Credit Management October 2022

CREDIT MANAGEMENT 

CM 

OCTOBER 2022 £12.50 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

ELECTRIC 

DREAMS 

A chance to imagine 

a brave new world. 

How will the Cost-of-Living 

crisis impact fraud? Page 9 

What does the CICM Think Tank 

make of a world in crisis? Page 22

OCTOBER 2022 

www.cicm.com 

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INFLUENTIAL THINKING 

Simona Scarpaleggia 

42 

VIEW FROM THE SEAFRONT 

David Andrews 

CICM GOVERNANCE 

22 

THINK TANK 

Sean Feast FCICM 

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM 

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

Larry Coltman FCICM / Neil Jinks FCICM / Allan Poole MCICM 

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

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

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

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

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

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

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

Credit Management is distributed to the entire UK and international CICM 

membership, as well as additional subscribers 

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

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

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

trade mark of the Chartered Institute of Credit Management. 

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

10 

MONEY TALKS 


CONTENTS 

9 – MEANS TO DECEIVE 

How will the Cost-of-Living crisis impact 

fraud? 

10 – MONEY TALKS 

A Guide to the UK Government’s Funding 

of EV Charging and a chance to imagine a 

brave new world. 

16 – SILVER LINING 

Argentina derives its name from the Latin 

for Silver. But are there rich pickings for 

UK businesses? 

22 – THINK BIG 

What does the CICM Think Tank make of a 

world in crisis? 

34 – DEAL BREAKERS 

What do you need to know about the UK’s 

new National Security regime: 

42 – VIEW FROM THE SEAFRONT 

Is your house safe from Nuclear attack? 

46 – INFLUENTIAL THINKING 

Tackling unconscious bias by ‘un-biasing’ 

processes. 

52 – THE TEACHER IN ALL OF US 

How one credit controller who decided 

against a teaching career, became a 

mentor to her credit team. 

Publisher 

Chartered Institute of Credit Management 

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Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 


Deputy Editor 

Iona Yadallee 

Art Editor 

Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Imogen Hart, Rob Howard, Natalie Makin, 

Laura Rhodes, Sam Wilson and Mona Yazdanparast 

Advertising 

Paul Heitzman 

Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

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2022 subscriptions 

UK: £112 per annum 

International: £145 per annum 

Single copies: £12.50 

ISSN 0265-2099 

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

EDITOR’S COLUMN 


Managing Editor 

A Royal send off 

AS an Institute, justifiably 

proud of our Royal 

Charter, it is impossible to 

write a column this month 

without mentioning the 

death of Her Majesty the 

Queen. It is similarly impossible to do so 

in such a way that pays worthy tribute to 

such an exceptional person. 

All of us, I am sure, will have some fond 

memory of the Queen, either because we 

have been lucky enough to meet her or be in 

her orbit, albeit briefly, or simply because 

we are of a generation that remembers 

Jubilees and other celebrations, and the 

colourful notepads and pencils given to 

every schoolchild to commemorate each 

event. 

My earliest memory is of a rugby match 

played in the grounds of the Windsor 

estate almost 50 years ago when I was 

about seven. Minding my own business at 

the furthest end of the three-quarter line 

(I was a lightning fast winger and nothing 

ever got past me; at least in my dreams), I 

spied out of the corner of my eye a small 

lady on horseback, with a long beige 

coat and riding hat, with another rider 

alongside, and a Range Rover following 

discretely perhaps 25m behind. It was Her 

Majesty out for her daily ride, her love of 

horses widely known. 

Needless to say, I was looking completely 

the wrong way at the precise moment the 

ball finally drifted in my general direction 

(the centres were a selfish bunch), but 

after the initial shouting and protestations 

at my general incompetence (and a 

forward pass signalled by the ref, much to 

my amusement), the game seemed to stop 

as the other players looked to see where I 

was pointing. It’s a small and silly story in 

many ways, but in others it demonstrates 

the utter fascination and magnetism she 

held, and the impact on all of us young 

and old. 

Perhaps the monarchy is an anachronism, 

especially today. Perhaps it does need to 

change, and the former members of the 

‘imperial family’ are probably right to 

question its relevance in the modern era. 

But regardless of your views, even if you 

don’t respect the monarchy you can at least 

respect the person, and Her Majesty’s life 

was one of selfless and devoted service; the 

like of which we will never see again. 

CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Vulnerability Index shows consumers 

borrowing from necessity not choice 

HOUSEHOLDS are 

increasing their 

borrowing despite 

interest rate rises to 

meet the inflated cost of 

food and energy bills. 

Data from Lowell and the Urban 

Institute’s Financial Vulnerability 

Index (FVI) suggests that consumers 

are now borrowing out of necessity, 

rather than choice, and warns that 

with the energy price cap set to 

increase again in October and inflation 

predicted to hit 18.6 percent next 

year, households could be pushed to 

breaking point. 

John Pears, UK CEO at Lowell, 

says consumers need urgent help in 

reducing their costs: “The cost of living 

is increasing across the board and 

households are having to fork out more 

money to pay for essentials like food 

and bills. With the rising cost of living 

stretching budgets to their limit, people 

are turning to credit more and more. 

“For many now, a single income 

shock can be enough to push a 

household into problem debt. People 

need help, and the new government 

needs to take action to ensure 

households, especially the lowest 

incomes, get the support they need. 

With the recent changes to the price 

cap, bringing energy bills down has to 

be the priority. This needs to be at the 

PHILLIPS & Cohen Associates, a 

global leader in deceased account 

management and debt settlement 

servicing, has appointed Janneen 

Jackson to lead the latest of PCA’s 

technology launches, The Debt 

Settlement Registry (powered by 

SettleNOW). 

PCA’s proprietary platform, The 

Written by – Sean Feast FCICM 

top of the agenda.” 

Signe-Mary McKernan, Vice 

President at the Urban Institute, 

believes that while the share of adults 

claiming social benefits and using 

high-cost loans has declined, families 

are likely using credit to keep up with 

the increased cost of living: “Financial 

vulnerability is currently lower, but 

looking ahead, there are concerning 

signs that families in the UK may be 

balancing on the edge of a financial 

cliff,” she says. 

The new figures show that at 53 

percent, credit usage in Q2 2022 was 

the highest it has been since the early 

months of the pandemic (Q1 2020). 

Consumer defaults are on the rise 

again, reversing the post-pandemic 

downward trend, and are up seven 

percent on the start of the Index. 

Payday lending continues to fall, 

suggesting that the doorstep lending 

industry is in a long-term decline as 

a result of regulatory interventions in 

the high-cost loans market. The share 

of adults with high-cost loans dropped 

from 14 percent (Q3 2021) to 11 percent 

(Q2 2022). 

The Financial Vulnerability Index 

uses proprietary Lowell data (from its 

9.5m Lowell UK customer accounts) 

and publicly available data to measure 

household financial vulnerability 

across the UK. 

PCA appoints new lead for 

Debt Settlement Registry roll out 

Debt Settlement Registry (DSR) is 

described as providing creditors and 

debt settlement agencies (DSA’s) with 

access to streamlined and strategic 

oversight of consistently growing 

debt settlement portfolios. Powered 

by SettleNOW, PCA’s settlement offer 

strategy engine, the DSR is currently 

integrated with 150+ DSA’s and top 

industry payment platforms. Using 

real-time business intelligence 

through Tableau, The DSR enhances 

and streamlines the end-to-end debt 

settlement process including offers, 

payments, and letters. 

Prior to joining PCA, Janneen served 

as VP of Operations and VP of Business 

Relationships at Americor. 

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

NEWS ROUNDUP 

Law firm claims Bounce Back Loan 

fraud reveals ‘real inadequacies’ in 

Banking processes 

ONLY 15 percent of The Bounce Bank 

Loan Scheme (BBLS) fraud has 

been investigated by the National 

Investigation Service in the past 

two years, and ‘real inadequacies’ in 

Banking processes and controls have left the 

country with little chance of recovering lost 

money. 

The Bounce Bank Loan Scheme, common 

to other COVID related support schemes, was 

heavily targeted by fraudsters. It was argued 

by the previous Government that it was better 

to issue funds to businesses through the BBLS 

than to subject applicants to more stringent 

fraud checks. 

Data released by the Department of 

Business, Energy & Industrial Strategy has 

confirmed that The National Investigation 

Service has, in the two years since September 

2020, only opened investigations into £160m in 

BBLS fraud, whilst £1.1bn in BBLS is suspected 

to be fraudulent. 

Sam Tate, White Collar Crime Partner at RPC, 

the international law firm says that he expects 

this figure of £1.1bn in reported BBLS fraud to 

increase over time. 

Under BBLS £46.6bn was distributed to 1.6m 

recipients. While there is some variation across 

financial institutions as to the proportion of 

defaulted loans comprising suspected fraud, 

again, these figures are expected to rise as 

internal investigations continue. 

While lenders have reported preventing over 

£2.2bn of fraudulent applications, it remains 

unclear as to the total amount of fraudulent 

funds being successfully recovered. 

“What this shows is not only the huge 

ONS data shows parents twice as likely to have 

borrowed more and to be behind on bills 

THE Office for National Statistics 

(ONS) has published an article on 

parenting and spending that shows 

parents are bearing the brunt of the 

cost-of-living crisis. 

Sarah Coles, senior personal finance 

analyst, Hargreaves Lansdown, says 

that around two in five parents are 

spending less on groceries, and two 

thirds are cutting back on nonessentials: 

“Despite this, they’re twice 

as likely to have run up more debts to 

cover rising costs, and twice as likely 

amount of fraud perpetrated during lockdown 

but also real inadequacies in systems and 

controls at many banks, as previously 

identified in FCA enforcement activity,” Sam 

says. 

“Where the banks seem to have fallen down 

is in not adapting and implementing antimoney 

laundering and fraud checks quickly 

enough. Now we are left with a mess and there 

is little chance of recovering lost money. 

“Next time the Government needs to be 

quicker to use all of the resources, including 

those of the private sector to stop and pursue 

this fraud at the earliest point.” 

Sam claims that the more egregious 

and coordinated the fraud, the lesser 

likelihood of recovery, as many of the 

fraudsters reside abroad and are members 

of online criminal gangs: “To really tackle 

the industrial scale of fraud we now 

see, we need a coordinated approach,” 

he continues. “This must include 

authorities in financial centres such as 

Dubai around e-payments and the 

increasing the use of crypto to hide 

ownership. 

“It is also of deep concern that the 

replacement to Action Fraud, which 

the Government has deemed is not fit for 

purpose, is not being put in place until some 

point during 2024. As Rob Jones, the Director 

of the NECC (National Economic Crime 

Council) said recently in relation to fraud, the 

current response is ‘just not good enough.’ It 

remains to be seen if sufficient funding will be 

put in place to deal with fraud. If not, we will 

continue to see exponential growth.” 

to be behind on their energy bills,” she 

says. 

The HL Savings & Resilience 

Barometer, produced with Oxford 

Economics, found last month that 

when compared to non-parents at the 

same income level, parents are less 

resilient in almost every area. Those 

on average incomes are roughly half 

as likely to have enough cash left over 

at the end of the month (25 percent vs 

52 percent) or enough in savings (38 

percent v 71 percent). 

The Barometer also found that 

parents face an incredibly difficult 

12 months ahead. For the average 

earner, the proportion with enough in 

savings will plummet from 64 percent 

to 28 percent and those with enough 

cash left at the end of the month 

will drop from 25 percent to just one 

percent. For parents on the lowest 

incomes the position looks incredibly 

worrying, because none of them will 

have enough surplus cash, and just 13 

percent will have enough in savings. 

PERCENTAGE OF 

PAYMENTS TO BALANCE 

NEWS ROUNDUP 

CICM to Develop and Teach 

HCEOA Accreditations 

THE High Court Enforcement Officers 

Association (HCEOA) is making it 

easier for aspiring enforcement 

officers to learn on the job whilst 

receiving an Ofqual regulated 

qualification. 

As part of a new deal with the 

HCEOA, the CICM will assess and 

revamp the Level 4 diploma and 

all learning materials utilised, as 

well as creating a new certificate 

for the practical experience 

required to become a High 

Court Enforcement Officer. 

As part of the new 

programme, the HCEOA 

is seeking to attract a raft 

of new candidates, many 

of who, it is hoped, will 

be younger applicants 

looking to make the move 

to the industry or widen 

their existing skillsets. One 

sector the HCEOA is keen to 

penetrate is the existing pool 

of lawyers working within 

the credit industry and often 

working side-by-side with 

debt collection agencies and 

HCEO’s. 

Chris Badger, HCEOA board 

member and Chair of the 

HCEOA Education Committee, 

said: “Thanks to the 

partnership we can now 

ensure all our learners 

THIS is currently at an all-time high with 

over 40 percent of the balance being paid 

each month and has risen by 10 percent 

since just 2021, again because many 

consumers have more savings they 

can tap into. This percentage has been 

increasing steadily over the past few 

years but back when the financial crisis 

hit, around 25 percent of the balance was 

being paid each month. 

Over the next few months, it is 

expected that this percentage will drop, 

and this will affect average credit card 

balances. Will the practices necessary to 

manage persistent indebtedness cause 

a false impression if more customers are 

forced towards minimum payments and 

are therefore moved out of cards to other 

products, or migrate to using ‘Buy Now 

Pay Later’? 

are getting the best learning materials 

available as well as regulating the 

practical experience as part of their 

journey to becoming High Court 

Enforcement Officers. 

“In addition, we now have the 

opportunity to recruit new officers 

outside of our existing pool of talent, 

to encourage a new generation 

of HCEOs to join the profession 

and encourage others already 

working in credit to widen 

their skills.” 

As well as welcome 

new students, the CICM 

along with the HCEOA 

will migrate all existing 

students studying with 

the HCEOA onto the 

new programme once 

complete to ensure a smooth 

transition and no loss of time 

or opportunity. 

❝ 

“Thanks to the partnership we can 

now ensure all our learners are 

getting the best learning materials 

available.’’ 

❝ 

AVERAGE SPEND 

BEFORE the financial crisis of 2008-2009, 

average spend had been rising with the 

same increasing trend seen before the 

pandemic hit. During 2008-2009 and in 

the first year of the pandemic, spend 

dropped with a higher decrease during 

the pandemic because of the lockdowns. 

Increased savings and the relaxation 

of restrictions resulted in a steep 

increase in spend between 2021-2022 

but if we look back to 2009, this uptick 

in spend was also seen and continued 

up until 2012. At this point, regulations 

were being implemented giving the 

consumer more ‘rights’ and improved 

customer control. This impacted credit 

card limits as issuers were not allowed 

to automatically increase a customer’s 

credit limit but had to offer the increase, 

and greater emphasis was placed on 

whether the customer could afford this 

increase to their limit. 

> CICMQ 

NEWS 

Wesco Anixter’s 

successful assessment 

THE Wesco Anixter credit team 

met in person for the first time in 

two years for their annual credit 

meeting at their Sheffield offices in 

August. CICM Head of Accreditation, 

Karen Tuffs FCICM(Grad) joined Lisa 

Humphries MCICM, Regional Credit 

Manager and the team to present 

Wesco Anixter’s third CICMQ reaccreditation 

having first securing 

the credit and collections industry’s 

flagship best practice award in 2014. 

Wesco Anixter’s successful 

assessment was completed in 

December 2021 against the backdrop 

of the pandemic and preparations 

for the Wesco Anixter merger, 

completed in June 2022. Colleagues 

from Sheffield, Manchester, 

Bracknell and Dublin enjoyed an 

action packed three days, working 

on their credit roadmap, receiving 

their CICMQ award and finishing 

with Jules Eames, FCICM(Grad) 

PGCE, CICMs Resource and Content 

Manager, delivering the CICM's Credit 

Bootcamp training. Lisa and the team 

are clearly busy working on honing 

their best practice skills even further 

to go for a prestigious fifth award. 

Huge congratulations to Wesco 

Anixter 

CICMQ award 

presentation 

CICM’s Head of Accreditation, 

Karen Tuffs FCICM(Grad) met the 

Edrington-Beam Suntory UK team 

in a unique location for their CICMQ 

award presentation...in a bar! 

Anne Marie Valentini MCICM, 

Credit Manager, Neville Ross, 

Supply Chain and Finance Director, 

Laura Dickson, Financial Accounts 

Manager and members of the 

Finance, Supply Chain and Marketing 

teams gathered in the UK’s premier 

supplier of whiskies in their office in 

central Glasgow. 

Edrington secured its first CICMQ 

accreditation in March 2021 following 

Anne Marie’s arrival in 2018 when 

she set her sights on developing the 

team’s best practice in all things 

credit. The celebration held in the 

on-site bar (coffee refreshment only, 

it was 11.00am!) gave the team the 

official acknowledgement of the 

success they worked hard to earn. 

Sincere congratulations to Anne 

Marie and the team. 


RESEARCHERS at the Institute for 

Public Policy Research (IPPR) have 

reacted angrily to the Government’s 

emergency energy policy 

announcement and slammed the profits 

made by energy businesses as ‘morally 

indefensible’. 

Dr George Dibb, Head of the Centre 

for Economic Justice at IPPR, says that 

an expanded windfall tax is not only 

fair but essential to help pay for the 

new policy: “Freezing energy prices 

is necessary, but energy companies 

will still be making record profits and 

it is morally indefensible that these 

profits are underwritten by the state 

whilst households carry the burden and 

continue to struggle with high prices,” 

he says. 

“It is good to see the Prime Minister 

ditching the free-market rhetoric of 

the campaign and getting to grips 

with the scale of the emergency we 

face. Capping energy prices will keep 

inflation down and support household 

incomes, potentially holding off a 

damaging recession. But the PM must 

avoid combining it with costly and 

regressive tax cuts. This will waste 

the inflation-busting potential of price 

caps and will likely prompt the Bank of 

England to raise interest rates further 

still.” 

On the need to pivot to cheaper, 

cleaner and more secure energy sources 

Joshua Emden, IPPR senior research 

fellow, believes that reintroducing 

fracking and expanding oil and gas 

drilling is a waste of time and money 

and out of step with the public: “It will 

not only undermine our net-zero target, 

but there is much less economically 

viable gas than its proponents claim,” he 

says. “The so-called ‘treasure under our 

feet’ is actually fool’s gold.” 

