control manager I could, so I started<br />

researching courses with the CICM and<br />

that’s how I began my journey on the<br />

apprenticeship scheme.”<br />

After being recruited and starting a new<br />

job as a credit manager with the proviso<br />

that she continued her apprenticeship,<br />

Louise began to realise learning on the<br />

job was the best way for her to develop<br />

her skills.<br />

“As I started to learn, I was able to really<br />

understand why we did certain things<br />

within our business. I could see the<br />

process, understand the purpose, and see<br />

why particular teams did different things,<br />

and I could also take my learning back<br />

to the team and help them develop also.<br />

That for me was a really important part of<br />

being a manager.”<br />

While Louise knew she didn’t want<br />

to be a teacher in the traditional sense,<br />

that didn’t mean she wasn’t keen to<br />

share knowledge: “I realised what I liked<br />

about ‘teaching’ was sharing and helping<br />

people,” she continues. “And thanks to<br />

what I’ve learnt, I realised that I could<br />

pass that knowledge on to my team in the<br />

same way a teacher does.<br />

“There are people in my team doing the<br />

course and I’ve been able to help them<br />

with modules they’ve been struggling<br />

with. It’s satisfying watching your team<br />

use the skills you’ve taught them to<br />

progress in their career.”<br />


Louise credits her apprenticeship with<br />

being able to get the career she’s always<br />

wanted, but also with how she approached<br />

people when recruiting within her own<br />

team.<br />

“Apprenticeships are often seen as a<br />

way for young people to get into a field<br />

and that sounds like it might come with<br />

judgement, but everyone was really<br />

supportive. It was really reassuring to<br />

❝<br />

“Be yourself and do what’s<br />

right for you. I had my first child<br />

young and there are always<br />

connotations around that, so I felt<br />

like I had something to prove. But<br />

now, doing something I love means<br />

so much more.”<br />

❝<br />

have my company and family and friends on<br />

board championing my learning. It gives you the<br />

confidence you need.<br />

“It has also given me a new perspective on my<br />

team. I did all this learning and working whilst<br />

supporting a young child, and it still surprises<br />

me. So, when people look for a job with us or<br />

my team look at internal roles and they don’t<br />

necessarily have all the qualifications for, we<br />

can now encourage them to learn on the job to<br />

achieve they’re goals, because I’ve been there.”<br />

Throughout her learning, Louise says that it<br />

was the first module, <strong>Credit</strong> <strong>Management</strong>, that<br />

she enjoyed the most.<br />

“When you’ve been in a job for 19 years you sort<br />

of have your ways of doing things and you just get<br />

on with it whilst picking up little ways of doing<br />

things here and there. But learning the right way<br />

to do things is eye-opening. You learn new tips<br />

and tricks as well as the reasonings behind your<br />

actions. I now find it much easier to explain to my<br />

team and new starters why we do things and the<br />

consequences of not doing things.”<br />

So, in truth, Louise did become a teacher,<br />

maybe not an English teacher as she initially<br />

imagined, but in a field she fell in love with and<br />

continues to develop her understanding of to this<br />

day.<br />

And what advice would she give to others<br />

looking to enter the credit industry?<br />

“Be yourself and do what’s right for you. I<br />

had my first child young and there are always<br />

connotations around that, so I felt like I had<br />

something to prove. But now, doing something I<br />

love means so much more.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 52 Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 53



