Credit Management November 2022




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CM<br />

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



COLD<br />


Testing times for the<br />

collections industry<br />

Are Government agencies<br />

united in their compassion<br />

for debtors? Page 10<br />

How must the Prompt<br />

Payment Code evolve?<br />

Page 22

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28<br />


Chris Leslie<br />

10<br />


Brendan Clarkson FCICM<br />

16<br />


Adam Bernstein<br />

NOVEMBER <strong>2022</strong><br />

www.cicm.com<br />


10 – Troubled Waters<br />

Amid rising insolvencies, Government<br />

agencies seem far from united in their<br />

approach.<br />

12 – Dramas and Headwinds<br />

With one crisis after another history<br />

tells us that the predictions carried with<br />

them do not always ring true.<br />

15 – Clear thinking<br />

The importance of transparency in<br />

ensuring corporate commitments to<br />

DE&I are delivered.<br />

16 – Mexican Wave<br />

Mexico offers a significant opportunity<br />

but is plagued by societal issues.<br />

22 – Prompt Action<br />

Evolving the concept of prompt<br />

payment.<br />

28 – Climate Control<br />

How is the collections and debt<br />

purchase sector fairing as we head into<br />

2023?<br />

34 – Power to the People<br />

Manufacturers in both the US and the<br />

UK are facing similar challenges when<br />

it comes to international expansion.<br />


22<br />


Ant Persse FCICM<br />

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

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

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

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

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

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

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

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

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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

42 – Game changer<br />

How a 19-year-old with a love of sport<br />

became the Northwest’s Apprentice of<br />

the Year.<br />

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Website: www.cicm.com<br />

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


Is HMRC about to get tougher<br />

on distressed debtors?<br />

Sean Feast FCICM<br />

Managing Editor<br />

YOU know sometimes<br />

when you can see<br />

a disaster about to<br />

happen, but you feel<br />

powerless to do anything<br />

about it? That’s how I’m<br />

feeling at the moment and it’s making<br />

me feel increasingly ill-at-ease.<br />

No, I’m not talking about the farcical<br />

merry-go-round of British politics –<br />

though that’s terrifying enough. They’ve<br />

managed to take my understanding<br />

of the word incompetence to a whole<br />

new level. What I’m more concerned<br />

about is the looming debt crisis, where<br />

thousands of businesses, and many<br />

hundreds of thousands of consumers,<br />

will find themselves facing bills they<br />

simply cannot pay.<br />

The figures are already there to<br />

prove it. Some 3,619 businesses failed<br />

in August and September, and in<br />

September alone, 12,280 individuals<br />

were declared bankrupt. As Christina<br />

Fitzgerald, President of R3, says, with<br />

rising living costs, both business<br />

owners and employees are under<br />

significant financial strain and it<br />

has led to rising salary demands and<br />

increasing pressure on margins, which<br />

some businesses haven’t, unfortunately,<br />

been able to meet (see news page 8).<br />

Which means creditors are going<br />

to have to be more understanding<br />

than ever of a debtor’s circumstances,<br />

and on the consumer side of things,<br />

organisations like StepChange Debt<br />

Charity are urging much earlier<br />

signposting as regards where help is<br />

available.<br />

But not every creditor, it seems,<br />

is going to be so understanding.<br />

Already the mood music coming from<br />

His Majesty’s Revenue and Customs<br />

(HMRC), for example, suggests that<br />

far from showing greater forbearance,<br />

they might, in fact, get even tougher<br />

on those in financial distress (see<br />

Troubled Waters, page 10). Which worries<br />

me enormously. Because we’ll find<br />

ourselves transported back a decade<br />

or so ago, with the Government saying<br />

one thing about needing to clear out the<br />

aggressive tactics of the private sector<br />

in the collection of debt, whilst failing<br />

to look at the shockingly bad treatment<br />

meted out by agencies in its own back<br />

yard.<br />

Let’s hope I’m wrong, and let’s hope<br />

wiser owls than me who I’ve spoken to<br />

are also wrong, and HMRC will maintain<br />

its supportive approach. Because while<br />

the rest of us may be demonstrating<br />

compassion and forbearance by the<br />

bucketload in the months to come,<br />

HMRC’s privileged position at the head<br />

of the creditor queue has far reachingimplications<br />

for us all.<br />

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

CMNEWS<br />

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

world of consumer and commercial credit.<br />

Written by – Sean Feast FCICM<br />

Banks must do more to help<br />

with the cost-of-living crisis<br />

MILLIONS of people<br />

across the UK want<br />

to see more action<br />

from banks and<br />

other financial<br />

providers in<br />

supporting their customers through<br />

the cost-of-living crisis.<br />

While the majority of people in the<br />

UK plan to cut back on both essential<br />

and non-essential spending, one in<br />

five (19 percent) people in the UK say<br />

they still plan to borrow more in the<br />

next 12 months to help them manage<br />

the rising cost of living – the highest<br />

in Europe.<br />

Banks are now seen by more than<br />

half of UK consumers (57 percent) as<br />

having a duty to help people during<br />

difficult financial times, second only<br />

to the government (64 percent). Yet<br />

despite this, a new report (Banking<br />

on Banks), finds that two-thirds (64<br />

percent) of people in the UK still think<br />

banks and other financial providers<br />

aren’t doing enough to help their<br />

customers during these difficult<br />

economic times.<br />

The report published by CRIF, a<br />

provider of consumer and business<br />

credit information, surveyed<br />

thousands of people in countries<br />

across the continent including France,<br />

the Czech Republic, Italy, Germany,<br />

Slovakia, and the UK, to better<br />

understand their attitudes towards<br />

financial services and how providers<br />

can better meet their needs during the<br />

rising cost of living.<br />

European consumers, when asked<br />

what banks and financial providers<br />

should be doing to support their<br />

customers, were clear that more<br />

should be done: 40 percent said banks<br />

should be tailoring products and<br />

services to better meet the needs of<br />

individual customers; 37 percent want<br />

to see banks proactively reach out to<br />

customers if they can help them save<br />

money on services like insurance or<br />

bills; and 25 percent want to see their<br />

bank improve their digital services.<br />

With recent innovations in financial<br />

services, including open banking<br />

technology, financial providers can<br />

better utilise customer data to build<br />

a more accurate picture of their<br />

creditworthiness, enabling better<br />

lending decisions with reduced risk.<br />

This allows providers to go further in<br />

providing the services consumers are<br />

calling for including more accurate,<br />

personalised decisions in areas like<br />

lending; the ability to signpost people<br />

to more appropriate, potentially lowercost,<br />

third-party services like utility<br />

providers; and offer advanced warning<br />

to customers of potential issues with<br />

their future finances.<br />

However, trust in financial services<br />

among European consumers remains<br />

a key issue and is acting as a barrier<br />

to enhancing services and improving<br />

reputations. One in five (19 percent)<br />

worry that banks will attempt to sell<br />

them products which aren’t right<br />

for them, and a similar number (18<br />

percent) feel they don’t have their best<br />

interests at heart.<br />

Sara Costantini, CRIF’s Regional<br />

Director for the UK & Ireland, says<br />

that one in five consumers in the UK<br />

now expect to borrow more over the<br />

next year: “Despite this, the majority<br />

of people in the UK feel lenders aren’t<br />

doing enough to help and want to see<br />

them offer more tailored products and<br />

services that meet their specific needs,<br />

as well as ways to lower their bills and<br />

to proactively flag any financial issues<br />

on the horizon.<br />

“Innovations like open banking make<br />

this a possibility. The whole financial<br />

sector needs to work together to<br />

improve customer understanding and<br />

capitalise on the benefits improved<br />

data and analytics can bring. Only by<br />

doing so can we ensure more people<br />

get the services and support they need<br />

to weather these trying times.”<br />

❝<br />

Trust in<br />

financial services<br />

among European<br />

consumers<br />

remains a key<br />

issue and is acting<br />

as a barrier to<br />

enhancing services<br />

and improving<br />

reputations.<br />

❝<br />

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


<strong>Credit</strong>or communication is<br />

key to helping consumers in<br />

financial difficulty<br />

NEW research shows two in<br />

three StepChange clients<br />

surveyed felt they could<br />

have been referred to debt<br />

advice sooner by their<br />

creditors, underlining<br />

the need for earlier intervention,<br />

constructive communication, and<br />

proactive signposting to debt advice.<br />

A new report from StepChange<br />

Debt Charity and Amplified Global<br />

using the lived experiences of people<br />

in debt highlights the crucial role<br />

communications from the financial<br />

services sector and other creditors<br />

can play in helping consumers in<br />

financial difficulty.<br />

The report, entitled Mixed Messages,<br />

assesses the extent to which<br />

communications from creditors help<br />

people take action to resolve their debts.<br />

It finds that while communications<br />

can sometimes be effective, many of<br />

those surveyed said they faced barriers<br />

to getting the help they needed. Only a<br />

minority felt the communications they<br />

received had helped them understand<br />

their options or reassured them that help<br />

was at hand.<br />

Initial barriers to getting help included<br />

feelings of shame and embarrassment<br />

(56 percent of respondents), a lack of<br />

awareness about the seriousness of their<br />

financial situation (35 percent) and a lack<br />

of information about how debt advice<br />

could help them (34 percent).<br />

These barriers were often found to be<br />

compounded by communications from<br />

lenders. Nine in ten survey respondents<br />

said they triggered negative emotions<br />

including fear, helplessness and being<br />

overwhelmed. The common use of legal<br />

and regulatory language was regularly<br />

found to inhibit understanding and<br />

reinforce negative emotions. Just 38<br />

percent of respondents felt that the<br />

communications they received helped<br />

them understand their options and<br />

only 28 percent of people felt these<br />

communications reassured them that<br />

their creditors would help them solve<br />

their problems.<br />

Overall, more than two thirds (69<br />

percent) of those surveyed felt they could<br />

have been signposted to debt advice<br />

earlier, with over half (53 percent) of<br />

StepChange clients surveyed waiting<br />

more than a year before seeking debt<br />

advice.<br />

The Financial Conduct Authority’s<br />

final Consumer Duty rules raise<br />

expectations on the consumer outcomes<br />

delivered by both communications and<br />

support offered to people in financial<br />

difficulty. With the cost-of-living crisis<br />

affecting the finances of so many<br />

households, the report aims to establish<br />

an open dialogue between the advice<br />

sector and the credit industry to address<br />

these issues and ensure a clearer, more<br />

“As tough as it was, it was worth it’’<br />

GARY Brown, CEO of Debt Register, crosses<br />

Tower Bridge as part of his marathon<br />

attempt to complete the 26.2 mile run<br />

around the capital, a challenge he eagerly<br />

signed up for at last year’s British <strong>Credit</strong><br />

Awards. Gary was running the London<br />

Marathon on behalf of Place2Be, a London<br />

Based Children’s Mental Health charity that<br />

specialises in improving mental health care<br />

within schools.<br />

Having completed the race in a personal<br />

best time of 3 hours, 50 minutes and 47<br />

seconds, Gary was pleasantly surprised<br />

at his final time as well as the £2,435 he<br />

raised for Place2Be: “As tough as it was, it<br />

was worth it. To raise so much money for a<br />

charity doing such great work made all the<br />

blisters and pain days later more bearable!”<br />

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


❝<br />

“We have known for a very long time that early engagement between customers<br />

and those collecting the sums they owe is the best way to avoid problems<br />

developing and for those customers to gain access to support and forbearance<br />

where needed,” – Chris Leslie, <strong>Credit</strong> Services Association ..<br />

reassuring message on how and where to<br />

access help.<br />

The findings echo those published by<br />

the FCA in June of this year, which also<br />

highlighted the need for firms to be swift to<br />

respond to consumers in financial difficulty,<br />

particularly in the light of the ongoing cost of<br />

living crisis. Its Dear CEO letter to more than<br />

3,500 lenders reminded them to provide tailored<br />

support to struggling borrowers, including<br />

effectively directing customers who need it to<br />

money guidance or free debt advice.<br />

In response to the report, StepChange<br />

believes the Consumer <strong>Credit</strong> Act requirements<br />

on creditor communications should be revised<br />

to ensure content prescribed by legislation and<br />

rules does not overwhelm people and lead them<br />

to disengage.<br />

StepChange Head of Policy Peter Tutton says<br />

creditor communications need to be simplified:<br />

“These findings are designed to help the advice<br />

sector and creditor organisations decide how<br />

best we can work together, and with regulators,<br />

on practical steps that would deliver earlier<br />

and better identification of financial difficulty<br />

and vulnerability, improve the effectiveness<br />

of communications and ultimately improve<br />

outcomes for customers.<br />

“By developing messaging that focuses<br />

on helping people to resolve their situation,<br />

empathetic communications that recognise the<br />

emotional impact of financial difficulty, and the<br />

presentation of a simple, clear plan of action,<br />

creditors can ensure better outcomes for more<br />

consumers. We hope the experiences outlined<br />

in this report will inform further steps by<br />

government, industry and regulators to improve<br />

the effectiveness of creditor-consumer dialogue<br />

and get people to the help they need earlier and<br />

with less anxiety.”<br />

Responding to the StepChange report, <strong>Credit</strong><br />

Services Association Chief Executive Chris<br />

Leslie told <strong>Credit</strong> <strong>Management</strong> that it is in<br />

