Credit Management magazine JAN FEB 2023




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CM<br />

<strong>JAN</strong>UARY & <strong>FEB</strong>RUARY <strong>2023</strong><br />



ROCKET<br />

FUEL<br />

The importance<br />

of data is going<br />

stratospheric<br />

How will the credit<br />

industry fare in <strong>2023</strong>.<br />

Page 14<br />

The time has come to end<br />

economic violence against<br />

women. Page 28

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To find out more or instruct us<br />

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18<br />


Sean Feast FCICM<br />

<strong>JAN</strong>UARY/<strong>FEB</strong>RUARY <strong>2023</strong><br />

www.cicm.com<br />



A tribute to one of the industry’s great<br />

characters, Matt Subert MCICM.<br />

14<br />


Sean Feast FCICM<br />

28<br />


Simona Scarpaleggia<br />


It looks like we’re in for a blustery year<br />

ahead.<br />

14 – PRESSURE TEST<br />

The credit industry will be severely<br />

tested in <strong>2023</strong>.<br />


Sean Feast FCICM speaks exclusively<br />

to Anthony Scriffignano, Chief Data<br />

Scientist at Dun & Bradstreet.<br />

22 – BUCKLE UP<br />

What can we expect from the vehicle<br />

leasing market in <strong>2023</strong>?<br />

25 – FORWARD MARCH<br />

A new path to enforcement.<br />


Simona Scarpaleggia says that the day<br />

has come to end economic violence<br />

against women.<br />


There is much more to Thailand than<br />

media-related stereotypes.<br />


34<br />


Adam Bernstein<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 />

Laural Jefferies FCICM / Neil Jinks FCICM / Martin Kirby FCICM / Charles Mayhew FCICM / Hans Meijer FCICM / Debbie Nolan<br />

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

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> <strong>magazine</strong>’<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 <strong>magazine</strong> do<br />

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

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

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

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

Publisher<br />

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

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

Peterborough PE2 6XS<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

Joe Clarkson, Rob Howard, Roshika Perera,<br />

Melanie York and Mona Yazdanparast<br />

Advertising<br />

Paul Heitzman<br />

Telephone: 01727 739 196<br />

Email: paul@centuryone.uk<br />

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<strong>2023</strong> subscriptions<br />

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International: £160 per annum<br />

Single copies: £13.00<br />

ISSN 0265-2099<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 3


Late payment: let’s start<br />

changing the conversation<br />

Sean Feast FCICM<br />

Managing Editor<br />

NOW I know that as you get<br />

older, things start coming<br />

around that you’d swear<br />

you’ve seen or heard<br />

before. Like people talking<br />

about written content on<br />

the internet, and how it needs to have a<br />

catchy headline and intro to grab a reader’s<br />

attention.<br />

Now I know it’s a long time since I<br />

studied to become a journalist, but I am<br />

pretty sure my tutor (a fanatically rightwing<br />

columnist on The Sun who was on<br />

strike at the time – now there’s an irony!)<br />

said much the same thing in 1986, when<br />

I was despatched by my then employer<br />

to the London College of Printing (as it<br />

was then) to learn how to sub. It’s funny<br />

how people new to a subject and different<br />

generations re-invent existing ideas and<br />

reclaim them as their own.<br />

A bit like Grant Shapps and his drive<br />

to tackle late payment ‘once and for all’<br />

with the Government’s Payment and Cash<br />

Flow Review, announced at the tail end of<br />

last year. He says he wants to remind big<br />

businesses ‘of their duty to ensure their<br />

smaller suppliers are paid promptly.’ He<br />

says it is ‘intolerable’ that many small<br />

firms ‘are routinely paid late.’ Difficult to<br />

disagree.<br />

Now I am quite sure we’ve seen this<br />

kind of thing before, and sadly I don’t<br />

have the column inches spare to list all<br />

of the similar reviews that have been<br />

conducted over the last 30+ years that I’ve<br />

been covering the subject. But I would<br />

just remind the reader that it is less than<br />

three years ago that the Government<br />

announced a consultation into the role of<br />

the Small Business Commissioner (SBC)<br />

and I am fairly certain I’ve not seen, as yet,<br />

a published response?<br />

And this is my problem: everyone knows<br />

that late payment is an issue. Everyone<br />

talks about a need to change the ‘culture’.<br />

Everyone always thinks the answer is<br />

somewhere else, and needs ‘re-inventing’,<br />

rather than making good and/or refining<br />

the ideas that are already in place. Like the<br />

SBC and the Prompt Payment Code. The<br />

focus is always on the negative impacts<br />

of failing to treat suppliers fairly, and<br />

the punishment that transgressors will<br />

face if they continue to transact with<br />

their suppliers with such disdain. Even<br />

now and then the message is one of<br />

‘barriers to productivity’ caused by late<br />

payment, rather than the ‘opportunities to<br />

productivity’ by paying on time.<br />

So, for <strong>2023</strong>, why don’t we start changing<br />

the conversation? Let’s talk up the benefits<br />

of paying others on time, or even early. Let’s<br />

talk about the societal good it can bring to<br />

local communities, and the confidence it<br />

delivers to enable investment in people,<br />

innovation and technology. Let’s ditch the<br />

meaningless and unhelpful mantra of ‘big<br />

companies bad and small companies good’<br />

tediously repeated by certain pressure<br />

groups and recognise that the issue is<br />

much more complicated than that, and<br />

the answer is undoubtedly multi-tiered.<br />

Am I right? Let me know what you think.<br />

And let’s agree that best practice credit<br />

management, and professional credit<br />

managers, are very definitely an essential<br />

part of the solution.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</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 />

Government’s late payment<br />

review needs to get back to basics<br />

THE Government has<br />

launched a review into<br />

tackling late payments<br />

for small businesses amid<br />

concerns that the current<br />

cost-of-doing-business crisis,<br />

combined with rising late payments,<br />

could push many over the edge.<br />

Billions in outstanding invoices<br />

are currently owed to small<br />

businesses, presenting a barrier to<br />

productivity, the creation of highlyskilled<br />

jobs and economic growth.<br />

The Government estimates that<br />

small businesses are currently owed<br />

outstanding payments totalling<br />

£23.4bn.<br />

The Business Minister Grant<br />

Shapps says that the Payment and<br />

Cash Flow review will scrutinise<br />

existing practices and measures,<br />

and the progress in combatting late<br />

payment: “It will ensure that the UK<br />

has the right arrangements in place<br />

to best support small businesses,” he<br />

adds.<br />

But Sue Chapple FCICM, Chief<br />

Executive of the Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong> (CICM), is<br />

concerned that yet another review<br />

is not the answer: “We’ve been here<br />

before,” she says, “and have not fully<br />

debated the findings of the previous<br />

review into late payment nor the<br />

report on the future role of the Small<br />

Business Commissioner,” she says.<br />

“Being positive, it is good that<br />

the Government recognises<br />

the importance of paying small<br />

businesses on time, but they need<br />

to spend less time talking and more<br />

time doing if we are to make any real<br />

difference.<br />

“They should also be actively<br />

promoting the vital importance of<br />

best practice credit management in<br />

keeping the cash flowing. We don’t<br />

particularly need new campaign<br />

slogans, groups or committees.<br />

Many of the problems they will no<br />

doubt highlight could be overcome<br />

by getting the basics right from the<br />

start.”<br />

The review will take stock of the<br />

Government’s overall approach,<br />

with reference to: transparency<br />

and advocacy, including making<br />

recommendations on the role of<br />

the Small Business Commissioner,<br />

Small Business Minister, and BEIS in<br />

holding late-paying firms to account;<br />

progress made within different<br />

business sectors; and the culture and<br />

impact of late payment, including<br />

the repercussions of late payment on<br />

business sustainability and growth<br />

and various other factors affecting<br />

smaller firms.<br />

Its scope will include existing<br />

Government levers, including<br />

the role of the Small Business<br />

Commissioner, the Prompt Payment<br />

Code and Reporting on Payment<br />

Practices and Performance<br />

Regulations, the role of public<br />

procurement, and the provision for<br />

statutory interest on outstanding<br />

debt. It will also look at finance and<br />

the role of banks in supporting a<br />

small business economy.<br />

The review will be led by the<br />

Minister for Enterprise, Markets<br />

and Small Business, and report to<br />

the Secretary of State for Business,<br />

Energy and Industrial Strategy.<br />

Elsewhere, HMRC has announced<br />

increases to both the interest<br />

charged on late paid tax and the rate<br />

paid on repayments of tax. These<br />

rates will also apply to VAT<br />

for amounts due in relation to<br />

periods beginning on or after<br />

1 January <strong>2023</strong>. The rates increase<br />

took effect from 26 December<br />

2022 for late quarterly instalment<br />

payments, while late payment<br />

interest for other late payments<br />

increased from 6 January.<br />

❝<br />

“Being positive, it is good that<br />

the Government recognises the<br />

importance of paying small<br />

businesses on time, but they need<br />

to spend less time talking and<br />

more time doing if we are to make<br />

any real difference.’’<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 5


<strong>Credit</strong> ‘more expensive’ than at<br />

any time since the credit crunch<br />

BUSINESSES may be facing<br />

a multitude of challenges,<br />

but CFOs’ concerns over<br />

the macroeconomic<br />

outlook are easing,<br />

according to new research.<br />

As interest rates reach 3.5 percent,<br />

demand for credit among CFOs at<br />

the UK’s top companies is well below<br />

average levels and flagging. CFOs now<br />

consider credit as more expensive<br />

than at any time since the credit<br />

crunch of 2009, new research finds.<br />

CFOs view bank borrowing and debt<br />

issuance as less attractive sources of<br />

finance now than at any time since<br />

the financial crisis, according to<br />

Deloitte’s UK CFO Survey, Q4 2022. The<br />

survey showed that just over a quarter<br />

of the FTSE 350 CFOs polled say they<br />

expect their company’s demand for<br />

it to increase over the coming 12<br />

months. An emphatic 70 percent of<br />

CFOs, however, rated credit as costly,<br />

while 45 percent say new credit is<br />

hard to obtain.<br />

Simon Gray, Head of Business,<br />

ICAEW, says the news is concerning:<br />

“We’ve heard from smaller companies<br />

and those specifically in consumerfacing<br />

businesses that debt finance is<br />

now harder to secure,” he says. “This<br />

probably reflects a reduced level of<br />

risk appetite given the multitude of<br />

challenges businesses of all sizes<br />

have faced and continue to face.”<br />

Despite the challenging macro<br />

environment of high inflation, supply<br />

disruptions and rising interest rates,<br />

CFOs consider these economic<br />

challenges, particularly inflation,<br />

to have eased since October’s peak.<br />

In-house counsel expect increase<br />

in debt recovery work<br />

GENERAL Counsel and in-house<br />

legal teams are braced for a significant<br />

increase in litigation, debt recovery<br />

and fraud issues in the year ahead<br />

as a result of the economic<br />

downtown. Legal teams also expect<br />

an increase in requests to support<br />

employment disputes and HR<br />

compliance.<br />

Winmark surveyed 50 General<br />

Counsel, Chief Legal Officers and<br />

senior in-house lawyers to gauge the<br />

type of work they expect to increase as<br />

a result of the cost-of-living crisis and<br />

the cocktail of rising prices, inflation<br />

Red Flag proves the green light to business success<br />

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

<strong>Management</strong> (CICM) has partnered<br />

with Red Flag Alert, the UK’s leading<br />

insolvency risk scoring platform to offer<br />

valuable insights and content to CICM<br />

members, including economic forecasts,<br />

trend updates, downloads and ‘how to’<br />

guides.<br />

Red Flag Alert, described as the<br />

only independently owned UK credit<br />

referencing agency for businesses, has<br />

been helping clients use data insights to<br />

manage risk and achieve growth since<br />

2004. Its powerful portfolio management<br />

tool allows businesses to monitor their<br />

customers and suppliers, by receiving<br />

email alerts on data events such as<br />

CCJs, Petitions, Accounts, and Directors,<br />

amongst 84 alerts which can be tailored<br />

and interest rates, coupled with falling<br />

household and business incomes.<br />

The survey, conducted for Kingsley<br />

Napley, found that three quarters<br />

(75 percent) believe an increase in<br />

disputes/litigation work is likely in<br />

the next one to two years; 68 percent<br />

said an increase in credit risk/debt<br />

recovery related work is likely; and<br />

49 percent predicted a likely increase<br />

in fraud related workload in the next<br />

12-24 months.<br />

More than half (53 percent) of<br />

respondents say they expect an<br />

increase in day-to-day legal requests<br />

to the needs of each business.<br />

Additionally, Red Flag Alert uses<br />

advanced machine learning and AI<br />

technology data to provide businesses<br />

with information which they can use<br />

to deliver best-in-class sales, credit risk<br />

management and compliance services.<br />

Sue Chapple FCICM, Chief Executive<br />

of the CICM said the partnership will<br />

help the Institute’s members navigate<br />

current economic challenges: “Through<br />

our new corporate partnership with Red<br />

Flag Alert, CICM members will have<br />

access to insightful and relevant data<br />

at their fingertips, enabling them to<br />

make informed decisions to grow their<br />

businesses while minimising financial<br />

risk. “By enabling credit managers to<br />

perform their jobs more efficiently, I<br />

from other internal departments;<br />

46 percent predict an increase in<br />

employment disputes that will<br />

cross their desk; and 39 percent<br />

believe more HR compliance<br />

matters are likely to feature in their<br />

workload in the next one to two<br />

years.<br />

Whilst the majority of respondents<br />

felt their departments are well<br />

prepared for the challenges ahead,<br />

a worrying 39 percent do not feel<br />

adequately prepared or are unsure if<br />

they are ready to deal with the issues<br />

likely to be coming their way.<br />

believe this partnership will help our<br />

members brace themselves for the<br />

economic storm that is brewing.”<br />

Richard West, Managing Director<br />

of Red Flag Alert expressed his<br />

excitement at working with CICM, the<br />

largest recognised professional credit<br />

management body in the world: “This<br />

partnership with the CICM is a testament<br />

to our growing commitment to improving<br />

the lives of credit managers, by providing<br />

them with actionable real-time data on<br />

more than 15 million businesses.<br />

“With the ever-increasing economic<br />

uncertainty, the cost-of-living crisis<br />

and a recession on the horizon, our aim<br />

is to help arm SMEs with the tools and<br />

insights they need to help mitigate risk,<br />

and make informed business decisions.”<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 6


