CM October 2023

CREDIT MANAGEMENT 

CM 

OCTOBER 2023 £13.00 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

FOLLOW 

MY LEADER 

StepChange is tied 

to a new future. 

Invoice Finance is the 

unsung hero of cashflow 

funding. Page 22 

Belgium is highly exposed 

to the performance of its 

trading partners. Page 34

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SEAN FEAST FCICM 

MANAGING EDITOR 

Editor’s column 

Working together will help more 

individuals become debt free 

STEPCHANGE has been 

through some difficult times 

in recent months. It had to 

manage its way through the 

disappointment of the Money 

and Pension Service’s decision 

not to go ahead with its bid for national 

debt advice and and Debt Relief Order 

delivery. It required a pivot, and a need 

to revisit its place in a constantly evolving 

debt landscape. 

That it is emerging from such 

disappointment is a credit to its Chief 

Executive, Vicki Brownridge, who I caught 

up with in our interview on page 12. 

What I particularly admire about Vicki is 

her candour, especially when it comes to 

the thorny issue of FairShare and future 

funding models. 

Our readers will remember that it has 

been a particular hobby horse of ours for 

some time, and our previous frustration in 

failing to receive a straight answer to what 

we always considered a comparatively 

straight question. Vicki is different. She 

acknowledges that all is not well and it 

needs fixing, and the extent to which 

StepChange will be able to continue to 

help clients at the current rate – c15,500 

per month (as at July 2023) – will be a 

challenge. 

Pressure on household incomes 

means there are fewer people with any 

level of repayment potential coming for 

debt advice. Deposits are also reducing 

for those who are already on debt 

management plans because their budgets 

have been further impacted by the costof-living 

crisis. As the charity’s funding 

is linked to that one, single solution, its 

funding therefore tends to be squeezed. 

Help is at hand, however, from what in 

some ways is an unlikely source. Whereas 

in the past, the debt purchase industry and 

the charity sector have been obliged to rub 

along like untrusting siblings, I sense a 

new spirit of genuine collaboration. Vicki 

senses it too and says that the charity’s 

relationship with the debt purchase 

sector is probably the strongest it has 

ever been. She says she has seen a major 

improvement in collections practices over 

the last few years and many incidences 

of best practice in terms of treating 

customers fairly. 

Let us hope that is the case, because only 

by working together will the charities and 

creditors achieve their mutual declared 

ambitions of delivering better consumer 

outcomes. And if they can do that, then 

they will ultimately help more individuals 

to become debt free. 

Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 3

CONTENTS 

October 2023 issue 

08 – MOVING TARGETS 

Is it Plus ça change in the world of collections? 

10 – THE FEAR INDEX 

Trading in administration: is there reason to fear? 

11 – NAME CHECK 

Customer service requires the appropriate level of 

respect. 

12 – FOLLOW MY LEADER 

Sean Feast FCICM speaks to Vikki Brownridge 

of StepChange about Leadership and the future of 

charity funding. 

16 – WITHOUT FAIL 

Understanding the proposed ‘failure to prevent 

fraud’ offence. 

22 – HERO WORSHIP 

Invoice Finance is the unsung hero of cashflow 

funding. 

27 – BENEVOLENT THINKING 

The CICM is relaunching its Members’ Financial 

Support Fund. 

28 – LIFE IN PERSPECTIVE 

Supporting people through the cost-of-living crisis. 

34 – TRADING PLACES 

Belgium has great depth as a potential export 

market. 

38 – REGIME CHANGE 

A new costs regime is about to land for debt 

claims, and it could hurt your bottom line. 

42 – SPHERE OF INFLUENCE 

Does the FCA crackdown on ‘finfluencers’ go far 

enough? 

52 – REPUTATION MATTERS 

Reputation and the importance of keeping good 

company. 

10 

INSOLVENCY 

Trading in administration: 

is there reason to fear? 

46 

AI IN THE 

WORKPLACE 

52 

REPUTATION 

MATTERS 


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 

12 

FOLLOW MY 

LEADER 

34 

COUNTRY FOCUS 

Belgium is highly 

exposed to the 

performance of its 

main trading partners. 

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) 

View our digital version online at www.cicm.com. 

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

tab labelled ‘Credit Management magazine.’ 

Credit Management is distributed to the entire 

UK and international CICM membership, as well 

as additional subscribers. 

Publisher 

Chartered Institute of Credit Management 

1 Accent Park, Bakewell Road, Orton Southgate, 

Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor: Sean Feast FCICM 

Deputy Editor: Iona Yadallee 

Art Editor: Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Joe Clarkson, Rob Howard, Roshika Perera, 

Melanie York and Mona Yazdanparast 

Advertising 

Paul Heitzman 

Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

Stephens & George Print Group 

2023 subscriptions 

UK: £129 per annum 

International: £160 per annum 

Single copies: £13.00 

ISSN 0265-2099 

Reproduction in whole or part is forbidden without specific permission. 

Opinions expressed in this magazine do not, unless stated, reflect those 

of the Chartered Institute of Credit Management. The Editor reserves 

the right to abbreviate letters if necessary. The Institute is registered as a 

charity. The mark ‘Credit Management’ is a registered trade mark of the 

Chartered Institute of Credit Management. 

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


CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Midlands constituencies most under 

pressure as cost-of-living bites 

THE Midlands is the region of the UK 

hit hardest by the rising cost-of-living, 

with the cities of Birmingham, Leicester 

and Coventry all being found to be 

financially worse off in 2023 than the 

year before. 

Data from the latest Financial 

Vulnerability Index (FVI) conducted by 

Lowell shows 41 percent of all areas 

that became financially worse off this 

year are in the Midlands. While the 

South continues to be better off than 

the UK average, and the North sees 

improvements in its FVI Score, the 

Midlands finds itself squeezed with 

many of the worst-performing areas in 

the latest FVI Index. 

In terms of specifics, financial health 

in the West Midlands is now 12 percent 

worse than the UK average, while the 

East Midlands is just over five percent 

Written by – Sean Feast FCICM 

Financial worry taking its toll on 

mental health of young people 

THE burden of financial 

worry is having a 

significant impact on 

the mental wellbeing of 

millions across the UK, 

particularly young adults. 

New research from responsible 

lender, Creditspring, suggests that 

almost a third (30 percent) of Brits say 

their mental health has significantly 

worsened since the start of the costof-living 

crisis, rising to almost half (48 

percent) among 25-34-year olds. 

The research shows that financial 

woes are directly contributing to this 

widespread decline in mental health, 

with approaching a quarter (23 percent) 

saying that this is the worst their 

mental health has ever been because 

of money worries, increasing to more 

than a third (36 percent) among 25-34 

-year olds. 

The research comes as recent data 

from the Office for National Statistics 

shows that people aged between 25 and 

34 are more than three times as likely 

to experience financial vulnerability 

compared with those aged 75 years and 

over. 

There is a clear need for increased 

financial support and mental health 

resources to address this growing crisis 

– particularly for younger generations. 

Indeed, 23 percent of people aged 

between 25 and 34 have already sought 

mental health support as a result of 

their financial situation, and one in 

five in this age group have used a debt 

advice charity in the past 12 months. 

The data also points to the perceived 

inadequacy of Government support, 

with nearly three in ten (29 percent) 

people across the UK saying they’ve had 

to seek help elsewhere because there’s 

worse off, having been more financially 

healthy than the UK average in 2017. 

The 10 Midland’s constituencies – 

covering 700,000 people – accounts 

for over a third of the UK’s financially 

vulnerable constituencies; data shows 

that these constituencies have high 

numbers of full-time workers and 

families with children. 

Analysis indicates that ordinary 

working families are bearing the burden 

of the high cost-of-living. In areas with 

higher levels of social housing and 

benefits usage, the improvements in 

financial health have been much more 

significant suggesting that Government 

support may be outstripping pay in its 

effect on financial health. 

Lowell’s UK CEO John Pears says 

that households in the Midlands are 

struggling the most as they borrow to 

not been enough financial support from 

the Government. This rises to around 

four in ten among 25-34-year olds. 

Access to the right support will 

be critical to turning the tide on this 

crisis. Nearly half of young people say 

their mental health cannot improve as 

long as they are in debt, and a similar 

number say they feel stuck and that 

there is nothing they can do to improve 

their financial situation. Despite this, 

only 10 percent of people say that their 

bank has contacted them about mental 

health support, and more than half (57 

percent) say that they’ve heard nothing 

from their bank on this topic. 

Better financial education has an 

important role to play in empowering 

people with the knowledge needed to 

take control of their finances, and it is 

important that people receive 

this early on in their financial lives. 

meet the inflated costs of everyday 

spending: “It’s a reverse in fortunes 

from a few years ago as the gap with 

the rest of the UK widens,” he explains. 

“The Midlands is sadly not participating 

in the cautious recovery the rest of the 

UK is experiencing. With the recent 

news of Birmingham City Council’s 

declaration of bankruptcy there are 

likely to be further challenges for those 

most financially vulnerable who rely on 

critical services from the Council.” The 

FVI is an innovative tool to measure and 

track financial resilience, nationally and 

locally, across the UK. Created by Lowell 

and the Urban Institute, and provided 

by Opinium, the index is described as 

bringing together publicly available 

measures and Lowell’s proprietary 

data to give a clear picture of financial 

vulnerability in the UK. 


ALDERMORE has provided a property 

loan to Polyglobal for the acquisition of 

another trading business, B.V.A. Tools & 

Plastics, a tool manufacturer that is also 

based in Wakefield and is a specialist in 

the plastics injection moulding industry. 

The acquisition took place earlier this 

year and will allow Polyglobal to enhance 

NEWS ROUNDUP 

Plastic fantastic 

There is an appetite for this among the 

youngest respondents, with two in five (42 

percent) 18-24 year olds agreeing that they 

need financial education to help them make 

better decisions. 

Neil Kadagathur, CEO and Co-Founder 

of Creditspring, believes the findings are 

enormously concerning: “The fact that so few 

people have been contacted by their bank 

about mental health support only serves to 

highlight the disconnect between financial 

health and mental wellbeing,” he says. 

“There is a significant opportunity here 

to create more integrated, joined up support 

networks for consumers, and it is imperative 

that we work together to address this issue 

head-on by providing comprehensive support 

systems that merge financial support with 

mental health resources. 

“Moving forward, we want to see 

policymakers, financial institutions, health 

services, and charities come together in 

partnership to develop more integrated 

solutions that address this intersection of 

mental health and financial distress. In 

doing so, we will collectively work towards a 

future where peoples’ mental wellbeing is 

no longer dictated by the state of their 

finances.” 

manufacturing processes, whilst reducing 

costs and crucially allows expansion into 

new markets and targeted customers. 

Polyglobal is a longstanding Aldermore 

customer and has been with the bank 

since 2015. Aldermore has backed their 

growth plans using its specialist finance 

teams and products. 

Scammers target younger groups 

UNDER 25s are more likely than older 

age groups to have been targeted in 

an impersonation scam and also be 

swayed to provide personal or financial 

information, according to new research 

by UK Finance’s Take Five to Stop Fraud 

campaign. 

An impersonation scam is where a 

criminal contacts you pretending to be a 

person or organisation you trust. These 

scams can be very sophisticated and 

often start with attempts to trick you 

into disclosing personal and financial 

information. Criminals then use this 

information to impersonate someone you 

trust, making it seem genuine, but their 

ultimate aim is to try to steal your money. 

Worryingly, almost half (49 percent) of 

18-24-year olds surveyed said that they 

had been contacted by an impersonation 

scammer. This compares to only a third 

of those aged over 55 (33 percent) who 

had been contacted. Of the 18-24-year 

olds targeted, over half (52 percent) 

said they actually shared personal 

information or made a payment as a 

result of the request. 

Young adults aged 18-24 were the 

most confident of any age group in their 

ability to identify a scam with 91 percent 

saying they were confident that they 

would be able to spot a fake request for 

personal information online. This level 

of confidence could put them at risk, as 

just over a quarter (27 percent) said they 

will always take steps to check if the 

organisation or person can be trusted 

when asked for personal information out 

of the blue. This is in stark comparison 

to older age groups, with over 60 per cent 

of those aged over 55 saying they always 

take steps to check out unexpected 

requests. 

UK Finance figures show over £1.2 

billion was stolen through fraud in 2022. 

There were 45,367 cases of impersonation 

scams in 2022 costing at total of £177.6m, 

UK Finance figures show. 

>NEWS 

IN BRIEF 

Keeping in Cynergy 

CYNERGY Bank has secured a £20 

million Tier 2 capital facility from 

British Business Investments, a 

wholly-owned commercial subsidiary 

of the British Business Bank. The 

capital will be deployed across 

Cynergy Bank and Cynergy Business 

Finance. The new funding will enable 

the challenger bank to accelerate 

the delivery of its current business 

strategy to be the UK’s premier ‘human 

digital’ bank and market leader in the 

SME lending space. The Tier 2 Capital 

facility is also said to support Cynergy 

Bank’s growth plans, which includes 

delivering over £250m of new-to-bank 

lending across the SME and property 

sectors. 

We’re all doomed. 