“Freezing the price cap while cutting 

green levies is incredibly short-sighted 

and counterproductive. The kinds of 

NEWS SPECIAL 

IPPR claims scale of action 

on energy is laudable but 

‘morally indefensible’ 

technologies these levies support like 

insulation for low-income housing and 

renewable generation are absolutely 

essential to cutting bills and getting the 

UK off gas. These technologies have 

never been the problem, they are the 

solution.” 

On the need for more targeted 

support for low-income families Rachel 

Statham, IPPR associate director for 

work and the welfare state, says there 

need to be more targeted support for 

low-income families: “Freezing the 

price cap at £2,500 will help scores 

of people across the country, but we 

must not forget that typical bills have 

already nearly doubled from October 

last year, when they were set by the 

price cap at £1,277. Millions of people 

were struggling to pay their bills then 

and there are now many more for whom 

energy costs are simply unaffordable. 

“We urge the Government to deliver 

this support through the benefits 

system to ensure it is targeted, reliable, 

and sufficient to keep families afloat 

this winter.” 

Richard Lane, Director of External 

Affairs at StepChange Debt Charity 

agrees: “The relative relief that 

households will feel at the news that 

their immediate energy prices will be 

capped at current levels can’t mask 

the fact that many people are already 

struggling at current prices. For people 

managing debt, this will impact their 

ability to address their wider financial 

problems. 

“We urge the Government to ensure 

that for targeted households with the 

least financial resilience – at least those 

in receipt of means-tested benefits – 

there should be no future clawback 

of the support offered now. Benefits 

should also be uprated this Autumn to 

help address the wider cost of living 

pressures that are disproportionately 

affecting those on low incomes.” 

“The Chartered Institute of Credit Management is deeply 

saddened by the passing of her Majesty Queen Elizabeth II. 

The thoughts of everyone at CICM are with all the Royal 

Family at this time.’’ 

>NEWS 

IN BRIEF 

Sitting comfortably 

LOWELL Group has appointed Clodagh 

Gunnigle as Non-Executive Director 

(NED) to the company’s UK board. 

As part of her role at Lowell, Clodagh 

will become Chair of the UK Audit 

and Risk Committee. Until recently, 

Clodagh was Group Chief Risk Officer 

at Arrow Global PLC. Prior to her role at 

Arrow she spent 13 years at GE Capital 

International, including as Chief 

Credit Officer. Clodagh is also a NED 

at Alpha Bank London, a private bank 

specialising in real estate investment, 

deposits, and investments to high-networth 

clients. 

Acquis appointment 

ACQUIS has appointed Richard Briscoe 

as Director, Business Development and 

General Manager of the Netherlands 

office. Joining from Close Finance CI, 

where he held the role of Managing 

Director, he has almost 20 years of 

leadership experience. As well as 

General Manager responsibilities for 

the Netherlands business, Briscoe 

will have a sales focus in the Benelux 

and Nordic regions, and will report 

into Chief Commercial Officer, James 

Rudolf. 

FIS to provide payment 

automation to members 

AS part of a new partnership with the 

CICM, payment fintech FIS will enable 

members to access its new GETPAID 

Solution to integrate automation into 

their order-to-cash (O2C) cycle. 

FIS built the web-based system as 

a way to help credit teams improve 

efficiencies in their O2C cycles using 

AI technology, whilst providing new 

levels of reporting and data analysis 

with cross border functionality in over 

50 countries across the globe. 

For members, the new tool will 

integrate with existing systems within 

their business and function in any 

active market thanks to cloud-based 

technology. 

OPINION 

Means to Deceive 

How will the Cost-of-Living crisis impact fraud? 

I 

am sure that I am preaching 

to the converted here but the 

current cost-of-living crisis is not 

just a personal crisis, it is also 

having a major impact across all 

businesses. Hardly a day goes 

by without some form of strike hitting 

the press and in the absence of a cap on 

energy prices for businesses, many of us 

are in for a tough winter. 

With supply chain disruptions and 

volatile markets, it is understandable 

that fraud may not be on the top of our 

minds right now, but we really do need to 

be prepared. The Association of Certified 

Fraud Examiners (ACFE) have estimated 

that organisations lose five percent of 

their revenue to fraud each year and this 

is money you can’t afford to lose in the 

current economic climate. 

There is a perfect storm happening 

when taking into consideration the COVID 

pandemic, changes to working practices 

and patterns, and the heightened cyber 

security risks due to the war in Ukraine. 

Times of crisis translate directly into 

times of opportunity for the fraudster. We 

have seen this during the pandemic with 

substantial frauds targeting government 

business support schemes and with 

increased phishing attacks targeting both 

businesses and individuals. 

Those who work directly in fraud 

risk management will be familiar with 

the fraud triangle, where the three 

edges are motivation, opportunity, and 

rationalisation. Eliminate any of these 

factors and fraud can’t occur. Motivation 

and rationalisation are already enhanced; 

the combination of high interest rates 

and soaring energy prices means that 

committing fraud may become more 

tempting for some. I would say that 

opportunities are also increasing; the shift 

to working from home has opened new 

risks and from the criminal’s perspective, 

developments in technology are making it 

easier to conduct fraud. 

IN A TIME OF CRISIS 

I have always maintained that humans 

are the weakest link in the chain when it 

comes to managing fraud risk. When we 

are under pressure, either in our personal 

lives or within the work environment, 

we become more susceptible. A recent 

example is the case of Ramesh ‘Sunny’ 

Balwani, a Silicon Valley executive who 

has been found guilty of deceiving 

investors. 

AUTHOR – Darren Hodder 

Over the last few years there has been 

a worrying trend for fraud via Authorised 

Push Payments. This is where the fraudster 

manages to persuade an individual to 

make a direct payment transfer from their 

bank account. It is often associated with 

impersonation of bank staff, romance 

scams and advance fee scams. Worryingly 

for businesses, there is an increasing 

trend for CEO impersonation. It can come 

via spoof emails, hijacked email accounts, 

but more recently via telephone calls 

making use of deepfake technologies. 

Anyone who has been watching the recent 

TV drama ‘The Capture’ will be familiar 

with an extreme version of this. Although 

it is a work of fiction and taken to an 

extreme, the tools and techniques are very 

real. 

❝ 

According to Cifas, 

staff fraud is increasing 

and, more specifically, 

there is a rise in theft of 

IT equipment. This may 

be due to reduced controls 

to monitor staff who are 

working in a remote or 

hybrid environment. There 

have also been examples 

of staff exiting a business 

and not returning items 

provided to them. 

❝ 

The latest annual fraud report from 

UK Finance makes for some pretty grim 

reading: authorised Push Payment fraud 

has now overtaken payment card fraud 

to become the biggest fraud type by 

financial loss and this is despite public 

awareness campaigns such as Take 

Five plus enhanced measures by the 

banks to validate the name of the payee 

(rather than accepting just a valid sort 

code and account number). Additionally, 

the CEO variation of the fraud is on the 

increase, and I expect this to continue. 

According to Abnormal Security, it 

would seem that criminals are not only 

impersonating CEOs but they are also 

impersonating vendors and suppliers. 

With so many types of deception and 

impersonation going on, it seems to 

me that we really must keep on top of 

education and awareness within our 

teams, especially those who have access to 

banking facilities and, of course, anyone 

within credit. 

INTERNAL FRAUD 

Staff fraud can happen at any time but 

there is a danger that we could see an 

increase as a direct result of the cost-ofliving 

crisis. Employees may become 

disgruntled or they may feel self-justified 

as the effects of inflation take their 

toll. According to Cifas, staff fraud is 

increasing and, more specifically, there is 

a rise in theft of IT equipment. This may 

be due to reduced controls to monitor 

staff who are working in a remote or 

hybrid environment. There have also 

been examples of staff exiting a business 

and not returning items provided to them. 

If your organisation supports remote 

and hybrid working and has not 

undertaken a fraud risk review in recent 

times, then now may be a good time to do 

so. Although remote and hybrid working 

brings many advantages, it can bring 

unexpected consequences, not only in 

terms of fraud risk but also data protection 

and security in general. 

COLLABORATION AND RESOURCES 

Whilst I have outlined many problems 

and challenges, there are some positive 

things happening within the counter 

fraud community. Within the Fraud 

Prevention Network, for example, we have 

a range of existing and new partners who 

can offer advice and specialist solutions 

and I am pleased that our forum has the 

full support and backing of the CICM. 

Through our quarterly meetings, our 

members share experiences and collaboratively 

we seek to work with specialists to 

help prevent fraud and raise awareness. 

The next meeting is scheduled for 17 

November. Forums International also 

publishes a regular Fraud Digest’ that 

highlights current trends, provides 

access to relevant reports, publications, 

and disseminates thought leadership 

blogs. Darren Hodder is Chair, Fraud 

Prevention Network at Forums 

International. 

darrenhodder@forumsinternational.co.uk 


OPINION 

OPINION 

MONEY TALKS 

A Guide to the UK Government’s Funding of EV Charging 

and a chance to imagine a brave new world. 

AUTHOR – Sean Feast FCICM 


❝ 

“Those responsible for delivering charging infrastructure need to have 

quite a detailed level of knowledge simply to know the right people – and the 

right questions – to ask to arrive at the solution they need.” 

THE transition to zero emission vehicles (ZEVs) 

is in full swing and will ultimately support 

the UK in achieving its agreed climate change 

targets. The arguments are already well-rehearsed 

and the benefits clear. Not only will 

it help improve air quality in the country’s 

towns and cities, but it will also support economic growth. 

With the sale of new petrol and diesel cars and vans to 

cease by 2030, and with all new cars and vans being fully 

zero emission ‘at the tailpipe’ from 2035, the missing part 

of the jigsaw is the infrastructure that will support the 

‘revolution’ the Government hopes to bring about. 

In its spending review of 2020, The Johnson Government 

committed an additional £620 million to support the 

transition to EVs by way of targeted grants with a particular 

emphasis on local on-street residential chargepoints and 

targeted plug-in vehicle grants. It brings the total committed 

to vehicle grants and infrastructure to £2.5 billion. 

The challenge, it seems, is therefore not the money, nor 

the appetite among the country’s leaders to bring about 

significant change. The challenge rests more in those 

responsible for delivering that change, which aside from the 

private sector falls predominantly among local authorities. 

ROLE OF LOCAL AUTHORITIES 

The EV Infrastructure strategy is setting clear expectations 

for major stakeholders, making local authorities responsible 

for planning and implementation. It is local authorities who 

understand the transport needs of their local population 

and are therefore best placed to make the right decisions 

on what is needed and where for local people and local 

businesses. 

So what are the funding schemes available to those 

local authorities seeking to embrace the Government’s 

revolutionary mindset? How can they be accessed? And 

what are the qualifying criteria? In very simple terms, the 

available funding is broken down into four convenient 

schemes: 

• On-Street Residential Chargepoint Scheme 

• Workplace Charging Scheme 

• EV chargepoint grants for homes 

• Local EV Infrastructure Fund 

ON-STREET SCHEME 

Residents who have no access to private, off-street parking 

are immediately challenged in their adoption of a new 

Electric Vehicle. It is for this reason that the Government 

has created the On-Street Residential Chargepoint Scheme 

(ORCS), a scheme that provides funding towards the capital 

costs of installing public charging infrastructure for 

residents without private parking. Available to all UK local 

authorities it supports installations both on-street and in 

local authority-owned residential car parks. In the financial 

year 2022 to 2023, £20 million is being made available 

through ORCS. 

Brave | Curious | Resilient / www.cicm.com / October 2022 / PAGE 10 


continues on page 12 >

OPINION 

OPINION 



WORKPLACE SCHEME 

The Workplace Charging Scheme (WCS) is 

a voucher-based scheme open to all local 

authorities that provides support towards the 

upfront costs of the purchase and installation 

of EV chargepoints that are dedicated to staff 

or fleet use. The scheme provides up to £350 for 

each chargepoint socket installed at a site, with 

applicants being able to receive up to 40 grants. 

In 2022, the WCS will be opened to small 

accommodation businesses and the charity 

sector. The Government hopes this will help to 

accelerate EV uptake in rural areas and support 

the UK tourist industry. Additional help will 

also be provided to small and medium-sized 

enterprises to fund their staff or fleet carparks. 

With WCS, up to £350 per chargepoint is being 

made available up to a maximum of 40 grants 

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

up to £15,000 per site, will similarly be created to 

boost the help Government gives SMEs to install 

chargepoints for their staff and fleets. 

GRANTS FOR HOMES 

To accelerate the provision of chargepoints 

in flats and rental accommodation, the Government 

launched the Electric Vehicle Homecharge 

Scheme (EVHS) so that authorities 

that own social housing will be able to apply to 

the EV chargepoint grant for landlords. This will 

provide grants of up to £350 towards the cost of 

purchasing and installing a chargepoint, with 

up to 200 grants a year available for each local 

authority (i.e. a maximum of £70,000 per local 

authority). 

Additional support will be available later 

in 2022 for local authorities to help install EV 

chargepoints in residential apartment block 

parking spaces. The EV chargepoint grant for 

residential carparks will provide grants of up 

to £30,000 towards the cost of installing EV 

chargepoints in such properties. 

LOCAL EV INFRASTRUCTURE 

(LEVI) FUND 

Arguably the most important of all of the 

support available to local authorities is the £450 

million Local EV Infrastructure (LEVI) Fund. 

The fund is designed to help local authorities 

leverage private sector investment into their 

local charging networks and create long-term, 

sustainable charging infrastructure solutions. 

While it is the most important, the fund is still 

largely experimental in nature, and subject to 

an initial £10 million pilot. 

To apply for the fund, the applicant must 

either be a local authority, or a partnership 

or consortium led by a local authority within 

England 

They must be planning an electric vehicle 

charging infrastructure project that supports 

the transition to EV use in a local area, with a 

particular focus on provision for those without 

off-street parking or will provide an improvement 

❝ 

The work of 

electricity 

network 

operators to 

upgrade the 

electricity 

network along 

motorways and 

A-roads will be 

vital to the 

rollout of 

ultra-rapid 

chargepoints. 

❝ 

in accessible EV charging provision that would 

not otherwise be met by current or planned 

EV chargepoint infrastructure. It must also 

demonstrate ‘innovation’ – which could be 

either ‘technical’ innovation or ‘commercial’ 

innovation and smart thinking in how the 

project is delivered. 

Value for money 

Those applying must also be able to demonstrate 

how the project will be delivered successfully and 

the value for money the project offers, including 

how the project minimises taxpayer funding 

and maximises private sector investment. 

In terms of the technologies employed, the 

project must demonstrate a ‘fit for purpose’ 

approach that includes: on-street slow and fast 

chargepoints; rapid chargepoints, if installed as 

part of a wider project that includes on-street 

slow and fast chargepoints; and solar canopies 

and battery storage. All new chargepoints must 

also have a minimum payment method (a nonproprietary 

and non-phone payment method, 

such as contactless) installed. 

Given the value of the pilot, it is expected that 

this will provide for anything up to eight new 

schemes to be trialled, with a particular focus on 

new Hubs to address the needs of those without 

off-street parking. Given the increasingly 

commercial nature of rapid charging, 

with an average of 100 new rapid chargers 

added to the UK network every month 

during 2021, it is not expected that rapidonly 

projects will be funded through the 

pilot. 

Eligible costs 

The LEVI funding does not simply include 

the purchase cost of the charging unit. It 

will also include wireless charging and 

other hardware costs associated with the 

installation, for example, gullies, solar 

canopies or battery storage. The fund 

will also cover the cost of associated electrical 

connection components including 

distribution network operator (DNO) connection 

costs, smart charging and vehicle 

to grid technology costs, alongside the 

cost of civil engineering works related to 

the installation. Labour costs would be included 

and, where applicable, the capital 

costs of a parking bay and traffic regulation 

orders (TROs) for example paint and 

signage 

Chargepoints and any associated 

infrastructure which is part of the project 

must be maintained for a minimum of 

seven years after installation. 

RAPID CHARGING FUND 

The £950 million Rapid Charging Fund 

is designed to ensure that there is an 

ultra rapid charging network along 

motorways and major A-roads ready to 

meet the long-term consumer demand 

for electric vehicle chargepoints ahead 

of need. It will be available to fund a 

portion of costs at strategic sites where 

upgrading connections to the electricity 

grid is prohibitively expensive and 

uncommercial. 

In the shorter term, Government is 

working with industry to ensure that 

every motorway service area in England 

has at least six ultra-rapid chargepoints 

by the end of 2023, including through the 

Green Recovery Scheme, which is providing 

network upgrades at over 50 service 

stations. 

The work of electricity network operators 

to upgrade the electricity network 

along motorways and A-roads will be 

vital to the rollout of ultra-rapid chargepoints. 

The Government is therefore encouraging 

local authorities to work positively 

and proactively with electricity 

network operators on all works related to 

this project. 

Brave | Curious | Resilient / www.cicm.com / October 2022 / PAGE 12 Brave | Curious | Resilient / www.cicm.com / October 2022 / PAGE 13 

AN INDUSTRY VIEW 

The drive towards an electric future has 

steadily accelerated from being the stuff 

of imagination to one of reality. Over 

the last decade, the funding landscape 

has gradually evolved from one that was 

principally focused on seed funding to 

inspire and encourage innovation, through 

to one that features a ‘standard’ model of 

grants and subsidies, and that will also 

support consultancies in delivering bestin-class 

products and services to local 

authorities and, ultimately, the general 

public. 

Put simply, EV infrastructure funding 

that once sought to promote disruption, 

is now shifting to one that supports a 

more mature and established sector. And 

generally speaking, there is sufficient 

funding available to help the UK achieve 

its net zero target by 2050. 

CONFRONTING THE 

CHALLENGES AHEAD 

That’s not to say that there aren’t challenges 

with the monies being made available 

currently, or how local authorities and 

other interested parties can ensure a fair 

slice of the pie in the future. 

The Local EV Infrastructure (LEVI) 

Fund, for example, which promises an 

eye-watering £450 million of investment 

in total is subject to a £10 million pilot 

with no absolute guarantee of success. 

One only has to think back to the issues 

presented by the original Charging 

Infrastructure Fund (CIF), and the 

challenges of funding being managed 

through public procurement, to see how 

a good idea in theory can be far from 

successful in practice. 

The premise of LEVI is specifically to 

help local authorities leverage private sector 

investment into their local charging 

networks and create long-term, sustainable 

charging infrastructure solutions. 