❝<br />

“We’ve heard from smaller companies and those specifically<br />

in consumer-facing businesses that debt finance is now<br />

harder to secure,” – Simon Gray, Head of Business, ICAEW<br />

Only two risks – weakness in the US<br />

economy and in emerging markets<br />

– have increased, according to the<br />

Deloitte survey (December 2022).<br />

Ian Stewart, Chief UK Economist<br />

at Deloitte, believes that the most<br />

aggressive tightening of monetary<br />

policy in more than 30 years is<br />

reshaping corporate attitudes to debt:<br />

“Not since the credit crunch have CFOs<br />

rated debt as being less attractive as a<br />

source of finance for their businesses<br />

than they do today,” he says.<br />

“When interest rates were at very<br />

CICMQ Assessor supports aid in Ukraine<br />

BARRY Durman FCICM, a CICM trainer<br />

and newly recruited CICMQ assessor<br />

flew to Moldova in December for a sixday<br />

trip to help with the aid convoy for<br />

Ukraine, organised by the Round Table<br />

in Germany. The project drew in 228<br />

volunteers from different backgrounds,<br />

among whom Barry was the only person<br />

from England. He fully immersed<br />

himself in the Christmas spirit from day<br />

one, and even dressed up as Santa Claus<br />

to help deliver 132 Christmas presents to<br />

children in Moldova.<br />

PEOPLE who borrowed money to pay<br />

for Christmas last year fear they might<br />

never be able to pay it back.<br />

StepChange Debt Charity says worries<br />

over debt led to a surge in enquiries at<br />

the start of the New Year; on 3 January,<br />

the first working day after the Christmas<br />

break, it advised more people than on<br />

any other day last year.<br />

Richard Lane, Director of External<br />

Affairs, says that the pressures of<br />

Christmas drive many to spend more<br />

than they can afford: “In some cases,<br />

this can lead to a debt hangover in the<br />

new year that may take many months or<br />

even years to repay,” he warns.<br />

low levels, debt finance easily eclipsed<br />

equity as a source of finance. CFOs now<br />

see them as being roughly on par.”<br />

Simon says that inflation and rising<br />

interest rates have served to make debt<br />

finance more expensive: “Although<br />

there are signs inflationary pressures<br />

are easing, higher interest rates are<br />

likely to remain for some time. We’re<br />

in a new environment, very different<br />

from the low interest rates we have<br />

experienced for many years, with<br />

rates arguably climbing back to more<br />

normalised levels.”<br />

The event was of an impressive<br />

scale involving 33 huge lorries, seven<br />

buses, and 905 pallets of essential aid.<br />

By working with partners close to the<br />

border, the volunteers were able to<br />

provide support to those directly<br />

affected by the war in Ukraine.<br />

Reflecting on his experience, Barry<br />

said: “It was quite a phenomenal exercise<br />

that reminds us of what<br />

Christmas is all about,<br />

spreading goodwill to<br />

those most in need.”<br />

Consumers facing debt hangover<br />

"While there are some promising<br />

suggestions that inflation may begin to<br />

ease later this year, it is likely that there<br />

will be some challenging months ahead<br />

financially, and the risk of falling into<br />

problem debt remains high," he adds.<br />

The warning coincides with a poll<br />

conducted for the BBC in January that<br />

appears to confirm consumer fears over<br />

unmanageable debt. A third of the 4,000<br />

UK adults who responded to the survey<br />

and who used credit to help get through<br />

Christmas and the holiday season said<br />

they were not confident about their<br />

ability to repay what they had borrowed.<br />

The same survey also found that four<br />

out of every five of those asked were<br />

worried about the rising cost of living,<br />

with some losing sleep over it. Lack of<br />

savings has driven consumers to use<br />

credit, sparking fears that the most<br />

vulnerable will not be able to cope with<br />

rising and unexpected bills.<br />

>NEWS<br />

IN BRIEF<br />



THE Meritorious Service<br />

Award is granted as a rare<br />

recognition of an especially<br />

meritorious contribution to<br />

the Institute, and previous<br />

recipients are legends<br />

of the credit industry. If<br />

you would like to nominate a<br />

member, visit www.cicm.com/cicmmeritorious-award/<br />


PWC’S economic outlook for <strong>2023</strong><br />

predicts that cost-of-living pressures<br />

will continue to intensify throughout<br />

<strong>2023</strong>, with the weekly food shop rising<br />

to £100, double the rate at the turn of<br />

the century. The housing market is<br />

also facing a challenging outlook – the<br />

estimated decline in house prices by<br />

eight percent would be the second<br />

sharpest fall in 70 years – while the<br />

number of house sales could fall<br />

below one million for the first time in<br />

a decade. PwC also predicts that, with<br />

UK real wages falling back<br />

to their 2006 levels,<br />

French workers<br />

could overtake their<br />

British counterparts<br />

as the fourth-best<br />

paid workers in the G7.<br />


INTERNATIONAL SME financier, Bibby<br />

Financial Services (BFS) has appointed<br />

Paul Ratcliffe as Managing Director<br />

for its new Marine Finance business.<br />

With 40 years’ experience in the<br />

maritime and asset finance sectors,<br />

Paul began his career at BFS’s parent<br />

company, Bibby Line Group (Bibby),<br />

in 1980 when he joined his first ship,<br />

MV Dorsetshire. Having worked on a<br />

variety of Bibby vessels, Paul joined<br />

Bank of Scotland in 1987. In 2002,<br />

he set up the bank’s Asset Finance<br />

Marine business, as well as the Small<br />

Commercial Vessel division. In 2013 he<br />

joined Shawbrook Bank where he setup<br />

its Marine Finance business.<br />


CICM Branch AGM season is upon us,<br />

and all Committees are due to convene<br />

by 31 March <strong>2023</strong>. Look out for more<br />

information across CICM channels<br />

and by visiting https://www.cicm.com/<br />

branches/’<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 7



Intrum’s annual European Consumer payment<br />

report 2022 shows consumer debt is deepening.<br />

AUTHOR – Melanie York<br />

THE New Year brings little comfort<br />

to many consumers as the long<br />

war in Ukraine looks set to<br />

continue through the winter,<br />

pushing energy and food prices<br />

ever higher and, with it, the risk<br />

of crippling debt for many consumers.<br />

After a decade of low inflation, watching<br />

it climb steadily into double digits over the<br />

last few months has caused financial anxiety<br />

to spiral as more households struggle to pay<br />

everyday bills. Intrum’s annual European<br />

Consumer Payment Report (ECPR), a survey of<br />

24,000 consumers across Europe, shows that<br />

eight in 10 UK respondents are worried about<br />

rising costs. A third of consumers have already<br />

missed paying a bill in the last year, and two out<br />

of every five consumers believe they will not<br />

have enough money to pay their utility bills in<br />

the next 12 months. This means the number of<br />

payment defaults is set to rise dramatically.<br />

“Rising interest rates and soaring prices<br />

are making UK consumers deeply pessimistic<br />

about the future,” said Eddie Nott, Intrum’s<br />

Managing Director for the UK and Ireland. “The<br />

impact is greater than we experienced during<br />

the pandemic, affecting almost all consumers,<br />

many of whom have not experienced financial<br />

difficulty before. We expect to see increasing<br />

levels of default as people find themselves<br />

unable to meet their commitments.”<br />

Curtailing consumption<br />

To cope with rising costs, seven in 10 UK<br />

respondents are changing their spending<br />

habits, with a similar number saying they are<br />

increasingly aware of unnecessary expenses.<br />

Over two-thirds are now mending or recycling<br />

old items instead of buying new, their<br />

spending on higher-priced sustainable goods<br />

is being curtailed, and instead, consumers are<br />

increasingly searching for cut-price goods online<br />

or in discount retail stores. Among the younger<br />

generations of Gen Z and 30-somethings,<br />

one third are getting rid of unnecessary<br />

subscriptions to apps and streaming services.<br />

And although the pain of isolation during<br />

the pandemic is not yet a distant memory,<br />

consumers are changing their social habits by<br />

cutting back on entertainment and eating out.<br />

That’s bad news for hospitality and other sectors<br />

that were beginning to recover from the impact<br />

of COVID-19.<br />

Defaults rising<br />

Younger consumers feeling the pinch in their<br />

social lives are more likely to be using Buy Now,<br />

❝<br />

Just as worrying is<br />

that over 40 percent<br />

of 22 to 37-year-olds<br />

and around a third<br />

of people in their<br />

early 40s say they<br />

have less visibility<br />

of their short-term<br />

borrowing on credit<br />

cards and loans than<br />

previously. Without<br />

that understanding,<br />

people have less<br />

control over their<br />

finances, and are<br />

more likely to end up<br />

struggling to balance<br />

their household<br />

budgets.<br />

❝<br />

Pay Later (BNPL) to cover the growing costs.<br />

Some 41 percent of the Gen Z cohort, who are<br />

in their late teens and 20s, say they increasingly<br />

do this. And with recent changes in the market,<br />

BNPL may be extended beyond retail purchases<br />

and into utilities. That could mean access to<br />

debt beyond credit cards and personal loans<br />

and potentially more ways to end in financial<br />

difficulty.<br />

In the last six months, a third of respondents<br />

have either reached credit card limits or<br />

increased their borrowing to pay what they owe.<br />

The latest data from FICO UK confirms that<br />

credit card use has increased by 10 per cent. But<br />

as the Bank of England continues to increase<br />

borrowing rates, already at a fourteen-year high,<br />

credit cards are likely to become an increasingly<br />

unsustainable way to finance day-to-day living.<br />

There are clear signs of consumer indebtedness<br />

growing in the last year, with average balances<br />

increasing by six percent, missed payments<br />

by nine percent, and falling numbers of<br />

cardholders repaying the full amount.<br />

Worse is yet to come. Of the one in three<br />

consumers expecting to miss bill payments<br />

in the next 12 months, most, if necessary, will<br />

default on lower priority e-commerce and<br />

online store bills first, followed by internet<br />

and broadband bills. A third of respondents<br />

are likely to ask for longer re-payment terms.<br />

These findings are supported by the latest data<br />

from the European Banking Authority (EBA)<br />

dashboard which shows that the ratio of stage<br />

two loans has been on the rise, indicating that<br />

more defaults will follow.<br />

Debt blindness<br />

Worryingly, those using debt to pay bills<br />

are rising faster among the least financially<br />

educated respondents. When asked, over half<br />

of respondents couldn’t correctly identify how<br />

inflation – the amount of compound interest -<br />

will increase their energy bills over a two-year<br />

period. Younger people particularly struggled<br />

compared to those in their mid-fifties and<br />

older, possibly indicating a lack of financial<br />

experience. But for all age groups, an inability<br />

to understand compound interest may result<br />

from a lower level of education. This suggests<br />

they also have less earning potential and are<br />

consequently at greater financial risk.<br />

Just as worrying is that over 40 percent of 22-<br />

to 37-year-olds and around a third of people in<br />

their early 40s say they have less visibility of their<br />

short-term borrowing on credit cards and loans<br />

than previously. Without that understanding,<br />

people have less control over their finances, and<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 8


AUTHOR – Melanie York<br />

❝<br />

“The relatively high share saying they will demand a pay increase indicates that<br />

consumers’ patience with falling real wages is diminishing. This will add further<br />

pressure to Government and central banks to take action, UK consumers face a<br />

difficult winter, and many will need to seek help from their creditors.” – Eddie Nott<br />

are more likely to end up struggling to balance<br />

their household budgets. This points to a<br />

greater need for financial education, and credit<br />

agencies can expect more calls from desperate<br />

people seeking help and advice.<br />

Savings Shrinking<br />

But financial anxiety isn’t only about consumers'<br />

current debt levels or their ability to repay.<br />

Almost half (46 percent) of consumers are<br />

worried about losing their job or main source<br />

of income, and 39 percent are worried their<br />

partners or spouse will lose theirs.<br />

The levels of anxiety are encouraging people<br />

to try and take greater control over their finances<br />

– setting targets for savings, paying bills on time<br />

to avoid late or non-payment consequences, and<br />

putting money aside just in case. Almost eight<br />

out of ten respondents are saving some money<br />

each month. Three-quarters of consumers are<br />

saving for unexpected expenses, over a third in<br />

case of job loss, and almost a third are preparing<br />

for a recession.<br />

However, more and more people are unhappy<br />

with the amount they can save. In the last year,<br />

the proportion of dissatisfied savers rose nearly<br />

50 percent to three out of every five people. There<br />

are three main reasons. Firstly, over a quarter<br />

of them are using more of their income to pay<br />

bills, leaving them with less to put aside each<br />

month. Secondly, many have used their savings<br />

built up through the pandemic to buy essentials<br />

and cannot rebuild their financial cushion. And<br />

thirdly, economic uncertainties are causing<br />

consumers to worry about the impact on their<br />

pensions and whether they will be able to retire<br />

comfortably. The exception is the 18 to 20-yearolds.<br />

Only 15 percent are reducing their savings.<br />

This age group perhaps were not saving in the<br />

first place or still live with their parents and<br />

which allows them to continue to save as they<br />

are less exposed to rising inflationary costs<br />

than older consumers. But a lack of savings<br />

coupled with their increasing use of BNPL to<br />

fund their lifestyle and an apparent lack of<br />

financial understanding suggests they may<br />

not be considering how increasingly expensive<br />

those debts will be to repay and how their risk<br />

of defaulting on payments rises with every<br />

percentage point increase in inflation.<br />

Pessimism prevails<br />

More than half of UK Consumers are expecting<br />

inflation to continue for years. Thankfully<br />

the European Central Bank has forecast that<br />

inflation will fall below three percent by the end<br />

of <strong>2023</strong>. And the IMF also predicts it will fall,<br />

❝<br />

The levels of anxiety<br />

are encouraging<br />

people to try and<br />

take greater control<br />

over their finances<br />

– setting targets for<br />

savings, paying bills<br />

on time to avoid<br />

late or non-payment<br />

consequences, and<br />

putting money aside<br />

just in case.<br />

❝<br />

moderated by Government monetary policy and<br />

slower economic growth. But consumers appear<br />

to have little faith in the Government and the<br />

central bank's ability to bring inflation under<br />

control.<br />

Their pessimistic outlook points again to poor<br />

financial education and a poor understanding<br />

of the causes of inflation, leaving people<br />

vulnerable to future shocks and with fewer<br />

options to try and shield themselves against<br />

financial ruin.<br />

One approach many are hoping for is to<br />

increase their household income. Around a<br />

third of respondents will be asking for a pay<br />

rise. Among those with young children, the<br />

proportion rises to 44 percent.<br />

“The relatively high share saying they<br />

will demand a pay increase indicates that<br />

consumers’ patience with falling real wages is<br />

diminishing. This will add further pressure to<br />

Government and central banks to take action,”<br />

Eddie adds. “UK consumers face a difficult<br />

winter, and many will need to seek help from<br />

their creditors.”<br />

The full European Consumer Payment Report<br />

2022 is available for download on intrum.com/<br />

ecpr2022.<br />

Eddie Nott, UK and Ireland Managing Director,<br />

Intrum.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 9



A GIANT OF<br />


THE CICM was greatly<br />

saddened to learn of the<br />

passing of Matt Subert<br />

FCICM whose funeral was<br />

held on 14 December last<br />

year.<br />

Matt, a giant of the industry both<br />

literally and metaphorically, was one of<br />

the most popular figures in the world of<br />

credit, and his passing attracted a great<br />

outpouring of love and affection, his life<br />

having touched a great number of lives.<br />

Peter Wallwork FCICM, former CEO<br />

of the CSA, commented: “Matt is the<br />

man who introduced me to the world<br />

of mortgage arrears counselling in<br />

1993 and then unsecured collections<br />

in 1999. In return, I introduced him to<br />

skiing and he joined Mad Dog Tours<br />

in the Alps. When together and having<br />

a laugh, we introduced ourselves as<br />

‘identical twins’, and told people that<br />

‘only our mother could tell us apart...’<br />

In truth, we were more like Arnold<br />

Schwarzenegger and Danny DeVito...<br />

A larger-than-life character I’ll miss<br />

dearly.”<br />

Denise Crossley FCICM, CEO of<br />

Lantern, had similarly known Matt for<br />

more than three decades: “He was the<br />

gentle giant of our sector, part of the<br />

very fabric of our industry and, I know,<br />

will be terribly missed.”<br />

Educated at Hillcrest Grammar<br />

School and Stockport College, Matt’s<br />

CV included working for some of the<br />

greatest names in debt collection and<br />

debt sale and purchase.<br />

He was Chief Executive of<br />

Frederickson International for a time in<br />

the late 1990s before taking on a similar<br />

role at Gothia. He spent almost six years<br />

at The Lewis Group between 2008 and<br />

2013, before joining Akinika, part of<br />

the Capita Group, and moving on to<br />

Moriarty Law in 2016. He was latterly<br />

Director of Acquisitions at Lantern.<br />

He became a member of the CICM<br />

in 1997 and was a founding member<br />

of the Debt Buyers and Sellers Group,<br />

a sub-section of the <strong>Credit</strong> Services<br />

Association created to specifically<br />

champion and represent those in the<br />

debt buying and selling market.<br />

Sue Chapple FCICM, CEO of the<br />

CICM, was shocked by the news of<br />

Matt’s untimely passing: “Matt was in<br />

the industry and therefore all our lives,<br />

forever. He was one of the kindest,<br />

funniest and most helpful people I have<br />

ever had the privilege to work with.”<br />

Our thoughts and condolences go out<br />

to Matt’s family.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 10

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 11<br />

collections learning initiative

BLUFF<br />


It looks like we’re in for a blustery year ahead.<br />

AUTHOR – Melanie York<br />

THE conflict in Ukraine is the biggest<br />

war in Europe since 1945. The<br />

resulting fuel and supply shortages<br />

have sent food and energy costs<br />

skyrocketing. Central bank interest<br />

rates are at a 15-year high as central<br />

banks try to control inflation. The financial shocks<br />

have suspended cheap consumer debt, whether<br />

mortgages, credit cards or personal loans. As people<br />

struggle to pay for everyday living, their options<br />

are getting smaller, and many are defaulting on<br />

payments and tumbling into debt.<br />

Policymakers are struggling to control inflation.<br />

Central banks the world over raised interest rates<br />

at the end of last year to curb spending and try and<br />

reduce the risk or impact of a looming recession.<br />

Inflation was thought to be a temporary spike in<br />

response to rising prices but appears to be settled<br />

in double-digit figures, at least in the short term.<br />

How long will it last? And how high will it go?<br />

Tough Times<br />

Most experts agree that a recession in <strong>2023</strong> is<br />

inevitable. Indeed, the Bank of England has already<br />

signalled that Britain is entering a recession, with<br />

inflation at a 41-year high. Others have claimed we<br />

are already there. The recession is probably going<br />

to be deep in Europe, milder in the US. Britain<br />

is not faring well after Brexit and former Prime<br />

Minister Liz Truss crushing market confidence.<br />

Whilst the OECD suggests economic growth<br />

is slowing and will average just 2.2 percent<br />

globally, Britain, it suggests, is one of only two<br />

European countries which will contract (by 0.4<br />

percent). The other is Russia.<br />

Nevertheless, British business is showing<br />

some resilience. A recent Accenture survey<br />

found that although confidence had fallen by<br />

10 percent to reach the lowest level in 13 years,<br />

UK confidence is still higher than other European<br />

countries. That’s a good sign for a speedier recovery<br />

if we can hold our nerve. EY expects Britain’s GDP<br />

returning to growth in the second half of <strong>2023</strong><br />

because ONS statistics suggest Britons have a<br />

better savings cushion than previously thought.<br />

Happily, inflation in Europe is expected to fall to<br />

an average of 6.6 percent this year. And thankfully,<br />

Britain is forecast to reach 6.3 percent inflation by<br />

mid-<strong>2023</strong>, falling further to 4.5 percent by the year's<br />

end and 2.7 percent by the end of 2024. So there is<br />

some good news on the horizon. That may again<br />

suggest a shorter road to recovery, but it will still<br />

be bumpy. Of all the G7 countries, Britain will need<br />

the greatest fiscal tightening whilst suffering the<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 12


deepest recession. Higher interest rates<br />

may control inflation; indeed, consumer<br />

prices inflation already fell to 10.7 percent<br />

in November, but unemployment and<br />

consumer indebtedness are still likely<br />

to rise. Even with the Government<br />

offering subsidies to shield consumers<br />

from energy price shocks, consumers'<br />

disposable income and savings are being<br />

squeezed. And the subsidies cannot last<br />

forever. With the Government increasing<br />

corporation tax and the subsidies ending<br />

in six months, those additional costs will<br />

be passed onto consumers.<br />

Shrinking budgets<br />

The cost-of-living will intensify and PwC<br />

estimates the weekly food shop rising to<br />

£100 per week. At the same time, Financial<br />

Reporter suggests energy bills will reach<br />

£3,000 per year starting in April, just as<br />

the UK lump-sum subsidies will stop.<br />

The Bank of England says four million<br />

households will see their mortgage<br />

payments rise by around 25 percent on<br />

average after mortgage rates rose sharply<br />

at the end of the year. That alone will<br />

be the equivalent of cutting their pretax<br />

income by about 17 percent. Base<br />

interest rates are forecast to peak at about<br />

4.5 percent and decline again once the<br />

recession starts to bite, the expectation<br />

of which is already lowering fixed-rate<br />

mortgages. Even so, paying the mortgage<br />

will be more challenging for around 2.4<br />

percent of households. The repossession<br />

of homes rose sharply by 15 percent in<br />

the third quarter of 2022, and the Bank<br />

of England predicts defaults will increase<br />

dramatically in the coming year.<br />

Household disposable income will also<br />

decrease dramatically through taxation.<br />

The autumn statement's freeze on income<br />

tax thresholds means that as wages rise,<br />

more people enter a higher tax bracket.<br />

This stealth taxation will, according to<br />

the Institute of Fiscal Studies, cause<br />

household income to fall by an average of<br />

£1,250 annually over the next few years.<br />

With higher prices and falling disposable<br />

income, the British Chambers of<br />

commerce (BCC) forecasts that household<br />

consumption will shrink by 2.3 percent in<br />

<strong>2023</strong>. Those on benefits and pensions will<br />

receive extra living payments to help pay<br />

the bills but are increasingly at financial<br />

risk, and the average earner will have to<br />

tighten their belts, rely more on savings or<br />

increase their borrowing.<br />

Pinching pennies<br />

As real wages return to 2006 values and<br />

prices rise, consumers are restricting<br />

their spending to all but household<br />

essentials. KPMG’s latest survey of<br />

AUTHOR – Melanie York<br />

3,000 UK consumers revealed that<br />

roughly two-thirds are planning to cut<br />

discretionary spending on eating out,<br />

clothes, takeaways, holidays and other<br />

non-essentials. They are concerned about<br />

food, energy, fuel, mortgage or rent costs,<br />

how much these will rise in the coming<br />

months, and how long their financial<br />

reserves will last.<br />

Many consumers are already dipping<br />

into their savings cushion. Two in five<br />

savers have started using their rainyday<br />

money to help pay the bills. Among<br />

the low-income households, those most<br />

at risk, that number rises to over four<br />

out of five savers. When those savings<br />

are depleted, indebtedness is likely to<br />

increase for many.<br />

❝<br />

Worryingly, half of young<br />

adults aged 25 to 34 have<br />

taken out additional loans or<br />

credit cards in recent months<br />

to cope financially.<br />

❝<br />

A significant proportion of the UK adult<br />

population is already in debt, but EY<br />

suggests the demand for consumer credit<br />

will increase by 5.5 percent this year<br />

as households struggle with the rising<br />

cost-of-living. It may also become easier<br />

for consumers to access credit. The UK<br />

Consumer <strong>Credit</strong> Act reforms have begun<br />

with a consultation ending in March<br />

<strong>2023</strong>. The aim is to cut lenders' costs and<br />

simplify consumers’ access to new forms<br />

of finance, with lenders providing high<br />

levels of protection.<br />

Today four out of five UK adults are<br />

already in debt. The money.co.uk debt<br />

index shows this is up from three in<br />

five adults during the last year probably<br />

because they are trying to cover basic<br />

living expenses. The average debt per<br />

person (excluding mortgages) also<br />

increased by approximately £10,000 to an<br />

average of £34,500. In London, one in 10<br />

adults has over £50,000 of debt.<br />

The most common form of debt, at over<br />

30 percent, is the credit card followed by<br />

personal loans and overdrafts at around 15<br />

percent. Worryingly, half of young adults<br />

aged 25 to 34 have taken out additional<br />

loans or credit cards in recent months to<br />

cope financially. Over two-thirds of them<br />

are worried about paying off their debts,<br />

which in part will be because of their lack<br />

of financial experience. Only 10 percent<br />

of borrowers aged over 55 are concerned<br />

about losing control of their finances.<br />

Return and recovery<br />

That lack of concern may also be because<br />

many 50 to 64-year-olds are returning to<br />

work. Where previously their numbers<br />

fell during the pandemic, they rose again<br />

during the third quarter of last year. PwC<br />

predicts that up to 300,000 people will be<br />

returning to the workforce in <strong>2023</strong>. These<br />

‘older’ employees want to decrease their<br />

financial uncertainty. They may also help<br />

Britain decrease its economic uncertainty<br />

by easing labour shortages, particularly<br />

in highly skilled areas, and consequently<br />

reducing inflationary wage pressures.<br />

The same is true of the expected high<br />

immigration to the UK this year, which<br />

could add £19bn to Britain’s economy and<br />

one percent of GDP.<br />

That’s potentially good news. A stronger<br />

labour force and reduced inflation may<br />

lower peak base interest rates and result<br />

in a shorter, shallower recession. Lower<br />

interest rates will reduce Government<br />

debt interest costs, leaving more funds<br />

available for the Government to provide<br />

investment incentives and additional<br />

public-sector pay.<br />

Already in 2022, public sector workers -<br />

train drivers, nurses, and postal workers,<br />

are demanding higher wages to ease their<br />

struggle with household bills. As real<br />

wages fall back to 2006 values, privatesector<br />

workers will also be asking for<br />

more and, according to a 2022 PwC survey,<br />

80 percent of firms expect to increase<br />

salaries in the year ahead. With this heady<br />

cocktail of business costs spiralling,<br />

consumer demand drying up and labour<br />

costs rising, the threat of redundancies<br />

looms in the background. Over half of<br />

the companies surveyed by PwC in mid-<br />

2022 were thinking about layoffs, and<br />

the OECD sees unemployment in Britain<br />

reaching five percent by the end of 2024.<br />

With rising debt, falling income,<br />

shrinking savings, and the threat of<br />

redundancies, the outlook for <strong>2023</strong> may<br />

seem bleak for many households. In<br />

December, 1.9 million households missed<br />

at least one mortgage, rent, loan, credit<br />

card or bill payment compared to 1.7<br />

million in December 2021.<br />

But there is hope that the recession will<br />

be shorter than initially predicted, helped<br />

by a readjustment in the labour markets<br />

and by Britain holding its nerve. Sadly,<br />

the recovery may come too late for many<br />

consumers who have had to turn to debt<br />

to fund the essentials in life.<br />

Melanie York is part of the CM<br />

editorial team.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 13

Pressure Test<br />

There are testing times ahead for<br />

businesses and consumers.<br />

AUTHOR – Sean Feast FCICM<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 14