Booking your<br />

exams has never<br />

been easier<br />

Bang to Rights<br />

The challenge of auto enrolment and an<br />

undisclosed bankruptcy discovered on Google.<br />

UNDER the Pensions Act<br />

2008, employers with at<br />

least one person working<br />

for them must automatically<br />

enrol any eligible<br />

jobholders into an<br />

automatic enrolment pension scheme,<br />

unless they are already an active member<br />

of a qualifying scheme with that employer;<br />

and enrol any non-eligible jobholders<br />

who give the employer an opt-in notice<br />

into an automatic enrolment scheme, unless<br />

they are already an active member of<br />

a qualifying scheme with that employer.<br />

In the case of Celebrity Global<br />

Holdings (CGH) Ltd Pension Scheme,<br />

Mrs S made a complaint against the<br />

company. Her employment commenced<br />

on 21 November 2018. In early 2019, she<br />

expressed concerns regarding the general<br />

operations of the company, one of which<br />

AUTHOR – Gareth Edwards<br />

was the need to set up a workplace<br />

pension. S did not get very far with<br />

her concerns, and when no workplace<br />

pension had been established by early<br />

May 2019, she decided to opt out of any<br />

new scheme and have the contributions<br />

paid via a direct debit mandate to her own<br />

pension plan held elsewhere. The CGH<br />

made no payments and in November 2019,<br />

S wrote to her employer saying that she<br />

considered the breaches as constructive<br />

dismissal and her employment was<br />

to be treated as terminated. S brought<br />

a claim in the Employment Tribunal<br />

(ET) and a complaint with the Pensions<br />

Ombudsman.<br />

There was a disagreement between<br />

the parties about which version of the<br />

employment contract was binding.<br />

S' preferred version provided for<br />

contributions by the employer of 10<br />

percent of her salary. The Ombudsman<br />

found that the version which stated CGH<br />

would comply with its duties under Part<br />

1 of the Pensions Act 2008 applied. There<br />

was no evidence that CGH had agreed to<br />

contributions of 10 percent.<br />

The Ombudsman upheld the complaint<br />

that CGH must pay into the qualifying<br />

scheme of S’ choice. Whilst she was not<br />

entitled to the high-level contributions<br />

she sought, CGH was directed to pay<br />

outstanding contributions at the lower<br />

rate of two percent for the period from<br />

December 2018 to March 2019 and at<br />

three percent from April to <strong>October</strong> 2019.<br />

The decision is a useful reminder of the<br />

importance of complying with pensions<br />

auto-enrolment obligations. It also<br />

demonstrates the importance of ensuring<br />

terms and conditions of employment are<br />

signed by all.<br />

Head over to our new exam pages<br />

for all the information you need to prepare,<br />

book and take your CICM exams<br />

www.cicm.com/exams/<br />

Brave Brave | Curious | | Resilient | / www.cicm.com / / <strong>October</strong> / <strong>October</strong> <strong>2022</strong> <strong>2022</strong> / PAGE / PAGE 55 54<br />