everyone’s best interests – customers, creditors,<br />

and collections agencies – to make dialogue<br />

and discussion as easy and accessible as<br />

possible: “We have known for a very long time<br />

that early engagement between customers<br />

and those collecting the sums they owe is the<br />

best way to avoid problems developing and for<br />

those customers to gain access to support and<br />

forbearance where needed,” he explains.<br />

“That the report highlights the arcane and<br />

outdated regulatory barriers of the Consumer<br />

<strong>Credit</strong> Act echoes calls for reform we at the CSA<br />

have been making for some time, namely that<br />

the Government must move forward with plans<br />

to end the formulaic statutory notice mailings<br />

which are clearly unnecessary and potentially<br />

confusing for customers. The current legislative<br />

framework is far too restrictive to enable truly<br />

effective communication.<br />

“But this is clearly only part of the wider issue<br />

of driving earlier engagement with those in<br />

financial difficulty and encountering challenges<br />

coming from other sectors of the economy.<br />

There is now widespread information and<br />

signposting for customers towards free debt<br />

advice but the ongoing lack of engagement is<br />

still a significant challenge that all quarters,<br />

including debt advice providers, will need to<br />

address.”<br />

Equifax partners with PrinSIX to enable<br />

Telco’s to bolster social tariff outreach<br />

EQUIFAX and PrinSix have facilitated an Open<br />

Banking solution for KCOM, a Yorkshire-based<br />

broadband provider, to create what it says is<br />

the UK’s first internet service provider (ISP)<br />

accepting applications for a social tariff online.<br />

Social tariffs give eligible low-income<br />

households the ability to access cheaper deals<br />

from their service providers. Social tariffs were<br />

applied to broadband and mobile bills in the<br />

summer to tackle the rising cost of living.<br />

Despite social tariffs being offered by Telco’s,<br />

only two percent of those eligible for the<br />

discount have applied. Due to the lack of uptake,<br />

the Government is increasing pressure on<br />

Telco’s to close the gap – but many are relying<br />

on outdated systems that result in applications<br />

taking up to four weeks to be approved.<br />

Andy Sacre, Product Director of Open<br />

Banking at Equifax UK, says using technology,<br />

like Open Banking, to help more people access<br />

this utility is the exact type of action Telco’s<br />

should take today to combat the rising living<br />

costs: “Our partnership with KCOM and PrinSIX<br />

has replaced out-dated approaches with<br />

intuitive and personalised application journeys,”<br />

he explains.<br />

“This reduced the application timeline for<br />

social tariffs on broadband from four weeks to<br />

four minutes an incredible jump in efficiency.<br />

Ultimately, this means those in the greatest<br />

need of additional financial help will get it<br />

quicker.”<br />

Andy Sacre –<br />

Product Director of Open<br />

Banking at Equifax UK.<br />

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

CORPORATE insolvencies<br />

decreased by 13.5 percent<br />

in September <strong>2022</strong> to a<br />

total of 1,679 compared to<br />

August's total of 1,940, and<br />

increased by 15.6 percent<br />

compared to September 2021's figure of<br />

1,453.<br />

Corporate insolvency figures<br />

were also 11.3 percent higher than<br />

in September 2019, while personal<br />

insolvencies increased by 4.5 percent<br />

to 10,013 in September <strong>2022</strong> compared<br />

to 9,584 in August, and were 0.5 percent<br />

higher than September 2021's figure<br />

of 9,967. Personal insolvencies also<br />

decreased 18.5% from September 2019's<br />

total of 12,280.<br />

Christina Fitzgerald, President of<br />

R3, the insolvency and restructuring<br />

trade body, says that the corporate<br />

insolvency figures provide a clear<br />

insight into insolvencies before,<br />

during, and after the pandemic: “The<br />

monthly fall in corporate insolvencies<br />

is due to a drop in <strong>Credit</strong>ors’ Voluntary<br />

Liquidations, while the year-on-year<br />

increase has mainly been caused by<br />

a rise in Compulsory Liquidations,<br />


Directors shutting up shop before<br />

that choice is taken away from them<br />

ONE of Europe’s leading open banking<br />

platforms, Tink, is urging lenders to<br />

prioritise upgrading creditworthiness<br />

assessment models to ensure more<br />

accurate lending decisions.<br />

Traditional lending models are<br />

broken, it believes, and against a<br />

backdrop of the cost-of-living crisis, a<br />

blinkered view of income and expenses<br />

is no longer fit for purpose. As the<br />

economic crisis worsens, Tink says<br />

better decisions on lending are needed<br />

to protect and support consumers and<br />

businesses who might be struggling<br />

with affordability over the coming<br />

months, while reducing the risks to<br />

lenders from a potential new wave of<br />

defaults.<br />

According to Tink’s <strong>2022</strong> survey of<br />

financial executives, two-thirds (68<br />

percent) of UK lenders have tightened<br />

affordability criteria since the<br />

pandemic, but blind spots still exist in<br />

their credit assessments. This has led<br />

to some people being denied access to<br />

borrowing unnecessarily.<br />

For example, UK lenders say that<br />

some of the main reasons that people<br />

which is likely to be due to the end<br />

of legislation around winding-up<br />

petitions. “The increase in corporate<br />

insolvencies between September <strong>2022</strong><br />

and September 2019, on the other<br />

hand, is due to a significant increase<br />

in the number of <strong>Credit</strong>ors’ Voluntary<br />

Liquidations.”<br />

Christina says this is likely to<br />

be due to the triple whammy of<br />

the withdrawal of COVID support,<br />

the economic turbulence, and the<br />

challenging business climate resulting<br />

in directors feeling that they are unable<br />

to continue and choosing to close their<br />

businesses before that choice is taken<br />

away from them: “Businesses have<br />

been operating against a backdrop of<br />

real uncertainty in recent weeks and<br />

months,” she continues.<br />

“A volatile pound, a decline in<br />

consumer confidence and lower<br />

household spending have led to weaker<br />

economic growth, and it seems likely<br />

that these conditions will get worse<br />

before they get better. With living<br />

costs rising, both business owners<br />

and employees are under significant<br />

financial strain as rising costs have<br />

Accurate lending impacted by<br />

outdated assessment models<br />

are denied credit include the inability<br />

to verify identity or legal status (41<br />

percent) or the inability to access<br />

payment history (35 percent). Mirroring<br />

these findings, another Tink study<br />

finds that UK consumer cohorts are<br />

also citing unfair assessments, as a<br />

third (33 percent) of self-employed<br />

workers say their employment status<br />

has been an obstacle for them getting<br />

a mortgage, and a further 31 percent<br />

believe it has hampered their ability to<br />

obtain credit.<br />

The research is said to unveil<br />

two stark truths about traditional<br />

underwriting methods: firstly,<br />

some people who can afford credit<br />

are being excluded because of<br />

outdated credit scoring models;<br />

and the static, retrospective nature<br />

of traditional credit checks means<br />

there is no robust way of protecting<br />

consumers if economic circumstances<br />

change and affordability becomes an<br />

issue.<br />

Tasha Chouhan, UK & IE Banking and<br />

Lending Director at Tink says it’s clear<br />

many lenders still rely on traditional<br />

meant rising salary demands and<br />

increasing pressure on margins,<br />

which some businesses haven’t,<br />

unfortunately, been able to meet.”<br />

Christina believes that sky-rocketing<br />

energy bills are also a major challenge.<br />

She says that while the recently<br />

announced emergency support<br />

package will go some way towards<br />

mitigating these concerns, it may not<br />

provide enough of a safety net: “When<br />

it comes to personal insolvency, the<br />

monthly increase has mainly been<br />

caused by a rise in the Individual<br />

Voluntary Arrangement (IVA) numbers,<br />

which suggests that the issues around<br />

the cost of living are causing more<br />

people to seek help with managing<br />

their debts.<br />

“The past couple of years have been<br />

extremely tough on many people’s<br />

personal finances and household<br />

budgets are significantly more<br />

stretched than they were a year ago.<br />

The rise in the cost of living is showing<br />

no sign of slowing down, real wages<br />

have fallen, and more and more people<br />

are being forced to borrow money to<br />

pay their bills.”<br />

credit checks to determine eligibility<br />

for loans: “There is no place for such<br />

models in our current economic<br />

climate, and the sooner this is<br />

recognised, the better the outcome will<br />

be for both lenders and consumers.”<br />

“New forward-looking models are<br />

drawing on open banking technology<br />

to provide a holistic picture of people's<br />

finances. It’s vital to protect potentially<br />

at risk or vulnerable consumers<br />

from problem debt or default as the<br />

economic climate worsens. At the<br />

same time, it’s key to promoting<br />

financial inclusion, as people now<br />

more than ever need access to safe,<br />

affordable, and regulated borrowing<br />

options.”<br />

UK lenders can adopt new open<br />

banking powered affordability<br />

assessment models which anticipate<br />

future affordability, using up-to-date,<br />

holistic data. Encouragingly, Tink’s<br />

findings indicate a growing appetite<br />

to embrace open banking powered<br />

technologies, with 41 percent planning<br />

to adopt digital solutions for datadriven<br />

credit scoring.<br />

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


Firms turn to tech and data<br />

to solve Consumer Duty woes<br />

FIRMS are overwhelmingly<br />

turning to technology<br />

in order to surface data<br />

and insights that solve<br />

the challenge set by the<br />

FCA’s new Consumer<br />

Duty according to new research from<br />

Moneyhub, the Open Finance and<br />

Payments platform, conducted by<br />

Opinium.<br />

In its new report FCA Consumer<br />

Duty: Business Burden or Golden<br />

Opportunity? senior decision makers<br />

were interviewed on their preparedness<br />

ahead of the first Consumer Duty<br />

deadline at the end of last month<br />

(October).<br />

Alarmingly there was a significant<br />

knowledge gap across many firms. Some<br />

38 percent of senior decision makers<br />

said they had either limited or no<br />

knowledge of the upcoming consumer<br />

duty legislation, with some only alerted<br />

to the legislation by the Moneyhub<br />

research. Only one in five (22 percent)<br />

of firms had projects in place in order to<br />

meet the deadline in 2023, and a further<br />

28 percent are currently developing<br />

plans to become compliant<br />

For many of these firms, technology<br />

held the key to Consumer Duty<br />

preparedness. Almost half (48 percent)<br />

of firms plan or are already investing<br />

in technology to develop and deliver<br />

more personalised and targeted<br />

communications. And 41 percent also<br />

have plans to invest in technology<br />

in order to access customer data and<br />

insights.<br />

The FCA’s new regulations are<br />

to ensure that customers receive<br />

communications from financial services<br />

firms that they understand and are<br />

being offered products that meet the<br />

individual’s need at the point of sale and<br />

throughout the entire product lifecycle,<br />

offering fair value and providing support<br />

when they need it. Importantly for FCA<br />

regulated companies, these regulations<br />

will eventually affect firms’ book of<br />

business rather than just new business.<br />

This in itself will prompt a re-evaluation<br />

of products that current customers<br />

are on and whether they are still<br />

appropriate.<br />

Samantha Seaton, CEO of Moneyhub,<br />

says businesses are running out of<br />

excuses: “Businesses must ensure they<br />

understand their customer completely<br />

in order to offer products and services<br />

that fit their circumstances throughout<br />

the entire duration of their relationship.<br />

And the only way this is possible is<br />

with an ongoing holistic view of their<br />

customer's financial universe. Open<br />

Finance truly holds the key for firms to<br />

meet Consumer Duty. But to see Open<br />

Finance’s role as solely a solution to<br />

a problem is a mistake. It is also an<br />

opportunity.<br />

“By better understanding your<br />

customer, it means you can offer super<br />

relevant, appropriate products and<br />

services, and ultimately create stronger<br />

relationships and build loyalty. Smart,<br />

forward-looking businesses will seize<br />

this moment and reap the benefits of<br />

truly understanding their customer.”<br />

FCICM legend and former CM<br />

contributor dies after short illness<br />

FELLOW of the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> Martin Posner has<br />

died after suffering a heart attack at<br />

the age of 84.<br />

Martin, a familiar face and voice<br />

within the Institute, became a member<br />

in 1971, and dedicated considerable<br />

time to promoting the cause of the<br />

ICM (as it was then) and the credit<br />

management profession, serving on<br />

the Education Committee. He was<br />

also an active member of the CICM’s<br />

London Branch and remembered<br />

fondly by fellow committee members<br />

including Burt Edwards, a former<br />

Council member and author of the<br />

<strong>Credit</strong> <strong>Management</strong> Handbook, who<br />

wrote to inform us of Martin’s passing.<br />

After ‘retiring’, Martin started a<br />

second career as a trade journalist,<br />

and was a regular contributor to <strong>Credit</strong><br />

<strong>Management</strong> magazine and various<br />

international trade publications. As<br />

well as being a Fellow of the CICM,<br />

he was also a Fellow of the Institute<br />

of Export. Martin was given the<br />

Meritorious Service Award by the CICM<br />

in 1984.<br />

The CICM would like to pass its<br />

condolences to all of Martin’s family.<br />

>NEWS<br />

IN BRIEF<br />

CICMQ Award<br />

Presentation<br />

VODAFONE’S <strong>Credit</strong> & Collections<br />

Operations Manager, Naomi<br />

Cullen and <strong>Credit</strong> Manager, Paula<br />

Partington ACICM, hosted CICM’s<br />

Head of Accreditation, Karen Tuffs<br />

FCICM(Grad) at their offices in Stoke-<br />

On-Trent on 9th September. The<br />

<strong>Credit</strong> & Collections Team meeting<br />

was the ideal opportunity to celebrate<br />

Vodafone’s first CICMQ accreditation,<br />

achieved in October 2021. After a lively<br />

ice-breaker activity, Naomi and Karen<br />

took time to revisit the challenging<br />

criteria and Vodafone’s response,<br />

securing the industry’s esteemed<br />

best practice award. Very well done<br />

Vodafone!<br />

Cutting back<br />

A digital survey, carried out by YouGov<br />

for HSBC, suggests that 60 percent<br />

of Brits whose finances have been<br />

affected by price rises are cutting<br />

back on spending. One in five (21<br />

percent) are now actively saving<br />

money for future bills, while one in<br />

ten are spending more on credit cards.<br />

A further five percent have taken out<br />

a loan or an additional credit card<br />

because of pressure on household<br />

budgets. Despite that, six in ten (60<br />

percent) Brits say they still pay their<br />

credit card balance in full every month,<br />

with nearly nine in ten (89 percent)<br />

saying they hadn’t missed or been late<br />

with a repayment over a six-month<br />

period.<br />

New UK Chief<br />

EQUIFAX, a leading global data,<br />

analytics, and technology company,<br />

has appointed David Wilson as the<br />

Chief Commercial Officer of Equifax<br />

UK. David joins the Equifax team with<br />

a wealth of commercial leadership<br />

experience, spanning two decades in<br />

the sector, and a strong track record<br />

of success transforming global teams<br />

and businesses. Most recently, David<br />

has developed data and analytics<br />

businesses from within the RELX<br />

company portfolio, including CEO and<br />

COO roles.<br />

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


Troubled Waters<br />

Amid rising insolvencies, Government agencies<br />

seem far from united in their approach.<br />

AUTHOR – Brendan Clarkson FCICM<br />

MUCH has been made<br />

in the past few months<br />

of rising insolvency<br />

numbers, so are we<br />

looking at a recession?<br />

We all know why we<br />

are here: COVID-19, the war in Ukraine,<br />

and the subsequent rise in energy prices<br />

have conspired to make the economical<br />

bounce back we witnessed after the<br />

pandemic last year disappear very quickly.<br />

The number of companies in England<br />

and Wales that were declared insolvent in<br />

August <strong>2022</strong> (1,933) was 42 percent higher<br />

than the number registered before the<br />

pandemic, following the end of temporary<br />

support loans and of forbearance by<br />

creditors and courts.<br />

Protecting businesses<br />

The Government has announced plans<br />

to protect businesses from the worst<br />

potential impacts of soaring energy bills<br />

by discounting supplies to enterprises<br />

across the country. All UK businesses,<br />

including the likes of charity organisations<br />

and public sector operators, will see<br />

their gas and electricity prices restrained<br />

significantly throughout the forthcoming<br />

winter months.<br />

The relevant discounts are intended to<br />

come into effect from October <strong>2022</strong> and<br />

relate to all energy use from the first day<br />

of October through to the end of March<br />

2023.<br />

Let’s remember that at the time of<br />

writing, inflation now stands at 9.9<br />

percent, which is the highest level in<br />

nearly 40 years. And we wait for another<br />

Prime Minister to be chosen and hope<br />

that the message will still be one of ‘more<br />

support to come’.<br />

Surprising response<br />

But whatever comes we need Government<br />

agencies to be singing from the same<br />

proverbial hymn sheet. One surprise<br />

for me has been that HM Revenue and<br />

Customs continue to be one of the main<br />

drivers of the elevated number of petitions<br />

over the past few months.<br />

At this stage, and if the mood music<br />

is correct, its focus seems to be offering<br />

less forbearance rather than more to<br />

businesses that have been struggling<br />

for some time. Hopefully HMRC will<br />

maintain its supportive approach to the<br />

viable businesses struggling in the short<br />

term due to the cost-of-living squeeze and<br />

spiraling costs.<br />

Research also released recently from<br />

funder, Bibby Financial Services, has<br />

indicated that many businesses are at<br />

breaking point, with almost four in five<br />

stating the current economic landscape<br />

is worse than the pandemic and just one<br />

in ten fully prepared to deal with further<br />

cost rises expected.<br />

These figures reflect the continued<br />

toll the sustained economic turbulence<br />

is taking on businesses. Companies<br />

are facing enormous cost hikes just as<br />

household spending is facing its biggest<br />

squeeze in several decades, which delivers<br />

yet another blow to business owners who<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 10


AUTHOR – Brendan Clarkson FCICM<br />

❝<br />

“It will be important for credit managers to continue the good work they did<br />

across the pandemic and talk to their customers, and it will be just as important<br />

for those customers to engage with their suppliers and lenders going forward.’’<br />

were hoping to bounce back to normal<br />

trading levels post-pandemic.<br />

The continuous worries about the rise<br />

in prices and energy costs and the effect<br />

these will have on their margins and<br />

profits will mean any growth in the UK<br />

is almost impossible. The concern about<br />

the cost-of-living is making many people<br />

reluctant to make major purchases and<br />

spend on anything other than the basics.<br />

Borrowing and credit card spending have<br />

also increased as people are, worryingly,<br />

turning to these to cover their costs.<br />

Future predictions<br />

As professionals, none of this actually<br />

changes the jobs we are in, where cash is<br />

still king and principal routes for recovery<br />

remain the same. But as I take my first<br />

steps into my new world of debt, what<br />

does the future hold?<br />

Simply put, who can tell? Who knows<br />

how long the cost-of-living crisis will last<br />

or how we can turn our economy around,<br />

especially given the global influences<br />

outside of our control. Borrowing more is<br />

of course an option, but will be impacted<br />

by higher rates, and the increased<br />

pressure that will bring. Investors are now<br />

predicting that interest rates could more<br />

than double by next spring to 5.8 percent<br />

from their current 2.25 percent, to curb<br />

high inflation.<br />

Insolvency Practitioner (IP) and Partner<br />

Paul Atkinson of FRP thinks the future<br />

looks bleak and has some advice for<br />

credit managers: “The level of debt being<br />

carried by many companies remains<br />

high following the pandemic including<br />

HMRC arrears and Bounce Back Loans,”<br />

he says.<br />

“The rise in interest rates coupled<br />

with low business confidence is likely<br />

to bring about an increase in business<br />

failure. There are no indications of a<br />

dramatic shift in the landscape at present<br />

but Q4 this year into Q1 2023 could see<br />

the long-expected rise in insolvency<br />

numbers. <strong>Credit</strong> managers need to return<br />

to basics with up-to-date management<br />

information, strict credit terms and a<br />

robust collection process.”<br />

Strangely enough the tsunami of insolvencies<br />

predicted since the pandemic<br />

has not yet materialised due largely to<br />

Government intervention. Ian Defty, a<br />

Partner and IP at Begbies Traynor, certainly<br />

thinks there are choppy waters<br />

ahead: “It will be important for credit<br />

managers to continue the good work they<br />

did across the pandemic and talk to their<br />

customers,” he explains, “and it will be<br />

just as important for those customers to<br />

engage with their suppliers and lenders<br />

going forward.<br />

“The future is uncertain, but the<br />

certainties are that there will be increased<br />

company failures and increased bankruptcies”.<br />

Brendan Clarkson FCICM is the Client<br />

Services Director at Azzurro Law, a<br />

specialist commercial debt collection and<br />

legal recoveries firm. He is also an Advisory<br />

Council member of the CICM.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 11


Dramas and Headwinds<br />

With one crisis after another history tells us that the<br />

predictions carried with them do not always ring true.<br />

AUTHOR – Glen Bullivant FCICM<br />

Afew months ago, my daughter<br />

and her husband drove up<br />

from the jungle of the great<br />

metropolis to spend time with<br />

me in the civilised tranquillity<br />

of God’s Own Country.<br />

Breaking the journey, they pulled into a<br />

motorway service area and the first thing they<br />

heard on getting out of the car was a distinct “Ey<br />

up” drifting across the car park as two strangers<br />

greeted each other. Gemma looked at Joe, he<br />

nodded, and they both agreed that they must be<br />

in Yorkshire. Indeed, they were at the services<br />

close to Wakefield and as such, well into the<br />

county and not far from a decent cup of tea.<br />

(When I said they were to spend time with me,<br />

I fully acknowledge the fact that the visit was to<br />

check that I was still breathing in and out, and<br />

that all the insurance premiums were paid up<br />

to date.)<br />

The expression “Ey up” is one which has<br />

greater potential than the usual “Good morning”<br />

or “Good afternoon” as sometimes used by<br />

Southern softies, in so far as it can be more than<br />

just a greeting. It often precedes a comment<br />

or opinion which can be about anything or<br />

everything or nothing at all. I mention it only<br />

because the end of September saw the Pound<br />

Sterling fall to the floor with an almighty thud<br />

and the news media went into overdrive – the<br />

lowest rate against the US Dollar since the Dollar<br />

was created in seventeen hundred and summat<br />

or other. We were in a crisis, the like of which we<br />

have never seen before, and it is almost certain<br />

that the world will end next Tuesday fortnight.<br />

Over my second cup of Yorkshire tea made<br />

with boiling Yorkshire water, I muttered to<br />

myself “Ey up, here we go again!!!”<br />

The thing is, I have been in this business a long<br />

time, and my thanks go to the officials at CICM<br />

at this year’s Fellows Lunch for pointing this out<br />

to members and guests with what can only be<br />

described as some glee. Since I launched myself<br />

into this great profession back in nineteen<br />

hundred, I have experienced more recessions,<br />

booms and busts and associated crises than you<br />

have had hot dinners, and each one has carried<br />

with it predictions of the end of the world from<br />

economic editors, financial gurus and casual<br />

observers who once read a book. They are too<br />

numerous to list here in full but suffice to say<br />

they included power cuts and three-day weeks<br />

lit by candles, the Pound Sterling falling off a<br />

cliff, interest rates to make your eyes water and<br />

company failures in various industry sectors<br />

with spectacular losses and thousands made<br />

❝<br />

The expression<br />

“Ey up” is<br />

one which<br />

has greater<br />

potential than<br />

the usual “Good<br />

morning”<br />

or “Good<br />

afternoon” as<br />

sometimes used<br />

by Southern<br />

softies, in so<br />

far as it can be<br />

more than just a<br />

greeting.<br />

❝<br />

jobless. The world will never be the same again,<br />

they said; we must learn from the mistakes<br />

made, they said; this must not happen again,<br />

they said.<br />

Well, it did and no doubt it will again.<br />

I agree that this crisis has an edge to it which<br />

could be described as unprecedented – the<br />

UK economy has been far from robust for<br />

quite some time, and nobody saw the COVID<br />

pandemic coming, and certainly could not have<br />

known that it would last as long as it did and<br />

that the full impact was going to be with us for<br />

some years to come.<br />

Just when it began to feel safe to get back in<br />

the water, Vlad the Impaler embarked upon<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 12


AUTHOR – Glen Bullivant FCICM<br />

❝<br />

Since I launched myself into this great profession back in nineteen hundred, I have<br />

experienced more recessions, booms and busts and associated crises than you have had<br />

hot dinners, and each one has carried with it predictions of the end of the world from<br />

economic editors, financial gurus and casual observers who once read a book.<br />