❝<br />

“It is at times like these that I realise how fortunate I am to be part of the<br />

CICM community, so that I can take advantage of the expert knowledge base<br />

provided by the CICM, the regular educational and experience sharing forums<br />

and of course, my network.” – Debbie Nolan FCICM(Grad))<br />

❝<br />

THE newspapers are full<br />

of it. Switch on any news<br />

broadcast and you will hear<br />

the same thing. Things<br />

aren’t great. This year will<br />

be tough for many. But how<br />

tough? And how do members of the CICM<br />

Think Tank believe their own parts of the<br />

credit community will be affected?<br />

Debbie Nolan FCICM(Grad), UK<br />

Managing Director for Arvato, says that<br />

whilst the tsunami of debt that was<br />

predicted after COVID didn’t happen, it’s<br />

very likely to this year: “We are starting to<br />

see those higher salaried, generally welloff<br />

families who probably don’t qualify<br />

for Government financial support, falling<br />

into debt for the first time,” she says.<br />

“In January last year, I wrote about how<br />

difficult it is to plan business because in<br />

previous times, we have always used past<br />

performance as an indicator of future.<br />

This theme continues into this year,<br />

and <strong>2023</strong> is going to be somewhat of a<br />

challenge for most of us in credit and<br />

collections, whatever role we play.”<br />

The biggest challenge, Debbie says, is<br />

that while there has been a reduction in<br />

fuel costs, the bills for general household<br />

items and essential services have rocketed.<br />

The biggest threat, however, comes from<br />

a hike in interest rates which will be the<br />

catalyst for ‘new’ consumers falling into<br />

debt for the first time as their mortgage<br />

costs spiral upwards.<br />

Missed payments<br />

Which? has estimated 1.9 million<br />

households have missed payments in the<br />

run-up to Christmas. Its survey of 2,000<br />

people established that circa 6.7 percent<br />

have failed to meet deadlines on either<br />

mortgage, rent, bill or credit payments<br />

in the past month. By combining the<br />

study’s results with population numbers,<br />

that figure equates to almost two million<br />

households in the UK missing their<br />

demands in December.<br />

“Any savings that accumulated during<br />

furlough have long gone,” Debbie<br />

continues, “and even with people making<br />

cutbacks on ‘luxury’ items such as meals<br />

out, haircuts etc, this still leaves them<br />

having to reduce their spend on essentials<br />

such as food and heating. This, combined<br />

with continuing post and rail strikes,<br />

are hitting hard those small businesses<br />

that survived the pandemic; so we are<br />

likely to see increased numbers of failing<br />

companies.”<br />

In credit and collections specifically,<br />

Debbie says we will need to continue to<br />

find different ways to support those most<br />

at risk, ensuring that we lend appropriately<br />

in the first place and provide education<br />

and tailored support to those that have<br />

never experienced this kind of shock to<br />

the system before.<br />

“For those customers who have perhaps<br />

fallen into debt for the first time, I am<br />

optimistic that their experience with<br />

firms from across the collections sector<br />

will be, perhaps unexpectedly, very<br />

positive,” she continues. “Nonetheless,<br />

early engagement remains key in finding<br />

the best solution for all parties, and firms<br />

that have not already, will need to ensure<br />

that the channels they have available to<br />

communicate with a dynamically shifting<br />

customer-base remain relevant and<br />

accessible.”<br />

While Debbie knows that this year will<br />

doubtless throw out some yet unknown<br />

and challenging obstacles, she takes<br />

comfort from the company she keeps: “It<br />

is at times like these that I realise how<br />

fortunate I am to be part of the CICM<br />

community, so that I can take advantage<br />

of the expert knowledge base provided<br />

by the CICM, the regular educational and<br />

experience sharing forums and of course,<br />

my network.”<br />

Business pressures<br />

Richard Peel, Manager, Business<br />

Restructuring at BDO, agrees with<br />

Debbie that consumers are indeed under<br />

pressure and business failures are likely<br />

to rise significantly: “Economic pressures<br />

continue, with the Bank of England<br />

increasing interest rates as it attempts to<br />

stem inflation. In November 2022, the BoE<br />

increased interest rates by 0.75 percent<br />

to three percent – the eighth rise since<br />

December 2021 and the most significant<br />

since 1989. This is already having an<br />

impact on mortgage rates and will further<br />

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

During the COVID-19 pandemic,<br />

insolvency numbers were artificially kept<br />

lower than normal due to the support<br />

measures and restrictions implemented<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 15<br />

continues on page 16 >


AUTHOR – Sean Feast FCICM<br />

❝<br />

“This year will see the<br />

industry, which benefited<br />

from the highest levels<br />

of COVID loans (over<br />

£20bn), faced with<br />

the greatest liability<br />

with regards to paying<br />

those loans back, this<br />

will impact cashflows<br />

that are already under<br />

severe pressure due to<br />

the impact of the supply<br />

chains.’’<br />

– Simon Johnson<br />

❝<br />

by the Government. Richard believes that<br />

with the lifting of these restrictions and the<br />

termination of Government support, the<br />

number of company insolvencies will further<br />

increase, predominantly driven by a rise in<br />

<strong>Credit</strong>or Voluntary Liquidations (CVLs) and,<br />

more recently, Compulsory Liquidations.<br />

“In October 2022 there were 1,594 CVLs,<br />

28 percent higher than in October 2021 and<br />

53 percent higher than in October 2019,” he<br />

says. “The numbers of administrations and<br />

Company Voluntary Arrangements (CVAs)<br />

remain lower than before the pandemic,<br />

however we anticipate that the number of<br />

administrations and CVAs will surpass prepandemic<br />

levels next year.”<br />

As Debbie highlighted earlier, a<br />

combination of factors including the impact<br />

of inflation, increased interest rates, high<br />

energy prices, rising labour costs and<br />

shortages, and the backdrop of a recession<br />

will drive insolvency numbers: “The knockon<br />

effect of this will impact individuals,”<br />

Richard adds, “with personal insolvencies<br />

also expected to increase during <strong>2023</strong>.”<br />

Construction woes<br />

Within any period of economic uncertainty,<br />

there are winners and losers, as individuals<br />

and as businesses. The impact is rarely<br />

universal, and there are nearly always<br />

anomalies. Even discussing certain sectors as<br />

homogenous groups is dangerous, since even<br />

the most hard-pressed industries can have<br />

pockets of resistance.<br />

Simon Johnson MCICM(Grad), Director<br />

of UK <strong>Credit</strong> <strong>Management</strong> at SIG Trading<br />

Limited, says this is especially true of the<br />

construction industry: “Last year we saw<br />

unprecedented challenges within the<br />

construction sector,” Simon explains, “with<br />

multiple supply chain issues including, but<br />

not limited to, long lead times, allocations,<br />

multiple double digit price increases<br />

throughout the year with elevated bad debt<br />

levels in the main caused by fixed price<br />

contracts.<br />

“This year will see the industry, which<br />

benefitted from the highest levels of COVID<br />

loans (over £20bn), faced with the greatest<br />

liability with regards to paying those loans<br />

back,” he continues. “This will impact<br />

cashflows that are already under severe<br />

pressure due to the impact of the supply<br />

chains – for example, stock on site not paid<br />

for by the client, losses caused by fixed price<br />

issues and continued labour availability/<br />

rates impacting contract cost. All that said,<br />

it should be noted that newer contracts are<br />

building in allowances or additional clauses<br />

for price increases so this risk is diminishing.”<br />

Whilst Simon does not envisage a ‘full’<br />

recession for construction as a whole, as some<br />

sectors remain robust, there will certainly be<br />

pockets of reducing demand creating further<br />

peaks and troughs in cash and profit levels.<br />

“As our customers need to borrow more<br />

this will be at greater interest expense and<br />

thus proportionately impact profit levels<br />

more,” he continues. Through adversity<br />

comes innovation and different ways of doing<br />

business; whilst banks continue to view<br />

construction as high risk, and ‘traditional’<br />

lending tightens, more dynamic and<br />

innovative solutions evolve. But Simon can’t<br />

see his customers’ clients stepping into the<br />

breach and supporting the sub-contractors<br />

as these clients will themselves be facing<br />

their own challenges on project costs and<br />

cashflow as part of changing investment<br />

criteria.<br />

“I expect customers to seek and require<br />

additional funding options from their<br />

material suppliers so again innovation will<br />

be the key in place of payment extensions<br />

and limit pressures which will not be readily<br />

available,” he adds.<br />

Simon also expects to see a greater uptake<br />

in credit insurance from his customers to<br />

protect their debtor book: “My experience<br />

suggests those customers who invest in<br />

internal contract management expertise<br />

tend to be the companies with the strongest<br />

cashflow albeit contract negotiation becomes<br />

even more problematic if demand is on a<br />

downward trajectory.<br />

“All in all,” Simon adds, “<strong>2023</strong> challenges<br />

and risk levels will remain high in the<br />

industry with a transition from supply chain<br />

to cost reduction, cash generation, and<br />

demand management as the key priorities as<br />

the macro environment potentially increases<br />

in volatility further. Government measures to<br />

mitigate volatility will be critical.”<br />

Embedded finance<br />

Adrian Maguire, Head of Industry<br />

Governance, UK&I Data Office at Experian,<br />

says that with so much uncertainty around,<br />

quality of data is key: “In such a fast-paced<br />

environment, it’s essential that credit<br />

managers have the ability to access the most<br />

up-to-date credit data to ensure they have<br />

an accurate and complete picture of their<br />

customer’s borrowing,” he says. “Having the<br />

most relevant affordability tools in place will<br />

allow them to make better, more informed<br />

decisions going forward.”<br />

Adrian also believes that <strong>2023</strong> will be the<br />

year of ‘embedded finance.’ “At a time of<br />

increased economic uncertainty, alongside<br />

rising cost pressures and weakening<br />

consumer confidence, embedded finance<br />

is likely to continue its rise in popularity<br />

amongst SMEs this year,” he says.<br />

“Embedded finance allows SMEs to access<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 16


AUTHOR – Sean Feast FCICM<br />

banking services, including affordable and<br />

flexible short-term credit facilities, from the<br />

digital platforms and interfaces they use to<br />

manage their day-to-day business needs.”<br />

Quality data<br />

Ed Thorne, General Manager, Dun & Bradstreet<br />

Europe, is also a believer in the importance<br />

of quality data. He says that one of the most<br />

effective ways to build resilience in business is to<br />

be proactive and prepared for an unpredictable<br />

environment: “Data and analytics can help<br />

companies not only manage and mitigate risk,<br />

but also identify opportunities to adapt and<br />

grow,” he explains.<br />

To that end, he highlights a number of specific<br />

data predictions for <strong>2023</strong>. He starts with the belief<br />

that quality data will become vital as businesses<br />

navigate ‘world firsts’: “When it comes to getting<br />

the most out of data, companies should focus<br />

on quality over quantity. Using low quality or<br />

inappropriate data can do more harm than<br />

good, diluting the power of the valuable data<br />

an organisation holds and making it difficult<br />

to derive real value. Nevertheless, ‘cleaning up’<br />

this data, as well as ensuring an organisation’s<br />

data cloud is up to date, is proving a significant<br />

business challenge.<br />

“For this reason, it’s important to have<br />

a team in place which is accountable for<br />

keeping a business’ data estate in order. While<br />

technologies like artificial intelligence (AI) can<br />

help lessen the burden, human, expert oversight<br />

is needed to ensure mistakes aren’t made. In a<br />

world where we are experiencing so many 'firsts'<br />

(climate crisis, pandemic, unprecedented global<br />

supply chain challenges), and in which AI often<br />

learns from past events to help predict future<br />

outcomes, it’s easy to see where the problem lies.<br />

Predictive methodologies now clearly require<br />

different data and analytics to understand an<br />

uncertain future.”<br />

His second prediction is around data<br />

regulation: “Regulatory focus on data privacy<br />

and governance will only increase,” he says.<br />

“Companies will need to steward their data and<br />

analytic methods to ensure that these are being<br />

managed and used not only in accordance with<br />

current regulations, but in such a way as to keep<br />

pace with an evolving regulatory landscape.<br />

Regulators across the globe are focused not only<br />

on privacy, but also on data location, ethical use<br />

of data and AI, cross-border data transfer, and<br />

explainability of methods.”<br />

More with less<br />

Given ongoing financial constraints, businesses<br />

are going to be under pressure to do more<br />

with less: “As some markets globally move<br />

into recession, businesses will feel the<br />

pinch financially,” he continues. “Effective<br />

and efficient use of data and automation is<br />

therefore going to be essential for businesses to<br />

❝<br />

“This year will be<br />

a year that presents<br />

numerous exciting<br />

opportunities for<br />

the business credit<br />

industry, it will allow<br />

us to play a more<br />

prominent role in<br />

providing unique endto-end<br />

solutions that<br />

will deliver better<br />

advice and insights to<br />

business leaders.’’<br />

– Dan Hancocks<br />

MCICM<br />

❝<br />

streamline operations and help teams to make<br />

smarter decisions, faster. “Data can and should<br />

be used to help with robust financial planning –<br />

it will be more important than ever before that<br />

teams know if their customers are going to pay<br />

them on time, as well as managing timelines<br />

for their suppliers to ensure they deliver. Stress<br />

in any ecosystem commonly lies with parties<br />

that do not interact directly. When it comes to<br />

sales teams, data will help to retain existing,<br />

loyal customers by understanding the<br />

best timings and touchpoints to maintain<br />

satisfaction, as well as to understand and<br />

predict changing customer needs, whilst<br />

identifying new prospects to help build a strong<br />

sales pipeline.”<br />

Ed is not a believer in businesses standing<br />

still. Quite the opposite. He says businesses will<br />

have to continually reassess their strategies:<br />

“Companies will need to review and test their<br />

data strategy constantly. A data strategy that<br />

worked for 2021 or even 2022 might not be fit for<br />

purpose in <strong>2023</strong>. Ongoing testing and challenge<br />

will enable a company to implement a data<br />

strategy that reflects the needs of the business,<br />

is designed to address challenges and risk, and<br />

to identify opportunity. “Businesses will need to<br />

take steps for recovery not just survival – as hard<br />

as it might be when times feel tough, a company<br />

will need to keep one eye on the future to be<br />

‘match fit’ for when the world emerges from its<br />

current malaise. If there is a pressure to spend<br />

less, then business will need to spend smarter.”<br />

Glass half full<br />

Dan Hancocks MCICM, Managing Director of<br />

Cocredo, is, as always, a professional for whom<br />

the glass is half full: “This year will be a year<br />

that presents numerous exciting opportunities<br />

for the business credit industry,” he says. “It<br />

will allow us to play a more prominent role in<br />

providing unique end-to-end solutions that will<br />

deliver better advice and insights to business<br />

leaders, assisting them in making critical<br />

decisions that improve their cashflow and<br />

efficiency. Accelerated by the COVID pandemic,<br />

it also answers the global customer demand<br />

for a more streamlined data consumption<br />

experience.<br />

“These emerging technologies will drive<br />

customer experience initiatives and shape<br />

broader business strategies, giving the credit<br />

industry a more competitive edge.”<br />

Despite his upbeat mood, Dan ends with<br />

a small note of caution: “There is a definite<br />

need to balance technology with a genuine and<br />

personalised customer service experience,” he<br />

concludes. “As a sector, we should maintain a<br />

delicate balance between providing automation<br />

to systems and processes when it’s convenient<br />

and offering access to an in-person service when<br />

required – however, determining the difference<br />

is a significant part of the challenge.”<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 17



Sean Feast FCICM speaks exclusively to Anthony<br />

Scriffignano Ph.D, Chief Data Scientist at Dun & Bradstreet.<br />

AUTHOR – Sean Feast FCICM<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 18

ANTHONY Scriffignano is no<br />

ordinary data scientist. And<br />

how he came to be a Senior<br />

Vice President and Chief Data<br />

Scientist at Dun & Bradstreet<br />

was something of an unplanned<br />

journey.<br />

“I started out thinking I would study physics<br />

and did,” he explains, “studying nuclear physics<br />

at university. Then this thing called computer<br />

science came along, and I’ve worked in the area<br />

of computer science now for around 45 years.<br />

“I’ve seen the industry grow up. There was<br />

a point where you could know all there was to<br />

know about computers and you could write<br />

your own operating systems and did. Now<br />

virtually nobody does that as it has all become<br />

so compartmentalised and complex.”<br />

Identity resolution<br />

Anthony’s role at Dun & Bradstreet started out<br />

primarily focused on identity resolution. He is<br />

the primary inventor of a whole suite of patents<br />

related to identity resolution and adjudication of<br />

fraud and understanding complex behaviours<br />

and anomalist behaviours, as well as something<br />

called temporal anisotropic behaviours – i.e.,<br />

emerging lumps of irregular behaviour.<br />

More specifically, Anthony describes his role<br />

as being in four parts. Part one is to impart<br />

core data science and create new innovation<br />

and capabilities – not necessarily as products<br />

but sometimes inside, making the data better,<br />

and making the decisions more facile and<br />

agile: “This includes things like semantic<br />

interpretation,” he explains.<br />

“Much of the data we collect is not<br />

conveniently organised, neither does it come<br />

with directions on how to use it. It also doesn’t<br />

claim to be true, so veracity adjudication is an<br />

important part of what I do.”<br />

Second on his list is thought leadership: “To<br />

me, thought leadership is saying out loud what<br />

we think is true to be challenged by others,<br />

being open to the fact that others might see<br />

things differently to you. Dun & Bradstreet<br />

is not just a big database,” he continues. “It<br />

includes people like me who ‘think things’ and<br />

are working towards analytics that go beyond<br />

what we can analyse today and positioning what<br />

could be done tomorrow in compliance with the<br />

law and different jurisdictions.”<br />

Evolving regulation<br />

This point about compliance is an important<br />

one, for Anthony’s role is also focused on<br />

evolving regulation – meeting with regulators<br />


❝<br />

“Large organisations have a different problem, they have huge systems and<br />

infrastructure, and the problem is that questionable data when beautifully presented,<br />

tends to seem more true! Fancy systems don’t make up for veracity challenges.”<br />

❝<br />

❝<br />

“So, we might<br />

start by asking:<br />

‘What’s fuelling<br />

the economic<br />

downturn?’ But<br />

that’s a bad question,<br />

as it clearly contains<br />

bias, since it<br />

assumes there is an<br />

economic downturn<br />

in the first place. A<br />

better question might<br />

be ‘what evidence do<br />

I see of a change in<br />

the economy?’<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 19<br />

where it is permissible – to understand the<br />

impact of emerging technologies: “I’m a SCUBA<br />

diver in my free time,” he says, “and having a<br />

regulator is vital. Regulation is important but<br />

if you over-regulate you can’t breathe. So, it’s<br />

important to understand the regulatory intent.<br />

Many regulators work in a different field and<br />

to understand things like quantum resilient<br />

encryption may need experts to come in and<br />

talk about it to build their knowledge.”<br />

His final responsibility, to use Anthony’s own<br />

phrase, is to ‘bigify: “This means working with<br />

our customers to walk up the value chain from<br />

just considering data and analytic insight, to<br />

working together to serve a customer in ways<br />

that neither of us could serve them separately.<br />

It means responding to changes in the future<br />

before they even happen. Listening to customers<br />

is also where we get our ideas for innovation,”<br />

he adds.<br />

“Innovation is usually focused on the<br />

articulated unmet need – the ‘known’ unmet<br />

need. But it’s the ‘unknown’ unmet need which<br />

is where the explosion of value can happen –<br />

when you discover you needed something you<br />

didn’t realise you needed. There is also the<br />

unknown met need – the ways in which your<br />

customers may be using what you do in ways<br />

that you don’t understand, and if you change<br />

something you may break that, so in talking to<br />

them you protect that space.”<br />

Meaningful data<br />

Many in the sphere of data science talk about<br />

‘meaningful data’. But what does it mean?<br />

Anthony believes that there is so much<br />

information available at the moment that the<br />

biggest risk is confirmation bias: “If you do<br />

not use a proper process, you will find some<br />

information that supports anything you think<br />

is true and you will start believing it. That’s not<br />

scientific thinking,” he explains.<br />

“If you take credit managers, many are good<br />

at doing what they’ve been doing all along.<br />

Establishing credit limits, vetting customers,<br />

understanding propensity to pay etc and Dun<br />

& Bradstreet has worked with them in that<br />

capacity for many generations. But the world<br />

is changing; there are fintechs, cryptocurrency<br />

and new forms of malfeasance that don’t even<br />

have names yet. So why would you still believe<br />

that the skills that made you successful so far<br />

are still sufficient to make you successful going<br />

forward?<br />

“The newer folks who come into this industry<br />

have the opposite problem: they don’t have that<br />

experience. And everything looks like an AI or<br />

continues on page 20 >


AUTHOR – Sean Feast FCICM<br />

❝<br />

“Science has a useful<br />

structure to it: observe<br />

the world and see<br />

something that causes<br />

you to have a question.<br />

Then you refine that<br />

question until it is pure.’’<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 20