Some local authorities, however, are more 

experienced than others in knowing what 

‘good’ looks like, and it is important that 

those who are less experienced, but have 

an equal or even greater need, are somehow 

not left behind for want of professional 

advice and support. 

Anne Buckingham, Sales Director 

of SWARCO Smart Charging, says that 

funding should be distributed equally to 

give those with less experience or expertise 

the support they need to make the 

transition.” “It could be argued,” she says, 

“that those with less experience, or those 

representing less affluent communities, 

should receive a larger allocation of funds 

to ensure they can play their part in the 

Government’s wider ‘Levelling up’ agenda. 


OPINION 


“Similarly, it could be argued that future Government subsidies 

to private sector firms should not be universal. They should 

instead be allocated to projects that are not commercially viable 

through private investment alone, as these are typically in areas 

in desperate need of a charging infrastructure to support social 

mobility.” 

BRIDGING THE KNOWLEDGE GAP 

In all cases, Anne believes, upskilling is vital. She says that what 

is holding some local authorities back is not the lack of will, or 

even the lack of funding, but rather the understandable lack of 

knowledge and expertise. Not surprisingly, there are very few 

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

“Those responsible for delivering charging infrastructure need 

to have quite a detailed level of knowledge simply to know the 

right people - and the right questions - to ask to arrive at the 

solution they need,” she adds. 

Some £50 million of the LEVI funding is being given over to 

‘resourcing’; the challenge for the industry will be to create some 

form of Foundation Course that gives specifiers the core skills 

they need to make informed decisions. Some are even suggesting 

that funding should be conditional on having completed such a 

course, since it demonstrates clear evidence of competence to 

be able to manage the future millions potentially coming their 

way. 

“While the Government is clearly on the right road, local 

authorities will need to act quickly if they want to take advantage 

of the Chancellor’s generosity,” Anne continues. “Funding is 

likely to be temporary, not permanent, and as with any maturing 

sector it will soon be expected to survive on its own, which is 

why attracting private sector investment is so important.” 

Understanding what is currently available, and how that feeds 

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

will be the need to understand the various commercial funding 

models being offered by private sector firms. 

“This may require a radical shift in mindset,” Anne adds. 

“Private sector investment often requires a length of contractual 

commitment that many in public procurement are not used to 

providing and will require them to move out of their comfort 

zone. Local authorities who have built strong relationships with 

their private sector colleagues will be the ones who reap the 

greatest rewards.” 

With the funding available, and private sector support, there 

is an opportunity to create real change. It is important, however, 

that the consumer is brought along on the journey, and comes 

willingly, because the positive benefits of being inconvenienced 

are clearly explained and articulated, and viable alternatives are 

available for them to make the switch. 

It is also about thinking differently and acting radically. Anne 

says that rather than simply replicating the petrol forecourt 

model, or being at the behest of the major fuel or energy 

providers, there is a real chance to deliver genuine societal 

benefit, to re-set as an industry, and create a fairer more 

equitable distribution of EV charging. 

“There is also the chance to create something that is not 

simply about installing chargepoints, but rather creating a 

new ecosystem to embrace all parts of the transport sector that 

improves air quality and ultimately supports improved health 

and wellbeing,” she concludes. It is perhaps a once in a lifetime 

opportunity. 

The author wishes to thank SWARCO Smart Charging for its 

assistance in putting this article together, and permission to 

quote from its new Guide. hellosmartcharging@swarco.com 

Fast 

Facts: 

The Government’s Office for Zero 

Emission Vehicles (OZEV) published 

figures in April 2022 to evidence its 

performance in supporting the roll-out 

of Electric Vehicle Charging at home, in 

the workplace, and on street. 

• Since September 2014, a total of 291,549 domestic 

charging devices have been installed under the 

various Government schemes, with a total grant 

value of £123.7 million. 

• In the last 12 months the number of EV Homecharge 

Scheme (EVHS) funded charging devices has 

increased by 121,001, corresponding to an additional 

£42.3 million in grant value. 

• In terms of workplace charging, since the scheme 

started in late 2016, a total of 9,710 vouchers have 

been redeemed, accounting for 26,424 sockets 

installed under the WCS grant. This equated 

to a total grant value of £10.5 million. In the 

last 12 months, 4,118 vouchers were redeemed, 

corresponding to the installation of 10,727 sockets. 

This had a grant value of £3.7 million. 

• As of 1 April 2022, the On-street Residential 

Chargepoint Scheme (ORCS) has funded the 

installation of 2,641 public charging devices since 

the scheme was established in 2017. This represents 

£9.1 million of grant funding across 87 councils. An 

additional 603 on-street devices were recorded as 

installed in the previous three months. 

• Of the councils that have already completed 

installations, 27 have had further funding awarded 

to install a further 1,608 charging devices with 

a grant value of £4.6 million. A further 70 local 

authorities have also been awarded grant funding, 

providing 3,893 on-street public charging devices 

with their installations yet to be completed. This 

represents a grant value of £17.6 million. 

❝ 

“Funding should be distributed equally to 

give those with less experience or expertise the 

support they need to make the transition.” 

Anne Buckingham, Sales Director 

of SWARCO Smart Charging – 

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MESSI and Maradona, 

gauchos, the tango, 

wine, steak, Patagonia, 

and Evita (Eva Perón). 

These are just some of 

the things that Argentina, 

the world’s eighth largest country, is 

known for. 

There is more, however. Historically 

speaking, Argentina witnessed three 

centuries of Spanish colonisation before 

the country declared independence in 

1816. Remarkably, its nationalists helped 

revolutionary movements elsewhere. As 

Britannica noted, ‘20th-century writer 

Jorge Luis Borges observed that, “South 

America’s independence was, to a great 

extent, an Argentine enterprise.”’ 

More recently, ‘strong leaders’ such 

as Juan Perón (who served three terms 

in three decades) and the military 

dictatorships of the 1970s and the early 

1980s ran the country. But this all ended, 

and democracy was reinstated following 

Argentina losing a dispute over a set of 

islands in the South Atlantic. 

The net effect of its recent history, as 

summarised by HSBC in an international 

business guide on the country, is that ‘a 

century ago, Argentina was a prosperous 

global power, based on exports of beef and 

wheat. However, isolationism and military 

rule helped trigger recurring economic 

turmoil through most of the 20th century. 

This culminated in the major currency 

crisis of 2001, leading to international debt 

default, austerity, and political chaos.’ 

A sign of this is the inflation rate that 

bubbled around the mid-teens between 

2007 and 2014 but which has now risen 

above 60 percent. Another sign is the 

country’s weakening currency. Divisions in 

the Government over economic policy saw 

an economy minister resign at the start 

of July; the replacement suggests that the 

Government may try to spend its way out of 

poverty. MoneyWeek reckons that inflation 

could hit 73 percent by the end of 2022. 

THE COUNTRY 

Argentina, whose name is derived from the 

Latin word for silver, argentum, is a rich 

COUNTRY FOCUS 

Argentina derives its 

name from the Latin 

for Silver. But are there 

rich pickings for UK 

businesses? 

SILVER LINING 

AUTHOR – Adam Bernstein 

.Floralis Genérica is a sculpture made 

of steel and aluminum located in Plaza 

de las Naciones Unidas, Avenida Figueroa 

Alcorta, Buenos Aires, a gift to the city by the 

Argentine architect Eduardo Catalano. 


source of minerals. However, Argentina's 

production of cattle and crops, for which 

it previously ranked among the richest 

countries in the world, has been more 

significant. The World Bank, in 2022, stated 

that ‘with a GDP of approximately $490bn, 

Argentina is one of the largest economies 

in Latin America.’ A Deloitte document 

from May 2021 cites total exports in 2020 of 

$58.88bn and imports of $42.35bn. 

As noted earlier, Argentina is the world’s 

eighth largest country by landmass (the 

second largest in South America), with 

some 2.78m sq. km. It sits behind India 

with 3.28m sq. km. In comparison, the US 

has 9.32m sq. km, Russia some 17.09m sq. 

km, and the UK occupies a paltry 242,900 

sq. km. 

The nation sits at the bottom of South 

America on the Atlantic Ocean and is 

bounded by Chile to the west, Bolivia and 

Paraguay to the north, and Brazil along 

with Uruguay to the east. It’s long and 

stretches 2,360 miles from the subtropical 

north to the subantarctic south, and 

measuring 880 miles at its widest. As a 

result, Argentina’s geography and climate 

vary wildly. Countryreports.org detailed the 

variation with ‘humid lowlands of eastern 

Argentina, especially along the rivers of 

the Rio de la Plata system,’ ‘savannas and 

swamps’ in the north, and ‘humid pampa 

(plain) and rangeland…that become drier 

toward the west’. And there’s the Andes 

which include the heavily glaciated and 

ice-covered mountains of Patagonia. 

As for the people, Argentina is the 

world’s 30th most populous country with, 

according to preliminary 2022 census 

data, some 47.3m people. It’s a hair above 

Spain which sits in 31st position and nine 

places below the UK with around 67m. The 

population density of Argentina is low; the 

country is in 217th place with an average of 

16 people per sq. km. For reference, Hong 

Kong has 6,677 people per sq. km and the 

UK has 277 people per sq. km. 

Using 2010 data from Argentina’s INDEC 

census (new data is likely soon), nearly one 

third of the population lives in three cities 

– Buenos Aires (13.5m), Córdoba (1.4m) 

and Rosario (1.2m). More recent UN data 

(2018) estimates those numbers as being in 2021, 

15.25m, 1.58m and 1.55m, respectively. 

There are 21 other cities with between 162,048 

and 937,154 inhabitants and 99 towns with 

between 45,077 and 133,602 residents (2010 data). 

Overall, Argentina is highly urbanised with, 

according to the UN in 2018, 92 percent living 

in urban areas, albeit they’re spread around the 

country in pockets. Patagonia is particularly 

sparsely populated. 

Most – 97.2 percent - of the people are of 

European descent, according to the CIA World 

Factbook. Of the rest, 2.4 percent are Amerindian, 

and 0.4 percent are African. (2010 data). Study. 

com reckons that two-thirds of the population 

is of Italian descent – it also suggests that a 

million Argentines are of Asian descent. Of the 

languages spoken, Spanish is the official tongue, 

but there’s also Italian, English, German, French 

and indigenous languages. Argentina is clearly a 

melting pot of cultures. 

US Census Bureau International data estimates 

that in 2019 the country is demographically young 

since 87.8 percent of the population was aged 64 

or under. Statista quotes the World Bank when 

it said that in 2020 24.44 percent were under 14 

or under, 64.2 percent were 15 to 64, and 11.37 

percent were 65 or older. 

MAIN SECTORS OF INDUSTRY 

In business, Santander Trade Markets thinks that 

despite Argentina’s troubled recent economic 

history, the country still plays an important role 

within the global economy. 

Agriculture 

This sector is mainly based on livestock farming, 

cereals, citrus fruits, tobacco, tea, and grapes (for 

wine). Santander considers Argentina to be the 

world’s largest exporter of soy-derived products 

and the world’s third largest producer of such 

products. It adds that soy and sugar cane are 

cultivated for bio-fuel production and Argentina 

is the world’s largest exporter and sixth largest 

producer of biodiesel. World Bank data suggests 

that the agricultural sector represents 5.9 percent 

of the country’s GDP while only employing 0.06 

percent of the population. 

Areco Tradicíon states that the main regions 

for production are the provinces of Buenos Aires, 

Córdoba, Santa Fe, and La Pampa. 

Industry 

Data from the World Bank reckons that the industrial 

sector represented 23.3 percent of GDP 

in 2020 and employed 21.8 percent of the population 

in 2019. Given Argentina’s strength in food 

production, it’s logical to see why food processing 

and packaging – in particular meat packing, 

flour grinding and canning, and flour-milling – 

are such important drivers in the economy. But 

beyond this, there is capability in motor vehicles 

and parts, consumer durables, textiles, chemicals 

and petrochemicals, pharmaceuticals, printing, 

metallurgy and steel, industrial and farm 

machinery, electronics, and home appliances. 

COUNTRY FOCUS 

AUTHOR – Adam Bernstein 

Buenos Aires is the capital and most 

populous city of Argentina. The city is 

located on the western shore of the estuary 

of the Río de la Plata, on the South American 

continent's southeastern coast. 

El Chalten, Santa Cruz, Argentina 


Argentina 


COUNTRY FOCUS 

COUNTRY FOCUS 

AUTHOR – Adam Bernstein AUTHOR – Adam Bernstein 

❝ 

Argentina is a 

land of great 

opportunity, but 

the challenge 

seems to be 

related to 

navigating 

economic 

and political 

minefields and a 

persistently high 

inflation rate. 

❝ 

Services 

Santander has noted that the service sector is 

the largest part of Argentina’s GDP - some 54.6 

percent, while it employs 78.1 percent of the 

workforce. 

Argentina specialises in high-tech services, 

software development, call centres, nuclear energy, 

and tourism. Telephony and computing 

are also developing dynamically, as well as tourism, 

which is becoming increasingly important. 

Tourism was battered during the pandemic and 

to encourage growth the Government fixed prices 

of goods and services associated with tourism 

in 2021. An agreement was made to keep this in 

place for 2022. 

OPPORTUNITIES 

Agriculture 

Interactanalysis.com commented in 2020 

that there are 730 firms manufacturing farm 

machinery serving up to 80 percent of domestic 

demand. There are opportunities in AgTech 

and BioTech as the country needs to use more 

technology and make its production more 

traceable. The US Trade Department thinks 

there’s also a need for irrigation equipment as 

the Government wants to increase irrigated land 

by 28 percent. 

Energy 

Argentina is rich in energy resources and offers 

great potential. Santander states that it is the 

fourth largest natural gas producer in Latin 

America and has the world's third largest shale 

gas reserves and the fourth largest lithium 

reserves. 

In 2020, Argentina produced 480,000 barrels 

per day (bpd) of oil, of which 134,000 bpd were 

exported. The US Trade Department noted that 

‘the Vaca Muerta shale formation is located in 

the provinces of Neuquén, Mendoza, and Rio 

Negro, and only a fraction has been developed 

for oil and gas production.’ Production costs 

have fallen as a result of shale quality, labour 

negotiations, and tax incentives, but there is 

an ongoing need for small and medium-sized 

service companies with shale expertise to 

further improve efficiency and lower costs. 

The Government recently launched ‘Plan 

GasAr,’ a natural gas plan designed to increase 

local production and reduce gas imports. 

Currently, natural gas is close to 60 percent 

of Argentina’s main source of energy. Despite 

having one of the world’s largest shale gas 

deposits, Argentina still relies on liquified 

natural gas imports. 

On renewables, the Government’s aim is for 

20 percent of energy sources to be renewable by 

2025. In various rounds of bidding in RenovAr, 

the Government’s renewable energy plan, the 

Government awarded 244 projects, adding more 

than 6,300 MW of installed capacity. 

Construction 

The Government is investing to spur on growth. 

The US Trade Department detailed short-term 

The Perito Moreno Glacier (Spanish: 

Glaciar Perito Moreno) is a glacier located 

in Los Glaciares National Park in southwest 

Santa Cruz Province, Argentina. It is one of 

the most important tourist attractions in the 

Argentine Patagonia. 

investment plans worth US $310m involving a 

water treatment plant in Corrientes, Highway 

18 in Entre Rios, Route 40 in San Juan, and 

Provincial Route 8 in Buenos Aires. Then there’s 

the San Martin cargo line, which connects the 

Province of Mendoza and the Port of Rosario 

which, interestingly are being financed by the 

Chinese. Allied to this is the Paraná-Paraguay 

Waterway which links more than 80 Argentine 

ports on the Paraná and La Plata rivers, 

carrying more than 125 million tons of all 

types of cargo, 1.5 million containers, 750,000 

vehicles per year and cruise liners. Tenders for 

dredging, tolls, and signalling are (were) targets 

for exploitation. 

Information and 

Communications Technology 

The Government has detailed its priorities for 

2020-2023 in this area with Plan ConectAR. 

This includes improved 4G connectivity with 

an eye towards 5G deployment through better 

satellite and fibre optic coverage. The recent 

health (pandemic) crisis highlighted the need to 

strengthen the existing 4G network and expand 

it throughout the country. The spend here is to 

be $37.9bn. 

There are opportunities in network implementation, 

management and maintenance, 

legacy applications, wireless LANs, remote operation 

processing, back-up, critical mission 

services, disaster recovery systems, internet 

and network security systems, document digitalisation, 

digital asset management, storage, 

utility computing, and information systems for 

rural areas. Quite a mouthful, but The Govern- 

ment wants to modernise and put more in 

the cloud. Beyond this are opportunities 

in cybersecurity where, according to the 

US Trade Department, Argentinian companies 

spent $50m on this in 2020 – and 

some 70 percent expect to spend much 

more on this in the future. 

Medical technology 

Public spending in this area increased 

to respond to the pandemic and 

monies went to improve the hospital 

infrastructure. Much of the healthcare 

public expenditure in 2021 was focused 

on vaccines and antigen tests. 

Pandemic aside, the overall medical 

devices market decreased in 2020, by 

around – the US estimates – 30 to 60 

percent during 2020. That said, whatever 

is used is generally imported and much 

recently has come from either Asia or 

Europe. 

There is demand for e-health technologies 

and middle- to high-end technology 

products, such as electro-diagnostic 

equipment and other specialised medical 

equipment and devices. Problematically, 

purchases of large equipment with high 

prices are often postponed. 

The Government is concentrating on 

primary care, maternal care, and healthcare 

infrastructure under a national universal 

healthcare coverage plan that will 

provide healthcare coverage to 15m people 

who currently are cared for by public 

hospitals. 

Education 

Argentina has, since 1884, had a long 

history of providing tuition-free access 

to local schools and universities. The 

education system is composed of primary 

schools, secondary schools (lower and 

upper), and universities. Students can 

attend public institutions tuition-free or 

can attend (fee-paying) private schools. 

According to Statista, Argentina has by 

far the highest level of English proficiency 

in Latin America, but there are still 

opportunities for English programme 

providers, especially where finance, law, 

and accounting are involved. 

The US Trade Department considers 

exchange programmes and partnerships 

with higher education institutions in 

Argentina a common method for market 

entry. The teaching of Spanish and Latin 

American studies courses to students 

coming to study in Argentina is key, as is 

engineering, law, and business. 