his “special military operation”, which to<br />

everyone else in the world was, and is, a<br />

full-scale undeclared war against a<br />

neighbour. Just as the pandemic had<br />

showed us just how reliant we had all<br />

become on the manufacturing might of<br />

China and the fragility of all eggs in one<br />

basket just-in-time supply chains (made<br />

even worse by trying to sail sideways<br />

through the Suez Canal), so Vlad’s<br />

actions showed how much we depended<br />

on Russian gas to heat our homes in<br />

Birmingham and Berlin. The wholesale<br />

price of natural gas and oil skyrocketed and<br />

having spent billions to keep businesses<br />

Bolton Abbey, Skipton, UK<br />

afloat during the pandemic, billions more<br />

are now being spent to keep the lights<br />

on in our homes. The cost-of-living hits<br />

consumers and businesses alike, and<br />

bankruptcies and company failures are<br />

inevitable, but what is different about this<br />

crisis compared to those of the 70s, 80s,<br />

90s is more about how we got here rather<br />

than the crisis itself.<br />

Back in my early days of credit<br />

reporting, I would make searches at<br />

Companies House and was often struck by<br />

the number of companies I came across<br />

which had been registered in 1941 or 1942<br />

– by any measure, carrying on business<br />

with bombs raining down on you and<br />

the enemy at the door must be a crisis of<br />

monumental proportions which perhaps<br />

puts subsequent decades into perspective.<br />

I often wondered how they carried on<br />

back then, but they did – they survived<br />

and, in the end, the light at the end of the<br />

tunnel was not a train coming the other<br />

way. In later years, we survived the threeday<br />

week, the transport strikes, the pound<br />

being thrown out of the Exchange Rate<br />

Mechanism (which preceded the Euro),<br />

the dot-com bubble bursting, the property<br />

crashes, the 2008 financial meltdown<br />

and all the other headwinds and dramas<br />

thrown at us.<br />

We did it by being credit professionals,<br />

and we will do it again by being credit<br />

professionals.<br />

Golden Rule Number One is the most<br />

fundamental – know your customer.<br />

I am still staggered by the number of<br />

businesses, large as well as small and<br />

medium sized, who have inaccurate<br />

customer details on their systems, who<br />

fail to keep contact names and numbers<br />

up to date and who perpetrate those<br />

inaccuracies every time they invoice.<br />

Number Two is to ensure that the credit<br />

policy is fit for purpose and can be adapted<br />

to meet changing circumstances and is<br />

understood and appreciated by everyone<br />

in the company from the gatehouse to the<br />

boardroom.<br />

Number Three is constant staff support<br />

and training especially in negotiating and<br />

empathetic skills – this is not the time<br />

for customer liaison staff to have the<br />

interpersonal skills of a JCB.<br />

Number Four is to appreciate that<br />

supplier and customer need each other<br />

more than ever and it is the credit<br />

professional who makes that realisation<br />

work to mutual advantage.<br />

I could go on, but you know you are the<br />

best and you will succeed, rest assured.<br />

I never believe economic forecasters as<br />

experience has shown that their doom<br />

ladened predictions over the years have<br />

invariably been proved wrong. I will<br />

nevertheless make one prediction of my<br />

own: one morning in late September<br />

2052, over your morning coffee and slice<br />

of toast, you will watch an item on the<br />

breakfast news and say to yourself “Ey up,<br />

here we go again!!!”.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 13

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ESG<br />

Clear thinking<br />

The importance of transparency in ensuring<br />

corporate commitments to DE&I are delivered.<br />

AUTHOR – Simona Scarpaleggia<br />

WE are all familiar with the<br />

subject of Diversity, Equity<br />

& Inclusion (DE&I). Never<br />

a day goes by without some<br />

business leader providing<br />

an interview to the media<br />

or making a presentation at an investor meeting<br />

promising great change in terms of how their<br />

workforce is recruited, treated and paid. And yet<br />

the rhetoric rarely, if ever, matches the reality.<br />

The World Economic Forum Global Gender<br />

Gap Index, for example, makes rather depressing<br />

reading. While overall gender parity has improved<br />

since the report was first published in 2006, the<br />

overall gain is a miserly 3.8 percent. To put this<br />

into context, if the pace of improvement was to<br />

continue at that rate, it would be a full 132 years<br />

until the pay gap is finally closed. And in some<br />

countries, the gap has actually gone backwards.<br />

Declarations of intent<br />

As individuals, we witness – as consumers,<br />

employees or management experts – an array of<br />

declarations of intent. We hear how leaders ‘aspire’<br />

to make a difference. Whether such aspirations<br />

are real or imagined, the fact is that those very<br />

same leaders are seldom in place long enough to<br />

drive – or be accountable for– the changes that<br />

need to happen. They end up being little more<br />

than empty words and vague promises that work<br />

well for a sound bite, and to be seen to be doing<br />

and saying the right things, but rarely result in any<br />

positive action.<br />

Change will happen, but at present it is being<br />

forced upon an unwilling audience by the hard<br />

‘stick’ of regulation and compliance, rather than<br />

the carrot of what a truly equitable workforce can<br />

deliver.<br />

The NextGenerationEU post-COVID recovery<br />

plan, for example, includes a package of funding<br />

specifically allocated to improving gender<br />

equality whereas various corporate governance<br />

codes of practice within the UK, Germany, Italy<br />

and others now require businesses to disclose key<br />

information relating to gender equity and pay.<br />

Gender quotas<br />

There was considerable excitement around the<br />

EU’s plan for gender quotas, and a new Directive<br />

that seeks to ensure women have at least 40<br />

percent of seats on corporate boards. The issue is<br />

not the Directive itself, but rather how it is forcing<br />

change rather than bringing all parties willingly<br />

to the table. Even though bias and a tendency<br />

to maintain the status quo of privileges are two<br />

factors that tend to hinder the progress towards<br />

a more equitable workplace, pressure from<br />

stakeholders for greater equity is already strong<br />

and growing. Leaders know that they must steer<br />

❝<br />

Increasing<br />

transparency<br />

in this way will<br />

deliver a number<br />

of benefits. It will<br />

flush out incidents<br />

of attempted<br />

greenwashing or<br />

pinkwashing and<br />

avoid accusations<br />

from third<br />

parties that a<br />

business is being<br />

disingenuous<br />

in its intention<br />

of creating a<br />

more equitable<br />

workforce.<br />

❝<br />

their organisation towards having a more diverse<br />

top table, but they do not want to surrender their<br />

freedom to make their own decisions, neither<br />

are they wholly convinced about whether a more<br />

equitable board works.<br />

The real solution to improving gender equity is<br />

around transparency and being able to measure<br />

and evidence real progress towards a more<br />

equitable workforce. Indeed, measurement is<br />

the most necessary component in turning an<br />

aspiration into something tangible and deliverable.<br />

It is also essential that progress is measured to a<br />

recognized and agreed common standard, so that<br />

performance can be compared across countries,<br />

industries, and nations, and anchored to an agreed<br />

starting point.<br />

So how is this best achieved? Organisations can<br />

create a transparent, effective, and sustainable<br />

equity system based on three pillars:<br />

• Clear, standardised, and comparable measurement.<br />

This means agreeing to third-party certification<br />

as the highest-level of quality and objectivity<br />

regarding the policies you have in place<br />

and the progress you have made. Disclosing these<br />

measurements and your performance to a global<br />

benchmark makes the process safer and more responsible.<br />

• Setting specific, realistic, and achievable shortterm<br />

goals as well as confirming longer-term<br />

ambitions. This means less vague promises that<br />

will be forgotten about long after the current CEO<br />

has moved on and more immediate and preciselydefined<br />

goals where success can be more easily<br />

evidenced and monitored.<br />

• Accountability of leaders and organisations. This<br />

means making business leaders truly accountable<br />

for their promises and their actions, and not<br />

simply making bold statements to satisfy the City.<br />

Increasing transparency in this way will deliver a<br />

number of benefits. It will flush out incidents of<br />

attempted greenwashing or pinkwashing and avoid<br />

accusations from third parties that a business is<br />

being disingenuous in its intention of creating a<br />

more equitable workforce. It will safeguard those<br />

policies that an organisation may already have<br />

in place relating to ESG, and further strengthen<br />

them. And it will put pressure on business leaders<br />

not simply to say the right things, but also do the<br />

right things too, and walk their talk.<br />

Put simply, increasing transparency will<br />

ultimately deliver what everyone is looking to<br />

achieve: Real. World. Change.<br />

Simona Scarpaleggia is a Board Director,<br />

EDGE Strategy.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 15


Mexico offers a<br />

significant opportunity<br />

but is plagued by<br />

societal issues.<br />


AUTHOR – Adam Bernstein<br />

IT’S very easy to stereotype a country<br />

and its people. The British are known<br />

for discussions of the weather, tea,<br />

politeness, and an obsession with the<br />

Royal Family.<br />

But of course, there’s more to us. So,<br />

it’s no wonder that Mexicans were mightily upset<br />

when, in 2011, Top Gear presenters Clarkson,<br />

Hammond and May in a segment on a Mexican<br />

sports-car, the Mastretta MXT, referred to it as<br />

‘the Tortilla’, mocked Mexican food as ‘refried<br />

sick’, described Mexican people as ‘lazy, feckless,<br />

flatulent oaf(s)’, and suggested how horrible it<br />

must be to be ‘[wake] up and [remember] you're<br />

Mexican’.<br />

The reality couldn’t be more different. Mexico<br />

has a pre-history that reaches as far as 8000BC<br />

which makes it one of the cradles of civilisation,<br />

the rich history of the Mayan people that stretches<br />

back to 2600BC, was the birthplace of chocolate,<br />

has a cuisine that many gravitate to, and is the<br />

world’s 13th largest oil producer – just behind<br />

Norway and Kazakhstan but ahead of Nigeria.<br />

So, Top Gear may have sought to be entertaining<br />

and comedic, but as we’ll see below, the presenters’<br />

comments should not be taken seriously.<br />


Mexico, officially called the United Mexican<br />

States, is located below the US and borders Texas,<br />

New Mexico, Arizona and California. To the south<br />

is Guatemala and Belize. To the east is the Gulf of<br />

Mexico, while to the west is the Pacific Ocean. It’s<br />

surprisingly large – with 1.96m sq. km and is the<br />

world’s 13th largest country by landmass. The next<br />

largest are Saudi Arabia, Greenland, DR Congo<br />

and Algeria, each with areas of between 2.14m<br />

and 2.3m sq.km. Below it in size are Indonesia,<br />

Sudan, Libya and Iran with between 1.64m to<br />

1.90m sq. km of land each.<br />

With a ‘modern’ history – the Spanish conquest<br />

from the 1500s, independence from Spain in<br />

1836, conflict with the US and France in the<br />

same century – Mexico is presently recognised<br />

as a developing country. Nevertheless, it is a<br />

member of various international bodies including<br />

the United Nations, G20, OECD, the World<br />

Trade Organization, the Asia-Pacific Economic<br />

Cooperation forum, the Organization of American<br />

States, Community of Latin American and<br />

Caribbean States, and the Organization of Ibero-<br />

American States.<br />

❝<br />

‘Mexico offers<br />

an extraordinary<br />

range of sectors<br />

that represent<br />

opportunities…<br />

from 20<br />

leading-prospect<br />

sectors…<br />

[there are] six<br />

clusters… that<br />

represent a<br />

high priority…<br />

[for] export<br />

promotion and<br />

market access.’<br />

❝<br />

The 2020 census, Censo Población y<br />

Vivienda 2020, found the population<br />

to be 126.01m. The CIA World<br />

Factbook thinks that the number is<br />

now 129.15m.<br />

Ethnically it’s 62 percent Amerindian-<br />

Spanish, 28 percent Amerindian, and<br />

10 percent other but mostly European.<br />

And with a 500-year Spanish heritage it’s<br />

not unsurprising that 93.8 percent speak<br />

Spanish only, 5.4 percent speak both Spanish<br />

and an indigenous language, and 0.8 percent<br />

speak indigenous only (or are uncategorised).<br />

Similarly, Spanish influence means that 78<br />

percent of the population is now Catholic,<br />

11.2 percent are Protestant or Evangelical<br />

Christians, and 10.6 percent express no<br />

affiliation.<br />

And as for age, the 2020 census uncovered<br />

a dome-like structure where 27.8 percent<br />

of the population were aged 14 or under,<br />

65.5 percent were aged 15 to 64, and just 6.7<br />

percent were over 65 years of age.<br />

Education in Mexico faces a number of<br />

challenges. AllianzCare says that ‘while<br />

the standard of education in rural public<br />

schools in Mexico can be low, urban public<br />

schools are generally a little better. Private<br />

and international schools, however, usually<br />

offer a higher standard of education that is<br />

better...’<br />

AllianzCare continues to note that<br />

attendance is compulsory and although<br />

public schools are free of charge they are<br />

often underfunded and lack resources –<br />

especially so in rural areas.<br />

Data beyond 2011 is not readily<br />

available, but back then Factbox:<br />

Facts about Mexico's education<br />

system found that over 90 percent<br />

of children in Mexico attended<br />

primary school, but only 62 percent<br />

attended secondary school – just<br />

45 percent finished secondary<br />

school. And only a quarter<br />

passed on to higher education.<br />

Recently, the Programme<br />

for International Student<br />

Assessment, found that<br />

the poorest children in<br />

Vietnam outperform the<br />

children in Mexico.<br />

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


AUTHOR – Adam Bernstein<br />


The CIA World Factbook<br />

considers Mexico to be<br />

one of the world’s largest<br />

economies that has underperformed<br />

growth targets<br />

for three decades – a<br />

situation that was not helped<br />

by COVID-19, which disrupted<br />

what is an export-based economy,<br />

by ‘cartel-based violence’ and<br />

corruption.<br />

In fact, corruption in Mexico<br />

is endemic in all parts of society.<br />

Some have suggested that it’s<br />

a function of the elitist and<br />

oligarchic development of<br />

Mexican society where the PRI<br />

– Institutional Revolutionary<br />

Party – held power from 1929<br />

to 2000 through patronage<br />

networks. Mexico was placed<br />

in 124th position (out of 180) in<br />

Transparency International’s<br />

2021 Corruption Perceptions<br />

Index.<br />

Data from the World Bank<br />

noted that Mexico’s GDP in 2021<br />

stood at $1.29tn – the second<br />

largest in Latin America, per<br />

capita GDP was $9.926, the<br />

growth rate was 4.8 percent (it<br />

dropped to negative 8.2 percent<br />

in 2020), and the unemployment<br />

rate was 4.4 percent.<br />

The OECD summarises Mexico<br />

as recovering from a pandemic<br />

that had deep economic and<br />

social impacts. Informal workers,<br />

women and youth were particularly<br />

hit, exacerbating long-standing<br />

social challenges. It also noted that<br />

medium-term growth prospects have<br />

weakened and growth over the past<br />

two decades has been low. Further,<br />

poverty rates and regional inequalities<br />

remain high.<br />


The US Government’s trade department,<br />

in 2021, said that ‘Mexico offers an extraordinary<br />

range of sectors that represent<br />

opportunities… from 20 leading-prospect<br />

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

sectors… [there are] six clusters… that<br />

represent a high priority… [for] export<br />

promotion and market access.’<br />

Aerospace and defence<br />

Starting with aerospace and defence, this<br />

sector is estimated to have exported goods<br />

and services to the value of $7.6bn in 2021<br />

(US Government); Aerospace Meetings<br />

Queretaro reckoned it to be nearer<br />

$10.4bn in June <strong>2022</strong>.<br />

It’s a relatively young sector. In 2004<br />

there were around 100 manufacturers –<br />

but by mid-2020 that number had grown<br />

to 368. Unlike the sector elsewhere, much<br />

is focused on parts and assemblies that<br />

are incorporated into other’s systems.<br />

Main hubs are in the states of Baja<br />

California (Tijuana-Mexicali), Sonora,<br />

Chihuahua, Querétaro, and Nuevo León.<br />

Services provider Tecma views Mexico ‘as<br />

the twelfth largest exporter of aerospace<br />

and defence products in the world.’<br />

The sector has been boosted by the<br />

growth of aviation, low-cost carriers, and<br />

an open-skies agreement with the US that<br />

has elevated demand for allied services<br />

such as maintenance. There are now<br />

nine large, 57 medium and about 77 small<br />

airports in Mexico according to Airportcodes.io,<br />

but a new international airport<br />

for Mexico City has been cancelled.<br />

There’s also a space programme that is<br />

seeking to expand satellite communications,<br />

environmental modelling and surveillance.<br />

Automotive<br />

This sector is huge and generates some<br />

20 percent of Mexico’s GDP as the country<br />

is the sixth-largest car manufacturer<br />

and is estimated to have made some<br />

3.3m vehicles a year – of which nearly 90<br />

percent are exported.<br />

Car brands in the country include<br />

Audi, Baic Group, BMW, Stellantis, Ford,<br />

General Motors, Honda, Kia, Mazda,<br />

Nissan, Toyota, and Volkswagen.<br />

Beyond cars, Mexico also makes buses,<br />

trucks, tractor trucks and engines. Firms<br />

in the heavy-duty sector include Cummins,<br />

Detroit Diesel Allison, Freightliner–<br />

Daimler, Kenworth Mexicana, Mack<br />

❝<br />

Mexico is also the fifth-largest producer of<br />

automotive parts worldwide. Data for the<br />

size of the sector varies from $78bn to $92bn.<br />

Bloomberg even thinks $120bn covers the size<br />

of the market for parts and vehicles.<br />

continues on page 18 >


AUTHOR – Adam Bernstein<br />

MEXICO<br />

Trucks de México, International-Navistar, Dina<br />

Camiones, Scania, Volvo Group VW, Man Truck<br />

& Bus, Mercedes-Benz, Hino Motors, and Isuzu<br />

Motors.<br />

Mexico is also the fifth-largest producer<br />

of automotive parts worldwide. Data for the<br />

size of the sector varies from $78bn to $92bn.<br />

Bloomberg even thinks $120bn covers the size<br />

of the market for parts and vehicles. Regardless,<br />

the US Trade Department suggests that local<br />

representation is the best route to business<br />

as it lowers manufacturer inventory while<br />

maintaining supply.<br />

Energy<br />

Mexico’s National Electrical System Development<br />

Program cites the total generation capacity<br />

in April 2021 as being 89,479 MW. 35.5 percent<br />

is from clean energy sources (renewable and<br />

non-renewable, such as nuclear and efficient<br />

cogeneration), and 64.5 percent is from conventional<br />

sources (conventional thermal, coal-fired,<br />

gas-fired, and internal combustion).<br />

With an expected population increase to 150m<br />

by 2050, the International Energy Agency sees<br />

a need for more generation capacity. And with<br />

strong demand from industry – taking some 72<br />

percent of current capacity – there is little time<br />

to waste. The 2021–2035 programme calls for<br />

the construction of new combined cycle power<br />

plants; the rehabilitation and the modernisation<br />

of existing hydroelectric plants. Similarly, there’s<br />

a requirement to modernise the transmission<br />

and distribution networks.<br />

On renewables, the International Renewable<br />

Energy Agency considers Mexico to have great<br />

potential to attract large-scale investment.<br />

There are a number of potential opportunities<br />

including Mexico City Government’s Solar City<br />

initiative that seeks to add up to 350 MW of<br />

green capacity over five years while reducing 30<br />

percent of contaminant emissions from mobile<br />

sources by 2024.<br />

Industrial materials<br />

Mexico is a large exporter of mining minerals<br />

and ores, and the US Trade Department says that<br />

half of Mexico’s mining production is dedicated<br />

to the extraction of precious metals, 36 percent<br />

to non-ferrous, seven percent to metallurgy<br />

products, and the remaining six percent to<br />

non-metal ores. Statista states that the sector<br />

employs 368,000 people.<br />

Mexico is a leading producer of silver and is a<br />

major producer of 12 minerals such as fluorspar,<br />

graphite, and strontium. Coal is important for<br />

domestic use as well as the power, metallurgy,<br />

cement, and chemical industries; new coal<br />

deposits need to be found to reduce dependency<br />

on imports. However, investment here has<br />

slowed as a result of the government’s hold on<br />

new licences and a desire for the industry to<br />

wait for better terms.<br />

On plastics and resins, the US government<br />

values the sector at more than $39bn in 2020.<br />

The market is driven by the packaging and<br />

Mexico City is the densely<br />

populated, high-altitude capital<br />

of Mexico. It's known for its<br />

Templo Mayor (a 13th-century<br />

Aztec temple), the baroque<br />

Catedral Metropolitana<br />

de México of the Spanish<br />

conquistadors and the Palacio<br />

Nacional, which houses historic<br />

murals by Diego Rivera. All of<br />

these are situated in and around<br />

the Plaza de la Constitución,<br />

the massive main square also<br />

known as the Zócalo.<br />

construction sectors, which account for 47<br />

percent and 12 percent of sales, respectively.<br />

Of the former, there’s opportunity in food and<br />

drink; thermoformed plastics and electrostatic<br />

discharged coatings. For the latter, Mexico’s<br />

construction industry has switched from being<br />

traditionally metal based to using plastics in<br />

water and gas piping, windows, doors, roofing<br />

tiles, and coverings. In manufacturing, recycling<br />

technologies are growing in importance while<br />

bioplastics are being developed to reduce nonrecyclable<br />

waste.<br />

ICT<br />

Internet growth has spurred on Mexico digital<br />

activity. With more than 84m users and wide<br />

smartphone use cloud storage demand is<br />

expected to grow 30 percent. Spending on<br />

business software, data centres, Infrastructure<br />

as a service (IaaS), CRM and cybersecurity<br />

solutions are also expected to grow – especially as<br />

Mexico has witnessed a number of cyberattacks<br />

recently.<br />

Further, the country aims to be a high-end<br />

software developer for aerospace, industry<br />

and finance. The US Trade Department<br />

reckons that there are 38 IT clusters around<br />

Mexico providing software as a service. The<br />

Government is seeking to provide universal<br />

connectivity – especially in rural areas - via its<br />

Internet para Todos programme. However, it’s<br />

also cut budgets and made changes to VAT for<br />

service providers.<br />

The telecoms market has grown markedly as<br />

a result of mobile telephony. Development of<br />

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


AUTHOR – Adam Bernstein<br />

5G is expected to speed up following the<br />

proposed auction of 5G wavebands in<br />

<strong>2022</strong>. Similarly, television broadcasting<br />

represents an opportunity for investment<br />

following the government’s auctioning of<br />

two national networks.<br />

Infrastructure and construction<br />

With such a large economy and population,<br />

Business Monitor International believes<br />

that this sector will have grown by 12<br />

percent in 2021 (post COVID) and should<br />

maintain a growth rate of 3.1 percent<br />

per year until 2025. As for overall value,<br />

Globaldata thinks the construction<br />

market was worth $151.2bn in 2021.<br />

Announced projects include a new<br />

airport for Mexico City at the Santa Lucía<br />

Military Base; the Isthmus of Tehuantepec<br />

Inter-Oceanic Corridor; the ‘Maya Train’<br />

on the Yucatan Peninsula; rural roads;<br />

and various sector-specific developments<br />

in oil and gas production, refinery<br />

development, agricultural production,<br />

and mines. The Secretariat of Finance and<br />

Public <strong>Credit</strong> reckons that this spending<br />

should be worth around $82.56bn (2021).<br />

Beyond the public sector, projects are<br />

likely to include mixed-use buildings<br />

(retail, corporate, and housing), offices,<br />

logistics and manufacturing hubs,<br />

shopping centres, and general retail.<br />

Notably, there is demand for plywood,<br />

bricks, concrete and flooring. There is<br />

also call for environmentally friendly<br />

products and services; Mexico has joined<br />

the World Green Building Council (WGBC)<br />

and is seeking to learn best practices from<br />

Europe, Canada, and the United States.<br />

Other sectors<br />