AUTHOR – Sean Feast FCICM<br />

machine learning problem. Give me enough data,<br />

I’ll push the ‘predict’ button and we’ll be good to<br />

go. But that button should come with a warning<br />

that says, ‘I’ve learned based on data from the<br />

relatively unperturbed and representative past<br />

projected into the relatively unperturbed and<br />

similar future.’ But those things aren’t true, and<br />

you need to benefit from the experience of those<br />

seasoned credit managers to ask the difficult<br />

questions: ‘what do I have to believe in order to<br />

push that button? What do I have to know that I<br />

don’t know yet to have the provenance I need to<br />

make that decision?’<br />

“We only move forward by learning to talk to<br />

one another.”<br />

Anthony says that one of the challenges is that<br />

there is an increasing perception that everything<br />

we need is in our hands, in our mobiles or devices.<br />

But even a simple web search only gives you a tiny<br />

fraction of what’s available on the internet. The<br />

rest is behind firewalls or passwords or encrypted.<br />

So why would you think you can always find all of<br />

the answers you need?<br />

“Large organisations have a different problem,”<br />

he continues. “They have huge systems<br />

and infrastructure, and the problem is that<br />

questionable data when beautifully presented,<br />

tends to seem more true! Fancy systems don’t<br />

make up for veracity challenges.”<br />

Unconscious bias<br />

So how do you overcome unconscious bias? And<br />

is it even possible? Anthony thinks so: “Science<br />

has a useful structure to it: observe the world and<br />

see something that causes you to have a question.<br />

Then you refine that question until it is pure.<br />

“So, we might start by asking: ‘What’s fuelling<br />

the economic downturn?’ But that’s a bad question,<br />

as it clearly contains bias, since it assumes there<br />

is an economic downturn in the first place. A<br />

better question might be ‘what evidence do I see<br />

of a change in the economy?’ – and then let the<br />

data tell you whether it’s a downturn or not. Put<br />

simply: learn to ask a ‘good’ question.”<br />

Anthony says that the next step is the one that<br />

everyone ignores: “Very few people ask whether<br />

other people already tried to study a particular<br />

question, and/or what did they find? You should<br />

stand on the shoulders of giants and learn from<br />

others first. You may not agree with them, but you<br />

should know what they said. One of the ways of<br />

avoiding unconscious bias is by understanding<br />

that your opinion may be unique.”<br />

The next part, he says, is the inconvenient part:<br />

“You need to pick a method to study your question<br />

that is the right method. Not the one you like or<br />

have an easy button for, or the one you are most<br />

familiar with, but the right one. So, if we continue<br />

our example of the economic downturn, we’re<br />

going to look at the macroeconomic data, but if we<br />

were going to look at the impact of the pandemic,<br />

for example, there is no data available.<br />

“Even if the first steps can be done quickly, then<br />

you have to start collecting data and feeding it into<br />

the process. But here there is another challenge.<br />

We tend to use the data we have – the convenience<br />

sample – data that’s possibly not representative<br />

and contains different types of bias. The data<br />

has to be sufficient for the method to reach the<br />

conclusions you are trying to reach. Do that and<br />

you will help drive out the bias.”<br />

Devil’s advocate<br />

Anthony says that a crucial part of the process is<br />

to be challenged: “It's helpful to have people on<br />

your team who tell you why you may be wrong,” he<br />

continues. “The person who plays devil’s advocate<br />

and challenges why you may be wrong is one of<br />

the most important people you know.”<br />

So, is all unconscious bias bad? No: “Sometimes<br />

you do need an intuitive leap,” Anthony admits.<br />

“The pandemic showed that. If clinicians had said<br />

they needed to wait for the data in order to make a<br />

decision, the cost of doing nothing would not have<br />

been nothing. Even as a data scientist, there are<br />

times when you need to use your intuition to say,<br />

‘I feel – based on my experience – if we go down<br />

this road, we will arrive at a better place than if we<br />

go this way.’<br />

“Most of the methods we employ assume we<br />

have data which is prima facie what it claims to<br />

be. A seven is a seven. There are many tests to<br />

assess whether the data we have appears to be<br />

true. When we go to court, we swear to tell the<br />

truth, the whole truth and nothing but the truth.<br />

These are three different things! Proving the truth<br />

is almost always subjective. He intended to pay me<br />

when he incurred the debt or he never intended to<br />

pay me? Take your pick.”<br />

Tips for credit managers<br />

So, what simple tips can Anthony leave with credit<br />

managers on how to make the most out of data,<br />

especially given an uncertain economic climate?<br />

“Be very careful of situations where the<br />

environment is changing faster than the data you<br />

are looking at,” he advises. “Think how quickly<br />

things changed when a ship became stuck in the<br />

Suez Canal, or when the situation with Russia and<br />

Ukraine arose. When things like this happen, our<br />

customers change their behaviour and often very<br />

quickly. So, taking an average over the last three<br />

months might be a dangerous thing to do.<br />

“Next, consider all of the dimensions of your<br />

data, and not just ‘I need data to fill these three<br />

rows’. Accuracy, completeness and timeliness are<br />

all critical. Data that you got five minutes ago is<br />

not necessarily five minutes old. What’s missing<br />

might be appropriately missing because it is<br />

unknown.<br />

“In terms of methodology, choose your methods<br />

wisely and allow the method to be appropriate to<br />

the question. And above all be humble. Get other<br />

people involved in your decision making. Different<br />

perspectives and different biases helps bring the<br />

issue out and arrive at a better conclusion.”<br />

❝<br />

“I’m a SCUBA<br />

diver in my free<br />

time, and having<br />

a regulator is<br />

vital. Regulation<br />

is important<br />

but if you overregulate<br />

you<br />

can’t breathe.<br />

So, it’s important<br />

to understand<br />

the regulatory<br />

intent.’’<br />

❝<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 21


Buckle Up!<br />

What’s in store for the car<br />

leasing market in <strong>2023</strong>?<br />

AUTHOR – Paul Harrison<br />

LAST year was another tough year for<br />

the automotive sector. From long new<br />

car lead times, soaring inflation, leadership<br />

upheavals, economic recession<br />

and the cost-of-living crisis squeezing<br />

household budgets – 2022 was a year to<br />

forget for many. And 2022 is set to cast a long shadow<br />

over the prospects for the car industry in <strong>2023</strong>.<br />

However, amongst the doom and gloom, there are<br />

positive trends that shine a light towards a recovery<br />

in the new car market.<br />

Consumer behaviour<br />

As has been heavily reported, consumer spending<br />

in the UK has fallen across the board since 2021.<br />

Any decline in consumer spending hits big-ticket<br />

items, including cars and the financial products<br />

that support those transactions such as HP, PCP<br />

and leasing. However, while demand has softened,<br />

consumers still require cars for commuting, lifestyle<br />

and family reasons. The key trends we’ve seen this<br />

year is a shift from luxury brands to volume brands<br />

– where stock allows. Vauxhall, Toyota, Nissan,<br />

Kia and Hyundai all made inroads into the top 10<br />

most popular brands on our website this year at<br />

the expense of other traditionally popular brands<br />

to lease.<br />

Another key trend is the increase we’ve seen in<br />

the requested lease term from three to four years –<br />

indicating that financial certainty and affordability<br />

is a primary focus for both personal and business<br />

motorists in the current economic climate. This<br />

also presents opportunities for the leasing sector<br />

to upsell maintenance packages to help motorists<br />

manage their motoring costs over longer terms.<br />

❝<br />

As demand increases,<br />

the volume and choice<br />

of vehicles on offer has<br />

increased. Volume brands<br />

like Vauxhall, Kia, Hyundai<br />

and Fiat have all released<br />

pure electric vehicles in the<br />

last half decade.<br />

❝<br />

Stock is King<br />

Many motorists extended their existing lease<br />

agreement when they were unable to return their<br />

cars during COVID lockdowns in 2020 and when<br />

faced with long lead times since 2021. However,<br />

as those extensions now expire, consumers and<br />

businesses are re-entering the market looking for<br />

their next vehicle and discovering that availability is<br />

now slowly starting to improve.<br />

While motorists may have to compromise<br />

on some of their preferences, our advertising<br />

partners are reporting an increased volume of<br />

stock from an increased number of manufacturers<br />

and consumers are gravitating to those available<br />

offers. In Q3 of 2022, in stock vehicles represented<br />

around 10 percent of total offers advertised on<br />

Leasing.com and yet accounted for 43 percent of<br />

total sales enquiries. We’ve seen an increase in the<br />

total number of advertising partners who are<br />

promoting their offers with us too, which is a great<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 22


❝<br />

AUTHOR – Paul Harrison<br />

The automotive market is resilient, despite everything that has<br />

been thrown at it in recent years. We will continue to innovate and help<br />

consumers find their next dream car on the terms that suit them.<br />

indication that the tide is beginning to<br />

turn on stock availability.<br />

Drive to Electrification<br />

One trend the leasing market has seen<br />

accelerate over the past 12 months is<br />

the electrification of the consumer and<br />

business vehicle market. In the first half<br />

of 2022, a fifth (20 percent) of new leasing<br />

customers were looking to lease a pure<br />

battery electric vehicle (BEV) – a 1,575<br />

percent increase in BEV demand since<br />

2018. The International Energy Agency<br />

(IEA) found that in 2012, just 120,000<br />

electric vehicles had been sold worldwide.<br />

In 2021 however, nearly 10 percent of all<br />

global car sales were electric, accounting<br />

for around 16.5 million vehicles – triple<br />

that of 2018.<br />

As demand increases, the volume<br />

and choice of vehicles on offer has<br />

increased. Volume brands like Vauxhall,<br />

Kia, Hyundai and Fiat have all released<br />

pure electric vehicles in the last half<br />

decade, which has reduced the average<br />

lease cost of EV models in the market<br />

and improved accessibility. The cheapest<br />

model currently available is the Smart<br />

EQ, retailing for just £17,350, while the<br />

average list price of an EV in the UK is<br />

£43,896. Leasing continues to be the most<br />

affordable product for motorists to access<br />

their first electric vehicle.<br />

However, while the long-term adoption<br />

of BEVs will continue to gather pace, it<br />

should be noted that the cost-of-living<br />

crisis is softening the demand we saw<br />

for BEVs in Q3 this year as disposable<br />

income is squeezed and households think<br />

twice about new financial commitments.<br />

Despite the short-term challenges, we<br />

predict that BEVs will account for over 30<br />

percent of total demand on Leasing.com<br />

in <strong>2023</strong>.<br />

Consumer Duty<br />

The Financial Conduct Authority’s new<br />

Consumer Duty is set to become law in<br />

July <strong>2023</strong>. At the heart of the Consumer<br />

Duty is the principle of ‘reasonableness’.<br />

According to the regulator, this principle<br />

underpins how they will assess the ways<br />

in which firms interpret and implement<br />

the new Consumer Duty rules.<br />

That principle poses a number of<br />

challenges for firms when evaluating their<br />

implementation plans. For examples,<br />

should firms consider if it is reasonable<br />

for their customer support to only be<br />

available online? How would consumers<br />

without internet access contact firms<br />

with questions about their products and<br />

services? Is it reasonable for telephone<br />

helplines to have very restricted opening<br />

hours? Would it be reasonable for the selfemployed<br />

to be excluded from the terms<br />

of a vehicle hire agreement specifically<br />

marketed at SME business users? As<br />

ever, the existing TCF principles for<br />

firms to be clear, fair and not misleading<br />

with consumers are a useful framework<br />

to help guide firms through the new<br />

requirements.<br />

The new Consumer Duty will mean the<br />

auto industry doubles down on positive<br />

consumer outcomes. With more difficult<br />

months ahead, stronger relationships<br />

with consumers will drive better service,<br />

improved loyalty and repeat business.<br />

The New Year and beyond<br />

The immediate economic challenges<br />

facing our industry will be with us deep<br />

into this year, and manufacturers are not<br />

expecting the supply of new cars to be at<br />

pre-COVID levels until at least the second<br />

half of <strong>2023</strong> either. However, there are<br />

emerging opportunities for the car leasing<br />

sector.<br />

Immediately available used car leasing<br />

offers are appealing to consumers and<br />

industry alike in the current climate<br />

and, after dipping our toes into that<br />

market, we’ll be expanding our used car<br />

proposition in <strong>2023</strong>.<br />

Flexibility and convenience are key<br />

consumer demands from modern services<br />

and manufacturers are meeting these<br />

demands through improved digitalisation<br />

of car transactions and by offering new<br />

car subscription services. Subscriptions<br />

will be another market we will look to<br />

explore next year.<br />

The automotive market is resilient,<br />

despite everything that has been thrown<br />

at it in recent years. We will continue to<br />

innovate and help consumers find their<br />

next dream car on the terms that suit<br />

them.<br />

Paul Harrison is Chief Partnership<br />

Officer of Leasing.com<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 23

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Rated as Excellent


Forward March<br />

A new path to enforcement.<br />

AUTHOR – Eric Roe MCICM<br />

SKILLSET is integral to the<br />

future of the industry and its<br />

modernisation. The recent<br />

collaboration between the High<br />

Court Enforcement Officers<br />

Association (HCEOA) and the<br />

CICM on education pathways aims to do just<br />

that.<br />

When I was younger, I never envisaged<br />

myself as a High Court Enforcement Officer<br />

and always wanted to be to be a pilot in the<br />

RAF or find a job that could take me round<br />

the world. But following a few changes on my<br />

university application I started on my journey<br />

to become a solicitor. Little did I know that<br />

my career was to deviate again, and today<br />

at the age of 29, I am authorised as both a<br />

solicitor and a High Court Enforcement<br />

Officer (HCEO).<br />

If anyone had asked me until fairly<br />

recently whether I would have the skills<br />

and characteristics to be in the High Court<br />

Enforcement profession, I would have said<br />

“no”. My own, limited understanding was<br />

that it was a hard, demanding job that always<br />

seemed to be under heavy scrutiny. I thought<br />

that it was best suited to those who were<br />

accustomed to confrontation and high-risk<br />

situations. I felt that I wouldn’t have been an<br />

obvious candidate, but in reality, that was not<br />

the case.<br />

My day-to-day tasks as a High Court<br />

Enforcement Officer range from large<br />

scale operations involving the Police, rope<br />

climbers and a full team of agents to cases<br />

that I work on by myself. The job itself<br />

requires you understand a variety of complex<br />

situations as they can involve a number of<br />

different stakeholders and their interests. It<br />

also, against misconception, requires you to<br />

be empathetic and understanding, providing<br />

support and advice to debtors regularly.<br />

Therefore, it’s important for the profession to<br />

attract new candidates from a wide range of<br />

professional and personal backgrounds.<br />

There’s a strong sense of community<br />

expanding across the enforcement sector,<br />

with many different roles coming together<br />

internally and externally to help organisations<br />

succeed in an area with sometimes<br />

sensitive subject matter. Being a High Court<br />

Enforcement Officer demands you to be<br />

collaborative – that is what attracted me to<br />

the role and is still something I really enjoy<br />

about it.<br />

My experience has taught me that you need<br />

to be creative, forward thinking and work<br />

well with others to succeed in this profession.<br />

The enforcement world is rapidly evolving<br />

and is having to advance quickly in an evermodernising<br />

society. Even in the short time<br />

since I qualified it has dramatically changed,<br />

especially as the court system steps towards<br />

digitalisation and society still grapples with<br />

how more established roles and positions,<br />

such as High Court Enforcement Officers, fit<br />

in the modern landscape. This challenge is<br />

what is enticing more young people to enter<br />

this sector to help shape its future, which is<br />

why the collaboration between the HCEOA<br />

and CICM on this new education pathway is<br />

so important.<br />

Moving forward, HCEOA and the CICM<br />

are always looking at how we can continue<br />

to strengthen and expand the enforcement<br />

profession. As with all sectors, this starts<br />

with the people who are a part of it. To ensure<br />

that we attract and train the best individuals,<br />

extensive work has been completed this<br />

year to modernise our education pathway<br />

to make it accessible to all. To do this fairly<br />

and independently a decision was made by<br />

the HCEOA for all courses to be completed<br />

through CICM as its official assessor. This<br />

will also help to streamline the pathway to<br />

becoming a HCEO by making it all digital<br />

and in one place.<br />

As a member of the Education Working<br />

Party for the HCEOA, I have reviewed and<br />

edited various parts of the course to ensure<br />

that it is relevant to the modern day HCEO.<br />

Learning resources have also been reviewed<br />

and updates and there is an extensive range<br />

of resources available on the HCEOA website<br />

to use alongside those provided on the CICM<br />

portal.<br />

Looking back now at the different roles I<br />

have had, and industries I have been involved<br />

in, I have always come back to High Court<br />

enforcement. Not all my first assumptions<br />

were wrong, you do need to be hard working<br />

and it can be a very demanding job, but it<br />

can also be very rewarding. It is a fast-paced<br />

sector where people are working hard to<br />

achieve the best results for all customers,<br />

and as a HCEO you are an essential part of<br />

the team.<br />

If you believe that you are a dynamic,<br />

creative individual who likes a challenge,<br />

then being a High Court Enforcement Officer<br />

may just be the right role for you.<br />

Eric Roe MCICM is a Solicitor and High Court<br />

Enforcement Officer Association (HCEOA).<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 25

CICMQ<br />

Quality in depth<br />

Meet the latest members of the CICMQ assessment team.<br />

AUTHOR – Roshika Perera<br />

❝<br />

“Having<br />

experienced<br />

so much in my<br />

career, I can say<br />

that nothing is<br />

as rewarding as<br />

passing down<br />

your knowledge<br />

and wisdom to<br />

others. I am very<br />

much looking<br />

forward to helping<br />

organisations<br />

navigate the<br />

challenging<br />

criteria that<br />

is required<br />

of a CICMQ<br />

Accreditation.”<br />

❝<br />

CICMQ is the <strong>Credit</strong> and Collections<br />

Industry Accreditation<br />

for best practice. Achieving this<br />

prestigious award provides formal<br />

recognition of an organisation’s<br />

commitment to quality,<br />

continuous improvement and best practice<br />

in all aspects of B2B and B2C credit and<br />

collections.<br />

CICMQ benefits business and consumer<br />

organisations, regardless of size and sector,<br />

by raising the profile of your credit and<br />

collections teams, continuing professional<br />

development and adhering to the CICM<br />

Professional Standards.<br />

CICM’s Head of Accreditation, Karen Tuffs<br />

FCICM(Grad), is supported by the CICMQ<br />

assessment team who will guide you and your<br />

organisation on your journey to successfully<br />

meet the challenging criteria. The team<br />

is made up of senior credit management<br />

professionals whose wealth of knowledge<br />

will ensure that you receive the best guidance<br />

while continuing to raise the standards that<br />

the Accreditation is known for. So let’s meet<br />

them:<br />

Kevin Artlett FCICM, ACII<br />

Kevin is the Director of a credit management<br />

consultancy and training company. He has<br />

over 40 years of experience in various credit<br />

management positions, with a special focus<br />

on trade credit management. He has also<br />

specialised in ‘front end’ processes covering<br />

credit policy, onboarding, risk assessment and<br />

collections.<br />

A testament to his impressive career, Kevin<br />

holds a litany of credentials: Winner of the<br />

CICM Meritorious Service Award 2013; Fellow<br />

of the CICM since 2015; Chair of CICM <strong>Credit</strong><br />

Academy; Vice-Chair of CICM Education<br />

Committee; Committee Member of CICM<br />

Kent Branch since 1994 and an Associate of<br />

the Chartered Insurance Institute (ACII) since<br />

2001.<br />

Kevin’s motivations for becoming a CICMQ<br />

assessor stem from his previous experiences<br />

as a teacher and mentor: “I have trained,<br />

developed and mentored teams/learners both<br />

independently and on behalf of CICM,” he<br />

explains. “I have also been a tutor for CICM<br />

Level 3 modules at the London Metropolitan<br />

University and achieved a Level 3 Award in<br />

Education & Training 2015.<br />

“Having experienced so much in my career, I<br />

can say that nothing is as rewarding as passing<br />

down your knowledge and wisdom to others.<br />

I am very much looking forward to helping<br />

organisations navigate the challenging criteria<br />

that is required of a CICMQ Accreditation.”<br />

Barry Durman FCICM<br />

Barry runs his own successful, independent<br />

credit management consultancy, having<br />

enjoyed a career in credit management<br />

stretching over 25 years. During this<br />

time, he has fulfilled a consultancy or<br />

interim management role in more than 50<br />

organisations, working with clients that<br />

include many FTSE 100 and 250 companies in<br />

industries as diverse as newspapers, hotels,<br />

and retail among many others.<br />

He has mastered a range of skills including<br />

developing and implementing credit<br />

policies, reducing debtor days and bad debt<br />

exposure, improving customer relations and<br />

modernising working practices. Barry thinks<br />

collecting money is an enjoyable challenge<br />

and his relaxed style and array of experiences<br />

reflects this.<br />

Having delivered in house training at<br />

well over 300 companies and overseen 400<br />

open courses to around 6,000 delegates,<br />

Barry is eager to continue contributing his<br />

expertise to the industry in his new role as a<br />

CICMQ assessor: “As an experienced credit<br />

management consultant, I have always wanted<br />

to get involved with CICMQ,” he says.<br />

“My work has seen me manage over 35<br />

<strong>Credit</strong> and Collections Departments and I<br />

often go in and make recommendations for<br />

improvement. I think I know what good looks<br />

like. I have been proud to help formulate the<br />

relaunch of the Accreditation over the last<br />

few months, and I look forward to making a<br />

difference as an assessor.”<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 26