With almost universal use of social 

media sites, parents and students 

find information on educational (and 

subsequent job) opportunities through 

advertisements on social media, email, 

and websites. 

TAX 

Corporate taxes 

Corporate taxes were reformed so that 

for fiscal years beginning on or after 1 

January 2021, tax is payable in several 

bands. 

Some 25 percent is payable on taxable 

income up to ARS 5m; 30 percent on the 

amount that exceeds ARS 5m up to ARS 

50m; and 35 percent on any amount 

above ARS 50m. At the time of writing, 

the rate was 157 Argentinian Pesos (ARS) 

to £1. 

Legal entities resident in Argentina 

are subject to tax on Argentine and foreign-source 

income. But resident legal 

entities are able to claim any similar taxes 

actually paid abroad on foreign-source income 

as a tax credit. The tax rate applies 

to net income determined on a worldwide 

basis. 

Personal taxes 

Residents and non-residents are 

taxed at progressive income tax 

rates ranging from five percent 

to 35 percent, with the lowest 

band applying to income up 

to ARS 64,532.54, and the highest 

band applying to income 

over ARS 1,032,522.30; however, 

special tax rates are applicable 

in case of gains 

derived from securities 

(including dividends), interest, 

and real property. 

VAT 

The VAT rate is 21 percent, although certain 

specific items are subject to a 10.5 

percent or 27 percent rate. Digital sales 

are now within the 21 percent rate. The reduced 

rate of 10.5 percent applies to certain 

transactions, such as house construction, 

interest and other costs on personal 

loans, sales and imports of living bovine 

animals, certain supplies of publicity and 

advertising, and short distance domestic 

passenger transportation. 

The increased rate of 27 percent applies 

to 'utilities’ such as telecommunications, 

household gas, running water, sewerage, 

and energy not rendered to dwellingpurposes 

real estate. 

Some transactions are exempt from VAT, 

such as sales of books, ordinary natural 

water, common bread, milk, medicine, 

postage stamps, education and hospital 

and medical care and related activities. 

SUMMARY 

Argentina is a land of great opportunity, 

but the challenge seems to be related 

to navigating economic and political 

minefields and a persistently high 

inflation rate. That said, business is 

business, there are ways around most 

problems. 


MEET 

THE 2023 

AWARDS 

JUDGES 

Thursday 2 February, 

Royal Lancaster London 

KEEP YOUR EYES PEELED FOR 

THE SHORTLIST ANNOUNCEMENT 

ON THE 7 NOVEMBER 

 

 

 

 

 

 

 

 

 

 

 

Following a record breaking 2022 event the 

CICM British Credit Awards are back for 2023. 

The British Credit Awards recognise the stand out achievements 

of the most deserving individuals, teams and organisations in the 

international credit industry. Join us as we celebrate your achievements 

and recognise all the hard work you have achieved this year. 

 

 

 

 

 

 

 

 

INTERESTED IN GETTING INVOLVED AND 

SPONSORING THE CICM BRITISH CREDIT AWARDS? 

 

 

 

 

 

 

 

 

 

• Create new business 

opportunities - target 

new customers as well as 

re-energising current relationships 

• Exposure and profile - benefit 

from high-profile branding to the 

entire UK credit industry before, 

during and after the event 

• Increase your credibility through 

association with the credit industry’s 

leading association and awards 

• Gain valuable profiling in Credit 

Management Magazine through 

awards-related editorial coverage 

and post-event write-ups 

• Gain critical advantage over your 

competition by sponsoring the 

category most relevant to you 

 

 

 

 

 

 

For more information visit www.cicmbritishcreditawards.com 

or scan the QR code below to be directed to our website 

To find out about the exceptional range of sponsorship opportunities available at the CICM British 

Credit Awards please contact Will Bolton to request a copy of our full sponsorship information pack. 

Will Bolton – Business Development Manager 

T: +44 (0)207 484 9796 | E: will.bolton@incisivemedia.com 

Brave | Curious | Resilient / www.cicm.com / October 2022 / PAGE 20 


THINK TANK 

THINK TANK 

THINK BIG 

What does the CICM Think Tank make 

of a world in crisis? 



WE are living in incredible 

times and trying to predict 

what happens next is 

nigh-on impossible. That 

was the overriding theme 

to emerge from the CICM 

Think Tank last month which met to discuss and 

debate the biggest issues impacting the credit 

industry. 

It seems incredible, for example, that within 

the first few months of the global pandemic, 

consumer collections agencies were reporting 

their highest collection rates ever as consumers 

sought to take advantage of the excess cash 

derived from working from home to pay off what 

they owed. Today, things look very different. 

The complexion of the current world crisis 

also feels very different than more recent 

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

or rather the lack of available credit; today feels 

more like the problems faced in the 1990s, and 

as such are issues that many have not come 

across before. 

The war in Ukraine shows no sign of ending 

any time soon; if anything, Putin looks to be 

digging in – literally and metaphorically – for 

the long term, and General Winter will allow 

him time to recover and regroup. The Chinese 

are agitating in Taiwan, making some form of 

military intervention seem inevitable. 

Closer to home, though directly related to 

worsening relations with Russia, the UK faces 

an energy crisis and rising energy bills that even 

with the current price cap are unaffordable to a 

significant tranche of the country. The cost-ofliving 

crisis, a long time coming, is now a reality, 

and things will certainly get worse before they 

get any better. 

While the mainstream media focus most 

of their attention, understandably, on credit 

issues affecting consumers, there is a great 

deal happening in the commercial sector that 

cannot be ignored. The hospitality sector is once 

more under pressure, and rising energy bills 

will have a crippling effect on manufacturing, 

with some already on the brink of closing their 

doors for good. At a time when we need to be 

investing more in research and development, 

and innovation, we’re being hampered by a fear 

of the unknown, where hanging on to your cash 

in the short term may seem a better option. 

GOOD OUT OF BAD 

That said, some businesses are seeking to make 

good out of a bad situation. Challenger brands 

are still being launched and gaining market 

❝ 

As an Institute, 

we need to be 

clear on how 

we support 

our members 

for the long 

term. As credit 

professionals, 

we need to be 

thinking more 

about the tools 

we have to 

manage our 

way through the 

current crises. 

❝ 

share. Some are challenging old operating 

models. There are signs, for example, of a 

transition from ‘off-shoring’ to ‘on-shoring’, 

where ‘local’ is good. Shortened supply chains 

leave firms less exposed to global events or 

captains of container ships who don’t know the 

width of their vessel. 

But there are worrying signs too. The mood 

music from Her Majesty’s Customs and Excise 

(HMRC) appears to be towards withdrawing the 

option of giving distressed businesses ‘Time to 

Pay’, and with HMRC’s privileged creditor status 

this can only be bad news for the rest of us who 

may be owed money. Whereas it was once said, 

❝ 

Credit managers will need to be flexible in their policies, 

and in how they treat individual customers/suppliers. And 

they need to listen to what their own people are saying on 

the front line, to be curious, and in doing so be resilient to 

change. 

❝ 

perhaps unfairly, that HMRC had moved 

from being a tax collector to a benefits 

agency, now it seems to be shifting back, 

and with a vengeance. 

The fact is that the Government is now 

the biggest creditor in the market and are 

competing for your pound. HMRC will 

become more active. Credit Insurers will 

most likely retreat. All of which is a major 

concern. 

The Financial Services sector believes it is 

the only entity that loans money. The truth 

is that the trade credit industry dwarfs it 

by comparison. Indeed, our industry could 

teach those in the FS community a great 

many things, especially about what to do 

when things start going wrong. 

So what do we need to see the new 

Government, and the new Prime Minister, 

doing? We need to see them change from 

making short-term decisions simply to 

avoid a negative headline to making bolder 

decisions that will bring longer-term gain. 

Whereas forbearance and empathy are 

essential tenets of life, telling businesses 

(and, by definition, their credit teams or 

appointed collections agencies) to stop 

chasing money that’s owed is not the 

answer. Neither is it the right answer to stop 

an already failed business from becoming 

insolvent, or an individual from declaring 

themselves bankrupt. 

As an Institute, we need to be clear on 

how we support our members for the long 

term. As credit professionals, we need to be 

thinking more about the tools we have to 

manage our way through the current crises. 

Credit managers need to work through 

how a global issue such as a shortage of 

computer chips may ultimately impact 

the products they make or the services 

they provide and manage the situation 

accordingly. How is the war in Ukraine 

impacting their business, if at all, and 

what if China’s sabre-rattling results in 

something more serious? Credit managers 

will need to be flexible in their policies, 

and in how they treat individual customers/ 

suppliers. And they need to listen to what 

their own people are saying on the front 

line, to be curious, and in doing so be 

resilient to change. 

Members of the Think Tank will be 

discussing these and other major issues at 

future meetings to create actionable plans, 

policy and further thought leadership. 



On-Demand | Online | Face-to-Face 

CICM TRAINING 

Training courses that offer high-quality approaches 

to credit-related topics and practical skills 

METHODS OF DELIVERY 

CICM Training courses can be delivered through a variety of 

options, ensuring a range of opportunities for your teams to 

be trained on the most up-to-date methods in the industry. 

Now, more than ever, the Credit Management and Collections industry is 

seeing drastic changes and impacts that affect the day-to-day roles of Credit 

and Collections teams. 

CICM On-Demand 

Training 

CICM Online 

Training 

CICM Face-to-Face 

Training 

CICM Training offers high-quality approaches to credit-related topics. 

Granting you the practical skills and necessary tools to use in your workplace 

and the ever-changing industry. A highly qualified trainer, with an array of 

credit management experience, will grant you the knowledge, improved 

results, and greater confidence you need for your teams to succeed in the 

Credit Management profession. 

On-Demand training can be viewed anytime, anywhere with our 

downloadable training videos. 

Online training will be for those who find it easy to learn from the space 

of their home or office. 

Face-to-face training It’s been a long time coming but now you can mingle 

and learn together in the same room as your colleagues and peers. 

Get trained with your 

professional body and the only 

Chartered organisation that delivers 

Credit Management training 

TRAINING COURSES 

CICM have a collection of training courses to meet the needs of your Credit and 

Collections’ teams. Take a look at the courses below and start training towards the 

CICM Professional Standard. 

Advanced Skills in Collections • Best Practice Approach to Collections 

Best Practice Skills to Assess Credit Risk • Collect that Cash • Credit Bootcamp Effective 

Communication in the Credit Role • Emergency Guide to Credit 

Harness your leadership Style • Know Your Customer • Managing Insolvency 

Reflect and Develop • Set Targets that Work 

For more details, visit our website, scan the barcode 

or contact us at info@cicm.com 



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Heeeeaad oooff Prroooffeeeessssiiooonaal Seeeerr viiceeees 

Raazvaannn-Coosstinnn 

Ioonnnesscu 

Apprentice profile 

www.tcmgroup.com 

CHLOE McShane is a current Level 2 Credit 

Control Apprentice and aims to complete 

the course as an Advanced Customer 

Advisor. She joined as part of the March 

2022 cohort and is currently in the process 

of learning about all the different areas of 

the Income Department at United Utilities. 

“After completing college, I knew University wasn’t for 

me,” she says. “I worked in retail for over a year building 

my customer service skills. Eventually, I decided that 

it was time to start a career. I first found out about this 

opportunity through a friend who was already on the 

Level 2 CICM course. It was a great opportunity that I 

found intriguing, so I decided to give it a go. 

“Not only can I learn while working but I have the 

opportunity to take the qualification to Levels 3 and 5.” 

FIRST MODULE 

Chloe is currently studying her first module called 

Business Communications and Personal Skills: “I have 

found it interesting learning business skills in relation to 

credit management and collections,” she continues. “So far 

on my CICM journey I have learnt about communication 

channels, styles and forms. We have also investigated 

many theories and models regarding teamwork within 

the work place.” 

The young apprentice says there are plenty of training 

resources on the CICM Knowledge hub that she has found 

useful while learning: “I am now implementing some of 

the business skills I have learnt with CICM into my work 

at United Utilities,” she adds. 

“I have enjoyed communicating with customers and 

learning skills such as negotiation and proactive listening. 

I am enjoying learning the court processes and using the 

cash collection techniques I have been taught. It was only 

once I was an apprentice at Untied Utilities that I realised 

how big the opportunities here really are.” 

After learning about the career ladder and how previous 

apprentices are now some of our senior leaders and 

directors within the business, Chloe says she can’t wait to 

see where her career at United Utilities takes her. 

Latest in a new series 

of how CICM-led 

Apprenticeships are 

supporting professional 

development. 

Chloe McShane 

Level 2 Credit Control Apprentice 

“I have enjoyed communicating with 

customers and learning skills such as 

negotiation and proactive listening. I am 

enjoying learning the court processes and 

using the cash collection techniques I have 

been taught. It was only once I was an 

apprentice at Untied Utilities that I realised 

how big the opportunities here really are.” 

Probably thebest debt collection network worldwide 

“So far on my CICM journey I 

have learnt about communication 

channels, styles and forms. We have 

also investigated many theories and 

models regarding teamwork within 

the work place.” 

Apprenticeships in Credit 

Control and Collections 

There are five apprenticeships for those working in the credit 

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

gain professional CICM qualifications 

• Credit Controller/Collector 

• Advanced Credit Controller and Debt Collection Specialist 

Apprenticeship 

• Compliance/Risk Officer Apprenticeship 

• Senior Compliance/Risk Specialist Apprenticeship 

• Financial Services Degree Apprenticeship 

For more details on how CICM can help you start your 

apprenticeship journey, visit cicm.com/apprenticeships 

Razvan-Costin 

Ionescu 

Moneyknows no borders—neither do we 


Semnat digital de Razvan- 

Costin Ionescu 

Data: 2022.08.08 18:47:58 

+03'00'

PAYMENT TRENDS 

Muddled Together 

The world of late payments remains topsy turvy. 

THE latest late payment data shows a 

mixed bag across UK regions and sectors, 

with some making steady progress and 

others going backwards. Meanwhile, over 

in Ireland, the assortment of significant 

reductions and huge increases to late 

payments continues. The average Days Beyond Terms 

(DBT) across regions and sectors in the UK decreased by 

0.4 and 0.2 days respectively. In Ireland, the figures rose 

by 7.2 and 2.5 days respectively. Average DBT across the 

four provinces of Ireland decreased by 8.1 days. 

SECTOR SPOTLIGHT 

In the UK, the sector figures can be cut in half, with 

11 increases and 11 decreases to late payments. Of 

those going backwards, the IT and Comms sector saw 

the biggest decline with an increase of 4.7 days, and 

an increase of 3.9 days means the Hospitality sector 

loses its spot at the top of the standings. Looking at 

the positives, Business from Home is now the best 

performing sector with an overall DBT of 7.3 days 

following a healthy reduction of 9.9 days. The Real 

Estate (-5.2 days), International Bodies (-5.0 days) and 

Business Admin & Support (-4.8 days) sectors also made 

useful cuts to late payments. 

In Ireland, only four sectors saw increases to late 

payments, but it’s the scale of these increases which 

is cause for concern. The Hospitality and Business 

Admin & Support sectors, both saw hefty hikes to 

DBT, increasing by 60.0 and 52.4 days respectively. At 

the other end of the scale, the Entertainment sector 

is on the up following a reduction of 19.9 days to its 

DBT. The Real Estate (-19.7 days), Wholesale and retail 

trade; repair of motor vehicles and motorcycles (-19.4 

days) and Manufacturing (-14.5 days) sectors also made 

important improvements. 

REGIONAL SPOTLIGHT 

Of the 11 UK regions, although six saw increases to 

late payments it’s fair to say the majority are minor. 

Northern Ireland saw the biggest jump, with a hike 

of 5.8 days taking its overall DBT to 24.1 days. Of the 

five regions making positive moves, London (-5.1 days), 

the North West (-4.0 days) and South West (-3.7 days) 

improved most. 

The regional data across Ireland remains a tale of 

extremes. On the plus side, a number of counties, 

notably Kildare (-55.1 days) and Dublin (-26.9 days), 

where DBT fell significantly. However, the majority 

of the increases to late payments are sizeable. In 

particular, Kilkenny (+75.0 days), Wicklow (+51.9 days) 

and Longford (+48.8 days) saw huge increases. 

Across the four provinces of Ireland, Leinster made 

the biggest improvement with a much-needed reduction 

of 37.5 days to late payments. A further reduction of 0.3 

days means Connacht is the best performing province 

with an overall DBT of 5.9 days. Ulster (+3.3 days) and 

Munster (+2.1) moved in the opposite direction. 

AUTHOR – Rob Howard 

Top Five Prompter Payers 

Region Aug 22 Change from July 22 

South West 10.2 -3.7 

Yorkshire and Humberside 11.2 1.8 

North West 12.9 -4 

South East 13.3 -1.9 

East Midlands 13.4 0.3 

Bottom Five Poorest Payers 


Northern Ireland 24.1 5.8 

Scotland 16 -5.1 

West Midlands 15.2 -2.4 

Wales 14.8 1.1 

East Anglia 14.6 2.4 

Top Five Prompter Payers 

Sector Aug 22 Change from July 22 

Business from Home 7.3 -9.9 

Entertainment 8.1 1.2 

Hospitality 10.4 3.9 

Education 11.1 -1 

International Bodies 12 -5 

Bottom Five Poorest Payers 


Mining and Quarrying 22.6 2.7 

IT and Comms 21.2 4.7 

Energy Supply 19.6 2.1 

Public Administration 18.4 3.3 

Manufacturing 17.4 2.2 

NORTHERN 

IRELAND 

5.8 DBT 

SOUTH 

WEST 

-3.7 DBT 

STATISTICS 

Data supplied by the Creditsafe Group 

WALES 

1.1 DBT 

SCOTLAND 

1.3 DBT 

NORTH 

WEST 

-4 DBT 

WEST 

MIDLANDS 

-2.4 DBT 

YORKSHIRE & 

HUMBERSIDE 

1.8 DBT 

EAST 

MIDLANDS 

0.3 DBT 

LONDON 

-5.1 DBT 

SOUTH 

EAST 

-1.9 DBT 

EAST 

ANGLIA 

2.4 DBT 

Getting worse 

IT and Comms 4.7 

Hospitality 3.9 

Other Service 3.6 

Public Administration 3.3 

Mining and Quarrying 2.7 

Water & Waste 2.5 

Health & Social 2.2 

Manufacturing 2.2 

Energy Supply 2.1 

Entertainment 1.2 

Transportation and Storage 0.8 

Agriculture, Forestry and Fishing 0.6 

Getting better 

Business from Home -9.9 

Real Estate -5.2 

International Bodies -5 

Business Admin & Support -4.8 

Financial and Insurance -3 

Professional and Scientific -2.1 

Dormant -1.4 

Construction -1 

Education -1 

Wholesale and retail trade -0.6 

Region 

Getting Better – Getting Worse 

-5.1 

-4 

-3.7 

-2.4 

-1.9 

5.8 

2.4 

1.8 

1.3 

1.1 

0.3 

London 

North West 

South West 

West Midlands 

South East 

Northern Ireland 

East Anglia 

Yorkshire and Humberside 

Scotland 

Wales 

East Midlands 



PAYMENT TRENDS 

Switch to Direct Debit 

In Ireland, only four 

sectors saw increases to 

late payments, but it’s the 

scale of these increases 

which is cause for 

concern. The Hospitality 

and Business Admin & 

Support sectors, both saw 

hefty hikes to DBT. 