Apart from these six key areas, other<br />

sectors present opportunities too.<br />

Tourism is important as it (pre-COVID<br />

data from Statista) represents around 8.5<br />

percent of GDP, employs 3.9m people,<br />

offers 24,700 plus hotels, and offers<br />

great value to visitors along with golden<br />

beaches and ancient history.<br />

When it comes to the energy sector<br />

Mexico is ranked 13th globally in crude oil<br />

production, 21st in crude oil reserves, 16th<br />

in refined capacity, and 5th in logistics<br />

infrastructure according to the US Trade<br />

Department. Statista noted that in 2021,<br />

the sector accounted for 3.3 percent of<br />

GDP – part of a general decline in recent<br />

years.<br />

Growth did follow market liberalisation<br />

in 2013; now foreign investors can buy<br />

into the energy sector. But the current<br />

government brought in law from June 2021<br />

which prohibited private companies from<br />

importing and exporting hydrocarbons<br />

from a different place than authorised.<br />

There’s also agriculture to consider<br />

which contributes 3.8 percent of GDP –<br />

down from 13.1 percent in 1965 as a result<br />

of the growth of other sectors (World<br />

Bank). The Economist thinks the sector<br />

is worth $39.5bn in 2020. Key products<br />

are coffee and sugarcane, bananas,<br />

pineapples and mangos as well as cacao<br />

and rice. Vanilla is also grown, as is cotton.<br />

Personal Tax<br />

Income tax is banded in to one of 11 rates<br />

from 0 percent on income to 7735 Mexican<br />

Pesos (MXN), up to 35 percent on anything<br />

above MXN 3,898,140.13.<br />

However, for employees considered<br />

non-resident for Mexican tax purposes,<br />

the tax rate applicable varies from 15<br />

percent to 30 percent. The first MXN<br />

125,900 of employment income received<br />

in a 12-month floating period will be tax<br />

exempt. Beyond that the rate is 15 percent<br />

to MXN 1m, above that the rate rises to 30<br />

percent.<br />

Resident individuals are subject to<br />

Mexican income tax on their worldwide<br />

income, regardless of their nationality.<br />

Non-residents, including Mexican citizens<br />

who can prove residence for tax purposes<br />

in a foreign country, are taxed only on<br />

their Mexican-source income.<br />

Corporate Tax<br />

The federal corporation tax rate is 30<br />

percent. But the tax liability for those<br />

engaged exclusively in agriculture,<br />

livestock, fishing, and forestry activities is<br />

reduced by 30 percent. There are no state<br />

corporation taxes.<br />

VAT<br />

The general rate is 16 percent and also<br />

applies to digital sales. VAT exempt<br />

transactions include the sale of land, credit<br />

instruments, residential construction,<br />

interest paid by banks, medical services,<br />

education, and rentals of residential<br />

property. There’s a zero rate for the likes of<br />

publications, basic foodstuffs, medicines,<br />

and agricultural goods and services.<br />

Compulsory profit sharing<br />

Although not a tax, every business unit<br />

with employees (irrespective of the type<br />

of organisation) is required to distribute<br />

10 percent of its annual profits among all<br />

employees, except general directors and<br />

managers. £1 is worth around 23.5 MXN<br />

at the time of writing.<br />


So, despite the description of Mexico by<br />

the presenters of Top Gear, it’s patently<br />

clear that while its culture differs from<br />

ours. It’s most certainly an economy<br />

worthy of consideration; there’s much to<br />

look to exploit – especially as the UK has<br />

left the European Union.<br />

Adam Berstein is a freelance writer.<br />

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



Everyone has a role to play in creating<br />

an organisation's culture.<br />

AUTHOR – Natascha Whitehead<br />

IT can sometimes be hard to think of<br />

how we, as individuals, can make a<br />

real impact on an organisation’s culture<br />

and work environment. It was recently<br />

National Inclusion Week – which is a<br />

chance to remember what we should be<br />

doing as individuals to support inclusion in the<br />

workplace.<br />

If you are stuck for how to do just that, here’s<br />

seven ways you can help:<br />

1BE OPEN<br />

Be open to sharing aspects of your<br />

experiences and values with your<br />

colleagues. While it may seem<br />

daunting, starting open conversations<br />

about what makes us who we<br />

are can pave the way for more inclusive<br />

work environments. Sharing your identity at<br />

work can also help show support for those<br />

around us, particularly those from marginalised<br />

groups. For example, sharing your pronouns<br />

can show solidarity with non-binary or<br />

transgender colleagues, in addition to helping<br />

normalise the acceptance of differences in the<br />

workplace. It’s particularly pertinent if this<br />

openness comes from those higher up in a<br />

business.<br />

2REACH OUT<br />

Reach out and connect with new<br />

people in your organisation. With many<br />

companies offering hybrid or flexible<br />

working arrangements, it’s now not<br />

the norm for colleagues to see each<br />

other face-to-face every day. Reaching out and<br />

connecting with colleagues across different<br />

teams, departments, offices, and even countries<br />

can reduce feelings of isolation and exclusion<br />

for individuals within organisations.<br />


Thank colleagues who actively contribute<br />

to inclusion activities. Acknowledge and<br />

empower those around you who play a<br />

part in creating an inclusive workplace.<br />

From big actions, like running inclusion<br />

networks and initiatives, to smaller everyday<br />

acts of kindness, championing colleagues who<br />

are creating inclusive environments will ensure<br />

they feel valued and appreciated for their great<br />

work.<br />

❝<br />

A workplace<br />

culture built on trust,<br />

respect, equity, and<br />

inclusivity enables<br />

us all to live by our<br />

values and achieve<br />

our ambitions at<br />

work.<br />

❝<br />


Enrich and expand your network in<br />

the workplace and beyond. The power<br />

of having a diverse network of friends<br />

and connections at work should not<br />

be underestimated. By reaching out<br />

and connecting with different types of people<br />

at work, either virtually or face-to-face, you’ll<br />

benefit from more diverse perspectives, and<br />

you’ll achieve a greater understanding of other<br />

people’s lived experiences.<br />

Acknowledge gaps in your knowledge, ask<br />

questions, and make time for your own learning<br />

We all have a responsibility to learn more<br />

about the struggles that others face and the role<br />

we can play in creating inclusive cultures, both<br />

inside and outside of the workplace. It shouldn’t<br />

be the sole responsibility of those with lived<br />

experiences of exclusion or prejudice to educate<br />

others, raise awareness, or take action – we all<br />

need to take ownership of our own learning.<br />

5BE AN ALLY<br />

Be an active inclusion ally by developing<br />

your knowledge and listening to those<br />

around you. It’s possible to be an<br />

inclusion ally, no matter what position<br />

you hold in your organisation. Through<br />

acknowledging gaps in your own knowledge,<br />

you’ll learn more about the oppressions that<br />

others face and become a better ally. You can<br />

help to create a safer space for everyone in the<br />

workplace through allyship.<br />


Commit to investing your time in at least<br />

one programme designed to promote<br />

inclusivity. To achieve meaningful<br />

change and make lasting improvements<br />

to workplace inclusivity, long-term<br />

action and commitments need to be made.<br />

Reflect on the unique challenges impacting your<br />

organisation and consider what actions you can<br />

take to overcome these in the future.<br />

We can all take small, simple actions to<br />

support a feeling of belonging for all – to make<br />

our workplaces more open and inclusive. A<br />

workplace culture built on trust, respect, equity,<br />

and inclusivity enables us all to live by our<br />

values and achieve our ambitions at work.<br />

Natascha Whitehead is Business<br />

Director & UK Channel Lead of Hays<br />

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

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

Thursday 2 February,<br />

Royal Lancaster London<br />




Following a record breaking <strong>2022</strong> event the<br />

CICM British <strong>Credit</strong> Awards are back for 2023.<br />

The British <strong>Credit</strong> Awards recognise the stand out achievements<br />

of the most deserving individuals, teams and organisations in the<br />

international credit industry. Join us as we celebrate your achievements<br />

and recognise all the hard work you have achieved this year.<br />



• Create new business<br />

opportunities - target<br />

new customers as well as<br />

re-energising current relationships<br />

• Exposure and profile - benefit<br />

from high-profile branding to the<br />

entire UK credit industry before,<br />

during and after the event<br />

• Increase your credibility through<br />

association with the credit industry’s<br />

leading association and awards<br />

• Gain valuable profiling in <strong>Credit</strong><br />

<strong>Management</strong> Magazine through<br />

awards-related editorial coverage<br />

and post-event write-ups<br />

• Gain critical advantage over your<br />

competition by sponsoring the<br />

category most relevant to you<br />

To find out about the exceptional range of sponsorship opportunities available at the CICM British<br />

<strong>Credit</strong> Awards please contact Will Bolton to request a copy of our full sponsorship information pack.<br />

Will Bolton – Business Development Manager<br />

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

<br />

<br />

<br />

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



Evolving the concept<br />

of prompt payment.<br />

AUTHOR – Ant Persse FCICM<br />

YOU hear politicians say it<br />

all the time, and it has<br />

become something of a cliché,<br />

but small businesses<br />

are the lifeblood of Britain.<br />

However, it’s not just for<br />

the obvious reasons, such as their value<br />

to the economy, in reality it’s because of<br />

what they bring to people. They’re often<br />

in small communities, hiring local people,<br />

creating friendships, partnerships<br />

and giving business owners the chance to<br />

live their dream of ‘being their own boss’.<br />

Yet behind the scenes many of them are<br />

struggling and trying to insulate their staff<br />

from the challenges they face. One such<br />

challenge is a lack of cashflow, which can<br />

mean owners cut their own salary to make<br />

the pay roll.<br />

So it was with some enthusiasm, albeit<br />

slightly guarded, that the sector welcomed<br />

the Prompt Payment Code (PPC) in the<br />

mid 2000’s. But that enthusiasm has<br />

slowly faded away to be replaced with<br />

varying degrees of disappointment and<br />

scepticism.<br />

As a policy, there are few as well<br />

intentioned as the Prompt Payment Code.<br />

Yet, there are also few that appear to be as<br />

troubled.<br />

Powerful message<br />

The policy wording itself delivers a<br />

powerful message, yet if you scrunch<br />

up the paper and throw it away,<br />

nothing happens. No repercussions, no<br />

consequences and more importantly no<br />

action. In fact, those that sign it risk being<br />

banned from the Code if they fail to follow<br />

its rules. But what does this achieve? They<br />

were already ignoring it in the first place.<br />

That’s not to say the PPC is all bad. Far<br />

from it. In some ways it performed well.<br />

It created dialogue and debate over the<br />

challenges of late payment and teased out<br />

many of the issues that both sides face.<br />

It wasn’t a case of all big companies bad,<br />

and all small good, and it did manage to<br />

highlight examples of best practice, as<br />

well as the poorest.<br />

But what we need now is a Code that<br />

work for us in today’s market and creates<br />

a platform to effect real change. Luckily,<br />

the Prompt Payment Code is an excellent<br />

place to start. It’s not a replacement that’s<br />

needed, but an advancement.<br />

Flexibility is key<br />

As an industry, the pandemic taught us<br />

one thing. One size does not fit all, and<br />

the PPC is no different.<br />

One key challenge is that it applies in<br />

principle to the treatment of SMEs as a<br />

sector by larger corporations. However,<br />

larger businesses that are in a position<br />

to trade with other larger businesses on<br />

preferable payments terms such as 60, 90<br />

or 120 days, no longer have an incentive<br />

to trade with SMEs on 30-day terms,<br />

as mandated by the PPC in the 2021<br />

reforms.<br />

In addition to that, payment terms also<br />

give small businesses a way to compete<br />

with other small firms, and healthy<br />

competition is always good for economies.<br />

If we remove payment terms as a tool<br />

SMEs can use to compete, we stifle their<br />

opportunity to grow. Especially when you<br />

consider that in today’s economy, larger<br />

corporations have the financial might<br />

to copy and paste products designed by<br />

SMEs and manufacture them on a large<br />

scale in foreign markets.<br />

The solution therefore is flexibility and<br />

giving space for businesses to negotiate<br />

their own terms that they’re comfortable<br />

with, whilst also utilising technology and<br />

reporting to ensure that those terms are<br />

met consistently.<br />

The PPC was always designed to inspire<br />

prompt payment, rather than early<br />

payment, and so, provided businesses<br />

continue to pay promptly against the<br />

terms agreed, then in theory, behaviour<br />

changes become more possible and the<br />

policy works for all. Of course, this creates<br />

another challenge, and that comes in the<br />

form of enforcement. Without sufficient<br />

consequences the motivation to adhere to<br />

the Code is lost.<br />

Technology as yard stick<br />

Enforcement has always been a sticking<br />

point for the PPC: what is a proportionate<br />

punishment, significant enough to make<br />

a difference? Of recent, the act of naming<br />

and shaming bad payers has seemingly<br />

been the most popular choice. The reason<br />

for this is reputational damage, and<br />

rightly so.<br />

But more important to the consequence<br />

itself is how you reach the decision to<br />

enforce a consequence upon a business.<br />

❝<br />

The solution therefore is<br />

flexibility and giving space<br />

for businesses to negotiate<br />

their own terms that they’re<br />

comfortable with, whilst<br />

also utilising technology and<br />

reporting to ensure that those<br />

terms are met consistently.<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 22


AUTHOR – Ant Persse FCICM<br />

❝<br />

As a result, and thanks to being able to rely on knowing exactly when they will<br />

be paid, small business owners can sleep safely without worry that business<br />

can be adversely affected by a lack of cash.<br />

To this end, measurement is crucial to<br />

ensuring that consequences are enforced<br />

upon the right people.<br />

Thanks to advancements in both<br />

technology and Government policy, unlike<br />

in 2008 when the policy was written,<br />

we now have the tools to track late payers<br />

and identify those who are failing to adhere<br />

to the policy.<br />

The Government released new legislation<br />

in 2017 that mandated business<br />

that met a minimum of two out of three<br />

thresholds to report on their payment<br />

performance annually. These thresholds<br />

are:<br />

£36 million annual turnover<br />

£18 million balance sheet<br />

250 employees<br />

needed to genuinely and more effectively<br />

change attitudes to prompt payments.<br />

As a result, and thanks to being able<br />

to rely on knowing exactly when they<br />

will be paid, small business owners<br />

can sleep safely without worrying that<br />

their business be adversely affected by a<br />

lack of cash. In addition, they have the<br />

confidence that those who negatively<br />

impact their business by paying late will<br />

be held accountable and in turn, will<br />

hopefully, pay on time in future. What’s<br />

more, small businesses will retain the<br />

flexibility and control over their payment<br />

terms as a negotiating tool for future<br />

business.<br />

Ant Persse is the CEO of Saltare.<br />

This ensures a considerable number of<br />

businesses across the UK are compelled<br />

to report their payment performance<br />

annually.<br />

This therefore mean the Office of<br />

the Small Business Commissioner has<br />

at its disposal the data needed to track<br />

and subsequently name and shame bad<br />

payers annually.<br />

However, if the Government went one<br />

step further, and mandated the use of<br />

technology to evidence when, where and<br />

how each invoice was paid, we would<br />

have visible and un-arguable proof of<br />

both best and worst practice, helping to<br />

identify late payers in any sector at any<br />

point within a tax year.<br />

Looking forward<br />

The PPC has done good work in changing<br />

the behaviour of business to an extent,<br />

and since its inception and reform in<br />

2021, it has served a purpose, to a point,<br />

to instil confidence in small and micro<br />

businesses.<br />

However, in the wake of a pandemic<br />

in which business have learnt to flex,<br />

opening up new revenues streams,<br />

finding innovative ways to extend credit<br />

lines and lengthening payment terms,<br />

installing a level of flexibility within the<br />

Code is becoming essential.<br />

And in the age of technology, utilising<br />

systems that can monitor, analyse and<br />

flag late payers will give the Office of the<br />

Small Business Commissioner the powers<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 23


Training courses that offer high-quality approaches<br />

to credit-related topics and practical skills<br />

Now, more than ever, the <strong>Credit</strong> <strong>Management</strong> and Collections industry is<br />

seeing drastic changes and impacts that affect the day-to-day roles of <strong>Credit</strong><br />

and Collections teams.<br />

CICM Training offers high-quality approaches to credit-related topics.<br />

Granting you the practical skills and necessary tools to use in your workplace<br />

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

credit management experience, will grant you the knowledge, improved<br />

results, and greater confidence you need for your teams to succeed in the<br />

<strong>Credit</strong> <strong>Management</strong> profession.<br />

Get trained with your<br />

professional body and the only<br />

Chartered organisation that delivers<br />

<strong>Credit</strong> <strong>Management</strong> training<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 24

On-Demand | Online | Face-to-Face<br />


CICM Training courses can be delivered through a variety of<br />

options, ensuring a range of opportunities for your teams to<br />

be trained on the most up-to-date methods in the industry.<br />

CICM On-Demand<br />

Training<br />

CICM Online<br />

Training<br />

CICM Face-to-Face<br />

Training<br />

On-Demand training can be viewed anytime, anywhere with our<br />

downloadable training videos.<br />

Online training will be for those who find it easy to learn from the space<br />

of their home or office.<br />

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

and learn together in the same room as your colleagues and peers.<br />


CICM have a collection of training courses to meet the needs of your <strong>Credit</strong> and<br />

Collections’ teams. Take a look at the courses below and start training towards the<br />

CICM Professional Standard.<br />

Advanced Skills in Collections • Best Practice Approach to Collections<br />

Best Practice Skills to Assess <strong>Credit</strong> Risk • Collect that Cash • <strong>Credit</strong> Bootcamp Effective<br />

Communication in the <strong>Credit</strong> Role • Emergency Guide to <strong>Credit</strong><br />

Harness your leadership Style • Know Your Customer • Managing Insolvency<br />

Reflect and Develop • Set Targets that Work<br />

For more details, visit our website, scan the barcode<br />

or contact us at info@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 25


A new path<br />

The HCEOA’s changing education pathway reflects a<br />

wider drive to develop and modernise the High Court<br />

enforcement world.<br />

AUTHOR – Alan J. Smith<br />

AS an association, we are<br />

constantly looking for ways<br />

to support our members<br />

and to improve High Court<br />

enforcement. A key part<br />

of that is ensuring that<br />

we continue to raise standards across the<br />

profession by supporting our student and<br />

associate members on their journey to<br />

become High Court Enforcement Officers.<br />

That is the driving force behind the<br />

HCEOA’s new partnership with the CICM.<br />

We’ve engaged the CICM to work with us<br />

to revisit the Level 4 qualifications and<br />

certificates that form a key part of our<br />

members’ education pathway from student<br />

to full membership status.<br />

This new look education pathway is just<br />

one of the initiatives we’re working on that<br />

we believe will not only help to modernise<br />

the enforcement profession but also help us<br />

strengthen its diversity and ensure its longterm<br />

sustainability.<br />

The new process will see the HCEOA<br />

adopting both a new look Level 4 Diploma<br />

in High Court Enforcement and a new,<br />

regulated CICM Level 4 Certificate in High<br />

Court Enforcement for practical experience<br />

which is required for accreditation and<br />

authorisation. Both will be run and<br />

accredited by CICM.<br />

Traditionally, the route to becoming<br />

a High Court Enforcement Officer was<br />

dependent upon achieving a Level 4 Diploma<br />

in High Court Enforcement and two years<br />

of demonstrated experience assessed<br />

internally by an existing HCEO.<br />

Not only will this make the key education<br />

pathway in High Court enforcement entirely<br />

independent, but it will also enhance<br />

professionalism by ensuring everyone<br />

entering the industry has access to the<br />

best learning materials available as well as<br />

regulating the practical experience as part of<br />

their journey to becoming HCEOs.<br />

For anyone currently working in credit<br />

management, or considering a career<br />

change, being a HCEO can open up new<br />

commercial opportunities as well as offering<br />

a valuable transferable skillset, such as<br />

enhanced legal skills, people management,<br />

relationship building and conflict resolution.<br />

We’re hopeful that the new, independent<br />

accreditation will enable us to attract a<br />

wider selection of candidates from outside<br />

of our existing talent pool, including current<br />

and new members of the CICM, something<br />

the association has been keen to do for some<br />

time.<br />

This is a critical step in moving towards a<br />

more diverse profession which recognises<br />

and values the variety of experiences and<br />

skills that come from a wide range of<br />

backgrounds and circumstances.<br />

This is important as we look to futureproof<br />

the profession by attracting ‘new blood’ to<br />

ensure future generations of HCEOs can<br />

continue supporting UK businesses and<br />

individuals by enforcing their judgments<br />

and recovering money that is owed to them.<br />

Prior to enrolling new entrants onto the<br />

Level 4 qualifications, the CICM, along with<br />

the HCEOA, will manage the transition of<br />

current learners on the HCEOA’s training<br />

programme, ensuring no time or learning is<br />

lost for those already on the journey.<br />

We’re a small profession, but a career<br />

in enforcement, and in High Court<br />

enforcement in particular, can be hugely<br />

fulfilling and challenging but ultimately<br />

rewarding. Our challenge is to reach out<br />

to appeal to more people who are working<br />

in and around the legal and Enforcement<br />

worlds (and eventually beyond) and help<br />

them realise that High Court enforcement<br />

could be the right opportunity for them.<br />

Doing nothing is not an option. Every<br />

profession needs to continuously renew and<br />

refresh the talent pool, and enforcement<br />

is certainly no exception. We’re already<br />

starting to see an impact – four out of every<br />

High Court Enforcement Officers appointed<br />

in the past 12 months have come from<br />

outside of the major firms, and we know<br />

there is interest from others to become a<br />

HCEO.<br />

In many ways this new education pathway<br />

is just the start. There is plenty more for us to<br />

do, and we’re certainly not being complacent<br />

as we look to the future within a profession<br />

that has changed significantly over the past<br />

20 years. There is lots to do, but we’re ready<br />

for the challenge, and this new education<br />

partnership with CICM gives us a great start.<br />

Alan J. Smith FCICM is Chairman of the<br />

High Court Enforcement Officers<br />

Association (HCEOA).<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 26

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Climate Control<br />

How is the collections and debt purchase<br />

sector faring as we head into 2023?<br />

AUTHOR – Chris Leslie<br />

"shall we turn the<br />

heating on?...what in<br />

this climate, no chance<br />

mate."<br />

❝<br />

We are now in a position where, while the state will subsidise household<br />

energy costs to a very large degree, consumers look set to still face significant<br />

rising costs accompanied by higher personal finance and housing costs.<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 28