CICMQ<br />

AUTHOR – Roshika Perera<br />

❝<br />

“I can’t wait to<br />

get stuck into<br />

my role as an<br />

assessor, where<br />

I’ll have the<br />

opportunity to<br />

give back to the<br />

institute and use<br />

my own training<br />

and expertise<br />

to help improve<br />

the renowned<br />

CICMQ<br />

Accreditation.”<br />

❝<br />

Jon Swan FCICM<br />

Jon has a career spanning 38 years, with 10<br />

years in Dell and 11 years with Hachette where<br />

he sat on the Board of Directors.<br />

His work has taken him all over the UK,<br />

Ireland and Europe where he has presented<br />

and spoken at several credit conferences.<br />

Jon is well acquainted with the work of<br />

CICM having been a Member of the Institute<br />

since 1992, a Fellow since 2004, a Committee<br />

Member for the Thames Valley branch for over<br />

20 years, and an End Point assessor for CICM<br />

qualifications. Earning a CIPD Certificate<br />

in Training Practice and managing his own<br />

training and consultancy business from 2006-<br />

2009 have served as ideal preparation for Jon’s<br />

new role as a CICMQ assessor.<br />

“During my career, I have witnessed<br />

significant changes not only to the standing<br />

and visibility of the wider credit community<br />

within the industry but also the increasingly<br />

important role credit professionals have in<br />

the strategic success of their business,” he<br />

explains.<br />

“One of the most evident ways this can<br />

be achieved is through encouraging best<br />

practice and continuous improvement. That’s<br />

why I am delighted to be part of the CICMQ<br />

assessment team, as this qualification, for<br />

any business large or small, is an affirmation<br />

of having achieved a very high level of quality<br />

within their credit management function<br />

and, by definition, a major contributor to that<br />

organisation’s success.”<br />

Denise Barnett FCICM(Grad), MCMI<br />

Denise has more than 25 years as an operational<br />

credit manager within global organisations,<br />

during which time she has gained expertise in<br />

trade, consumer, export credit, multi-currency<br />

transactional processing, debt recovery,<br />

mediation, and many other credit management<br />

functions. Additionally, Denise has experience<br />

of SOX compliance, change management<br />

and integration of other businesses through<br />

acquisition and mergers, and shared service<br />

environments. Alongside her extensive<br />

professional experiences and training, Denise<br />

is a certified Agile project manager, has a Level<br />

7 certification in Strategic <strong>Management</strong> and<br />

Leadership, and is a certified Lean Six Sigma<br />

Yellow Belt.<br />

Having been a former distance tutor for<br />

CICM, Denise was keen to continue working<br />

as an assessor, where she could channel<br />

her passion for optimising performance: “I<br />

became a qualified credit manager through<br />

the CICM exam process and have enjoyed<br />

a longstanding career as a result where I<br />

have gained have extensive experience in all<br />

facets of the credit management industry.<br />

“I can’t wait to get stuck into my role as an<br />

assessor, where I’ll have the opportunity to give<br />

back to the institute and use my own training<br />

and expertise to help improve the renowned<br />

CICMQ Accreditation.”<br />

Paul Mason FCICM<br />

Paul has been a credit management<br />

professional for more than a quarter of a<br />

century and has dealt with multi-billionpound<br />

annual sales ledger values. He is an<br />

expert in international credit management<br />

across Europe, Middle East and Africa and is<br />

an author of international credit management<br />

policies in multinational corporations.<br />

Paul has had an impressive career<br />

occupying several senior roles in various<br />

organisations including as a liaison between<br />

retained organisation and business process<br />

outsourcing, a process owner for credit<br />

management in overseas shared services, and<br />

a trainer and change management lead within<br />

transformation projects.<br />

Paul, who is a Fellow of CICM and a<br />

Member since 2003, was eager to further his<br />

involvement with CICM activities: “Since my<br />

early days I have shown an aptitude in both<br />

the technical side and the people management<br />

soft skills that, I believe, make a good credit<br />

manager,” he says.<br />

“As a CICMQ assessor, I will have the<br />

opportunity to share some of those insights,<br />

help others in their professional journey and<br />

pay back CICM for the information that has<br />

been made available to me throughout my<br />

membership.”<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 27



The day has come to end economic<br />

violence against women.<br />

AUTHOR – Simona Scarpaleggia<br />

IT is a sad indictment of the world we live<br />

in today that we have to have a special<br />

‘International Day for the Elimination<br />

of violence against women’. That there<br />

is violence against anyone is shameful<br />

enough; that there is violence against<br />

women, and which needs to be recognised in an<br />

official awareness day, is somehow even more<br />

depressing.<br />

Governments everywhere have a moral and<br />

actual responsibility to protect their citizens,<br />

and civilised society should see any forms of<br />

violence as abhorrent. But violence, of course,<br />

manifests itself in many different ways, physical<br />

and mental. One of the most insidious and<br />

subtle, however, and yet least talked about is<br />

economic violence, not only against individual<br />

women, but also whole female populations.<br />

According to UN Women, violence against<br />

women and girls ‘is one of the world’s most<br />

prevalent human rights violations, taking place<br />

every day, many times over, in every corner<br />

of the globe’. It prevents their full and equal<br />

participation in society, and the magnitude of<br />

its impact, both in the lives of individuals and<br />

families and society as a whole, is immeasurable.<br />

Financial dependency<br />

Economic violence, often seen as a subset<br />

of domestic violence, involves making<br />

or attempting to make a person financially<br />

dependent by maintaining total control over<br />

financial resources, withholding access to<br />

money, and/or forbidding attendance at school<br />

or employment.<br />

Yet economic violence goes further than that,<br />

and some countries are guilty of creating legal<br />

barriers that prevent a woman’s full economic<br />

participation. According to the World Bank’s<br />

‘Women, Business and Law 2022’ report, a<br />

shocking 178 countries maintain legal barriers<br />

that prevent women from being fully financially<br />

independent, and it is estimated that as many<br />

as 2.4 billion women globally don’t have same<br />

economic rights as men. In 86 countries,<br />

women face some form of job restriction and<br />

95 countries do not guarantee equal pay for<br />

equal work.<br />

Many of the most guilty in perpetuating<br />

economic inequality are Governments in the<br />

Middle East and Africa. When it comes to<br />

access to property and other assets, less than 50<br />

percent of the economies in the Middle East and<br />

North Africa Region (MENA) account for gender<br />

differences in property and inheritance laws.<br />

This won’t come as much of a surprise, but there<br />

are countries much closer to home – in Europe<br />

❝<br />

Women are not<br />

only subjected<br />

to economic<br />

violence by their<br />

Governments,<br />

but also by their<br />

partners and society<br />

at large. Being<br />

denied access to<br />

education means<br />

being denied<br />

the tools for<br />

understanding and<br />

managing economic<br />

matters.<br />

❝<br />

or North America – who still persist in enacting<br />

laws that make women subservient to men, and<br />

wives subservient to husbands, in financial<br />

matters, not least access to state pensions.<br />

Such un-warranted and inexcusable financial<br />

exclusion is expressed in many different ways:<br />

limiting, for example, a woman’s access to credit;<br />

denying them access to (or even opening) a bank<br />

account, or owning a credit or debit card. This<br />

has several knock-on effects, not least blocking<br />

women’s access to healthcare, employment,<br />

and education. In many countries and<br />

communities this effectively excludes women<br />

from making financial decisions such that<br />

become what might be considered a ‘nonsubject’<br />

when it comes to income, inheritance<br />

or property.<br />

Coercive behaviours<br />

It is not an exaggeration to state that such<br />

coercive behaviour, which spans countries and<br />

continents, keeps women in a semi-slavery state,<br />

out of which there appears no escape. They are<br />

denied the freedom to make their own choices<br />

because of the lack of material resources –<br />

and a lack of material resources leads to an<br />

undermining of self-confidence and self-worth,<br />

and all of the negative consequences this brings.<br />

Women are not only subjected to economic<br />

violence by their Governments, but also by<br />

their partners and society at large. Being<br />

denied access to education means being denied<br />

the tools for understanding and managing<br />

economic matters. Obliging a woman to ask for<br />

money for any purchase – be it related to grocery<br />

shopping, the children’s education or leisure –<br />

and requiring them to justify every individual<br />

expenditure is both humiliating and damaging,<br />

as is the use of blackmail and threats meted out<br />

to woman for economic related reasons.<br />

So what is to be done? How can economic<br />

violence against women and girls be ended?<br />

In 2016 and 2017 I had the honour of cochairing<br />

the UN High-level Panel on women’s<br />

economic empowerment. Financial exclusion<br />

and its consequences was one of the issues we<br />

discussed and for which the Panel provided a<br />

number of recommendations that are still valid<br />

today.<br />

Urgent action<br />

In particular, we highlighted three key areas<br />

where urgent action was required:<br />

• Legislation and social norms. Countries<br />

and institutions need to act to reform<br />

discriminatory laws and regulations that<br />

adversely impact women and would help bring<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 28


AUTHOR – Simona Scarpaleggia<br />

❝<br />

2.4 billion women globally don’t have same economic rights as men.<br />

In 86 countries, women face some form of job restriction and 95 countries do<br />

not guarantee equal pay for equal work.<br />

about a change in social norms. Laws<br />

that hinder women’s access to secure<br />

land tenure, inheritance and property,<br />

for example, should be eliminated,<br />

equal pay legislation should be enacted,<br />

and the prohibition for women to do<br />

certain jobs should be removed. And<br />

there is much more that can be done in<br />

all sectors of the economy.<br />

• Access. Besides guaranteeing access<br />

to physical assets, Governments and<br />

institutions need to act to guarantee<br />

women access to the same mobile and<br />

digital financial services technology<br />

that men currently take for granted.<br />

Women are currently denied access to<br />

some of the most basic tools, including<br />

online banking or even being able<br />

to fulfil simple tasks such as making<br />

payments into their own accounts<br />

(assuming they are allowed them!).<br />

• Education. Financial education should<br />

be provided to all people, men and<br />

women, girls and boys, to ensure more<br />

equitable access to – and management<br />

of – financial resources.<br />

Eradicating economic violence against<br />

women has to be the objective of all<br />

countries and of all Governments, in the<br />

developing and the developed world.<br />

There can be no excuses: it is right, it<br />

is fair, and it improves women’s lives.<br />

Perhaps more than this, it increases<br />

the prosperity of their family and their<br />

community and society at large.<br />

Removing violence and delivering<br />

economic empowerment is essential to<br />

advancing freedom and democracy.<br />

Simona Scarpaleggia is a Board<br />

Director of EDGE Empower and a<br />

former country CEO of IKEA.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 29


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Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 30

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Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 31

International Trade<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

It’s all about people<br />

ANOTHER story on the global<br />

population, this time from Sky<br />

News quoting UN data, tells<br />

us that the world population<br />

has reached 8bn – three times<br />

the size it was in 1950. But while there are<br />

more people on Earth than ever before<br />

because we're living longer, population<br />

growth is at its slowest rate in more than<br />

70 years.<br />

The global population is getting older –<br />

10 percent are aged over 65, and this will<br />

increase to 16 percent by 2050, and the<br />

number of over-65s will be twice that of<br />

those under five.<br />

As to where populations are growing<br />

quickly, we need to look to East and<br />

Southeast Asia with its 2.3bn people, and<br />

Central and South Asia, which has 2.1bn<br />

people. And while most think of China as<br />

being the world’s most populous nation,<br />

it’s on a level pegging with India. However,<br />

<strong>2023</strong> is expected to see India take the lead.<br />

Notably, over half of the projected<br />

increase up to 2050 will be in the<br />

Democratic Republic of the Congo,<br />

Egypt, Ethiopia, India, Nigeria, Pakistan,<br />

the Philippines and Tanzania. Their<br />

populations will become more youthful.<br />

Ditto for Australia, New Zealand, the<br />

rest of Oceania, North Africa and Western<br />

Asia which will still have growing<br />

populations by 2100. However, the data<br />

expects Ukraine to lose more than 20<br />

percent of its population by 2050 while<br />

Bulgaria, Latvia, Lithuania, and Serbia<br />

may experience the same. And Europe<br />

and North America will have reached<br />

their peak and started to decline before<br />

2100.<br />

Overall, the global population will<br />

continue to grow – around 8.5bn people<br />

by 2030 and 9.7bn by 2050.<br />

So, why is any of this relevant here?<br />

Because production must target needs<br />

– there’s little point, for example, in<br />

ramping up production of nappies to a<br />

country when more walking sticks are<br />

needed. Firms who look to the future will<br />

be the ones that still exist in the future.<br />



A response given in the UK parliament<br />

to a question has shown just how<br />

slow the post-trade deals have been<br />

in coming. In the run up to the 2019<br />

election the Conservative Party<br />

promised to get agreements in place<br />

that covered 80 percent of UK trade by<br />

the end of 2022. However, the answer<br />

suggests that only 63 percent, worth<br />

around £808bn, have been signed.<br />

The deal with the US has been<br />

elusive as the Biden administration has<br />

not prioritised it. And the same applies<br />

to India.<br />

Deals with 71 countries and the EU<br />

have been signed – including Australia,<br />

New Zealand and Japan. And of the deal<br />

with Australia, former Environment<br />

Secretary George Eustice, who helped<br />

secure the deal and who was dismissed<br />

by Liz Truss, said: “Since I now enjoy<br />

the freedom of the backbenches, I no<br />

longer have to put such a positive gloss<br />

on what was agreed… the Australia<br />

trade deal is not actually a very good<br />

deal for the UK.”<br />

Either the Government needs more<br />

time or a rethink on its approach.<br />

ACCORDING to The i, a poll from BMG<br />

Research has found that the public<br />

has turned against Brexit and would<br />

accept EU rules for better trade.<br />

Indeed, 47 percent of voters would<br />

opt for a closer relationship with<br />

Europe whereas just 36 percent would<br />

stick with the deal negotiated by the<br />

Johnson Government.<br />

BMG Research interviewed a sample<br />

of 1,571 adults in Great Britain online<br />

between 29 November and 1 December,<br />

UK Public turns against Brexit<br />

around the same time the prime<br />

minister denied suggestions that he<br />

would seek a ‘Swiss-style’ Brexit.<br />

The poll also found that 14 percent<br />

would now vote Remain in a re-run<br />

of the referendum, and only seven<br />

percent of Remainers said they would<br />

now vote Leave.<br />

Among all surveyed, there is a belief<br />

that Brexit has had a negative impact<br />

on trade with the EU and non-EU<br />

countries, the UK’s global standing, the<br />

NHS and public services, the economy,<br />

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

But if there is to be any change,<br />

it won’t come until after the next<br />

election as Rishi Sunak is not in a<br />

strong position and needs the support<br />

of arch-Brexiteers on the Conservative<br />

backbenches. One option to consider<br />

is a revival of Theresa May’s proposed<br />

Brexit deal which would have ended<br />

free movement but delivered a much<br />

closer trading relationship.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 32

India goes for growth<br />

MoneyWeek recently made the case for<br />

firms to retarget India. It said that ‘while<br />

much of the developed world is wading<br />

through treacle, there is still ample<br />

growth to explore in emerging markets.<br />

India shook off its post-war stasis in<br />

the early 1990s when Finance Minister<br />

Manmohan Singh began to liberalise the<br />

economy. A developing economy with an<br />

unusually developed service sector, India<br />

is now getting its manufacturing up to<br />

speed.’<br />

The story also quoted Morgan Stanley<br />

which said that ‘the pieces are in place to<br />

make this India’s decade.’ It commented<br />

that while GDP has grown by $3trn over<br />

the past 30 years it is likely to expand<br />

by ‘more than $4trn in the next decade’,<br />

making India the world’s third-biggest<br />

economy. Economists at ANZ Bank think<br />

India is ‘on the cusp of sustained seven<br />

percent GDP growth over the medium<br />

term,’ and part of this may be because<br />

the Government is serious about building<br />

the infrastructure needed to attract<br />

multinationals: almost 20 percent of the<br />

central Government budget is now going<br />

towards capital investment.<br />

Indian exports are more geared towards<br />

mobile phones, pharmaceuticals, car<br />

parts and specialised machines. The<br />

Government has adopted pro-investment<br />

policies, including cutting corporate<br />

taxes and introducing a goods and<br />

services tax which creates a unified<br />

domestic market.<br />

UKEF 1: £170m for British<br />

construction firms in Africa<br />

UK Export Finance (UKEF) has announced<br />

two landmark finance packages worth a<br />

combined £174.5m for construction projects<br />

in Benin and Togo.<br />

Of the monies, £106.5m guarantees a loan<br />

from Deutsche Bank to the Benin Government<br />

to fund the construction of a new<br />

Ministerial City in Benin’s Cotonou; it will<br />

house 21 Government ministries across ten<br />

modern office buildings, a four-story parking<br />

facility and a restaurant. The balance,<br />

£68.6m, is UKEF-guaranteed financing<br />

from MUFG Bank that is for the building of<br />

a new road between Benin and Togo. The<br />

latter project is part of Togo’s Wider Road<br />

Infrastructure plan.<br />

It appears that the UK was Europe’s top<br />

investor in Africa in 2022 according to<br />

the UN Conference on Trade and Development’s<br />

2022 World Investment Report.<br />


FIGURES collated by the Department for<br />

International Trade show that exports to<br />

Japan fell from £12.3bn to £11.9bn in the<br />

year to June 2022. Exports in goods fell<br />

4.9 percent to £6.1bn and services fell two<br />

percent to £5.8bn.<br />

And this is despite Japan having the<br />

first major free trade agreement signed by<br />

Britain after Brexit.<br />

The Department for International Trade<br />

said in 2020 the UK-Japan Comprehensive<br />

Economic Partnership Agreement (CEPA)<br />

offered significant advantages beyond the<br />

previous EU arrangement. It claimed the<br />

estimated boost to trade between the UK<br />

and Japan could be worth £15bn. But in<br />

its first year since coming into force on<br />

1 January 2021, total trade between the<br />

countries was £23.7bn, against £24.9bn in<br />

2020, a fall of about five percent.<br />


CRYPTOCURRENCIES have been<br />

troubling many for a number of years and<br />

the recent collapse of FTX should serve<br />

as a reminder of the risks that crypto can<br />

present to those who trade in and with it.<br />

And now the European Central Bank,<br />

or rather policymaker Pablo Hernandez<br />

de Cos, has chimed in on the debate. He<br />

hopes ‘that the events we have recently<br />

experienced will make citizens aware of<br />

the risks associated with these crypto<br />

assets.’<br />

FTX, which had been among the<br />

world's largest crypto exchanges, filed<br />

for bankruptcy protection at the end<br />

of November. Its failure saw panicked<br />

traders withdraw $6bn from the platform<br />

in just 72 hours.<br />

The overall point of the story is that<br />

despite the promise of cryptocurrencies,<br />

nothing ever beats cold hard cash backed<br />

by (most) Governments.<br />

Minako Morita-Jaeger from the Sussex<br />

University business school said the<br />

Government had ‘oversold’ the UK-Japan<br />

trade agreement and it did not offer<br />

significant economic advantages over the<br />

previous EU deal.<br />

She said research had shown firms there<br />

were having difficulties navigating the UK-<br />

EU trade framework and were considering<br />

expanding their business functions in the<br />

EU. While the UK said the deal with Japan<br />

offered some benefits, a Japanese Ministry<br />

of Affairs document says it largely rolled<br />

over the previous EU agreement.<br />

In its defence, the Department for<br />

International Trade wrote: ‘Our analysis<br />

shows that the UK-Japan CEPA could<br />

increase trade by nearly £16bn and<br />

increase UK wages by £800m by 2035<br />

compared to not having a deal.’<br />

UKEF 2: £4BN FOR UK<br />


UK Export Finance (UKEF) announced<br />

up to £4bn to help Moroccan buyers<br />

with projects in the region provided<br />

that at least 20 percent of the content<br />

is sourced from UK businesses.<br />

As part of this, UKEF has appointed<br />

a new International Export Finance<br />

Executive, based in Casablanca, to find<br />

new opportunities for UK businesses<br />

to export to the region.<br />

As seen in a recent country profile<br />

in <strong>Credit</strong> <strong>Management</strong>, Morocco<br />

offers a range of opportunities for<br />

UK businesses, such as potential<br />

projects in energy transition, water<br />

desalination, and infrastructure,<br />

including rail, roads, ports, and<br />

airports to boost the domestic<br />

economy through new transport<br />

links.<br />

New Free Trade FAQs published<br />

THE Foundation of Small Businesses<br />

(FSB) has joined with the Department for<br />

International Trade to produce an FAQ<br />

guide on how Free Trade Agreements can<br />

help small businesses. The guide, Using a<br />

trade agreement, covers a range of topics<br />

from how such agreements enable small<br />

firms to grow and sell goods and services<br />

overseas, to how they can reduce costs.<br />

The document is on great.gov.uk.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.15009 1.12402 Down<br />