SAVEMONEYCUTCARBON, a 

sustainability consultant, claims 

levels of profound concern about 

the state of our planet’s climate are 

rising to the point where people are 

unable to perform at work. While it 

is not yet a medically diagnosable 

condition, the growing prevalence of 

‘eco-anxiety’ can be seen to impact 

all aspects of life, affecting all age 

groups. Force of Nature, a youth nonprofit 

organisation found that more 

than 70 percent of young people feel 

hopeless due to the climate crisis 

and 56 percent believe humanity is 

doomed, while only 26 percent feel 

that they know how to contribute to 

solving the problem. 

Picture perfect 

A new £243,000 asset finance loan 

from Allica Bank, brokered by media 

industry finance specialist Medialease, 

is helping award-winning camera 

rental company VMI TV to access 

and maintain the very latest highend 

equipment to meet evolving 

customer demand. Founded in 1979, 

VMI supplies high-end production 

for the likes of the BBC, ITV, Sky, 

Universal Pictures and Netflix. The 

deal was agreed in part thanks to the 

Government’s Recovery Loan Scheme 

(RLS) that offers a 70 percent recovery 

guarantee to the lender, helping them 

to share the risk. 


NEWS 

MOVING TARGETS 

Is it Plus ça change in the world of collections? 

AUTHOR – Stephen Kiely 

TOUCHING, as it does, 

so many customers in 

the most vulnerable 

of situations, the debt 

collection industry is 

regularly in the glare of 

public and regulatory attention. 

The popular view of the industry 

might be mixed at best, but one thing 

seems apparent: the need for an 

effective collections sector to protect 

beleaguered creditors remains all too 

real. The number of registered company 

insolvencies jumped 13 percent in Q2 

2023 compared to Q2 2022, and reached 

the highest level since Q2 2009. 

Similarly, a new report, published last 

month, found that more than a quarter of 

small business owners in the UK believe 

that they will be forced to cease trading 

if the outlook for their business does not 

improve. 

Jonathan Portes, professor of 

economics and public policy at King’s 

College London said: “While the energy 

price spike has abated, and labour 

shortages have eased somewhat, more 

generalised inflationary pressures mean 

that SMEs are being squeezed from both 

ends, with some input costs rising and 

consumer demand impacted as real 

incomes have fallen. Recent rises in 

interest rates will exacerbate both.” 

Image building 

In the face of such need and opportunity, 

the collections industry has long sought 

to improve its image – driving up 

standards wherever it can. As part of this 

trend, for many of the larger, investmenthungry 

debt purchasers, a new phrase 

has hit the boardrooms and company 

reports: ‘Environmental, Social and 

Corporate Governance’ or ESG. 

Zach Lewy, Chief Executive of Arrow 

Global was quick to boast of its ESG 

credentials. “We have benefitted from 

the success of further embedding ESG 

processes across our businesses,” he says. 

“Empowering our teams to incorporate 

sustainability into what they do, 

identifying where we can drive positive 

impact and developing our measurement 

and reporting capabilities are all critical 

steps in our journey. 

“We remain proud of our trackrecord 

as an asset manager and with 

our disciplined investing, underwriting 

approach and propriety deal flow. We 

know we have tremendous opportunity 

ahead of us. ESG is at the heart of value 

creation, and the pandemic and other 

societal issues have accelerated the pace 

of change around ESG.” 

Technology 

Meanwhile, in a competitive market 

where participants must seek every 

advantage, DCAs and debt buyers 

continue to act as early adopters of 

new technology. Last month, Intrum 

partnered with Aryza Group to automate 

its business processes in the Netherlands. 

To objectively evaluate the performance 

of bailiffs handling ongoing files, Intrum 

already leverages Aryza Control on half a 

million claims worldwide. 

Guy Colpaert, managing director 

at Intrum Benelux, said: “This 

strategic collaboration enables us to 

automate our business operations, 

enhance performance, and establish 

a prominent market presence in the 

Netherlands. Aryza Control provides 

us with unprecedented transparency 

and control across the entire collection 

process, allowing us to make informed 

decisions, improve efficiency, and deliver 

exceptional results.” 

Last month, Arvato announced that 

it has partnered with KYP.ai to drive 

its digital transformation, artificial 

intelligence (AI) and robotic process 

automation solutions. Debra Maxwell, 

CEO at Arvato CRM Solutions, said: 

Worst environment for SMEs 

in more than a decade 

RESEARCH from global SME funder, 

Bibby Financial Services, reveals 

that 2023 is the worst economic 

environment for small and medium 

sized enterprises (SMEs) in 15 years. 

Findings from the 2023 Global 

Business Monitor, which surveyed 

SME owners and decision makers 

from nine countries, show inflation (55 

percent), energy costs (49 percent) and 

uncertainty over local economies (28 

percent) are stifling business growth in 

2023. 

Notwithstanding these challenges, 

SMEs are upbeat about their own 

prospects. The vast majority (85 

percent) are confident about their 

prospects for the remainder of 2023, and 

nearly two thirds (64 percent) anticipate 

that sales will increase over the coming 

months. 

Jonathan Andrew, Global Chief 

Executive Officer at BibbyFinancial 

Services, believes that business 

owners are battling with a cost-ofdoing-business 

crisis on two-fronts: 

significantly higher costs and monetary 

policy leveraged to tackle this primary 

issue: “The fact that so many are 

positive about their own prospects 

in the face of these challenges is 

testament to the ingenuity and 

determination of SME owners around 

the world,” he says. 

Regional variations paint a more 

nuanced picture. In the Republic of 

Ireland, SMEs are hugely optimistic with 

90 percent saying they feel confident 

about their prospects. Conversely, over 

a fifth (21 percent) of Polish SMEs lack 

confidence in their outlook for the 

remainder of this year. 

German SMEs are the most bullish 

in their trading expectations, with 75 

percent anticipating that sales will 

grow over the coming months. In the 

UK and the Netherlands, there is greater 

caution, with 54 percent predicting only 

a slight increase in sales. 

Despite an optimistic outlook, 

cashflow remains an obstacle to 


“Where there may still be those questioning the new 

regulation, today’s action by the FCA is an important reminder 

to all financial services that Consumer Duty is now live and 

firms are bound to meet its requirements.’’ 

– Andrew Gething, Managing Director of MorganAsh 

“Having the ability to provide this digital 

transformation platform to our clients 

is paramount. It puts the customer and 

the employee at the forefront, utilising 

data mining effectively to help automate 

relevant tasks. It also highlights the value 

that an innovation-led, digital approach 

to customer experience can deliver for 

our clients, both within the public and 

private sectors.” 

Consumer Duty 

Another long-running issue is Consumer 

Duty, which remains a matter of concern, 

with few collectors certain whether 

the impact upon their business will be 

substantial or minor. This situation may 

soon be given some real clarity after 

Financial Conduct Authority (FCA) has 

finally taken action, requesting value 

assessments from nine banks. 

Andrew Gething, Managing Director 

of MorganAsh insisted that this should 

act as a wake-up call for all concerned. 

He said: “Where there may still be those 

questioning the new regulation, today’s 

action by the FCA is an important 

reminder to all financial services that 

Consumer Duty is now live and firms 

are bound to meet its requirements – 

or face investigation. As the base rate 

has continued to rise, the spotlight has 

remained on savings and the rates being 

offered by both banks and lenders.” 

Meanwhile, Peter Lemon, consultant 

for FICO insisted that more personalised 

journeys, processes and decisions must 

now take centre stage as customer 

needs, characteristics and vulnerabilities 

become key actionable insights. 

He expects to see ‘foundational changes 

made’ in how the industry manages data 

and uses analytics, including AI. The 

ability to ingest more types of data is key, 

as is the breaking down of product silos 

to get a fuller picture of each customer. 

AI and machine-learning models will 

help collectors analyse much more 

data from different sources to get a 

better picture of customer needs and 

vulnerabilities. 

An essential aspect of the new 

regulatory framework will be the need 

to establish a robust feedback loop and 

adaptability measures. As such, ongoing 

monitoring and testing will play a crucial 

role. 

Acquisitions 

With such pressures, it is perhaps 

unsurprising that the sector is 

consistently busy with acquisitions. In 

April Phillips & Cohen Associates (UK) 

completed the acquisition of Ardent 

Credit Services, a Liverpool-based 

debt recovery and credit management 

services provider, following approval 

from the FCA. Meanwhile, Arrow Global 

Group completed the full acquisition of 

Maslow Capital, a provider of real estate 

finance. Founded in 2009, Maslow Capital 

has built a track record in originating, 

underwriting, and servicing specialist 

real estate loans ranging from £10m to 

£300m. 

Conversely, Intrum continued to 

reduce its geographical footprint by 

exiting operations in the Baltics and 

Romania. The servicing platforms and 

investment portfolios of Intrum Baltics 

are being acquired by Aktiva Finance 

Group for a cash consideration of €30m. 

The transaction, which consider 100 

percent of the equity interest in Intrum 

Estonia AS, Intrum Latvia SAI and Intrum 

Lithuania UAB, is expected to close in Q3 

for the Estonian and Latvian businesses 

and in Q4 for the Lithuanian business. 

And so, the debt collection industry 

moves on, ever changing and ever 

adapting - a truly dynamic force. 

Steve Kiely is a freelance business writer. 

“While the energy price spike has abated, and labour shortages 

have eased somewhat, more generalised inflationary pressures 

mean that SMEs are being squeezed from both ends.’’ 

progress for SMEs across international 

markets. Findings reveal that 26 

percent of small businesses have 

insufficient cashflow to grow, and 10 

percent don’t have enough to operate 

effectively on a day-to-day basis. 

This issue is exacerbated by supplychain 

pressure with more than a third 

(35 percent) of those surveyed writingoff 

monies owed in the last 12 months 

and 31 percent reporting customers and 

suppliers going into administration. 

More than half (51 percent) say 

customers are taking longer to pay than 

in 2022, and a similar proportion say 

they are being forced to pass on higher 

costs to customers (50 percent). 

“While the overriding sense of 

optimism is encouraging, slow growth 

across international economies, 

inflation and rising interest rates are 

beginning to impact supply-chains,” 

Jonathan continues. “For small 

business owners, there is no onesize-fits-all 

solution to navigating the 

uncertain outlook ahead. What is clear 

across all markets is that SMEs need all 

the support they can get from both the 

private and public sectors.” 

The majority (89 percent) of SMEs 

plan to invest in their businesses 

this year. The most popular areas 

earmarked for investment are sales 

and marketing, staff training and 

development, and digital technology 

and IT. 

To support these investment 

intentions, SMEs are increasingly 

turning to third-party financing. Nearly 

half (46 percent) are more likely to 

use external finance than before the 

COVID-19 pandemic with bank and 

government loans, and unsecured 

lending the most popular options. 


INSOLVENCY 

THE FEAR INDEX 

Trading in administration: is there reason to fear? 

AUTHOR – Giuseppe Parla 

FINDING out that a key customer 

has entered administration 

is understandably a 

concerning time for credit 

managers, particularly if 

there are unpaid debts and 

uncertainty about how or when they might 

be paid. But what if the insolvent business 

continues to trade? Will continuing to supply 

them be detrimental to you? 

When a company enters administration, 

the appointed administrators, who are 

licensed insolvency practitioners, must 

achieve one of the statutory purposes of 

an administration. The Insolvency Act 

1986 states that an administrator must 

perform their functions with the objective 

of: (i) rescuing the business as a going 

concern; or (ii) achieving a better outcome 

for creditors than would have been likely 

had it been wound up; or (iii) realising 

property in order make a distribution 

to one or more secured or preferential 

creditors. 

An administration offers the company 

protection by way of a moratorium and 

no legal action can be taken against a 

company, without the administrator’s 

consent or permission of the Court whilst 

the moratorium is in place. 

Change in personnel 

So when might an administration process 

be used? It may be that the business was 

not being managed in the right way, and 

a simple change of personnel at the top 

of the organisation may be sufficient to 

reset the business on a more viable path. 

In other scenarios, the Board may have 

been trying to expand the business too 

quickly; taking on too much debt and 

overstretching financially. Refocusing on 

core activities and disposing of certain 

assets could put the business back on the 

road to recovery. 

As a creditor, you will receive a set of 

proposals within eight weeks from the date 

that the company entered administration. 

If the administrator decides to continue 

trading the business in administration, 

with the aim of rescuing the business as 

a going concern, they will automatically 

assume certain responsibilities as Officers 

of the Court. An administrator will be 

personally liable for the trading costs 

incurred, so your post-administration 

supplies will be paid as an expense of the 

administration. 

For credit managers, continuing to trade 

with a business in administration could 

‘It is likely that 

an administrator 

will want to enter 

into new terms 

of business with 

you, which may 

provide you with an 

opportunity to revise 

your credit terms 

with this business.’ 

seem a high-risk. However, it is unlikely 

to be as risky as trading with a business 

that is continuing to rack up debts and 

missing payment deadlines outside an 

administration process. Credit managers 

can take some comfort that when you are 

dealing with an administrator, you are 

dealing with an Officer of the Court, so 

you are unlikely to be left with any further 

unpaid debts for the administration 

period. 

As a credit manager, if you feel unable 

to continue trading with a customer 

going through an administration process, 

because of the large amount outstanding, 

you should consider speaking to the 

administrators directly. While it may not be 

possible for one creditor to be prioritised 

over another, the administrators may be 

willing to discuss ongoing trade with a 

critical supplier. 

It is likely that an administrator will 

want to enter into new terms of business 

with you, which may provide you with an 

opportunity to revise your credit terms 

with this business. 