SLIGO 

-8 DBT 

LIMERICK 

0 DBT 

DONEGAL 

-12.9 DBT 

LONGFORD 

48.8 DBT KILKENNY 

75 DBT 

CARLOW 

0 DBT 

ULSTER 

5.8 DBT 

LOUTH 

31 DBT 

DUBLIN 

15.6 DBT 

WICKLOW 

51.9 DBT 

Why not spread 

KERRY 

-7.2 DBT 

Top Five Prompter Payers – Ireland 


Limerick 0 -3.7 

Sligo 0 -8 

Kerry 1.6 -7.2 

Donegal 3.6 -12.9 

Waterford 3.8 1.1 

Bottom Five Poorest Payers – Ireland 


Longford 120 48.8 

Wicklow 120 51.9 

Louth 99.3 31 

Kilkenny 90 75 

Carlow 46.4 0 

Top Five Prompter Payers – Ireland 


Financial and Insurance 0 -2.9 

Health & Social 0 0 

International Bodies 0 0 

Entertainment 2.3 -19.9 

Real Estate 2.5 -19.7 

Bottom Five Poorest Payers – Ireland 


Business Admin & Support 120 52.4 

Water & Waste 120 0 

Other Service 68.4 27.9 

Hospitality 62 60 

Construction 28.5 -8.5 

WATERFORD 

1.1 DBT 

Getting worse 

Hospitality +60, 

Business Admin & Support +52.4, 

Other Service +27.9 

IT and Comms +0.9 

Getting better 

Entertainment -19.9 

Real Estate -19.7 

Wholesale and retail trade -19.4 

Manufacturing -14.5 

Construction -8.5 

Financial and Insurance -2.9 

Professional and Scientific -2.6 

Public Administration -2.5 

Transportation and Storage -1.4 

the cost of your 

Serrala 

CP 

CICM Membership 

Manage your own cashflow 

Simply scan the code below using your phone, 

print and return to CICM, 1 Accent Park, Bakewell 

Road, Orton Southgate,Peterborough PE2 6XS 

and we will do the rest! 

Another reason to be a member 

Make the switch to Direct Debit 

For details contact: info@cicm.com 


WE’VE known for some time that China 

has sought to gain influence around the 

world through its Belt and Road initiative, 

which aims to develop an expanded and 

interdependent market for China. 

Nikkei Asia recently highlighted the 

latest of China’s developments - the Lekki 

Deep Sea Port in Nigeria, which has just 

seen a Chinese ship berth at it. 

Financed by the China Development 

Bank, Nigerian Ports Authority managing 

director, Mohammed Bello-Koko, has said 

that the port signifies Nigeria’s readiness 

to “take trade facilitation a notch higher” 

and play a part in the African Continental 

Free Trade Area. The publication says 

that there are two globally significant 

International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

Nigeria as a destination 

GERMANY has a problem – a lack of 

local gas and oil. With threats of gas 

rationing following Russia’s invasion 

of Ukraine and now, levies of hundreds 

of euros per household to help energy 

companies cover the cost of replacing 

former Russian supplies, the country is 

having to rethink its energy policies. 

Half of its nuclear power-generation 

investments ready to take advantage of 

the port: Dangote Group’s petrochemical 

complex, an oil refinery with a capacity of 

650,000 barrels, and the $2.5bn Dangote 

fertiliser plant. 

But no matter who built or financed 

the terminal, it’s made Nigeria even more 

accessible to those wanting to export to it. 

And this is especially pertinent to British 

exporters since figures published at the 

start of August by the UK Government 

noted that the total trade in goods and 

services between the two countries stood 

at £4.4bn in the four quarters to the end 

of Q1 2022, an increase of 44 percent or 

£1.3bn from the four quarters to the end 

of Q1 2021. 

Germany, fracking, and opportunities 

capacity was closed almost 

immediately after the Fukushima 

disaster, yet the Greens want the 

remaining ones in operation to close 

too. 

Interestingly, The Economist has 

commented that Germany has plenty of 

natural gas reserves of its own, but that 

extraction collapsed because many are 

WATCH OUT IN ASIA 

A recent note on Atradius’ website 

stated that Asian businesses are 

struggling to offset losses from bad 

debt and that ‘chasing down unpaid 

B2B trade debt has become a major 

headache for Asian companies trading 

on domestic and export markets.’ 

Atradius considers the problem more 

serious in long-term – more than 90 

days – unpaid B2B trade debt that is 

written off as uncollectable despite 

several attempts to receive payment. 

And this is a major concern for 

businesses in China, Hong Kong, India, 

Indonesia, Singapore, Taiwan, Vietnam 

and the United Arab Emirates. 

Overall, Taiwan seemed to be in the 

worst position with a bad debt writeoffs 

figure now at eight percent of the 

total value of B2B invoices. Businesses 

in Hong Kong and Singapore were 

also seeing increased write-offs with 

an average 50 percent increase. Also 

suffering was Indonesia, with a reported 

40 percent increase in write-offs. And in 

Vietnam, liquidity is being dented both 

by write-offs at six percent of the total 

value of B2B invoices and unpaid B2B 

trade debt, which was affecting around 

half of the B2B trade value. 

Notably, the survey found that 20 

percent more companies than the 

previous year reported an increased 

willingness to extend credit to B2B 

customers. Atradius thinks this signals 

that current market conditions are very 

competitive and that businesses are 

struggling to get the additional sales 

revenue to make good the losses from 

write-offs. 

The comments were made after the 

2022 edition of the Atradius Payment 

Practices Barometer Survey for Asia. 

worried about the impact of fracking. 

However, gas producers reckon that 

if allowed, they could double their 

output from fracking in as little as 18 

to 24 months. That could see Germany 

pumping gas well into the next century 

and trim imports by some $15bn a year. 

And that may open opportunities for 

those UK firms active in the area. 

A new Customs Declaration Service 

HMRC is warning that thousands of UK 

businesses risk ‘significant delays‘ in 

importing goods if they don’t move to the 

UK’s new streamlined customs system 

soon. 

More than 3,500 businesses have yet 

to transition to the Customs Declaration 

Service, and they will be in trouble when 

the old system – the Customs Handling 

Import and Export Freight (CHIEF) – is 

shut down at the beginning of October. 

HMRC has said that ‘it can take several 

weeks to be fully set up on the Customs 

Declaration Service, so those waiting 

to register risk being unable to import 

goods to the UK from 1 October.’ 

To help all businesses and agents 

prepare for the new service, firms are 

being contacted by phone and email to 

inform them of the steps they need to 

take. Further information is available on 

GOV.UK, including a Customs Declaration 

NEW CREDIT RATING 

RULES IN INDIA 

REUTERS has highlighted what can 

happen to businesses when a central 

bank changes its methodologies. In 

this case, the Indian unit of credit 

rating agency, Moody's ICRA, recently 

commented that nearly 100 companies 

with debt totalling 350bn rupees 

(£3.6bn) could be downgraded after the 

Reserve Bank of India tightened rating 

methodologies. The companies likely 

to be affected are mainly in the power, 

healthcare, engineering, construction 

and roads sectors. 

Under the changes, rating agencies 

can only take into consideration an 

explicit guarantee by a third party for a 

company's debt. At the same time, other 

widely accepted forms of support, such 

as letters of support or pledged shares, 

will no longer be considered. 

As a result, ICRA thinks that Indian 

banks could have to set aside an 

additional 4bn rupees given the higher 

capital requirement for lower-rated 

companies – which may affect lending 

elsewhere. And, of course, when credit 

ratings drop, the potential for failure 

increases. Exercise caution. 

Service toolkit and checklists, which 

breaks down the steps traders need to 

take. Firms can also register or check 

that they have access to the Customs 

Declaration Service on GOV.UK and 

access live customer support services for 

additional help. 

It shouldn’t be forgotten that the 

change may affect exporters who rely on 

imports for raw materials. 

EU DELAYS RULES UNTIL NOVEMBER 2023 

TRAVELLERS to Europe, whether for leisure or business, need to be aware of the new 

European Travel Information and Authorisation System (ETIAS). Aimed at non-EU citizens 

from countries where a visa is not required to enter the EU, it’s rather like the US ESTA and 

grants permission to travel to and enter a Schengen zone EU member state. 

The ETIAS costs seven euros, lasts for two years and was meant to come into force in 

May 2023; it’s now been silently pushed back to November 2023. 

That said, a new and separate Entry/Exit System (EES) will, from May 2023, require all 

non-EU arrivals to have four fingerprints scanned and a photograph taken. This is designed 

to replace the stamp put into a passport. Some warn that EES is a relatively easy process at 

an airport but will be much harder and slower at seaports and the Eurotunnel – especially 

if there’s more than one person in a vehicle. 

So, if you’re travelling on business, make sure that you diarise the new ETIAS system 

from November 2023 and if you’re in a vehicle, allow extra time at the ports to cope with 

EES from next May. 

WELSH EXPORTS 

POST BREXIT 

ACCORDING to research from Make UK 

and business advisory firm BDO - Regional 

Manufacturing Outlook 2022 – which was 

cited by the likes of The Manufacturer and 

NationCymru, Welsh exports have become 

more dependent on the EU after Brexit. 

The research found that the EU’s share 

of Wales’ export market rose from 58 

percent to 60 percent, despite the opening 

up of export markets with the rest of the 

world being a stated objective of the Brexit 

project. 

Researchers suggested the nations 

and regions that voted for Brexit had 

actually increased their dependence 

on the EU for manufacturing exports, 

while the European market remained the 

overwhelming favoured destination for the 

sector. 

Make UK said the EU remains ‘by some 

distance’ the most important export 

destination for UK goods, and BDO said 

‘manufacturing businesses have done a 

good job in adapting to new post-Brexit 

rules for trading with the EU, but ongoing 

government support may well be required, 

particularly for firms at the smaller end of 

the spectrum.’ 

DON’T RELY ON FACEBOOK 

AS mad as it sounds, a good number of 

businesses – especially SMEs – rely on 

Facebook to promote themselves. And 

they do this to the exclusion of other 

forms of media. The problem is that not 

everyone uses Facebook, so bypassing 

other media means businesses are 

missing out on countless pairs of eyes. 

This was thrown into sharp relief 

recently as Facebook’s parent company, 

Meta, announced its first quarterly 

decline in revenue. After jumping by 60 

percent between 2019 and 2021, sales 

fell by one percent year-on-year in the 

second quarter of 2022; it resulted from a 

14 percent fall in advertising revenue and 

a drop in users by one percent. 

Some think that Meta’s drop is 

a function of market maturity. But 

whatever the reason, other media 

firms are doing well and MoneyWeek 

highlighted French advertising and PR 

firm Publicis as an example. It posted a 

21 percent year-on-year revenue increase 

for the second quarter, while another 

French advertising firm, JCDecaux, 

reported a 22 percent jump. 

In other words, and as Bloomberg 

reckons, ‘the hold of social media on 

advertisers is weakening.’ This may be 

the result of pressure on governments to 

reform social media while dealing with 

political bias and the ‘abuse’ of personal 

data. But it’s also a function of Apple 

making it harder for advertisers to 

trace what people do with their 

iPhones, and then there’s the rise of 

other platforms that are impinging on 

Facebook’s market. 

The point is this – don’t rely on just 

one media platform to promote your 

company and its goods and services. 

Doing so shuts out so many potential 

customers that may miss the message. 

CURRENCY UK 

EXCHANGE RATES VISIT CURRENCYUK.CO.UK 

OR CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

HIGH LOW TREND 

GBP/EUR 1.1881 1.3859 Down 

GBP/USD 1.1878 1.3627 Down 

GBP/CHF 1.14125 1.09585 Down 

GBP/AUD 1.72179 1.68716 Down 

GBP/CAD 1.53478 1.50403 Down 

GBP/JPY 166.863 160.76 Up 

This data was taken on 21st September and refers to the 

month previous to/leading up to 21st September. 



OPINION 

OPINION 

DEAL BREAKERS 

The UK’s new National Security regime: 

What do you need to know? 

THE UK’s new, and more 

extensive, national security 

regime entered into force 

on 4 January 2022 after 

the National Security and 

Investment Act 2021 received 

Royal Assent in April last year. 

The new regime is the culmination of a 

number of years of discussion of the UK’s 

approach to national security matters that 

included a white paper published in 2018; it 

reflects a global trend for more intervention 

in and scrutiny of national security issues. 

MORE INTERVENTIONS 

Fundamentally, the Act sets out a new, 

standalone regime that allows the UK 

Government to scrutinise – and potentially 

block – acquisitions and investments in 

sensitive sectors which could impact upon 

national security. 

The expectation is that the Government 

will be more likely to intervene in 

transactions under this new regime than 

was the case under the national security 

provisions of the Enterprise Act 2002. 

Concerns are greater under the new regime 

if a transaction involves the acquisition of 

an entity or asset in (or closely linked to) 17 

specified sectors of the economy. The new 

powers are deliberately flexible to address 

concerns in any sector and evolving national 

security risks (with national security not 

defined). 

The Act introduced a significant change 

in approach in terms of the requirement on 

companies to notify deals under mandatory 

elements of the new regime. These are 

very broad and are backed by the power to 

impose significant financial and criminal 

penalties for failure to comply. 

Now the regime is in force, the key issue 

for companies to consider is whether their 

transaction requires mandatory notification 

or alternatively a voluntary notification may 

be advisable, as well as ensuring that the 

regime is factored into deal timelines and 

documentation to manage the risks of delay 

or Government intervention. 

AUTHORS – Ian Giles and Mark Daniels 

REGIME COVERAGE 

The new regime falls into two parts - 

mandatory and voluntary. 

The mandatory regime requires qualifying 

transactions to be notified for approval 

before they take place. The voluntary regime 

allows parties to submit transactions for 

approval and also allows deals to be calledin 

retrospectively even if not voluntarily 

notified. Notifications are made to the 

new Investment Security Unit (ISU), within 

the Department for Business, Energy and 

Industrial Strategy (BEIS), which operates 

the regime on a day-to-basis. Under the Act, 

it is strictly the Secretary of State for BEIS 

who decides whether to call-in a transaction 

and the outcome of any review. 

MANDATORY NOTIFICATION 

The test for a mandatory notification 

comprises two parts – an acquisition of 

rights or interests amounting to a relevant 

trigger event regarding a target entity active 

in a qualifying sector. 

The 17 qualifying sectors and final 

definitions for these sectors are set out 

in a Statutory Instrument – the National 

Security and Investment Act 2021 (Notifiable 

Acquisition) (Specification of Qualifying 

Entities) Regulations 2021. As well as 

obvious sectors such as defence, energy and 

transport, there is a significant focus on 

technology and innovation such as advanced 

robotics and quantum technologies. 

The sector definitions are relatively 

detailed and technical and, recognising their 

complexity, BEIS has published guidance 

to help explain what the definitions are 

intended to capture and how to apply 

them. However, despite this guidance, the 

definitions are often not straightforward 

to apply. Organisations may also need to 

consider several of the sector definitions 

given a number are closely linked and take 

care that even if a target’s core activities are 

not within one of the 17 sectors it does not 

have other activities that are caught. 

The trigger events for mandatory 

notification are the acquisition of more 

than 25 percent, more than 50 percent, or 75 

percent or more of the voting rights or shares 

in a qualifying entity; or the acquisition of 

voting rights enabling or preventing the 

passage of any class of resolution governing 

the affairs of the qualifying entity. 

VOLUNTARY NOTIFICATION 

The trigger events described above also 

apply to target entities that are not active 

in a qualifying sector – however, in those 

cases the notification is voluntary rather 

than mandatory. In addition, whether or 

not the transaction involves a target entity 

in a qualifying sector, there are trigger 

events which apply under the voluntary 

regime (i.e. which do not require mandatory 


notification). These are the acquisition of material influence 

over a qualifying entity’s policy; or the acquisition of a right 

or interest in, or in relation to, a qualifying asset providing 

the ability to use or control the asset (either entirely or to a 

greater extent). 

CONNECTION WITH THE UK 

To fall within the new regime the target entity or asset must 

be from, in, or have a sufficient connection with the UK. A 

qualifying entity must carry on activities in the UK or supply 

goods or services to people in the UK, and a qualifying asset 

must be used in connection with activities carried on in the 

UK or the supply of goods or services to people in the UK. 

BEIS has published specific guidance on when target 

entities and assets outside the UK are within the scope of the 

new regime, which indicates a relatively broad approach in 

this regard. For example, an overseas company producing 

goods for export to a UK company could be caught, as could 

machinery located overseas used to produce equipment that 

is used in the UK. 

Assessments will also be fact specific and may not be 

straightforward – the guidance explains that an overseas 

entity is likely to be a qualifying entity if its staff travel to the 

UK and undertake business activities similar to working in a 

regional office, but it is not likely to be one if those staff solely 

conduct market research or are part of a sales team seeking 

new clients. 

Another complexity is that, whereas a non-UK entity 

counts as a qualifying entity if it carries on activities in the 

UK or supplies goods or services to persons in the UK, for an 

acquisition of such an entity to require mandatory notification 

it must actually carry-on UK activities that fall within one 

of the 17 sensitive sectors. However, care is needed in this 

regard as some of the activities within the definitions for the 

17 sectors include supply of goods or services to UK persons. 