Financial consultant fairly dismissed<br />

IN Mr K Pubbi versus Your-Move.co.uk, a<br />

financial consultant was fairly dismissed for<br />

failing to disclose his bankruptcy, despite the<br />

absence of any express contractual provision or<br />

policy requiring him to do so.<br />

An estate agency employed Mr K Pubbi<br />

between May 2015 and July 2018. The company<br />

also arranges mortgages and offers various<br />

insurance products. In early 2018, Mr K Pubbi<br />

was signed off sick and was made bankrupt<br />

shortly after this. He did not inform the<br />

company which discovered the bankruptcy via<br />

a Google search.<br />

The company initially thought Mr K Pubbi was<br />

required by the Financial Conduct Authority to<br />

disclose his bankruptcy. This was not technically<br />

the case and was later clarified. Nevertheless, the<br />

company carried out a disciplinary investigation<br />

in relation to Mr K Pubbi's failure to disclose his<br />

bankruptcy and invited him to a disciplinary<br />

hearing. The company accepted that it did not<br />

have a written fitness or proprietary policy at<br />

the time but concluded that he was no longer<br />

considered a 'fit and proper person'.<br />

On 16 July 2018, Mr K Pubbi was summarily<br />

dismissed for gross conduct. He brought claims<br />

for unfair dismissal and discrimination. The<br />

ET dismissed his claims and found that the<br />

dismissal was procedurally and substantively<br />

fair.<br />

❝<br />

The company was<br />

reasonably entitled<br />

to conclude Mr K<br />

Pubbi should have<br />

known he would be<br />

expected to disclose<br />

his bankruptcy, given<br />

his professional<br />

experience.<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 55<br />

Mr K Pubbi appealed to the Employment<br />

Appeals Tribunal (EAT), which concluded that<br />

the ET had properly found the principal reason<br />

for dismissal was the deliberate non-disclosure<br />

of the bankruptcy. The company was reasonably<br />

entitled to conclude Mr K Pubbi should have<br />

known he would be expected to disclose his<br />

bankruptcy, given his professional experience.<br />

Mr K Pubbi also indicated he had intended to<br />

disclose the bankruptcy, which showed some<br />

recognition of the expectation to disclose it. Mr<br />

K Pubbi had previous experience working in the<br />

financial sector and had been informed that he<br />

would be subject to financial monitoring at the<br />

outset of his employment with the company.<br />

The EAT found that the ET had properly<br />

considered the issue of procedural fairness and<br />

had found that Mr K Pubbi was fairly dismissed.<br />

The EAT can only interfere where there is an<br />

error in law and the EAT found that the ET did<br />

not err; it therefore dismissed the appeal.<br />

Employers should ensure that staff codes of<br />

conduct and disciplinary rules properly reflect<br />

any sector-specific requirements that might<br />

apply. Also, staff contracts should be reviewed<br />

to check that bankruptcy is expressly listed as a<br />

ground for summary dismissal.<br />

Gareth Edwards is a partner in the employment<br />

team at VWV.

Cr£ditWho?<br />

CICM Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />







Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 386 610<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount plc has been providing efficient, effective and<br />

ethical pre-legal debt recovery for over forty years. We help our<br />

clients to improve internal processes and increase cashflow,<br />

whilst protecting customer relationships and established<br />

reputations. We have long-standing partnerships with leading,<br />

global brand names, SMEs and not for profits. We recover<br />

over 30,000 overdue invoices each month, domestically and<br />

internationally, on a no collect, no fee arrangement. Other<br />

services include credit control and dunning services, international<br />

and domestic trace and legal recoveries. All our clients have<br />

full transparency on any accounts placed with us through our<br />

market leading cloud-based management portal, ClientWeb.<br />

BlaserMills Law<br />

High Wycombe | Amersham | Marlow | Silverstone<br />

Rickmansworth | London<br />

Jackie Ray : 07802 332104 | 01494 478660<br />

jar@blasermills.co.uk<br />

Nina Toor : 01494 478661 nit@blasermills.co.uk<br />

Edward Bible : 07766 013352 ceb@blasermills.co.uk<br />

www.blasermills.co.uk<br />

Commercial Recoveries & Insolvency<br />

Blaser Mills Law’s commercial recoveries team is internationally<br />

recognised, regularly advising large corporations, multinationals<br />

and SMEs on pre-legal collections, debt recovery, commercial<br />

litigation, dispute resolution and insolvency. Our legal services<br />

are both cost-effective and highly efficient; Our lawyers are also<br />

CICM qualified and ranked in the industry leading law firm rankings<br />

publications, Legal 500 and Chambers UK.<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

Celebrating its 20th year in business, CoCredo has extensive<br />

experience in providing online company credit reports and<br />

related business information within the UK and overseas. In 2014<br />

and 2019 we were honoured to be awarded <strong>Credit</strong> Information<br />

Provider of the Year at the British <strong>Credit</strong> Awards and have been<br />

finalists every other year. Our company data is continually updated<br />

throughout the day and ensures customers have the most current<br />

information available. We aggregate data from a range of leading<br />

providers across over 235 territories and offer a range of services<br />

including the industry first Dual Report, Monitoring, XML Integration<br />

and DNA Portfolio <strong>Management</strong>.<br />

We pride ourselves in offering award-winning customer service and<br />

support to protect your business.<br />

HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />

High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />


Global <strong>Credit</strong> Recoveries<br />

GCR 20-22 Wenlock Road,<br />

London N1 7GU<br />

Charles Mayhew FCICM or Joshua Mayhew ACICM<br />

T: +44 (0) 203 368 8630<br />



Shortlisted as DCA of the Year, by the CICM, for the British <strong>Credit</strong><br />