In summary, credit managers should 

stay open minded about trading with a 

company in administration. Any future 

debts they run up will be met by the 

administration estate, and a positive, longterm 

commercial relationship may still be 

possible. 

Giuseppe Parla is a Business Recovery 

Director and Licensed Insolvency Practitioner 

at Menzies LLP. 


OPINION 

Name check 

Customer service requires the 

appropriate level of respect. 

AUTHOR – Stephen Lewis FCICM 

THE other day I had 

occasion to contact a senior 

management team at a wellknown 

High Street Bank’s 

Head Office in London. 

To set the scene: I was 

working towards a conclusion of a 

complicated Life Insurance matter on 

behalf of a client – it was literally a matter 

of life and death regarding a delayed 

settlement, through no fault of my client. 

As a consequence, I was treating the 

matter with a great deal of gravitas in my, 

hopefully, usual professional manner. 

As most readers are aware, particularly 

with banks, it is never easy to get through 

to the same person twice, as they work in 

teams. So, on the third try that morning I 

was connected to a new ‘Team Manager’ 

who introduced themselves by their 

first name and as the senior manager 

responsible for my case. I explained in 

simple terms, again, the ongoing situation 

and quoted the three separate reference 

numbers I had on the file. To which came 

the reply: ‘Hold on my lovely and I’ll check 

the file. Won’t keep you holding long.’ 

Now, dear reader, if you don’t react in 

any way to the above statement, read no 

further. I, on the other hand, did react. 

Within a millisecond, all my 40 years 

of teaching and being taught about 

‘customer facing professionalism’ flashed 

through my brain. As calmly and politely 

as I could I replied: ‘Don’t call me “my 

lovely”, I have a name – it’s Stephen Lewis 

or Stephen.” Immediately the manager 

responded: ‘I apologise Mr Lewis, please 

hold and I will find the file.’ 

Ok you say. Sorted. But I was left 

somewhat shaken. Perhaps it’s me, but in 

that brief moment of being addressed in 

a light-hearted term of endearment I lost 

all confidence in the bank, the person I 

was dealing with and, more importantly, 

a successful and speedy conclusion to my 

case. Why? Because I felt that the person 

on the other end of the line was not a 

senior manager at all, nor was I through 

to the right person. More than this, I felt 

indignant at the disrespectful way I had 

been addressed. I felt I had been almost 

verbally abused (or am I going too far?). 

Changing attitudes 

I appreciate that we live in a world of 

work that is rapidly changing, where we 

speak to people using different terms 

and dress in different ways. Work is 

now far more ‘casual’ than it ever was in 

many ways – casual clothes and casual 

attitudes. To that end, some might say I 

am overreacting, but am I? Would that 

same bank call handler walk into the 

Boardroom and address the Chairman 

of the Bank with ‘Hello my lovely’? If the 

roles were reversed, and the chairman 

addressed the senior manager as ‘my 

lovely’ I can only think what the HR team 

would have made of it all and would fully 

expect to read details of the harassment 

case in a subsequent issue of the Bankers 

Review! 

We live in a world of opposites and 

contradictions so my mantra has always 

been: ‘Keep it simple – Keep it safe’. It 

used to be ‘keep it simple stupid’, but I 

don’t use that anymore since I had to talk 

my way out of a training course attendee 

accusing me of calling them stupid! 

The customer is the most important 

person to any business, and we should 

never presume or assume who we/they 

are. So always start any conversation, 

verbal or written with the respect 

that they/we feel is deserved. 

Always address the customer with 

an acceptable title, be it Mr, Mrs, 

Ms – it carries no risk and allows them 

to invite you to call them by a first name 

or anything else. But never give yourself a 

title. I always teach that scenario. 

If someone invites a more relaxed 

greeting, then you are more than halfway 

to solving a problem. If they continue to 

call me ‘Sir’ or ‘Mr’ I need to work a little 

harder to break down the barriers. In debt 

collection in particular I always say that 

you can’t make people pay – you can only 

make people want to pay! It is much the 

same in any other business or personal 

scenario. People don’t want to be forced 

into anything; we have to want to do 

something. 

Some of you may disagree. Some of you 

don’t mind that unsolicited call calling 

you by your first name and asking how 

your day is going. Maybe I am just being 

old fashioned, but I do. 

Stephen Lewis FCICM is a credit and 

collections consultant. 

The customer is 

the most important 

person to any 

business, and 

we should never 

presume or assume 

who we/they are. 


INTERVIEW 

FOLLOW 

MY LEADER 

Sean Feast FCICM speaks to 

Vikki Brownridge of StepChange about 

leadership, charity funding, and making 

the most out of life’s opportunities. 

IT was early in her career that Vikki 

Brownridge discovered she had 

a flair for leadership. She was 19 

and running a newly established 

contact centre for Avery Berkel, 

the famous manufacturer of 

weighing equipment: “I found I really 

enjoyed leading people,” she explains, “and 

leading the development of new products 

and services. I loved the hustle and bustle 

of the contact centre environment but also 

knew that my future career had to be in 

leadership.” 

Perhaps it’s no surprise, therefore, that 

Vikki is now the Chief Executive of the UK’s 

leading debt charity, StepChange, but what 

is perhaps more of a surprise is her journey 

in getting there. 

Born in Leeds, coincidentally where 

StepChange had its first office, Vikki is 

from a typical working-class background. 

Her father was a bus driver, and her mother 

had a series of part-time jobs to make ends 

meet. Educated at the local State school, 

a passion for racket sports led to a Sports 

Scholarship at an Independent School, 

Woodhouse Grove: “I played squash for the 

County and for the North West of England 

and this led to a scholarship that gave me 

an opportunity I would not have otherwise 

had,” she explains. 

Telephone banking 

Enjoying English and History, she did well at 

GCSEs until family circumstances obliged 

her to leave school before her A levels and 

find a job. She joined First Direct, one of 

the early trailblazers in telephone banking, 

as a Banking Representative and after two 

years moved on to Club 24 as a Customer 

Service Advisor, exposing her to the world 

of credit: “I worked on the phones and then 

took on a supervisory role,” she says. “It was 

my first career stepping-stone, learning 

how to lead and be a mentor to others. I 

really enjoyed it.” 

An opportunity to join Avery Berkel 

tempted her away, and in 1996 she joined 

the firm to lead its newly established 

contact centre in Leeds from which it 

would manage and despatch engineers to 

service Avery equipment across the UK: “I 

took everything I had observed and learned 

in larger contact centres and applied them 

at Avery,” she says. 

Her talent and abilities were quickly 

recognised, and she soon after found 

herself working on a major transformation 

programme with KPMG, migrating 

10 disparate systems into one: “It was 

the time of the Millennium bug,” she 

recalls, “and our systems were not 

Millennium compliant. I led the project 

team representing the contact centre 

environment, and the programme helped 

widen my experience and broaden my 

skillsets into project management.” 

With the programme successfully 

completed, after a brief spell with BT 

Cellnet, Vikki was enticed back to Club 24, 

which had since become Ventura, to lead 

its Telemarketing and Collections division 

as an Operations Manager. She spent five 

enjoyable years at the business, during 


which time she managed a team of more than 

500 people responsible for delivering multimillion-pound 

contracts. 

After a short career break following 

maternity leave, Vikki looked for another role 

through a headhunter and was presented with 

two opportunities: one of those opportunities 

was the Consumer Credit Counselling 

Service – now known as StepChange: “The 

headhunter said it was a bit of an odd one, 

because although it was a charity, it operated 

very much as a business,” she explains. 

“I went in for the interview and was 

immediately hooked. There was a strong 

sense of purpose, and I loved the fact that it 

existed purely to help other people. I am as 

passionate about the Charity today as I was 

when I first arrived. It’s an organisation that 

truly believes in its purpose. You may well 

love your job in other firms, but you can never 

replicate that feeling you get when you help 

people like we do.” 

Career progression 

Vikki started as an Advice Centre Manager 

in 2005, and steadily progressed through the 

ranks. She became Head of Debt Advice in 

2007 and Head of Strategic Relationships in 

2015. Joining the executive team, she was 

appointed Director of Charity Development 

in 2018, Director of Client Experience in 2021, 

and Director of Operations later the same 

year, before finally becoming Chief Executive 

in May 2023. 

Any talk of the cost-of-living crisis having 

passed, or even being on its way out, is 

somewhat premature, Vikki believes: “It’s 

a real and present problem,” she explains, 

“it’s not a 2022 issue. Yes, energy prices are 

coming down and there are a few other 

positive indicators but consumers have been 

hit by a series of compounding difficulties: 

high energy bills; debts accumulated during 

the pandemic; high inflation impacting 

food prices; and high interest rates affecting 

mortgagees and renters alike. 

“More than a third (34 percent) of 

those coming to us for debt advice are in a 

negative budget situation. Put another way, 

they have less coming in than going out. 

“We have a good partnership with the 

CICM in learning and development 

and make the qualification available to 

our employees. It has been a successful 

partnership with some strong results.” 

Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 13 continues on page 14 >

INTERVIEW 

That needs collective action, not just from 

the advice sector but also from the banks 

and other creditors. It’s going to take 

policy change and other interventions 

from the Government and regulators 

to solve. This isn’t just about people on 

benefits; it’s also about people who are in 

full time employment but have no other 

means of increasing their income.” 

The figures Vikki shares from the 

charity’s recent Impact Report show 

the value she believes that StepChange 

delivers. In 2022 it reached more than 2.8 

million customers, 167,000 received full 

debt advice and c178,000 clients had an 

active debt management plan. Its clients 

repaid more than £371m in debt, and 

25,500 became free form problem debt 

entirely. It recorded more than six million 

visits to its website. 

Future funding 

To what extent StepChange will be 

able to continue to help clients at the 

current rate – c15,500 per month (as at 

July 2023) – will be a challenge, not least 

because of a question mark over future 

funding. StepChange is currently funded 

predominantly through a Fair Share 

Contribution, a funding model whereby 

creditors who receive a payment from 

one of their customers on a StepChange 

debt management plan pay a percentage 

contribution for the charity’s service, 

based on the payments they receive. 

“What we are seeing,” Vikki explains, “is 

that the pressure on household incomes 

means there are fewer people with any 

level of repayment potential coming 

for debt advice and depositsare also 

reducing for those who are already on 

debt management plans because their 

budgets have been further impacted by 

the cost-of-living crisis. As our funding is 

linked to that one solution, our funding 

therefore tends to be squeezed. 

“That said, we are having very positive 

conversations with our existing funders 

about other ways of supporting us to 

support their customers where a debt 

management plan might not be available 

or might not be the best outcome for 

them.” 

Vikki says that the charity’s relationship 

with the debt purchase sector is probably 

the strongest it has ever been. The 

increase in debt sale activity in recent 

years means that a large proportion of 

StepChange’s debt management book is 

with the debt purchasers rather than the 

banks, which means it is disbursing a 

significant amount of money to the debt 

purchase sector. Funding is contractual in 

most debts sales and that instantly creates 

an important relationship between the 

two parties. “We work closely with them to 

provide the level of information they need 

about their customers, and the feedback 

we receive from the major purchasers 

we work with is that the ‘stickability’ of 

our debt management plans are very 

strong,” she says. “That is obviously 

a benefit to the purchaser and their 

customers, since their customers will 

ultimately become debt free more 

quickly.” Vikki says she works hard to 

maintain those relationships: “I have 

seen practices within the collections 

and purchasing sectors significantly 

improve during my time with the charity. 

Regulation has had a strong hand in that, 

of course, but we also see good practice in 

terms of customer service and a focus on 

consumer outcomes. 

“There was a regulatory sea change 

ahead of the pandemic,” she continues, 

“and then there was a sea change during 

the pandemic, and how much more 

a creditor could do before referring a 

customer on for additional support. 

“Leading the 

development of 

new products and 

services. I loved the 

hustle and bustle of 

the contact centre 

environment but 

also knew that my 

future career had to 

be in leadership.” 


INTERVIEW 

“Now we have Consumer Duty as 

another layer which changes the 

landscape as regards what the future 

role of debt advice should be, given that 

organisations are doing more themselves 

for their customers from the start. This 

is, of course, a good thing but needs to be 

considered in the context of what is the 

debt advice sector for and how should 

it be funded. We must ensure that the 

customers who cannot be supported by 

their creditors still get good advice and 

good outcomes.” 

Consumer Duty 

Vikki believes that the new Consumer 

Duty, which came into effect at the 

end of July, is a good thing in helping 

organisations to focus on outcomes: 

“You can tick boxes but still deliver a 

poor outcome,” she says, “but what the 

Consumer Duty looks to enable is that you 

are thinking more broadly. For example, 

“There was a regulatory sea 

change ahead of the pandemic, 

and then there was a sea 

change during the pandemic, 

and how much more a creditor 

could do before referring a 

customer on for additional 

support.’’ 

how have you monitored and measured 

that the product or advice you’ve provided 

is right for that individual? It will be an 

evolving journey for the industry and 

for individual businesses. It’s made us 

look at ourselves as a consumer facing 

organisation and that can only be a good 

thing.” 

StepChange is currently working 

through its actions based on a strategy 

to the end of 2024. This includes a 

significant investment in new digital 

technology to transform its back-office 

environment from a process and systems 

perspective. It means allowing those on 

a debt management plan, or similar, to 

interact digitally, at their own pace or at a 

time and in a way that suits them. 

