Credit Management September 2023

CREDIT MANAGEMENT
CM
SEPTEMBER 2023 £13.00
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
HIGH AND DRY
Can the ‘unsavable’
companies still be saved?
BNPL providers need to
take more care in who they
lend to and why. Page 22
Will the new Consumer Duty
really make a difference?
Page 24

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SEAN FEAST FCICM
MANAGING EDITOR
Editor’s column
Blowing the whistle
on the new Consumer Duty
ACCORDING to the recent
Financial Lives survey by
the Financial Conduct Authority
(FCA), less than half
of us have any confidence
in our financial services
providers, and only a third believe that
banks, lenders, insurance providers etc are
honest.
I don’t know whether those figures surprise
me based on my own experience of
the financial services sector since becoming
a grown-up 40 years ago, or whether
they just depress me. Given that I’m not
usually given to melancholy, I’ll stick to
‘surprise’; actually, I thought the percentage
would have been higher.
I recall a hugely frustrating hour spent
on the phone to NatWest a few years ago
and steadily losing the plot, at which point
I was told not to become ‘abusive’ for uttering
the phrase ‘bloody hell’. Given the bank
was a client of mine at the time I found this
rather amusing, since I had written the
script for its ‘abusive caller routine’ which
I proceeded to trot out verbatim, much to
the call handler’s consternation. I would
have loved to have listened back to that
interaction, assuming the bank had in fact
carried out its threat of recording some
calls ‘for training purposes’.
But I digress. The FCA, in response to the
slight upon its charge, has come up with
the Consumer Duty which fundamentally
requires firms to act in good faith towards
retail customers, avoid foreseeable harm,
and enable and support retail customers
to pursue their financial objectives. The
purpose, according to the FCA’s Sheldon
Mills, is to build trust in the system, starting
with basic customer communication
(see article page 24). Under the Duty, firms
will have to provide products which are fit
for purpose, offer fair value and work as
the customer expects. Brilliant.
Some firms don’t know if the new Duty
applies to them, and if it does, what they
need to change. Others are much better
prepared, and/or feel the latest initiative
is little more than an extension of Treating
Customers Fairly. My difficulty with the
Duty is more fundamental than that.
The FCA was created to protect consumers
more than a decade ago. If consumers
have less trust in the system than they have
ever had before, then this has happened
on the Authority’s watch. Trust evaporates
very quickly and takes many years to rebuild.
It should have been the very first
thing on the FCA’s ‘to do’ list.
But I doubt it will succeed. It will be
much like the Football Association’s ‘Respect’
campaign. They’ll tell you it has been
a great success, but I have experienced its
derisory failure first-hand and it was the
reason I quit refereeing. They focus on the
wrong things. It’s all smoke and mirrors.
And history will repeat itself with the FCA.
Expect in the next two years, a few minnows
hung out to dry and made an example
of, with much trumpet and fanfare to
show how tough the FCA is being, while
the big boys continue doing what they’ve
always done. Plus ça change.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 3

CONTENTS
September 2023 issue
11 – PRE-PACKS
How to protect against a second loss.
12 – MAKING BETTER
When the manufacturing sector is facing multiple
headwinds, how do businesses invest and grow?
16 – TAKING NO CREDIT
The value of trade credit data in 2023 and
the increased use of Artificial Intelligence (AI).
22 – A BALANCING ACT
BNPL providers need to take more care in who
they lend to and why.
24 – STUFF AND NONSENSE
Is the FCA’s new Consumer Duty a lot of fuss about
nothing?
26 – DOWN AND OUT?
UK insolvencies reach highest level in 14 years.
30 – MASTERS OF RECOVERY
How the CICM trained the HMRC’s Fraud
Investigation Service.
34 – SCENIC BEAUTY
Could the Philippines become a trillion-dollar
economy?
39 – QUESTION TIME
Three important topics to ask your interviewer
about.
49 – MODERN TRANSFORMATION
Unlocking corporate success by transforming credit
and cashflow management.
52 – HIGH STANDARDS
How the CICM Assessment Board is raising
standards in the credit industry.
26
DOWN AND OUT?
11
PRE-PACKS
Alexandra Davies discusses
how to protect against a
second loss.
12
MAKING
BETTER
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 4

CICM GOVERNANCE
President: Stephen Baister FCICM
Chief Executive: Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad)
Vice Chair: Phil Rice FCICM / Treasurer: Glen Bullivant FCICM
Larry Coltman FCICM /Neil Jinks FCICM / Allan Poole MCICM
Advisory Council: Caroline Asquith-Turnbull FCICM
Laurie Beagle FCICM / Glen Bullivant FCICM
Brendan Clarkson FCICM / Larry Coltman FCICM
Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad)
Andrew Hignett MCICM(Grad) / Laural Jefferies FCICM
Neil Jinks FCICM/ Martin Kirby FCICM
Charles Mayhew FCICM / Hans Meijer FCICM
Debbie Nolan FCICM(Grad) / Amanda Phelan MCICM(Grad)
Allan Poole MCICM / Phil Rice FCICM / Phil Roberts FCICM
Chris Sanders FCICM / Paula Swain FCICM
Jamie Thornton MCICM / Mark Taylor MCICM
Atul Vadher FCICM(Grad)
16
TAKING
NO CREDIT
34
COUNTRY FOCUS
Could the Philippines
be a trillion-dollar
economy in the
making?
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Managing Editor: Sean Feast FCICM
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Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM
Survey highlights importance
of the FCA’s Consumer Duty
LESS than half of UK adults,
or 21.9 million people, had
confidence in the UK financial
services industry and just
36 percent agreed that
most financial firms are honest and
transparent in the way they treat them.
These are the shocking findings of
a report from The Financial Conduct
Authority (FCA) which found that
7.4 million people unsuccessfully
attempted to contact one or more of
their financial services providers in the
12 months before May 2022, with the
most vulnerable in society being most
adversely affected.
The FCA’s latest Financial Lives
survey coincides with the introduction
of the Consumer Duty which requires
firms to act to deliver good outcomes
for consumers and, in turn, help to
improve trust and confidence in the
financial services sector.
Under the Duty, firms now have
to provide helpful and responsive
customer service – for example, it
should be as easy to complain about or
switch and cancel products or services
as it was to buy them. They also need
to equip their customers to make good
decisions through communications
people can understand, provided at the
right time.
Further duties include the need to
provide products and services that
meet consumers’ needs and work as
expected, and an obligation to explain
and justify their pricing decisions. This
includes being able to demonstrate
that rates offer fair value.
Sheldon Mills, Executive Director,
Consumers and Competition at the
FCA said: “Times like this show why
it is important people get the support
they need as more people are likely
turning to their financial services
providers for help. Our Consumer
Duty will guide our ongoing work
to improve the way firms provide
customer support - getting through to
your provider is the starting point for
receiving help, so we will be working
with them to improve in this area.”
The FCA claims that action since
the start of the cost-of-living squeeze
has already led to an increase in the
amount of engagement lenders are
having with their customers. Following
conversations with firms and new
guidance set by the FCA, lenders
supported over two million mortgage
customers to manage their finances
in the past year, including through
budgeting tools, access to debt advice,
and tailored mortgage forbearance.
The Authority admits, however, that
there is still work to do: 4.9 million
people who used firm communications
to help them make a decision in the
12 months before May 2022 found it
did not help at all.
The FCA’s survey also found that
an increasing number of people
are choosing to use digital banking,
payments and other online services,
with almost nine in ten adults (88
percent or 42.9 million) banking online
or using a mobile app in 2022, up from
77 percent in 2017.
While there is an increasing number
of people regularly using digital
services, the FCA recognises that many
people are still heavy users of cash
(six percent or 3.1 million) and reliant
on face-to-face services. Through the
Financial Services and Markets Act,
the FCA will take on powers on access
to cash and will expect firms to ensure
that they meet all their customers'
needs.
See our article on page 22
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 6

NEWS ROUNDUP
HMT hesitates in regulating
BNPL amid consumer mistrust
HM Treasury could be delaying plans to
regulate the Buy Now Pay Later sector
amid growing concerns from consumers
as to the industry’s ethics.
Research from NewDay suggests that
only 16 percent of UK adults deem BNPL
‘trustworthy’ and almost half worry that
unregulated BNPL could get them into
debt. More than three quarters say they
would prefer a regulated BNPL option
over an unregulated one even if that
meant a longer application process
Ian Corfield, Chief Commercial Officer
at NewDay, says he is concerned that
plans to regulate BNPL could be delayed
even further: “Our research clearly
shows that consumers would welcome
TransUnion launches new
paper on Consumer Duty
TRANSUNION has published a new
advisory paper, ‘Thriving in the Age of
Consumer Duty: Strategies for Success,’
to support businesses as they move into
the new era of Consumer Duty.
The new Consumer Duty regulation
from the Financial Conduct Authority
(FCA) requires firms within the financial
services sector to prioritise customer
needs and empower them to make
informed financial decisions.
TransUnion's report expands on
four key areas of focus: Products and
services outcome; Price and value
outcome; Consumer understanding
outcome; and consumer support
outcome. In its spring 2023 survey,
the FCA found that 64 percent of firms
expect to be fully compliant with the
new regulation by the 31 July, indicating
that many companies are still in the
process of amending their offering and
will need ongoing support.
The report is described as ‘delving
into practical strategies, with data
and insights at their core, to help
ensure compliance, now and in the
long-term’.
Igniting CICMQ best practice
THE Amey Group Services Ltd team, led
by Hayley Earle ACICM, Head of Credit
& Collections, welcomed CICM Head of
Accreditation, Karen Tuffs FCICM(Grad) to
its iconic offices in Garston, Liverpool on
18 July 2023 to receive its fourth CICMQ
Best Practice Award. First accredited
in 2015 and securing two subsequent
accreditations in 2017 and 2019, Amey’s
latest accolade was achieved with a new
team, following relocation to Liverpool in
2020.
regulation to increase trust with BNPL
products, expanding its appeal rather
than stifling it. There is also consumer
misunderstanding of BNPL as a form of
credit, and its potential impact on credit
scores.
“At a time when consumers are facing
increasing costs, consumer protections
need to be strengthened not delayed.
There are regulated equivalents to BNPL
offering instalment finance out there
already, proving that it can be done
successfully without limiting options
for consumers. Instead of delaying
regulation, the roll-out should be brought
forward, benefitting both consumers and
the industry as a whole.”
David Herd, Director of Amey Business
Services and Samantha Vaughan,
Head of Transaction Services, joined
Hayley and the Credit & Collections
team at the converted Mersey Match
Factory, formerly used by Bryant and
May, to celebrate the team’s successful
re-accreditation, the first organisation
to experience the refreshed CICMQ
programme and receiving a Merit pass.
Many congratulations to Amey Group
Services.
>NEWS
IN BRIEF
Government publishes
review of personal
insolvency
THE Government has published a
review of the personal insolvency
framework, recognising shortcomings
in the current regime and areas where
it could evolve in order to better meet
the needs of those who use and work
with it.
Nicky Fisher, President of R3,
welcomed the need for reform: “It is
clear from the many submissions
to the Call for Evidence that this is
a complex area, and we recognise it
will take time to deliver a personal
insolvency framework which works
for everyone.
“At a time when personal insolvency
levels are rising and debt charities
are reporting an increasing number
of demands for their services and
numbers of people in negative budgets,
we need clear thinking and progress
on this issue sooner rather than later.”
Gayle Force
BIBBY Financial Services, the
invoice finance provider, has
appointed Gayle Robertson as
Business Development Manager as
it continues to drive new business
volumes throughout Scotland. With
almost two decades of experience
in banking and commercial finance,
Gayle joins from Lloyds Banking
Group where she spent 19 years
supporting SMEs in both operational
and sales roles. Her most recent
role with the bank was Associate
Director Invoice Finance.
Benchmark CEO
MICHAEL Crumpler has been
appointed Chief Executive Officer of
Credit Benchmark, a global leader
in the credit risk data and analytics
space. Michael’s primary focus
will be to guide Credit Benchmark
through its next phase of growth by
expanding its global client footprint
in key strategic markets and further
solidifying the company’s position
as the provider of choice for unique
and compelling credit risk products
across capital markets. He will also
be focused on building-out Credit
Benchmark’s analytics
and product functions.
Donal Smith, current
CEO and Co-Founder,
will be remaining
on in his capacity as
Executive Chairman.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 7

THE value of loans taken
out from pawnbrokers has
rocketed 41 percent in just a
year, from £158m in 2021 to
£223m in 2022 according to
Mazars, the international audit, tax,
and advisory firm.
The figures also show that arrears
on pawnbroker loans – high-interest
loans secured with a personal item
held as a guarantee - are also rising
sharply, up 34 percent in 2022 to £57m
from £42m in 2021.
Mazars believes this means that
many are at risk at forfeiting their
personal items if they fall behind
on payments. Interest rates on
pawnbroker loans can typically reach
120-160 percent APR.
In pawnbroking loans, individuals
NEWS ROUNDUP
Consumers turn to pawn as a
short-term fix to money woes
CICM teams up with TCN to help
members improve telephone collections
THE Chartered Institute of Credit
Management (CICM), the largest
professional credit management
body in the world, has entered into a
new agreement with TCN, a leading
provider of cloud-based call centre
technology to enhance members’
telephone collections capabilities.
Through joint events, awards and
content, the alliance will give CICM
members access to valuable insights
on the latest call centre technology for
scaling their businesses effectively,
as well as advice on best practice for
maximising collections rates over the
phone.
give up their valuables in exchange
for money with the option to reacquire
the asset once the debt, plus interest, is
paid. However, if the loan is not
repaid in full on time, then the
pawnbroker becomes the legal owner
of the asset.
Paul Rouse, Partner at Mazars, says
the cost-of-living crisis has taken its
toll, stretching people’s finances to
the limit, and pushing an increasing
number of people who can’t secure
credit to scramble for money from
high-interest options: “Spiralling
inflation over the past year made it
harder for people to stay on top of their
bills, forcing some to take out shortterm
loans to cover unexpectedly high
costs,” he explains.
“The cost-of-living crisis is taking
TCN provides immediate access to
robust call centre technology, including
predictive dialling, IVR, call recording,
and business analytics required to
optimise operations and adhere to
regulations. The company serves
various Fortune 500 companies and
enterprises in multiple industries,
including the debt collection sector.
Sue Chapple FCICM, Chief Executive
of the CICM says the partnership will
help enhance one of the Institute’s key
offerings: “We’re delighted to partner
with TCN whose products and services
will greatly complement our extensive
courses and webinars dedicated
a big bite out of household finances.
An increasing amount of people are
finding that they need quick access
to small loans to keep up with rising
costs and are being forced to turn to
pawnbrokers.”
Paul says this upward trend should
be concerning: “In the short term it
is a sign that too many people are
struggling. It’s even more worrying in
the longer term, with no end currently
in sight to the period of elevated
interest rates.”
The FCA has tightened its
restrictions on high-cost consumer
credit, such as doorstep lending. This
has led to a surge in growth among
pawnbrokers as many with weaker
credit histories sought short-term
loans.
to improving members’ telephone
collection techniques and skills.
“TCN is widely recognised as one
of the best technology providers in
the credit industry for its industry
specialised services. Its award-winning
features, such as Manually Approved
Calling and Predictive Dialler, have
enabled collection departments to
significantly improve their collection
rates. We look forward to strengthening
our resources with this expertise.”
Spencer Taylor, Regional Head of
Sales for TCN EU & Eire, says that the
alliance enables TCN to promote the
credit and collections industry and
enhance CICM’s training programmes:
"We are delighted to become Corporate
Partners of the CICM and help it
maintain its leadership position within
the credit management industry. TCN's
approach with clients has always been
one of collaboration and education, so
our values align well with those of the
CICM and its services to its members.
"We are supportive of the industry
becoming more professional, and
through this partnership, we hope to
help highlight the sector as a good
career choice. Dialler technology is
now more commonplace, but many
businesses are yet to use it to its full
potential. We want to help change
that, irrespective of which platform
a business has chosen to deploy."
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 8

NEWS ROUNDUP
>NEWS
IN BRIEF
Think Tank hears ‘collusion’
risk is on the rise.
FRAUD is on the rise as a small number
of businesses look to take advantage
of ‘circumstances’ and a lack of
enforcement to make off with their
ill-gotten gains.
Ant Persse, CEO of Optimum Finance,
says that collusion is a particular risk:
“Collusion – where the client and the
customer are colluding or are even the
same person and creating an entirely
fictitious relationship – is on the rise,”
he told a CICM Think Tank in August.
“It means having to undertake a
thorough review of a client’s customer
portfolio including personal site visits.”
Fraud resulting from ‘fresh air
invoicing’ – where no goods or services
have been provided – or payments
into a client account as opposed to
the Invoice Finance provider’s Trust
account (a fraud known as ‘Direct
Banking’) are also a problem, although
Open Banking and enhanced debtor
verification to confirm an invoice is
accurate and fair are helping.
Ant says that despite the challenge
of fraud, the popularity of Invoice
Finance as an essential cashflow
“Spiralling
inflation over the
past year made it
harder for people
to stay on top of
their bills, forcing
some to take
out short-term
loans to cover
unexpectedly high
costs.”
funding tool is on the rise and the
future opportunity is significant: “We’re
currently accepting around 90 percent
of funding applications,” Ant says, “and
the businesses we do decline is often
because a potential fraud or irregularity
has been detected.”
He says industry growth could be
higher if there was greater awareness:
“Anecdotally at a recent business
conference, only around 40 percent
of those present knew about Invoice
Finance. We could do more to raise
awareness and help ourselves by
reducing unnecessary complexity and
jargon, with different providers using
different ways of explaining the same
thing.
“Invoice Finance is not complex,
neither is it a dark art, neither is it
particularly expensive with costs being
comparable to other lending products
and with an additional portfolio of
services available. If every firm eligible
for Invoice Finance took advantage of
the facility, something like £150bn in
cash could be unlocked to support the
economic recovery.”
“It means having to undertake a thorough
review of a client’s customer portfolio
including personal site visits.”
Missed payments
THE number of people missing
payments on essential household
bills like energy, phone and water
is as high as it was over the
winter. According to consumer
group Which? around 2.4 million
households missed at least one bill
payment in the month to mid-July.
More than three quarters of a million
(770,000) failed to make mortgage or
rent payments, the group says. In a
monthly online poll of around 2,000
respondents, almost nine percent
of households missed at least one
bill payment in July; in January that
figure was closer to eight percent.
The figure for missed bill payments
had fallen back slightly in May and
June but rose again in July.
Bullivant given lifetime
achievement award
GLEN Bullivant FCICM has been
recognised by the Federation of
European Credit Management
Associations (FECMA) with a lifetime
achievement award.
Receiving the award at FECMA’s fifth
annual conference in Athens in June,
Glen told Credit Management magazine
that his passion for his profession has
not diminished with age or the passage
of time: “The receipt of such prestigious
recognition from FECMA only serves
to reinvigorate my efforts to continue
to promote the profession, CICM and
FECMA,” he said.
“I have long maintained that the UK
leads the way and our friends across the
Channel look to us for ideas, inspiration
and support. The truth is more likely to
be a recognition on their part that I am
still breathing in and out. Nevertheless,
it is an honour and I will fly the flag
in Dusseldorf in October, Budapest in
November and Malta next April.”
The lifetime achievement award
is given to members who have made
a remarkable contribution to the
development and implementation of
Credit Management in Europe. The first
one was awarded to Oswald
Royaards in Budapest in
2013. Other recipients have
included Jim Logue in
Brussels (2015), and Bernd
Weiss in Malta (2018).
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 9