AUTHOR – Chris Leslie<br />

AS the wider economic<br />

environment continues to<br />

dominate the news agenda,<br />

it’s worth taking stock where<br />

the UK’s debt collection and<br />

debt purchase sector fits<br />

into this picture, what risks and prospects<br />

lie ahead and what should be the collective<br />

policy priorities as we head towards 2023.<br />

At the CSA’s recent UK <strong>Credit</strong> & Collections<br />

conference in Manchester, there was much<br />

talk about the cost-of-living issues facing<br />

consumers, though these pressures were<br />

mostly anticipated to begin squeezing<br />

repayment rates as the winter months draw<br />

on and extra heating needs are accompanied<br />

by highly inflated energy bills.<br />

What few anticipated was that the change<br />

of administration to the Truss/Kwarteng<br />

leadership would be so quickly accompanied<br />

by a series of fiscal commitments that<br />

upset the gilt bond markets, putting even<br />

further upward pressure on mortgage and<br />

Bank of England interest rates. We are now<br />

in a position where, while the state will<br />

subsidise household energy costs to a very<br />

large degree, consumers look set to still<br />

face significant rising costs accompanied<br />

by higher personal finance and housing<br />

costs.<br />

With a typical two-year fixed mortgage<br />

now knocking on six percent, this is<br />

predicted to absorb 27 percent of household<br />

incomes as opposed to around 17 percent<br />

housing costs that most have been used to<br />

in recent times. In other words, the squeeze<br />

on available income after accounting for<br />

essential expenditure is still set to get worse<br />

in the coming year – which in turn will<br />

raise the number of households in deficit<br />

budgets and make the collections challenge<br />

harder still.<br />

We can therefore anticipate a difficult<br />

economic climate in which UK consumers<br />

will continue to borrow but if we have now<br />

moved past the era of ultra-low interest<br />

rates, which seems likely even if the<br />

Government calms the markets somewhat,<br />

then default rates are likely to increase<br />

and the attention of policy-makers and the<br />

media on finance costs and forbearance<br />

needs will also increase. All the more<br />

reason, then, for the collections sector to<br />

maintain the creditable progress made over<br />

recent years in engaging professionally with<br />

customers, upholding high standards and<br />

working with creditors to maintain credit<br />

availability by helping lenders recover<br />

sums owed.<br />

Public perceptions<br />

Public perceptions will continue to play<br />

a large part in the reputational standing<br />

of the collections sector – something<br />

that regulators and the Government will<br />

monitor closely. If the cost of credit is going<br />

to be increasingly under the spotlight,<br />

it is imperative that the wider public<br />

understand that collections isn’t something<br />

done for the sake of it, but is a necessary<br />

part of the process of maintaining ongoing<br />

credit facilities at affordable levels for as<br />

many people as possible.<br />

Fortunately, the evidence suggests<br />

that the numbers of people who ‘get it’<br />

far exceed those who do not believe that<br />

collections is a necessary function. The<br />

<strong>Credit</strong> Services Association commissioned<br />

pollsters Opinium in the summer and asked<br />

a nationally representative sample whether<br />

they agreed or disagreed with the statement<br />

that ‘It is reasonable for people who miss<br />

payments on the money they owe to be<br />

contacted by a debt collection agency’.<br />

By a ratio of more than two to one, 42<br />

percent felt this was indeed ‘reasonable’<br />

versus only 20 percent who felt it was<br />

‘unreasonable’, with a sizeable remaining<br />

section of the population unsure (see graph<br />

on following page). This suggests that, while<br />

further financial education is always<br />

important in sharing with the public how<br />

the financial services cycle operates, we<br />

have strong grounds for optimism that more<br />

people understand why debt collection<br />

agencies must exist than those who do not.<br />

The CSA’s latest survey of member firms<br />

suggests that the UK collections sector now<br />

holds over £30bn of consumer debt for<br />

collection, across more than 25m customer<br />

accounts. In terms of commercial debt, the<br />

sector holds £4bn across 1.5m accounts.<br />

So there is an ongoing and significant<br />

role for collections and debt purchase<br />

agencies to play in the economy, not to<br />

mention the employment contribution<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 29 continues on page 30 >


AUTHOR – Chris Leslie<br />

made by CSA member firms who employ<br />

over 11,000 people across the country.<br />

Despite the role played by our sector<br />

and the level of public awareness, we still<br />

consistently see myths and misconceptions<br />

repeated often in heightened media<br />

terms, which can damage consumer<br />

confidence in engaging with collections<br />

agencies. The truth is that early dialogue<br />

and conversations between customers,<br />

creditors and their collections agencies<br />

remain one of the best ways to tackle<br />

problem debt, addressing difficulties and<br />

accessing forbearance that some people<br />

are unaware might be available.<br />

Positive development<br />

Earlier this year we saw the positive<br />

development of the Money & Pensions<br />

Service emphasise on its public website<br />

the potential gains for consumers in<br />

engaging directly with DCAs. Signposting<br />

to independent debt advice is of course<br />

extremely important. But it is also<br />

essential for those who shape public<br />

opinion in money and finance issues to<br />

state the obvious too often neglected; that<br />

picking up the phone and talking with<br />

lenders and collections agencies is likely<br />

to be a beneficial way forward for all<br />

concerned – the sooner the better. We can<br />

take heart that our sector has a reasonable<br />

track record in providing good customer<br />

outcomes. One way to measure this is<br />

to examine complaint levels, and while<br />

of course there will always be customer<br />

complaints, CSA member firms tell us<br />

that these tend to arise on less than a fifth<br />

of one percent of accounts, from which<br />

around 27 percent are ‘upheld’ by firms<br />

when examined further.<br />

This complaints’ rate is echoed by the<br />

complaints trend received by CSA in<br />

respect of allegations that a member firm<br />

has breached our Code of Practice, where<br />

we have an ‘uphold’ rate of 34 percent<br />

this year. So too is this reflected in the<br />

complaints data reported recently by<br />

the independent Financial Ombudsman<br />

Service, which says that in 1,101 cases,<br />

24 percent were upheld, which compares<br />

well with the 43 percent uphold rate<br />

across all other financial services types.<br />

Our Opinium polling asked those<br />

who said they had been contacted by a<br />

debt collection agency in the last five<br />

years to rate the professionalism of the<br />

agency that contacted them. The results<br />

were pleasingly positive, with a majority<br />

responding that their contact experience<br />

had been ‘good’ or ‘excellent’.<br />

This is a finding that would probably<br />

confound those who are in the habit of<br />

demonising the process of debt recovery,<br />

who tend to paint a negative portrait of a<br />

heavy-handed process placing additional<br />

stress on those in debt. The reality is<br />

that many customers are pleasantly<br />

surprised that helpful and patient support<br />

is available, together with options to<br />

rephase payments over a longer time<br />

scale or reach a settlement arrangement<br />

involving significant forbearance.<br />

Testing times<br />

The next few years, however, will be<br />

testing. The end of the era of ultra-low<br />

interest rate comes at a time when new<br />

regulations such as the FCA’s Consumer<br />

Duty are being introduced. The collections<br />

sector is well placed to cope – and navigate<br />

possible reforms to insolvency on the<br />

horizon and debt relief initiatives such as<br />

the Statutory Debt Repayment Plans.<br />

If collections agencies and debt<br />

purchases continue to be guided by the<br />

principles of the CSA’s Code of Practice,<br />

they will succeed in further bolstering<br />

their professionalism, resolving problem<br />

debts for customers, and proving their<br />

value in maintaining credit in the<br />

economy more widely.<br />

Chris Leslie is the Chief Executive<br />

of the <strong>Credit</strong> Services Association.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 30

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Moneyknows no borders—neither do we

International Trade<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

Changing demographics -<br />

more babies needed<br />

ACCORDING to Australian website<br />

quillette.com, the world is facing slowing<br />

population growth and demographic<br />

decline. In fact, total world population<br />

growth last year was the smallest in half<br />

a century and the global population is<br />

expected to peak sometime later this<br />

century. And by 2050, it’s reckoned that<br />

some 61 countries will see population<br />

declines to the point that the UN thinks<br />

that by 2100 the population will be about<br />

a billion below today’s level – and it’ll be<br />

greyer. To make the point the site states<br />

that in 1970 the median world age was 21.5<br />

years. By 2020, it was 30.9, but by 2100 it<br />

will be 41.9.<br />

As to where the greatest changes are,<br />

Europe’s birth-rate is now below the 2.1<br />

rate required to replace the population; the<br />

birth rate in England and Wales has hit a<br />

record low and a fifth of all British women<br />

are childless by mid-life; and fertility has<br />

dropped “precipitously” in China, Taiwan,<br />

South Korea, Hong Kong and Singapore.<br />

And in Japan, population growth has been<br />

declining since the 1960s.<br />

This is a problem for societies and<br />

businesses alike. On the one hand there’s<br />

a looming pension crisis where the<br />

populations won’t have saved as much<br />

as they ought – a problem exacerbated<br />

by the current economic crisis, and there<br />

will be fewer working and paying into the<br />

system at a time when more are taking<br />

money out of the system.<br />

But for firms, demand for goods and<br />

services is going to change and they need<br />

to plan ahead by watching the trends. In<br />

broad brush terms, if you can be first to<br />

market with an appropriate product or<br />

service for the new demographic, you’ll<br />

gain first mover advantage.<br />


HOW ironic is it that a former foe of the<br />

capitalist US, communist Vietnam, is<br />

doing rather well economically, reports<br />

credit insurer Atradius.<br />

It noted that the Communist Party of<br />

Vietnam (CPV) remains firmly in power,<br />

despite some public discontent over the<br />

lack of personal freedom, government<br />

corruption and land seizures by the<br />

administration. But it appears that<br />

effective measures against the spread<br />

of Coronavirus increased the legitimacy<br />

of the Government.<br />

Corruption is still a problem<br />

which the CPV seems determined to<br />

fight and disputes with China over the<br />

South China Sea are serious issues to<br />

deal with. However, the economy is<br />

doing OK.<br />

It saw annual growth rates around<br />

7.0 percent between 2012 and 2019, a<br />

slowdown to 2.9 percent in 2020 and<br />

to 2.6 percent in 2021 because of the<br />

pandemic. But it was one of the few<br />

economies that managed to avoid an<br />

economic contraction in 2020.<br />

Atradius reckons that in <strong>2022</strong> the<br />

economy will grow by 7.7 percent and<br />

private consumption should grow by<br />

7.2 percent. There may be a small<br />

denting of these numbers<br />

as economies elsewhere<br />

struggle and so require<br />

less. But nevertheless,<br />

Vietnam should be on any<br />

exporter’s to visit list –<br />

especially if they’re<br />

involved in agriculture,<br />

consumer goods,<br />

electronics/ICT,<br />

machines and<br />

engineering, and<br />

transportation<br />

and logistics.<br />

Government backs Middlesbrough boat builders<br />

FAMILY-owned shipbuilder, Parkol<br />

Marine Engineering, has launched<br />

a new vessel, Green Isle, which on<br />

completion will sail to the west coast of<br />

Ireland from Middlesbrough, marking<br />

its expansion across the country.<br />

The boat is the second to be built as<br />

a result of a new £3m Bond support<br />

package from UK Export Finance<br />

(UKEF). And the contract is the second<br />

exporting win for the business,<br />

with the first contract secured in<br />

2020 for a 27-meter fishing trawler<br />

commissioned by Irish fishing<br />

company D&N Kirwan.<br />

UKEF’s Bond Support deal helped<br />

Parkol and NatWest to provide security<br />

for the buyer’s stage payments in the<br />

form of advance payment guarantees.<br />

Sally Atkinson, director of Parkol<br />

Marine Engineering said: “Exporting<br />

has opened up new opportunities<br />

for our business. Thanks to UKEF’s<br />

support, we’ve unlocked another<br />

major contract and expanded our<br />

business in Ireland by delivering a<br />

high-quality vessel. We’re looking<br />

forward to continuing to capitalise on<br />

our exporting potential and reach new<br />

markets.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 32

The dollar hurts developing countries<br />

FOR more than a year the US dollar has<br />

been increasing in value relative to other<br />

major currencies including sterling and<br />

the euro. Following the UK chancellors<br />

mini-budget, sterling has fellen to its<br />

lowest point against the dollar in more<br />

than 50 years as the markets have<br />

little confidence in the Government’s<br />

policies and the pound. It’s not ideal for<br />

British importers – and the public – as it<br />

increases costs of goods priced in dollars,<br />

but it will help exporters as their goods<br />

become comparatively better value.<br />

At the time of writing (End September)<br />

the dollar to sterling rate dropped as low<br />

as $1.04. The euro against the dollar was<br />

worth €1.04 too.<br />

However, the dollar’s rise isn’t<br />

great for developing countries either,<br />

especially those that owe debts that are<br />

dollar denominated. Sri Lanka and the<br />

Lebanon are prime examples; their debts<br />

Changing tastes<br />

essentially have become more expensive<br />

to service.<br />

And the problem could get worse as the<br />

US Fed increases interest rates higher<br />

and faster as it attempts to fight inflation.<br />

So, if you’re trading with a developing<br />

or emerging country that is known to<br />

have a high level of indebtedness and/<br />

or high inflation rates – think Turkey<br />

and Argentina – then plan for trouble.<br />

You risk both non-payment as firms fail<br />

in faltering economies and a decline in<br />

business as customers become unable to<br />

make purchases.<br />

While Sri Lanka is the most recent<br />

offender in terms of defaulting on<br />

its debt, Alexander Tziamalis, senior<br />

lecturer in economics at Sheffield Hallam<br />

University, thinks that other countries<br />

in “grave danger” of defaulting on their<br />

debts include El Salvador, Ghana and<br />

Bangladesh.<br />



FOR those wanting to trade where China is<br />

exerting its influence – a warning.<br />

According to Nikkei Asia, the<br />

Government of the Solomon Islands has<br />

told foreign naval vessels to stay away,<br />

including the US coast guard ship Oliver<br />

Henry and HMS Spey.<br />

The move comes as the government<br />

there wants to borrow almost $100m from<br />

China to pay for mobile phone towers<br />

supplied by Huawei. It’s ordered public<br />

broadcaster SIBC to seek approval before<br />

airing stories – all at a time when the<br />

OUR tastes, or rather, what we’re being sold,<br />

are changing if a report in MoneyWeek is to<br />

be believed.<br />

Apparently healthy comestibles such as<br />

sea-moss smoothies and spicy rose wine<br />

cocktails are in vogue. Selfridges is now<br />

selling a variety of seaweed-based £40<br />

tonics, £30 jars of edible gel and £7 fresh<br />

smoothies. The retailer reckons that sales<br />

of related products are up 27 percent in the<br />

past month.<br />

The trend is rising overseas too. In the<br />

US, a less healthy yet equally unusual<br />

trend among TikTok users has led to wine<br />

drinkers up in the US adding jalapeño<br />

peppers to their wine.<br />

prime minister is trying to delay the<br />

country’s 2023 election.<br />

Many fear that the country is lurching<br />

toward authoritarianism and it’s hardly<br />

surprising when the threat to prevent<br />

foreign journalists from entering the<br />

Solomon Islands if they’ve criticised its ties<br />

to China is considered.<br />

The point is this. If you want to export<br />

to countries with ‘interesting’ connections<br />

you’ve got to mind what you say and write.<br />

Now whether you want to self-censor, that’s<br />

up to you.<br />

Something else to consider is the<br />

decriminalisation of recreational cannabis<br />

in the US last year, and while it’s not yet<br />

legal to sell marijuana, it can be smelt<br />

everywhere in New York as unlicensed<br />

dispensaries are tolerated by police. But<br />

outlets are due to be granted licences within<br />

months, and the city is close to opening<br />

a cannabis market worth around $10bn a<br />

year – and with growth potential, given that<br />

more Americans now smoke marijuana<br />

(16 percent) than cigarettes (11 percent)<br />

according to a Gallup poll.<br />

So if you’re looking for an edge or a new<br />

market, very simply, find a trend and sit on<br />

its coat tails.<br />



THE Spectator recently commented that<br />

the US, Russia and France, “are courting<br />

Africa” while China has been there for<br />

decades. It credits China with doing well<br />

because it “gives local governments what<br />

they want – mainly infrastructure to<br />

support economic growth for a growing<br />

population” – while understanding the<br />

cost of business in “ways that squeamish<br />

Westerners could never stomach”.<br />

The publication said of Africans that<br />

“every time the Chinese visit, we get a<br />

hospital, every time the British come, we<br />

get a lecture.”<br />

But – and this should be important to<br />

exporters – Africa is rising in prominence<br />

because in less than 30 years, 25 percent<br />

of the global population will be African.<br />

Notably, 75 percent of Africans are under<br />

30, the continent has more than half of<br />

the world’s arable land, many minerals<br />

including critical metals and 17 rare earth<br />

elements.<br />

So, British exporters have a choice.<br />

Gain some elbow room at the table while<br />

listening instead of talking – or watch<br />

the Chinese and other nations gobble up<br />

African business.<br />


❝<br />

“Every time the Chinese<br />

visit, we get a hospital, every<br />

time the British come, we get<br />

a lecture.”<br />

❝<br />


OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.16042 1.08992 Flat<br />

GBP/USD 1.14789 1.05042 Down<br />

GBP/CHF 1.13465 1.03458 Up<br />

GBP/AUD 1.81444 1.61473 Up<br />

GBP/CAD 1.56372 1.43178 Up<br />

GBP/JPY 167.804 151.217 Flat<br />

This data was taken on 17th October and refers to the<br />

month previous to/leading up to 16th October <strong>2022</strong>.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 33


Power to the People<br />

Manufacturers in both the US and the UK are<br />

facing similar challenges when it comes to<br />

international expansion.<br />

AUTHOR – Adam Bernstein<br />

IN an age of globalisation where the world has<br />

shrunk so that communication and trade can be<br />

done at the press of a button, it’s telling that despite<br />

threats such as COVID, protectionism and even the<br />

Russian invasion of Ukraine, the world economy is<br />

surviving.<br />

As the Bank of England noted in the July 2021 issue of<br />

Bank Overground, the COVID pandemic caused significant<br />

disruption to global trade - in 2020, it fell by 8.9 percent. But<br />

trade has rebounded. Indeed, the World Economic Forum<br />

said in a report entitled three charts that show the state of<br />

global trade in <strong>2022</strong> – and they might surprise you, published<br />

September <strong>2022</strong>, that global trade was 10 percent higher<br />

than pre-pandemic levels in May <strong>2022</strong>.<br />

But there are still plenty of threats around. Weaponised<br />

energy supplies, Russia’s maintenance of its bellicose stance,<br />

a general shortage of labour, and rising inflation are but<br />

some. Fortunately, commerce – especially manufacturing<br />

and transport – has become far more resilient through<br />

greater levels of digitisation and automation. Such capitalintensive<br />

processes meant that they could cope in an era of<br />

social distancing.<br />

Nevertheless, manufacturers still need to find ways to<br />

deal with the potential for disruption to supply chains from,<br />

for example, US action in relation to Chinese technology<br />

abuse, rising protectionism, and regional conflicts that<br />

spill over into the global marketplace. With the scene set,<br />

it’s interesting to note the results of a survey from law<br />

firm Walker Morris of 200 senior managers in US and UK<br />

manufacturing firms, specifically, those located in the US<br />

Midwest and the UK’s Northern Powerhouse.<br />

It made a number of findings and noted that both regions<br />

have plenty in common and are traditional industrial areas<br />

that do much for exports. They have moved on and feature<br />

newer industries including renewable energy, electric<br />

vehicles, bioscience, nanotechnology and advanced<br />

manufacturing. Both areas are still involved in heavy<br />

industry, but they now possess research centres,<br />

innovation parks and high-tech production facilities.<br />

James Crayton, Head of Commercial at Walker<br />

Morris, says the object of the survey was to understand<br />

the challenges and opportunities that both regions<br />

are facing.<br />

In overview<br />

From the data it appears that more than half (52<br />

percent) of the US and UK manufacturers said that<br />

international expansion was a goal of theirs and 93<br />

percent saw opportunities for increased bilateral<br />

trade. However, firms on both sides of the Atlantic<br />

said they struggled with regulation; foreign legal<br />

systems in particular posed a challenge for 87<br />

percent of businesses.<br />

At the same time, digital transformation was<br />

on their minds, and 76 percent said that they were<br />

investing in operational technology. But finding<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 34