Awards, Global <strong>Credit</strong> Recoveries Ltd are specialists in Arbitration<br />

and Debt Collection globally.<br />

We specialise in the UK, Europe, The Middle East and the U.S.A,<br />

working as an extension of many CICM members companies for<br />

over 28 years.<br />

Speak with us today in our London or Dubai offices, to see how<br />

we can assist you.<br />

We have the ability, and network, to have someone visiting your<br />

debtors offices, throughout EMEA, within 72 hours.<br />

Recovering funds globally, on a No-Recovery, No-Fee basis.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

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

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

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

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

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

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />


Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation<br />

reach their full potential in credit and collections management.<br />

We are proud to be Corporate Partners of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong>. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />

identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 386 607<br />

Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco Business Support Toolkit provides company details<br />

and financial reporting for over 4m UK companies and<br />

business. Subscribers can view company financial health and<br />

payment behaviour, credit ratings, shareholder and director<br />

structures, detrimental data. In addition, subscribers can also<br />

download unlimited B2B marketing and acquisition reports.<br />

Annual subscription is only £79.95. Other services available<br />

to subscribers include AML and KYC reports, pre-litigation<br />

screening, trace services and data appending, as well as many<br />

others.<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query <strong>Management</strong> System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

<strong>Credit</strong> Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

45-50 Shrivenham Hundred Business Park,<br />

Majors Road, Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

We are dedicated to helping finance teams take the cost,<br />

complexity and compliance issues out of Accounts Receivable<br />

processes. Corrivo is our reliable, easy-to-use SaaS platform<br />

for the continuous improvement of AR metrics and KPIs in a<br />

user-friendly interface. <strong>Credit</strong> Controllers can manage more<br />

accounts with better results and customers can self-serve on<br />

mobile-responsive portals where they can query, pay, download<br />

and view invoices and related documentation e.g. Proofs of<br />

Delivery Corrivo is the only AR platform with integrated invoice<br />

finance options for both buyer and supplier that flexes credit<br />

terms without degrading DSO. Call for a demo.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />


Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />


T: 020 3966 8324<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

VISMA | Onguard is a specialist in credit management software<br />

and market leader in innovative solutions for order-to-cash. Our<br />

integrated platform ensures an optimal connection of all processes<br />

in the order-to-cash chain. This enhanced visibility with the secure<br />

sharing of critical data ensures optimal connection between all<br />

processes in the order-to-cash chain, resulting in stronger, longerlasting<br />

customer relationships through improved and personalised<br />

communication. The VISMA | Onguard platform is used for<br />

successful credit management in more than 70 countries.<br />


Court Enforcement Services<br />

Adele Whitehurst – Client Relationship Manager<br />

M: +44 (0)7525 119 711 T: +44 (0)1992 367 092<br />

E : a.whitehurst@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

Court Enforcement Services is the market leading and fastest<br />

growing High Court Enforcement company. Since forming in 2014,<br />

we have managed over 100,000 High Court Writs and recovered<br />

more than £187 million for our clients, all debt fairly collected. We<br />

help lawyers and creditors across all sectors to recover unpaid<br />

CCJ’s sooner rather than later. We achieve 39% early engagement<br />

resulting in market-leading recovery rates. Our multi-awardwinning<br />

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

close partnership to expertly resolve matters with a fast, fair and<br />

personable approach. We work hard to achieve the best results<br />

and protect your reputation.<br />

Gravity Global<br />

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

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

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the <strong>Credit</strong> Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

FORUMS<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 56<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 57