AS households continue
to grapple with the costof-living
crisis, there is a
rising risk of fraudsters
targeting already vulnerable
consumers looking to cover the cost of
spending over the summer period.
New research from the FCA has
found that over half of UK adults
(55 percent) are more worried about
personal finances than they were last
year. And it means there is a rising risk
of fraud.
Rising food (63 percent) and energy
costs (53 percent) were cited as the
biggest concerns. However, summer
related spending is compounding this,
with entertainment costs (24 percent),
and summer holidays (22 percent)
being the next most prominent
financial worries. And while 46 percent
of UK adults have gone or plan to go
away this year on a summer holiday,
more than a third (35 percent) are
NEWS ROUNDUP
FCA warns against prevalence
of Loan Fee Fraud
worried about how they are going
to pay for it. This is driving many to
fund summer spending either through
savings or credit. According to the
research, 18 percent of consumers will
use savings to fund summer spending,
and 12 percent are turning to credit
cards. With 24 percent of consumers
turning to credit or loans to fund
additional summer related spending,
loan fee fraudsters could use this as
an opportunity to steal money from
consumers.
When asked how they plan to fund
their spending, 21 percent of parents
responded that they either had already,
or were planning to, take out a loan
to cover cost. Other areas of concern
included the costs associated of having
children at home for the summer (32
percent), funding summer related
activities for children (24 percent) and
back to school costs (24 percent).
Loan fee fraud - where a consumer
pays a fee for a loan they never receive
– typically results in a £260 loss.
This type of fraud usually peaks in
the summer months and is growing
year-on-year. The FCA’s data shows
that last summer, there was a 26
percent increase in complaints from
consumers who had fallen victim to
loan fee fraud compared to 2021.
Steve Smart, Executive Director of
Enforcement and Market Oversight,
at the FCA says that summer
spending comes at a time of enhanced
vulnerability for many: “For fraudsters,
this provides the perfect opportunity to
take advantage of people considering
how to make ends meet,” he explains.
The FCA urges consumers looking
for a loan to do the three-step check to
protect themselves from scams: ignore
cold calls or unsolicited emails; don’t
pay upfront; and be dubious if asked
to act quickly or unusually. In any of
these scenarios, it could be a scam.
UK’s hospitality businesses
being let down by Government
THE majority of the UK’s hospitality
businesses believe the industry is
overlooked by the Government.
A survey by Peckwater Brands of 250
decision-makers in senior management
positions within UK hospitality
businesses (restaurants, takeaways,
cafés and bars). It found that over threefifths
(62 percent) of UK hospitality
businesses believe their sector
receives less support and attention
from the Government than other
industries.
This comes as many hospitality
business struggle with rising overheads,
staff shortages and falling consumer
spending, leading 4,600 to close their
doors in the 12 months leading up to
March 2023.
When asked what support could
be beneficial to the sector, 28 percent
of businesses believe employment
incentive programmes would make
a positive difference, with 21 percent
wanting additional visa opportunities
for foreign workers who could work in
hospitality.
Two in five (40 percent) would
welcome an extension of energy bill
relief, while 36 percent would like to see
the return of ‘Eat Out to Help Out’ or a
similar initiative. In a move to cut costs,
48 percent have renegotiated with or
changed their supplier in the past year,
with a further 44 percent planning on
doing so in the next 12 months.
Sam Martin, CEO of Peckwater
Brands, says it’s no secret that
the current economic climate for
hospitality businesses is brutal:
“Between skyrocketing costs, huge
staffing challenges and lower demand
as customers tighten their purse
strings, many businesses feel they can’t
catch a break following the hardship of
the pandemic.
“Signs that food price inflation is
starting to fall may be welcome among
business owners, but our research still
shows they believe external support is
the key to returning to their rightful prepandemic
status.
“While favourable taxes, support
schemes and legislation would
undoubtedly benefit hospitality
businesses, such intervention is not
guaranteed. So, decision-makers must
remain prepared to seek out solutions
themselves. Embracing innovation and
optimisation could be the thing that
separates the businesses which prosper
in the future and those that don’t.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 10

INSOLVENCY
PRE-PACKAGED
ADMINISTRATIONS
How to protect against a second loss.
AUTHOR – Alexandra Davies
WHEN a customer
enters into an
Administration,
it is often a
worrying time
for creditors, but
receiving a proposal explaining that
a pre-packaged sale of the customer’s
business has taken place, brings an
additional dilemma. Should they
continue trading with the new entity
or not?
In most cases, a trade creditor would
find out that one of their customers had
entered into an Administration when
they receive a letter and set of proposals
from the Administrator. If the insolvent
business has completed a pre-packaged
sale, with the same director or directors
at the helm of the new company,
creditors should receive a detailed
explanation of why this course of action
has been taken within seven days of the
commencement of the Administration.
Consider proposals with care
The proposals received by the creditor
should provide a detailed explanation
and justification of why the prepackaged
sale was undertaken and why
other alternatives were not appropriate.
They should also include information
about the marketing campaign that was
carried out and the sale price achieved.
If a previously connected party has
purchased the insolvent company out of
Administration, then the Administrator
must include Statement of Insolvency
Practice (SIP) 16 disclosures, providing
further details of why the business has
been sold to them.
For creditors, deciding whether or
not to continue trading with the new
company, and if so, on what terms,
can present a real dilemma. On the
one hand, if creditors are willing
to cut their losses and accept that
existing debts may never be paid in
full, there could be an opportunity to
protect future revenues by continuing
to trade with the new entity. On the
other hand, there is always the risk that
the new entity could fail for a second
time, driving up losses even further.
Avoiding a second loss
There are steps that creditors can
take to mitigate the risk of a second
loss, however. For example, if they
decide to continue to trade with the
new company, they may wish to ask
the director for a personal guarantee.
This would allow them to pursue the
director personally for any money they
were owed if the new company were
also to be placed into an insolvency
process.
Creditors could also consider
requesting payment on delivery, so
there would never be an outstanding
invoice and no credit would be given
to the new company. Alternatively, they
could reduce the payment terms, so
that the new company would need to
pay all outstanding invoices within a
shorter period than usually credit terms
given. Therefore, if they fail to meet the
reduce payment terms, the account can
be placed on hold, mitigating the risk
of large outstanding sums being owed.
In summary, if a customer is involved
in a pre-packaged Administration, it
doesn’t have to be the end of your trading
relationship. By taking the necessary
precautions and seeking reassurances
that the new company is doing things
differently this time, it may be possible
to protect future revenues and mitigate
the risk of a second loss.
For more information on the areas
covered within this article, please
contact the business recovery team at
Menzies: www.menzies.co.uk/creditorservices
Alexandra Davies is a senior manager in
the business recovery team at accountancy
firm, Menzies LLP.
Creditors could
also consider
requesting payment
on delivery, so there
would never be an
outstanding invoice
and no credit would
be given to the new
company.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 11

SECTOR FOCUS
Making Better
When the manufacturing sector is facing multiple
headwinds, how do businesses invest and grow?
AUTHOR – Gareth Anderson
BANKS and the lending
community have a vital
role to play in supporting
the UK’s economic recovery,
and this is especially
true in the manufacturing
sector. They need to continue to innovate
and adapt products to match the needs of
established small- to medium-sized enterprises
(SMEs) and deliver levels of service
and support to ensure customers maximise
the leverage available to them.
This support requires not only a proximity
to the customers they serve, but
also being able to demonstrate a deep understanding
of the challenges their customers
face. And the UK manufacturing
sector currently faces a number of headwinds
that show no immediate signs of
abating.
Heading backwards
The Purchasing Managers’ Index (PMI),
compiled by S&P Global, gives a monthly
figure to gauge the overall health of the
economy by analysing GDP, inflation,
exports, capacity utilisation, employment
and inventories. Any score above 50.0
shows an economy in positive health;
under 50.0, and the economy is effectively
heading backwards.
Whereas the composite PMI score was
positive (at 54.0), manufacturing was in
the negative (47.1). Of greater concern,
is that 47.1 represents a drop from the
previous month (47.8) and trails a period
of continual decline. It means that based
on such vital measurements as new
orders, output, employment, supplier
delivery times, and stock of items
purchased, the manufacturing sector is
contracting. (Source – Markit/CIPS UK
Manufacturing Purchasing Managers’
Index May 2023).
The statistics lay bare the pressures
that manufacturers are under. Weaker
demand combined with mounting costs
are creating a near perfect storm, and
the economy is staring down the barrel
of stagflation brought about by rising
prices, a stubborn inflation rate and only
sluggish growth. A full recession may
be avoidable, but with expected growth
only just hovering above 0.1 percent, it
wouldn’t take much of a shock for the
economy to go into reverse. Pressures on
costs – not least the rising cost of energy –
There will be those
manufacturers, for
example, who have
yet to really think
about investing
in more energy
efficient processes
or buildings, and
the positive impact
this can have on
their bottom line.
are joined by other challenges conspiring
to make a difficult situation worse. Whilst
wholesale energy prices have come down
from their peak in the summer, many
businesses still find themselves paying
considerably more for their electricity
and gas than they were two years ago.
Raw material supply challenges are
also continuing, with a shift away from
low-cost global supply chains towards
regional and cluster-focused supply
chains driven by the need for greater
reliability: companies are near shoring,
bringing manufacturing closer to the
point of demand and localising supply.
Vicious circle
As manufacturers adapt their supply
chains, the competition for resources
and raw materials has intensified, and
some materials continue to be in short
supply. Resource shortages naturally
push up prices and creates something of
a vicious circle, obliging manufactures
to secondary source where possible
and find alternative suppliers. This is
easier said than done, however, and in
some industries – especially those that
are tightly regulated – it is not a simple
case of swapping out one material or
product for another. There are also
investments required in re-tooling and
the re-engineering of processes that
result.
Global uncertainty has also brought
about cost inflation. In the short term,
this impact can only be mitigated through
‘quick win’ productivity improvements
or price increases. In the longer term,
customers and consumers may have to
accept that higher supply chain costs are
a necessity to achieve greater reliability;
and this will likely translate into higher
prices.
In the UK, growth will depend on the
long-term impact of Brexit and future
trade agreements, as well as having the
right incentives in place. Lead times have
slowed between the UK and mainland
Europe since Brexit, making the UK a less
attractive place to locate manufacturing.
Those who do manufacture are frustrated
by barriers and frictions that increase
their cost to trade, making it harder to
export the good they make, and import
the materials they need to keep the
production lines rolling.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 12

Manufacturers that
have built resilience
into their business
models and who
can flex and adapt
with the challenge of
uncertainty still create
opportunities.
Supply chain issues are not likely to
disappear any time soon. Indeed, a State
of Manufacturing Report by Essentra
PLC earlier this year suggests that almost
two thirds (60 percent) of manufacturers
expect supply chain issues to last for at
least another five years. Agile planning,
it suggests, and effective processes to
manage and respond to unforeseen
supply chain challenges will need to
become the ‘norm’, not the exception,
and will become a driver of competitive
advantage.
Staff shortages
To the material and supply chain
difficulties are added the challenge of
talent and recruitment. Put simply, a tight
labour market is making the recruitment
and retention of good people increasingly
problematic.
COVID prompted many to leave the
sector, never to return, (some suggest as
many as 200,000 have left manufacturing
since 2010, down from 2.9 million to 2.7
million today), and a new generation
of employees simply don’t want to
work in manufacturing. Partly this is
because manufacturing has an image
problem, but also the emergence of a gig
economy has changed the way people
work and their expectations for future
employment. Those who are engaged
can demand greater salaries, not only
because their talents are in short supply,
but also because inflation requires their
salaries to increase so their wages don’t go
backwards.
Geo-political uncertainties also need
to be factored into the general state of
play: the UK/EU trading relationship,
for example, is still unclear; China/
US relations – notwithstanding recent
meetings – are a challenge; and the
Ukraine/Russia crisis shows no sign of
being resolved any time soon. As one
commentator recently wrote, the very
benign days of the last 10 years are behind
us, and to each of these challenges, all
manufacturers can do is react.
The need for certainty
What all manufacturers need right
now, however, is certainty. They want to
see a formalised and agreed Industrial
Strategy from the Government and they
want to see decisive action in bringing
inflation under control and interest rates
to a more sustainable level. Whereas
consumers have been alerted to interest
rate hikes only comparatively recently,
manufacturers have been sensitive to
them for some time. When interest rates
rise, investing in new plant, machinery or
premises becomes far less attractive as the
cost of borrowing increases, stretching
the return-on-investment horizon to a
place many don’t want to go.
It would be wholly wrong, however,
to characterise all of UK manufacturing
as being in a state of stagnation or even
decline. In any market, where there are
those who lose, there are others who win,
and the winners are especially those who
have pivoted their businesses to focus on
many of the ‘newer’ industries involving
electrification and similar ‘Green’ technologies.
Indeed, many of those businesses
are in rude health, and will be key to
returning the UK to more positive growth.
Manufacturers that have built resilience
into their business models and who can
flex and adapt with the challenge of
uncertainty still create opportunities.
No SME ever says they want to stand
still; every manufacturer is looking to
grow, and for that they must have the
confidence to invest.
This is where the banks come in, not
only to provide the money, but also the
knowledge and the connections to help
build a sustainable business.
There will be those manufacturers, for
example, who have yet to really think
about investing in more energy efficient
processes or buildings, and the positive
impact this can have on their bottom line.
There are others who have never borrowed
in their lives, and perhaps even fear
debt, and yet could benefit significantly
from borrowing to invest in new energy
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 13 continues on page 14 >

SECTOR FOCUS
AUTHOR – Gareth Anderson
efficient technology that would not only improve their
production capacity, but also reduce costs to such an
extent that it delivers a timely and tangible return on
investment. Debt is not for everyone, but for profitable
businesses, with a healthy balance sheet, and a very
clear plan of what that borrowing is going to fund and
the return they can expect it can be a sound business
decision.
Shifting models
As well as investing in plant and machinery,
manufacturers may also be looking to shift their
model of leasing their premises to acquiring their
own. Again, it may not be for everyone, but taking on a
commercial mortgage to acquire a new, more modern
premises that has been built specifically with the
purpose of being more energy efficient can similarly
be transformative.
Getting started can be a headache. Manufacturers
may recognise a direction of travel towards a greener,
more energy efficient future, but are not sure how to
get there. Again, this is where banks can step in, not
as ESG consultants, but rather by embracing their
wider relationships and working collectively and
collaboratively with their customers and partners to
deliver more holistic solutions.
It is not enough for banks simply to be order
takers. The more successful banks are those with
Relationship Managers in the field who take the time
to better understand their customers, the people
behind the business, their motivations and ideas, and
their strategies for future growth. Then it is about
connecting them to a wider ecosystem that can help
them improve supply chain efficiencies, find new
business opportunities, and deliver the funding they
need to grow.
Throughout COVID, many manufacturers stockpiled
large amounts of cash – cash that is now sitting in a
bank account, earning nothing and doing less. Whereas
banks may have increased their interest rates on
their savings products, current accounts and instant
access accounts have remained flat.
This has presented a huge opportunity for the
challenger banks, and Allica Bank in particular, which
recently launched its own business current account
paying three percent interest without any penalties
for early withdrawal, or limits on what can/cannot
be taken out. For a manufacturer with £1 million in
the bank, that’s £15,000 in interest earned while the
money sits there, perhaps ring-fenced to pay a future
HMRC bill or as a deposit for some new machinery.
Even as recently as five years ago, we would not
have been having conversations with manufacturers
about their savings or excess cash balances. But times
have changed, and the smarter banks have changed
with them. Standing still is in fact going backwards.
Supporting established SMEs with a comprehensive
portfolio of asset finance, commercial mortgage, and
current account products complemented by a network
of Relationship Managers who truly get under the skin
of the businesses they support will be key in moving
the needle of a future PMI index in the right direction.
Throughout COVID,
many manufacturers
stockpiled large
amounts of cash –
cash that is now sitting
in a bank account,
earning nothing and
doing less.
Gareth Anderson is Head of
Business Management for Allica Bank.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 14

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Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 15

TRADE CREDIT DATA
TAKING NO CREDIT
The value of trade credit data in 2023 and
the increased use of Artificial Intelligence (AI).
AUTHOR – Craig Evans
THERE are currently
2,552,674 companies that
have an account period end
date in 2022, and 1,055,190
companies have an account
period end date in 2021.
So it’s no wonder why the value of trade
credit data is currently being questioned.
Combining the statistics, with the
fact that the latter is really showing the
financial position of a company during
the COVID years, then it’s value could well
be argued against…or is it?
Trade credit data plays a crucial role
in assessing the risk associated with
a particular business or entity. When
evaluating the creditworthiness and risk
profile of a company, financial accounts
data still provides highly valuable insights
into the trend and previous performance
regarding financial stability and in terms
of its weighting on most credit information
providers score cards, remains the highest
weighted value.
Historical financial information
provides insights into how a company
has performed in the past and is used
to predict future performance or risk.
Risk assessment requires a forwardlooking
perspective to anticipate potential
challenges and opportunities that may
impact a company's financial stability and
credit worthiness.
So what are risk assessment teams
doing today to understand the current
financial position of a company in order to
underwrite credit lines?
Future modelling
In my experience, many teams have
now made the leap toward forecasting/
modelling, by using more current data
obtained directly from the client, in order
to forecast/model the latest financials
against.
Scoring models and their methodology
should be robust enough to accurately
predict risks regardless of the ingestion
of data. The currency of the data just
means that the outcomes are much more
enhanced and predictive, due to the
advanced age of the data being input.
While current and historic financial
information is important for analysing
risk, there are several issues and
limitations associated with relying solely
on financial data.
The business environment is dynamic,
The future of
AI in financial
risk assessment
holds immense
potential for
transforming the
way organisations
identify, analyse,
and mitigate risks.
and industry conditions, regulations,
and market trends can significantly
affect a company's risk profile. Historical
data alone may not capture the impact
of these external factors or the ability
of the company to adapt to changing
circumstances.
Financial statements, while essential,
do not provide a comprehensive view of
a company's risk. Other non-financial
factors, such as market reputation,
management quality, competitive
landscape, and legal or regulatory issues,
also contribute to overall risk but may
not be fully reflected in historic financial
data.
Also, financial statements can be subject
to manipulation or misrepresentation,
intentionally or unintentionally.
Accounting practices, reporting
standards, and auditing procedures may
vary across companies and jurisdictions,
leading to inconsistencies or inaccuracies
in the financial data. Relying solely on
historical financial information may not
uncover such discrepancies, potentially
leading to an inaccurate risk assessment.
Historical financial data may not
adequately account for extraordinary
events or black swan events that can
significantly impact a company's risk
profile. Examples include natural
disasters, economic crises, or global
pandemics, which can have severe
consequences on financial stability
and disrupt traditional risk assessment
models.
However, it’s not all about just the
financials. The latest accounts form
a basis for risk assessment, but other
indicators and factors also play a part.
Further indicators
Payment information includes
information about a company's payment
history with its suppliers and trade
partners. It tracks how promptly the
company pays its bills and whether there
have been any instances of late payments
or defaults. A consistent pattern of timely
payments suggests financial stability and
lower risk, while frequent late payments
or defaults raise concerns about the
company's financial health.
Credit utilisation is also a useful tool as
it reveals the extent to which a company
utilises its available credit. High credit
utilisation may indicate a heavy reliance
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 16

This augmentation of human
decision making with AI
technologies enhances the
accuracy and efficiency of risk
assessment processes.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 17
continues on page 18
>

TRADE CREDIT DATA
AUTHOR – Craig Evans
on credit, potentially straining the company's
financial resources. It suggests that the
company may have limited cash flow and
could face difficulties in meeting its payment
obligations, increasing the risk of default.
Benchmarking and comparing a company's
payment behaviour with others in the same
industry, also helps assess how well a company
performs relative to its peers, identifying
potential risks or strengths. If a company
consistently lags behind industry standards in
terms of payment timeliness, it may indicate
financial difficulties or operational challenges.
To overcome these limitations, it is important
to supplement historical financial information
with other sources of data and analysis. This
can include forward-looking projections,
qualitative assessments, industry research,
remodelling using current data, and real-time
monitoring of a company's financial health
and market conditions. Combining these
approaches provides a more comprehensive
and accurate understanding of the risks
associated with a particular business entity in
2023.
Artificial Intelligence
Also, the advent of AI has started to transform
the field of financial risk assessment. As AI
continues to evolve, its potential to revolutionise
and enhance financial decision-making is
becoming increasingly evident. By harnessing
the power of machine learning, data analytics,
and predictive modelling, the future of AI holds
immense promise in improving the accuracy,
efficiency, and effectiveness of financial risk
assessment.
AI empowers financial institutions to analyse
vast volumes of data in real time, enabling
more comprehensive risk assessments.
Machine learning algorithms can quickly
identify complex patterns, relationships, and
anomalies within financial data, providing
valuable insights into potential risks. With AI,
financial risk assessment can leverage a wide
range of data sources, including structured and
unstructured data, to obtain a holistic view of
risk factors and make informed decisions.
The future of AI in financial risk assessment
lies in the development of sophisticated
risk models. AI algorithms can learn from
historical data to improve risk prediction,
incorporating a broader set of variables and
factors. By leveraging techniques such as deep
learning and neural networks, AI models can
capture nonlinear relationships and complex
dependencies, allowing for more accurate risk
modelling. This advanced modelling capability
enables organisations to better anticipate and
mitigate a wide range of financial risks.
One of the significant advantages of AI
in financial risk assessment is the ability to
monitor risks in real-time. AI-powered systems
can continuously analyse vast streams of data,
including market conditions, news feeds, social
media, and economic indicators, to identify
emerging risks promptly. This proactive
risk monitoring allows organizations to take
immediate actions and implement timely risk
mitigation strategies, minimizing potential
losses.
Complying with regulatory frameworks
and maintaining adherence to complex
financial regulations is a critical aspect of risk
management. AI technologies, such as natural
language processing and machine learning,
enable automated monitoring and analysis
of regulatory changes. AI-powered systems
can help financial institutions interpret
and implement compliance requirements
efficiently, reducing the risk of non-compliance
and associated penalties.
Scenario analysis
AI facilitates advanced scenario analysis and
stress testing, which are essential in assessing
the resilience of financial portfolios. By
simulating various hypothetical scenarios
and stress tests, AI models can evaluate
the potential impact of adverse events on
portfolios and identify vulnerabilities. This
capability enables organisations to develop
robust risk mitigation strategies, enhance
portfolio diversification, and optimize asset
allocation based on comprehensive risk
assessments.
Fraud, also, remains a significant concern.
AI-powered predictive analytics can identify
patterns and anomalies associated with
fraudulent activities, helping organisations
detect and prevent fraudulent transactions
in real-time. Machine learning algorithms
continuously learn from new data, improving
the accuracy of fraud detection and reducing
false positives, thereby safeguarding financial
assets and maintaining trust.
AI serves as a powerful decision support tool
for financial risk assessment. By processing
and analysing vast amounts of data, AI systems
can provide insights and recommendations
to financial professionals, enabling more
informed and data-driven decision-making.
This augmentation of human decision-making
with AI technologies enhances the accuracy
and efficiency of risk assessment processes.
Combining current and historic data using new
technologies is key to a greater understanding
of risks. The future of AI in financial risk
assessment holds immense potential for
transforming the way organisations identify,
analyse, and mitigate risks. Through advanced
data analysis, predictive modeling, real-time
monitoring, and automated compliance, AI
empowers companies to make more accurate
and timely risk assessments. By harnessing the
capabilities of AI, organisations can proactively
manage risks, improve portfolio performance,
enhance regulatory compliance, and maintain
a competitive edge in an increasingly complex
financial landscape.
Craig Evans
CEO of Company Watch.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 18