GBP/USD 1.22919 1.18510 Up<br />

GBP/CHF 1.13696 1.11046 Flat<br />

GBP/AUD 1.82611 1.74836 Down<br />

GBP/CAD 1.66872 1.61229 Down<br />

GBP/JPY 166.806 155.493 Down<br />

This data was taken on 18th January and refers to the<br />

month previous to/leading up to 17th January <strong>2023</strong>.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 33


Thailand is the<br />

‘Detroit of Asia’ and<br />

worth a second<br />

look.<br />

The Eye of the Thai-ger<br />

AUTHOR – Adam Bernstein<br />

THE average person in the street probably<br />

associates Thailand with various wellpublicised<br />

holiday hotspots that include<br />

Phuket and Koh Samui; and 4x4 pickups<br />

if they watched an episode of Top Gear<br />

last November.<br />

But as is the case with these country profiles, there is,<br />

of course, much more to Thailand than media-related<br />

stereotypes.<br />

For starters, Thailand is the only Southeast Asian<br />

country never to have been colonised by a European<br />

power, in part because Britain and France agreed in<br />

1896 to make the Chao Phraya valley a buffer state.<br />

It is also known for its beautiful nature, delicious<br />

mangoes, and strict rules about conversations on its<br />

monarchy. (A word to the wise, it’s better to avoid<br />

talking about the monarchy entirely… the topic does<br />

land foreigners in prison).<br />

With a populace that are known as friendly and<br />

hospitable, it’s a destination for many travellers<br />

seeking a warm welcome and great weather.<br />

Historically, little is known of Thailand’s earliest<br />

people, but there are archaeological sites in the<br />

northeast of the country that contain evidence of rice<br />

cultivation and bronze casting that date back 5,000<br />

years.<br />

The Thai people originated from Southwest China<br />

and migrated into the main part of Southeast Asia over<br />

many centuries. The first mention of their existence<br />

in the region is a 12th century inscription at Angkor<br />

Wat, which refers to syam or ‘dark brown’ people as<br />

being vassals of the Khmer monarch.<br />

‘Syam’… Siam… Siamese – the words were used until<br />

1939. A bloodless coup in 1932 led by military officers<br />

and civil servants ended the absolute monarchy and<br />

inaugurated Thailand's constitutional era and Siam<br />

eventually became Thailand or rather, officially, the<br />

Kingdom of Thailand.<br />

Notably, the world ‘Thai’ translates to ‘free’ – so<br />

Thailand effectively means ‘land of the free’.<br />

Pagoda in doi<br />

inthanon national<br />

park at chiang mai,<br />

Thailand.<br />

The country<br />

Located in Southeast Asia on the Indochinese<br />

Peninsula, it’s bordered to the north by Myanmar<br />

(Burma) and Laos, to the east by Laos and Cambodia,<br />

to the south by the Gulf of Thailand and Malaysia,<br />

and to the west by the Andaman Sea and Myanmar.<br />

It occupies 513,120 sq. km of which all bar 2,230 sq.<br />

km is land.<br />

According to the CIA World Factbook, the population<br />

is estimated to stand at a hair under 70m of which<br />

97.5 percent are Thai, 1.3 percent Burmese, other 1.1<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 34


AUTHOR – Adam Bernstein<br />

Thailand<br />

percent and unspecified around 0.1 percent.<br />

Those figures are, with a population growth<br />

rate of 0.23 percent, roughly in line with data<br />

from the Thai Office of SMEs Promotion<br />

which claimed a 2019 population of 66.56m.<br />

Notably, that body detailed how young the<br />

population is – 16.45 percent are aged 14 or<br />

under, 13.02 percent aged 15-24, 45.69 percent<br />

aged 25-54, 13.01 percent aged 55-64, and<br />

11.82 percent aged 65 or over. The sexes are<br />

well balanced with the exception of those 65<br />

or older where the number of males is just<br />

over three-quarters the number of females.<br />

And regarding population spread, of some<br />

18.2m households, Statista claims that 50.5<br />

percent are urbanised, but 49.3 percent live in<br />

rural areas.<br />

Largest cities<br />

In terms of largest towns and cities, data from<br />

the Registration Office Department of the<br />

Interior says that the capital Bangkok is not<br />

unsurprisingly the largest with around 5.58m<br />

people (2020 data). It’s followed by a big drop<br />

down by Nonthaburi with 251,026 residents,<br />

Pak Kret with 189,468, Hat Yai with 149,459,<br />

and Chaophraya Surasak with 146,459<br />

inhabitants.<br />

There are another 27 cities with between<br />

41,581 and 131,599 people and then there<br />

are 176 towns with between 4,448 and<br />

77,976 people as well as 2,266 township<br />

municipalities.<br />

Of the languages spoken, Thai is the<br />

official tongue and the only language<br />

spoken by 90.7 percent of the population.<br />

However, 6.4 percent speak Thai and<br />

other languages, and around 2.9 percent<br />

speak other languages - including Malay<br />

and Burmese. As for English, it is the<br />

secondary language of the elite.<br />

With such a large country having a<br />

relatively low part of the population<br />

urbanised, transport networks are<br />

clearly important. In 2019, Worlddata.<br />

info, using sources from the CIA,<br />

OECD, UNCTAD and others, reckoned<br />

that Thailand had around 180,100km<br />

of roads, 4,100km of rail, 4,000km of<br />

waterways, 839 commercial harbours<br />

Brave | Curious | Resilient / www.cicm.com /January/February <strong>2023</strong> / PAGE 35<br />

and 32 airports. Contrarily, Wikiwand,<br />

quoting various sources including the BBC,<br />

thinks that the nation boasts 390,000km of<br />

roads, of rail, and 103 airports (63 paved).<br />

The only areas of agreement between both<br />

bodies are the length of waterways and with<br />

around 24,000 traffic fatalities per year on Thai<br />

roads, they can be considered very dangerous.<br />

According to PwC, since 2019, the Thai<br />

economy has declined following weaker<br />

demand for exports that reflects the impact<br />

of US-China trade tensions, slowing public<br />

investments, the COVID-19 pandemic, and a<br />

drought impacting agricultural production.<br />

As a result, in 2020, the economy fell by 6.2<br />

percent. This was followed by a recovery<br />

in 2021 with a growth of 1.6 percent, which<br />

included an increase in the export of goods<br />

by 18.8 percent, private consumption<br />

by 0.3 percent and investment by 3.4<br />

percent. Inflation in 2021 was 1.2 percent.<br />

A growth rate of 3.5 percent to 4.5 percent<br />

is currently forecast for 2022 (2.9 percent<br />

reckons the World Bank). Average monthly<br />

income has stagnated around THB 26-<br />

2,7000 (around £622 – Dec. 2022) since 2015.<br />

continues on page 36 >


AUTHOR – Adam Bernstein<br />

Industry and opportunities<br />

Infrastructure<br />

The Government has been planning to<br />

upgrade the transport network for a few<br />

years. The Spring 2017 edition of Nomura<br />

Journal of Asian Capital Markets noted a<br />

Government Master Plan with planned<br />

investment of THB 1,913bn (£44bn) to<br />

promote connectivity and transform<br />

the country into a regional hub while<br />

enhancing competitiveness. Money was<br />

earmarked to upgrade rail infra-structure<br />

and facilities as well as to build a doubletrack<br />

railway network with extensions to<br />

borders, new motorways and expressways,<br />

and new seaports on both the Thai gulf<br />

and Andaman Sea, whilst increasing<br />

airport capacity with an aim to create a<br />

regional hub for air transportation.<br />

The author was, however, sceptical<br />

that the plans would come to fruition<br />

and noted that the “World Bank (2008)<br />

pointed out almost a decade ago that the<br />

transport sector in Thailand exhibited<br />

institutional deficiencies such as a lack of<br />

central planning, weak coordination, and<br />

unclear separation between operation<br />

and regulation functions.”<br />

However, in 2020, International<br />

Construction reported that “Thailand’s<br />

Government is reported to be planning<br />

on increasing spending on road and rail<br />

projects when the country’s fiscal year<br />

begins in October in a bid to boost an<br />

economy that has been hit by COVID-19.”<br />

The transport budget for the 2021 fiscal<br />

year was to be around THB 232bn<br />

baht (£5.3bn). Further, in January 2022<br />

vietnamplus.vn reported that (another)<br />

1.49tn (£37.5bn) was to be spent on<br />

transport infrastructure.<br />

Some might think fair to assume<br />

caution on these investments given the<br />

comments from Nomura and the record<br />

of the military Government. However,<br />

the US Trade Department noted, in July<br />

2022, that an acceleration in spending on<br />

Government-backed ‘megaprojects’ would<br />

enhance the economy. These include<br />

a high-speed rail-link connecting the<br />

three airports in the Bangkok region; the<br />

development of U-Tapao Airport and the<br />

Eastern Airport City; Phase 3 of the Laem<br />

Chabang Port development; and Phase<br />

3 of the Map Ta Phut Port expansion.<br />

There’s also the Bangkok-Nakhon<br />

Ratchasima high-speed rail line (part of<br />

the Thailand-China line) and a 16.4 km<br />

extension of the Bang Khun Tien-Ban<br />

Phaeo section of the M82 motorway to be<br />

included.<br />

The US Trade Department commented<br />

that “if infrastructure development is<br />

carried out as planned, it may open<br />

opportunities for investment in industries<br />

across the region, including in the<br />

❝<br />

Despite its distance<br />

from the UK,<br />

Thailand has much<br />

to offer and is most<br />

certainly a country<br />

worth investing in.<br />

❝<br />

Bangk<br />

production of electrical vehicles, modern clinics and hospitals, offices, apartment<br />

medicines, smart electronics, digital buildings, meeting halls, theatres and<br />

technology, and the modern agriculture cinemas, hotels, bars and nightclubs,<br />

and future food industries.”<br />

educational institutions, shopping<br />

centres and department stores, BEC<br />

already applies to buildings with a<br />

footprint of 10,000 sq. m. or more. But<br />

from <strong>2023</strong> it will apply to sites of 2,000 sq.<br />

m. or more.<br />

Energy<br />

With an increasing population and<br />

plans for growth, the Thai Government<br />

is implementing a Power Development<br />

Plan (PDP 2022) to increase renewable<br />

generation capacity (and lower the share<br />

of electricity coming from fossil fuels)<br />

along with new power plants that run on<br />

biomass or biogas and waste-to-energy<br />

schemes. Solar, battery technology and<br />

alternative energy storage are on the<br />

to-do list and similarly, the electricity<br />

network is to be given more flexibility and<br />

be extended to areas with potential for<br />

alternative energy. The National Energy<br />

Plan 2022 aims to help Thailand move<br />

toward green and clean energy while<br />

reducing carbon emissions.<br />

There’s also the Building Energy Code<br />

(BEC) which requires energy-saving<br />

to be implemented in the design and<br />

construction of new buildings. Aimed at<br />

Tourism<br />

Given Thailand’s location and scenery,<br />

it’s no wonder that the country’s tourism<br />

sector was battered by COVID-19. It’s<br />

expected to have recovered following<br />

Thailand’s reopening to foreign arrivals<br />

at the end of 2021. International arrivals<br />

are not expected to return to their prepandemic<br />

levels of more than 40m visitors<br />

until 2025. As such, the Government<br />

hopes to attract more foreign tourists<br />

and is encouraging industry players<br />

to stop cheapening goods and services<br />

and instead, aim to attract higher-value<br />

tourists in the hope of turning the country<br />

into a premium travel destination.<br />

As part of the reopening, the Tourism<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 36


AUTHOR – Adam Bernstein<br />

ok<br />

Authority of Thailand ran a marketing<br />

campaign for 2022 called Visit Thailand<br />

Year 2022: Amazing New Chapters<br />

designed to promote medical tourism,<br />

tourism to beaches, and shopping.<br />

On medical tourism, Thailand is said<br />

to offer competitive treatment costs.<br />

Notably, Thailand introduced universal<br />

health coverage in 2001, one of only a<br />

few lower-middle-income countries to<br />

do so. It has some 64 hospitals that meet<br />

the Joint Commission International<br />

accreditation standards. According to<br />

Aseanbriefing.com, Thailand earned<br />

$1.8bn from over 4m medical tourists in<br />

2019, which amounted to three percent<br />

of the GDP and was projected to reach<br />

3.5 percent until the pandemic struck.<br />

Medical treatments can be lower by up<br />

to 30 percent compared to the West and<br />

the quality of healthcare is comparable to<br />

leading hospitals worldwide.<br />

Food<br />

While agriculture in Thailand contributes<br />

to just 6 percent of its GDP, it employs<br />

around a third of its workers. Thailand<br />

is the world’s largest exporter of tapioca<br />

products, rubber, frozen shrimp, canned<br />

tuna, and canned pineapple and is the<br />

13th largest food exporter in the world,<br />

with over 10,000 food and beverage<br />

processing factories. Its Ministry of<br />

Industry reported that the food industry<br />

performed impressively in 2021, both in<br />

food exports and food manufacturing.<br />

The food manufacturing industry<br />

achieved an overall growth of 4.5 percent.<br />

Overall, the agriculture, hunting, and<br />

forestry sector contributed approximately<br />

THB 1.38tn (£31.25bn) to the GDP in 2021.<br />

Agriculture is highly fragmented and<br />

dominated by smallholders with most<br />

farmers owning just under one hectare<br />

of farmland. Most farmers grow monoculture,<br />

especially the rice crop, which<br />

accounts for 88 percent of the farming<br />

households engaging in monoculture<br />

farming. Thailand needs to adopt new<br />

technologies such as smart farming to increase<br />

production yields further.<br />

Digital<br />

Thailand’s digital businesses are growing,<br />

and a report compiled by Google, Temasek,<br />

and Bain & Company, E-Conomy<br />

SEA 2022, reckons that by 2025, the digital<br />

sector could be worth $53bn – second to<br />

Indonesia’s $130bn. In light of this, there<br />

is a desperate need for skilled labour in<br />

Thailand as the digital economy is expected<br />

to account for 30 percent of the nation’s<br />

GDP by 2030. A report from ONDE and<br />

Time Consulting, cited by Aseanbriefing,<br />

thinks that by 2030, the sector will need<br />

more than 1m digital workers to fulfil its<br />

growth potential.<br />

It's hoped that foreign firms can aid the<br />

nation with cloud computing, big data,<br />

the Internet of Things, and data analytics.<br />

Manufacturing<br />

Asean briefing also notes that the Thai<br />

economy is reliant on exports, and has<br />

built up a significant manufacturing<br />

sector wanting to rival the likes of lowcost<br />

manufacturers such as Vietnam and<br />

Cambodia.<br />

EV production has been fast-tracked<br />

by generous incentives, such as tax<br />

holidays and investment incentives for<br />

EV infrastructure. The country also<br />

has well-developed automotive supply<br />

chains, which have garnered its nickname<br />

‘Detroit of Asia’ – as evidenced by Top<br />

Gear. Pre-pandemic Thailand had the<br />

largest automotive industry in Southeast<br />

Asia and the 10th largest in the world.<br />

Then there’s electrical products which<br />

were worth $42bn in 2021. According<br />

to Government Savings Bank (GSB),<br />

Thailand’s largest state-owned bank,<br />

the country is the world’s second-largest<br />

exporter of hard-disk drives, washing<br />

machines and air conditioners, and ranks<br />

sixth for compressors and eighth for<br />

refrigerators.<br />

Medical devices<br />

Lastly, Thailand’s healthcare industry is a<br />

priority for the Government which wants<br />

to position the country as a regional<br />

medical hub both for medical tourism –<br />

as above – and exports of medical devices.<br />

In 2021, the medical devices industry<br />

was worth around $6bn with more than<br />

80 percent of local production exported.<br />

Much of the production does not require<br />

complex technology or are single-use<br />

devices.<br />

Beyond this, Thailand’s population is<br />

aging with 30 percent forecasted to be<br />

over 60 by 2035; the demand for support<br />

services will rise accordingly.<br />

Taxation<br />

Corporation tax<br />

A foreign company not carrying on<br />

business in Thailand is subject to a<br />

final withholding tax on certain types<br />

of assessable income (such as interest,<br />

dividends, royalties, rentals, and service<br />

fees) paid from or in Thailand. The rate<br />

of tax is generally 15 percent, except for<br />

dividends, which is 10 percent.<br />

Companies and partnerships with low<br />

levels of paid-in capital – under THB 5m<br />

– and income under THB 30m attract<br />

different rates: on net profits up to THB<br />

300,000 there is nothing to pay, between<br />

THB 300,001 and 3m the rate is 15 percent.<br />

Beyond that the rate is 20 percent.<br />

Personal tax<br />

Personal income tax rates are progressively<br />

banded. The first THB 150,000 is exempt.<br />

After that there are seven bands starting<br />

at THB 150,001 at five percent which then<br />

rise in 5 percent increments to 35 percent<br />

on income over THB 5m.<br />

All employees are required to contribute<br />

to a social security fund an amount equal<br />

to five percent of their salary up to a<br />

maximum contribution of THB 750 per<br />

month. Employers and the Government<br />

are required to contribute an equal<br />

amount.<br />

Summary<br />

Despite its distance from the UK, Thailand<br />

has much to offer and is most certainly<br />

a country worth investing in. There<br />

are challenges – the rural nature of the<br />

marketplace and the authoritarian nature<br />

of the Government. But those that steer<br />

an appropriate course should do well.<br />

Adam Bernstein is a freelance writer.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 37

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<strong>Credit</strong> <strong>Management</strong>, the <strong>magazine</strong> of the Chartered Institute of <strong>Credit</strong><br />

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Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 39