Cr£ditWho?<br />

CICM Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />




Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Our <strong>Credit</strong>or Services team can advise on the best way for you<br />

to protect your position when one of your debtors enters, or<br />

is approaching, insolvency proceedings. Our services include<br />

assisting with retention of title claims, providing representation<br />

at creditor meetings, forensic investigations, raising finance,<br />

financial restructuring and removing the administrative burden<br />

– this includes completing and lodging claim forms, monitoring<br />

dividend prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

For more information on how the Menzies <strong>Credit</strong>or Services<br />

team can assist, please contact Bethan Evans, Licensed<br />

Insolvency Practitioner, at bevans@menzies.co.uk or call<br />

+44 (0)2920 447 512.<br />

LEGAL<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs<br />

down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your<br />

goals, and adept at advising you on the most effective way of<br />

achieving them.<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />

Key IVR<br />

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

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong>’s Corporate partnership scheme. The<br />

CICM is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CICM to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CICM. We offer CICM members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, a 5* Trustpilot rated agency, solely<br />

specialises in the recruitment of Permanent, Temporary & Contract<br />

<strong>Credit</strong> Control, Accounts Receivable and Collections staff<br />

including remote workers. Part of The Portfolio Group, an awardwinning<br />

Recruiter, we speak to <strong>Credit</strong> Controllers every day and<br />

understand their skills meaning we are perfectly placed to provide<br />

your business with talented <strong>Credit</strong> Control professionals. Offering<br />

a highly tailored approach to recruitment, we use a hybrid of faceto-face<br />

and remote briefings, interviews and feedback options.<br />

We provide both candidates & clients with a commitment to deliver<br />

that will exceed your expectations every single time.<br />

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

YayPay by Quadient<br />

T: + 44 (0) 7465 423 538<br />

E: r.harash@quadient.com<br />

W: www.yaypay.com<br />


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

• Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

YayPay by Quadient makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster – from anywhere.<br />

Integrating with your existing ERP, CRM, accounting and billing<br />

systems, YayPay organizes and presents real-time data through<br />

meaningful, cloud-based dashboards. These increase visibility<br />

across your AR portfolio and provide your team with a single<br />

source of truth, so they can access the information they need to<br />

work productively, no matter where they are based.<br />

Automated capabilities improve team efficiency by 3X and<br />

accelerate the collections process by making communications<br />

customizable and consistent. This enables you to collect cash<br />

up to 34 percent faster and removes the need to add additional<br />

resources as your business grows.<br />

Predictive analytics provide insight into future payer behavior to<br />

improve cash flow management and a secure, online payment<br />

portal enables customers to access their accounts and pay at any<br />

time, from anywhere.<br />


25 Canada Square<br />

London, GB E14 5LQ<br />

T: +447730500085<br />

E: getinfo@fisglobal.com.<br />

W: www.fisglobal.com<br />

The award-winning FIS GETPAID solution is a fully integrated,<br />

web-based order-to cash (O2C) solution that helps companies<br />

improve operational efficiencies, lower DSO, and increase cash<br />

flow. GETPAID provides process automation, artificial intelligence,<br />

and workflow across the O2C cycle, with detailed analysis and<br />

reporting for accurate cash forecasting. FIS is a global leader in<br />

financial services technology that empowers the financial world.<br />

For more information visit https://www.fisglobal.com/en/cashflowand-capital/credit-and-collections<br />

or email getinfo@fisglobal.com.<br />





paul@centuryone.uk 01727 739 196<br />

Just another great reason to be a member<br />

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

CICM membership, as well as additional subscribers<br />

Brave | Curious | Resilient<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 58<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 59

The software platform to automate and<br />

optimise your order-to-cash process<br />

Connect your organisation with your customers.<br />

Manage risks and decrease DSO by 20%.<br />

Connecting data. Connecting you.<br />

www.vismaonguard.com<br />

+44 (0) 20 396 683 24<br />

Brave | Curious | Resilient / www.cicm.com / <strong>October</strong> <strong>2022</strong> / PAGE 60

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