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
Eviction Enforcement
The effect of the recent suspension of County Court
bailiff appointments on landlords and creditors.
AUTHOR – Michael Jackson
We are sourcing
bespoke Personal
Protective
Equipment to
ensure that all
evictions can go
ahead safely and
securely.
COUNTY Court users across
the country are being
left in limbo amongst
growing concerns over
the suspension of County
Court bailiff appointments
for Orders of Possession over inadequate
personal protection equipment (PPE).
The suspension began in London in
early June but is now understood to be
affecting other areas of the country.
For every day that an Order for
Possession cannot be carried out
landlords are losing money, including
the accruing costs associated with
their properties such as mortgages or
agency fees, or through lack of generated
income while rent is unable to be
collected.
With the average time to complete an
Order for Possession through the County
Court reported to be 37.1 weeks (according
to the Ministry of Justice report published
on 18 May 2023), further delays do not
bode well for landlords hoping to reclaim
their properties.
His Majesty’s Courts and Tribunals
Service (HMCTS) has since indicated
this could have a knock-on impact for
creditors seeking possession through a
Warrant of Control through the County
Courts and other general services.
With respect to Warrants of Control,
Registry Trust reported that the number
of commercial judgments had risen over
27 percent in Q1 2023 compared to Q3
2022, a staggering figure considering the
majority of businesses in England and
Wales (99.9 percent) are SMEs that have
been heavily impacted by the costof-living
increases.
While the number of judgments
continues to rise, further delays in
enforcement only highlight a broken
system that is not working for the court
user.
Why are County Court bailiff
appointments suspended?
In a statement from HMCTS, a
spokesperson said: “The safety of all
bailiffs is of paramount importance.
“We are sourcing bespoke Personal
Protective Equipment to ensure that
all evictions can go ahead safely and
securely.”
They added:
• Following work with the bailiffs on Risk
Training, it became apparent that some
bailiffs did not have their own bespoke
PPE. This equipment is now being
urgently sourced.
• We have effective health and safety risk
monitoring systems, which are regularly
reviewed, particularly in relation to
sensitive activity such as the work of
county court bailiffs.
•Guidance is in place to continue critical
services in the interim
All bailiffs and enforcement officers
should have adequate protection to
allow them to carry out their work safely
and responsibly. In fact, High Court
Enforcement Officers (HCEOs) also
have to undergo a rigorous procurement
process for PPE but have not encountered
any issues with supply, meaning
service levels in the High Court are
unaffected. So, while this reasoning
is understandable, we can appreciate
how disappointing this is to County
Court users who have still been
experiencing delays post-COVID and now
have to wait even longer to secure their
judgments.
Is there another option for
landlords and creditors?
Using High Court enforcement to support
with evictions has always been an
alternative option for landlords.
However, the situation for creditors
looking to enforce a Warrant of Control
is not as clear-cut. For creditors hoping
to recover judgments for under £600, or
Consumer Credit Act regulated debts,
they have no other option than to wait for
the County Court bailiffs.
This is something we have been
campaigning to change, so we can give
court users freedom of choice in how
their judgments are enforced.
Meanwhile, landlords and creditors
with judgments over £600 can choose
a High Court Enforcement officer to
support them and experience benefits
including:
• Dedicated points of contact and regular
updates on your case
• High success rates with motivated
enforcement agents
• Quick turnaround with significantly
shorter wait times
• Robust health and safety protocols with
fully qualified enforcement agents.
How do I transfer a judgment to the
High Court?
Transferring an Order for Possession
obtained in the County Court to the High
Court is similar in many respects to that
of transferring a Warrant of Control, and
most HCEOs will provide a service to
facilitate the transfer.
You can also apply to the court to
transfer the judgment yourself. However,
this process can be complex depending on
the particular circumstances. We would
recommend speaking with your HCEO
before deciding to progress this yourself.
Instructing High Court Enforcement
Officers is easy, and they can assist
with everything necessary to issue the
appropriate writs to authorise them to
act.
Michael Jackson is Vice Chair of
the High Court Enforcement Officers
Association (HCEOA).
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 19

Thursday 1st February 2024
Royal Lancaster London
FOLLOWING A RECORD-BREAKING 2023 EVENT
THE CICM BRITISH
CREDIT AWARDS ARE
BACK FOR 2024
The British Credit Awards recognise the stand-out achievements of the most
deserving individuals, teams and organisations in the international credit
industry. Join us as we celebrate your achievements and recognise all the hard
work you have achieved this year. So take a look at the categories, and think
which one you, your colleagues or your team deserve.
Enter or nominate today! Here is your opportunity to be rewarded as what
is recognised as the highest accolade you can receive in your profession.
2024, it’s your chance to lift the trophy!
For more information visit www.cicmbritishcreditawards.com
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Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 20

Entries open until
Friday 22 September 2023
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Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 21

IT'S A
BALANCING
ACT
BNPL providers need to take more
care in who they lend to and why.
AUTHOR – Eddie Flanagan
WITH reports of the Government delaying
the regulatory crackdown
on Buy Now, Pay Later (BNPL), all
eyes are on BNPL providers to ensure
that their users aren’t putting
themselves in precarious financial
situations. This is at a time when the ever-increasing variety
of services and products continues to grow whilst
being funded by BNPL providers.
It’s a tricky time to be a credit provider, amidst
charities warning that the cost-of-living crisis is pushing
vulnerable people into buying food and other essentials
through BNPL credit. Many look to short-term credit
in times of financial hardship, and access to finance at
this time is vital. However, providers must ensure that
they’re not funding the day-to-day indulgent spending of
young and vulnerable customers, as debt will threaten
their long-term financial integrity. A balancing act is
required and providers of BNPL services need to manage
this carefully.
Looking back
Let’s wind back the clock. In February 2021, the
Government made an announcement that the FCA
would be given regulatory oversight over unregulated
BNPL services. Subsequently, we’ve seen the launch
of two consultations: one in 2022 to explore policy
options, followed by the most recent consultation in
2023 concerning the implementation of the proposed
legislative measures.
The recent suggestions by the Government to delay
or abandon the legislation aimed at regulating the
BNPL market has sparked significant concern among
consumer watchdogs. The decision to potentially shelve
these plans stems from some financial service providers
arguing that the proposed regulatory changes are overly
complex and expensive. On top of this, the Government
may also be concerned about regulation leading to
an exodus of providers leaving the UK market altogether,
with several BNPL companies seeing a reduction in
their valuations after the initial regulatory warning shots
in 2021.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 22

CONSUMER CREDIT
In difficult financial times, many individuals resort to
short-term credit. However, BNPL firms must ensure
that they aren’t contributing to funding non-essential
day-to-day expenses for the young and vulnerable.
– Eddie Flanagan
The Government has previously emphasised
the need to protect UK consumers using credit
from ‘unconstrained borrowing’, by implementing
stronger oversight on lenders’ products. We’re
seeing consumer borrowing extend beyond the
management of everyday living expenses, with
struggling consumers needlessly taking advantage
of the worrying number of takeaway delivery
companies incorporating BNPL into their array of
payment options.
This development is regarded by numerous
consumer analysts as carrying substantial risk,
potentially encouraging individuals to spend
beyond their means and steering them towards
using BNPL for desires rather than necessities,
where the ability to make repayments isn’t fully
considered.
Judgment call
It's important to strike the right balance on this.
On one side, it’s vital that consumers are protected
with providers being fully transparent about the
impact of using their products, therefore boosting
consumer understanding of the debt they are
incurring. Alternatively, the UK is keen on leading
the charge for innovation in financial services.
The UK wishes to develop a thriving market
while simultaneously upholding the interests of
consumers.
In difficult financial times, many individuals
resort to short-term credit. However, BNPL firms
must ensure that they aren’t contributing to
funding non-essential day-to-day expenses for the
young and vulnerable.
Providers must ask themselves: is the funding
we provide used for essential and affordable
consumer credit, or is it used for frivolities?
BNPL was created to spread payments of larger
purchases, not for accumulating daily spending.
There is a need for the sector to keep itself in
check in light of delayed regulation, it's imperative
that providers assess affordability to ensure that
vulnerable customers are not putting themselves
at greater financial risk by accumulating debt they
cannot repay. If providers remain on the same
path, the sector will find itself facing increased
scrutiny and distrust from responsible consumers
and the FCA alike. This in turn could lead to more
stringent regulation by a new government. Any
future regulation is likely to then be prohibitive
for the sector.
Heightened expectation
While not specific to the BNPL sector, the
introduction of Consumer Duty this July has
heightened what is expected of providers (and
other consumer-facing financial services firms)
in terms of ensuring that products offered to users
won’t push them into further financial harm. The
Duty is structured so it focusses on the outcome
for consumers, as opposed to clearly setting out
specific and prescriptive actions for firms to
follow), meaning providers must be extra vigilant.
In addition to the Consumer Duty, the review
of the Consumer Credit Act should make BNPL
providers take a serious look at the responsibilities
expected of them (alongside other financial
service firms catering to consumers), ensuring
that the products offered to consumers do not
exacerbate their financial vulnerabilities.
The overall view is that over time, the provisions
of the FCA/handbook/CCA will be applicable to
BNPL credit agreements. The Government needs
to adopt a careful and proportionate course of
action to guarantee the availability of this vital
credit format for those who need it.
The capability to secure loans has been affected
by growing interest rates and the economic
difficulties faced in the UK for recent years. At
the same time however, this form of credit cannot
serve as a means to finance irresponsible lifestyle
aspirations.
Considering the forthcoming changes to
Consumer Credit law, the financial services
sector should subject itself to close scrutiny. The
best solution is likely to align this in greater detail
with the FCA's consumer duty, albeit with a less
stringent regulatory approach.
As for the incoming sector-specific regulation,
this may have been delayed but this won’t be
indefinite – particularly with campaigners like
Martin Lewis calling for increased consumer
protections surrounding Buy Now, Pay Later. Any
regulation must ensure consumers are protected
whilst at the same time continuing to foster
market innovation, competition and consumer
choice.
Ensuring Consumers remain free from harm
is also integral to the Consumer Duty, and this
should be the primary approach when it comes to
providing BNPL credit.
Eddie Flanagan is a Partner at Shakespeare
Martineau.
The Government needs to adopt
a careful and proportionate
course of action to guarantee the
availability of this vital credit
format for those who need it.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 23

CONSUMER CREDIT
Stuff and Nonsense
Is the Consumer Duty a lot of fuss about nothing?
AUTHOR – Stephen Kiely
RE you ready for it? After
all, it has been coming
for a long time now, noone
could say that the
A.
industry has not been
warned. There have
been pages written about it, plans made,
strategies put into operation. So, I ask
again: are you ready for it?
The ‘it’ in question is the Financial
Conduct Authority’s (FCA) new rules on
Consumer Duty, which came into force
last month (31st July). The FCA intends
that Consumer Duty will require firms
to act to deliver good outcomes for
consumers and, in turn, help to improve
trust and confidence in the financial
services sector.
Under Consumer Duty, firms will
have to:
• Provide helpful and responsive customer
service – for example, it should be as
easy to complain about or switch and
cancel products or services as it was to
buy them.
• Equip their customers to make good
decisions through communications
people can understand, provided at the
right time.
• Provide products and services that meet
consumers’ needs and work as expected.
• Explain and justify their pricing
decisions. This includes being able to
demonstrate that rates offer fair value.
Indeed, Sheldon Mills, Executive Director,
Consumers and Competition at the FCA,
was eager to insist upon the importance of
this new obligation. He says: “Times like
this show why it is important people get
the support they need, as more people are
likely turning to their financial services
providers for help.
“Our Consumer Duty will guide our
ongoing work to improve the way firms
provide customer support - getting
through to your provider is the starting
point for receiving help, so we will be
working with them to improve in this
area.”
The problem
The difficulty, of course, is that such
proscriptions are rather general, as
the regulator prefers to set out general
concepts and let the industry decide for
itself on the details. This generality has
given some businesses the impression
that they do not really need to engage.
“Times like this
show why it is
important people
get the support
they need, as more
people are likely
turning to
their financial
services providers
for help.’’
Rather, they can let others do the hard
work of deciding on the details and then
only take action, at a later date, if the need
arises.
This attitude could prove to be a
recipe for disaster.
As Michael McCormick, Managing
Consultant at RSM UK, says: “While the
majority of businesses are well on their
way to implementing plans, businesses
that have been less engaged, or are not
sure whether the Consumer Duty applies
to them, should consider getting some
additional support to identify the biggest
risks within their business, and prioritise
those. Business leaders and board
members need to consider their role in
driving momentum with preparation
and post-implementation responsibilities
under the Consumer Duty.”
The FCA’s own research has identified
retail-finance providers and debt-advice
firms as the sectors least aware of how the
new Consumer Duty rules apply to their
business.
Mr McCormick adds: “The duty brings
into scope all regulated products and
ancillary services that are targeted at
retail consumers. This means that, while
financial services may not be their primary
function, if businesses are distributing
retail financial products, or conducting
regulated activities that involve engaging
retail consumers, they are in scope.”
Lack of information
There is clearly a need for additional
information in some parts of the industry.
Hodge Bank recently found that 61% of
brokers want more information about
Consumer Duty from financial providers.
Strikingly, nearly half (49 percent) said
they did not think Consumer Duty would
change the products and services they
offered, but, at the same time, a quarter
(25%) did believe it would materially
change the way they work.
Emma Graham, Business Development
Director for Hodge, says: “Many brokers
have said to us, anecdotally, that
Consumer Duty just feels like an extension
of Treating Customers Fairly, while
others are concerned about the extra
administrative burden it puts upon them,
especially those in smaller companies or
independent IFAs.
“What is clear is that brokers are keen
to be educated on Consumer Duty, with
three-quarters of those we surveyed going
out of their way to learn more.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 24

Change of approach
In reality, the industry must appreciate
where changes will be needed to existing
practices. As Tim Hogg, Senior Consultant
at Oxera writes, a traditional approach to
segmentation would be to start with fixed
hypotheses about what matters, and to
compare the outcomes across these predefined
clusters.
More often than not, he considers, this
approach resulted in crude demographic
splits, for example, dividing the customer
base into a handful of generic ‘life-stages’
with expressive names such as ‘Young
Aspirationals’, ‘Working Families’, or
‘Empty Nesters’.
Now, he warns: “It is safe to say that
this approach rarely uncovered the true
distribution of outcomes. It is not granular
enough. It does not let the data speak for
itself. While useful when defining the
target market and for marketing purposes,
it is insufficient for embedding the
Consumer Duty. “Under the Consumer
Duty, the FCA expects firms to do more
sophisticated customer segmentation. Not
least because of the focus on vulnerable
customers in particular.”
Meanwhile, Satrajit ‘Satty’ Saha, Chief
Executive of TransUnion UK, adds:
“Whilst firms will no doubt already have
been working hard to achieve positive
outcomes for their customers, this added
regulatory focus will help reinforce just
how pivotal it is that the consumer is at
the heart of everything we are doing in
financial services.
“The long-term financial wellbeing of
consumers is crucial, not only for their
own prosperity, but also for the success
and sustainability of the economy. It
is imperative the industry proactively
embraces conversations surrounding
financial wellbeing, treating it with the
same importance as mental and emotional
wellness.”
All a lot of fuss?
The reality is that all the preparatory work
being done by many – if not all – in the
credit and collections industry has proven
to be a significant task. When such new
regulatory initiatives are advanced, we
should never underestimate the level of
investment and effort needed to comply.
So, the questions come: has it all been
a lot of fuss over nothing? Has change
really been required, or could the industry
simply keep doing what it long has been,
in terms of other FCA initiatives such
as Know Your Customer and Treating
Customers Fairly?
Stephen Cowan, Director of Yuill and
Kyle considers that something important
has changed. “The extent of the new duty
illustrates a sea change in how the credit
industry conduct their business which
will probably have to be customer centric,”
he says. “There will also be an impact for
those involved in debt recovery. The word
‘vulnerability’ features more than once in
the FCA’s Ten Key Questions. Regulated
firms will want to ensure conformity with
the duty and in so doing will require those
who are collecting their debts comply
with the duty and are able to evidence
this. The advice to the debt recovery
sector should be to speak to their clients
to discuss what measures to be put in
place to both comply and to demonstrate
compliance.”
Conclusion
To go back, then, to the original question:
in many ways, the industry can never truly
consider itself to be ‘ready for it’. Rather,
Ten key questions
As part of its strategy to ensure
compliance, the FCA has highlighted
10 key questions for firms to consider:
1. Are you satisfied your products and
services are well designed to meet
the needs of consumers in the target
market and perform as expected?
What testing has been conducted?
2. Do your products or services
have features that could risk harm
for groups of customers with
characteristics of vulnerability? If so,
what changes to the design of your
products or services are you making?
3. What action have you taken as a
result of your fair value assessments,
and how are you ensuring this action
is effective in improving consumer
outcomes?
4. What data, MI and other
intelligence are you using to monitor
the fair value of your products or
services on an ongoing basis?
5. How are you testing
the effectiveness of your
communications? How are you
acting on these results?
6. How do you adapt your
communications to meet the needs
of customers with characteristics of
vulnerability?
7. What assessment have you made
about whether your customer
support is meeting the needs of
customers with characteristics of
vulnerability? What data, MI and
customer feedback is being used to
support this assessment?
8. How have you satisfied yourself
that the quality and availability of any
post-sale support you have is as good
as your pre-sale support?
9. Do individuals throughout your
firm – including those in control and
support functions – understand their
role and responsibility in delivering
the duty?
10. Have you identified the key
risks to your ability to deliver good
outcomes to customers and put
appropriate mitigants in place?
in an age of principles-based regulation,
there is a need to constantly strive to offer
a better service to all customers.
Fundamentally, the Consumer Duty
requires firms to act in good faith towards
retail customers, avoid foreseeable harm,
and enable and support retail customers
to pursue their financial objectives. It is a
project that the entire consumer industry
will need to be working on for as long as
it exists.
Steve Kiely is a freelance business writer.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 25

DOWN AND OUT?
UK insolvencies reach highest level in 14 years.
AUTHOR – Sean Feast FCICM
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 26