INTRA-GROUP TRANSACTIONS 

While the focus is clearly third-party acquisitions, intragroup 

reorganisations may also fall within the new regime, 

potentially even requiring mandatory notification. The 

published guidance provides the example of two parties 

that share the same ultimate owner but are run separately 

from each other. If one of these parties acquires part of the 

other, this would fall within the scope of the Act if the level of 

interest being acquired amounts to a trigger event. 

SCOPE 

One key take away is that this new regime is wider than that 

which applies to traditional M&A deals. The trigger events 

set out above could include minority investments, as well as 

intra-group transactions and (in the context of the voluntary 

regime) acquisitions of or transactions giving control over 

assets such as land or intellectual property. 

Under the Act, the Secretary of State must publish a 

statement explaining how the power to call-in transactions 

for a full national security assessment is expected to be 

used. This provides guidance on the sorts of issues that will 

be taken into account when considering whether to call a 

transaction in – and hence how parties might assess whether 

to make a voluntary notification, as well as whether a notified 

transaction (mandatory or voluntary) is likely to be cleared 

after an initial review or called-in for a full assessment. 

Qualifying acquisitions in any area of the economy could be 

reviewed, but a transaction is unlikely to be called-in unless 



OPINION 

the target entity or asset is in one of the 17 sensitive 

sectors or a sector closely linked to one of those 

sectors. 

There are three risk factors that are also relevant 

in particular in determining whether a transaction 

is likely to be called in. 

These are target risk – whether the target entity 

or asset is being used, or could be used, in a way 

that poses a risk to national security; acquirer 

risk – whether the acquirer has characteristics 

that suggest there is, or may be, a risk to national 

security from the acquirer having control of the 

target; and control risk – whether the amount of 

control that has been, or will be, acquired poses a 

risk to national security (a higher level of control 

may increase the level of national security risk). 

BEIS believes there will be around 1,000 to 

1,830 transactions notified each year with 70 to 95 

transactions called in for a full national security 

assessment. Others think those numbers will be 

exceeded. 

But whatever the exact number of national 

security reviews under the new regime, it is clear 

the number will be significantly higher than under 

the previous Enterprise Act regime. National 

security reviews under the Enterprise Act were 

relatively rare (fewer than 20 reviews since 2003), 

even despite a notable increase in such reviews 

after the Bill for the new regime was published in 

November 2020. 

WHEN THE REGIME TOOK EFFECT 

While the full regime came into force at the start 

of the year, the retrospective call-in power applies 

from the day after publication of the Bill. This 

means that trigger events that occurred during the 

period 12 November 2020 to 3 January 2022 can also 

see transactions called in for review. 

Parties to transactions where a trigger event 

occurred between those earlier dates had an 

incentive to make the ISU aware of their transaction 

before the Act came into force. Doing so limited 

any retrospective call-in to six months from 4 

January 2022 instead of up to five years from that 

date (although any call-in subject to the five-year 

deadline also needs to be within six months of 

when the Secretary of State became aware of the 

trigger event after the Act came into force). 

The mandatory notification requirements have 

applied from 4 January 2022 (including in relation 

to any deals that were signed previously but where 

a relevant trigger event takes place after the Act 

came into force). Accordingly, parties to any deals 

that might require mandatory notification need 

to factor the process into their deal planning, and 

likewise for transactions where parties decide to 

submit a voluntary notification. 

THE PROCESS 

The ISU deals with notifications. It will conduct 

an initial review within 30 working days of 

notification, after which the transaction will either 

be cleared or called-in for a full national security 

assessment. A full assessment will itself take up to 

30 working days, subject to an initial extension of 

45 working days, and further potential voluntary 


❝ 

The mandatory 

notification 

requirements 

have applied 

from 4 January 

2022 (including 

in relation to 

any deals that 

were signed 

previously but 

where a relevant 

trigger event 

takes place after 

the Act came 

into force). 

❝ 

extension if agreed with the parties. The clock can 

be stopped on the review during a full assessment 

if further information is required. 

For mandatory notifications, clearance must be 

received before the transaction takes place. Where 

a mandatory notification has not been made, the 

Secretary of State may call-in the deal at any future 

point, provided this is within six months of the 

Secretary of State becoming aware of the trigger 

event. 

For voluntary notifications, the parties have the 

option to notify, but the Secretary of State is able to 

call-in a deal for up to six months after they become 

aware of it, any time up to five years after the deal 

takes place. A transaction under the voluntary 

regime but not voluntarily notified will proceed 

straight to a full assessment if called-in for review. 

There are specific requirements for the content 

of mandatory and voluntary notifications, which 

are set out in the National Security and Investment 

Act 2021 (Prescribed Form and Content of Notices 

and Validation Applications) Regulations 2021. 

Additional requirements in terms of the procedure 

for submitting notifications and other documents 

to BEIS, including use of the NSI electronic portal, 

are in the National Security and Investment Act 

2021 (Procedure for Service) Regulations 2021. 

SANCTIONS FOR FAILING TO NOTIFY 

If a deal requiring mandatory notification is not 

approved the transaction will be legally void. In 

addition, there are civil and criminal penalties, 

including potential daily penalties for ongoing 

breaches. Completing a transaction that is subject 

to mandatory notification without approval will 

risk a penalty of up to five percent of group worldwide 

turnover or £10m (whichever is higher), and 

imprisonment for individuals for up to five years. 

Notably, the Secretary of State may retrospectively 

validate a transaction that failed to gain approval. 

The Secretary of State also has the power to 

impose remedies to address any national security 

concerns. These may include, for example, 

conditions restricting access to sensitive sites, 

access to confidential information and intellectual 

property transfers. 

IN SUMMARY 

Ultimately the Secretary of State has the power to 

block deals, or to require acquisitions that have 

taken place to be divested or unwound. 

However, the vast majority of transactions 

reviewed under the new regime are expected to 

be cleared without needing remedies. Despite 

this, the new regime is far-reaching with serious 

consequences for non-compliance and requires 

parties to transactions in a much wider range 

of situations to engage with a potential national 

security review than under the previous Enterprise 

Act regime. 

Ian Giles is a partner and head of Norton Rose 

Fulbright LLP’s antitrust and competition team in 

Europe, the Middle East and Asia. Mark Daniels is 

a senior knowledge lawyer at the firm. 

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

largest credit insurance companies. 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

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Building on our mature and hugely successful 

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American Express® is a globally recognised 

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By creating an additional lever to help support 

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in our approach. 

Esker’s Accounts Receivable (AR) solution removes 

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T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 


Introducing our 

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AFFILIATE 

MCICM 

ASSOCIATE 

Congratulations to our current members who have upgraded their membership 

corporatepartners@cicm.com 

UPGRADED MEMBER 

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The CICM Benevolent Fund is 

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VIEW FROM THE SEA FRONT 

VIEW FROM THE SEA FRONT 

AUTHOR – David Andrews 

UP, UP 

AND AWAY 

Is your house safe 

from Nuclear attack? 

AUTHOR – David Andrews 

THAT’S the header which has 

just popped into my inbox. 

I get a lot of really weird 

emails, and I daresay you 

do too…but I was intrigued 

by this one. Looking around 

my mid 19th century cottage, solidly built 

but by Victorian builders who were chiefly 

focused on protecting its early occupants 

from driving rain and sub-zero temperatures 

(it gets pretty parky out here in the 

South Downs), I concluded that, no, my 

cottage is not ‘safe’ from nuclear attack. 

On closer inspection, it transpires that 

the email emanates from – go figure – a US 

insurance company. 

What!!! Surely this is a new low in the 

annals of turning a fast buck on a home 

insurance premium? 

You know what, bud, you think you’ve 

got your ass covered…but when those 

Ruskies start lobbing the nukes over, who 

do you think is going up in smoke first of 

all? 

That’s right, my friend, and there won’t 

be much left of you guys to clear up. So 

better safe than sorry, eh? 

Now of course, even this most perverse 

take on the hard sell defies any actual logic. 

But given that our American comrades 

across the ocean appear to have abandoned 

any semblance of logic either in the 

way they elect their politicians or conduct 

corporate business, why, I am wondering, 

does it niggle me so much. 

Possibly because, having recently 

moved house, I have been literally bombarded 

(not quite nuked) by insurers competing 

for my business. 

In a free-range economy such as ours 

that’s to be expected, but it seems that in 

the post-pandemic economic recovery period, 

levels of avarice and chasing down 

the last buck have imploded. Sales peeps 

have always been driven by targets, the 

promise of commission every time they 

nail a sale, sign up yet another punter into 

a lengthy contract which turns out to be as 

watertight as the pair of tennis trainers I 

have finally binned. 

But I think what is, if I drill down, 

really bothering me in today’s hard sell 

universe is the complete absence of any 

compassion. 

While insurance for our homes and our 

vehicles are a given, the endless exhortations 

to be covered for this, that and the 

other – nuclear war!! – is enervating at the 

least, infuriating at worse. 

At the end of April this year, UK adults 

owed £1,786bn to banks, credit card firms, 

mortgage lenders and other assorted debt 

providers. 

Including the mortgage (for those who 

are ‘lucky’ enough to have them – so many 

young adults in particular are being crippled 

by rapidly rising monthly rents), the 

typical adult in the UK owes just shy of 

£34,000. Far more for graduates struggling 

to repay their student loans. 

According to the Office for Budgetary 

Responsibility, household debt is set to 

climb dramatically this year and into 

2023. A perfect storm of historically high 

inflation, the ongoing crisis in Eastern Europe 

and a wage freeze for many workers 

means that hard working households are 

likely to face ever more drains on their 

limited resources. 

Without doubt these are nervous times 

for our finances. Not helped by an alarmist 

media constantly banging the drum regarding 

gas and electricity price rises. This 

Autumn is likely to see consumer payments 

for domestic power rise to around 

£3,500, if you believe the Daily Telegraph 

home news reporting team. 

I don’t. This is fake news. The 

Government has made it clear that consumer 

prices will be capped, so while the 

energy repayments will be uncomfortably 

high for many, the ruinous sums being 

banded about are a fiction, designed to terrify 

readers for reasons best known to the 

media bosses who thrive on this kind of 

misinformation. 

Mortgage repayments are also creeping 

up. We are nowhere near the scenario 

faced by so many homeowners, including 

myself, in the late 1980s, when the base 

rate rose to 15 percent. Thousands of 

property owners capitulated, with many 

pushing the keys back through the building 

society door. 

Now that really was a ruinous scenario. 

But I can’t see the rates spiralling to 

anything like that level, despite the current 

crisis. I can however envisage the 

base rate climbing to roughly half of that, 

but these rises will be staggered, as the 

Bank of England’s Monetary Policy Committee 

will not want to bankrupt the country. 

Speaking to a couple of local estate 

agents, the view from the front line is 

that property prices will start to go off 

the boil towards the end of 2022; by the 

end of the third quarter of next year we 

could be witnessing a distinct cooling 

of home values. Good news for those 

struggling to get on the ladder, not so 

good if you’ve bought this year – which is 

now looking distinctly like the top of the 

market. 

As they say, what goes up must (eventually) 

come down. Maybe we should take 

a leaf out of our European neighbours’ 

book. Our chums in France, for example, 

are giving a collective Gallic shrug, as most 

(around two thirds of the population) rent 

their homes. 

Pas de soucie, they say, no worries. 

It can be someone else’s problem. Over 

here however far too much of our collective 

wealth is tied up in property, despite 

it being quietly vulnerable. Longer term, 

say the experts, property will always come 

good. 

But the concern right now is that the 

once seemingly invincible property 

market is looking decidedly shaky… 

and the wider stock markets have been 

pounded since Russia went into Ukraine 

at the beginning of the year. Nowhere 

looks to be a particularly attractive home 

for our money. 

Wrap up well. It may be a long, harsh 

winter. 

David Andrews is a freelance journalist. 


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

Supporting Court Users 

The importance of freedom of choice for court 

users and how you can help. 

CICM MEMBER 

EXCLUSIVE 

AUTHOR – Alan J. Smith 

WITH the cost-of-living 

increases, war in the 

Ukraine, Brexit, and the 

long-term effects of the 

pandemic, we can assume 

that more judgments 

will be sought as we head towards 2023 

as organisations take a proactive approach to 

managing debts in a time of financial uncertainty. 

Ultimately, this could mean further delays in 

the County Court system. A system which just 

five percent of court users think is effective. 

The significant backlog of cases already stuck 

in the County Courts, coupled with a potential 

increase in judgments, does not bode well for 

creditors who just want to recover the money 

that is owed to them to help cover their own 

costs. 

At present, any debt under £600 must be collected 

via the County Court Bailiff system. This 

means people and businesses in the UK don’t 

have a choice about how their judgments are 

enforced. 

While £600 may not sound like a lot of money, 

for a small business, or a creditor owed multiple 

smaller debts, this soon adds up and puts 

them and their business at risk of becoming the 

debtors of tomorrow. 

We’ve surveyed court users to find out what 

delays in the court system have meant to them 

and their organisations in the past. An overwhelming 

97 percent of court users expressed 

concern over the backlog of cases in the County 

Courts and 86 percent have experienced these 

delays first-hand. 

In fact, some respondents commented that 

they had stopped chasing debts under £600 altogether, 

with one stating: “Many solicitors feel 

that use of the courts is now something to be 

avoided at all costs.” 

This means that creditors would rather write 

off money they are owed than deal with the 

current court system. That can’t be right. 

Not only is this unfair on the creditor, but it 

also puts them under increased financial pressure, 

leading to sleepless nights, additional 

borrowing and, in some cases, administration. 

Another serious consequence is the reputational 

damage it causes them, along with the 

loss of earnings for solicitors and debt recovery 

services, which are losing clients due to lack of 

results when dealing with the County Courts. 

MORE CHOICE 

We believe what the system needs is a simple 

change to give court users another option. 

A quick and simple amendment to the High 

Court and County Court Jurisdiction Order 

1991 to allow High Court Enforcement Officers 

to enforce judgments below £600 in respect of 

unregulated judgments would solve a lot of 

these issues. 

Since publishing our ‘Supporting Court Users 

– the Right to Freedom of Choice’ report in 

2021, we have been engaging with Government 

about this important issue and discussing what 

a change in this legislation might look like. 

We’re proposing the fees that HCEOs charge 

for collecting debts under £600 should match 

the non-High Court fee scale for debts of the 

same amount – they would be 100 percent in 

line with the current system. 

Would this mean every creditor would then 

choose a High Court Enforcement Agent to recover 

their debts? Of course not. This won’t be 

the solution for everybody, or a quick fix for the 

court system. 

Instead, what I would expect to see is space 

for the County Courts, allowing County Court 

bailiffs to clear the backlog of cases and focus 

on those who choose them as their preferred 

enforcement option. 

YOU CAN HELP SUPPORT COURT USERS 

As part of this ongoing work, we’ve launched a 

follow up survey so that, as a profession, we can 

use the collective feedback and evidence provided 

by court users to continue to campaign 

for this change with the Ministry of Justice. 

Our survey will be live until 24 October 2022, 

and we would be grateful for feedback on your 

experiences and opinions. 

The High Court enforcement profession is 

ready, willing and able to support this change. 

It just needs Government action. 

Alan J. Smith FCICM is Chairman of the 

High Court Enforcement Officers Association 

(HCEOA). 

Your CICM lapel badge 

demonstrates your commitment to 

professionalism and best practice 

TAKE PRIDE IN 

WEARING YOUR BADGE 

If you haven’t received your badge 

contact: cicmmembership@cicm.com 

CM 

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ESG 

ESG 

Influential thinking 

Tackling unconscious bias by ‘un-biasing’ processes. 

SOME weeks ago, I was invited to take 

part in a panel debate. Having been 

very familiar with such events, I 

asked what the seating arrangements 

would be and was told there would 

be high stools. Being rather petite, I 

didn’t much like the idea of having to clamber 

up onto a high seat, with my legs dangling over 

the edge for all the world like a ventriloquist’s 

dummy – without the ventriloquist! 

A conversation to that end took place, and the 

organisers replaced the stools with comfortable 

armchairs, and everything went off smoothly. 

In this example, the decision to choose high 

stools was probably taken by an individual who 

unconsciously expected most of the panellists to 

be men, and therefore of a certain height. It is 

unlikely that they took into account that women 

are on average much shorter than men, or that 

a man or woman from Mexico or Vietnam is 

typically much shorter than someone from 

the US or Western Europe. I doubt they also 

considered what people wear, and that a high 

stool might not therefore be appropriate for a 

woman in a skirt. And I very much doubt they 

considered whether any of the panellists had 

mobility issues. 

The point of telling you this story is that 

it is an example of unconscious bias, and 

the influence unconscious bias has on 

our attitudes and behaviours, especially 

to other people. It can influence 

key decisions in the workplace 

and can contribute to 

inequality, especially in terms 

of recruitment, appraisals, or 

promotion. 

PILOT’S PROGRESS 

Unconscious bias is nothing new. 

Back in the 1940s in the UK, newly-built 

aircraft were ferried from 

the factories to their front-line 

squadrons by pilots of the Air 

Transport Auxiliary, many of 

whom were women. There is 

a famous story of one enormous 

four-engined aircraft 

landing at an airfield and 

a party of men gathering 

to greet the pilot. When 

a very petite young woman 

clambered out the 

back, the men remained 

standing, refusing to 

believe that she could 

have flown such a 

mighty aircraft, or indeed 

any aircraft for that 

AUTHOR – Simona Scarpaleggia 

matter. Only after some time, and when 

no-one else emerged, did they finally believe 

she must have been at the controls. 

In more recent times, a woman in the 

US recounts of her experience parking 

in a ‘Veterans and Military’ parking 

spot, getting out of her car, and a man 

confronting her and shouting: ‘That spot 

is for vets, ya know!’. ‘I know.’ She replied. 

‘It’s nice to be appreciated! Women have 

been serving for decades!’ Unconscious 

bias manifests itself in other ways that 

impact our daily lives. A study by two 

Dutch scientists at Maastricht University 

in 2015, for example, found that most 

offices set their thermostats based on the 

resting metabolic rate of a 40-year-old 

man. This is in accordance with standard 

indoor air conditioning guidelines which 

date back to the 1960s and which have 

never been updated. Because women 

tend to be smaller and have more body 

fat than men, however, they have slower 

metabolic rates. Which means the current 

air conditioning standards are too cold for 

most women. 