AUTHOR – Adam Bernstein<br />

❝<br />

They have moved on and feature newer industries including renewable energy,<br />

electric vehicles, bioscience, nanotechnology and advanced manufacturing.<br />

Both areas are still involved in heavy industry, but they now possess research<br />

centres, innovation parks and high-tech production facilities.<br />

the people and skills to implement that<br />

technology was a challenge for 76 percent of the<br />

respondents, and 65 percent of those interested<br />

in more bilateral trade were driven by the<br />

desire for better access to advanced production<br />

methodologies and processes.<br />

In light of this Crayton comments that “with so<br />

many shared issues, there is much to be gained<br />

from increased trade and knowledge sharing.”<br />

He added that “international trade is likely to be<br />

an increasing part of many businesses’ growth<br />

strategies. Increased cross-border cooperation<br />

and learning should go hand in hand with this,<br />

as well as careful consideration of the legal<br />

challenges it brings.”<br />

Greater levels of disruption<br />

Manufacturers on both sides of the Atlantic said<br />

they faced similar challenges. In fact, disruption<br />

and change is nothing new to them. But in<br />

recent times manufacturing has had to deal<br />

with thornier issues such as COVID, US political<br />

uncertainty, Brexit and geopolitical issues with<br />

China and Russia.<br />

But as Crayton comments that “most of the<br />

problems wrought by the pandemic aren’t new:<br />

in many cases, they exacerbated already-present<br />

issues. Manufacturing’s exposure to commodity<br />

markets and ‘just-in-time’ procurement meant<br />

businesses were affected by economic shock or<br />

supply chain interruption immediately; both of<br />

which are happening with increasing frequency.”<br />

He points out that international trade disputes<br />

and pressure to become more environmentally<br />

sustainable are similarly on the rise. Interestingly,<br />

the survey found that another challenge<br />

is finding the right M&A opportunities and 38<br />

percent said this can be difficult.<br />

And then there’s the matter of the skills gap in<br />

manufacturing which follows on from a rapidly<br />

aging workforce and a shortfall of new hires. On<br />

top of that are problems with new regulations<br />

– a challenge for 68 percent of respondents,<br />

and stiff competition made harder through the<br />

deployment of technology.<br />

One approach to dealing with these challenges<br />

found by the survey is diversification into<br />

new markets or sectors. On this Crayton says<br />

that “over half of our respondents (52 percent)<br />

are pursuing international expansion as a<br />

strategic goal and one in three (34 percent)<br />

is targeting growth through mergers or<br />

acquisitions.” He added that spreading risk<br />

and achieving growth through expansion is<br />

attractive, but the biggest challenge businesses<br />

face is regulation.<br />

Brave | Curious | Resilient / www.cicm.com /<strong>November</strong> <strong>2022</strong> / PAGE 35<br />

continues on page 36 >


AUTHOR – Adam Bernstein<br />

Regulatory headaches<br />

As with firms elsewhere, bureaucracy and<br />

regulation are hurdles for both US and UK<br />

businesses chasing international expansion.<br />

Crayton does seem surprised that red tape<br />

was the biggest hurdle that businesses reported<br />

when trading internationally. He details that<br />

some 87 percent said they were experiencing<br />

challenges in working with foreign legal<br />

systems, 80 percent were hindered by barriers to<br />

trade such as tariffs and quotas, and 53 percent<br />

said the volume of regulation in their target<br />

market was an issue. “There are many factors<br />

at play,” says Crayton, “from more rigorous<br />

environmental standards and data protection<br />

rules in response to societal changes, to the reemergence<br />

of protectionism and embargos as a<br />

result of political instability.”<br />

But all is not lost he says, and he advises<br />

starting early when forming a plan. He says that<br />

“the regulatory landscape can appear daunting<br />

and so the answer is to start working through<br />

it as early as possible. Identifying the key legal,<br />

regulatory and compliance issues that need to<br />

be dealt with at each stage of the supply chain,<br />

be that for the manufacturer, distributor,<br />

retailer or an authorised representative.”<br />

In his view, doing this provides time to<br />

overcome any regulatory hurdles and put the<br />

right contractual and other protections in place.<br />

It shouldn’t be forgotten that while technology<br />

can automate many processes, especially those<br />

associated with finance or human resources,<br />

regulatory compliance represents far greater<br />

complexity. As Crayton knows from first-hand<br />

experience, “it requires an in-depth knowledge<br />

of the regulation in question and the markets or<br />

scenarios it applies to.”<br />

And he gives an instance - a US-based medical<br />

devices company with a subsidiary in the UK.<br />

The business sourced products worldwide,<br />

which were stored in a warehouse in mainland<br />

Europe before being shipped to customers<br />

throughout the EU. This meant the company<br />

was subject to overlapping medical devices<br />

regulations, conformity standards and other<br />

requirements that varied from country to<br />

country. The company needed to understand<br />

how they could sell and ship goods – and also<br />

what would happen if there was a fault with a<br />

product.<br />

The solution, he says, was a review of the<br />

supply chain model to map out legal roles<br />

and responsibilities, for example, who was<br />

responsible for ensuring appropriate conformity<br />

assessments had been conducted and the<br />

products marked accordingly?<br />

Once completed the company was given<br />

advice on what registrations, licences and<br />

authorisations were needed at each stage and<br />

what safeguards, procedures and contractual<br />

clauses the company needed in order to fulfil its<br />

responsibilities without unwittingly taking on<br />

undue risk or liability.<br />

❝<br />

“A shared<br />

language,<br />

similar culture<br />

and legal<br />

systems with<br />

commonalities<br />

mean any<br />

changes to<br />

business<br />

models can be<br />

undertaken in<br />

a landscape<br />

that feels less<br />

alien and more<br />

familiar than<br />

most other<br />

locations<br />

around the<br />

world.”<br />

❝<br />

Regulation is undeniably complex but most<br />

of it is there for a reason. It’s also unavoidable<br />

for any business wanting to move goods a round<br />

the world. But as Crayton says, “while it can<br />

be time consuming, it’s a surmountable hurdle<br />

– by understanding the detail and finding<br />

creative commercial solutions there is usually<br />

a way through it and this is enhanced if you<br />

work with advisers who know your sector and<br />

market.”<br />

Strengthening trade ties<br />

Apart from sharing similar challenges, the<br />

survey found that most businesses saw<br />

opportunity in the prospect of increased US-UK<br />

trade.<br />

As before, some 93 percent said they saw<br />

opportunity for increased bilateral trade<br />

between the US Midwest and UK Northern<br />

Powerhouse. On this Crayton thinks such<br />

positivity reflects the common heritage and<br />

familiarity the US and the UK share, as well<br />

as their proximity to major markets: “A shared<br />

language, similar culture and legal systems with<br />

commonalities mean any changes to business<br />

models can be undertaken in a landscape that<br />

feels less alien and more familiar than most<br />

other locations around the world.”<br />

Remarkably, Brexit doesn’t appear to have<br />

discouraged US companies from using the<br />

UK as an entrance into Europe as 54 percent<br />

thought access to Europe was a bilateral trade<br />

opportunity.<br />

However, despite there being many shared<br />

features in the US and UK legal systems, Crayton<br />

says to not assume that what has been successful<br />

at home will work again in a new overseas<br />

market. In other words, and as he says, “doing<br />

some diligence and seeking expert opinion on<br />

the ground is invaluable to check assumptions.<br />

Small changes in the legal, commercial or<br />

taxation environment might not be visible at<br />

first blush but could become serious issues<br />

either immediately or further down the line.”<br />

When respondents talked about access to<br />

markets, knowledge and technology were the<br />

key factors: 65 percent said bilateral trade would<br />

grant access to more advanced production<br />

facilities, 59 percent mentioned that access to<br />

R&D or innovation centres would be a major<br />

advantage, and 57 percent across the UK and the<br />

US highlighted that access to regional markets<br />

were a draw.<br />

Crayton emphasises the power of this and<br />

refers to the UK’s network of High Value Manufacturing<br />

Catapults: “over the past decade, these<br />

centres of industrial innovation, four of which<br />

are located in the north of England, have become<br />

beacons for research, development and<br />

expertise, helping to turn ideas into commercial<br />

applications for the UK and increasingly international<br />

businesses…Manufacturing USA is<br />

blazing a similar path, with four of the current<br />

16 institutes located in the Midwest.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 36


AUTHOR – Adam Bernstein<br />

It’s all about tech investment<br />

Something else the survey discovered<br />

was that many manufacturers had<br />

already invested in the ‘basics’ of digital<br />

technology with 89 percent having<br />

already invested in cloud computing, 86<br />

percent in cybersecurity, and 75 percent<br />

in automation. For Crayton, it’s of note<br />

that “most have invested in supply chain<br />

tracking and visibility, and some form of<br />

e-commerce portal. But moving forward,<br />

manufacturers intend to build on this<br />

foundation with more sophisticated<br />

digital tools.”<br />

Here he points out that 5G is the most<br />

likely technology in the next few years<br />

with 56 percent planning to invest in it<br />

within two years. Beyond that, it appears<br />

that similar numbers are planning to<br />

invest in augmented, virtual or mixed<br />

reality (53 percent) and AI and machine<br />

learning (46 percent) over the same time<br />

frame.<br />

However, as Crayton has learned from<br />

the survey, “a lack of skills is likely to be<br />

slowing the implementation of these<br />

higher-level technologies. 63 percent<br />

said that a lack of in-house knowledge to<br />

implement, operate and maintain new<br />

technologies is a barrier to investing in<br />

them.” Of course, technologies also bring<br />

new legal questions which need to be<br />

set out clearly in contracts. Consider the<br />

rights to use a technology, how (if) it can<br />

be owned, and how to prevent it being<br />

exploited by rivals. And then there’s the<br />

matter of cybersecurity – a board-level<br />

issue – and those devices in factories<br />

which monitor or collect data that can<br />

be easy targets for attack. In relation to<br />

this Crayton says firms should “ensure<br />

they understand the security protocols<br />

and establish industry standard processes<br />

for maximum protection of data and<br />

confidential information.”<br />

Sophisticated technologies can capture<br />

huge quantities of data which in turn<br />

provide invaluable industry knowledge:<br />

“Businesses,” says Crayton, “should ensure<br />

they are very clear with their suppliers<br />

about who can use the information<br />

emanating from these systems and for<br />

what purposes.”<br />

There are also the similarities between<br />

the countries in terms of capital<br />

investment plans. Overall, the survey<br />

found that 76 percent aim to invest in<br />

operational technology and 60 percent<br />

in skills - the numbers in the US and UK<br />

were almost exactly the same here.<br />

However, it’s very obvious that<br />

technology can presents significant<br />

hurdles for businesses. But as Crayton<br />

explains, there are solutions to help firms<br />

export. In particular, he suggests working<br />

with the right advisers “to gain knowledge<br />

and share best practice, especially so in<br />

times of change when you don’t have all<br />

the answers.”<br />

He also says that digital transformation<br />

is not just complicated from a technical<br />

and organisational perspective, it’s also<br />

problematic from a legal standpoint too.<br />

And this leads to Crayton’s last comment<br />

– that “there can be significant legal issues<br />

to grapple with when pursuing digitally<br />

driven change and it’s important to work<br />

with partners who have done it before.”<br />

His advice? “Take a step back to<br />

understand each challenge and think<br />

about the problems in a creative way.<br />

Avoid a rigid approach and ensure the<br />

commercial goal is always kept in mind.”<br />

Conclusion<br />

As the survey has found, the parallels<br />

between the US Midwest and UK Northern<br />

Powerhouse are striking in terms of the<br />

challenges firms face, the opportunities<br />

they seek and the investments they’re<br />

planning.<br />

It’s clear, however, that there are<br />

a myriad opportunities in increased<br />

bilateral trade between the US and UK<br />

and companies are very aware of them.<br />

But in so doing, there are many specific<br />

challenges relating to international trade<br />

that need to be countered.<br />

Adam Berstein is a freelance writer.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 37

Introducing our<br />


For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com<br />

VISMA | Onguard is a specialist in credit management<br />

software and market leader in innovative solutions for<br />

order-to-cash. Our integrated platform ensures an optimal<br />

connection of all processes in the order-to-cash<br />

chain. This enhanced visibility with the secure sharing<br />

of critical data ensures optimal connection between<br />

all processes in the order-to-cash chain, resulting<br />

in stronger, longer-lasting customer relationships<br />

through improved and personalised communication.<br />

The VISMA | Onguard platform is used for successful<br />

credit management in more than 70 countries.<br />

T: 020 3868 0947<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

YayPay makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster –<br />

from anywhere.<br />

Integrating with your ERP, CRM, and billing<br />

systems, YayPay presents your real-time data<br />

through cloud-based dashboards. Automation<br />

improves productivity by 3X and accelerates<br />

collections by up to 34 percent. Predictive analytics<br />

provide insight into payor behavior and an online<br />

portal enables customers to access their accounts<br />

and pay at any time.<br />

T: +44 (0)7465 423 538<br />

E: marketing@yaypay.com<br />

W: www.yaypay.com<br />

HighRadius provides a cloud-based Integrated<br />

Receivable Platform, powered by machine learning<br />

and AI. Our Technology empowers enterprise<br />

organisations to reduce cycle time in the order-tocash<br />

process and increase working capital availability<br />

by automating receivables and payments processes<br />

across credit, electronic billing and payment<br />

processing, cash application, deductions, and<br />

collections.<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Our <strong>Credit</strong>or Services team can advise on the best<br />

way for you to protect your position when one of<br />

your debtors enters, or is approaching, insolvency<br />

proceedings. Our services include assisting with<br />

retention of title claims, providing representation at<br />

creditor meetings, forensic investigations, raising<br />

finance, financial restructuring and removing the<br />

administrative burden – this includes completing<br />

and lodging claim forms, monitoring dividend<br />

prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

FIS GETPAID solution is a fully integrated, webbased<br />

order-to cash (O2C) solution that helps<br />

companies improve operational efficiencies, lower<br />

DSO, and increase cash flow. The solution suite<br />

includes strategic risk-based collections, artificial<br />

intelligence, process automation, credit risk<br />

management, deduction and dispute resolution and<br />

cash application. FIS is a global leader in financial<br />

services technology, providing software, services<br />

and outsourcing of the technology that empowers<br />

the financial world.<br />

T: +447730500085<br />

E: getinfo@fisglobal.com.<br />

W: www.fisglobal.com<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B <strong>Credit</strong> Risk<br />

Intelligence solutions include the Tinubu Risk<br />

<strong>Management</strong> Center, a cloud-based SaaS platform;<br />

the Tinubu <strong>Credit</strong> Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

<strong>Credit</strong>safe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 38

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

<strong>Credit</strong> Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />

They're waiting to talk to you...<br />

Hays <strong>Credit</strong> <strong>Management</strong> is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CICM’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Court Enforcement Services is the market<br />

leading and fastest growing High Court Enforcement<br />

company. Since forming in 2014, we have managed<br />

over 100,000 High Court Writs and recovered more<br />

than £187 million for our clients, all debt fairly<br />

collected. We help lawyers and creditors across all<br />

sectors to recover unpaid CCJ’s sooner rather than<br />

later. We achieve 39 percent early engagement<br />

resulting in market-leading recovery rates. Our<br />

multi-award-winning technology provides real-time<br />

reporting 24/7.<br />

T: +44 (0)1992 367 092<br />

E: a.whitehurst@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

Shoosmiths’ highly experienced team will work<br />

closely with credit teams to recover commercial<br />

debts as quickly and cost effectively as possible.<br />

We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Forums International has been running <strong>Credit</strong> and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Data Interconnect provides corporate <strong>Credit</strong> Control<br />

teams with Accounts Receivable software for bulk<br />

e-invoicing, collections, dispute management and<br />

invoice finance. The modular, cloud-based Corrivo<br />

platform can be configured for any business model.<br />

It integrates with all ERP systems and buyer AP<br />

platforms or tax regimes. Customers can self-serve<br />

on mobile friendly portals, however their invoices are<br />

delivered, and <strong>Credit</strong> Controllers can easily extract<br />

data for compliance, audit and reporting purposes.<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

Chris Sanders Consulting – we are a different sort of<br />

consulting firm, made up of a network of independent<br />

experienced operational credit and collections<br />

management and invoicing professionals, with<br />

specialisms in cross industry best practice advisory,<br />

assessment, interim management, leadership,<br />

workshops and training to help your team and<br />

organisation reach their full potential in credit<br />

and collections management. We are proud to be<br />

Corporate Partners of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong>. For more information please contact<br />

enquiries@chrissandersconsulting.com<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 39

Introducing our<br />


Each of our Corporate Partners is carefully selected for their commitment<br />

to the profession, best practice in the <strong>Credit</strong> Industry and the quality of<br />

services they provide. We are delighted to showcase them here.<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

For further information and to discuss the<br />

opportunities of entering into a Corporate<br />

Partnership with the CICM, please contact:<br />

corporatepartners@cicm.com<br />

The CICM Benevolent Fund is<br />

here to support members of<br />

the CICM in times of need.<br />

Some examples of how CICM have helped our members are:<br />

• Financed the purchase of a mobility scooter for a disabled member.<br />

• Helped finance the studies of the daughter of a member who<br />

became unexpectedly ill.<br />

• Financed the purchase of computer equipment to assist an<br />

unemployed member set up a business.<br />

• Contributed towards the purchase of an orthopaedic bed for one<br />

member whose condition was thereby greatly eased.<br />

• Helped with payment for a drug, not available on the NHS, for<br />

medical treatment of another member.<br />

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

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

you will be advised of their decision as quickly as possible)<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 40

Shortlisted as Debt Collection Agency of the Year, for<br />

the British <strong>Credit</strong> Awards, Global <strong>Credit</strong> Recoveries Ltd<br />

are specialists in Arbitration and Debt Collection with<br />

offices in London & Dubai and an extensive global<br />

partner network.<br />

We have the ability, and network, to have someone visiting<br />

your debtors offices, throughout EMEA, within 72 hours.<br />

Collecting International Debt for over 28 years.<br />

Contact Global <strong>Credit</strong> Recoveries:<br />

Charles Mayhew FCICM or Joshua Mayhew ACICM<br />

Email: info@globalcreditrecoveries.com<br />

U.K Telephone: +44 (0) 203 589 6655<br />

U.A.E Telephone: +971 (0) 4 8790 250<br />

www.globalcreditrecoveries.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 41


Game changer<br />

How a 19-year-old with a love of sport became<br />

the Northwest’s Apprentice of the Year.<br />

AUTHOR – Roshika Perera<br />

WHEN he was 16, Sam<br />

Johnson had his heart<br />

set on becoming a sports<br />

coach or manager. Today,<br />

however, he is a credit<br />

controller and studying<br />

for the CICM Level 2 course.<br />

Describing himself as a typical jack-the-lad<br />

character who was more interested in sport and<br />

hanging out with friends than in studying for<br />

exams, pursuing a career in credit after leaving<br />

school was a rather unexpected turn of events.<br />

Despite graduating with a BTEC in Sport,<br />

Sam’s interest in a sporting career began to<br />

wane as he grew older. So, he began to consider<br />

other options. Even though he felt pressured<br />

by his teachers to go to university, he knew it<br />

wouldn’t be the right choice for him: “I knew I<br />

didn’t want to study for three years straight. I<br />

thought an apprenticeship would suit me more<br />

as an individual and it meant I could earn and<br />

learn at the same time.”<br />

Family conversations<br />

After a few conversations with family members<br />

who worked at United Utilities, he decided to<br />

apply to be an Apprentice <strong>Credit</strong> Controller at<br />

the company. Although he didn’t know what a<br />

credit controller was, he was intrigued by the<br />

job’s focus on negotiation. With a keen interest<br />

in business and relationship-building - which<br />

he developed playing sports and running a<br />

side-hustle selling confectionery at school – he<br />

had a feeling he might enjoy it.<br />

“I know it seems daft, but I was often thinking<br />

of new ways of getting people to come back to<br />

me to buy sweets, chocolate, and Lucozade,” he<br />

says. “I was always thinking about increasing<br />

my profit and turnover, as well as building a<br />

good relationship with my customers.”<br />

What is certain is that a career in credit<br />

reignited the passion he felt as a young<br />

entrepreneur and footballer: “It seemed like<br />

everything I had been looking for. What I most<br />

liked about sports was the strategy, planning<br />

and strong relationships that it takes to win.<br />

My job as a credit controller requires the same<br />

skills, which is why it keeps me interested dayin<br />

and day-out.”<br />

Finding his feet<br />

Admittedly, the transition from school to the<br />

world of work was tougher than expected. Just<br />

as in school, Sam confesses that he was more<br />

interested in making friends than learning: “I<br />

was still one of the lads who wanted to impress<br />

people rather than work. But that soon changed<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 42