It’s part of a much wider investment 

the charity has made in the digital space: 

“We have already invested in creating an 

omni-channel debt advice journey,” Vikki 

explains, “or how I prefer to describe it – 

an advisor-backed digital journey. 

“Three quarters (75 percent) of 

customers going through our debt advice 

journey do so online, and by having a 

digital capability we can help even more 

people in a more efficient and effective 

way, but with the same level of funding. 

It’s enabling us to automate some of our 

manual processes and interact with our 

creditor partners more effectively and 

bring efficiencies to them as well.” 

StepChange also continues to invest in 

the assisted learning and development of 

its own people, supported by the Chartered 

Institute of Credit Management: “We have 

a good partnership with the CICM in 

learning and development and make the 

qualification available to our employees,” 

she says. “It has been a successful 

partnership with some strong results.” 

While Vikki is delivering on the current 

strategy, she also has her eyes fixed on the 

future. In October 2022, the Money and 

Pension Service (MaPS) announced the 

outcome of its commissioning process for 

the funding of debt advice. Unfortunately, 

StepChange was unsuccessful in its bid 

for national debt advice and Debt Relief 

Order delivery: “This obliged us to pivot 

and make adjustments,” Vikki concedes, 

“but we are in a good place and there are 

exciting times ahead.” 

Evolving landscape 

The challenge, Vikki explains, is how the 

charity evolves in a constantly evolving 

debt landscape. She is, however, clear in 

her mission: “We want to achieve stability 

of funding, and be acknowledged as an 

efficient, accessible, digitally-backed 

service,” she says. “We also want to explore 

how we can further diversify our products 

and services to help more people in line 

with our charitable purpose which is to 

support the alleviation of poverty.” 

While Vikki has undoubtedly got the 

‘bug’ when it comes to social purpose, she 

has yet to find a similar interest to replace 

her squash, beyond supporting her 

daughter and two sons in their sporting 

or academic endeavours: “Injury obliged 

me to give up squash,” she smiles, “so now 

I have to content myself with walking my 

two dogs and standing on the touchline 

most weekends watching the boys play 

rugby.” 

And what advice would she have given 

her younger self? Vikki is phlegmatic: 

“There are many different ways to be 

successful,” she says, “and of course 

your individual circumstances and 

opportunities will play a part. But I do 

believe that with the right drive, ambition 

and belief in yourself, combined with a 

strong work ethic, anything is possible.” 


FRAUD PREVENTION 

WITHOUT FAIL 

Understanding the proposed ‘failure 

to prevent fraud’ offence. 

AUTHOR – Annie Birch 

THE Government intends to 

introduce a new ‘failure to 

prevent fraud’ offence as an 

amendment to its Economic 

Crime and Corporate 

Transparency Bill. In April 

2023, the Home Office published a fact 

sheet, which was updated in June (2023), 

and tabled an amendment to introduce 

the offence, which is supported by the 

Serious Fraud Office and the Crown 

Prosecution Service. 

The new offence is likely to come into 

force by the end of 2024 and will form 

part of broader reforms of UK corporate 

criminal liability. These also include 

proposed changes to replace the ‘directing 

mind and will’ test for corporate criminal 

liability with a new ‘senior managers’ 

test which, if introduced, could make 

prosecuting organisations for criminal 

offences much easier more generally. 

Recent proposed amendments have also 

introduced a failure to prevent money 

laundering offence, although it remains 

to be seen whether this will be included 

in the final legislation. 

Coupled with the renewed focus of 

the Serious Fraud Office, Financial 

Conduct Authority and other authorities 

on the prevention of fraud, this will 

significantly shift the landscape for 

organisations carrying on a business in 

the UK, in a similar way to the impact of 

the Bribery Act (BA) more than a decade 

ago. In particular, it will shift the focus 

from organisations as victims of fraud 

(inward fraud) to make it easier for 

organisations to be prosecuted for fraud 

committed by employees or third parties 

(outward fraud). It will also require many 

organisations to make significant changes 

to fraud compliance programmes in order 

to prevent a wide range of fraud offences. 

Framing the offence 

The new offence will make an organisation 

liable if it fails to prevent a specified fraud 

offence from being committed where an 

employee or agent commits the fraud, 

and the fraud is intended to benefit the 

organisation or a person to whom services 

are provided on behalf of the organisation. 

Importantly, the offence will have 

a defence of ‘reasonable procedures’ 

to prevent fraud. This means it will 

effectively require organisations to review 

and enhance their anti-fraud systems 

‘Reasonable 

procedures’ to 

prevent fraud. 

This means it will 

effectively require 

organisations 

to review and 

enhance their antifraud 

systems and 

controls to cover 

fraud committed 

for their benefit 

by employees or 

agents. 

and controls to cover fraud committed 

for their benefit by employees or agents. 

That said, the Government has stated that 

there may be circumstances where it is 

reasonable for an organisation to have no 

fraud prevention procedures in place. 

The offence was initially drafted to 

apply to all ‘large organisations’, with 

such a threshold being met where an 

organisation satisfied two or more of 

the following conditions in the financial 

year preceding the year of the offence: 

more than 250 employees, more than 

£36m turnover, and/or assets of more 

than £18m. However, recently agreed 

amendments have resulted in this 

requirement being removed, meaning 

that the offence is likely to apply to all 

organisations, regardless of their size. 

Although the exact jurisdictional scope 

remains unclear, the new offence will also 

apply to organisations and employees who 

are based overseas where an employee 

or agent commits a fraud offence under 

UK law or which targets UK victims. This 

appears to be slightly different from the 

jurisdictional scope of the BA which 

focuses on organisations carrying on a 

business in the UK. 

Types of fraud 

There has been continuing debate as to 

which types of fraud offence should be 

included in the ‘failure to prevent’ fraud 

offence. The proposed offence captures 

the fraud and false accounting offences 

which the Government considers are most 

likely to be relevant to large corporations. 

These are: 

• Fraud by false representation 

(section 2, Fraud Act 2006) 

•Fraud by failing to disclose information 


• Fraud by abuse of position 


• Obtaining services dishonestly 


• Participation in a fraudulent business 


• False statements by company directors 

(Section 19, Theft Act 1968) 

• False accounting 

(section 17, Theft Act 1968) 

• Fraudulent trading (section 993, 

Companies Act 2006) 

• Cheating the public revenue 

(common law) 


Although the exact jurisdictional 

scope remains unclear, the 

new offence will also apply to 

organisations and employees 

who are based overseas where 

an employee or agent commits 

a fraud offence under UK law or 

which targets UK victims. 

The types of conduct that could be 

caught are broad. Offences could arise out 

of warranties and representations made 

in transaction documents, prospectuses, 

annual reports, and insurance claims. 

Crucially, there would have to be dishonest 

intent for an offence to be committed. 

According to Home Office guidance 

conduct caught will include ‘dishonest 

sales practices, false accounting and 

hiding important information from 

consumers or investors’ and ‘dishonest 

practices in financial markets.’ 

The cheating the public revenue 

element of this new offence may also 

cross over with organisations’ existing 

obligations under the failure to prevent 

tax evasion offences introduced under 

the Criminal Finances Act 2017. It may 

be possible for organisations to build on 

existing procedures already in place in 

this regard. 

Failure to prevent 

Recent proposed amendments have 

also suggested expanding the failure to 

prevent fraud offence to include moneylaundering 

offences. Whilst the precise 

form of these – and whether they will 

actually be included – is still to be 

determined, it is expected that five money 

laundering offences will be caught by the 

new provision: 

• Concealing, disguising, converting, 

transferring or removing criminal 

property (section 327, Proceeds of Crime 

Act 2002 (PoCA)) 

• Arrangements facilitating the 

acquisition, retention, use or control of 

criminal property (section 328, PoCA) 

• Acquisition, use and possession of 

criminal property (section 329, PoCA) 

• Failing to disclose knowledge or 

suspicion of money laundering 

(section 330, PoCA) 

• Tipping off (section 333a, PoCA) 

It remains to be seen how this would 

interact with the existing money 

laundering legislative framework. 

Impact of the new offence 

The ‘failure to prevent’ model will make 

it easier to prosecute organisations 

compared to the current position in which 

an organisation will only be held liable for 

fraud where a ‘directing mind and will’ has 

been directly involved. In practice, it has 

been very difficult to attribute liability for 

fraud to organisations, particularly large 

global groups. 

The move towards a failure to prevent 

offence will increase the chance of 

prosecutions against organisations. This 

includes an increased risk of private 

prosecutions being brought by individuals 

who are victims of fraud. 

It is also envisaged that there will be an 

increase in the number of organisations 

entering into deferred prosecution 

agreements (DPAs) in relation to failure 

to prevent fraud, effectively settling the 

case without any formal requirement to 

admit criminal liability. Once the offence 

is in force, organisations which identify 

conduct covered by the new offence will 

have to carefully consider the risks and 

benefits of a DPA, particularly given the 

risk of parallel civil claims. 

Simple steps 

The Government has announced that it 

will produce specific guidance providing 

organisations with information about 

what reasonable procedures will look like 

in due course – akin to the BA adequate 

procedures guidance. Whilst the precise 

form of the new guidance is unclear, it is 

hoped that it will be detailed and tailored 

to sectors so as to highlight particular 

fraud risks that may be faced in each 

sector with detailed examples of red flags. 

This will considerably assist organisations 

in conducting their risk assessments and 

tailoring their policies and procedures. 

The Government will also likely need to 

clarify how, for regulated firms, this will 

interact with existing financial crime 

processes required. 

Pending guidance being published, 

and as a first step, organisations should 

consider whether any existing fraud 

risk assessment covers outward fraud in 

sufficient detail or otherwise needs to 

be revised. The risk assessment should 

be reviewed by reference to fraud issues 

the organisation and/or its peers have 

encountered. 

Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 17 continues on page 18 >

FRAUD PREVENTION 

AUTHOR – Annie Birch 

As highlighted there are a broad range of 

potentially complex offences covered and therefore 

risk assessments will need to be wide ranging 

and incorporate input from a number of different 

functions within an organisation. Organisations 

should therefore make sure that individuals tasked 

with conducting a risk assessment and putting in 

place procedures have a sufficient understanding 

of the offences covered. It is important that legal 

and compliance are closely involved to ensure the 

nuances of the offences are addressed both in 

the risk assessment itself, and in policies and the 

procedures to implement them. 

Based on the results of their risk assessment, 

organisations should ensure that anti-fraud 

policies, systems and controls manage the risks 

identified effectively. This means putting in place 

anti-fraud policies and procedures that mitigate 

outward fraud committed for the benefit of the 

organisation. 

Recent proposed 

amendments have also 

introduced a failure to 

prevent money laundering 

offence, although it remains 

to be seen whether this 

will be included in the final 

legislation. 

Tailored training 

Training, including tailored training for those in 

higher risk positions, should be organised. Given the 

complexities, case studies will be really important 

in policies and training to ensure individuals fully 

understand where offences may arise. 

Financial controls need to be reinforced and 

tailored to ensure that any potential red flags are 

picked up and investigated. Also, two person checks 

will be required. 

Due diligence will be necessary in respect of 

transactions for clients and contracts (for example, 

suppliers), particularly on third party agents given 

the offence will apply to the acts of agents acting 

on the organisation’s behalf. Where possible fraud 

due diligence should be integrated with existing 

processes such as anti-bribery and corruption 

due diligence processes already in place. Also, 

contractual provisions should cover outward fraud. 

Organisations also need to put in place effective 

audit and monitoring processes in relation to 

fraud, and in particular for third parties. Medium 

and high risk third parties should be monitored 

more closely and on a more regular basis. And as 

for due diligence processes, it is recommended that 

fraud monitoring and review processes are built in 

to existing procedures. 

Lastly, there should be a regular internal review 

of systems and controls along with a clear tone 

from the top. Fraud should be an agenda item at 

board and senior management level to ensure this 

is prioritised and given the appropriate oversight. 

Summary 

A change to the law in relation to fraud is coming, 

regardless of how it is finally enacted. With the 

emphasis on ‘preventing’ fraud rather than pinning 

the blame on a ‘controlling mind’, organisations 

need to implement procedures that de-risk the 

likelihood that action will be taken against them. 

Annie Birch is a Senior Associate 

at Norton Rose Fulbright LLP. 


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Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 19 

Rated as Excellent


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

The Digital Dawn 

The modernisation of writs in England and Wales 

would unshackle Courts and HCEOs. 

AUTHOR – Michael Jackson 

IN an age where digital transformation 

is reshaping every facet 

of society, the legal system is no 

exception. While electronic judgments 

were already introduced 

several years ago it seems almost 

impossible to believe that there isn’t yet a 

digital system for submitting and processing 

writs in the County and High courts, 

although a semi-electronic system is just 

now being considered. 

At present, High Court Enforcement 

Officers (HCEOs) submit around 140,000 

writs to the court system each year. This 

is equal to approximately 360,000 pages 

of forms which must be filled in by hand, 

sent by post to the courts to manually seal, 

then returned by post to the issuing HCEO 

who must then manually process them. 

Not only is this incredibly time consuming, 

but it is also costly, has negative environmental 

impacts and raises important 

points around accessibility and future improvements 

to the justice system. 