CATEGORIES OF BIAS 

To be clear, unconscious bias is not limited 

to gender. It also impacts ethnicity and 

other visible diversity characteristics such 

as height, body weight and even names. It 

is triggered by our brains unconsciously 

making quick judgments and assessments 

that are influenced by our background 

and personal experiences, as well as our 

concept of societal stereotypes. 

Typically, bias falls into one of four 

categories: 

AFFINITY BIAS 

This is a bias towards people we like and 

immediately identify with, and often 

manifests itself when recruiting and 

favouring a candidate that we see 

as the right ‘fit’ when actually we 

should value diversity and consider 

what the individual will 

bring to the team. 

CONFIRMATION BIAS 

Having perhaps decided to 

recruit an individual in our 

own image, we then seek to 

confirm we have made the 

right choice by looking 

for information that confirms 

our thinking and 

ignoring information 

that doesn’t quite fit 

the narrative we 

have formed. This 

can of course lead 

to challenges later 

AUTHOR – Simona Scarpaleggia 

down the line if we choose to overlook an 

issue that subsequently becomes a problem. 

THE HALO EFFECT 

The halo effect comes when our positive 

perception of an individual makes us 

see everything they do as being ‘great’ 

and effectively giving them a ‘halo’. This 

again can be dangerous and mean that 

we ignore other aspects of their character 

or performance that can become an 

issue, or that we fail to pick up on formal 

appraisals. 

THE HORN EFFECT 

The horn effect is the direct opposite of 

the halo effect, and instead of only seeing 

the good in someone, we only see the bad, 

and focus on their negative traits. 

❝ 

To address unconscious 

bias, it is essential to 

recognise and understand 

what biases you may have, 

because of your experience, 

your gender, your sexual 

orientation, and your own 

social background. 

❝ 

ELIMINATING THE BIAS BY 

‘UN-BIASING’ THE PROCESSES 

So in management, how can you address 

the issue of unconscious bias, and help 

yourself to make the right decisions 

for your colleagues, your business and 

yourself? 

The key point is one of honesty and 

being honest with yourself, which is not 

always easy. We will all know of examples 

over the years where we may have had 

favourites or championed one individual 

over another. To address unconscious 

bias, it is essential to recognise and 

understand what biases you may have, 

because of your experience, your gender, 

your sexual orientation, and your own 

social background. Discussing the issue 

in an honest and open forum and raising 

the awareness of unconscious bias is the 

best way of starting to mitigate against it. 

This will certainly help from a personal 

point of view, but it won’t mean that bias 

will disappear. Indeed quite the opposite. 

Leaving the issue of bias to a myriad of 

individual considerations and preferences 

serves to fuel the subjectivity of decisionmaking, 

and in no way contributes to 

a structured process. The best way for 

this to be achieved, and create a more 

effective, sustainable solution, is to ‘unbias’ 

the process. 

This means that when hiring, promoting, 

assigning projects, or organizing 

the seating at a conference, an organisation 

needs to have a proper process that 

is designed to be neutral, and takes into 

account how we all differ. 

Let me give you some examples: 

• Use gender neutral language for job 

advertisements and for other communication: 

by doing this, you will attract more 

candidates/encourage wider engagement. 

• Make application processes transparent. 

Remember that potential candidates also 

have their own bias and by having a clearer 

picture of the process they will realise they 

will not be excluded ‘by default’ – because 

of some aspect of diversity they embody – 

in the way that they thought. 

• Require a gender balanced shortlist of 

candidates for hiring and for promotion: 

this will help safeguard meritocracy and 

will secure equity. 

• Promote in groups: promoting in batches 

as opposed to announcing promotions 

on a one-by-one basis will make the 

gender balance more visible. It will make 

leaders more aware of the decisions they 

are taking and increase trust among the 

employees. 

• Pay for performance, not for ‘face time’ 

presence: the pandemic has shown the 

latter was heavily overestimated and 

performance can be measured more 

objectively through relevant quantitative 

KPIs and qualitative parameters, rather 

than simply being ‘seen’ to be working. 

• Show more diverse role models: it is a 

very powerful way to encourage everyone 

to lean in and to aspire to an interesting 

career in their organisation. 

The list could continue; there is so 

much that can be done that will help an 

organisation in creating a more equitable 

workplace and a more effective one 

too. Being alive to unconscious bias will 

open a new world of opportunity to you 

and your business. It is not simply about 

ensuring you lay out the right furniture 

the next time you’re hosting a conference 

or panel debate, but rather ensuring you 

enrich your organisation with a more 

diverse team, with all of the benefits that 

brings. 

Simona Scarpaleggia is a former Country 

CEO of IKEA and Board Director, EDGE 

Strategy. 



CAREERS 

The Quiet Life 

Organisations shouldn't rely on people to constantly 

go 'above and beyond', and employees shouldn't 

compromise their careers through 'quiet quitting'. 

Are you New2Credit? Either through study, apprenticeship or a career change and 

looking for an opportunity to harness the power of networking to enhance your 

learning and development? 

THERE’S no doubt that the 

world of work has changed 

considerably over the 

past few years. Workplace 

culture has changed, what 

employees want has changed 

and the methods that employers are using 

to attract and retain staff in a competitive 

jobs market have also changed. 

After the initial shocks that came with 

the enforced adjustment to working in a 

pandemic, some of the changes to how 

and where we work have actually resulted 

in positive progress – for example in how 

major employers now think about flexible 

working, work life balance and employee 

wellbeing. 

But one new trend that has been talked 

about frequently over the past few months 

– is a practice that’s been labelled as ‘quiet 

quitting’. Originating from TikTok and 

quickly becoming a hot topic on social 

media, quiet quitting isn’t about walking 

out on your job without telling anyone, 

it’s about doing only what is in your job 

description, and no more. 

It was described in one news story as 

‘no more going the extra mile to impress 

your boss’ – and not working extra hours, 

replying to emails outside of work or 

taking on tasks that aren’t really part of 

your job. 

The people opting to take this approach 

seem to be doing so because they’ve grown 

tired of not getting the recognition or 

financial reward for putting in extra hours 

and see it as a way of protesting against 

the long-hours culture that still pervades 

in many sectors. 

Different generations may say long 

hours is all part of getting ahead, especially 

if you’re at the start of your career. But 

post-pandemic, it’s no surprise to hear 

these sentiments – in fact, we recently ran 

a poll on LinkedIn and nearly two-thirds 

(63 percent) of respondents said they had 

‘quietly quit’ before or they are doing it 

now in their job. 

We know from our own research 

that not only do staff value competitive 

salary packages and career advancement 

opportunities, but now actively avoid 

employers who don’t genuinely prioritise 

the work-life balance and mental health 

of their staff. The same goes for employers 

AUTHOR – Natascha Whitehead 

who don’t have a positive culture or lack a 

clearly defined purpose. 

What’s questionable is that a movement 

with the admirable goal of reducing 

burnout seems to be encouraging people 

to still show up for work in organisations 

they are clearly unhappy working for. The 

reasons people can feel dis-satisfied with 

their workplace can be wide-ranging: 

pay, benefits, hours, responsibility, career 

trajectory, training provision, lack of 

purpose, working environment, culture, 

failings in diversity and equality – it’s a 

long list. 

But if employees can’t resolve the issues 

that make them unhappy with their 

employer, our research shows that the vast 

majority of people simply choose to move 

on, particularly in competitive sectors 

such as finance. 

It’s crucial that employers take active 

responsibility in ensuring they retain staff 

by empowering their workforce, offering 

skills development, and investing in 

talent. And there’s more acceptance now 

that ‘work is not your life’ – which was the 

start point for the TikTokker who launched 

the ‘quiet quitting’ conversation. 

But I’m not sure that showing up for 

work but only being prepared to stay 

strictly within the boundaries of your job 

requirements is good for anyone. 

If you’re considering ‘quiet quitting’, 

first arrange a career discussion with 

your manager, explore your career 

opportunities within your employer and 

evaluate your personal aspirations, your 

professional development options and if 

the timeline to achieve them is realistic. 

If after this you still aren’t satisfied, 

speak to a recruitment specialist. There 

are plenty of opportunities out there 

within the credit management sphere – 

and our experts can help provide you with 

a career check in. 

Natascha Whitehead is Business 

Director & UK Channel Lead of Hays 

Credit Management. 

❝ 

It’s crucial that 

employers take active 

responsibility in 

ensuring they retain 

staff by empowering 

their workforce, offering 

skills development, and 

investing in talent. 

❝ 

Laurie Beagle FCICM 

Register your interest: 

new2credit 

@forumsinternational.co.uk 

Or Call: 

+44 (0) 1260 275716 

Register your interest: 

fpn@forumsinternational.co.uk 

Or Call: 

+44 (0) 1260 275716 

FRAUD 

CALL US: +44 (0) 1260 275716 

Our vision is to create a forum as a joint venture with partners where members can 

meet face to face or join virtually and learn from a wide range of subjects both during 

the meetings and through a dedicated members portal including:- 

Shared experiences (good and bad). 

Develop knowledge of systems and software. 

Improve team management skills including retention and tips for hiring. 

Learn about innovation and best practice. 

Communicate with Credit Professionals through forum attendance. 

Learn more about regulations, compliance and changes to the law. 

Credit Risk management. 

Develop relationships by networking with other credit professionals. 

The forum will host quarterly meetings but there will also be a community that 

supports them (a “goto” place) throughout the year. The forum would be free to join 

with funding obtained through a range of sponsors. Register your interest today - 

email new2credit@forumsinternational.co.uk 

Fraud Prevention Network 

Fraud is an issue that can impact any business and it is currently on the rise. As we 

work through highly turbulent times, criminals are taking advantage and are 

constantly evolving their techniques and methods. 

Supported by CICM, The Fraud Prevention Network is a cross-sector forum that 

meets quarterly. Our members share experiences and collaboratively we invite 

specialists to give advice & guidance to help prevent fraud and to help you raise 

awareness within your business. 

Membership benefits include: 

Quarterly Meetings 

Additional ad-hoc workshops & events 

Earn CICM CPD Points 

The Fraud Digest – providing the latest news, publications, & advice 

Access to a range of experts to provide guidance and support 

We encourage you to try out our forum and attend your first session for free. Our 

next meeting will take place on 17 November. Visit 

https://www.forumsinternational.co.uk/credit-forums/fpn/ 

W W W.FORUMSINTERNATIONAL.CO.UK 


LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

CREDIT RISK ANALYST 

Home-based with UK travel, market rate salary 

+ profit share bonus 

An excellent opportunity has arisen for an experienced credit 

risk analyst working with a leading independent group in the 

distribution sector. This group operates across the UK and Ireland, 

servicing upwards of 16,000 customers. This permanent post suits a 

highly motivated and credible expert with experience using a variety 

of commercial, analytical, financial, and environmental techniques 

to evaluate the risks associated with lending to consumers on an 

ongoing and new customer basis. This role has the gravitas to 

represent the organisation at board level. Ref: 4195667 

Contact Madeleine on 01902 771975 

or email madeleine.burrows@hays.com 

SENIOR BILLINGS AND COLLECTIONS 

Surrey, £30,000-£38,000 

A rare opportunity for a driven and ambitious candidate, 

without previous management experience, to step up into a 

leadership role. The ideal candidate will currently be working 

in a senior billing position and be keen to take the next step in 

their career. Full training and support from a highly experienced 

senior management team will be available to a candidate that 

demonstrates all the attributes required to be a successful leader. 

Ref: 4169888 

Contact Natascha on 07770 786433 

or email natascha.whitehead@hays.com 

SOLE ACCOUNTS RECEIVABLE/ 

CREDIT CONTROL 

St Albans, £35,000-£40,000 

Exclusive permanent, hybrid role – fantastic opportunity to 

join the management team of a dynamic, friendly and growing 

business. They are seeking an experienced accounts receivable/ 

credit controller to take control of the sales ledger side of the 

business, from bespoke invoicing to cash allocation, including 

policy and process implementation. The successful candidate will 

have proven experience in a similar role, have excellent analytical 

skills and reporting experience. Ref: 4274034 

Contact Caroline on 01494 419740 

or email caroline.evans@hays.com 

SOLE CHARGE CREDIT CONTROLLER/ 

ACCOUNTS RECEIVABLE 

Acton, West London, £30,000-£35,000 

A varied role that will see you managing a ledger of approx. 

120 customers, taking responsibility for the entire order to cash 

cycle. You will work closely with regional teams to help maximise 

sales, whilst ensuring that payments are collected and risk to the 

business is minimised. Other duties will include monitoring credit 

limits, invoicing, cash posting, account reconciling and related 

reporting. This role will be suited to a skilled candidate who enjoys 

building relationships with their customers and taking ownership 

of the credit and accounts receivable process. Ref: 4271997 

Contact Mark on 07565 800574 

or email mark.ordona@hays.com 

BILLING SPECIALIST 

Beaconsfield, £27,000-£30,000 

An exclusive permanent and hybrid working opportunity to join 

the highly successful billing team in this established and growing 

business in the care sector. They are seeking an experienced 

accounts receivable/billing specialist to liaise effectively with 

their high-end residential care homes to ensure accurate and 

timely resident billing is maintained. The successful candidate 

will have proven experience in a similar role and will have great 

attention to detail and brilliant initiative. Ref: 4265697 

Contact Caroline on 01494 419740 

or email caroline.evans@hays.com 

CREDIT CONTROLLER – NETSUITE SPECIALIST 

Remote Based, £25,000-£31,000 

A well-established and rapidly growing IT and telecommunications 

group are currently seeking an experienced credit professional 

to join their team. This business has had significant investment 

over the past few years and are seeking a driven and progressive 

individual to work as part of their finance function. You will be 

responsible for managing the credit cycle for three of the group 

companies as well as supporting with a system integration project 

onto Oracle Netsuite. Experience of using this system is essential. 

Ref: 4238513 

Contact Will on 01603 760141 

or email william.plom@hays.com 

hays.co.uk/creditcontrol 

This is just a small selection of the many opportunities 

we have available for credit professionals. To find out 

more, visit our website or contact Natascha Whitehead, 

Credit Management UK Lead at Hays on 07770 786433. 

© Copyright Hays plc 2022. The HAYS word, the H devices, HAYS WORKING Brave | FOR Curious YOUR | Resilient TOMORROW / www.cicm.com and Powering the world / October of work 2022 and / associated PAGE 50 logos and artwork are trademarks of Hays plc. 


The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1127837124

YOUNG MONEY 

YOUNG MONEY 

The teacher in all of us 

How one credit controller, who decided against a 

teaching career, became a mentor to her credit team. 

AUTHOR – Sam Wilson 

AUTHOR – Sam Wilson 

❝ 

“After going back into 

credit, I realised I missed 

learning,” also, I always 

wanted to be the best credit 

control manager I could, so 

I started researching courses 

with the CICM and that’s how 

I began my journey on the 

apprenticeship scheme.” 

❝ 

LOUISE Bent got her first 

job in credit control at 

the tender age of 19. She 

thought it would last a year 

or so and help support 

her young family after 

welcoming her first child. What she didn’t 

know, however, was that her first step in 

a credit career was just about to be taken. 

“It sounds silly, but I just needed a job. 

I saw the advert in the local paper and 

having just had a baby, I decided to apply. 

I had no idea what a credit controller was, 

nor did I know where the job was. In fact, 

I got the letter inviting me to interview 

at half nine on the day of the interview 

itself!” 

That interview, scheduled for just 

an hour after the post arrived, led to a 

second, and finally onto a full-time job 

Louise held for the next 10 years. It was, 

however, a far cry from her original plan 

of becoming a teacher, and, once her 

son went to school and the nursery fees 

stopped, Louise committed to a part-time 

English Literature and Education Studies 

degree in the evening. 

“Even though I was working, I was still 

keen to train as a teacher,” she says. “My 

degree took six years thanks to it being 

part-time with evening classes. I worked 

whilst going to college one day a week. 

But, after completing my degree I wasn’t 

sure I wanted to do it anymore. Plus, I 

couldn’t really afford to do the PGCE at 

the end.” 

After graduating, Louise decided to use 

her degree to get a place in a graduate 

scheme, and in her words, it didn’t really 

matter in what field. 

“Even though I didn’t want to teach, 

I’d spent all this money on a degree, so 

I thought I’d find a job that required a 

degree to put it to use. So, I became an 

area manager for a local supermarket. 

The problem was, by the time I hit my 30s 

everyone was considerably younger than 

me. So, after six months I realised this 

wasn’t what I wanted to do.” 

CREDIT CALLING 

Louise realised credit was her calling 

and decided to return to the industry. 

And as she confesses, she didn’t leave the 

industry because she didn’t like it, but 

more because she had come to the end of 

her time at the company. 

After a six-month break, Louise found 

a new role in credit as a team leader 

thanks to both her credit experience 

and her experience as a manager at the 

supermarket. But after a few months, 

Louise realised she was missing that 

‘extra-curricular’ element of her life. 

“I missed learning,” she continues. 

“Also, I always wanted to be the best credit 

control manager I could, so I started 

researching courses with the CICM and 

that’s how I began my journey on the 

apprenticeship scheme.” 

After being recruited and starting a new 

job as a credit manager with the proviso 

that she continued her apprenticeship, 

Louise began to realise learning on the 

job was the best way for her to develop 

her skills. 

“As I started to learn, I was able to really 

understand why we did certain things 

within our business. I could see the 

process, understand the purpose, and see 

why particular teams did different things, 

and I could also take my learning back 

to the team and help them develop also. 

That for me was a really important part of 

being a manager.” 

While Louise knew she didn’t want 

to be a teacher in the traditional sense, 

that didn’t mean she wasn’t keen to 

share knowledge: “I realised what I liked 

about ‘teaching’ was sharing and helping 

people,” she continues. “And thanks to 

what I’ve learnt, I realised that I could 

pass that knowledge on to my team in the 

same way a teacher does. 

“There are people in my team doing the 

course and I’ve been able to help them 

with modules they’ve been struggling 

with. It’s satisfying watching your team 

use the skills you’ve taught them to 

progress in their career.” 

BENEFITS OF APPRENTICESHIPS 

Louise credits her apprenticeship with 

being able to get the career she’s always 

wanted, but also with how she approached 

people when recruiting within her own 

team. 

“Apprenticeships are often seen as a 

way for young people to get into a field 

and that sounds like it might come with 

judgement, but everyone was really 

supportive. It was really reassuring to 

❝ 

“Be yourself and do what’s 

right for you. I had my first child 

young and there are always 

connotations around that, so I felt 

like I had something to prove. But 

now, doing something I love means 

so much more.” 