INSOLVENCY
“Business owners remain worried about customer demand,
rising costs and the state of the economy, while high interest
rates may affect access to rescue funding and could deprive
savable firms of a lifeline.’’
THE number of registered
company insolvencies
jumped 13 percent in Q2
2023 compared to Q2 2022,
and reached the highest
level since Q2 2009, according
to figures released at the end of July.
Q2 2023 figures are also nine percent
higher than in Q1. However, the number
of insolvencies is expected to fall towards
the end of 2023, according to restructuring
advisers at RSM UK.
The figures show between 1 April
and 30 June 2023, there were 6,342
company insolvencies, made up of
5,240 creditors’ voluntary liquidations
(CVLs), 637 compulsory liquidations,
409 administrations and 56 company
voluntary arrangements (CVAs). CVLs
are at their highest since the time series
began in 1960.
Brendan Clarkson, Director of PKF
GM, says that although the numbers of
CVLs have increased, accounting for 83
percent of all company insolvency in the
quarter, there are currently materially
fewer failures occurring in medium to
large companies than was the case before
the pandemic: “Redundancies nationally
also remain at very low levels. British
companies and the economy in general
are exhibiting much more resilience than
many were predicting last year. It remains
to be seen whether this can continue,
given increased borrowing and energy
costs,” he says.
Lindsey Cooper, partner at RSM UK
Restructuring Advisory, believes the
large rise in total insolvencies is not
surprising: “Some 83 percent of them
relate to small businesses entering into
a liquidation process where directors of
these companies have decided that they
have exhausted all recovery options and
have no alternative but to cease trading,”
she explains. “Many of these businesses
have high levels of debt on their balance
sheets and little or no reserves. They have
managed to hold on up until now with the
help of the COVID support measures.
“With the rise in interest rates and
hikes in inflation, businesses that
previously benefitted from cheap loans
and ran on very small margins are now
facing significant challenges especially
when it comes to renewing bank facilities
or refinancing. We expect the number
of liquidations to continue to increase
in the short term.” Lindsey says that the
cost of finance is also impacting larger
businesses and there is a steep rise in
CVA and administration numbers in the
quarter: “The number of administrations
has increased by 95 (30 percent) over the
last quarter and the number of CVAs by
18 (47 percent). We expect this trend to
continue as businesses make use of these
corporate rescue procedures, including
the new restructuring plan process, to
restructure their balance sheets.
“There is some good news that
inflation is falling, however, whilst goods
inflation is falling fast which is positive
for manufacturers and construction,
wage inflation is stickier, so it is likely
that services industries where labour is
a major cost, will find conditions more
challenging.”
Sustained pressures
Samantha Keen, UK Turnaround and
Restructuring Strategy Partner at EY-
Parthenon, agrees that many businesses
are struggling to contend with a sustained
mix of pressures: “The current lowgrowth,
high-inflation and relatively high
interest rate environment has meant
many businesses have faced building
pressure over the last 12 months which is
now translating into distress,” she says.
The increasing cost of refinancing
options available to companies in this
higher interest rate environment are now
having a direct impact on profitability.
According to EY-Parthenon’s latest Profit
Warnings report found that nearly one-infive
UK-listed companies issued a profit
warning in the last 12 months, with 20
percent citing tighter credit conditions –
the highest level since 2008.
“As we’ve seen with previous economic
downturns, an increase in restructuring
activity traditionally comes after a peak
in profit warnings with many businesses
looking to implement restructuring
plans as a rescue solution rather than
insolvency,” she continues. “In Q2 there
was a 34 percent year-on-year rise in
Administrations and there’s likely to be a
further uplift in restructuring in H2 2023
as businesses look at options to safeguard
their long-term survival.
“The tighter lending environment will
have an ongoing impact on profitability
so it’s imperative that businesses continue
to build solid operational and financial
foundations as well as conduct robust
forecasting to ensure they are fully
equipped to adapt to changing conditions
in their market.”
Nicky Fisher, President of R3, the
UK’s insolvency and restructuring trade
body, also agrees that more and more
businesses are running out of road or
rope: “Directors are choosing to close
down their firms while the decision is
still theirs, while an increasing number of
creditors – including HMRC – are turning
to winding-up petitions to recover the
debts they’re owed,” she says.
“When the pandemic ended, many
directors thought and hoped things would
improve, but instead they’ve faced rising
costs, supply chain issues and a customer
base that is tightening its purse strings to
cope with the cost of living.
“Business owners remain worried
about customer demand, rising costs
and the state of the economy, while high
interest rates may affect access to rescue
funding and could deprive savable firms
of a lifeline. Unless the economic picture
improves, it’s likely more businesses will
need an insolvency process to help resolve
their financial issues, and numbers will
remain high throughout the rest of this
year.
Gary Brown MCICM, founder of Debt
Register, thinks the uptick in insolvencies
is easily explained: “The pandemic indeed
brought about unique circumstances that
led to an influx of new businesses. Many
individuals were left jobless or with more
time on their hands due to furloughs and
the disruption of regular work routines.
In response, some people ventured into
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 27
continues on page 28
>

INSOLVENCY
AUTHOR – Sean Feast FCICM
entrepreneurship. On the most recent
data that I could find, a very quick search
over 50% of incorporated UK companies
have been incorporated under four years.
“However, and if you review past
statistics they indicate, a significant
number of these new businesses were
likely to fail within the first four years.
Past trends have this at circa 50% will not
celebrate their 4th year anniversary.
“But given these 'furlough
entrepreneurs' may not have had the
experience, capital, grit or resources
to navigate their business successfully,
maybe in time, once the data is available
it will show this spiking. I think that its
plausible that this could be contributing
to the increase in insolvencies we are
seeing now.”
Gary thinks that the decrease in
companies dissolved in 2020/21 may
also play a role: “During the pandemic,
the UK Government put measures in
place to protect businesses, including
temporary restrictions on bankruptcy
filings, subsidies, loans, and other types
of financial support. A possible further
contributor to delayed dissolution of
some companies that maybe were already
in financial distress before the pandemic.
Now that these measures are being lifted,
I would expect to see some levelling out
and these companies contributing to the
increase in insolvencies.
“It's also important to consider
other factors beyond the 'furlough
entrepreneurs' hypothesis and the post
Covid Lag,” he continues. “For instance,
changes in market dynamics, financial
policies, or global economic conditions
could also be contributing to the increase
in insolvencies. Credit managers that
are rightfully concerned by the recently
reported high number of insolvencies
that it may not be as bad as it looks.”
Meanwhile, and perhaps counterintuitively,
the number of individuals
entering a personal insolvency procedure
has actually dropped to its lowest
quarterly level since Q3 2020. This is
heavily fuelled by a reduction in IVA
registrations in the quarter.
The seasonally adjusted figures from
the Insolvency Service, reveal that there
were 26,390 individuals entering either
bankruptcy (1,826) a debt relief order or
DRO (7,106) or an individual voluntary
arrangement or IVA (17,458) in Q2 2023.
IVA numbers were down 12 percent
on the previous quarter and dropped
22 percent when compared to the same
quarter in 2022. For the second quarter
running, DRO numbers broke the 7,000
barrier, increasing one percent in the
period and by 23 percent when compared
to the same quarter in 2022.
Interestingly however, bankruptcy
numbers rose for the second successive
quarter and recorded the highest number
since Q4 2021.
Nicky Fisher says that the fall in
IVAs suggests that the ongoing cost of
living crisis isn’t translating into more
people requiring a personal insolvency
process at present: “However, the rise
in bankruptcies and Debt Relief Orders
suggests that more people are unable to
make almost any kind of contribution to
repaying their debts this quarter, so have
turned to these processes in an attempt to
resolve their financial issues.
“Making ends meet is still a key concern
for many. People are living in a world
where it costs more to keep a roof over
their head, put food on the table and keep
the lights on, so they’re only spending
money on the essentials. Alongside their
money worries, job security and the
health of the economy are key concerns
for many people – while rising interest
rates could affect their ability to pay
or secure mortgages in the future, and
inflation levels will continue to push
costs up.
“An increasing number of people are
turning to credit cards to pay bills or
pay for the basics, which is concerning
as people in this position are just one
financial shock – like an unexpected bill
or a cut in hours at work – away from
becoming insolvent.
The rise in the number of DROs is
certainly causing angst within the debt
advice lobby. Jane Tully, Director of
External Affairs at the Money Advice
Trust says the rise “is reflective of the
impact that high costs are having for
struggling households.”
Breathing Space registrations also saw
an increase, rising by 37 percent percent
over the same period. In June 2023 there
were 7,825 registrations for Breathing
Space, of which 111 were on the grounds
of mental health.
Jane says the figures are a worrying
sign of households under strain, with
more people facing little option but to
seek a solution for their debts: “Debt
Relief Orders provide a vital route out of
debt for people experiencing financial
difficulty, while Breathing Space gives
people who have fallen behind on
repayments a much-needed pause on
creditor action while they seek advice for
their debts,” she explains.
“But insolvency options should not be
undertaken lightly and it is crucial that
people receive free, impartial debt advice
before deciding the best course of action
to take.”
‘‘Redundancies
nationally also
remain at very
low levels. British
companies and the
economy in general
are exhibiting much
more resilience
than many were
predicting last
year.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 28

TRAINING & DEVELOPMENT
Masters of Recovery
How the CICM trained the HMRC’s
Fraud Investigation Service.
AUTHOR – Roshika Perera
IN 2016, HMRC established the
Fraud Investigation Service (FIS),
which investigates tax evasion and
criminal attacks on the tax system
by seriously non-compliant
individuals and organised
criminals. Asset recovery specialists in
the FIS Economic Crime team then look
to recover their ill-gotten gains using the
wide range of tools available.
In mid-2022, HMRC, a Development
Partner of the CICM, enrolled 21 members
of the FIS onto the Level 2 Taking Control
of Goods course. Grant English, who led
on FIS civil asset recovery at the time
before moving on to his current role at
the HMRC’s Solicitors office and Legal
Services, says that the training served two
objectives: “First, we wanted to build the
capability of our FIS officers and second,
we wanted to make sure that they applied
their powers properly.”
With an average 86 percent pass grade,
the training proved a great success,
educating the officers on a range of topics
including: the role of enforcement agents;
relevant legislation; the practice of taking
control of goods; the practice of removal
and sale of goods; and customer care and
how to manage conflict situations.
FIS powers
Many investigations conducted by the FIS
result in a debt that requires collection.
And, more often than not, money
fraudulently obtained isn’t voluntarily
returned. It is for this reason that FIS
officers have many powers of enforcement
enabling them to outsmart fraudsters and
recover what was stolen. These powers
derive from various legislation, including
Proceeds of Crime Act, Civil Procedure
Rules, Insolvency Act, Taxes Acts and, of
course, taking control of goods regulations.
“Taking control of goods is a very
effective tool that we have in our bag,” says
Grant. “It is one which has delivered great
success in the past. We’ve gone in and
seized all sorts of expensive goods from
some not very nice people, often with a
helping hand from the police to prevent
a breach of the peace or tampering with
controlled goods. These are goods that
have been bought with the money that
should have been paid to the exchequer
as tax revenues for further spending on
public services like the NHS.”
“Everyone at FIS
has an underlying
motivation to
tackle fraudsters,
which is why we
had many officers
that were keen
to take CICM’s
course.”
FIS, which handles both civil and
criminal cases, must decide on the most
appropriate method of recovering losses.
“It’s not always necessary to use force,”
explains Grant. “There have been cases
in the past where we’ve undertaken a
criminal investigation but also liquidated
the company and worked with the
liquidator to recover the assets. It depends
on what approach has the biggest impact.”
Abiding by the law
Taking Control of Goods legislation
and national standards are in place to
prevent any abuse of power and breach of
legislation. The CICM training educated
the FIS enforcement officers on the
powers and obligations conferred by acts
and regulations, including aspects of the
human rights legislation that are relevant
to enforcement:
“It’s important that our officers have a
good knowledge of the Taking Control of
Goods legislation, so that they can assess
each situation appropriately and enforce
effectively, making on the spot decisions,
especially when challenged by the owner
of the goods that they are looking to
remove if payment isn’t received instantly.”
When dealing with criminals willing
to use every possible means to prevent
the authorities from taking control of
their goods, it is vital that the officers
understand the extent of their powers:
“Where lies, excuses, threats or even
physical altercations are used to prevent
us from removing goods, it’s important
that we know what our rights are,”
Grant continues. “For example, it’s an
offence to interfere when we’re removing
these goods and it’s important that
our officers recognise when this is
happening and get the police involved
when needed. So, this training was also
important for ensuring the safety of our
officers, in particular, the ‘How to manage
conflict situations’ module of the CICM
course.”
Effective enforcement
Merely accumulating knowledge, however,
isn’t enough. The officers also need the
skills and confidence to act appropriately
and tactfully when faced with the task of
seizing and removing the goods. CICM’s
course was designed to provide the officers
with this rounded skillset:
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 30

“It’s important that our officers have a good knowledge of the
Taking Control of Goods legislation, so that they can assess
each situation appropriately and enforce effectively, making
on the spot decisions.” – Grant English
“The course went through various different
scenarios, and it gave people an insight into
the types of situations they will encounter.
Also, having the proper training protects our
officers and it protects the public, because if
we don’t take control of goods properly, we can
breach the standards that have been set by the
Ministry of Justice.”
Taking control of goods falls outside the
main remit of most people within the FIS,
yet Grant saw great interest within the team
to enrol onto the training, who recognised it
as an effective tool that would enhance their
capabilities:
“The team consists of financial investigators
and officers working in a range of areas
including insolvency, civil recovery and antimoney
laundering. Although taking control
of goods isn’t a core part of their job, they
were keen to sharpen their skills in this area;
having an external qualification was a further
incentive.”
The social good
The work done by FIS is underpinned by
a mission to serve the larger social good.
While it may be easier to discern the victims
of a violent crime, tax crimes are far from
victimless: “We deal with criminals that are
involved in tax fraud, and at the end of the day,
that’s money that should go towards funding
public services. It’s not right that people are
able to live a lavish lifestyle off the back of the
tax that they’ve stolen.”
FIS has made great strides in its mission:
by December 2021, it had recovered more
than £1bn from offenders, through over 1,200
seizures of cash and assets ranging from
£750,000 of gold bars to a £1.7m confiscation
order imposed on a payroll fraudster. The
amount recovered so far would be enough to
fund at least 20,000 NHS nurses for an entire
year.
And the team is showing no signs of slowing
down, eager to bring justice to those who
cheat the system and steal from the public
purse: “Everyone at FIS has an underlying
motivation to tackle fraudsters, which is why
we had many officers that were keen to take
CICM’s course,” Grant adds.
“We're dealing with people who are prepared
to commit fraud; if they're evasive with their
taxes, they will be evasive in terms of paying
it back when they're caught. So, taking control
of goods becomes an extremely powerful
tool and the course has strengthened FIS’
capability to do exactly that,” he concludes.
Pictured left to right: Grant English, Insolvency Governance and Professionalism Lead, and colleague Gyp Walters,
Fraud Investigation Service Enforcement Officer – Economic Crime Operations
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 31

International Trade
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
Check out Guyana
GUYANA is not a country whose
name springs to mind when it
comes to wealth and oil, but the
discovery of a number of new oil
fields in the country, which is located at
the top of South America, could make it a
destination for British exporters.
As the Wall Street Journal
recently commented, “thanks to a
transformational oil find, this tiny
nation has built ties in recent years
with the world’s most influential energy
companies, financiers and governments.”
Now Opec and Saudi Arabia want to
connect with Guyana.
Of course, if Guyana did join Opec its
production could end up capped which is
“thanks to a transformational
oil find, this tiny nation has
built ties in recent years with
the world’s most influential
energy companies, financiers
and governments.”
bad for the world’s economy. Fortunately,
the country wants to maximise
production – and profits – in the short
term and will up its oil output by 1m
barrels a day by 2028.
A consortium including giant Exxon
Mobil controls all offshore output in
Guyana under a production and sharing
agreement. Reuters says that the
consortium has so far given the green
light to projects worth more than $40bn.
The government is hoping to attract other
companies through an oil auction soon.
The point is that if you’re in oil, make
a line for Guyana. And if you’re not, still
make tracks over to see what else the
country needs now that it’s wealthier.
EU AND MERCOSUR
AT ODDS
ACCORDING to a report on Euronews,
a two-day summit to discuss future
relations between the European Union
and much of South America was held
in Argentina at the start of July but
didn’t end spectacularly. The aim was
to breakdown the last obstacles in a
trade agreement between the EU and the
South American trade block Mercosur
which comprises Argentina, Brazil,
Paraguay and Uruguay.
However, Politico reported that the
EU and Mercosur countries were “miles
apart on Ukraine and a Mercosur trade
deal… the two blocs don’t see eye to eye
on whether to condemn Russia’s war
in Ukraine.”
Beyond that were concerns of
some European governments about
environmental protection, especially in
the Amazon, that stalled the agreement.
With Mercosur representing 62
percent of South America’s population,
67 percent of the continent's gross
domestic product, and a market of 260m
consumers, a deal is desired by the
parties. However, such a deal would not
be ideal for UK exporters in a post-Brexit
world trying to forge new alliances.
Institute of Export & International Trade export fund
AT the end of June, the Institute of
Export & International Trade (IOE&IT)
launched a £5m Export Support
Programme 'to help UK businesses
accelerate their journey into
international trade.'
Those applying to the Export Support
Programme will receive a bespoke
package of training and consultancy
services to reflect their particular
circumstances and needs.
The IOE&IT has said that the
“importance of MSMEs (micro, small
and medium sized enterprises)
globally can’t be underestimated, as
they account for over 90 percent of
firms worldwide yet they surprisingly
contribute to less than half of the
volume of international trade.” In the
UK this is even more pronounced. Of
5.5m businesses registered, 99.9
percent of these are classified as
MSMEs and fewer than 10 percent of
them export.
Over the duration of the Export
Support Package the IOE&IT expects to
help up to 1250 businesses.
Registration of interest is via the
IOE&IT’s website at https://www.export.
org.uk/page/export-support-package.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 32

Boom time in India?
MONEYWEEK recently reported that
many are seeing for themselves what
Apple’s CEO Tim Cook commented on –
that “India is at a tipping point... there are
a lot of people coming into the middle
class... the dynamism in the market. The
vibrancy is unbelievable.”
The story referenced Breakingviews
which said that foreign firms used to
complain about India’s “fondness for
import tariffs” and complex taxation of
multinationals. However, those same
firms are moving to India as they seek an
alternative to China. Indeed, JPMorgan
forecasted that within two years one in
four iPhones will be made in India and
with a GDP per capita still less than a fifth
of China’s, there is immense scope for
GO TO ASIA TO GET PAID
EARLY July, Credit Insurer Coface published
its Asia Corporate Payment Survey using
data collected by the company between
November 2022 and April 2023. The
survey sought to 'provide insights into
the evolution of payment behaviour and
credit management practices of about 2,300
companies across the Asia Pacific region.'
The survey found that overall, fewer
businesses reported overdue payments
in 2022; the share of companies reporting
overdue payments fell to 57 percent in 2022
– the lowest in 10 years – from 64 percent
in 2021. That said, it reported that the
duration of payment delays across Asia-
Pacific increased markedly, as 'businesses
were more restrictive with credit terms
amid aggressive rate increases, tighter
OVERSEAS BUSINESS
RISK: UAE
THE Department for Business & Trade
has updated its Overseas business risk
page for the United Arab Emirates (UAE)
on GOV.UK.
In essence, the UAE is the UK’s largest
trading partner in the Middle East,
13th largest export market globally and
19th largest trading partner. The Gulf
Cooperation Council of which the UAE is
a member, is now the UK’s third-biggest
trading partner outside Europe. The
Government here reports that in 2022,
bilateral trade between the UAE and UK
was worth £21.6bn including £14.3bn in
exports. A target set in 2020 seeks £25bn
in annual bilateral trade.
The page notes that key UAE sectors
for UK exporters include infrastructure,
energy, defence and security, cyber,
education and training, financial and
professional services, airports and
aerospace, creative industries, media,
and technology. Over 5,000 UK-registered
firms operate in the UAE.
catch-up growth.
Bloomberg agrees with Tim Cook – that
he is right about Indian ‘dynamism’ -
because two-thirds of India’s 1.4bn people
are of working age and the median age is
just 28 (compared to 38 in China). Such
a demographic requires infrastructure
and jobs to keep growth ahead of the
expanding workforce. If not, mass
unemployment looms.
But if the former becomes true then
the market potential for UK exporters is
beyond huge. Already the world’s fifthlargest
economy and could overtake
Germany and Japan by 2028, India
will soon become a global economic
heavyweight alongside America, China
and the EU.
financial conditions and higher inflation.'
The average payment delay lengthened
from 54 days in 2021 to 67 days.
Overdue payments increased the most
in retail (+15 days), pharmaceuticals (+10.5
days), and energy (+10 days). The energy
and construction sectors posted the longest
average payment delay at 77 days. On the
other hand, agrifood and textile saw the
shortest payment delays with a drop from
60 days in 2021 to 52 days in 2022.
According to Coface’s experience, 80
percent of payments overdue by more than
six months are never paid.
So, fewer Asian firms are seeing trouble,
but those that do are generally taking longer
to pay. And with some sectors faring worse
than others, UK firms need to be careful.
KEYNA – A GOOD
BET IN AFRICA?
A post on Bloomberg commented that “of
all the countries in sub-Saharan Africa to
be optimistic about, the most promising is
Kenya.” It noted that Africa is the “fastestgrowing
continent” and is expected to
be home to 25 percent of the world’s
population by 2050 and international firms
are seeking out a presence in the country.
Bloomberg recognises that nations
such as Nigeria and South Africa have
experienced “major troubles” of late.
However, Kenya has a population of 57m
people, a long coastline, relatively easy
access to the markets and capitals of
China and India, and some of the most
reliable internet access on the continent.
It also is very keen on green energy with
renewables already generating 80 percent
of its electricity which is not surprising
since its climate is ideally suited to solar
power.
That said, with corruption, regulatory
barriers to entry, and political instability
there are issues to counter.
Export success 1: Pet
supplements firm double sales
ACCORDING to a post from the Department
of Business and Trade, VetPlus – a firm
involved in pet nutraceuticals – has
more than doubled its sales in the Indian
region a year after a bureaucratic trade
barrier blocking exports of British pet
feed supplements to India was lifted. The
company now expects sales worth £1.4m
over the next five years.
Market researcher Market Decipher
estimates that the Indian pet food industry
was worth $498m in 2021 and is one of
the fastest-growing markets, globally. It
is expected to grow by an average of 19
percent each year over the next decade.
Export success 2: UKEF
helps UK boat manufacture
A Wirral-based specialist manufacturer of
boats that serves the search and rescue,
defence and security sectors – Marine
Specialised Technology Group (MST) – has
won major international contracts after
receiving £5m in support through UK
Export Finance (UKEF).
As the story outlines, UKEF’s General
Export Facility (GEF) scheme enabled
a £5m loan from NatWest to MST. This
working capital allowed MST to the bond
lines and advanced payment guarantees it
needed to win new, high-value contracts
in Ireland and Italy, the latter of which is a
new market for the manufacturer.
Launched by UKEF in 2021, the GEF
provides exporters with access to flexible
financing. The body has stated that it’s
'already unlocked over £180m of working
capital loans to UK businesses – 92 percent
of which has gone to small and medium
enterprises like MST.'
On top of this is a National Shipbuilding
Strategy with a target of a 45 percent
increase in UK marine engineering exports
between 2022 and 2030. The strategy
saw, in September 2022, UKEF similarly
provide £3m in support to Parkol Marine
Engineering, a family-owned shipbuilding
business based in Yorkshire, to help it
secure exporting opportunities in Ireland.
For the latest exchange rates visit
www.currenciesdirect.com or call 020 7874 9400
HIGH LOW TREND
GBP/EUR 1.17576 1.15035 Down
GBP/USD 1.31387 1.26460 Down
GBP/CHF 1.14082 1.10695 Down
GBP/AUD 1.95560 1.88605 Up
GBP/CAD 1.73299 1.68764 Down
GBP/JPY 183.003 177.389 Up
Currency Exchange Rates for the previous month: 9th July
to 9th August. This data was taken on 10th August and
refers to the month previous to/leading up to 9th August.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 33