Efficiency gains through digital 

transformation 

Introducing a digital process for 

submitting writs would have significant 

impact on time saved by both HCEOs 

and the courts. Paperwork could be sent 

and received within minutes rather than 

days and electronic copies can be easily 

searched for and recalled if needed. 

It would allow for better resource 

allocation in both enforcement businesses 

and the courts, which would enable 

HCEOs and the court’s teams to focus on 

other important areas. 

Of course, this time saving would equate 

to financial savings to the public purse 

as court staff usually paid to manually 

complete writs could be assigned to other 

tasks. Courts and enforcement businesses 

would also see tangible cost savings by 

spending less on stationery, storage, 

printing, and postage, which would limit 

future upward pressure on enforcement 

fees. (As an aside, High Court enforcement 

fees have been static for a decade now, 

though the Ministry of Justice is currently 

reviewing them, but that is another article 

for another day). 

Enhanced security and analytics 

Digital formats would provide enhanced 

security for all involved. Paper documents 

are vulnerable to loss, damage, or theft, 

which can be disastrous in legal cases. 

With digital storage and encryption 

measures, sensitive case information is 

better protected. Access controls ensure 

that only authorised individuals can view 

or modify the documents, preserving 

the integrity and reputation of the 

enforcement process. 

There is also a real opportunity to use 

digitisation of writs to analyse case data 

to identify trends, track performance 

metrics, and make informed decisions 

about resource allocation and procedural 

improvements. This data-driven approach 

can lead to more informed policy decisions 

and optimisations within the justice 

system and enforcement businesses. 

By reducing the 

reliance on paper 

and embracing 

digital alternatives, 

the enforcement 

profession can 

contribute to 

environmental 

conservation efforts. 

Streamlined case management 

Whilst accepting accessibility by phone is 

vitally important for many, we also need 

to ensure that we embrace other methods 

as well. Enforcement businesses have 

already made significant investments into 

digital customer communications with 

many using email, webchat, and online 

customer portals to enable self-service. 

As we move forward and continue to 

evolve, there will be a growing demand 

by customers to have much greater 

accessibility with expectations for 

enforcement businesses to have facilities 

operating 24/7. 

Moving towards a digital first future 

will give UK businesses and individuals 

hoping to recover the money that is owed 

to them greater trust in the enforcement 

process, with enforcement agents able to 

show electronic versions of instructions 

and, where possible, producing live 

documentation electronically at the point 

of need. 

Electronic sharing of documents allows 

for real-time updates, comments, and 

revisions. This collaborative approach not 

only improves communication but also 

expedites case preparation and resolution. 

Enforcement agents can work more 

efficiently, leading to better outcomes for 

their clients. 

Environmental sustainability 

Going digital is also a step towards 

environmental sustainability. The legal 

system, like any other sector, produces 

a significant amount of paper waste. 

By reducing the reliance on paper and 

embracing digital alternatives, the 

enforcement profession can contribute to 

environmental conservation efforts. This 

move aligns with broader societal goals 

of reducing the carbon footprint and 

preserving natural resources. 

The future of enforcement 

Above all, a more efficient and accessible 

legal system positively impacts public 

perception. When people and businesses 

experience faster case resolution, reduced 

administrative hassles, and improved 

access to legal services, they are more 

likely to trust and engage with the justice 

system. This fosters a sense of fairness 

and accountability, which are essential 

elements of a just society. 

While HCEOA is encouraging its 

members to continue to invest in 

improvements to their systems and 

welcomes the move to be able to apply 

for a writ by email as opposed to post, 

what’s really needed is a digitisation 

plan for writ enforcement. Ideally, we 

need a streamlined digital writ that can 

be automatically submitted via a digital 

link with the courts, so that Judgment 

Debtor Applications, Stays and other 

Court Orders can automatically notify the 

HCEOs, but that system change lies with 

the Government. 

Michael Jackson is Vice Chair of 

the High Court Enforcement Officers 

Association (HCEOA). 


BUSINESS FINANCE 

HERO WORSHIP 

Invoice Finance is the unsung hero 

of cashflow funding. 

AUTHOR – Ant Persse FCICM 

IN the world of business 

financing, there's an unsung 

hero that is not utilised to its 

full potential – Invoice Finance. 

It's a financial tool that could 

revolutionise the way businesses 

manage their cashflow and, in turn, 

supercharge the economy. But why do we 

think it's a game-changer that deserves 

more attention? 

Invoice Finance, despite its immense 

potential, remains one of the most 

underutilised of all cashflow management 

tools in the United Kingdom. There's a 

staggering amount of money – many 

hundreds of billions of pounds – tied up 

in unpaid invoices, sitting on the balance 

sheets of countless businesses across the 

nation. By providing the key to unlocking 

these dormant funds, Invoice Finance 

could have a profound impact on the 

overall economy. 

In 2022, UK Finance reported that its 

members across Invoice Finance and 

Asset-based Lending supported £314 

billion of client sales, up from £276 

billion in 2021. Client numbers, however, 

remained relatively static (at c35,000 

businesses); the increase was due to the 

turnover of the average client increasing 

(from £7.9 million to £9 million). 

Indeed, looking at client numbers in 

the sub £10 million turnover bracket 

(around 29,000 businesses) paints a 

rather gloomy story: they fell, (although 

it is worth noting that the number of 

new bank loans and overdraft facilities to 

SMEs also fell). 

So why do client numbers remain so 

stubbornly stationary and why don’t more 

businesses use it? One of the primary 

reasons Invoice Finance is underutilised 

is because of a simple lack of awareness 

among businesses. Many entrepreneurs 

and business owners are unfamiliar 

with what Invoice Finance is and how 

it works. In simple terms, it allows 

businesses to access cash against 

invoices that are not yet due for payment, 

providing a significant boost to their cash 

flows. 

It's often said that businesses don't fail 

because they aren't profitable; they fail 

because they run out of cash. Invoice 

Finance addresses this critical issue by 

ensuring that businesses have access 

to the cash they need when they need 

Ant Persse FCICM 

Chief Executive Officer 

of Optimum Finance. 

It's a financial 

tool that could 

revolutionise the way 

businesses manage 

their cashflow and, 

in turn, supercharge 

the economy. 

it most, supporting the old adage that 

cashflow is the lifeblood of business. 

Multi-sector appeal 

Unlike some other forms of funding, 

Invoice Finance doesn't discriminate 

based on the size, age, or credit risk profile 

of a business. This inclusivity means that 

a substantial portion of the business 

population can benefit from it. Whether 

you're a new start-up or an established 

company in need of a financial boost, 

Invoice Finance can be the solution. 

Imagine being a fledgling business 

or a company in need of a financial 

lifeline. Many ‘traditional’ funding 

options such as a commercial loan or 

overdraft can be challenging to secure. 

Invoice Finance, on the other hand, 

embraces entrepreneurship and growth, 

offering a much-needed cashflow buffer 

for businesses at all stages of their 

development. 

Take the example of Mondo Brewery 

Company, one of London’s most successful 

craft brewing enterprises. The co-founder 

and Director Todd Matteson opted for 

Invoice Finance as a cashflow funding 

tool better suited to his company’s needs. 

Optimum Finance pays Mondo an agreed 

percentage of the invoice value as soon as 

it is submitted, driving access to liquidity 

at the point of invoice as opposed to 

needing to wait. Mondo buys hundreds 

of kilograms of hops and many tons of 

malt weekly, along with the chemicals 

necessary to the brewing process. It 

creates something in the order of 45,000 

litres of craft beers every month to a 

total of approximately 5,000 hectolitres 

a year. 

“Optimum advances 85 percent of 

the invoice value,” Todd explains, “with 

access to up to £250,000 at any one time, 

and this is a tremendous benefit in paying 

our own suppliers and giving us greater 

flexibility in our purchasing decisions.” 

Specialist automotive power tools 

business Kielder is another good example 

and from a completely different industry. 

Paying suppliers and staff while waiting 

to be paid themselves by some of the 

major resellers was the challenge, and 

Invoice Finance the solution. 

Mo Han, co-founder and Head of 

Purchasing at Kielder, says the benefit 

of Invoice Finance is that it releases cash 


“Optimum advances 85 percent of the invoice value 

and that helps us not only pay our own people and our key 

suppliers, but also enables us to offer discounts on bulk orders 

to our key customers.” – Ant Persse FCICM. 

into the business almost immediately, 

regardless of how long it takes a customer 

to finally pay: “Optimum advances 85 

percent of the invoice value and that 

helps us not only pay our own people and 

our key suppliers, but also enables us to 

offer discounts on bulk orders to our key 

customers. 

“With some of our customers requiring 

60-day payment terms, it enables us to 

bridge the cashflow gap, and do so with 

what is effectively our own money. What’s 

especially good about it is that as we grow, 

so the amount of cash available to us also 

grows, and this will help us expand.” 

Powerful tool 

Invoice Finance can be a powerful tool 

for any business that engages in trade 

with other businesses. It provides a way 

to bridge the gap between the delivery 

of goods or services and the receipt of 

payment. However, it's worth noting that 

Invoice Finance can be slightly more 

complex when dealing with contractual 

debts, making it more challenging to 

secure for businesses in industries like 

construction. 

In conclusion, Invoice Finance is 

a financial instrument that holds the 

potential to reshape the financial 

landscape for businesses in the UK. It's a 

solution that can empower businesses to 

unlock cash trapped in unpaid invoices, 

maintain healthy cashflows, and foster 

growth, all while being accessible to a 

wide range of businesses. As awareness 

of its benefits grows, it could become a 

cornerstone of financial management 

for businesses across the country, 

contributing to a more resilient and 

thriving economy. 

Ant Persse is Chief Executive Officer of 

Optimum Finance. Article adapted from a 

presentation given to the CICM Think Tank. 


CICM CORPORATE PARTNER 

BETTER OUTCOMES 

TCN hosts its first UK networking and education event for 

users of technology in the credit and collections industry. 

outcomes for 

your business and 

customers through 

technology,’ was hosted 

by TCN, a global 

‘BETTER 

provider of a comprehensive 

cloud-based call centre platform 

for enterprises, contact centres, BPOs, 

and collection agencies. 

The event held at The Holiday Inn in 

Leamington Spa in June, was supported 

by industry partners and the Chartered 

Institute of Credit Management (CICM), 

with which TCN has recently become a 

Corporate artner. 

TCN also announced new integrated 

solutions partnerships in the UK with 

DebtStream and Debtrak, which also 

supported the event. Round table 

discussion topics were moderated by Luke 

Sculthorp, Head of Strategic Relationships 

at CICM. Kerry Sherman, Vice President 

and Co-Founder of TCN also flew in from 

the US for the event and Adrian Stefan, 

Director of Sales in the EU came from the 

EU head office in Bucharest, Romania. 

Delegates from a range of collection 

industry sectors including collection 

agencies, legal recoveries, enforcement, 

BPO’s, leasing and more, were all in 

attendance. 

These delegates were invited to hear 

from the three partner companies, 

network, ‘lunch and learn,’ and to discuss 

two main topics. 

1) Understanding the challenges resulting 

from tighter regulations, combined with 

a worsening economic outlook, and the 

part technology can play in mitigating 

those pressures. 

2) Technology deployment, procurement, 

and usage of best practices to maximise 

efficiency and achieve best mutual 

outcomes for consumers and companies. 

Introducing the first topic, Luke 

Sculthorp, from CICM said: “The economy 

and inflation aren’t moving if we compare 

ourselves to other economic areas such as 

the US. There are no increases in taxation, 

it’s going to affect your customers and it’s 

going to become more challenging. 

“How do we see technology and 

technical innovation affecting the 

collection sector?” Delegates discussed 

consistency of customer journey, and 

giving the consumer a choice over their 

preferred communication channel as well 

as confusion over consumer duty and 

how to navigate their customer’s differing 

views of what consumer duty is while 

giving consumers a ‘fair deal.’ 

For topic two, discussion led to not 

wanting technology to become bolt on after 

bolt on and to ensure it works effectively 

without becoming too complex. They also 

discussed how the procurement process 

should be individualised for companies 

and ensure all levels of the business are 

onboard and understand how it can 

benefit customers while ensuring the 

clients know how to properly use the 

technology at their disposal. 

Opening the event and introducing the 

partnership, Spencer Taylor, Regional 

Head, Sales and Operations UK & Eire at 

TCN, said: “There are many issues facing 

the UK economy currently, a lot of people 

are also finding themselves in debt 

for the first time. So today, we want to 

discuss how technology can help, as well 

as the procurement and implementation 

processes and how systems can integrate 

together to deliver more than the sum of 

their component parts. 

“As suppliers it’s incumbent on us 

to help clients and create the best 

solutions that help drive cost savings and 

efficiencies. These three technologies are 

an example of how we can work together 

with other suppliers in an integrated 

way, and they fit well together for credit 


“As suppliers it’s incumbent on us to help clients and create 

the best solutions that help drive cost savings and efficiencies. 

These three technologies are an example of how we can work 

together with other suppliers in an integrated way.” 

– Spencer Taylor, TCN. 

Below: Delegates at the TCN 

event ‘Better outcomes for your 

business and customers through 

technology,’ at The Holiday Inn in 

Leamington Spa earlier this month. 