New year, new priorities<br />

Salary and recruitment trends for the year ahead.<br />

AUTHOR – Natascha Whitehead<br />

AS a result of the wider<br />

political and economic<br />

climate, we witnessed<br />

much uncertainty in the<br />

world of work last year.<br />

Skills shortages were<br />

rife and whilst hybrid working showed<br />

no signs of slowing down, employees<br />

expressed their desire for a more flexible<br />

hybrid approach.<br />

Research carried out in Hays’ <strong>2023</strong><br />

Salary & Recruiting Trends guide revealed<br />

the important patterns that those hiring<br />

in accountancy and finance and working<br />

in credit management have experienced<br />

in the last 12 months. The guide provides<br />

a valuable insight into what to expect<br />

throughout the year ahead.<br />

Hiring plans persist alongside skills<br />

shortages<br />

According to the survey, almost all<br />

(90 percent) accountancy and finance<br />

employers encountered skills shortages<br />

in the last 12 months, a significant jump<br />

from 80 percent in 2021. This skills gap is<br />

set to continue into <strong>2023</strong>, as four in five<br />

employers (81 percent) anticipate they<br />

will struggle with a shortage of suitable<br />

candidates.<br />

Amidst the competition for talent,<br />

recruitment remains a priority for<br />

employers across a range of professions<br />

including credit management. 62 percent<br />

of those hiring in the accountancy and<br />

finance sector plan to recruit staff in the<br />

next 12 months, which is a slight increase<br />

from 60 percent the year before.<br />

Despite challenges in terms of finding<br />

and retaining talent, 94 percent of<br />

accountancy and finance employers<br />

expect their organisation’s performance<br />

to increase or stay the same in the year<br />

ahead.<br />

Soft skills are in high demand<br />

Based on the data from our guide, the most<br />

sought-after soft skills by those hiring in<br />

the finance and accountancy industry are<br />

communication and interpersonal skills<br />

(63 percent), an ability to adopt change<br />

(52 percent) and an ability to learn (47<br />

percent).<br />

Employers in the sector would benefit<br />

from taking an adapted approach to<br />

hiring to help overcome the skills crisis,<br />

by considering an applicant’s potential,<br />

instead of their prior experience and<br />

skills.<br />

Northern Ireland<br />

£48,000<br />

Wales<br />

£43,000<br />

South West England<br />

£50,000<br />

<strong>Credit</strong> Manager<br />

Average Salaries <strong>2023</strong><br />

North West<br />

£48,000<br />

West Midlands<br />

£50,000<br />

On a positive note, 70 percent of<br />

accountancy and finance employers<br />

are likely to hire a professional who<br />

may not have all the required skills,<br />

with the intention of upskilling them.<br />

Organisations also consider reskilling<br />

current employees: another tool to<br />

tackling on-going skills shortages.<br />

Salary optimism in the finance<br />

sector<br />

Salaries have been on a significant upward<br />

spiral in the past 12 months, as 89 percent<br />

of accountancy and finance employers<br />

increased their employees’ salaries last<br />

year in comparison to 64 percent in<br />

2021. Our analysis shows that over the<br />

last 12 months, the credit management<br />

Scotland<br />

£48,000<br />

South East England<br />

£52,000<br />

North East<br />

£45,000<br />

Yorkshire & Humber<br />

£45,000<br />

East Midlands<br />

£48,000<br />

London<br />

£58,000<br />

East of England<br />

£50,000<br />

profession received an average pay rise of<br />

6.3 percent – higher than the overall UK<br />

average of 5.4 percent.<br />

59 percent of credit management<br />

professionals are currently satisfied<br />

with their salaries. Looking forward,<br />

professionals working in the industry<br />

will be pleased to know that 86 percent of<br />

accountancy and finance employers plan<br />

to raise salaries further in <strong>2023</strong>.<br />

Professionals prioritise work-life<br />

balance, diversity, sustainability<br />

and purpose<br />

Employee benefits are as important as<br />

ever today because professionals have<br />

more choice over where they want to<br />

work. In the last year, 36 percent of<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 40


AUTHOR – Natascha Whitehead<br />

CREDIT SALARIES UK 2022/<strong>2023</strong><br />

<strong>Credit</strong><br />

Controller<br />

Senior<br />

<strong>Credit</strong> Controller<br />

<strong>Credit</strong> Risk<br />

Analyst<br />

<strong>Credit</strong> Control<br />

Supervisor<br />

<strong>Credit</strong><br />

Manager<br />

Group <strong>Credit</strong> Manager<br />

/ Head of <strong>Credit</strong><br />

<strong>Credit</strong><br />

Director<br />

Region<br />

2022 <strong>2023</strong> 2022 <strong>2023</strong> 2022 <strong>2023</strong> 2022 <strong>2023</strong> 2022 <strong>2023</strong> 2022 <strong>2023</strong> 2022 <strong>2023</strong><br />

East Midlands £25,000 £26,000 £28,000 £30,000 £40,000 £40,000 £30,000 £35,000 £40,000 £48,000 £60,000 £64,000 £80,000 £85,000<br />

East of England £26,000 £27,000 £30,000 £32,000 £40,000 £40,000 £38,000 £38,000 £48,000 £50,000 £60,000 £63,000 £70,000 £78,000<br />

London £27,000 £28,000 £32,000 £35,000 £50,000 £53,000 £36,000 £38,000 £55,000 £58,000 £72,000 £77,000 £95,000 £100,000<br />

North East £22,000 £24,000 £25,000 £27,000 £32,000 £34,000 £29,000 £30,000 £40,000 £45,000 £60,000 £62,000 £75,000 £77,000<br />

North West £25,000 £26,500 £27,000 £30,000 £45,000 £48,000 £30,000 £33,000 £45,000 £48,000 £60,000 £63,000 £80,000 £85,000<br />

Northern Ireland £25,000 £26,000 £29,000 £30,000 £33,000 £33,000 £38,000 £39,000 £47,000 £48,000 £55,000 £58,000 £72,000 £77,000<br />

Scotland £24,000 £25,000 £28,000 £30,000 £32,000 £35,000 £30,000 £33,000 £40,000 £48,000 £55,000 £58,000 £65,000 £75,000<br />

South East £27,000 £28,000 £32,000 £34,000 £40,000 £43,000 £37,000 £38,000 £48,000 £52,000 £65,000 £70,000 £85,000 £90,000<br />

South West £26,000 £28,000 £30,000 £32,000 £42,000 £42,000 £34,000 £35,000 £45,000 £50,000 £55,000 £55,000 £70,000 £80,000<br />

Wales £22,000 £24,500 £26,000 £28,000 £30,000 £31,000 £28,000 £30,000 £38,000 £43,000 £53,000 £55,000 £65,000 £70,000<br />

West Midlands £26,000 £26,000 £27,000 £30,000 £37,000 £40,000 £34,000 £35,000 £48,000 £50,000 £65,000 £67,000 £80,000 £88,000<br />

Yorkshire £23,000 £25,000 £25,000 £28,000 £32,000 £30,000 £33,000 £40,000 £45,000 £60,000 £70,000 £80,000<br />

Average £24,833 £26,167 £28,250 £30,500 £37,545 £39,900 £32,833 £34,750 £44,500 £48,750 £60,000 £62,909 £75,583 £82,083<br />

2022-<strong>2023</strong> % increase 5.3% 7.9% 6.2% 5.8% 9.5% 4.8% 8.5%<br />

credit professionals moved jobs and over<br />

half (59 percent) of professionals in the<br />

sector plan on moving jobs in the next 12<br />

months.<br />

As it stands, 53 percent of credit<br />

professionals feel positive about their<br />

career prospects. As well as this, 60<br />

percent of professionals in the sector<br />

rated their work-life balance positively.<br />

Employers looking to attract and retain<br />

the top talent in the sector ought to<br />

consider the things professionals value<br />

most. When contemplating a new job, the<br />

top priority aside from salary for those<br />

working in credit management is worklife<br />

balance and purpose: 50 percent<br />

would accept less pay if either or both of<br />

those factors were to improve.<br />

Other crucial considerations for<br />

credit professionals deciding whether<br />

to apply for a new role include whether<br />

an organisation has an inclusive and<br />

diverse culture (67 percent), is committed<br />

to sustainability (77 percent) and has a<br />

strong sense of purpose (88 percent).<br />

Hybrid working opportunities still<br />

popular<br />

Unsurprisingly, hybrid working continues<br />

to be offered by finance employers<br />

and still appeals to credit management<br />

professionals. A large majority (74<br />

percent) of accountancy and finance<br />

employers currently offer hybrid working.<br />

Since the hybrid approach is now more of<br />

an employee expectation than a benefit,<br />

organisations need to offer more to stand<br />

out from the crowd.<br />

For instance, flexibility when it comes<br />

to hybrid working could certainly entice<br />

talent in the year ahead; over half (53<br />

percent) of credit professionals preferred<br />

way of working would be a flexible<br />

hybrid approach. 63 percent of credit<br />

professionals say they might be swayed<br />

to change jobs if they were allowed to<br />

decide how many days a week they spend<br />

working in the office.<br />

Advice for the year ahead<br />

With Hays’ insights, both employers and<br />

professionals will be better equipped to<br />

confront the challenges that <strong>2023</strong> may<br />

bring. Here are three of my top tips for<br />

success in the next 12 months:<br />

1. Be open to upskill and reskill<br />

There is no denying the impact that skills<br />

shortages have had across the sector in<br />

the last year; 90 percent of employers<br />

told us they have been affected by the<br />

skills gap. As this trend is forecast to<br />

continue into <strong>2023</strong>, more organisations will<br />

need to be prepared to teach candidates<br />

new skills so they can effectively carry<br />

out roles that were previously closed off<br />

to them.<br />

As mentioned, hiring for future<br />

potential (rather than based on rigid<br />

experience requirements) will stand<br />

employers in good stead. Similarly, credit<br />

management professionals ought to be<br />

willing to learn new skills to thrive in the<br />

current climate. Ultimately, I recommend<br />

both parties be open-minded in the year<br />

ahead.<br />

2. Understand what employees want<br />

Whilst salary is important to credit<br />

professionals, especially in light of the<br />

cost-of-living crisis, there are several<br />

other factors that candidates take into<br />

consideration when applying for a<br />

job. Organisations will benefit from<br />

acknowledging the importance of<br />

demonstrating a clear purpose, as credit<br />

professionals seek roles where they can<br />

make a positive difference. The values<br />

a company upholds – such as inclusion<br />

and sustainability – are also crucial for<br />

attracting talent today. Furthermore, as<br />

there has been an increasing discourse<br />

around wellbeing particularly since the<br />

pandemic, the importance of work-life<br />

balance should not be underestimated.<br />

Finance professionals are unlikely to<br />

settle for less in the next 12 months, so<br />

employers must adapt or risk falling<br />

behind.<br />

3. Reassess your career path<br />

January is a great time to reflect on how<br />

far you’ve come career wise and what you<br />

would like to achieve in the upcoming<br />

year. You could organise a meeting with<br />

your employer to go over any feedback<br />

to utilise in the next 12 months to help<br />

ensure you are getting the most out<br />

of your current role. You might also<br />

want to discuss the potential for career<br />

progression. This is time well spent so you<br />

can feel confident about achieving your<br />

desired goals in <strong>2023</strong>.<br />

Alternatively, although daunting, you<br />

may be ready to move jobs and what<br />

better time than the start of a New Year<br />

to look for a new one. 62 percent of those<br />

hiring in accountancy and finance plan<br />

to recruit in the next 12 months, so there<br />

will be plenty of opportunities for a fresh<br />

start.<br />

Natascha Whitehead is Business<br />

Director of Hays <strong>Credit</strong> <strong>Management</strong>.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 41

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quadient.com/en-gb/ar-automation/cash-application<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 42

Apprentice profile<br />

KYLE Abbott is a Level 2 <strong>Credit</strong> Control<br />

Apprentice, and when his apprenticeship<br />

is successfully concluded, he will<br />

become a Customer Advisor (Advanced).<br />

He joined United Utilities in March<br />

2022, and is currently on the court<br />

team, engaged in a mixture of customer calls and back<br />

office work.<br />

“I was initially drawn to the apprenticeship as I saw it<br />

as a great opportunity to progress my career,” he explains.<br />

“I have multiple years’ experience in customer service and<br />

the apprenticeship has allowed me to strengthen my skills<br />

while showcasing my current knowledge within the role.”<br />

At the time of writing, Kyle is on the point of completing<br />

his second module of the course ‘credit and collections’:<br />

“Both modules have helped me massively within my role<br />

by helping me improve my interpersonal and collections<br />

skills,” he continues. “This has meant I have more<br />

confidence when conversing with customers regarding<br />

sensitive matters such as debt.<br />

“Since starting the apprenticeship I have improved my<br />

team working skills and my ability to receive feedback.”<br />

Fast learner<br />

Despite his comparatively short time within the business,<br />

Kyle has already been given plenty of opportunities to<br />

work towards his 20 percent ‘on the job’ learning in the<br />

form of projects and days out of the office to discover more<br />

about different parts of United Utilities: “The projects<br />

I am working on include an internal web page for our<br />

department and a guide for our Customer Account Officer<br />

to assist with the serving of legal documents.<br />

“As more and more colleagues within UU complete<br />

CICM qualifications the support for apprentices like<br />

myself, increases as more agents are able to use their<br />

experience from their work to help,” he adds. “I am driven<br />

to complete my Level 2 and will then aim to begin my Level<br />

3 to further my development with CICM and the business.”<br />

Latest in a series of<br />

how CICM-led<br />

Apprenticeships are<br />

supporting professional<br />

development<br />

Kyle Abbot<br />

Apprentice Customer Advisor<br />

United Utilities<br />

“The projects I am working on include<br />

an internal web page for our department<br />

and a guide for our Customer Account<br />

Officer to assist with the serving of legal<br />

documents.”<br />

."<br />

“As more and more colleagues within<br />

UU complete CICM qualifications, the<br />

support for apprentices like myself<br />

increases as more agents are able to<br />

use their experience from their work<br />

to help.”<br />

Apprenticeships in <strong>Credit</strong><br />

Control and Collections<br />

There are five apprenticeships for those working in the credit<br />

profession. At each Level of apprenticeship you will be able to<br />

gain professional CICM qualifications<br />

• <strong>Credit</strong> Controller/Collector<br />

• Advanced <strong>Credit</strong> Controller and Debt Collection Specialist<br />

Apprenticeship<br />

• Compliance/Risk Officer Apprenticeship<br />

• Senior Compliance/Risk Specialist Apprenticeship<br />

• Financial Services Degree Apprenticeship<br />

For more details on how CICM can help you start your<br />

apprenticeship journey, visit cicm.com/apprenticeships<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 43

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 />

The UK’s No1 Insolvency Score, available as a<br />

platform to help businesses manage risk and<br />

achieve growth. The only independently owned<br />

UK credit referencing agency for businesses. We<br />

have modernised the way companies consume<br />

data, to power businesses decisions with the most<br />

important data taken in real-time feeds, ensuring<br />

our customers are always the first to know. Enabling<br />

them to deliver best in class sales, credit risk<br />

management and compliance.<br />

T: +44 (0)330 460 9877<br />

E: sales@redflagalert.com<br />

W: www.redflagalert.com<br />

Quadient AR by YayPay makes it easy for B2B<br />

finance teams to stay ahead of accounts receivable<br />

and get paid faster – 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.quadient.com/en-gb/ar-automation<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 />

Reduce or eliminate manual tasks, allowing AR<br />

teams to focus on actions that drive results, and<br />

strengthen decision intelligence to deliver significant<br />

value to the organisation. Cash Application / <strong>Credit</strong><br />

& Risk <strong>Management</strong> / Collections <strong>Management</strong> /<br />

Disputes and Deductions <strong>Management</strong> / Team & Task<br />

<strong>Management</strong> and AR Intelligence.<br />

Optimise working capital by driving world-class<br />

order-to-cash processes and leveraging decision<br />

intelligence to drive better business outcomes.<br />

To learn more visit www.blackline.com/solutions/<br />

accounts-receivable-automation/<br />

T: +44(0) 203 318 5941<br />

E: sales@blackline.com<br />

W: www.blackline.com<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 />

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 />

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 / January/February <strong>2023</strong> / PAGE 44

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 />

ContactEngine is a proactive customer engagement<br />

platform which connects organizations to its<br />

customers through AI powered digital conversations.<br />

ContactEngine enables collections treatment<br />

automation using conversational AI, dynamic<br />

engagement strategies, and easy-to-trigger payment<br />

transactions that help organisations collect debt<br />

faster. ContactEngine anticipates the need to interact<br />

with customers and fully automates personalized,<br />

multichannel, multi-day conversations to achieve<br />

specific milestones and trigger next steps.<br />

E: info@contactengine.com<br />

W: www.contactengine.com<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 />

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 />

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)1273 696933<br />

W: www.americanexpress.com<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 45


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 />

Our Corporate Partnerships give organisations a unique<br />

opportunity to work with us and demonstrate their<br />

commitment to professionalism and best practice in the<br />

<strong>Credit</strong> industry.<br />

We have combined a number of compelling features<br />

that will deliver great value through sustained exposure<br />

to our membership of over 7,000 credit professionals,<br />

decision-makers and key industry figures.<br />

For further information please contact the Head of Strategic<br />

Relationships, luke.sculthorp@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 / January/February <strong>2023</strong> / PAGE 46