COUNTRY FOCUS
Could the Philippines be
a trillion-dollar economy
in the making?
SCENIC BEAUTY
AUTHOR – Adam Bernstein
LIFE passes us by at a rate of
knots so what seems like a
recent happening is but a
blink of an eye. According
to a 2018 paper from the
Max Planck Institute of
Geoanthropology, the earliest signs of
human life in the Philippines occurred
some 709,000 years ago with modern man
first appearing 47,000 years ago.
The ‘modern history’ of the Philippines
might be said to have started with the
Maritime Jade Road from 2000 BC to
1000 AD, which was initially established
between the peoples of the Philippines
and Taiwan, and joined later by peoples
from what are now Vietnam, Malaysia,
Indonesia, and Thailand.
Fast forward to the Spanish Era when
in 1521 Magellan landed in the islands
claiming them for Spain. Eventually
named after Phillip II, the Philippines
remained a Spanish colony for more
than 300 years until 1898. Following the
Spanish-American war, a republic was
declared. However, the war led to Spain
ceding the Philippines, Guam and Puerto
Rice to the US in exchange for $20m. Thus,
from 1898 the country was run by the US
until independence in 1946 albeit as a selfgoverning
commonwealth from 1935.
As to what the country is known for,
those aware of international events will
remember the corrupt and extravagant
rule of Ferdinand and Imelda Marcos
which ended in 1986. However, there is
more to the nation such as it being the
centre of catholic faith in Asia, having
strong ties to the Spanish, Americans,
Malays and Japanese, being the world’s
largest supplier of nurses, and having a
unique flag that can indicate if it’s either
at war or peace.
The Philippines, or rather, the Republic
of the Philippines, is an archipelago
comprising some 7,641 islands that are
located in the western part of the Pacific
Ocean. It has Taiwan 1,200km to the
north, China 3,000km to the northwest,
Vietnam and Brunei 1,465 km and 1,200
km respectively to the west, and Indonesia
1,750km to the south.
Overall, including internal water bodies,
the country has a landmass of some
300,000 sq.km (compared to the UK’s
243,610 sq. km). Being made up of so many
islands, its coastline is long at 36,289 km.
Placed on the western side of the Ring
of Fire, the Philippines suffers from both
seismic and volcanic activity. Indeed, it
has 23 active volcanoes and experiences
around five earthquakes a day, albeit each
so weak that they aren’t noticed. It should
be said that, according to UN-Habitat.org,
“the Philippines is one of the most disasterprone
countries in the world. Annually, an
average of 22 tropical cyclones enters the
Philippine Area of Responsibility of which
around six to seven cause damage.”
Demographics
According to the CIA World Factbook, the
estimated population in 2023 stands at
116.4m. As a comparison, Macrotrends –
using UN World Population Prospects data
– reckoned that in 1980 the population
stood at 48.4m, 77.9m in 2000, and 112.1m
in 2020. Its current growth rate is though
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 34

COUNTRY FOCUS
AUTHOR – Adam Bernstein
dropping and over the same points in time
fell from 2.68 percent, 2.24 percent, 1.64
percent to the current rate of 1.54 percent.
A plateau is expected around 2083 with a
population of 180m and a dangerously low
birth rate of 0.12 percent.
The Philippines is quite diverse with
seven distinct ethnicities and a multitude
of ‘others’. In terms of language spoken,
Filipino is the official tongue as is English.
The CIA says that there are eight other
major dialects.
And in terms of religion, an estimate
in 2015 suggested that 79.5 percent were
Roman Catholic, 6 percent Muslim, 2.6
percent Iglesia ni Cristo, 2.4 percent
Evangelical, 1.1 percent National Council
of Churches in the Philippines, 7.4
percent other, and less than 0.1 percent
were classed as ‘none.’
Data from Statista shows that the
country is becoming more urbanised
as time progresses, albeit it as a slowing
pace. In 2011 45.5 percent lived in urban
environments. By 2016 that figure stood
at 46.48 percent and by 2021 47.68 percent
were urban dwellers. Interestingly, UN-
Habitat offers different numbers from
Statista suggesting that in 2015 51.2
percent were urbanised. On top of that
comes data from the Philippines Statistics
Authority (PSA) which says that in 2020, 54
percent of the population was urbanised.
Who to believe?
The Philippines is administratively
divided into 81 provinces which are then
sub-divided into cities and municipalities.
As of December 2022, the PSA recorded
148 cities and 1,486 municipalities. Of the
cities, Quezon City is the largest with 2.96m
residents, Manila is second with 1.84m,
Davao City with 1.77m, and Caloocan
with 1.66m. There are 16 other cities and
municipalities with more than 500,000
inhabitants, another 187 with between
100,000 and 500,000, 363 with between
50,000 and 100,000 and a further 1060 with
between 193 and 50,000 population.
Transport network
At this juncture, given the island
nature of the country, it’s natural to
seek information about the Philippine
transportation system. Data from 2019,
The Project for Improvement Quality
Management for Highway and Bridge
Construction and Maintenance, Phase III,
said that as a result of investment there
were (then) 217,317 km of roads of which
33,018 were national roads, 31,620 were
provincial, 31,063 city and municipal, and
121,702 rural. Notably, the Pan-Philippine
Highway is a 3,517 km network of roads,
bridges, and ferry services that connect
the islands of Luzon, Samar, Leyte, and
Mindanao. It’s the Philippines' principal
transport backbone. There are other
similar multi-lane roads throughout the
country along with the Philippine Nautical
Highway System which links many of the
islands' road networks through a series of
roll-on/roll-off ferries, some rather small
covering short distances and some larger
vessels that might travel several hours or
more.
Rail is used presently only for passenger
transport mainly within Metro Manila and
the provinces of Laguna and Quezon, as
well as offering a commuter service in the
Bicol Region. There are 11 international
gateway airports.
The Philippines
has issues that
every exporter will
need to counter –
geography, low per
capita incomes and
corruption. But that
doesn’t mean that it
should be ignored.
The economy
S&P Global commented, in April 2023,
that “the Philippines economy grew at
a pace of 7.6 percent in 2022, the fastest
rate of economic growth recorded by
the Philippines since 1976. With strong
growth forecast over the medium-term
outlook, the size of Philippines GDP
measured in US dollar nominal terms is
set to reach one trillion by 2033.” In S&P’s
view the Philippines set to become one
of the world’s fastest growing emerging
markets. The IMF, in Press Release 23/148
which was issued following a visit to the
Philippines, thought the same. It said:
“The Philippine economy achieved one
of the highest growth rates in emerging
Brave | Curious | Resilient / www.cicm.com /September 2023 / PAGE 35
continues on page 22
continues on page 36 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
economies in 2022… in a challenging external
environment.” According to Trading Economics,
the inflation rate in May was 6.1 percent,
down from 6.6 percent in April, while the
unemployment rate over the same period fell
from 4.7 to 4.5 percent.
Main sectors of industry – Agriculture
Part of the Philippines' economy is based on
food processing. The PSA reported that the
agricultural sector in Q1 2023 contributed to 8.9
percent of GDP and employed 24 percent of the
labour force.
In terms of produce, the PSA details palay,
livestock, poultry and egg production, corn,
coconut including copra, other animal
production, and mango as all growing in
importance. Beyond that is rice production
and which accounts for 2.5 percent of world
production. However, sugarcane including
muscovado sugar-making, pineapple, forestry
and logging, rubber and cacao all fell in
production volumes over the same period in
2022. But even though sugar volumes fell, the
country is still one of the largest producers in
the world with nearly a million acres under
cultivation.
A report from Lloyds Bank – from June 2023
– notes that the Philippines’ agricultural sector
suffers from low productivity, weak economies
of scale and inadequate infrastructure. It added:
“The government is working on restructuring
and modernising the sector, and have been
implementing policies such as converting
government lands to agriculture use.”
Mining
As for mining, the Philippines is one of the
richest countries of the world in terms of
minerals.
A January 2023 report from Chambers and
Partners noted that the country is “the fifth
most mineralised country in the world, with an
estimated $1tn in untapped reserves of copper,
gold, nickel, zinc and silver.” Recent statistics
from the Philippine Mines and Geosciences
Bureau indicate that there are only 49 operating
metallic mines, employing around 196,000
workers. However, in the first third of 2022,
total exports of minerals amounted to almost
$3,851bn, and the Philippine Department of
Environment and Natural Resources placed the
gross production value for large-scale metallic
mining at PHP 101.1bn.
Industry
The industrial sector contributed 29.9 percent of
GDP in Q1 2023, down from 30.6 percent in the
same period in 2022 (PSA). Lloyds data suggests
that it employed 19.1 percent of the workforce
with industrial food processing being one of the
Philippines' main manufacturing activities.
Other sectors to note are production of cement,
glass, chemicals products and fertilisers,
iron, steel and refined oil products.
Philippines
Manila, the capital of the Philippines, is a densely populated bayside
city on the island of Luzon, which mixes Spanish colonial architecture
with modern skyscrapers. Intramuros, a walled city in colonial times,
is the heart of Old Manila.
In more detail, sourcinghub.io wrote – in May
2020 – about key products made by the Filipino
economy. This included clothing, textiles and
apparel (much of which went to the US) such
as activewear, formal wear, t-shirts, men’s clothing,
women’s clothing, and accessories; electronics
products, components and devices with
Texas Instruments, Toshiba and Lexmark having
bases; aerospace components from firms
such as Moog to the tune of $3bn a year; and automotive
with manufacturing by Volvo, BMW,
Honda, Mercedes-Benz, Mitsubishi, Nissan,
and Suzuki. Data from Statista covering 2021
states that the sector employed 18.68 percent of
the workforce.
Services
The tertiary sector, according to June 2023
PSA data represents 61.1 percent of GDP.
Statista suggests that it employs 57.05 percent
of the country’s workforce. Key features of
the sector include telecommunications, call
centres and finance. Lloyds states that the
Philippine government’s goals for the sector
include “attracting investments in human
resource development, design, R&D, finance,
and infrastructure; bolstering manufacturingderived
services; and establishing new
ecosystems linked with manufacturing.”
Growth areas noted by PSA were wholesale
and retail trade; repair of motor vehicles and
motorcycles; retail trade; and financial and
insurance activities. Indeed, with 110m people
it’s not surprising that these sectors have led
the way to growth, helped by the development
of e-commerce. In fact, Brittany.com.ph
comments that “as part of its goal to become
a global e-commerce leader, the Philippine
government’s goal is to increase e-commerce
revenue to $24.2 bn.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 36

COUNTRY FOCUS
AUTHOR – Adam Bernstein
The Philippines
is a highly
visited country.
An estimate from
Brittany.com.ph
suggests that there
were over 8m
visitors to the
country before the
pandemic.
It follows – like elsewhere in the world – that
the services sector was curtailed the most
during the pandemic. However, it has shown
a steady recovery in 2022, mainly driven by
the wholesale, retail trade, information and
communication, accommodation and food
service activities, and human health and
social work activities.
Tourism
The Philippines is a highly visited country.
An estimate from Brittany.com.ph suggests
that there were over 8m visitors to the
country before the pandemic started; by 2021
PSA thought the tourism industry accounted
for 5.2 percent of GDP and employed around
4.9m workers in 2021.
Mordor Intelligence backs this view. It
wrote on a page hawking its reports that
“the Philippines' tourism sector increased
by 129.5 percent in 2021, reaching $41bn.”
Quite a feat considering the 80 percent
drop in 2020 when the sector was worth just
$17.8bn as a result of COVID.
Other considerations
It’s never easy to open up a new enterprise
overseas and doing so in the Philippines is
no different. A helpful briefing note from
Viettonkin Consulting, Doing business in
the Philippines in 2022, details that there are
a few challenges to overcome. In particular,
while it’s simple to register a new business,
there are requirements for large amounts
of paid-up capital and some sectors – retail
and agriculture appear to be barred from
receiving foreign investment. Further some
industries appear on the Philippine Negative
List (Executive Order No. 175, s. 2022) and
must be 100 percent domestically owned.
Other issues to counter are a low per capita
income of around $3000 per annum with
25 percent of the population considered in
poverty, and patches of political violence in
at least one location.
Lastly, the Philippines still seems mired in
corruption. The Transparency International
2022 Corruption Perceptions Index placed
the country in 116th place with a score of
just 33. In comparison, the UK was highly
placed in 18th position with a score of 73.
Tax
For domestic resident firms, Corporate
Income Tax (CIT) is, in general, set at 25
percent. However, on net income from all
sources, domestic corporations with total
assets not exceeding PHP 100m and total
net taxable income not exceeding PHP
5m, pay a rate of 20 percent. There is also
Minimum Corporate Income Tax (MCIT)
on gross income, which applies from the
fourth taxable year following the year of
commencement of business operations.
MCIT is imposed where the CIT at 25 percent
is less than 2 percent MCIT on gross income.
For resident foreign businesses, the rate
is 25 percent. The same applies to nonresident
foreign businesses with the added
complications of rates for interest on foreign
loans, dividend income and rentals of
aircraft, machinery, and other equipment.
VAT
The general rate of VAT is 12 percent with
some goods zero rated (such as renewable
power generation, international shipping
and transport) or exempt – there’s a long list
on Asean Briefing – search for A Guide to
Taxation in the Philippines.
Personal
The Philippines taxes its resident citizens
on their worldwide income. Non-resident
citizens and ‘aliens’ are taxed only on income
from sources within the Philippines. Rates
of tax on income of aliens depend on the
nature of their income, that is compensation
income, income subject to final tax, or other
income.
From 1 January 2023, the current rates
of tax are nil on income to PHP 250,000; 15
percent between PHP 250,001 and 400,000;
20 percent between PHP 400,001 and 800,000;
25 percent between PHP 800,001 and 2m; 30
percent between PHP 2,000,001 and 8m; and
35 percent on income above that level.
For resident and non-resident aliens
engaged in trade or business in the
Philippines, the maximum rate on income
subject to final tax (usually passive
investment income) is 20 percent. For nonresident
aliens not engaged in trade or
business in the Philippines, the rate is a flat
25 percent.
Summary
The Philippines has issues that every
exporter will need to counter – geography,
low per capita incomes and corruption. But
that doesn’t mean that it should be ignored.
If anything, as the country grows those
who take a chance could gain first mover
advantage. And with the UK joining the
Comprehensive and Progressive Agreement
for Trans-Pacific Partnership it’s only a
matter of time before the Philippines joins
and the Filipino market opens up further.
Adam Bernstein is a freelance finance writer.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 37

Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 38

WORKING LIFE
QUESTION TIME
Three important things to ask the interviewer.
AUTHOR – Natascha Whitehead
WHILST coming up
with questions to ask
during an interview
is often an afterthought
for candidates,
it’s important
to remember that it’s a two-way street; you
are deciding whether the role is right for
you just as the interviewer is assessing
whether you are a suitable match for the
role.
To create a flow of conversation, judge
when the appropriate moment is to ask
certain things during your interview. If you
wait until the end when your interviewer
invites you to ask any questions, you may
have to rush, and some of the questions
you had lined up may have already been
covered. If you prepare five to six questions,
whilst you don’t have to ask them all, you
will at least have them up your sleeve to
utilise as and when necessary.
In this article, I suggest three important
topics to address when planning which
questions to ask: the role at hand, the
people within the company and the
opportunities up for grabs:
1
THE ROLE
Whether you’re applying for a
new role, or a role you’ve carried
out before, every organisation
will have their differences,
meaning there is plenty of
information to gauge during an interview.
For instance, the responsibilities and
requirements of a credit analyst working
within healthcare will vary from a credit
analyst working in technology.
Asking questions during your interview
is the perfect chance to get insights into
the role that are not already detailed on
the job description. Whilst this question
could be considered cliché, it’s useful
to find out so you know what to expect:
what does a typical day in the role
look like? If you’re someone who likes
routine, you may want to know if each day
or week will have a similar structure or be
significantly different.
If there are any responsibilities
mentioned on the job description that
you are unfamiliar with or you feel need
clarification, ask about those. You could
also enquire about how your time will be
split between different tasks.
Another topic to broach when asking
questions in your interview is how to
achieve success; what does success look
like in the role, how is it measured and
what skills are most important to thrive?
This will demonstrate your ambition and
enthusiasm to not only secure the role, but
to be successful.
2
THE PEOPLE
When assessing a new
role, it’s important to
consider not just the
work itself, but who you’ll
work alongside, as it’s
predominantly the people who make up an
organisation’s culture and environment.
Being able to work independently but
also collaboratively is crucial across many
roles in credit; if at some point during
your interview you give a clear example of
when you’ve worked well in a team, that is
a convenient time to ask about the kind of
team you will be joining. You could enquire
about how the department is organised
and what its relationship with the rest of
the company is like. It’s worthwhile asking
who you will be reporting to, how long
they have worked in their role for and who
else you might be working closely with?
The team dynamic can have a huge impact
on your job satisfaction, so the interview is
a great opportunity to review whether you
feel you would fit in and be able to flourish
there.
3
THE OPPORTUNITIES
Another effective way to
prove your determination
and commitment to your
career is to ask about the
opportunities available
to you. There are numerous training programmes
out there for credit professionals;
find out whether the organisation has
training and development plans in place
to see if they prioritise upskilling to help
future-proof your career. Asking about
training and development also shows your
willingness to learn, grow and constantly
improve.
During your interview, you could discuss
a training programme you’ve already
completed and then mention any courses
you’d like to undertake in the future
and ask whether your employer makes
learning and development opportunities
openly available.
Career progression is also an important
factor to take into account when
considering a new role and to further
portray yourself as a driven individual
who would make a positive addition to
their company. You could find out whether
there is room to progress and continue on
your career path at the organisation by
asking if the job offers opportunities to
move up the ladder. If so, what is the next
step up from this position? This shows
you are interested in working for the
organisation in the long-term.
Ultimately, asking well thought out
questions is a great opportunity to both
find out the answers you want to know
and showcase yourself as an engaged and
enthusiastic prospective employee. Next
time you go for an interview, why not
use questions to your advantage and ask
away!
Natascha Whitehead is Business Director
of Hays Credit Management.
If you wait until
the end when
your interviewer
invites you to ask
any questions,
you may have to
rush, and some of
the questions you
had lined up may
have already been
covered.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 39