AUTHOR – Roshika Perera<br />

❝<br />

“Winning the award makes me feel like I’ve made the right<br />

career choice. It’s given me a huge morale boost and makes me<br />

want to excel in my career and as an individual.”<br />

as I became motivated by the job. It’s<br />

what naturally happens to me when I<br />

develop a passion for something. Once<br />

I realised this is what I really want to<br />

do with my career, I was determined<br />

to work hard.”<br />

Although he was concerned at first<br />

by his youth and lack of experience, it<br />

didn’t take long for him to settle into<br />

his job. His innate confidence and<br />

outgoing personality helped him build<br />

relationships with more experienced<br />

colleagues, from whom he was eager<br />

to learn:<br />

“I did find it nerve-wracking to<br />

interact with people who were twice<br />

my age and had twice as much<br />

experience,” he admits. “But by<br />

being approachable and showing my<br />

colleagues that I was there to learn,<br />

I built good relationships with them.<br />

It’s all about getting to know people.”<br />

CICM Apprenticeship<br />

Sam has found the CICM Level 2<br />

Apprenticeship to be of immense<br />

benefit: “Doing the CICM course has<br />

helped me massively. For example,<br />

learning about risk management and<br />

customer service has helped me excel<br />

further in my job as a credit controller.<br />

“In terms of customer service, CICM<br />

has taught me ways to resolve a range<br />

of customer issues. For instance,<br />

the course has taught me methods<br />

of calming a customer down when<br />

they’re unhappy with our service.”<br />

When asked what he most enjoys<br />

about the apprenticeship, Sam says it’s<br />

customer collections: “I enjoy creating<br />

relationships with people before trying<br />

to push a payment. They’re trying to<br />

pay less while I’m trying to get more<br />

– I love the challenge of negotiating<br />

and coming to an agreement. After<br />

all, it helps get cash into the business,<br />

which is the main aim.”<br />

Of course, he has also found the<br />

course to be intellectually challenging:<br />

from legal modules to accounting<br />

principles, he has had to absorb a<br />

huge amount of knowledge in a short<br />

period of time.<br />

Yet, as he has done throughout<br />

school, Sam rose to the challenge<br />

by building relationships with his<br />

fellow CICM apprentices: “It’s great to<br />

have people around you that you can<br />

learn from and help out in return. If<br />

I did my learning outside of CICM, I<br />

wouldn’t have the network of people<br />

that I’ve been introduced to. It’s been<br />

massively beneficial to have a group<br />

of people who are going through the<br />

same experience as you.”<br />

Work-life balance<br />

Juggling a full-time job alongside<br />

studying for the CICM course is no<br />

easy feat. But however much work<br />

he has to do, Sam always makes time<br />

for friends, family and fun. And<br />

with his newfound independence<br />

and freedom, he is beginning to<br />

realise that there’s more to life than<br />

Warrington, and is keen to travel as<br />

much as possible.<br />

“I’ve enjoyed visiting new places<br />

like Berlin and Dubai. I also make<br />

sure that I still spend quality time<br />

socialising with my friends. And of<br />

course, sport is still a big part of my<br />

life. Although I don’t play it as much<br />

since leaving school, bonding with<br />

friends over football and rugby is still<br />

a big part of who I am.”<br />

While reminiscing over his love of<br />

sports, Sam realises that playing sports<br />

from a young age has served him well<br />

as an adult: “Playing sports has allowed<br />

me to build relationships with people<br />

from different backgrounds and has<br />

made me a better communicator. I’ve<br />

always found it easy to make friends<br />

since I was a young kid, which has<br />

definitely helped me progress in my<br />

career.”<br />

So, what’s next?<br />

Sam remains excited and hopeful<br />

about his career in credit management,<br />

particularly in light of his most<br />

recent achievement. On 6 October,<br />

he won the award for the Apprentice<br />

of the Year in the Northwest, a<br />

highly prestigious competition with<br />

hundreds of applicants. As a result, he<br />

has been nominated for Apprentice of<br />

the Year in England.<br />

“Winning the award makes me feel<br />

like I’ve made the right career choice.<br />

It’s given me a huge morale boost and<br />

makes me want to excel in my career<br />

and as an individual,” he concludes.<br />

❝<br />

“In terms of<br />

customer service,<br />

CICM has taught<br />

me ways to<br />

resolve a range of<br />

customer issues.<br />

For instance,<br />

the course has<br />

taught me methods<br />

of calming a<br />

customer down<br />

when they’re<br />

unhappy with our<br />

service.”<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 43

collections learning initiative<br />

•<br />

•<br />

•<br />

•<br />

•<br />

•<br />

collections learning initiative<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 44


Do you know someone who would benefit from CICM membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

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


Adrian Laljee<br />

Hassan Cisay-Rule<br />

Collins Edo<br />

Kurtis Mutch<br />

Reece Smith<br />

Sanjay Chand<br />

Steven Aldridge<br />

Tyler Cole<br />

Yama Sherzad<br />

Martin Rutt<br />

Amandip Kaur Bhadal<br />

Ben Dickensen<br />

George Harris<br />

Jacqueline Burbank<br />

Lorna Smith<br />

Nitin Patel<br />

Sam Allsopp<br />

Stephanie Hill<br />

Susan Orchard<br />

Madeleine Hubel<br />

Mobolaji Coker<br />

Rebecca Nyhlén<br />

Emma Blood<br />

Silvana Spada<br />

debbie Cook<br />

Thomas Brunt<br />

Denzil Hannam<br />

Danielle Hitchin<br />

Katrina Howarth<br />

Emily Pratt<br />

Emma Neville<br />

Kemal Kasapovic<br />

Ramona Barbosu<br />

Aimee Woolnough<br />

Austen Constantinou<br />

Temitope Okubote<br />

Jolanda Buth<br />

Michael Quinn<br />

Greg Gaszcak<br />

Christopher Martin<br />

Lyn Whipp<br />

Matthew Walmsley<br />

Kadeen Barrett-Edwards<br />

Sara Bennett<br />

Cheryl Fenwick<br />

Paula Mäkinen-Dantas<br />

Lisa Thompson<br />

Nazia Saleem<br />

Leo Penney<br />

Dean Moffat<br />

Ricole Douglas-Francis<br />

Matthew Fowler<br />

Simon Williams<br />


Hawawu Salifu<br />

Martin Storrer<br />

Belinda Verdi<br />

Charlotte Underhill<br />

Claire Collier<br />

Emma Wright<br />

Jayne Donlan<br />

John Corns<br />

Lisa Mould<br />

Rozwana Parveen<br />

Lucy Dalton<br />

Sukhi Sidhu<br />

Calum Scriven<br />

Mark Eden<br />

Katie Rabin<br />

Rukeya Khayer<br />

Sandy Jagpal<br />

Andrew Ould<br />

Jurgita Maminskaite<br />

Mahsa Azimy<br />

Parmesh Nijjar<br />

Rachel Sweeney<br />

Sarah Smith<br />

Rebecca Hawkes<br />

Becki Tustin<br />

Ciara Barry<br />

Jacqueline Hackleton<br />

Lisa Konrath<br />

Congratulations to our current members who have upgraded their membership<br />


Lorna Westgarth-Pearce MCICM<br />

Morgan Sheldon FCICM<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> (ACICM)<br />

Lanza Wilson Erica Guthrie Donna Buyer<br />

Raise your credibility and<br />

boost your career prospects<br />

– Apply for your upgrade today<br />

Contact: info@cicm.com for more details<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 45


A respectable face<br />

A senior partner helped herself to money from her<br />

firm’s client account. Were the innocent partners liable<br />

to the beneficiaries, or was a defence open to them?<br />

AUTHOR – Peter Walker<br />

respectable face can sometimes<br />

hide unpleasantness costing<br />

money for innocent people and,<br />

possibly, for <strong>Credit</strong> Managers.<br />

A.<br />

On 25 March 2017 the Yorkshire<br />

Post, reported that a 67-yearold<br />

senior partner in a firm of solicitors stole<br />

‘almost £4m’ from her firm’s client accounts<br />

‘to fund a lavish lifestyle for herself and close<br />

family members.’<br />

Nothing was sacred for this person who at<br />

one time was registrar of the Church of England<br />

Diocese of Wakefield. Her activities included<br />

the misappropriation of funds from the Bishop<br />

of Wakefield fund.<br />

The immediate effect of the trial was a sevenyear<br />

prison sentence, the financial collapse<br />

of her solicitor’s firm, and the loss of jobs of<br />

the employees. There were legal problems to<br />

be sorted out many years later such as by the<br />

judges of the Court of Appeal in Bishop of Leeds v<br />

Dixon Coles & Gill [<strong>2022</strong>] 2 WLR 16.<br />

They learnt of the discovery by one of<br />

the partners on Christmas Eve 2015 of an<br />

unauthorised payment of some £5,000<br />

by another partner, from the firm’s client<br />

account. It must have been an unpleasant<br />

festive season, because there were more<br />

discoveries, which led eventually to the criminal<br />

proceedings.<br />

The Yorkshire Post referred to ‘a crooked lawyer’<br />

who ‘plundered’ the firm’s client accounts<br />

‘of almost £4m to fund her addiction to high<br />

living.’ She was also described as ‘a pillar of the<br />

church’, a onetime registrar with the Diocese of<br />

Wakefield, who ‘stole [money] belonging to the<br />

Bishop of Wakefield Fund’.<br />

She pleaded guilty, so she was sentenced to<br />

seven years in prison, but that was not an end<br />

to the matter. She was struck off the Solicitors’<br />

Roll, and she was ordered to repay some of the<br />

money. The Yorkshire Post reported that her son,<br />

who, according to a judge had ‘buried his head<br />

in the sand, had received some of the money,<br />

but was ordered to repay some of that.<br />

The case reveals therefore some possibilities<br />

of restitution from the proceeds of crime, and<br />

not only from the Proceeds of Crime Act 2002.<br />

I was astonished to discover that the Police<br />

Property Act 1897 is still around – in the 1970s I<br />

used its procedure to recover some property for<br />

a retailer of which I was the Company Secretary.<br />

It has been much modified, for example, by the<br />

Police (Property) Regulations 1997 (SI 1997 No<br />

1908).<br />

❝<br />

‘A crooked<br />

lawyer’ who<br />

‘plundered’ the<br />

firm’s client<br />

accounts ‘of<br />

almost £4m<br />

to fund her<br />

addiction to<br />

high living.’<br />

❝<br />

Defence<br />

There was plenty to keep the lawyers busy, and<br />

they included judges of the Court of Appeal<br />

in Bishop of Leeds v Dixon Coles & Gill [<strong>2022</strong>]<br />

2WLR 16. The Bishop and the Leeds Diocesan<br />

Board of Finance claimed compensation for<br />

misappropriation of funds from the former firm<br />

and fraudulent breach of trust from the second<br />

defendant, i.e. the senior partner. In reality,<br />

the innocent partners were facing the music<br />

too. The claim arose out of four conveyancing<br />

transactions, where the Diocese only received<br />

part of the proceeds.<br />

The innocent partners were truly innocent, so<br />

the judges considered whether the provisions of<br />

the Partnership Act 1890 could help. According<br />

to section 9 ‘Every partner of a Firm is liable<br />

jointly with the other partners for all debts and<br />

obligations or the firm incurred while he is a<br />

partner.’ Section 10 refers to ‘any wrongful act<br />

or omission of a partner acting in the ordinary<br />

course of business of the firm’, etc., causing<br />

loss or injury to any third person (not being<br />

a partner) where the firm has to make good<br />

the loss. Section 11 sets out some examples of<br />

misapplication of funds, when the firm is also<br />

liable. Section 12 emphasises the liability of<br />

each of the partners in certain circumstances.<br />

Section 13 considers a partner acting as trustee<br />

who improperly employs trust property in the<br />

business or on the account of the partnership.<br />

Wrongful act<br />

The Law Lords discussed some of these<br />

provisions in Dubai Aluminium Co Ltd v Salaam<br />

[2003] 2 AC 366. The plaintiff made several<br />

payments totalling some US$50m under a<br />

bogus consultancy agreement. There were<br />

various bogus sub-agreements too. One of<br />

the defendants was represented by a firm of<br />

solicitors, and although there were claims<br />

against one of the partners alleging dishonesty,<br />

albeit not tested in a court of law, the remaining<br />

partners were innocent.<br />

The firm, however, had settled a US$10m<br />

claim, and they sought a contribution from the<br />

defendant, who was one of its clients and one of<br />

the fraudsters. The claim was based on the Civil<br />

Liability (Contribution) Act 1978. Section 1(1)<br />

which states that any person liable in respect<br />

of any damage suffered by another person may<br />

recover a contribution from any other person<br />

liable for the same damage. The court concluded<br />

that the defendant was liable, but then had to<br />

decide whether the firm was liable for the loss.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 46


AUTHOR – Peter Walker<br />

The Law Lords noted that the reference<br />

to unlawful acts and omissions in section<br />

10 of the Partnership Act was not limited<br />

to common law tort. Those unlawful acts<br />

and omissions included other matters<br />

such as breach of revenue laws (Attorney<br />

General v Stanyforth [1721] Bunb 97).<br />

There was also authority that a stranger<br />

to a trust could be liable for assisting in a<br />

breach of trust (Barnes v Addy [1874] LR 9<br />

Ch App 244).<br />

Lord Nicholls then considered the<br />

nature of the acts of the senior partner of<br />

the firm, who had drafted the consultancy<br />

agreements for the defendants. This was<br />

within the firm’s activities but would<br />

not have been authorised because of<br />

their underlying dishonest purpose. The<br />

defendant still possessed the proceeds<br />

from the fraud, so it was equitable that<br />

the firm was entitled to a contribution<br />

from him.<br />

Limitation<br />

There was a complication in the Bishop<br />

of Leeds case, which was not present in<br />

other cases. The frauds occurred more<br />

than six years before the commencement<br />

of the case. The partners would normally<br />

be able to rely on the limitation of six<br />

years of bringing an action in accordance<br />

with the Limitation Act 1980, The Diocese<br />

was basing its claim on the basis that the<br />

firm of solicitors acted as trustees of the<br />

money in the client accounts.<br />

The Act, however, states that no period<br />

of limitation applies to a beneficiary under<br />

a trust under specified circumstances.<br />

They include ‘fraud or fraudulent breach<br />

of trust to which the trustee was a party’<br />

(s21(1)(a)). Another exception is an action<br />

‘to recover from the trustee trust property<br />

in possession of the trustee, or previously<br />

received by him and converted to his use’<br />

(s21(1)(b)). There is a general limitation of<br />

six years ‘from the date on which the right<br />

of action accrued’ (s21(2)).<br />

The result was that the firm was only<br />

liable if the partners were ‘party or privy’<br />

to the senior partner’s breaches of trust.<br />

They were of course innocent, so the sixyear<br />

limitation applied.<br />

In the Bishop of Leeds case the judges<br />

went further back in time, when they<br />

considered a mortgage fraud in Thomas<br />

v Heard [1894] 1 Ch 599. There were three<br />

sets of mortgagees, and the second of<br />

them authorised the sale of the mortgaged<br />

property. The third mortgagee, Mr Searle,<br />

was a solicitor, who acted as such in the<br />

transaction. In 1878 he received £1,700.<br />

£1,000 was used to pay the first mortgagees,<br />

so the solicitor held £700, but he kept all<br />

that money, including the amount owed<br />

to the remaining mortgagee. He did not<br />

tell that other mortgagee about the sale<br />

of the property. In order to disguise his<br />

dishonesty, he had been handing over<br />

interest to that other mortgagee, and he<br />

continued to do so.<br />

All was well until 1892, when Mr Searle<br />

became bankrupt. The other mortgagee<br />

then discovered that he had been duped<br />

and that he should have been paid some<br />

£300 out of the proceeds of sale. The<br />

plaintiff’s action was against the first<br />

mortgagees, who did not know of Mr<br />

Searles’s fraud. In the Court of Appeal<br />

Lindley LJ ruled ‘that the cause of<br />

action did accrue when Searle received<br />

the money. Section 8 of the Trustee Act<br />

1888 relevant at the time provided some<br />

exceptions, such as the complicity of<br />

the defendants, conversion of the trust<br />

property and so on, but they did not apply.<br />

Lindley LJ added, ‘The case seems a very<br />

hard one; the Plaintiff has been deprived<br />

of his property by a breach of trust of<br />

which he knows nothing, and without any<br />

fault or negligence of his own.’ He noted,<br />

however, that ‘the Defendants have not<br />

benefited’.<br />

In the Bishop of Leeds case Asplin LJ<br />

commented that ‘it would be surprising<br />

if the defence of limitation afforded by<br />

section 21(1)(a) of the Limitation Act 1980<br />

were not available to an entirely innocent<br />

partner merely as a result of being liable<br />

for the fraud of a fellow partner committed<br />

in the ordinary course of business’.<br />

People or businesses owed money must<br />

be vigilant and not let matters drag on. In<br />

extreme cases they could lose their right<br />

to their money because so much time<br />

has elapsed that the Limitation Act 1980<br />

comes into effect.<br />

Peter Walker is a freelance writer.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 47

Switch to Direct Debit<br />

Why not spread<br />

the cost of your<br />

Serrala<br />

CP<br />

CICM Membership<br />

Manage your own cashflow<br />

Simply scan the code below using your phone,<br />

print and return to CICM, 1 Accent Park, Bakewell<br />

Road, Orton Southgate, Peterborough PE2 6XS<br />

and we will do the rest!<br />

Another reason to be a member<br />

Make the switch to Direct Debit<br />

For details contact: info@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 48<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 31



Your CICM lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

CM<br />



<strong>Credit</strong> <strong>Management</strong>, the magazine of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> (CICM), is the leading publication in its field. The magazine<br />

includes full coverage of consumer and trade credit, export and company<br />

news, as well as in-depth features, profiles and opinions. To receive the free<br />

magazine you must be a member of the CICM or subscribe.<br />



IN DEPTH<br />


ASK THE<br />


GLOBAL<br />

NEWS<br />

LEGAL<br />



TRADE<br />



HR<br />







TO SUBSCRIBE CONTACT: T: 01780 722903<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 49





London (Whitechapel), up to £50,000<br />

A new opportunity has arisen at a friendly, energetic, and growing<br />

media company to take on a challenging but rewarding AR<br />

role, working on a high-profile client account. This role requires<br />

experience working on key client projects, a strong understanding<br />

of billing processes and someone who can build strong,<br />

meaningful relationships with internal and external stakeholders.<br />

You should expect to be a valued member of the team, with many<br />

challenging responsibilities. Ref: 4284579<br />

Contact Francesca on 020 3465 0020<br />

or email francesca.powell@hays.com<br />



Chesterfield, up to £28,000<br />

You will be working for a large and reputable utility supplier<br />

in Chesterfield, an organisation which has a strong team<br />

culture. An inclusive and casual environment where you will<br />

be supported and made to feel part of a team. You will work<br />

in the credit control department alongside another 5 credit<br />

controllers. This role will include communications with both<br />

residential and commercial customers and requires at least<br />

3 years’ experience. Ref: 4279261<br />

Contact Rebecca on 01142 738775<br />

or email rebecca.drake@hays.com<br />


Gloucester, £25,000-£30,000<br />

This is a fantastic opportunity for a German speaking credit<br />

controller looking to learn and grow within a company. In this role<br />

you will be responsible for proactively collecting payment on AR<br />

debt across designated customer accounts. You will be capable<br />

of the timely identification of risk, due to late/non-payment and<br />

escalating issues to AR management and relevant sales contacts.<br />

You will also be able to collate and communicate customer<br />

remittances to the cash allocation drive to ensure timely cash<br />

allocation and appropriate customer ageing. Ref: 4291854<br />

Contact James on 01242 226 227<br />

or email james.bailey1@hays.com<br />


Gloucester, £25,000<br />

A well-established and rapidly growing international manufacturer<br />

and distributor, within the tech industry is looking to recruit<br />

for an exciting new role within their credit control department.<br />

This is a permanent, hybrid position where your duties will<br />

include AR reporting, reconciling accounts, payment allocation<br />

and customer account analysis. You’ll work within a friendly<br />

atmosphere, with a results driven team of people who<br />

demonstrate strong work ethics and a desire to succeed.<br />

Ref: 4291551<br />

Contact James on 01242 226 227<br />

or email james.bailey1@hays.com<br />

hays.co.uk/creditcontrol<br />

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

The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1130635765


West London, £32,000 + monthly bonuses<br />

This is an exciting opportunity for a progressive candidate to<br />

join a leading global business in a leadership role. You will be<br />

heading up a team of 9 credit controllers, who are responsible<br />

for the high-spend key accounts. This role is highly process<br />

driven, therefore will suit an individual who is used to account<br />

managing bluechip customers. A senior credit controller<br />

looking to take their first steps into a leadership role would be<br />

considered for this position. Ref: 4285947<br />

Contact Mark on 07565 800574<br />

or email mark.ordona@hays.com<br />


Port Talbot, £65,000-£75,000<br />

Managing all credit activity across Europe, this role is for an<br />

experienced manager with a strong background in financial<br />

accounting. You will be leading a dedicated team of credit risk<br />

specialists to provide comprehensive credit risk mitigation<br />

measures within the business. The benefits package is<br />

exceptional; bonuses, executive company car, private healthcare<br />

and one of the best pensions in the market. You will need to be a<br />

commutable distance from Port Talbot as this role will see you in<br />

the office 2/3 days out of 5. Ref: 4292657<br />

Contact Emma on 01792 642042<br />

or email emma.lewis@hays.com<br />



Manchester City Centre, up to £60,000<br />

This role requires a new starter to come in and undertake a<br />

project which involves delegating workload and reshaping the<br />

department. You will be the most senior figure within billing<br />

and have full autonomy to mould and guide the department.<br />

This is a hybrid opportunity, with a maximum of 2 days a week<br />

in the office. Ref: 4294821<br />

Contact Adam on 0161 236 7272<br />

or email adam.crossland@hays.com<br />

This is just a small selection of the many opportunities<br />

we have available for credit professionals. To find out<br />

more, visit our website or contact Natascha Whitehead,<br />

<strong>Credit</strong> <strong>Management</strong> UK Lead at Hays on 07770 786433.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 51