80 percent of our work as technology 

partners is consultancy. We give you the 

tools and you can do the configuration 

work, or we can do it for you. If you have a 

client coming on board and need 

assistance with explaining the technology 

you’re using and its benefits to your client 

you ask your tech provider. You’ll find 

we will be very happy to help and we 

can answer all the questions about the 

technology, its features, benefits to your 

client and integrations, we are part of 

your team.” 

Delegates at the event also raised £165 

for the debt charity Step Change, which 

was match funded by TCN, with a total of 

£330 being donated. 

Michael Jewitt from Oriel Collections 

was the lucky recipient of the £250 Virgin 

Experience Days gifted by TCN at the 

event last week. 

TCN is planning its next lunch and 

learn event in autumn this year. Check 

out the TCN website and TCN on LinkedIn 

for further details. 

TCN, Inc is a global provider of a 

comprehensive, cloud-based call centre 

platform for enterprises, contact centres, 

business process outsourcing firms 

(BPOs) and collection agencies. 

Below: Michael Jewitt from Oriel 

Collections is presented with the £250 

Virgin Experience Voucher gifted by 

Spencer Taylor, Regional Head Sales, and 

Operations UK & Eire at TCN. 

collections/BPO’s, becoming a ‘superplatform’.” 

TCN has two decades of experience 

building contact centre systems, based in 

the cloud from day one. With over 2,000 

clients worldwide across most continents, 

handling billions of calls a day, global data 

centres and offices worldwide we provide 

unrivalled support and service wherever 

our users are located. 

Martin O’Donnell, CPO, and Co-Founder 

DebtSteam said: “We used self-service 

platforms in other roles and realised there 

was a change within the industry and to 

build your own platform takes a lot of 

time and resource. “So, we have created 

an out of the box platform which can be 

integrated into any CRM – it’s all driven 

dynamically, for personalised journeys 

using individuals data. Together, the 

three platforms, offer a seamless end to 

end collections journey, its collections 

made digital.” 

Mark Jones, Director Request 

Computing, said: “Request Computing 

implements and supports Debtrak in 

the UK, Europe and USA. Debtrak was 

established in 2010 and the 

platform has been deployed 

extensively worldwide boasting 

credit providers, banks, government 

agencies, collection agencies and 

BPO’s amongst its clients. “The 

CRM product and the functionality 

within it is very powerful, intuitive and 

accessible. Spencer added: “More than 



FINANCIAL SUPPORT 

Benevolent thinking 

The CICM is relaunching its Members’ 

Financial Support Fund. 

AUTHOR – Sean Feast FCICM 

THE current economic 

uncertainty and cost-ofliving 

crisis have created 

hardship for many people, 

young and old, able or less 

able, wherever you may sit 

on the social scale. Every so often, any 

one of us may need a helping hand, a 

benevolent gesture, to get us through a 

difficult period. 

It was with this in mind that almost 

30 years ago the Institute of Credit 

Management – as it was then – set up the 

Benevolent Fund to assist members and 

former members of the Institute, or their 

dependents, who are ‘in conditions of 

need, hardship or distress’. Now that fund 

is being rebranded and relaunched as the 

Members’ Financial Support Fund. 

Since its original launch back in 1994, 

the Fund has come to the assistance of 

many different members with varying 

needs. It has helped finance the purchase 

of a mobility scooter for a disabled 

member and fund the studies of the 

daughter of a member who became 

unexpectedly ill. It has financed the 

purchase of computer equipment to assist 

an unemployed member set up a business 

and contributed towards the purchase 

of an orthopaedic bed for one member 

whose condition was thereby greatly 

eased. It has even helped with payment 

for a drug, not available on the NHS, for 

medical treatment. 

The fact that even more people haven’t 

been helped over the years is primarily 

due to a lack of awareness; although 

signposted and easily visible on the CICM 

website, it is still largely unknown. It’s 

why the Institute has appointed Peter 

Wallwork FCICM, to Chair the Committee 

who consider applications, and to 

spearhead a new campaign and a rebrand. 

“The Fund is a tremendous benefit 

to members and their families, but not 

enough people know about it,” Peter says. 

“This has two impacts: firstly, it means 

we’re not getting help to people who might 

desperately need it, and secondly we’re 

not attracting donations from corporates 

or individual contributions and legacies 

that would mean we could help even 

more people though a potentially difficult 

period in their lives.” 

The application process for funding is 

easy; there is a simple form to complete 

to explain your circumstances and how 

the funding would be used. Peter admits 

it’s difficult to be prescriptive about 

what might/might not be considered, 

but that should never put off members 

from applying if they are facing genuine 

financial hardship: “Sometimes even a 

few hundred pounds can make all the 

difference,” he says, “and we recognise 

that. 

“From the examples we’ve already 

given, you can see a diverse range of needs 

we’ve been able to accommodate, from 

technology to life-enhancing medication, 

and corporate donors especially can 

see how any contributions they make 

very much fit within the ‘S’ of their 

Environment, Social and Governance 

(ESG) policy.” 

The Members’ Financial Support Fund 

is just one of a range of member support 

services available through the Institute 

that includes technical, business or legal 

advice. 

If you need support, or would like to 

support other members, please email 

governance@cicm.com or go online at 

https://www.cicm.com/member-adviceservice/ 

and find out more. 

“Sometimes even a 

few hundred pounds 

can make all the 

difference, and we 

recognise that.’’ 

– Peter Wallwork FCICM 


LIFE IN 

PERSPECTIVE 

Supporting people through 

the cost-of-living crisis. 

‘‘Working alongside creditors, the debt collection 

industry and the wider money and credit sector is also 

key in ensuring there are safe routes out of financial 

difficulty for the millions of people struggling.’’ 


DEBT ADVICE 

AUTHOR – Jane Tully 

HIGH prices and the impact 

they are having on 

UK households remain 

in the spotlight of Governments, 

regulators and 

the media. Stubbornly 

high inflation and rising interest rates, 

alongside the regular drumbeat of research 

highlighting the scale and breadth 

of financial difficulties continues to add 

to this focus. 

Our own research from June, based on 

UK wide polling, showed that 11.6 million 

(22 percent) UK adults were behind on 

one or more household bill, up from 

7.9 million in March 2022. But what do 

these types of statistics tell us about the 

lives of people in debt? What does this 

mean for the day-to-day challenges faced 

by many households, and what is needed 

to help the millions of people struggling 

now? 

(56 percent) of all Business Debtline 

clients having a deficit budget (income 

not enough to cover essentials). It has 

been a perfect storm for small businesses. 

Many were still reeling from the financial 

effects of Covid when the cost-of-living 

crisis hit. Nearly a quarter (23 percent) 

of Business Debtline clients continue to 

cite ‘Coronavirus’ as the main reason for 

financial difficulty. 

It is these existing challenges, 

compounded by growing pressure from 

all areas, that are now taking their toll on 

our clients. More than half (57 percent) of 

Business Debtline clients and two thirds 

(66 percent) of National Debtline clients 

surveyed said they had gone without 

essential items like food, toiletries or 

clothing because they could not afford 

them. 

Trussell Trust, to ensure that Universal 

Credit and other benefits always provide 

enough to live on so people do not have to 

go without essentials. We need safe routes 

out of debt for the many millions of people 

who have fallen behind. The immediate 

introduction of measures to improve 

access to Debt Relief Orders (DROs) would 

be a good first step. DROs are a vital 

insolvency option, however many people 

face barriers accessing these, not least the 

£90 fee. The Department for Business and 

Trade should work with the Insolvency 

Service to provide ways of improving 

access to DROs. This should include 

reviewing the maximum debt limit, to 

ensure anyone who has little available 

income and minimum assets can access 

a DRO, as well as reviewing the rule that 

only allows a DRO once every six years. 

Debt landscape 

At National Debtline and Business 

Debtline the majority of people we 

help are on low incomes. The average 

household income of a National Debtline 

client is £20,566. Many were experiencing 

financial difficulty going into this period. 

Soaring energy bills, and rising food, fuel 

and other essential costs have made many 

difficult situations worse. 

Since 2017, the average amount of 

priority debt (including council tax, 

energy and rent arrears) held by our 

clients increased by 54 percent from 

£2,642 in 2017 to £4,080 in 2022. This 

growing debt burden, and the challenges 

it brings, extends across all debt areas. 

Credit card arrears remains one of the 

most common debts for our clients. We 

have also seen the average amount owed 

on personal loans increase by a fifth (21 

percent) – from £7,915 in 2021 to £9,548 

in 2022. The average amount owed for 

buy-now pay-later debts has also risen 

significantly, from £380 in 2021 to £556 in 

2022, a rise of 46 percent. 

A key driver of these increases is that 

incomes for the people we help can’t 

keep pace with rising prices. Two in five 

National Debtline clients do not have 

enough coming in to cover their essential 

costs, and this gap in our clients’ finances 

is widening. Last year the average budget 

shortfall was -£393, up from -£308 the year 

before. 

The personal impact 

These difficulties extend beyond personal 

finances and into those of the small 

businesses we help, with more than half 

A key driver of these increases is 

that incomes for the people we help 

can’t keep pace with rising prices. 

Two in five National Debtline clients 

do not have enough coming in to cover 

their essential costs, and this gap in our 

clients’ finances is widening. 

Many of our clients are turning to 

credit to plug gaps in their budgets. A 

third (32 percent) of National Debtline 

and Business Debtline (31 percent) clients 

surveyed reported using credit to cover 

essentials like energy or council tax. As 

costs remain high, debts are mounting, 

and with interest rates set to rise further 

and prices remaining high there is little 

respite in sight. 

Complex case 

In most cases, the situation for our clients 

is complex. There are often multiple debts 

involved, which combine with the worry, 

anxiety, fear and embarrassment brought 

about by being in debt. A major driver 

of debt problems is simply not having 

enough coming in to afford the basics. We 

are calling on the Government to adopt 

an Essential Guarantee, proposed by the 

Joseph Rowntree Foundation and the 

There is also much more work needed 

to improve the ways government, 

both central and local, collects debts, 

particularly the rate at which deductions 

are taken, such as benefit overpayments. 

And for specific debts, such as energy 

arrears brought about by soaring energy 

prices, more tailored support is still 

needed. 

These recommendations are, however, 

just a starting point. Access to free, 

independent debt advice continues to 

play an important role in supporting the 

hardest hit. Working alongside creditors, 

the debt collection industry and the 

wider money and credit sector is also 

key in ensuring there are safe routes out 

of financial difficulty for the millions of 

people struggling. 

Jane Tully is Director of External Affairs 

and Partnerships at the Money Advice Trust. 


AWARDING BODY 

Congratulations to the following, who have successfully achieved Diplomas 

Level 3 Diploma in Credit Management (ACICM) 

Gary Maitland 

Seana Nixon 

Zoe Pellow 

Steven Roberts 

Chloe Anduiza 

Anthony Bowes 

Jenna Chamberlain 

Ashton Chatterton 

Matthew Hawkins 

Joe Knight 

Gemma Linsell 

Constantina Paraskeva 

Elaine Thompson 

Paula Watts 

Rebecca Wharin 

Mark Davies 

Aniel Goyal 

Amanda Hamilton 

Martina Ryan 

Level 3 Diploma in Credit Management 

Emily Schofield Emma Cobb Sarah Smith Adam Harpin 

Level 3 Diploma in Credit & Collections (ACICM) 

Kara Said 

Susmita Anilkumar 

Fatima Zahra Azirar 

Ramona Diaconu 

Zsuzsanna Galgoczi 

Kelvin Kirkup 

Chris Lloyd 

Emily Meeking 

Jekaterina Radisevica 

Valeria Lambiase 

Level 3 Diploma in Credit & Collections 

Rachel Timbrell 

Shahanaz Akhtar 

Katie Davidson 

Rebecca Hampton 

Ryan Thomas 

Ben Crocker 

Benjamin Clark 

Level 3 Diploma in Money & Debt Advice ACICM 

Michael Quinn 

Level 5 Diploma in Credit & Collections Management 

Deborah Williamson Mira Dixon Latia Latham-Hopper 

A specialist and dedicated 

debt collection 

service 

020 8080 2888 

REDWOODCOLLECTIONS.COM 

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International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

Ferrari proves ‘ultra-luxury’ 

can be bullet proof 

FERRARI has increased its 

forecasts for the year ahead as 

it has benefitted from cash-rich 

consumers’ ambivalence to 

challenging economic conditions. 

CityAM wrote that the company 

reported revenues of €1.47bn, up 14.1 

percent year-on-year and for the year 

ahead, and is anticipating modest 

additional growth of around €2.2bn, as 

opposed to its last forecast of between 

€2.13bn and €2.18bn. 

Ferrari’s results are just the latest of a 

number of luxury carmakers who have 

been cashing in on demand for luxury 

vehicles and supercars, with the likes of 

Porsche and Bentley also benefitting from 

wealthy consumers’ spending during the 

cost-of-living crisis. 

MoneyWeek also commented on the 

subject. It wrote about the value of the 

luxury goods market – beauty products, 

watches, jewellery and shoes – which 

has almost tripled from €122bn to €354bn 

since 2002. One reason for this has 

been “the consistent growth in both 

the number and level of wealth of the 

world’s wealthiest people.” The number 

of millionaires is expected to reach 87m 

by 2026. 