Towering
above the
competition
At Wilson & Roe, our USP is our people. We are proud to have
the strongest leaders in the industry.
Our team of highly trained and passionate
enforcement professionals work on
behalf of law firms, businesses, lenders,
local authorities and landlords to collect
outstanding debt and regain control
of property.
We are driven by results and
client service.
Contact us today to discuss how we can
help you with:
• Enforcement of High Court & County
Court Judgments
• Residential & Commercial Evictions
• Commercial Rent Arrears Recovery
w
Wilson
eric.roe@wilsonandroe.com 0161 925 1800
Wilson & Roe | 26 Missouri Avenue, Salford, Manchester M50 2NP wilsonandroe.com
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 40

In today’s economic landscape, it is more important than ever for businesses to ensure that they have
solid credit control and debt recovery processes in place, which includes choosing the best way to
enforce your Judgments.
A winning team
The senior leadership team of Wilson & Roe High Court Enforcement give their thoughts on the current
shape of the enforcement industry and preparations for the future.
n Andrew Wilson, Co-Founder
We have always been involved in national developments
concerning the High Court Enforcement industry. Over the
years, I have taken on a number of roles within the High Court
Enforcement Officers Association (HCEOA) and I am delighted that
Eric has now joined me as a board member.
Our work with the HCEOA means that we have recently been
involved with the recent fee reform and discussions with the new
regulator of the enforcement industry, the Enforcement Conduct
Board (ECB) where I sit as part of their technical panel.
We fully support the implementation of an independent regulator
for civil enforcement. Our hope is that the Government will
underpin the ECB with statutory authority in the near future.
Wilson & Roe have been involved with the MoJ and HMCTS
and their plans regarding an improved electronic method of
issuing Writs – this will be the first step in the digitalisation of the
enforcement process, which we are fully prepared for.
We look forward to the future with confidence and will continue
to offer a service, second to none, to our customers!
n Sarah Roscoe,
Chairman
n Eric Roe,
Managing Director
The ongoing cost of living crisis
is showing no signs of subsiding
and everyone is feeling the pinch.
Whilst the suggestion that Judgment
creditors should be more lenient
in their approach to debt recovery
can be appreciated, in practice this
approach is not feasible for the
running of many businesses.
The majority of creditors that we act for are small-tomedium
enterprises who have also been impacted by this
crisis. I see first-hand just how quickly a Judgment creditor can
become a debtor if debts owed to them are not paid. It is clear
from looking at cases that a substantial number of debtors
never intended to pay.
We understand the knock on effect that non-payers can
have on creditors and we are as passionate as ever about
doing everything in our power to recover as much money as
possible on every case that is sent to us. Leaving no stone
unturned is the essence of our business.
r@wilsonandroe.com 0161 925 180
& Roe. 26 Missouri Avenue, Salford, Manchester M50 2NP
Wilson & Roe has long been
regarded as a leading choice
in the High Court Enforcement
industry, as we work closely
with our clients to ensure
their businesses thrive.
It is exciting to see how our
company is developing. We
are always looking for ways to continually improve
our service offering whilst keeping our core values –
transparency, personability and drive – central to our
approach and at the heart of everything we do.
With the instability in the economy, we have seen
an increase in clients looking for the best way to
enforce their debt. Ultimately, they choose us as
they have confidence and trust that their cases will
be enforced appropriately whilst achieving the best
result. At Wilson & Roe, we offer a high quality service
which is delivered by personable and understanding
people, so what are you waiting for?
eric.roe@wilsonandroe.com 0161 925 1800
Wilson & Roe. 26 Missouri Avenue, Salford, Manchester M50 2NP

CICM CORPORATE PARTNER
Positive synergy
How AI and RPA can improve the O2C cycle.
AUTHOR – Roshika Perera
WE’VE long known
that technology can
mimic and even
outperform humans
in many tasks,
already replacing a
swathe of jobs in industries ranging from
manufacturing to retail. But does the
same fate await the credit management
profession?
Martyn Brooke, Credit Management
Specialist at Esker, provider of AI driven
business solutions, does not believe so:
“We should not be afraid of robots and
AI,” he says. “They may be able to replace
repetitive, mundane, and non-valueadded
tasks – but there’s nothing wrong
with that.
“It will make people’s jobs more
satisfying, strategic, and interesting.
Some roles within a job will disappear,
but new roles will emerge. And I think we
should embrace these new opportunities.”
Speaking at a webinar hosted by CICM,
Martyn outlines a future in which credit
teams will combine smart technologies
into their processes rather than compete
against them. To make his case, he
presented five ways in which Robotic
Process Automation (RPA) and Artificial
Intelligence (AI), two existing and salient
technologies, are already improving the
Order to Cash (O2C) cycle in the credit
industry.
Document retrieval
RPA, a technology that records tasks
performed by humans on a computer,
and programs itself to then perform these
tasks without human intervention, is a
favourite among credit teams. Capable
of performing repetitive tasks such as
retrieving documents stored on client
portals, RPA solutions can save credit
managers the time and effort of posting
and retrieving invoices, debit notes and
other documents that affect the O2C
process:
“Nowadays, most parties want credit
managers to send and receive documents
via portals instead of directly sending it to
you,” explains Martyn. “Although this isn’t
a particularly difficult task, it can be timeconsuming
when performed manually,
which is why more and more businesses
are automating this process using RPA.
The technology can search for documents
on portals by region, entity, date range
‘‘AI now has the
ability to read
and recognise the
documents that
are coming in,
especially from
regular customers,
and it can learn
what it needs to do
with each type of
document.”
and much more. It will then download
the resulting files into Esker’s solution for
processing.”
The objective of RPA is to serve as an ‘an
additional arm’, enabling credit managers
to outsource tasks that are boring and
require no intellect: “it is a rule-based and
trigger driven technology that doesn’t have
intelligence built into it. It’s repetitive and
robotic.”
Collections boost
If RPA is an additional arm, AI is best
described as ‘a second brain’, having
the ability to mimic human cognitive
functions. Its capacity to provide predictive
data by analysing past behaviour, for
example, has helped credit teams boost
their collections process: “AI can predict
when payments are going to arrive by
analysing invoice status, past payment
behaviour and other data,” he says.
“Based on these payment predictions,
the AI can determine a customer’s risk
level, and suggest priority calls based
on that risk level. It can also create
collections forecasts based on past
customer behaviour, making it easier to
anticipate incoming payments.”
These predictive and prescriptive
capabilities of AI are designed to make the
collections process simpler. But it is one
thing to crunch large numbers very fast
and quite another to be able to strategise
and understand human intent:
“Incorporating AI into the collections
process will provide businesses with
greater visibility of incoming cash and
better forecasts,” says Martyn, “which
allows them to adjust their strategies
accordingly. It is a far more efficient
system than having to do it manually.
And although the AI can analyse and
organise the data without any human
intervention, it is up to the humans to
use the information appropriately and
effectively.”
Easier decisions
AI systems can also facilitate decisionmaking
processes that have hitherto been
the preserve of human intelligence. It can,
for example, suggest credit limits based
on customer behaviour and other internal
and external data:
“AI can offer smart suggestions that can
help you make more informed decisions.
For example, it will bring to your attention
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 42

“Incorporating AI into the collections process will provide
businesses with greater visibility of incoming cash and better
forecasts, which allows them to adjust their strategies accordingly.”
– Martyn Brooke
if a customer has received a derogatory report from a monitoring service that
you may have with your CRA or if their payment behaviour has deteriorated.
You can then use this information to set appropriate credit limits.”
In today’s data-saturated world, credit teams are shifting aways from
Excel spreadsheets, in favour of the advanced capabilities of AI, which is
significantly more efficient at collecting and computing data to assess risk:
“AI is a far superior system compared to manually computing data using
Excel spreadsheets. It can simply work in the background once plugged in,
giving you the freedom to focus on more strategic tasks. However, you will
need to exercise your own judgement in approving the payment terms, risk
categories, and other suggestions offered by the AI. You will always have
the final say.” Likewise, AI can also facilitate decisions within the customer
payments process by automatically matching invoices to payments and
suggesting allocations where there isn’t a match: “AI has the ability to
compute many data sources that inform its recommended allocation.
A human will always approve the recommendation and have the final
decision.”
Simpler communications
With the development of technologies such as Natural Language Processing
and ChatGPT, Martyn believes that AI can now also help credit managers
with communicative tasks. With the intelligence to understand text and
spoken words, and interpret tone, these technologies are capable of drafting
standard communications that would help credit teams answer customer
enquiries quicker: “AI technologies are now being employed to answer a
range of customer requests and they are advanced enough to compose
the type of reply that it thinks you want to send,” Martyn explains. “It can
recognise the tone and sentiment of a message and can extract and retrieve
data to generate a recommended answer. You can then choose to send, edit,
or delete the reply.”
The AI can also recognise keywords that enable it to reply with the
appropriate action that the credit controller or collector will take in
response to the customer request: “the AI can respond to requests for
copy invoices, draft promise to pay messages and a range of other queries
within seconds by picking out salient keywords within the message. And
if the actions that it suggests are wrong, then the credit controller or
collector can easily sort that out.”
Accelerated processing
Finally, Martyn showed how AI can speed up the O2C cycle by accelerating
the speed at which documents are processed: “We can now use AI to
classify emails into orders, remittances, claims and subsequently extract
the relevant order data, remittance data, and claims data.
“Another significant benefit of AI is its e-mail triage capabilities. Most
companies will have a shared customer service mailbox that becomes
overwhelmed with emails. AI now has the ability to read and recognise the
documents that are coming in, especially from regular customers, and it
can learn what it needs to do with each type of document.”
Martyn brought the webinar to a conclusion by recalling a few of the many
success stories from Esker’s customers. Rather than limiting or threatening
human intelligence, it is becoming a source of empowerment to credit
teams: “From my experience, businesses are accruing many benefits from
integrating AI into their O2C cycle – job satisfaction has gone up, attrition
has gone down, and credit teams are able to deliver a better customer
experience.”
To find out more about Esker’s RPA and AI solutions, please visit: https://
www.esker.co.uk/cloud-business-solutions/order-to-cash/
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 43

Introducing our
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact luke.sculthorp@cicm.com
My DSO Manager is an intelligent SaaS AR and
credit management solution for SMEs to international
enterprises, helping AR analysts manage risk,
maximize cash collection and streamline the credit-tocash
cycle, by a real-time insight to KPIs.
Due to its inventive in-house IT teams and their tight
collaboration with support staff, many of whom were
credit managers at large firms, it can quickly integrate
any ERP data and customize as needed.
T: +33 (0)458003676
E: contact@mydsomanager.com
W: www.mydsomanager.com
Quadient AR by YayPay makes it easy for B2B
finance teams to stay ahead of accounts receivable
and get paid faster – from anywhere.
Integrating with your ERP, CRM, and billing
systems, YayPay presents your real-time data
through cloud-based dashboards. Automation
improves productivity by 3X and accelerates
collections by up to 34 percent. Predictive analytics
provide insight into payor behavior and an online
portal enables customers to access their accounts
and pay at any time.
T: +44 (0)7465 423 538
E: marketing@yaypay.com
W: www.quadient.com/en-gb/ar-automation
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a
timely manner. From credit management to cash
allocation, Esker automates each step of the orderto-cash
cycle. Esker’s automated AR system helps
companies modernise without replacing their
core billing and collections processes. By simply
automating what should be automated, customers
get the post-sale experience they deserve and your
team gets the tools they need.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
Reduce or eliminate manual tasks, allowing AR
teams to focus on actions that drive results, and
strengthen decision intelligence to deliver significant
value to the organisation. Cash Application / Credit
& Risk Management / Collections Management /
Disputes and Deductions Management / Team & Task
Management and AR Intelligence.
Optimise working capital by driving world-class
order-to-cash processes and leveraging decision
intelligence to drive better business outcomes.
To learn more visit www.blackline.com/solutions/
accounts-receivable-automation/
T: +44(0) 203 318 5941
E: sales@blackline.com
W: www.blackline.com
Our Creditor Services team can advise on the best
way for you to protect your position when one of
your debtors enters, or is approaching, insolvency
proceedings. Our services include assisting with
retention of title claims, providing representation at
creditor meetings, forensic investigations, raising
finance, financial restructuring and removing the
administrative burden – this includes completing
and lodging claim forms, monitoring dividend
prospects and analysing all Insolvency Reports and
correspondence.
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
ContactEngine is a proactive customer engagement
platform which connects organizations to its
customers through AI powered digital conversations.
ContactEngine enables collections treatment
automation using conversational AI, dynamic
engagement strategies, and easy-to-trigger payment
transactions that help organisations collect debt
faster. ContactEngine anticipates the need to interact
with customers and fully automates personalized,
multichannel, multi-day conversations to achieve
specific milestones and trigger next steps.
E: info@contactengine.com
W: www.contactengine.com
American Express® is a globally recognised
provider of business payment solutions, providing
flexible capabilities to help companies drive
growth. These solutions support buyers and
suppliers across the supply chain with working
capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 44

Each of our Corporate Partners is carefully selected for
their commitment to the profession, best practice in the
Credit Industry and the quality of services they provide.
We are delighted to showcase them here.
They're waiting to talk to you...
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Court Enforcement Services is the market
leading and fastest growing High Court Enforcement
company. Since forming in 2014, we have managed
over 100,000 High Court Writs and recovered more
than £187 million for our clients, all debt fairly
collected. We help lawyers and creditors across all
sectors to recover unpaid CCJ’s sooner rather than
later. We achieve 39 percent early engagement
resulting in market-leading recovery rates. Our
multi-award-winning technology provides real-time
reporting 24/7.
T: +44 (0)1992 367 092
E: a.whitehurst@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
Forums International has been running Credit and
Industry Forums since 1991 covering a range of
industry sectors and international trading. Attendance
is for credit professionals of all levels. Our forums
are not just meetings but communities which
aim to prepare our members for the challenges
ahead. Attending for the first time is free for you to
gauge the benefits and meet the members and we
only have pre-approved Partners, so you will never
intentionally be sold to.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
HighRadius provides a cloud-based Integrated
Receivable Platform, powered by machine learning
and AI. Our Technology empowers enterprise
organisations to reduce cycle time in the order-tocash
process and increase working capital availability
by automating receivables and payments processes
across credit, electronic billing and payment
processing, cash application, deductions, and
collections.
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.com
FIS GETPAID solution is a fully integrated, webbased
order-to cash (O2C) solution that helps
companies improve operational efficiencies, lower
DSO, and increase cash flow. The solution suite
includes strategic risk-based collections, artificial
intelligence, process automation, credit risk
management, deduction and dispute resolution and
cash application. FIS is a global leader in financial
services technology, providing software, services
and outsourcing of the technology that empowers
the financial world.
T: +447730500085
E: getinfo@fisglobal.com.
W: www.fisglobal.com
Key IVR provide a suite of products to assist companies
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform
delivering automated messages by voice and SMS.
In a credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
TCN is an industry leader in call centre technology
with offices around the world including, the United
Kingdom, the United States, Romania, Canada,
India and Australia. TCN has met the global
communication needs of its diverse customers.
Utilising best-practice solutions and 24/7 technical
support, TCN empowers clients to drive consumer
interactions through omni-channel, inbound and
outbound communications. TCN’s call centre
platform is entirely web-based and available
on-demand with unlimited capacity.
The UK’s No1 Insolvency Score, available as a
platform to help businesses manage risk and
achieve growth. The only independently owned
UK credit referencing agency for businesses. We
have modernised the way companies consume
data, to power businesses decisions with the most
important data taken in real-time feeds, ensuring
our customers are always the first to know. Enabling
them to deliver best in class sales, credit risk
management and compliance.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
T: +44 (0) 800-088-5089
E: spencer.taylor@tcn.com
W: www.tcn.com
T: +44 (0)330 460 9877
E: sales@redflagalert.com
W: www.redflagalert.com
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 45

SPONSORED CONTENT
JOINING THE DOTS
A joined up approach to recovering debts
with Shoosmiths and Menzies.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 46

Guiseppe Parla
Lucy Sanderson
Kim Achurch
Paula Swain
YOUR overdue debts are
increasing, and you recognise
that your credit control
process needs some external
support to try to unlock
payment in these tough
economic times and you are interested to
know what Shoosmiths collaborating with
Menzies can do to help and how they can
work together to try to achieve a recovery.
First Things First
Shoosmiths start their relationship with you
by understanding your business, exploring
your processes, and how they can effectively
plug in with their support. This will include
giving you comprehensive advice in relation
to your debt recovery options. Shoosmiths
will look at previous engagements with
debtors, average debt size, debt age and type,
and categories of debtor.
They will advise you on the best way to try
to obtain payment. This will either be via
court proceedings (for debt collection) or via
an insolvency route.
A Winding Up Petition (“Petition”) can
be presented at court when a company is
unable to pay debts as and when they fall due
and when demanded. A Petition cannot be
presented if there is any dispute, although in
some circumstances it can be presented for a
proportion of the debt.*
Before a Petition is presented, Shoosmiths
will check that there are no other active
Petitions presented against the company. If
it transpires that a Petition has already been
presented, a Notice of Intention to Appear can
be sent to the Petitioner. If the Petitioner later
seeks to withdraw or dismiss, Shoosmiths
can seek permission of the court for you to be
substituted as the Petitioner allowing you to
continue with the proceedings.
Demand for payment
Providing there is not an active Petition,
Shoosmiths will either arrange to serve a
Statutory Demand or send a written demand
for payment.
If the company can pay, then a demand
is often an effective option for unlocking
payment.
It is not a requirement for a Statutory
Demand to be served prior to presentation of
a Petition, but it is a cheaper option as there
is no Court fee. The Statutory Demand itself
may prompt payment but if the company
fails to pay within 21 days, the company is
then deemed insolvent with practically no
Before a Petition
is presented,
Shoosmiths will
check that there
are no other
active Petitions
presented against
the company.
defence to a Petition being presented. On
the downside, it gives the company 21 days
before further action can be taken.
A demand for payment of any number of
days can be used to support presentation of
a Petition, however a company can dispute
Petition proceedings if a demand letter is
sent rather than formal service of a Statutory
Demand. Shoosmiths will provide you with
advice on the best option for your debt.
If the debt remains unpaid following
either demand, the company could apply
to the court for an Injunction to prevent
the presentation of a Petition to avoid the
negative financial consequences.
The Petition
If a demand does not prompt payment,
and no injunction restraining a Petition is
granted, Shoosmiths will prepare and present
a winding up petition to the High Court via its
efficient online portal.
Once a Petition has been presented,
insolvency law has the effect of voiding any
financial disposition of the company. The
company’s bank account is likely to be frozen.
This would have severe consequences for the
company if they are seeking new finance as
an advertised petition would come to the
attention of their prospective lender.
After presentation, the Petition will be
listed for hearing to determine if a winding
up order should be made. Shoosmiths will
arrange service of the Petition and the
hearing date on the company. At this stage,
the company could apply to the court for
an order restraining advertisement of the
Petition, again to avoid negative financial
consequences.
Assuming no order has been made to
restrain advertisement, details of the Petition
and upcoming hearing will be published
in the London Gazette, which Shoosmiths
will arrange on your behalf. At this stage,
other creditors might contact Shoosmiths
to lodge notices of support for the petition.
It is not uncommon for a debtor company
to move forward with a company voluntary
arrangement, administration, or voluntary
liquidation at this stage.
If no alternative insolvency process is
proposed by the company and the debt
remains unpaid, the Petition will proceed to
its hearing date (typically 8-10 weeks from
the initial demand). Shoosmiths will arrange
an advocate to attend the hearing to seek
that a winding up order is made against the
company.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 47 continues on page 28 >