SOME members of the CICM<br />

arrived on a balmy Thursday<br />

night to take in the sights of<br />

Durham’s medieval streets in<br />

the company of Institute of<br />

Tourist Guiding member, Ken<br />

Bradshaw for out Northeast Branch Event.<br />

Durham has a wonderful history and<br />

still contains some impressive buildings<br />

dating back to the 11th century.<br />

Top of the list, of course, is the<br />

magnificent Norman Romanesque<br />

cathedral built between 1093 and 1133 by<br />

the incredibly powerful and rich Prince<br />

Bishops. These were Norman overlords<br />

given power not only as a Bishop but<br />

also a King, in effect they were Kings<br />

of Northern England. Before this, the<br />

Anglo Saxon monks arrived here in 995<br />

having travelled throughout the north<br />

of the country since 875 when they were<br />

attacked by marauding non-believing<br />

Vikings from the island of Lindisfarne.<br />

They brought the coffin with the body<br />

of St. Cuthbert, who had been seen to be<br />

incorrupt 11 years after he died in 687 and<br />

thus began the cult of Cuthbert.<br />

Earlier, the group had seen some<br />

wonderful buildings in the marketplace,<br />

its Guildhall, Town Hall and St. Nicholas<br />

church all rebuilt in the mid- 19th century.<br />

The most stunning sculpture is that of the<br />

1861 copper plated Huzzar on a horse,<br />


King of the North<br />

North East branch<br />

who was 3rd Marquis of Londonderry<br />

and a not very well-liked coal baron.<br />

An unbelievable character, he was all<br />

about the bottom line and campaigned<br />

vigorously to keep children down the<br />

mine to make as much money as possible.<br />

Down on the river we saw the popular<br />

bar Jimmy Allen, an unfortunate<br />

character who was incarcerated at the<br />

end of the 17th century as he’d stolen a<br />

horse. A fine musician, he wrote to the<br />

king for clemency but alas it came back<br />

too late to save him. From there, we had<br />

the opportunity to see the Elvet bridge<br />

created by Prince Bishop Hugh de Puiset<br />

in the 12th century with its massive pillars<br />

almost reminiscent of those found in the<br />

cathedral. We also saw some fine athletes<br />

demonstrating their sporting prowess on<br />

the River Wear in their narrow rowing<br />

boats. A great evening was had by all, and<br />

Ken was a first-class guide.<br />

Ken Bradshaw is a qualified and<br />

fully insured Blue Badge Guide; more<br />

information can be found here: https://<br />

www.kenbradshawnetourguide.co.uk<br />

Author: Mark Alcock<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 52

ON a chilly Tuesday evening in September,<br />

Sheffield & District Branch members<br />

and guests entered the historic former<br />

combined Police, Fire and Ambulance<br />

Station in Sheffield City Centre, which<br />

is now the National Emergency Services<br />

Museum. What better place to have our<br />

‘Focus on Fraud’ event, than in a building<br />

which has no doubt played host to<br />

fraudsters of yesteryear.<br />

Upon arrival, members and guests<br />

crossed the cobbled courtyard and<br />

climbed the age-old worn stone steps to<br />

the first-floor gallery where they were<br />

greeted by committee members and<br />

enjoyed a delicious ‘Made in Sheffield’<br />

buffet supper. With the opportunity for<br />

networking prior to taking seats for the<br />

featured presentations, Chair, Jamie<br />

Thornton, welcomed everyone and asked<br />

that should the fire alarm sound, no-one<br />

use the fireman’s pole to exit the building.<br />

Jamie then introduced our first speaker of<br />

the evening – DS Phil Butterworth of South<br />

Yorkshire Police Digital Investigations<br />

and Intelligence Unit.<br />

Sargent Butterworth gave a brief<br />

introduction, explaining his role in the<br />

force and then talked us through the<br />

top five hacking topics – Social Media<br />

Hacking, Virus Hacking, Personal<br />

Hacking, Extortion Hacking and Service<br />

Hacking. We all had a good think about<br />

just how safe our information really is<br />


Night at the Museum<br />

Sheffield & District Branch<br />

and what it is worth to others, and took on<br />

board guidance on passwords and other<br />

very useful but simple security measures<br />

that we can take both personally and in<br />

our businesses. The presentation moved<br />

on to looking at two case studies, making<br />

us aware of some useful websites and<br />

services and ended with a few words on the<br />

unregulated world of cryptocurrencies.<br />

Many questions were asked by members<br />

throughout the presentation, which was<br />

very informative if not a little alarming at<br />

times.<br />

Following a short break Jamie<br />

Thornton introduced our second speaker<br />

for the evening – Darren Hodder of<br />

Fraud Prevention Network. Darren<br />

introduced himself and talked to us<br />

about the collaborative nature of the<br />

Fraud Prevention Network. We looked at<br />

Authorised Push Payment Fraud and its<br />

frightening year on year growth as well<br />

as the financial consequences of weak<br />

passwords. Darren covered the current<br />

fraud trends and gave some useful tips<br />

for us to take back to the office. Members<br />

and guests shared their own experiences<br />

of attempted fraud, one of which was<br />

even new to Darren! We all agreed on the<br />

importance of continuing to report fraud<br />

and attempted fraud and that fraud seems<br />

to be the fastest growing industry.<br />

A most enjoyable ‘Night at the Museum’<br />

was had by all. Many thanks to DS<br />

Butterworth and Darren Hodder for their<br />

valuable time and excellent presentations<br />

and thanks to all attending members and<br />

guests for making the evening a great<br />

success.<br />

Author: Paula Uttley, Vice Chair<br />

Author: David R Thornley<br />

MAAT FCICM (Grad)<br />

Navigating Stormy Seas<br />

Northwest Branch<br />

WITH the economic outlook around the<br />

world in such an uncertain and volatile state<br />

at present, the Northwest Branch considered<br />

this to be an appropriate time to inform and<br />

hopefully inspire branch members and<br />

credit professionals from around the region<br />

to take up the challenges that this presents.<br />

The city centre offices of WEX in<br />

Manchester provided the venue for the<br />

branch’s “Navigating Stormy Seas” event<br />

which was attended by 35 in person delegates<br />

and a further 15 who joined via Zoom.<br />

Those in attendance were treated to<br />

an excellent buffet lunch followed by<br />

presentations from Nick Hulland of Aon<br />

Trade <strong>Credit</strong> and WEX’s own Vice President<br />

of Global Risk Strategy, Chad Williams,<br />

who presented via video link from his<br />

headquarters in Maine, USA.<br />

Nick discussed the current state of<br />

the credit insurance market and how he<br />

envisages this developing in the short to<br />

medium term. He also described how<br />

this could be a useful tool in protecting a<br />

business’ receivables portfolio, as well as<br />

going through some of the pitfalls commonly<br />

experienced by companies whose claims<br />

end up being rejected.<br />

Chad’s presentation detailed the policies<br />

and procedures taken by WEX to manage<br />

its wide-ranging and diverse debtor book<br />

around the world and to offer suitable words<br />

of encouragement to those of his colleagues<br />

attending.<br />

The event concluded with an informative<br />

open discussion between those present.<br />

The branch committee would like to<br />

express its thanks to Nick and Chad for their<br />

presentations, to all those who attended,<br />

and to WEX for hosting the event.<br />

The branch will be looking to put on<br />

similar events in the future and any ideas<br />

for suitable topics are welcomed and will be<br />

given due consideration.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 53


Booking your<br />

exams has never<br />

been easier<br />

Head over to our new exam pages<br />

for all the information you need to prepare,<br />

book and take your CICM exams<br />

www.cicm.com/exams/<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 54


Advantage by deception<br />

A stark warning to never stretch the truth, followed<br />

by a case that demonstrates advantageous treatment<br />

will never be unfavourable.<br />

AUTHOR – Gareth Edwards<br />

IN a recent case, the Supreme<br />

Court held that profits made by<br />

an employee who committed CV<br />

fraud in order to gain a senior position,<br />

should be confiscated.<br />

In the case, R v Andrewes, Mr<br />

Andrewes applied for the position of CEO<br />

at St Margaret's Hospice in 2004. He fraudulently<br />

claimed to have relevant qualifications<br />

and experience which he did not in<br />

fact have. Both the degree he claimed to<br />

hold, and the experience he said he had,<br />

were considered essential to the role and<br />

he would not have been employed without<br />

them.<br />

Andrewes was said to have performed<br />

well in the role during his tenure. He remained<br />

in post until March 2015 when<br />

his employment was terminated after<br />

the truth about his qualifications and<br />

experience started to emerge.<br />

In January 2017 Andrewes was convicted<br />

of obtaining a pecuniary advantage by<br />

deception and two counts of fraud. He<br />

was sentenced to two years' imprisonment<br />

and the Crown sought a confiscation order<br />

against him. His net earnings during<br />

the relevant period were £643,602.91 and<br />

the available amount was agreed to be<br />

£96,737.24. The judge ordered the confiscation<br />

of that sum, rejecting Andrewes'<br />

argument that he had not benefited from<br />

his criminal conduct because he had<br />

earned his remuneration from the work<br />

he did.<br />

Andrewes appealed against the confiscation<br />

order and the Court of Appeal<br />

allowed the appeal. The Crown appealed<br />

to the Supreme Court which restored the<br />

confiscation order.<br />

It said that it would have been disproportionate<br />

to confiscate Andrewes' full<br />

net earnings as there was value in the<br />

services he performed for the hospice.<br />

However, he would not have obtained<br />

the position as CEO if he was truthful<br />

about his qualifications and experience<br />

in his application. The court should<br />

seek to remove the profit made by<br />

the fraud by confiscating the difference<br />

between the higher earnings obtained<br />

through the fraud, and the lower<br />

earnings that would have been<br />

obtained had there been no fraud. The<br />

Supreme Court held that a confiscation<br />

order for the amount of £244,568 would<br />

be proportionate in this case. As the<br />

available funds were lower than this,<br />

the recoverable amount was limited to<br />

£96,737.24.<br />

COVID special leave policy<br />

IN a recent case, Cowie and others v Scottish Fire<br />

and Rescue Service (SFRS), the Employment Appeal<br />

Tribunal (EAT) found that preconditions in a 'special<br />

leave' policy did not amount to unfavourable<br />

treatment.<br />

Prior to the COVID-19 pandemic, SFRS had introduced<br />

a 'special leave' policy in an attempt to<br />

help employees balance their work/life responsibilities.<br />

Under the policy, employees were entitled<br />

to a non-contractual benefit allowing them<br />

to take 'special leave' where a childcare responsibility<br />

impacted their working life.<br />

During the pandemic SFRS extended the policy<br />

by allowing staff to take special leave for<br />

COVID-related absences, as long as all time off in<br />

lieu (TOIL) and annual leave had been exhausted.<br />

Two groups of employees brought claims in respect<br />

of the policy. One group argued it was indirectly<br />

discriminatory on the grounds of sex, and<br />

the other claimed discrimination arising from a<br />

disability. The claimants argued that they were<br />

subject to unfavourable treatment as they had<br />

to use their accrued TOIL or annual leave whilst<br />

they were unable to work during the pandemic.<br />

The Tribunal dismissed the indirect sex<br />

discrimination claim as there was no evidence<br />

that the policy caused a group disadvantage to<br />

women.<br />

However, the Tribunal did uphold the claim of<br />

discrimination arising from a disability, although<br />

did not award the claimants any compensation. It<br />

held that staff who were forced to use up annual<br />

leave whilst shielding, and who lost their flexibility<br />

around when to use their TOIL, suffered unfavourable<br />

treatment because of something arising<br />

in consequence of a disability. However, there<br />

was no evidence that the claimants had suffered<br />

any injury to feelings, so no compensation was<br />

awarded.<br />

The employees appealed against the indirect<br />

sex discrimination finding, whilst SFRS appealed<br />

against the discrimination arising from a disability<br />

finding.<br />

The EAT found that there was no unfavourable<br />

treatment. It was not discriminatory for staff to<br />

have to use up accrued holiday and TOIL before<br />

qualifying for special leave. For the purposes of<br />

both claims, the special leave policy was favourable<br />

treatment. The fact that it could have been<br />

more favourable, had the conditions around<br />

TOIL and annual leave not been attached, did not<br />

make it unfair.<br />

This case demonstrates that advantageous<br />

treatment will never be unfavourable, even if it<br />

could have been more advantageous than it was.<br />

Employers are entitled to apply eligibility criteria<br />

to discretionary benefits, although individual advice<br />

should be sought if there are any concerns<br />

around the fairness of a proposed policy.<br />

Gareth Edwards is a partner in the employment<br />

team at VWV.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 55

Cr£ditWho?<br />

CICM Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 386 610<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount plc has been providing efficient, effective and<br />

ethical pre-legal debt recovery for over forty years. We help our<br />

clients to improve internal processes and increase cashflow,<br />

whilst protecting customer relationships and established<br />

reputations. We have long-standing partnerships with leading,<br />

global brand names, SMEs and not for profits. We recover<br />

over 30,000 overdue invoices each month, domestically and<br />

internationally, on a no collect, no fee arrangement. Other<br />

services include credit control and dunning services, international<br />

and domestic trace and legal recoveries. All our clients have<br />

full transparency on any accounts placed with us through our<br />

market leading cloud-based management portal, ClientWeb.<br />

BlaserMills Law<br />

High Wycombe | Amersham | Marlow | Silverstone<br />

Rickmansworth | London<br />

Jackie Ray : 07802 332104 | 01494 478660<br />

jar@blasermills.co.uk<br />

Nina Toor : 01494 478661 nit@blasermills.co.uk<br />

Edward Bible : 07766 013352 ceb@blasermills.co.uk<br />

www.blasermills.co.uk<br />

Commercial Recoveries & Insolvency<br />

Blaser Mills Law’s commercial recoveries team is internationally<br />

recognised, regularly advising large corporations, multinationals<br />

and SMEs on pre-legal collections, debt recovery, commercial<br />

litigation, dispute resolution and insolvency. Our legal services<br />

are both cost-effective and highly efficient; Our lawyers are also<br />

CICM qualified and ranked in the industry leading law firm rankings<br />

publications, Legal 500 and Chambers UK.<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

For over 20 years, CoCredo, as one of the UK's leading <strong>Credit</strong><br />

Report companies, has helped protect thousands of customers<br />

from bad debt. Our data is compiled and constantly updated from a<br />

variety of prominent UK and international suppliers, encompassing<br />

230 countries, so that our clients can access the latest available<br />

information in an easy-to-read report. We offer tailored products<br />

and service solutions, from market-leading Dual Reports and<br />

integrated XML solutions, monitoring and delivering flexible 'data<br />

on the go' package options that reduce costs and boost cash flow.<br />

Our clients feel valued that we are a part of their customer journey<br />

and we have consistently been finalists and winners of numerous<br />

Small Business and <strong>Credit</strong> Awards since 2014.<br />

We provide award-winning customer service which is reflected in<br />

our client retention rate of 99%.<br />

Global <strong>Credit</strong> Recoveries<br />

GCR 20-22 Wenlock Road,<br />

London N1 7GU<br />

Charles Mayhew FCICM or Joshua Mayhew ACICM<br />

T: +44 (0) 203 368 8630<br />



Shortlisted as DCA of the Year, by the CICM, for the British <strong>Credit</strong><br />

Awards, Global <strong>Credit</strong> Recoveries Ltd are specialists in Arbitration<br />

and Debt Collection globally.<br />

We specialise in the UK, Europe, The Middle East and the U.S.A,<br />

working as an extension of many CICM members companies for<br />

over 28 years.<br />

Speak with us today in our London or Dubai offices, to see how<br />

we can assist you.<br />

We have the ability, and network, to have someone visiting your<br />

debtors offices, throughout EMEA, within 72 hours.<br />

Recovering funds globally, on a No-Recovery, No-Fee basis.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

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

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

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

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

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

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />


Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation<br />

reach their full potential in credit and collections management.<br />

We are proud to be Corporate Partners of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong>. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />

identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 386 607<br />

Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco Business Support Toolkit provides company details<br />

and financial reporting for over 4m UK companies and<br />

business. Subscribers can view company financial health and<br />

payment behaviour, credit ratings, shareholder and director<br />

structures, detrimental data. In addition, subscribers can also<br />

download unlimited B2B marketing and acquisition reports.<br />

Annual subscription is only £79.95. Other services available<br />

to subscribers include AML and KYC reports, pre-litigation<br />

screening, trace services and data appending, as well as many<br />

others.<br />


HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 56



paul@centuryone.uk 01727 739 196<br />




Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query <strong>Management</strong> System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

<strong>Credit</strong> Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

45-50 Shrivenham Hundred Business Park,<br />

Majors Road, Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

We are dedicated to helping finance teams take the cost,<br />

complexity and compliance issues out of Accounts Receivable<br />

processes. Corrivo is our reliable, easy-to-use SaaS platform<br />

for the continuous improvement of AR metrics and KPIs in a<br />

user-friendly interface. <strong>Credit</strong> Controllers can manage more<br />

accounts with better results and customers can self-serve on<br />

mobile-responsive portals where they can query, pay, download<br />

and view invoices and related documentation e.g. Proofs of<br />

Delivery Corrivo is the only AR platform with integrated invoice<br />

finance options for both buyer and supplier that flexes credit<br />

terms without degrading DSO. Call for a demo.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />


Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />


T: 020 3966 8324<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

VISMA | Onguard is a specialist in credit management software<br />

and market leader in innovative solutions for order-to-cash. Our<br />

integrated platform ensures an optimal connection of all processes<br />

in the order-to-cash chain. This enhanced visibility with the secure<br />

sharing of critical data ensures optimal connection between all<br />

processes in the order-to-cash chain, resulting in stronger, longerlasting<br />

customer relationships through improved and personalised<br />

communication. The VISMA | Onguard platform is used for<br />

successful credit management in more than 70 countries.<br />


Court Enforcement Services<br />

Adele Whitehurst – Client Relationship Manager<br />

M: +44 (0)7525 119 711 T: +44 (0)1992 367 092<br />

E : a.whitehurst@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

Court Enforcement Services is the market leading and fastest<br />

growing High Court Enforcement company. Since forming in 2014,<br />

we have managed over 100,000 High Court Writs and recovered<br />

more than £187 million for our clients, all debt fairly collected. We<br />

help lawyers and creditors across all sectors to recover unpaid<br />

CCJ’s sooner rather than later. We achieve 39% early engagement<br />

resulting in market-leading recovery rates. Our multi-awardwinning<br />

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

close partnership to expertly resolve matters with a fast, fair and<br />

personable approach. We work hard to achieve the best results<br />

and protect your reputation.<br />

High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />


Gravity Global<br />

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

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

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the <strong>Credit</strong> Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

FORUMS<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 57

Cr£ditWho?<br />

CICM Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />




Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Our <strong>Credit</strong>or Services team can advise on the best way for you<br />

to protect your position when one of your debtors enters, or<br />

is approaching, insolvency proceedings. Our services include<br />

assisting with retention of title claims, providing representation<br />

at creditor meetings, forensic investigations, raising finance,<br />

financial restructuring and removing the administrative burden<br />

– this includes completing and lodging claim forms, monitoring<br />

dividend prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

For more information on how the Menzies <strong>Credit</strong>or Services<br />

team can assist, please contact Bethan Evans, Licensed<br />

Insolvency Practitioner, at bevans@menzies.co.uk or call<br />

+44 (0)2920 447 512.<br />

LEGAL<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs<br />

down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your<br />

goals, and adept at advising you on the most effective way of<br />

achieving them.<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />

Key IVR<br />

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

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong>’s Corporate partnership scheme. The<br />

CICM is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CICM to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />

Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CICM. We offer CICM members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, a 5* Trustpilot rated agency, solely<br />

specialises in the recruitment of Permanent, Temporary & Contract<br />

<strong>Credit</strong> Control, Accounts Receivable and Collections staff<br />

including remote workers. Part of The Portfolio Group, an awardwinning<br />

Recruiter, we speak to <strong>Credit</strong> Controllers every day and<br />

understand their skills meaning we are perfectly placed to provide<br />

your business with talented <strong>Credit</strong> Control professionals. Offering<br />

a highly tailored approach to recruitment, we use a hybrid of faceto-face<br />

and remote briefings, interviews and feedback options.<br />

We provide both candidates & clients with a commitment to deliver<br />

that will exceed your expectations every single time.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

• Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

YayPay by Quadient<br />

T: + 44 (0) 7465 423 538<br />

E: r.harash@quadient.com<br />

W: www.yaypay.com<br />

YayPay by Quadient makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster – from anywhere.<br />

Integrating with your existing ERP, CRM, accounting and billing<br />

systems, YayPay organizes and presents real-time data through<br />

meaningful, cloud-based dashboards. These increase visibility<br />

across your AR portfolio and provide your team with a single<br />

source of truth, so they can access the information they need to<br />

work productively, no matter where they are based.<br />

Automated capabilities improve team efficiency by 3X and<br />

accelerate the collections process by making communications<br />

customizable and consistent. This enables you to collect cash<br />

up to 34 percent faster and removes the need to add additional<br />

resources as your business grows.<br />

Predictive analytics provide insight into future payer behavior to<br />

improve cash flow management and a secure, online payment<br />

portal enables customers to access their accounts and pay at any<br />

time, from anywhere.<br />


25 Canada Square<br />

London, GB E14 5LQ<br />

T: +447730500085<br />

E: getinfo@fisglobal.com.<br />

W: www.fisglobal.com<br />

The award-winning FIS GETPAID solution is a fully integrated,<br />

web-based order-to cash (O2C) solution that helps companies<br />

improve operational efficiencies, lower DSO, and increase cash<br />

flow. GETPAID provides process automation, artificial intelligence,<br />

and workflow across the O2C cycle, with detailed analysis and<br />

reporting for accurate cash forecasting. FIS is a global leader in<br />

financial services technology that empowers the financial world.<br />

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

or email getinfo@fisglobal.com.<br />





paul@centuryone.uk 01727 739 196<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 58

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

Just another great reason to be a member<br />

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

CICM membership, as well as additional subscribers<br />

Brave | Curious | Resilient<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> <strong>2022</strong> / PAGE 59

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