The point of this particular story is that 

if you want to protect revenue streams a 

good way to do it is to kick your product 

lines into the realms of the luxury 

market. Customers there are invariably 

too rich to feel the need to cut back. 

NEW HIGH-SPEED ELECTRIC 

RAILWAY IN TURKEY 

UK Export Finance (UKEF) has 

announced that it has underwritten 

€781m of financing – around £680m 

– to support construction of a 286km 

high-speed electrified railway across 

southern Turkey. 

With financing provided through 

UKEF’s Buyer Credit Facility, Rönesans 

Holding will finish construction of 

the Mersin-Adana-Gaziantep High 

Speed Railway on behalf of the Turkish 

Ministry of Transport. 

The financing should, it is hoped, 

create multimillion-pound export 

contract opportunities for UK’s firms 

involved in infrastructure, engineering 

and project management. 

But beyond the direct financial 

impact of the deal, there exists the 

likelihood that the new line which is 

able to carry trains travelling up to 

200kmh, will aid infrastructure and 

growth in the region. It should also 

reduce the travel time from Gaziantep 

to Mersin by four hours; Mersin is the 

second largest container port in the 

country. 

It should be noted that Gaziantep 

was near the epicentre of the 7.8 

magnitude earthquake which struck 

Turkey in February 2023. There 

might be opportunities to help with 

reconstruction. 

THE US just cannot help itself – it 

cannot stop spending. However, such 

largesse can be of use to overseas firms. 

The latest round follows on from a 

new climate-focused industrial policy 

law, the Inflation Reduction Act, and 

overseas firms could become some of 

the biggest beneficiaries. 

The Wall Street Journal reckons 

that this new spending isn’t a sign 

A new round of cash for the US 

of economic weakness, but rather an 

indication that key foreign firms see the 

US market as an ‘opportunity too large 

to pass up, even if that means building 

factories abroad and risks training up 

Americans to be competitors.’ 

The new legislation provides 

Government support to those willing to 

invest. According to ukandeu.ac.uk, ‘the 

Act aims to spur investment in green 

technology in the United States by 

devoting $369bn in subsidies through 

grants, loans and tax credits to public 

and private entities.’ 

Beyond the hard cash, it also 

suggests that there are market 

opportunities in serving the climate 

protection sector. 

So, if you want handouts to 

manufacture you know where to go. 


China recovery sill plagued by COVID 

A recent note from Deloitte, and comment 

from the BBC, offers an interesting 

perspective on China's post-COVID 

recovery which has been plagued by 

weak domestic demand as evidenced by 

slowing consumer spending and a slump 

in private investment. 

Its zero-COVID rules placed the 

population under draconian restrictions 

but without the substantial financial 

payment to affected households that 

were made in the US and Europe. 

With spending channelled towards 

infrastructure spending and businesses, 

Chinese households that had experienced 

the fruits of decades of growth have been 

exposed to job insecurity and a loss of 

income, many for the first time. 

New Middle East trade commissioner 

THE Department for Business and Trade 

has appointed a new trade commissioner, 

Oliver Christian, to cover the Middle East 

and Pakistan, albeit while a permanent 

candidate can be found. 

With a brief to ‘lead the UK’s overseas 

effort to promote UK trade, investment, 

trade policy and export finance’ and 

‘generate business opportunities for the 

UK while contributing to the growth of 

VIETNAM SHOULD 

BE AN EXPORT TARGET 

‘VIETNAM’S economic moment has 

arrived,’ says the Financial Times. The 

economy was Asia’s fastest-growing 

last year and is reportedly one of only a 

handful globally to have managed two 

consecutive years of growth since COVID. 

From reports, Vietnam is benefitting 

from multinationals who are looking to 

diversify away from China. Such firms 

include Dell, Google, and Apple who are 

now manufacturing in Vietnam. 

There are some concerns for the 

country. Local shares fell by almost onethird 

in 2022 caused by ‘overleveraged 

real estate’ and ‘political shifts.’ Also, an 

anti-corruption crackdown led to the 

resignation of the country’s president 

in January (the role is mostly that of a 

figurehead). 

And late in 2022 authorities clamped 

down on land speculation and the 

building of luxury properties; dozens 

of property firms have missed bond 

payments. 

Regardless of the political 

machinations, there’s still good business 

to be done in Vietnam. 

In the absence of Western-style support 

for households, consumers have battened 

down the hatches and are avoiding major 

new commitments. The Chinese housing 

market has weakened, there is higher 

youth unemployment, now at over 21 

percent, and unsurprisingly, consumers 

have become more cautious and are 

prioritising saving and paying off debts 

over spending. 

Caution is also being applied to the 

corporate sector; Chinese factories 

that expanded to meet surging western 

demand in 2021 and 2022 are facing 

flagging exports and domestic consumers 

have not filled the gap, leaving some firms 

with excess inventories which they have 

tried to shift by cutting prices. 

sustainable, resilient, and productive 

economies across the region’ the 

commissioner could be a man worth 

getting to know. 

While it’s not obvious how to make 

contact with the commissioner, one route 

is via the Department for Business and 

Trade’s own website at https://tinyurl.com/ 

y82zv2zy. Another is via its Twitter, sorry X, 

account on the same page. 

UK TRADE 

IN NUMBERS 

THE Department for Business and Trade 

has released updated trade data. Looking 

at the top 30 export markets for UK 

firms for both goods and services, some 

destinations were to be expected while 

others were more of a surprise. 

For the four quarters to December 2022, 

in pole position was the US including 

Puerto Rico with trade valued at £168bn 

(20.6 percent of exports). Germany 

was next at £55.88bn (6.9 percent). The 

Netherlands was third at £55.88bn (6.8 

percent) and Ireland and France were 

next with £54.65bn (6.7 percent) and 

£43.27bn (5.3 percent) respectively. 

All the other usual suspects in the 

top 30 featured including China, Spain, 

Canada, Japan, and Australia. 

But bottom of the list, and still 

noteworthy since the destinations are 

still in the top thirty, are Qatar at £4.94bn 

(0.6 percent), Cayman Islands £4.81bn (0.6 

percent), Jersey £4.58bn (0.6 percent), 

Gibraltar £4.56bn (0.6 percent), and 

Nigeria £4.33bn (0.5 percent). 

In total, exports to the top 30 

destinations were worth £710.3bn. 

EU TACKLES 

‘SUBSTANDARD’ FOODS 

NILS Klawitter in Spiegel International 

recently commented on what some might 

call ‘fish finger-gate’. 

Slovakian prime minister Robert Fico 

has been speaking up for 103m people 

living in Central and Eastern Europe over 

substandard fish fingers. It appears that 

for years, EU citizens living there have 

been ‘forced to make do with second-rate 

versions of brand-name products’ such 

as more heavily breaded fish fingers or 

yoghurts with less fruit. 

This story is all about the EU’s 

‘commitment to unity’ and the bloc is now 

looking at the subject following comment 

from several leading Eastern European 

politicians. 

Klawitter refers to ‘questionable’ industry 

studies that state that some companies 

alter recipes to suit regional tastes and 

that sometimes, they’re selling ‘inferior’ 

products to boost profits. 

The suggestion is that if firms that cannot 

‘adequately explain’ product differentiation 

they could face legal proceedings. Klawitter 

says that some firms are staving off a 

potential PR disaster by taking action. 

Leibniz, for instance, now uses butter 

instead of palm oil in the biscuits it sells. 

SEVERE DROUGHTS PRESENT 

OPPORTUNITIES AND THREATS 

MoneyWeek recently commented on the 

severe droughts that seem to be becoming 

more common. It wrote that there are now 

fears that in a few years’ time Spain’s water 

supply will no longer cover demand from 

the agriculture and tourism sectors. This 

points to rising demand for desalination 

plants in the next few years which will 

bode well for those active in this market. 

The publication referred to a US firm, 

Energy Recovery, and its pressureexchanger 

technology which makes the 

desalination process up to 60 percent more 

energy-efficient. The technology is also 

helpful for refrigeration systems, which 

look set to become another growth area for 

the firm. 

Companies that have technology that 

can help the Spanish – and others – with 

their water needs, have an open door. 

For the latest exchange rates visit 

www.currenciesdirect.com or call 020 7874 9400 

HIGH LOW TREND 

GBP/EUR 1.17583 1.15371 Up 

GBP/USD 1.27954 1.24525 Down 

GBP/CHF 1.12428 1.10927 Flat 

GBP/AUD 1.99619 1.94302 Down 

GBP/CAD 1.73130 1.69810 Down 

GBP/JPY 186.617 182.741 Flat 

Currency Exchange Rates for the previous month: 

11th August to 11th September. 


COUNTRY FOCUS 

Belgium is highly 

exposed to the 

performance of its main 

trading partners. 

Trading places 

BELGIUM isn’t that far from 

the UK yet not that many 

people know the depth of 

its character or its potential 

as an export market. 

With a rich history, 

along with a major diamond industry, 

three official languages, and a variety of 

beers, waffles and heavenly chocolates, it 

also is well-known for its medieval towns, 

national football team and for suffering 

during two world wars. 

Belgium, or rather, the Kingdom of 

Belgium, is a relatively young country 

which only came into existence in its 

modern form in 1830. Its name originates 

from ‘Belgica’, a title given by the Romans 

to the northern part of Gaul which Julius 

Caesar conquered a few decades before the 

Christian era. The word is derived from the 

fierce tribes in the area which the Romans 

had to subdue. 

In the Middle Ages, Belgium was divided 

in fiefdoms: the County of Flanders by the 

sea, the Duchy of Brabant, the Principality 

of Liège along the Meuse River and so on. 

During the late Middle Ages, present-day 

Belgium, Holland and Luxemburg were 

unified into the so-called XVII Provinces 

and became part of the lands originally 

belonging to the Dukes of Burgundy. 

In 1792, following the French Revolution, 

France invaded the Austrian Netherlands 

which were annexed to become part of 

the Napoleonic Empire. Post Waterloo, the 

former Austrian territories were reunited 

with Holland into the United Kingdom of 

the Netherlands. The union only lasted 

until 1830 when the Belgians revolted 

against Dutch rule to become independent. 

July 1831 saw Leopold of Saxe-Coburg- 

Gotha became the first King of the Belgians. 

The German Empire invaded a neutral 

Belgium in 1914 to outflank the defences 

of the French army. The Belgian army 

resisted, holding territory north of Ypres 

alongside the British and French armies 

until the Armistice of 1918. The country 

was again invaded in 1940 but surrendered 

after two weeks. 

Following World War Two, Belgium led 

the way to European unification being 

one of the six founding members of what 

became the European Union. Its capital, 

Brussels, now hosts several European 

institutions and is the headquarters of 

NATO. 


COUNTRY FOCUS 

AUTHOR – Adam Bernstein 

Demographics and geography 

Bounded by the English Channel and the 

UK to the northeast, the Netherlands to 

the north, Germany and Luxembourg to 

the east, and France to the south, Belgium 

is very reachable. For British firms it’s only 

50 miles away at its closest point across 

the English Channel; air travel offers even 

greater accessibility. 

Belgium isn’t very expansive and covers 

just 30,528 sq. km (compared to the UK’s 

242,495 sq. km). But, with a population of 

11.7m according to Statbel, it is the 22nd 

most densely populated country in the 

world and the 6th in Europe. 

According to the World Cities Database 

from simplemaps, at the end of March 

2023 there were 388 towns and cities of 

8500 inhabitants. Brussels was the largest 

with 1.74m people, Antwerp next with 

529,000, Ghent had 265,000, Charleroi 

202,000 and Liège had 197,000 residents. 

Four more cities had a population of more 

than 100,000, and 19 others had between 

50,000 and 100,000, 321 others had 10,000 

to 50,000 residents, and just 49 had 

between 8500 to 10,000 inhabitants. 

In terms of demographics, Belgium is 

aging – so reckons the World Population 

Review. It noted a population growth 

rate of just 0.41 percent which puts it in 

173rd place. The average age in Belgium 

is now 41.9 years and some 30 percent are 

approaching retirement. Peak population 

of around 12.5m is expected around 2050 

after which the population should decline 

to 11.5m by the end of the century. 

Healthy Belgium noted in July 2023 

that life expectancy for men is now 79.5 

years compared to 83.8 years for women. 

Index Mundi offers data on age bands 

based on 2020 estimates – those aged 14 

or under made up 17.22 percent of the 

population, 15–24-year-olds accounted for 

11.2 percent, those in the 25-54 aged band 

equated to 39.23 percent, those between 

55-64 took up 13.14 percent and 19.21 

percent of the population were over 65 

years of age. 

With a complex history – as outlined 

above – it’s not hard to see why the country 

is just as complex administratively. In 

essence, the country is divided into three 

autonomous regions – Flanders in the 

north, Wallonia in the south and Brussels- 

Capital. There are three official languages 

– Dutch, French and German. However, 

French is the lingua franca. 

It’s been said that Belgium suffers from 

fractured public life where the political 

parties are not just driven by ideological 

interest but also by regional self-interest. 

Politico recently (July 2023) wrote an 

op-ed story entitled ‘Mounting concern 

The Port House, is a government building 

located in Antwerp, Belgium, built between 2009 

and 2016. It is located in the area of Eilandje, 

in the Port of Antwerp, and acts as the new 

headquarters of the Antwerp Port Authority, 

housing various departments. 