SPONSORED CONTENT
Statutory Demand
served/ Demand for
payment sent
Petition presented
in Court and served
on company
Petition
Advertised
Hearing
Date
Compulsory
Winding up Order
made
Official Receiver
appointed
↘
Creditors’ report
within 8 weeks
↘
↘
Creditor’s nominate
& appoint IP
Investigation
of antecedent
transactions
↘
Return to
creditors
Winding up order
If the order is made, your petition costs
will be paid as a priority debt from any
recoveries made from the insolvent
company after the Official Receiver (“OR”)
costs.
The OR will open an Insolvency Service
Account ** and will carry out initial
investigations into company transactions
and review the conduct of the directors.
Menzies’ creditors services team can
liaise with the OR on your behalf in
order to ascertain progress made with
interviewing the directors, collecting in
the books and records and overseeing the
recovery of assets in the liquidation.
Menzies will collate information as to
what the asset and liabilities position may
look for the company creditors and report
back to Shoosmiths and/or the client.
Where necessary, Menzies will provide
the OR with information to support them
in their role.
If an Insolvency Practitioner (“IP”) of
Menzies can add value by securing the
appointment as liquidator and there
is sufficient creditor support, then the
creditor services team will liaise with
the OR to secure the appointment as
liquidator of the company. The value add
may be where suspected wrongdoing has
occurred.
The appointment will not incur any
additional cost to the creditors. IPs
are typically remunerated from the
realisations made in the estate.
IP appointed as Liquidator
Once appointed, it is an IP’s duty to realise
the assets of the company for the benefit
of the company’s creditors. Assets are
realised at best price achievable in the
current marketplace. Investigations into
the company’s dealings and the conduct
of the directors will be continued by
Menzies’ IPs and new lines of enquiries
may be opened. The OR has the continued
obligation of reporting on the director’s
conduct, however the IP would always
share information with the OR, so that
their efforts are aligned.
Investigations
Apart from the automatically void
transactions that occurred between
petition and order dates, an IP will also
look at transactions that occurred prior to
the petition date and may fall under the
following categories:
• Payments made to one creditor in favour
over others prior to insolvency (known
as preference payments)
• Transactions made at an undervalue
(for no consideration or significantly
less than assets value) and transactions
defrauding creditors
• Claims relating to the conduct of the
directors and/or company actions prior
to the insolvency, including:
o Claims for the misapplication or
retention of company money or
property, or breach of director’s
duties (referred to as Misfeasance);
o Wrongful trading; and
o Fraudulent trading.
Shoosmiths will assist Menzies to gather
and review evidence to support any
potential claims which may result in
returns to the company’s creditors. In
a scenario where a claim is found, for
example a director has paid out material
company monies to pay a relative without
justification, Shoosmiths will prepare
and issue a letter of demand, or a letter
before action (“LBA”) in relation to that
claim. This may lead to payment from the
parties involved, prior to the issue of legal
proceedings.
In the event that following a demand
and/or LBA no payment is received,
then an element of due diligence will be
carried out on the personal wealth of the
respondent to the potential claim (often
a former director of the company) and
a cost/benefit analysis will be carried
out by Shoosmiths and Menzies before
taking matters forward. A claim with
good merits may be funded by, or
sold to, a litigation funder to pursue.
Shoosmiths would continue to act in these
circumstances.
In the event that it is not cost effective
to pursue a claim, it is possible to refer
director and/or company conduct back to
the OR, who may pursue matters further
at their cost if there are policy and/or
public interest reasons for doing so.
A successful claim by an IP will (subject
to enforcement of a money judgement)
result in a payment into the liquidation
estate. Payments from liquidation will
be made to creditors in the order set
out by insolvency law, which means
any secured and preferential creditors (
such as employees and HMRC) will be
paid out first following payment of the
liquidation expenses. Unsecured creditors
will be paid out equally thereafter. In
these circumstances, you may not make a
full recovery of your debt, but as set out
above, your petition costs will be paid out
in priority and, justice will be achieved
in respect of any wrongdoing by the
company and/or the directors.
Tackling ‘ill-gotten gains’
If you are aware of a director that has
not been acting in the best interests of
the company’s creditors and you want to
ensure that their actions are adequately
reviewed, then feel free to get in touch.
* deminimus level is still £750
** General Fee of £6,000 and Admin Fee of £5,000
Shoosmiths will assist Menzies to gather and review
evidence to support any potential claims which may
result in returns to the company’s creditors.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 48

CICM CORPORATE PARTNER
Modern Transformation
Unlocking corporate success by transforming
credit and cashflow management.
AUTHOR – Bertrand Mazuir
THE digital revolution is in
full swing! Perhaps we are so
engaged and invested on a daily
basis that we fail to recognise
how powerful the present
developments are and how
they transform firms and their connections
with their business partners.
Credit management is involved in all aspects
of a commercial relationship, from the initial
contact with customer risk management
to the final stages of the sales process with
dispute management, cash collection,
payment, and performance management.
Throughout all stages, the entire relationship
is becoming digitalised.
Digitalisation represents a great opportunity
to increase productivity, quality, and performance
to the point that companies who
are unwilling to invest in the appropriate
digital technology risk slipping significantly
behind, negatively impacting cashflow, profitability,
and customer satisfaction. Worse,
they overlook a significant opportunity for
advancement that was previously undiscovered.
Imagine a world where business relationships
would be fluid and free of information
gaps. A place where risk and potential
evaluations are conducted instantly through
interconnected tools, and where the seller’s
accounts receivable remain continuously
aligned with each of the buyers' accounts payable
accounting thanks to efficient and comprehensive
digital communication. Any encountered
problem would be identified and
resolved in real time by all parties involved,
whether on the vendor or customer side.
Picture an innovative credit collection
system that was revolutionised by comprehensive
follow-up media containing all the essential
and critical information, such as PDFs
of invoices, the most recent comments from
concerned parties, and the online payment
options. Any disputes would be promptly
settled through online interactions between
various actors. The performance would be
evaluated instantaneously, establishing a
link with the treasury through the real-time
calculation of anticipated receipts based on
the most tangible variables, such as each
customer’s actual payment behaviour and
collected payment promises.
This is not just a pipe dream! For businesses
embracing digital transformation in credit
management, all of this has become a reality.
Credit experts and decision-makers should
This is not just
a pipe dream!
For businesses
embracing
digital
transformation
in credit
management,
all of this has
become a reality.
assess the software's capacity to include the
following capabilities when considering
integrating credit management software:
- Being 100 percent real-time
- Easy and fast setup, being flexibile that
adapts to any ERP formats
- Functional quality to reflect both the
accounting and financial realities of
credit management
- Have a commercial dimension; and
interconnection with a panel of services
and platforms allowing interaction
with customers, sales representatives,
financial information providers, payment
solutions, business intelligence tools, etc.
Digitalised communication
Cash collection between professionals is,
above all, a matter of communication.
To achieve high performance, the right
information must be sent to the right people
at the right time, often with a large volume
of clients.
What modern credit management software
enables you to achieve is to customise
interactive exchanges, including essential
information such as balances (due, not
due, potential late payment penalties, etc.),
statements of accounts, links enabling clients
to access their portal, invoices, and online
payment options. In general, an extreme
professional rendering, whether automatic,
semi-automatic, or personalised by the
customer, increases the confidence of your
firm in the seriousness of its management.
Real-time data consolidation
It often happens for the different entities of
a group to have different ERPs. The software
should interface each of them, standardise the
data and allow real-time data consolidation,
natively managing multi-currency, multilanguage
and multi-entity.
In addition, the reports available in each
entity should also be available at the Group
level for Corporate views of each performance
report, such as the anticipated cashflow, the
aging balance, or the credit risk exposure of a
significant multi-entity customer.
Modern credit management software aims
to democratise the implementation and use
of credit management software by making it
available to businesses of all sizes.
Bertrand Mazuir is General Director
of My DSO Manager.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 49

LOOKING FOR
YOUR NEXT
CAREER MOVE?
CREDIT CONTROL TEAM LEADER
Crawley, £35k -£45k
Reporting to the credit manager, you’ll support their workload
and lead the team on a day-to-day basis. Remaining hands on,
your duties include dealing with escalated queries, reconciling
customer accounts, running credit checks and monitoring
customers against agreed limits. CICM study support available.
Ref: 4426440
Contact Natascha Whitehead on 07770 786433
or natascha.whitehead@hays.com
SENIOR CREDIT CONTROLLER
Southampton, up to £40k + benefits
You’ll be working within a growing credit control function,
responsible for chasing payment of outstanding debt and
managing circa 2,000 accounts as a team. Experience within
a professional services environment is preferred.
Ref: 4438748
Contact Jack Bailey on 023 8202 0104
or jack.bailey1@hays.com
ACCOUNTS RECEIVABLE OFFICER
London, £30k-£35k
A medical firm near Park Royal is looking for a sole charge AR
officer. This is a newly created position as the credit function is
being brought in-house. You’ll be responsible for maintaining
the overall accuracy of the accounts, ledgers, and financial
records within their remit. There is a high potential for the role
to progress into a supervisory or management position.
Benefits include study support and a 10% bonus.
Ref: 4430403
Contact Hussain Ahmed on 0333 010 7453
or hussain.ahmed@hays.com
CREDIT CONTROLLER
Croydon, £30k-£33k
Working alongside one other credit controller, you’ll be
responsible for collecting payments in line with agreed terms
and keeping aged debt levels to a minimum. You’ll build
excellent working relationships with both customers and
internal colleagues and work collaboratively to resolve queries
and disputes. Aged debt reporting and month end duties will
also form part of this role.
Ref: 4434535
Contact Natascha Whitehead on 07770 786433
or natascha.whitehead@hays.com
hays.co.uk/credit-control-jobs
© Copyright Hays plc 2023. The HAYS word, the H devices, HAYS Brave WORKING | Curious FOR YOUR | Resilient TOMORROW / www.cicm.com and Powering / the September world of work 2023 and / PAGE associated 50 logos and artwork are trademarks of Hays plc.
The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1235340461

CREDIT CONTROLLER
Manchester, £27k-£30k
We’re working with a reputable company in the North
Manchester area that needs a stand-alone credit controller.
The main responsibilities include managing a ledger, chasing
overdue or outstanding invoices, allocating cash, dealing
with customer queries as well as building and maintaining
relationships. This role is being recruited on a temp to
perm basis. Ref: 4441650
Contact Luke Lontton on 01612 367272
or luke.Iontton@hays.com
CREDIT CONTROLLER
Birmingham, £25k-£28k
We’re supporting a fast-growing manufacturer that’s looking
for a credit controller on a permanent basis. You’ll be part
of a small, growing team and will manage up to 200 accounts.
In this role, you’ll be responsible for processing the day-to-day
transactions within the sales ledger and will report to
the organisation’s financial controller.
Ref: 4437192
Contact Henry Brook on 0333 010 7517
or henry.brook@hays.com
This is just a small selection of the many opportunities
we have available for credit professionals. To find out
more, visit our website or contact Natascha Whitehead,
Credit Management UK Lead at Hays on 07770 786433.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 51

CICM ASSESSMENT BOARD
High Standards
How the CICM Assessment Board is raising
standards in the credit industry.
AUTHOR – Roshika Perera
DESPITE operating behind
the front doors of CICM,
the Assessment Board
plays a crucial role
in ensuring that the
Institute maintains its
status as the world’s largest professional
body for the credit management
community.
Following his appointment as Chairman
of the Board in November 2019, Stephen
Allinson FCICM and his fellow Board
members have been on a mission to raise
the professional standards of the industry
and expand the Institute’s global reach.
With nearly 40 years of experience as
a licensed insolvency practitioner and
a solicitor specialising in commercial
litigation, with a focus on debt recovery
and insolvency, Stephen has a deep
understanding of the opportunities and
challenges within the credit industry.
He has also been an active CICM
member since his early career, serving as
Vice Chairman of the southwest branch
for several years, delivering lectures at
legal conferences, and writing study texts
for legal modules.
It’s his extensive experience as a lawyer,
working with credit controllers, paralegals
and other legal professionals, that has
shown him the value that CICM brings to
the industry: “Having been steeped in the
credit and debt world for a long time, I’ve
seen first-hand the positive influence of
CICM as an organisation,” he says.
“I’m determined to expand the Institute’s
influence around the world and improve
the standards of the credit profession.”
Board duties
The Assessment Board serves as the
independent arm of CICM’s educational
services, a requirement for any regulated
chartered institute providing education. It
is the responsibility of the Board to ensure
that CICM is performing its educational
duties to a high standard and complying
with the rigorous regulations of Ofqual,
Qualification Wales and CCEA (Northern
Ireland) which carry out regular checks
and balances. It also falls on the Board to
decide on appeals and deal with any issues
around the assessment or examination
process.
“But that’s just the technical side of what
we do,” explains Steven. “I believe that our
job is much bigger than that. We need to
ensure that CICM is guiding young people
into the profession, preparing them to
excel in their credit careers. We need to
ensure that our education is very much fit
for purpose and at the cutting edge.”
To that end, Stephen and the Board
are focused on expanding the resources
and reach of CICM, having recognised
new ways of impacting the next
generation of credit professionals. “Since
becoming Chairman, the team and I have
implemented a great deal of change,” he
says.
Good Progress
In particular, Stephen prides himself with
the innovative and quick thinking that
the CICM staff showed during the COVID
crisis: “We needed to adapt very quickly
and expand our online examinations,” he
says.
“We had to look at new qualifications
that might be needed and we brought in
further external educators and assessors
“The end goal of
the Assessment
Board and CICM
as a whole is
to develop and
encourage the next
generation of credit
professionals. If
that’s my legacy, I’ll
be very pleased.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 52

We need to ensure that CICM is guiding young
people into the profession, preparing them to excel
in their credit careers. We need to ensure that our
education is very much fit for purpose and at the
cutting edge. – Stephen Allinson FCICM
onto the Board who understood the
education sector. We now try and bring
in new people every three years or so,
to ensure that we’re exposed to a wide
range of perspectives.”
And with more and more young
people looking for opportunities outside
of university, Stephen believes that
the Board should be more involved in
marketing CICM’s offerings, encouraging
students and businesses to invest in their
professional development:
“We want to highlight the benefits for
both students and organisations to have
qualifications to their name. Companies
that become CICMQ qualified, for
example, can market their business by
being a part of that programme. And
with more qualified credit professionals,
the standards within the credit industry
will be greatly improved.”
Education evolution
Stephen is also a visiting lecturer at
the University of Law and Chairman of
another exam board. Since he began
his role as an educator, he has observed
how education has evolved over the
years, providing young people with more
opportunities while also creating more
challenges:
“I’ve always been quite passionate
about education. And I think what
younger people have to go through
now in any educational environment is
much more stringent. I see education
now as fitting you for the role you’re
going to undertake in your workplace.
The training is much more practical
and outcome-based rather than just rote
learning, which is fantastic in my view.”
Although exams are becoming more
stringent, Stephen believes that it is
positively impacting the industry by
raising the standards of professionalism.
“There is clear pride in passing our
assessments,” he says. “I think there’s
much more focus now on seeing the
credit management industry as having a
proper pathway to progress.”
The Board’s mission is to reach as
wide an audience as possible, educating
the public on what credit managers do.
And while there is a strict Chinese wall
between the assessment Board and the
rest of the Institute, the Board is doing
its part to provide the opportunities and
professionalism within the industry to
young people:
“I believe that the Assessment Board
needs to play a more central role in
CICM. Although assessors can’t interact
with students, we do encourage tutors
to go to open days at sixth form colleges
and universities. I’m passionate about
giving back to the younger generation
and I want CICM to show young people
that they can have a great career in credit
management.”
A diverse industry
Another of the Board’s objectives is to
ensure that CICM is promoting diversity
within the industry. The Institute has
already made great progress in recent
years, attracting more women, ethnic
minorities, and younger people into the
profession:
“I feel strongly about removing
the barriers of entry for people from
different backgrounds and I think we’re
moving in the right direction.”
Last year, there was a good overall
gender balance and a good number
of younger people willing to take
the exams. Stephen thinks this is a result
of the introduction of apprenticeships
and a change in attitude among
employers.
“Companies are increasingly prepared
to invest in their employees’ education,”
he says, “and there is a steady progression
up to Level 5; young people are being
given the choice to continue through
the whole panoply or stop after a certain
level.
“Credit management is a universal
profession, and although CICM delivers
training globally and has candidates
from over seventeen countries taking
CICM qualifications, the Board would
like to see more international Credit &
Collection professionals qualifying.”
And Steven wants further progress to
be made.
“So, one of our goals is to expand
further our education and qualifications
in other countries along similar lines
to the Institute’s partnership with The
School of Credit Management in Sweden.
The world is shrinking, and CICM has
a huge opportunity to offer tailored
training and development to different
cultures and countries, improving
standards internationally.”
A Global institute
The Board is facing its fair share of
challenges in achieving these ambitions:
“We are a relatively small organisation,
but we have the same regulatory
requirements that are required of much
larger, regulated-chartered institutes.
“And the way that companies are
operating is also changing and becoming
more global. Many large companies have
dedicated credit management functions,
but companies are also increasingly
outsourcing these roles and that is
also creating more opportunities and
challenges.”
Stephen believes that these changing
trends are a further reason why the
Board needs to be more proactive in
encouraging more budding credit
professionals to get CICM qualified:
“The end goal of the Assessment Board
and CICM as a whole is to develop and
encourage the next generation of credit
professionals. If that’s my legacy, I’ll be
very pleased.”
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 53

HR MATTERS
Take it, don’t leave it
A case of avoiding unwanted conduct and
another of a claim for a holiday pay shortfall.
IN a first instance decision,
Fahmy v Arts Council England,
the Employment Tribunal has
upheld a claim for harassment
relating to an employee's
protected gender critical belief.
In the case, the claimant attended
a virtual drop-in session for all staff.
The drop-in session had been arranged
following the suspension of a grant
due to the alleged transphobia of the
recipient charity. During the session,
the claimant challenged the view that
the charity had been anti-trans, and
queried how gender critical views were
protected.
Following the session, the deputy
chief executive sent an email stating that
it was important to treat all colleagues
with respect and dignity, indicating his
personal solidarity with the council's
trans and non-binary staff. In addition,
another member of staff sent an 'all
staff' email about a grievance raised by
the LGBTQIA+ working group, referring
to homophobic and anti-trans views
expressed in the drop-in session. The
email contained a link to a document
referred to an 'allies support sheet'
and other comments responded to the
email referring to gender critical beliefs
as bigoted and anti-trans, amongst
THE Employment Appeal Tribunal
(EAT) has confirmed that an agreement
governing pay in lieu of accrued, but
untaken holiday, cannot result in lower
pay than would be paid under the Working
Time Regulations.
In the case of Conner v Chief Constable
of the South Yorkshire Police, the claimant
was dismissed after a period of ill health.
On the termination of his employment,
he was owed pay in lieu of accrued
but untaken holiday. His contract of
employment contained a clause providing
that this would be calculated at the
accrual rate of 1/365.
As a salaried employee, had the
claimant taken this holiday during his
employment, he would have received the
same amount of pay for time spent on
holiday as he would have received had he
been at work. However, when the 1/365
contractual accrual rate was used, the
AUTHOR – Gareth Edwards
EAT Rules on untaken holiday
value of this accrued holiday was less than
his salaried rate of pay.
The claimant brought a holiday pay
claim to recover the shortfall. The tribunal
rejected his claim, holding that the 1/365
contractual accrual rate was a 'relevant
agreement' for the purposes of the Working
Time Regulations (WTR). The WTR deals
with pay in lieu of accrued holiday where
the claimant leaves part-way through the
leave year. It provides that the amount
due in these circumstances will either
be provided under a 'relevant agreement'
(which can include a contractual clause),
or will otherwise be calculated according
to a statutory formula.
The claimant appealed to the
Employment Appeal Tribunal (EAT).
The EAT upheld the appeal. For a
worker with normal working hours and
pay that does not vary, the usual approach
will be to divide their annual salary into
other comments. The claimant's line
manager and another colleague raised
concerns about the email and the
document that had been circulated, and
the link was removed a day later.
The claimant made a complaint under
the dignity at work policy which resulted
in disciplinary proceedings taking place
against the employees involved in the
email. The claimant then brought
tribunal claims including a claim for
harassment related to religion or belief.
The tribunal found that whilst it
was inappropriate for the deputy
chief executive to express his personal
views, his actions did not amount to
harassment. They did, however, prompt
the subsequent email that was sent.
The actions of the colleague who sent
the email were held to be harassment,
being unwanted conduct which had
the purpose and effect of violating
the claimant's dignity and creating
an intimidating, hostile, degrading,
humiliating or offensive environment.
This is a first instance decision so
it is not binding on other tribunals.
However, it is a useful demonstration
of the practical challenges employers
may encounter in protecting
competing views or beliefs within a staff
body.
52 in order to calculate the amount of a
week's pay. This will be the amount paid
during both working time and holiday
time. A relevant agreement can alter the
approach to calculating accrued holiday
pay. However, a relevant agreement must
provide for a calculation method that is in
keeping with the rights provided for in the
WTR. It cannot provide for a calculation
that makes the employee worse off than
had they worked instead of taking, or
being paid for, the leave.
This case reinforces the key underlying
aim of our holiday pay law framework –
workers must not be disincentivised from
taking their leave. If they are paid less
than their normal remuneration during a
period of leave, they are less likely to take
holiday.
Gareth Edwards is a partner in
the employment team at VWV.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 54