Forward Momentum<br />

The latest late payment data shows continuing<br />

signs of improvement.<br />

AUTHOR – Rob Howard<br />

THE latest late payment data is encouraging,<br />

with a number of regions and sectors across the<br />

board making strides in the right direction. The<br />

average Days Beyond Terms (DBT) across regions<br />

and sectors in the UK decreased by 3.7 and 3.1<br />

days respectively. In Ireland, the regional figure<br />

dropped by 2.0 days, while the sector figure saw an increase<br />

of 0.2 days. Average DBT across the four provinces of Ireland<br />

reduced by 9.6 days.<br />


Overall, the UK sector figures are promising, with 16 of the<br />

22 sectors moving in the right direction towards reducing late<br />

payments. Of those on the up, the Financial and Insurance<br />

sector made the biggest dent in its DBT. A reduction of 11.2<br />

days takes its overall DBT to 8.6 days. The International<br />

Bodies (-10.1 days), Wholesale and retail trade; repair of motor<br />

vehicles and motorcycles (-9.5 days), Manufacturing (-8.9<br />

days) and Professional and Scientific (-8.0 days) sectors also<br />

made important cuts to late payments. Of the six sectors going<br />

in the opposite direction, the Business from Home sector saw<br />

the biggest hit, with an increase of 8.8 days to its DBT. An<br />

increase of 4.4 days means IT and Comms is now the worst<br />

performing sector in the UK with an overall DBT of 22.6 days.<br />

Over in Ireland, the outlook is mixed. Just under half (nine)<br />

of the 20 sectors saw no change to DBT, six made improvements<br />

and five saw increases. As often the case in Ireland, it’s a tale<br />

of two extremes. On one hand, some sectors made significant<br />

reductions to late payments: the Business Admin & Support<br />

sector cut its DBT by a massive 62.2 days. On the other hand,<br />

some sectors saw big increases. With the Other Services<br />

sector, which includes dry cleaners, hairdressers and other<br />

beauty services through to membership organisations, Real<br />

Estate and Financial and Insurance sectors going up by 42.0,<br />

34.0 and 17.6 days respectively.<br />


The regional standings in the UK show a clean sweep of<br />

progress, with all 11 regions making moves to reduce late<br />

payments. The East Midlands saw the biggest improvement,<br />

reducing its DBT by 8.7 days. A further deduction of 3.5 days<br />

means the South West is now the best performing region with<br />

an overall DBT of 8.4 days.<br />

Like the Irish sector figures, the Irish regional data is a bit<br />

of a mixed bag. Six regions got better, six regions got worse,<br />

and 14 regions saw no change to DBT. Meath made big strides<br />

in the right direction, reducing its DBT by 31.9 days. Of those<br />

going backwards, County Mayo saw the biggest rise, with an<br />

increase of 8.8 days to late payments. With an overall DBT of<br />

zero days, Laois, Leitrim and Tipperary remain level as the<br />

best performing regions.<br />

The picture across the four Irish provinces is a positive one,<br />

with all four on an upward trajectory. Leinster remains at the<br />

bottom of the standings, but saw the biggest improvement,<br />

cutting its DBT by 20.6 days. A reduction of 7.7 days means<br />

Munster is now the best performing province, but Ulster and<br />

Connacht aren’t far behind thanks to reductions of 4.9 and 5.0<br />

days respectively.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 47


Data supplied by the <strong>Credit</strong>safe Group<br />

Top Five Prompter Payers<br />

Region Dec 22 Change from Nov 22<br />

South West 8.4 -3.5<br />

North West 10.4 -3.8<br />

Yorkshire and Humberside 10.4 -1.1<br />

Wales 11 -5.5<br />

West Midlands 11.4 -2.6<br />

Bottom Five Poorest Payers<br />

Region Dec 22 Change from Nov 22<br />

East Anglia 17.7 -4.8<br />

London 14 -2.1<br />

Northern Ireland 13.9 -6.8<br />

Scotland 12.7 -1.4<br />

East Midlands 12.6 -8.7<br />

Getting worse<br />

Business from Home<br />

IT and Comms<br />

Real Estate<br />

Business Admin & Support<br />

Health & Social<br />

Agriculture, Forestry and Fishing<br />

Getting better<br />

Financial and Insurance<br />

Top Five Prompter Payers<br />

Sector Dec 22 Change from Nov 22<br />

Entertainment 5.8 -2.9<br />

Hospitality 6.2 -3.9<br />

Education 6.6 -3.8<br />

Transportation and Storage 8.5 -3.1<br />

Financial and Insurance 8.6 -11.2<br />

Bottom Five Poorest Payers<br />

Sector Dec 22 Change from Nov 22<br />

IT and Comms 22.6 4.4<br />

Mining and Quarrying 22.4 -4.9<br />

International Bodies 21.2 -10.1<br />

Real Estate 17.3 4.4<br />

Dormant 16.7 -6.5<br />

International Bodies<br />

Wholesale and repair of motor vehicles<br />

Manufacturing<br />

Professional and Scientific<br />

Dormant<br />

Other Service<br />

Mining and Quarrying<br />

Hospitality<br />

Education<br />

Transportation and Storage<br />

Entertainment<br />

Energy Supply<br />


-1.4 DBT<br />

Construction<br />

Water & Waste<br />



-6.8 DBT<br />

SOUTH<br />

WEST<br />

-3.5 DBT<br />

WALES<br />

-5.5 DBT<br />

NORTH<br />

WEST<br />

-3.8 DBT<br />

WEST<br />


-2.6 DBT<br />



-1.1 DBT<br />

EAST<br />


-8.7 DBT<br />

LONDON<br />

-2.1 DBT<br />

SOUTH<br />

EAST<br />

-0.7 DBT<br />

EAST<br />

ANGLIA<br />

-4.8 DBT<br />

Public Administration<br />

Region<br />

Getting Better – Getting Worse<br />

-8.7<br />

-6.8<br />

-5.5<br />

-4.8<br />

-3.8<br />

-3.5<br />

-2.6<br />

-2.1<br />

-1.4<br />

-1.1<br />

-0.7<br />

East Midlands<br />

Northern Ireland<br />

Wales<br />

East Anglia<br />

North West<br />

South West<br />

West Midlands<br />

London<br />

Scotland<br />

Yorkshire and Humberside<br />

South East<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 48


Getting worse<br />


-7.7 DBT<br />

KERRY<br />

-1.1 DBT<br />


-5 DBT<br />


0 DBT<br />


0 DBT<br />

ULSTER<br />

-4.9 DBT<br />


0 DBT<br />



-20.6 DBT<br />


0 DBT<br />

LAOI<br />

0 DBT<br />


0 DBT<br />

LOUTH<br />

0 DBT<br />

Other Service<br />

Real Estate<br />

Financial and Insurance<br />

Construction<br />

Professional and Scientific<br />


0 DBT Getting better<br />

Business Admin & Support<br />

Wholesale and retail trade<br />

IT and Comms<br />

Top Five Prompter Payers – Ireland<br />

Region Dec 22 Change from Nov 22<br />

Laois 0 0<br />

Leitrim 0 0<br />

Tipperary 0 0<br />

Limerick 0.8 0<br />

Kerry 1 -1.1<br />

Bottom Five Poorest Payers – Ireland<br />

Region Dec 22 Change from Nov 22<br />

Wicklow 120 0<br />

Longford 107 0<br />

Kilkenny 90 0<br />

Louth 76.3 0<br />

Monaghan 76 0<br />

Top Four Prompter Payers – Northern Ireland<br />

Region Dec 22 Change from Nov 22<br />

Munster 7.6 -7.7<br />

Ulster 10 -4.9<br />

Connacht 10.2 -5<br />

Leinster 22.8 -20.6<br />

Entertainment<br />

Transportation and Storage<br />

Manufacturing<br />

Nothing changed<br />

Agriculture, Forestry and Fishing<br />

Education<br />

Energy Supply<br />

Health & Social<br />

Hospitality<br />

International Bodies<br />

Mining and Quarrying<br />

Public Administration<br />

Water & Waste<br />

Top Five Prompter Payers – Ireland<br />

Sector May 22 Change from April 22<br />

International Bodies 0 0<br />

Entertainment 1 -3.6<br />

IT and Comms 1.3 -7.4<br />

Agriculture, Forestry and Fishing 4 0<br />

Transportation and Storage 9.3 -3.1<br />

Bottom Five Poorest Payers – Ireland<br />

Sector May 22 Change from April 22<br />

Water & Waste 120 0<br />

Real Estate 70 34<br />

Other Service 66 42<br />

Health & Social 31.3 0<br />

Energy Supply 26 0<br />

Like the Irish sector<br />

figures, the Irish regional<br />

data is a bit of a mixed<br />

bag. Six regions got better,<br />

six regions got worse, and<br />

14 regions saw no change<br />

to DBT. Meath made<br />

big strides in the right<br />

direction, reducing its DBT<br />

by 31.9 days.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 49





Southampton, up to £28k<br />

An opportunity based in Southampton in which you will be<br />

working within a large credit control team, ensuring that all<br />

incoming payments are accurately posted. You will be working<br />

within a team of three, ensuring that unallocated cash is kept to<br />

a minimum. The organisation can offer lots of room for internal<br />

progression and are always growing, they are a great company<br />

to work for that also offer excellent benefits. Ref: 4345820<br />

Contact Jack Bailey on 023 8202 0104<br />

or jack.bailey1@hays.com<br />


Weybridge, up to £35k<br />

This is a newly created position, meaning you will get<br />

the opportunity to really put your own stamp on the role.<br />

Working in a sole charge capacity you will enjoy a varied<br />

workload including cash collections, payment allocation,<br />

reconciling accounts and monitoring risk to the business.<br />

Property experience would be preferred, but not essential.<br />

Ref: 4343888<br />

Contact Natascha Whitehead on 07770 786433<br />

or natascha.whitehead@hays.com<br />


Brentwood & London, £55k-£75k DOE<br />

An exciting opportunity for a commercial <strong>Credit</strong> Manager<br />

to join a leading distribution business. This role will be<br />

responsible for the management of an established credit<br />

control team and working in partnership with regional<br />

managers to support and influence commercial operations.<br />

This role is office-based, and you will be required to work at<br />

head office or on-site of one of 35 branches. You will have to<br />

be highly organised and comfortable making decisions under<br />

pressure. This is a great opportunity to work autonomously<br />

and run the credit process from start to finish how you see fit.<br />

Ref: 4341838<br />

Contact Will Plom on 01603 760141<br />

or william.plom@hays.com<br />


Farringdon, London, £38k-£42k, ASAP start<br />

As a revenue controller you are responsible for credit<br />

control for specific partners, billing and WIP management.<br />

Experience within the legal industry and credit/revenue<br />

experience needed. You would ideally have experience with<br />

the following tasks: Charge out rates, WIP, Residual balances,<br />

Invoicing, <strong>Credit</strong> Control, Microsoft Excel and a basic<br />

understanding of formulas. Ref: 4345014<br />

Contact Megan MacDonald on 020 3465 0020<br />

or megan.macdonald@hays.com<br />

hays.co.uk/creditcontrol<br />

© Copyright Hays plc <strong>2023</strong>. The HAYS word, the H devices, HAYS Brave WORKING | Curious FOR | Resilient YOUR TOMORROW / www.cicm.com and Powering / January/February the world of work and <strong>2023</strong> associated / PAGE 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-1144415172


Egham, £30k<br />

A Nursing home in Egham is looking for a driven individual to join<br />

their small credit team. The role focusses on ensuring that the<br />

ledger and live accounts are handled correctly, and payments are<br />

made in line with terms. This is a fantastic opportunity for anyone<br />

who is interested in rewarding work, within a friendly team. It is a<br />

great time to join as ongoing expansion and growth are predicted<br />

for the future. Ref: 4347474<br />

Contact Emily Thompson on 0333 010 7249<br />

or emily.thompson1@hays.com<br />


Aylesbury, up to £27k DOE + bonus<br />

Permanent, office-based role. Great opportunity to join a highly<br />

successful accounts receivable team in this growing business.<br />

They seek an experienced AR professional to join the established<br />

team to ensure accurate and timely invoicing and cash allocation<br />

with a small amount of <strong>Credit</strong> Control. The successful candidate<br />

will have proven experience in a similar role and will have great<br />

attention to detail and good Excel skills. Ref: 4309104<br />

Contact Caroline Evans on 01494 419740<br />

or caroline.evans@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 / January/February <strong>2023</strong> / PAGE 51


Crisis of Confidence<br />

Never breach confidentiality clauses, new legislation<br />

in support of flexible working, and the dangers of<br />

inadequate data protection training.<br />

AUTHOR – Gareth Edwards<br />

THE High Court has upheld<br />

various claims against four<br />

former employees who<br />

copied confidential software<br />

and customer database<br />

information for use by a new<br />

company.<br />

There were five defendants in the case of<br />

Weiss Technik UK Ltd and other v Davies<br />

and others. Four were former employees<br />

of Weiss, and the fifth was a corporate<br />

defendant business that was set up by<br />

one of the former employees when he left<br />

Weiss.<br />

The four individual defendants had<br />

obtained confidential information from<br />

Weiss and had made that information<br />

available for use by the new company. The<br />

confidential information took the form<br />

of several pieces of software, including<br />

passwords to access it, and Weiss' customer<br />

database.<br />

Each of the individual claimants had<br />

confidentiality clauses in their contracts<br />

of employment, and the staff handbook<br />

required all Weiss property to be returned<br />

to the company on the termination of<br />

employment.<br />

The High Court held that Mr Jones (one<br />

of the individual defendants and the<br />

founder of the corporate defendant<br />

company) had procured breaches of<br />

contract by the other individual defendants.<br />

Weiss' copyright in its software was<br />

breached when it was downloaded from<br />

Dropbox onto the corporate defendant's<br />

operating system. The copyright was<br />

infringed even in circumstances where<br />

the download happened automatically as<br />

Dropbox synched with the new operating<br />

system. It was not necessary for the<br />

download to have been manually triggered.<br />

In respect of breach of confidence, the<br />

High Court held that the fact the corporate<br />

defendant retained the confidential<br />

information was enough for the claim<br />

to succeed. There was no need for Weiss<br />

to prove that the defendants used the<br />

confidential information, or that Weiss<br />

suffered loss or damage, for the claim to be<br />

upheld.<br />

This is an encouraging decision for<br />

employers who are not obligated to show<br />

loss or damage as a result of confidential<br />

information being taken for the purposes<br />

of a competing business. It also acts as a<br />

useful reminder of the circumstances<br />

where a corporate defendant can be<br />

pursued in respect of an equitable breach<br />

of confidence.<br />

Government supports flexible working<br />

THE Government has confirmed it will<br />

support the Employment Relations<br />

(Flexible Working) Bill 2022-<strong>2023</strong> as it<br />

passes through Parliament.<br />

The Bill will make several changes to<br />

the current statutory flexible working<br />

regime by introducing a requirement<br />

for employers to consult with the<br />

employee before rejecting a flexible<br />

working request; allowing an employee<br />

to make two statutory requests in any<br />

12-month period (rather than the current<br />

one request); reducing the decision<br />

period within which an employer is<br />

required to administer the statutory<br />

request from three months to two months;<br />

and removing the requirement for<br />

the employee to explain when making<br />

their request what effect the change<br />

would have on the employer and how<br />

that effect might be managed.<br />

The Government previously indicated<br />

that it would support making the<br />

right to request flexible working<br />

becoming a day one right; the Bill<br />

fulfils that promise and removes the<br />

current requirement for an employee<br />

to have 26 weeks of continuous<br />

service before being eligible to submit a<br />

request.<br />

Importance of effective data protection training<br />

ONE of construction company Interserve's<br />

employees opened a phishing email and<br />

hackers were able to install malware.<br />

Through this, the hackers were able to<br />

access the personal information of up to<br />

113,000 employees. The compromised<br />

data included contact details, National<br />

Insurance numbers, bank account<br />

details, and special category personal data<br />

including data on ethnic origin, religion,<br />

sexual orientation and disabilities.<br />

Interserve was notified about the<br />

malware through its anti-virus software.<br />

However, it failed to thoroughly investigate<br />

what had happened. Specifically, whilst it<br />

took action to remove some of the files<br />

that had been installed on the employee's<br />

workstation, it failed to verify that all of<br />

the malware had been removed. This<br />

meant the attacker still had access to the<br />

workstation between 1 April 2020, when<br />

the link was opened, and 2 May 2020<br />

when, as part of a routine maintenance<br />

check, Interserve discovered a message<br />

on its server stating it had been hacked.<br />

It notified the ICO of the breach on 5 May<br />

2020.<br />

At the time of the attack, one of the two<br />

employees who received the phishing<br />

email had not undertaken data protection<br />

training in breach of Interserve's own<br />

policies. The ICO found that Interserve<br />

should have been aware of the risks of<br />

failing to implement effective information<br />

security training for all staff and found<br />

that the failure to put in place appropriate<br />

training amounted to a GDPR breach. The<br />

company was fined £4.4m.<br />

Gareth Edwards is a partner in the<br />

employment team at VWV.<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 53


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 />


Joseph Powell<br />

Nana Takyi Opoku Agyeman<br />

Michael Bone<br />

Vivianne Jagar<br />

Richard Westgarth<br />

Leslie Milton<br />

David Hughes<br />

Maraliyn Alexander<br />

Emily Cole<br />

Paula Renata Altmann Ferreira De<br />

Moraes<br />

ChristyLee Clements<br />

Nasiem Nawaz<br />

Sonia Wilson<br />

Lisa Mulrooney<br />

Debra Clifford<br />

Clare McKeown<br />

Laura Ward<br />

Rosemary Griffith<br />

Zoe Moore<br />

Natalie Mackenzie<br />

Brandon Barby<br />

Matthew Darling<br />

Nathan Reid<br />

Charlotte Button<br />

Sameeah Bashir<br />

Brett Anderson<br />

Oakley Gost<br />

Charlotte Mumford<br />

Dvyratn Bakshi<br />

Ayub Ashif<br />

Benjamin O'Sullivan<br />

Maksims Tarasovs<br />

Rebecca Hollinshead<br />

Reece Weston<br />

Iqbal Hasnain<br />

Rais Shah<br />

Domenique Anglin<br />

Frazer Shackcloth<br />

Alison Andrews<br />

Connor Buss<br />

Ben Gazeley<br />

Lucille Corby<br />

Vipin Gupta<br />

Keven Griffiths<br />

Geneveve Steenkamp<br />


Neve Spence<br />

Stacey Murison<br />

Logan Reid<br />

Adam Taylor<br />

Amy Everest<br />

Audrey Johnston<br />

Carol Szymonik<br />

Christine Main<br />

Deborah Kelly<br />

Flavio Antonietti<br />

Galina McIntosh<br />

Isabella Brunton<br />

Karen Chase<br />

Katherine Baker<br />

Kim Smith<br />

Lynne Eaves<br />

Madeleine Carlyn<br />

Nicola White<br />

Nina Coleman<br />

Perri West<br />

Peter Howlett<br />

Rosie Drum<br />

Maria Granell Moreno<br />

Tracey Clark<br />

George Brabbs<br />

MCICM<br />

Saliu Hassan Kate Daniel Penelope Walton<br />


Jamie-Louise Flower<br />

Nick Salmon<br />

Congratulations to our current members who have upgraded their membership<br />

Joshua Mayhew MCICM<br />



Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> (ACICM)<br />

Magdalena Babicz<br />

Lee McCrilley<br />

Kim Bliss<br />

Bhevan Kaur<br />

Lucky Locord<br />

Natasha Massey<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

Tamara Jones<br />

Martina Krejcova<br />

John Traynor<br />

Sarah Kudzinetsa Chihuri<br />

Omar Martini<br />

Tom Fifoot<br />

Gladys Adjaye<br />


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

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

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 54

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<br />

your phone, print and return to CICM,<br />

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

Peterborough PE2 6XS<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 / January/February <strong>2023</strong> / PAGE 55

Cr£ditWho?<br />

CICM Directory of Services<br />




Controlaccount<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 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 />

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 />


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 />


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 />

HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

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 />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 56



paul@centuryone.uk 01727 739 196<br />




Blackline<br />

33 Charlotte St, London W1T 1RR<br />

T: +44 (0) 203 318 5941<br />

E: sales@blackline.com<br />

W:www.blackline.com/solutions/accounts-receivableautomation/<br />

Transform and modernize your accounts receivable processes.<br />

Release cash from customers using next-generation intelligent<br />

AR automation. Optimize working capital by driving world-class<br />

order-to-cash processes and leverage 'decision intelligence' to<br />

drive better business outcomes.<br />

Cash Application AR Intelligence<br />

<strong>Credit</strong> & Risk <strong>Management</strong><br />

Collections <strong>Management</strong><br />

Disputes & Deductions <strong>Management</strong><br />

Team & Task <strong>Management</strong><br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />

High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />

Reduce or eliminate manual tasks, and enable AR teams to<br />

focus on actions that drive results. Strengthen decision<br />

intelligence to deliver significant value to the organization<br />

by harnessing BlackLine’s ground-breaking AR Intelligence<br />

module - unlock hidden data in Accounts Receivable processes<br />

and understand customer behaviours in real time.<br />

For more information and a free instant ROI calculation for AR<br />

visit https://www.blackline.com/solutions/accounts-receivableautomation/<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 />

ContactEngine<br />

A NICE Company<br />

Email: info@contactengine.com<br />

Website: www.contactengine.com<br />

ContactEngine is a proactive customer engagement platform,<br />

which connects organizations to its customers through AI<br />

powered digital conversations, ​enabling fully automated<br />

customer journeys. The game changer for collections?<br />

Companies can now talk directly with tens of thousands of<br />

people simultaneously. This enables collections treatment<br />

automation using intelligent, natural language conversations,<br />

dynamic engagement strategies, and easy-to-trigger payment<br />

transactions that move the needle and help organisations collect<br />

outstanding debt faster. ContactEngine anticipates the need<br />

to interact with customers and fully automates personalized,<br />

multichannel conversations that engage customers over days,<br />

weeks, months and years to achieve specific milestones or<br />

trigger next steps based on customer responses.<br />

For more information, visit www.contactengine.com/solutions/<br />

collections or email info@contactengine.com<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 />


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 />


Cr£ditWho?<br />

CICM Directory of Services<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)1260 275716<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />



paul@centuryone.uk 01727 739 196<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</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 />

Red Flag Alert Technology Group Limited<br />

49 Peter Street, Manchester, M2 3NG<br />

T: 0330 460 9877<br />

E: sales@redflagalert.com<br />

W: www.redflagalert.com<br />

The UK’s No1 Insolvency Score is available as platform<br />

designed to help businesses manage risk and achieve growth<br />

using real-time data. The only independently owned UK credit<br />

referencing agency for businesses. We have modernised the<br />

way companies consume data, via Graph QL API and apps for<br />

many CRM / ERP systems to power businesses decisions with<br />

the most important data taken in real-time feeds, ensuring our<br />

customers are always the first to know.<br />

Red Flag Alert has a powerful portfolio management tool<br />

enabling you to monitor all your customers and suppliers so<br />

you and your teams can receive email alerts on data events<br />

i.e. CCJ, Petitions, Accounts, Directors, amongst 84 alerts<br />

produced and tailored to your business.<br />

Red Flag Alert works towards growing and protecting<br />

businesses using advanced machine learning and AI technology<br />

data to provide businesses with information to deliver best in<br />

class sales, credit risk management and compliance.<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 />


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 />

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 />

Quadient AR by YayPay<br />

T: +44 20 8502 8476<br />

E: r.harash@quadient.com<br />

W: www.quadient.com/en-gb/ar-automation<br />

Quadient AR by YayPay makes it easy for B2B finance teams<br />

to stay ahead of accounts receivable and get paid faster – from<br />

anywhere. Integrating with your existing ERP, CRM, accounting<br />

and billing systems, YayPay organizes and presents real-time data<br />

through meaningful, cloud-based dashboards. These increase<br />

visibility across your AR portfolio and provide your team with a<br />

single source of truth, so they can access the information they<br />

need to 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 />


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 />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 58



“<br />

Having worked in an accounting practice for over 25 years,<br />

qualifying as a Chartered Accountant in 2000 and a Director of the<br />

company since 2010, I developed and headed up the legal services<br />

department within the practice that dealt with the accounting<br />

and compliance needs of our solicitors’ portfolio. I worked solely<br />

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My finance and regulatory background has enabled me to<br />

guide firms in developing sound financial controls and<br />

compliance with the solicitors regulatory body, which is<br />

crucial for any solicitors practice in the ever changing<br />

environment in which they operate.<br />

- Stuart Littler FCA<br />

www.thomashiggins.com<br />

Brave | Curious | Resilient / www.cicm.com / January/February <strong>2023</strong> / PAGE 59

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