❝ 

have my company and family and friends on 

board championing my learning. It gives you the 

confidence you need. 

“It has also given me a new perspective on my 

team. I did all this learning and working whilst 

supporting a young child, and it still surprises 

me. So, when people look for a job with us or 

my team look at internal roles and they don’t 

necessarily have all the qualifications for, we 

can now encourage them to learn on the job to 

achieve they’re goals, because I’ve been there.” 

Throughout her learning, Louise says that it 

was the first module, Credit Management, that 

she enjoyed the most. 

“When you’ve been in a job for 19 years you sort 

of have your ways of doing things and you just get 

on with it whilst picking up little ways of doing 

things here and there. But learning the right way 

to do things is eye-opening. You learn new tips 

and tricks as well as the reasonings behind your 

actions. I now find it much easier to explain to my 

team and new starters why we do things and the 

consequences of not doing things.” 

So, in truth, Louise did become a teacher, 

maybe not an English teacher as she initially 

imagined, but in a field she fell in love with and 

continues to develop her understanding of to this 

day. 

And what advice would she give to others 

looking to enter the credit industry? 

“Be yourself and do what’s right for you. I 

had my first child young and there are always 

connotations around that, so I felt like I had 

something to prove. But now, doing something I 

love means so much more.” 


EDUCATION & MARKETING 

HR MATTERS 

Booking your 

exams has never 

been easier 

Bang to Rights 

The challenge of auto enrolment and an 

undisclosed bankruptcy discovered on Google. 

UNDER the Pensions Act 

2008, employers with at 

least one person working 

for them must automatically 

enrol any eligible 

jobholders into an 

automatic enrolment pension scheme, 

unless they are already an active member 

of a qualifying scheme with that employer; 

and enrol any non-eligible jobholders 

who give the employer an opt-in notice 

into an automatic enrolment scheme, unless 

they are already an active member of 

a qualifying scheme with that employer. 

In the case of Celebrity Global 

Holdings (CGH) Ltd Pension Scheme, 

Mrs S made a complaint against the 

company. Her employment commenced 

on 21 November 2018. In early 2019, she 

expressed concerns regarding the general 

operations of the company, one of which 

AUTHOR – Gareth Edwards 

was the need to set up a workplace 

pension. S did not get very far with 

her concerns, and when no workplace 

pension had been established by early 

May 2019, she decided to opt out of any 

new scheme and have the contributions 

paid via a direct debit mandate to her own 

pension plan held elsewhere. The CGH 

made no payments and in November 2019, 

S wrote to her employer saying that she 

considered the breaches as constructive 

dismissal and her employment was 

to be treated as terminated. S brought 

a claim in the Employment Tribunal 

(ET) and a complaint with the Pensions 

Ombudsman. 

There was a disagreement between 

the parties about which version of the 

employment contract was binding. 

S' preferred version provided for 

contributions by the employer of 10 

percent of her salary. The Ombudsman 

found that the version which stated CGH 

would comply with its duties under Part 

1 of the Pensions Act 2008 applied. There 

was no evidence that CGH had agreed to 

contributions of 10 percent. 

The Ombudsman upheld the complaint 

that CGH must pay into the qualifying 

scheme of S’ choice. Whilst she was not 

entitled to the high-level contributions 

she sought, CGH was directed to pay 

outstanding contributions at the lower 

rate of two percent for the period from 

December 2018 to March 2019 and at 

three percent from April to October 2019. 

The decision is a useful reminder of the 

importance of complying with pensions 

auto-enrolment obligations. It also 

demonstrates the importance of ensuring 

terms and conditions of employment are 

signed by all. 

Head over to our new exam pages 

for all the information you need to prepare, 

book and take your CICM exams 

www.cicm.com/exams/ 

Brave Brave | Curious | | Resilient | / www.cicm.com / / October / October 2022 2022 / PAGE / PAGE 55 54 

Financial consultant fairly dismissed 

IN Mr K Pubbi versus Your-Move.co.uk, a 

financial consultant was fairly dismissed for 

failing to disclose his bankruptcy, despite the 

absence of any express contractual provision or 

policy requiring him to do so. 

An estate agency employed Mr K Pubbi 

between May 2015 and July 2018. The company 

also arranges mortgages and offers various 

insurance products. In early 2018, Mr K Pubbi 

was signed off sick and was made bankrupt 

shortly after this. He did not inform the 

company which discovered the bankruptcy via 

a Google search. 

The company initially thought Mr K Pubbi was 

required by the Financial Conduct Authority to 

disclose his bankruptcy. This was not technically 

the case and was later clarified. Nevertheless, the 

company carried out a disciplinary investigation 

in relation to Mr K Pubbi's failure to disclose his 

bankruptcy and invited him to a disciplinary 

hearing. The company accepted that it did not 

have a written fitness or proprietary policy at 

the time but concluded that he was no longer 

considered a 'fit and proper person'. 

On 16 July 2018, Mr K Pubbi was summarily 

dismissed for gross conduct. He brought claims 

for unfair dismissal and discrimination. The 

ET dismissed his claims and found that the 

dismissal was procedurally and substantively 

fair. 

❝ 

The company was 

reasonably entitled 

to conclude Mr K 

Pubbi should have 

known he would be 

expected to disclose 

his bankruptcy, given 

his professional 

experience. 

❝ 


Mr K Pubbi appealed to the Employment 

Appeals Tribunal (EAT), which concluded that 

the ET had properly found the principal reason 

for dismissal was the deliberate non-disclosure 

of the bankruptcy. The company was reasonably 

entitled to conclude Mr K Pubbi should have 

known he would be expected to disclose his 

bankruptcy, given his professional experience. 

Mr K Pubbi also indicated he had intended to 

disclose the bankruptcy, which showed some 

recognition of the expectation to disclose it. Mr 

K Pubbi had previous experience working in the 

financial sector and had been informed that he 

would be subject to financial monitoring at the 

outset of his employment with the company. 

The EAT found that the ET had properly 

considered the issue of procedural fairness and 

had found that Mr K Pubbi was fairly dismissed. 

The EAT can only interfere where there is an 

error in law and the EAT found that the ET did 

not err; it therefore dismissed the appeal. 

Employers should ensure that staff codes of 

conduct and disciplinary rules properly reflect 

any sector-specific requirements that might 

apply. Also, staff contracts should be reviewed 

to check that bankruptcy is expressly listed as a 

ground for summary dismissal. 

Gareth Edwards is a partner in the employment 

team at VWV.

Cr£ditWho? 

CICM Directory of Services 

FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

COLLECTIONS 

COLLECTIONS LEGAL 

CREDIT DATA AND ANALYTICS 

CREDIT MANAGEMENT SOFTWARE 

CREDIT MANAGEMENT SOFTWARE 

ENFORCEMENT 

Controlaccount Plc 

Address: Compass House, Waterside, Hanbury Road, 

Bromsgrove, Worcestershire B60 4FD 

T: 01527 386 610 

E: sales@controlaccount.com 

W: www.controlaccount.com 

Controlaccount plc has been providing efficient, effective and 

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

clients to improve internal processes and increase cashflow, 

whilst protecting customer relationships and established 

reputations. We have long-standing partnerships with leading, 

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

over 30,000 overdue invoices each month, domestically and 

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

services include credit control and dunning services, international 

and domestic trace and legal recoveries. All our clients have 

full transparency on any accounts placed with us through our 

market leading cloud-based management portal, ClientWeb. 

BlaserMills Law 

High Wycombe | Amersham | Marlow | Silverstone 

Rickmansworth | London 

Jackie Ray : 07802 332104 | 01494 478660 

jar@blasermills.co.uk 

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

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

www.blasermills.co.uk 

Commercial Recoveries & Insolvency 

Blaser Mills Law’s commercial recoveries team is internationally 

recognised, regularly advising large corporations, multinationals 

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

litigation, dispute resolution and insolvency. Our legal services 

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

CICM qualified and ranked in the industry leading law firm rankings 

publications, Legal 500 and Chambers UK. 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

Celebrating its 20th year in business, CoCredo has extensive 

experience in providing online company credit reports and 

related business information within the UK and overseas. In 2014 

and 2019 we were honoured to be awarded Credit Information 

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

finalists every other year. Our company data is continually updated 

throughout the day and ensures customers have the most current 

information available. We aggregate data from a range of leading 

providers across over 235 territories and offer a range of services 

including the industry first Dual Report, Monitoring, XML Integration 

and DNA Portfolio Management. 

We pride ourselves in offering award-winning customer service and 

support to protect your business. 

HighRadius 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

HighRadius provides a cloud-based Integrated Receivable 

Platform, powered by machine learning and AI. Our Technology 

empowers enterprise organisations to reduce cycle time in the 

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

automating receivables and payments processes across credit, 

electronic billing and payment processing, cash application, 

deductions, and collections. 

Tinubu Square UK 

Holland House, 4 Bury Street, 

London EC3A 5AW 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

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

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

Twitter: @EskerNEurope blog.esker.co.uk 

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

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

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

Esker’s automated AR system helps companies modernise 

without replacing their core billing and collections processes. By 

simply automating what should be automated, customers get the 

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

they need. 

High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor 

Edmund Street, Liverpool 

L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

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

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

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

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

FINANCIAL PR 

Global Credit Recoveries 

GCR 20-22 Wenlock Road, 

London N1 7GU 

Charles Mayhew FCICM or Joshua Mayhew ACICM 

T: +44 (0) 203 368 8630 

E: INFO@GLOBALCREDITRECOVERIES.COM 

W: WWW.GLOBALCREDITRECOVERIES.COM 

Shortlisted as DCA of the Year, by the CICM, for the British Credit 

Awards, Global Credit Recoveries Ltd are specialists in Arbitration 

and Debt Collection globally. 

We specialise in the UK, Europe, The Middle East and the U.S.A, 

working as an extension of many CICM members companies for 

over 28 years. 

Speak with us today in our London or Dubai offices, to see how 

we can assist you. 

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

debtors offices, throughout EMEA, within 72 hours. 

Recovering funds globally, on a No-Recovery, No-Fee basis. 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

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

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

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

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

collections and minimise costs 

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

fee, trace and collect service. 

For more information, visit: www.guildways.com 

Cr£ditWho? 


Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

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

every year on behalf of our clients. Services include: 

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

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

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

CaseManager 

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

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

CONSULTANCY 

Chris Sanders Consulting 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Chris Sanders Consulting – we are a different sort of consulting 

firm, made up of a network of independent experienced 

operational credit & collections management and invoicing 

professionals, with specialisms in cross industry best practice 

advisory, assessment, interim management, leadership, 

workshops and training to help your team and organisation 

reach their full potential in credit and collections management. 

We are proud to be Corporate Partners of the Chartered Institute 

of Credit Management. For more information please contact: 

enquiries@chrissandersconsulting.com 

Company Watch 

Centurion House, 37 Jewry Street, 

LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

Organisations around the world rely on Company Watch’s 

industry-leading financial analytics to drive their credit risk 

processes. Our financial risk modelling and ability to map medium 

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

from other credit reference agencies. 

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

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

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

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

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

providing actionable intelligence in an uncertain world. 

identeco – Business Support Toolkit 

Compass House, Waterside, Hanbury Road, Bromsgrove, 

Worcestershire B60 4FD 

Telephone: 01527 386 607 

Email: info@identeco.co.uk 

Web: www.identeco.co.uk 

identeco Business Support Toolkit provides company details 

and financial reporting for over 4m UK companies and 

business. Subscribers can view company financial health and 

payment behaviour, credit ratings, shareholder and director 

structures, detrimental data. In addition, subscribers can also 

download unlimited B2B marketing and acquisition reports. 

Annual subscription is only £79.95. Other services available 

to subscribers include AML and KYC reports, pre-litigation 

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

others. 

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

of the Credit Insurance, Surety and Trade Finance digital 

transformation. 

Tinubu Square enables organizations across the world to 

significantly reduce their exposure to risk and their financial, 

operational and technical costs with best-in-class technology 

solutions and services. Tinubu Square provides SaaS solutions 

and services to different businesses including credit insurers, 

receivables financing organizations and multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 

countries worldwide and has a global presence with offices in 

Paris, London, New York, Montreal and Singapore. 

Credica Ltd 

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

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

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

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

• To provide meaningful analysis of your business 

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

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

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

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

Data Interconnect Ltd 

45-50 Shrivenham Hundred Business Park, 

Majors Road, Watchfield. Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

We are dedicated to helping finance teams take the cost, 

complexity and compliance issues out of Accounts Receivable 

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

for the continuous improvement of AR metrics and KPIs in a 

user-friendly interface. Credit Controllers can manage more 

accounts with better results and customers can self-serve on 

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

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

Delivery Corrivo is the only AR platform with integrated invoice 

finance options for both buyer and supplier that flexes credit 

terms without degrading DSO. Call for a demo. 

Cr£ditWho? 


SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

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

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations 

seeking efficient cash visibility and secure financial processes. 

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

worldwide. With more than 30 years of experience and 

thousands of successful customer projects, including solutions 

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

managers and receivables professionals with the solutions they 

need to successfully protect their business against credit risk 

exposure and bad debt loss. 

VISMA | ONGUARD 

T: 020 3966 8324 

E: edan.milner@onguard.com 

W: www.onguard.com 

VISMA | Onguard is a specialist in credit management software 

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

integrated platform ensures an optimal connection of all processes 

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

sharing of critical data ensures optimal connection between all 

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

customer relationships through improved and personalised 

communication. The VISMA | Onguard platform is used for 

successful credit management in more than 70 countries. 

ENFORCEMENT 

Court Enforcement Services 

Adele Whitehurst – Client Relationship Manager 

M: +44 (0)7525 119 711 T: +44 (0)1992 367 092 

E : a.whitehurst@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

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

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

help lawyers and creditors across all sectors to recover unpaid 

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

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

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

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

personable approach. We work hard to achieve the best results 

and protect your reputation. 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

brands working on often challenging briefs. As the partner 

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

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

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

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

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

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

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

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

never intentionally be sold to. 

FOR 

ADVERTISING 

INFORMATION 

OPTIONS AND 

PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 



Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 


INSOLVENCY 

PAYMENT SOLUTIONS 

RECRUITMENT 

Menzies 

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

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

W: menzies.co.uk/creditor-services 

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

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

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor Services 

team can assist, please contact Bethan Evans, Licensed 

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

+44 (0)2920 447 512. 

LEGAL 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

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

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

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

recovery, including: 

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

down 

•Litigation service 

•Post-litigation services including enforcement 

•Insolvency 

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

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

achieving them. 

Bottomline Technologies 

115 Chatham Street, Reading 

Berks RG1 7JX | UK 

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

W: www.bottomline.com/uk 

Bottomline Technologies (NASDAQ: EPAY) helps businesses 

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

domestic and international payments, effective cash management 

tools, automated workflows for payment processing and bill 

review and state of the art fraud detection, behavioural analytics 

and regulatory compliance. Businesses around the world depend 

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

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

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

by making complex business payments simple, secure and 

seamless. 

Key IVR 

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

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of 

Credit Management’s Corporate partnership scheme. The 

CICM is a recognised and trusted professional entity within 

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

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

their membership collection activities. Key IVR provides a suite 

of products to assist companies across the globe with credit 

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

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

automated collection methods, such as a secure telephone 

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

valuable staff time away from typical debt collection. 

Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

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

contract based opportunities to find your ideal role. Our candidate 

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

interviews and a credit control skills test developed exclusively for 

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

can provide advice across a wide spectrum of job search and 

recruitment issues. 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

1 Finsbury Square, London. EC2A 1AE 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

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

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

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

Recruiter, we speak to Credit Controllers every day and 

understand their skills meaning we are perfectly placed to provide 

your business with talented Credit Control professionals. Offering 

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

and remote briefings, interviews and feedback options. 

We provide both candidates & clients with a commitment to deliver 

that will exceed your expectations every single time. 

View our digital version online at www.cicm.com 

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

‘Credit Management magazine’ 

YayPay by Quadient 

T: + 44 (0) 7465 423 538 

E: r.harash@quadient.com 

W: www.yaypay.com 

PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

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

globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

• Accelerate cashflow • Improved DSO • Reduce risk 

• Offer extended terms to customers 

• Provide an additional line of bank independent credit to drive 

growth • Create competitive advantage with your customers 

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

American Express is working with credit managers to drive growth 

within businesses of all sectors. By creating an additional lever 

to help support supplier/client relationships American Express is 

proud to be an innovator in the business payments space. 

Cr£ditWho? 


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

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

Integrating with your existing ERP, CRM, accounting and billing 

systems, YayPay organizes and presents real-time data through 

meaningful, cloud-based dashboards. These increase visibility 

across your AR portfolio and provide your team with a single 

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

work productively, no matter where they are based. 

Automated capabilities improve team efficiency by 3X and 

accelerate the collections process by making communications 

customizable and consistent. This enables you to collect cash 

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

resources as your business grows. 

Predictive analytics provide insight into future payer behavior to 

improve cash flow management and a secure, online payment 

portal enables customers to access their accounts and pay at any 

time, from anywhere. 

FIS GETPAID 

25 Canada Square 

London, GB E14 5LQ 

T: +447730500085 

E: getinfo@fisglobal.com. 

W: www.fisglobal.com 

The award-winning FIS GETPAID solution is a fully integrated, 

web-based order-to cash (O2C) solution that helps companies 

improve operational efficiencies, lower DSO, and increase cash 

flow. GETPAID provides process automation, artificial intelligence, 

and workflow across the O2C cycle, with detailed analysis and 

reporting for accurate cash forecasting. FIS is a global leader in 

financial services technology that empowers the financial world. 

For more information visit https://www.fisglobal.com/en/cashflowand-capital/credit-and-collections 

or email getinfo@fisglobal.com. 

FOR ADVERTISING 

INFORMATION 

OPTIONS AND 

PRICING CONTACT 


Just another great reason to be a member 

Credit Management is distributed to the entire UK and international 

CICM membership, as well as additional subscribers 

Brave | Curious | Resilient 

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



The software platform to automate and 

optimise your order-to-cash process 

Connect your organisation with your customers. 

Manage risks and decrease DSO by 20%. 

Connecting data. Connecting you. 

www.vismaonguard.com 

+44 (0) 20 396 683 24

Credit Management October 2022

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