CICM East of England
Branch webinar on 12
July 2023 was delivered by
Monica Kapur, a Partner
in the Restructuring and
A. Insolvency team at Harrison
Clark Rickerbys Solicitors who has
over seventeen years experience as an insolvency
solicitor.
Monica detailed the benefits and
drawbacks of the options to recover debt,
summarised the legal processes available,
talked through a case study, and suggested
steps to best utilise debt recovery processes
and minimise risk. Slido.com was used for
immediate audience feedback.
Negotiating with the debtor yourself to
understand the reason for non payment,
resolving queries etc; was the first step
and the best way to obtain payment, but
mediation was an option that could bring
satisfactory results, with payment being
received on the day, or soon afterwards, in
70 percent of cases.
Apart from reviewing your credit control
processes (including whether your terms
of payment reflected the contract) Monica
suggested looking again at key contracts
or agreements with customers; checking
BRANCH NEWS
Navigating the Legal Landscape
East of England branch
whether your terms of payment could be
tightened; or whether retention of title
clauses could be added.
It was a good idea to audit customers’
health by checking credit ratings, seeking
guarantors, or trying to obtain security that
you could enforce, and to consider credit
insurance. Supply chain mapping of your
business suppliers, and their suppliers was
also recommended.
Litigation should not be undertaken
lightly without regard to the chances of
success, and the costs and delays of CCJs
and enforcement were also emphasised. In
Monica’s opinion the insolvency processes
– statutory demands, winding up petitions
and bankruptcy petitions –was a last
resort.
Monica welcomed, and answered,
many questions. CICM East of England
Branch would like to thank Monica for her
outstandingly comprehensive webinar;
Branch member Andy Moylan of EFCIS Ltd
who mediated the webinar; and Branch
committee member Steve Walsh of RSM
Credit Solutions who arranged it.
Richard Brown, CICM East of England
Vice Chairman.
The CICM Benevolent Fund
is here to support members
of the CICM in times of need.
Some examples of how CICM have helped our members are:
• Financed the purchase of a mobility scooter for a disabled
member.
• Helped finance the studies of the daughter of a member who
became unexpectedly ill.
• Financed the purchase of computer equipment to assist an
unemployed member set up a business.
• Contributed towards the purchase of an orthopaedic bed for one
member whose condition was thereby greatly eased.
• Helped with payment for a drug, not available on the NHS, for
medical treatment of another member.
If you or any dependants are in need or in distress, please apply today – we are here to
help. (Your application will then be reviewed by the CICM Benevolent Fund committee
and you will be advised of their decision as quickly as possible)
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 55

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
CREDIT DATA AND ANALYTICS
CREDIT MANAGEMENT SOFTWARE
Controlaccount
Address: Compass House, Waterside, Hanbury Road,
Bromsgrove, Worcestershire B60 4FD
T: 01527 386 610
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount has been providing efficient, effective and
ethical pre-legal debt recovery for over forty years. We help our
clients to improve internal processes and increase cashflow,
whilst protecting customer relationships and established
reputations. We have long-standing partnerships with leading,
global brand names, SMEs and not for profits. We recover
over 30,000 overdue invoices each month, domestically and
internationally, on a no collect, no fee arrangement. Other
services include credit control and dunning services, international
and domestic trace and legal recoveries. All our clients have
full transparency on any accounts placed with us through our
market leading cloud-based management portal, ClientWeb.
Guildways
T: +44 3333 409000
E: info@guildways.com
W: www.guildways.com
Guildways is a UK & International debt collection specialist with over
25 years experience. Guildways prides itself on operating to the
highest ethical standards and professional service levels. We are
experienced in collecting B2B and B2C debts. Our service includes:
• A complete No collection, No Fee commission based service
• 10% plus VAT commission for UK debts
• Commission from 22% plus VAT for International debts
• 24/7 online access to your cases through our CaseManager portal
• Direct online account-to-account payments, to speed up
collections and minimise costs
If you are unable to locate your customer, we also offer a no trace, no
fee, trace and collect service.
For more information, visit: www.guildways.com
COLLECTIONS LEGAL
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
For over 20 years, CoCredo, as one of the UK's leading Credit
Report companies, has helped protect thousands of customers
from bad debt. Our data is compiled and constantly updated from a
variety of prominent UK and international suppliers, encompassing
230 countries, so that our clients can access the latest available
information in an easy-to-read report. We offer tailored products
and service solutions, from market-leading Dual Reports and
integrated XML solutions, monitoring and delivering flexible 'data
on the go' package options that reduce costs and boost cash flow.
Our clients feel valued that we are a part of their customer journey
and we have consistently been finalists and winners of numerous
Small Business and Credit Awards since 2014.
We provide award-winning customer service which is reflected in
our client retention rate of 99%.
CREDIT DATA AND ANALYTICS
identeco – Business Support Toolkit
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
Telephone: 01527 386 607
Email: info@identeco.co.uk
Web: www.identeco.co.uk
identeco Business Support Toolkit provides company details
and financial reporting for over 4m UK companies and
business. Subscribers can view company financial health and
payment behaviour, credit ratings, shareholder and director
structures, detrimental data. In addition, subscribers can also
download unlimited B2B marketing and acquisition reports.
Annual subscription is only £79.95. Other services available
to subscribers include AML and KYC reports, pre-litigation
screening, trace services and data appending, as well as many
others.
CREDIT MANAGEMENT SOFTWARE
HighRadius
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.com
HighRadius provides a cloud-based Integrated Receivable
Platform, powered by machine learning and AI. Our Technology
empowers enterprise organisations to reduce cycle time in the
order-to-cash process and increase working capital availability by
automating receivables and payments processes across credit,
electronic billing and payment processing, cash application,
deductions, and collections.
Tinubu Square UK
Holland House, 4 Bury Street,
London EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler
of the Credit Insurance, Surety and Trade Finance digital
transformation.
Tinubu Square enables organizations across the world to
significantly reduce their exposure to risk and their financial,
operational and technical costs with best-in-class technology
solutions and services. Tinubu Square provides SaaS solutions
and services to different businesses including credit insurers,
receivables financing organizations and multinational corporations.
Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in
Paris, London, New York, Montreal and Singapore.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections
and Query Management System has been designed with 3 goals
in mind:
•To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of
Credit Professionals across the UK and Europe, our system is
successfully providing significant and measurable benefits for our
diverse portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business
debt collection and recovery, Lovetts Solicitors collects £40m+
every year on behalf of our clients. Services include:
• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%
of cases)
• Advice and dispute resolution
• Legal proceedings and enforcement
• 24/7 access to your cases via our in-house software solution,
CaseManager
Don’t just take our word for it, here’s some recent customer
feedback: “All our service expectations have been exceeded.
The online system is particularly useful and extremely easy to
use. Lovetts has a recognisable brand that generates successful
results.”
Blackline
33 Charlotte St, London W1T 1RR
T: +44 (0) 203 318 5941
E: sales@blackline.com
W:www.blackline.com/solutions/accounts-receivableautomation/
Transform and modernize your accounts receivable processes.
Release cash from customers using next-generation intelligent
AR automation. Optimize working capital by driving world-class
order-to-cash processes and leverage 'decision intelligence' to
drive better business outcomes.
Cash Application AR Intelligence
Credit & Risk Management
Collections Management
Disputes & Deductions Management
Team & Task Management
Reduce or eliminate manual tasks, and enable AR teams to
focus on actions that drive results. Strengthen decision
intelligence to deliver significant value to the organization
by harnessing BlackLine’s ground-breaking AR Intelligence
module - unlock hidden data in Accounts Receivable processes
and understand customer behaviours in real time.
For more information and a free instant ROI calculation for AR
visit https://www.blackline.com/solutions/accounts-receivableautomation/
ContactEngine
A NICE Company
Email: info@contactengine.com
Website: www.contactengine.com
ContactEngine is a proactive customer engagement platform,
which connects organizations to its customers through AI
powered digital conversations, ​enabling fully automated
customer journeys. The game changer for collections?
Companies can now talk directly with tens of thousands of
people simultaneously. This enables collections treatment
automation using intelligent, natural language conversations,
dynamic engagement strategies, and easy-to-trigger payment
transactions that move the needle and help organisations collect
outstanding debt faster. ContactEngine anticipates the need
to interact with customers and fully automates personalized,
multichannel conversations that engage customers over days,
weeks, months and years to achieve specific milestones or
trigger next steps based on customer responses.
For more information, visit www.contactengine.com/solutions/
collections or email info@contactengine.com
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 56

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
FINANCIAL PR
Data Interconnect Ltd
45-50 Shrivenham Hundred Business Park,
Majors Road, Watchfield. Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
We are dedicated to helping finance teams take the cost,
complexity and compliance issues out of Accounts Receivable
processes. Corrivo is our reliable, easy-to-use SaaS platform
for the continuous improvement of AR metrics and KPIs in a
user-friendly interface. Credit Controllers can manage more
accounts with better results and customers can self-serve on
mobile-responsive portals where they can query, pay, download
and view invoices and related documentation e.g. Proofs of
Delivery Corrivo is the only AR platform with integrated invoice
finance options for both buyer and supplier that flexes credit
terms without degrading DSO. Call for a demo.
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
Serrala optimizes the Universe of Payments for organisations
seeking efficient cash visibility and secure financial processes.
As an SAP Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience and
thousands of successful customer projects, including solutions
for the entire order-to-cash process, Serrala provides credit
managers and receivables professionals with the solutions they
need to successfully protect their business against credit risk
exposure and bad debt loss.
CLOUD-BASED SOFTWARE
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the
best in its field. It has a particular expertise in the credit sector,
building long-term relationships with some of the industry’s bestknown
brands working on often challenging briefs. As the partner
agency for the Credit Services Association (CSA) for the past 22
years, and the Chartered Institute of Credit Management since
2006, it understands the key issues affecting the credit industry
and what works and what doesn’t in supporting its clients in the
media and beyond.
FORUMS
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the all-toocommon
obstacles preventing today’s businesses from collecting
receivables in a timely manner. From credit management to cash
allocation, Esker automates each step of the order-to-cash cycle.
Esker’s automated AR system helps companies modernise
without replacing their core billing and collections processes. By
simply automating what should be automated, customers get the
post-sale experience they deserve and your team gets the tools
they need.
TCN
T: +44 (0) 800-088-5089
E : spencer.taylor@tcn.com
W: www.tcn.com
TCN is a leading provider of cloud-based call centre technology
for enterprises, contact centres, BPOs, and collection
agencies worldwide. Founded in 1999, TCN combines a deep
understanding of the needs of call centre users with a highly
affordable delivery model, ensuring immediate access to robust
call centre technology, such as SMS, email, predictive dialler,
IVR, call recording, and business analytics required to optimise
operations while adhering to callers’ requests.
ENFORCEMENT
FORUMS INTERNATIONAL
T: +44 (0)1260 275716
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Forums International Ltd have been running Credit and Industry
Forums since 1991. We cover a range of industry sectors and
International trading, attendance is for Credit Professionals of all
levels. Our forums are not just meetings but communities which
aim to prepare our members for the challenges ahead. Attending
for the first time is free for you to gauge the benefits and meet the
members and we only have pre-approved Partners, so you will
never intentionally be sold to.
INSOLVENCY
My DSO Manager
22, Chemin du Vieux Chêne,
Bâtiment D, Meylan, FRANCE
T: +33 (0)458003676
E: contact@mydsomanager.com
W: www.mydsomanager.com
My DSO Manager is an all-in-one intelligent SaaS accounts
receivable and credit management system that provides realtime
insight and scalability from SMEs to international multientity
companies. It helps AR analysts, accounting or finance
managers, and any client-facing employee, manage risk and
maximize cash collection.
It can swiftly integrate any kind of data from any ERP and
implement any customization due to its creative, competent IT
teams that are headquartered inside the firm and collaborate
closely with support employees, many of whom were formerly
credit managers at big corporations.
The feature-rich functions, automated reminders, alerts, and
numerous services connected to the solution, such as EDM/
CRMs/insurance/e-payment/BI platforms etc., along with a
reasonable pricing system, have simplified the credit-to-cash
cycle by monitoring daily KPIs like DSO, aging balance, overdues/
past-dues, customer behavior, and cash forecast.
My DSO Manager's worldwide clientele are its real ambassadors,
who assist the company in expanding on an ongoing basis.
Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING
INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
Court Enforcement Services
Adele Whitehurst – Client Relationship Manager
M: +44 (0)7525 119 711 T: +44 (0)1992 367 092
E : a.whitehurst@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
Court Enforcement Services is the market leading and fastest
growing High Court Enforcement company. Since forming in 2014,
we have managed over 100,000 High Court Writs and recovered
more than £187 million for our clients, all debt fairly collected. We
help lawyers and creditors across all sectors to recover unpaid
CCJ’s sooner rather than later. We achieve 39% early engagement
resulting in market-leading recovery rates. Our multi-awardwinning
technology provides real-time reporting 24/7. We work in
close partnership to expertly resolve matters with a fast, fair and
personable approach. We work hard to achieve the best results
and protect your reputation.
High Court Enforcement Group Limited
Client Services, Helix, 1st Floor
Edmund Street, Liverpool, L3 9NY
T: 08450 999 666
E: clientservices@hcegroup.co.uk
W: hcegroup.co.uk
Putting creditors first
We are the largest independent High Court enforcement company,
with more authorised officers than anyone else. We are privately
owned, which allows us to manage our business in a way that
puts our clients first. Clients trust us to deliver and service is
paramount. We cover all aspects of enforcement – writs of control,
possessions, process serving and landlord issues – and are
committed to meeting and exceeding clients’ expectations.
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Our Creditor Services team can advise on the best way for you
to protect your position when one of your debtors enters, or
is approaching, insolvency proceedings. Our services include
assisting with retention of title claims, providing representation
at creditor meetings, forensic investigations, raising finance,
financial restructuring and removing the administrative burden
– this includes completing and lodging claim forms, monitoring
dividend prospects and analysing all Insolvency Reports and
correspondence.
For more information on how the Menzies Creditor Services
team can assist, please contact Bethan Evans, Licensed
Insolvency Practitioner, at bevans@menzies.co.uk or call
+44 (0)2920 447 512.
Red Flag Alert Technology Group Limited
49 Peter Street, Manchester, M2 3NG
T: 0330 460 9877
E: sales@redflagalert.com
W: www.redflagalert.com
The UK’s No1 Insolvency Score is available as platform
designed to help businesses manage risk and achieve growth
using real-time data. The only independently owned UK credit
referencing agency for businesses. We have modernised the
way companies consume data, via Graph QL API and apps for
many CRM / ERP systems to power businesses decisions with
the most important data taken in real-time feeds, ensuring our
customers are always the first to know.
Red Flag Alert has a powerful portfolio management tool
enabling you to monitor all your customers and suppliers so
you and your teams can receive email alerts on data events
i.e. CCJ, Petitions, Accounts, Directors, amongst 84 alerts
produced and tailored to your business.
Red Flag Alert works towards growing and protecting
businesses using advanced machine learning and AI technology
data to provide businesses with information to deliver best in
class sales, credit risk management and compliance.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 57

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
LEGAL
PAYMENT SOLUTIONS
RECRUITMENT
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively
as possible. We have an in depth knowledge of all areas of debt
recovery, including:
•Pre-litigation services to effect early recovery and keep costs
down •Litigation service •Insolvency
•Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to relate to your
goals, and adept at advising you on the most effective way of
achieving them.
PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is a
globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
• Provide an additional line of bank independent credit to drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive
growth within businesses of all sectors. By creating an additional
lever to help support supplier/client relationships American
Express is proud to be an innovator in the business payments
space.
FIS GETPAID
25 Canada Square, London, GB E14 5LQ
T: +447730500085
E: getinfo@fisglobal.com.
W: www.fisglobal.com
The award-winning FIS GETPAID solution is a fully integrated,
web-based order-to cash (O2C) solution that helps companies
improve operational efficiencies, lower DSO, and increase cash
flow. GETPAID provides process automation, artificial intelligence,
and workflow across the O2C cycle, with detailed analysis and
reporting for accurate cash forecasting. FIS is a global leader in
financial services technology that empowers the financial world.
For more information visit https://www.fisglobal.com/en/cashflowand-capital/credit-and-collections
or email getinfo@fisglobal.com.
FOR ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk
01727 739 196
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the CICM
and specialise in placing experts into credit control jobs and
credit management jobs. Hays understands the demands of this
challenging environment and the skills required to thrive within
it. Whatever your needs, we have temporary, permanent and
contract based opportunities to find your ideal role. Our candidate
registration process is unrivalled, including face-to-face screening
interviews and a credit control skills test developed exclusively for
Hays by the CICM. We offer CICM members a priority service and
can provide advice across a wide spectrum of job search and
recruitment issues.
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
Portfolio Credit Control, a 5* Trustpilot rated agency, solely
specialises in the recruitment of Permanent, Temporary & Contract
Credit Control, Accounts Receivable and Collections staff
including remote workers. Part of The Portfolio Group, an awardwinning
Recruiter, we speak to Credit Controllers every day and
understand their skills meaning we are perfectly placed to provide
your business with talented Credit Control professionals. Offering
a highly tailored approach to recruitment, we use a hybrid of faceto-face
and remote briefings, interviews and feedback options.
We provide both candidates & clients with a commitment to deliver
that will exceed your expectations every single time.
Key IVR
T: +44 (0) 1302 513 000 E: sales@keyivr.com
W: www.keyivr.com
Key IVR are proud to have joined the Chartered Institute of
Credit Management’s Corporate partnership scheme. The
CICM is a recognised and trusted professional entity within
credit management and a perfect partner for Key IVR. We are
delighted to be providing our services to the CICM to assist with
their membership collection activities. Key IVR provides a suite
of products to assist companies across the globe with credit
management. Our service is based around giving the end-user
the means to make a payment when and how they choose. Using
automated collection methods, such as a secure telephone
payment line (IVR), web and SMS allows companies to free up
valuable staff time away from typical debt collection.
Quadient AR by YayPay
T: +44 20 8502 8476
E: r.harash@quadient.com
W: www.quadient.com/en-gb/ar-automation
Quadient AR by YayPay makes it easy for B2B finance teams
to stay ahead of accounts receivable and get paid faster – from
anywhere. Integrating with your existing ERP, CRM, accounting
and billing systems, YayPay organizes and presents real-time data
through meaningful, cloud-based dashboards. These increase
visibility across your AR portfolio and provide your team with a
single source of truth, so they can access the information they
need to work productively, no matter where they are based.
Automated capabilities improve team efficiency by 3X and
accelerate the collections process by making communications
customizable and consistent. This enables you to collect cash
up to 34 percent faster and removes the need to add additional
resources as your business grows.
Predictive analytics provide insight into future payer behavior to
improve cash flow management and a secure, online payment
portal enables customers to access their accounts and pay at any
time, from anywhere.
A specialist and dedicated
debt collection
service
020 8080 2888
REDWOODCOLLECTIONS.COM
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 58

UK CREDIT &
COLLECTIONS
CONFERENCE 2023
IN
ASSOCIATION
WITH
FEATURING...
SZU PING CHAN
SENIOR ECONOMICS
EDITOR
(THE TELEGRAPH)
ROBBIE HUNTER-PAUL
EX INTERNATIONAL RUGBY
PLAYER AND MANAGING
DIRECTOR
(XTRA MILE MARKETING)
JEN BRISTER
CRITICALLY ACCLAIMED
STAND UP COMEDIAN AND
CSA AWARDS HOST
UKCCC
2023
RADISSON BLU
MANCHESTER AIRPORT
RADISSON BLU
MANCHESTER AIRPORT
THURSDAY 14 SEPTEMBER 2023
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 59
AWARDS
2023

Fill your vacancy or find your next career
move at www.portfoliocreditcontrol.com
RECRUITING FROM
YOUR OFFICE...
Portfolio Credit Control, part of
the Portfolio Group, are proud
to be the only true specialist
Credit Control recruitment
agency in the UK.
Specialising in solely recruiting for Credit
Controllers and Credit professionals since
2008. We place permanent, temporary and
contract credit professionals at all levels.
Our expert market knowledge & industry
experience is trusted by SME’s through
to Global Blue Chip businesses including
FTSE 100 companies across the UK for all
their Credit Control hiring needs.
We recruit for: Credit Manager / Head of Credit Control; (Senior)
Credit Controller / Team Leader / Supervisor; Credit and Billing
Manager; Sales Ledger / Accounts Receivable (Manager);
Credit Analyst.
...OR
REMOTELY
Contact us to hire
the best Credit Control talent
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next career move at www.portfoliocreditcontrol.com
Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move!
LONDON 020 7650 3199
1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE
MANCHESTER 0161 836 9949
THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB
www.portfoliocreditcontrol.com
recruitment@portfoliocreditcontrol.com
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