The German 

Empire invaded a 

neutral Belgium in 

1914 to outflank 

the defences of 

the French army. 

The Belgian army 

resisted, holding 

territory north of 

Ypres alongside the 

British and French 

armies until the 

Armistice of 1918. 

over migration is fuelling a surge for 

Flemish independence parties ahead of 

an election next year.’ In essence, it said 

that the country has a dysfunctional 

national political life. Proof of this was 

indicated by long periods without an 

officially functioning Government – 589 

days between 2010 and 2011 and 500 days 

during 2018 to 2019, nearly three years in 

total. 

Politico also reported that the Vlaams 

Belang party — which wants Flanders to 

move away and into a fully independent, 

breakaway state — is now the biggest 

political force in the country. 

The economy 

Both Coface and Lloyds Bank highlight 

some concern for the Belgian economy, 

primarily because of the price of energy 

and the country’s great reliance on gas for 

its chemical and pharmaceutical sector. 

Lloyds commented that the Belgian 

economy rebounded strongly in 2021 

and the first half of 2022, but that high 

energy prices, declining confidence and 

weakening international trade slowed 

GDP growth in the second part of the 

Brave | Curious | Resilient / www.cicm.com /October 2023 / PAGE 35 

continues on page 22 >

COUNTRY FOCUS 

year. While the IMF estimated an overall 

growth of 2.4 percent, the EU’s Economic 

forecast for Belgium, last updated in May 

2023, outlined growth of 3.2 percent in 

2022, a forecast of 1.2 percent for 2023 

and a projected rate of 1.4 percent in 2024. 

In dollar terms, GDP hasn’t grown much 

(despite peaks and troughs) since 2008 

when it stood at $517.33bn; in 2022 it was 

listed as being $578.6bn. In comparison, 

GDP more than doubled between 2001 

($236.75bn) and 2008 according to the 

World Bank. 

The problem for Belgium is that it is 

highly exposed to the performance of its 

main trading partners who, according to 

Worldtopexports.com – citing May 2023 

data – were Germany (21.2 percent of 

exports), the Netherlands (13.8 percent), 

France (13.1 percent), the US (5.9 percent) 

and the UK (5.2 percent). Another 

ten countries made up the top fifteen 

countries that generated 78.4 percent of 

Belgian exports. 

As for inflation, EU data recorded this as 

10.3 percent in 2022, 3.4 percent for 2023 

and an estimated 3.5 percent for 2024. The 

unusually high inflation rate has been 

attributed to sharp increases of wholesale 

gas and electricity prices that quickly fed 

into retail prices. 

Unemployment in 2022 stood at 5.6 

percent, is expected to be 5.8 percent 

for 2023 and is predicted to drop to 5.7 

percent in 2024. A low labour market 

participation rate could be a problem for 

Belgium in the coming years; worryingly, 

unemployment disproportionately affects 

the young, non-European immigrants 

and those in Wallonia. The World Bank 

reckoned that Belgian GDP per capita 

for 2022 was $49,582.80. In comparison, 

the World Bank puts Burundi bottom at 

$238.40, Romania at $15,892.10, Italy at 

$34,158, the UK at $45,850.40 and Monaco 

top at $234,317.10. All things are relative. 

Industry and business sectors 

A Belgian Government agency, Federal 

Public Service Economy, noted in its 

Economic Outlook of May 2022, that the 

Belgian economy, just like any modern 

industrialised economy, is characterised 

by the growing importance of services. It 

stated that the share of market services 

(including wholesale and retail, financial 

activities and insurance) represented 

55.4 percent in 2020, compared to only 

13.8 percent for industry and 5.3 percent 

for construction with the rest split 

between non-market services (including 

healthcare), energy and agriculture. 

Stanbic Bank interestingly draws 

attention to significant discrepancies 

between the three Belgian regions. 

Flanders has succeeded in developing the 

AUTHOR – Adam Bernstein 

second largest petrochemical industry in 

the world. Wallonia is in the middle of 

restructuring, following the closure of 

its collieries and a large number of steel 

plants. Brussels distinguishes itself in the 

areas of telecommunications, software 

development and the pharmaceutical and 

automobile industries. It commented that 

the Belgian economy is largely oriented 

towards services. In fact, the tertiary 

sector accounts for 68.8 percent of GDP 

and employs 78 percent of the active 

population. 

The EU in a recent, but undated, EURES 

post commented that there are few major 

industrial companies in Belgium. There is 

steel giant ArcelorMittal, which is based 

mainly in Wallonia. In Flanders there 

is a Volvo Cars factory in Ghent, and an 

Audi factory in the Brussels municipality 

of Forest. The post added that the top 10 

is made up entirely of service businesses 

in the transport and communications, 

finance, and distribution/retail sectors. 

And in backing the data from Stanbic, 

the EU noted that the service sector is 

mostly based on commerce, transport 

and hospitality along with public 

administration, education and business 

services: ‘The most common occupations 

in Belgium are office workers in both 

the public and private sectors (general 

duties); shop assistants; home help; 

maintenance staff in offices, hotels and 

other businesses; and teachers.’ 

Chemical, plastics and life sciences 

The European Chemical Industry Council 

(Cefic) states that the Belgian chemical 

sector is worth some €74bn and directly 

employs 97,400 workers in more than 720 

companies with another 220,000 employed 

indirectly. The sector accounts for more 

than one third of all Belgian exports, ‘40 

percent of the industrial value-added and 

two thirds of all private investment in 

research and development.’ 

Cefic details that the sector is spread 

out through the country with a chemical 

cluster at the port of Antwerp which is in 

turn connected with sub-clusters in the 

Feluy-Seneffe-Manage triangle, Jemeppesur- 

Sambre, along the Albert Canal, 

Tessenderlo, Ghent and elsewhere. 

Beyond that are life sciences in the 

Walloon-Brabant province east of Brussels 

and around Antwerp. Ghent has biotech 

and medical, industrial and agricultural 

biotechnology. Plastic and rubber 

processing is spread across the country. 

Interestingly, Agro&Chemistry noted, 

in April 2022, that the sector saw its 

strongest growth in 20 years and that 

within the EU, Belgium has even become 

the second most important exporting 

country for chemicals, plastics and 

pharmaceuticals, following Germany. It 

added that chemistry and life sciences 

also account for 40 percent of all Belgian 

patent applications; 982 were filed with 

the European Patent Office in 2021. 


Manufacturing 

Federal Public Service Economy data for 

2020 recorded that the biggest segments 

within the manufacturing sector were the 

pharmaceutical industry (20.4 percent of 

the total value added), food and beverage 

industry (15.3 percent), chemical industry 

(15 percent), and basic metals and 

fabricated metal products (11 percent). 

In more detail, Federal Public Service 

Economy noted other elements of the 

Belgian manufacturing sector included 

electrical equipment, textiles and 

leather goods, furniture and machinery 

equipment, transport equipment, wood 

and paper products, and computer and 

optical equipment. 

Overall, the World Bank reckons that 

the entire manufacturing sector is worth 

around $72.95bn which equates to around 

€66.68bn (at the time of writing). However, 

that doesn’t quite stack up with data from 

the Federal Public Service Economy and 

Cefic. Indeed, the Federal Public Service 

Economy detailed that (in 2020) pharma 

and chemicals were worth a collective 

35.4 percent of GDP which equates to 

around €204bn. 

Agriculture 

Agricultural activity in Belgium has 

continued to shrink – both in terms of 

employment and in its contribution 

to the GDP. However, it’s key crops are 

sugar beets, chicory, flax, cereal grains 

and potatoes. The country also cultivates 

fruits, vegetables and ornamental plants. 

Back in 2019 the OECD said that farms 

were mainly owner operated, but that 

the share of corporate farms was 

increasing and had reached 15.8 percent 

in 2016. 

Some 44 percent of the land surface 

of Belgium is cultivated with farmland 

increasingly concentrated. In 37 years, 

the average utilised agricultural area per 

farm holding has more than tripled in 

Flanders (from 8.4 ha in 1980 to 26.4 ha 

in 2017) and in Wallonia (from 20.7 ha to 

56.6 ha). Livestock farming has become 

significantly more intense. 

The problem for the sector, according 

to FPS Foreign Affairs (April 2022) is that 

agricultural land is subject to competition 

from housing, industrial areas and road 

infrastructure, even in the countryside, 

which is forcing up land prices. This 

is why Belgian Common Agricultural 

Policy (CAP) financial support is aimed at 

investments in agricultural holdings and 

the setting up of young farmers. CAP also 

introduced an obligation on farmers to 

put into place practices that are good for 

the environment. 

Similarly, a Common Fisheries Policy 

seeks to preserve marine biological 

COUNTRY FOCUS 

resources while managing the European 

Union's fishing fleet – even so, some 

fish stocks are overexploited; €6.1bn will 

be given to sustainable fishing and the 

survival of fishing communities between 

2021 and 2027. 

Tourism in Belgium 

Statista recently commented that 

Belgium's accessibility is what makes it 

a popular travel destination in Europe. 

It has a coastline, historically interesting 

cities as well as a decent cuisine. In other 

words, it has much to offer in the way 

of attractions and cultural activities for 

tourists. 

In 2019, the number of overnight tourist 

stays in Belgium peaked at approximately 

42.5m before understandably declining 

to around 20m in 2020 following 

COVID. Some 313,600 people work in 

the sector – a figure which Statista says 

is almost identical to the level pre- 

COVID. The sector was worth €25.9bn 

in 2022, down 11 percent on 2019’s 

€29.1bn. 

However, more recently, in July 2023, 

the Brussels Times wrote that Belgium's 

tourism sector clocked a record 51m 

overnight stays last year, largely in coastal 

areas and Brussels. The growth, however, 

was spread unevenly across Belgium 

with West Flanders seeing over 14m 

overnight stays, followed by Brussels and 

Antwerp province at seven million and six 

million a piece. The Belgian Ardennes's 

Luxembourg province saw over 4.1m 

overnight stays. 

Tax (Corporate) 

The general rate of corporate income tax 

(CIT) is levied at a rate of 25 percent. This 

rate applies to both Belgian companies 

and Belgian permanent establishments of 

foreign companies. 

A reduced rate applies to small and 

medium-sized enterprises (based on 

article 1:24 of the Code for Companies 

and Associations or on article 15 of the 

old Companies Code, and provided 

several other conditions are met). Such 

businesses are able to benefit from a 

reduced rate of 20 percent on the first 

€100,000 of profit. 

A surcharge is due on the final CIT 

amount upon assessment. The surcharge 

can be avoided if sufficient advance 

tax payments are made. Currently, 

the surcharge is 6.75 percent. 

There is also a tax of 100 percent 

that is applicable to so-called ‘secret 

commissions’ - any expenses 

where the beneficiary is not 

identified properly by means 

of official forms filed with the 

Belgian tax authorities. 

Belgium 

Value Added Tax 

The standard rate of VAT is 21 percent. 

However, there is a 12 percent rate 

that applies almost randomly to 

phytopharmaceutical products, inner 

tubes, certain combustible material, 

margarine, social housing and certain 

renovation works, and restaurant and 

catering services. 

There is also a six percent rate on 

numerous other supplies such as basic 

necessities (food and medicines), 

passenger transport, repair of bicycles, 

some medical supplies and prostheses, 

and hotels and camping. Beyond that 

there is a VAT exemption for supplies that 

include education, banking, insurance 

and cultural services. 

Personal Tax 

Tax brackets apply to net taxable income 

after the deduction of social security 

charges and professional expenses. There 

are four bands – 25 percent for income 

under €15,200, 40 percent on income from 

€15,201 to €26,830, 45 percent on income 

between €26,831 and €46,440, and 50 

percent on income over €46,440. 

Interest and dividends paid out and 

collected via Belgian financial institutions 

are, in principle, subject to a flat-rate tax 

of 30 percent. Up to €980 can be earned 

interest free; interest exceeding this 

amount is subject to 15 percent tax. 

Dividend payments are exempted for the 

first €800. 

Summary 

On the face of it, Belgium has much to 

offer British firms. However, while the 

common thread that holds Belgians 

together is Europe, as is the case 

elsewhere, Belgium is a little fractured. 

Applying some common sense and 

regional sensitivities to discussions would 

be a worthwhile move. 

Adam Bernstein is a freelance 

finance writer for CM magazine. 


OPINION 

REGIME CHANGE 

A new costs regime is about to land for debt 

claims, and it could hurt your bottom line. 

AUTHOR – Paula Swain 

IF you are familiar with litigation in 

the courts of England and Wales, you 

will be acutely aware of the challenge 

of trying to recover your legal costs. 

Late payment interest and express 

terms providing for an indemnity on 

legal costs can be mitigating factors, but there 

will always be those cases where the court 

decides to reduce your costs recovery. A new 

set of court rules could worsen that position, 

leaving a larger gap between your costs and 

your recovery. 

From 1 October 2023, a new intermediate 

track and corresponding fixed recoverable 

costs for less complex claims valued at more 

than £25,000 but not more than £100,000 will 

arrive through changes to Practice Direction 

45. Your ability to recover legal costs from the 

other side will be prescribed and limited, and 

it is very likely that you could find yourself 

with difficult decisions to make about how 

far you are willing to push a case if your costs 

exposure is likely to far exceed your ability to 

recover those costs. 

The complexity of a claim becomes a point 

for consideration (and potential dispute) as 

the amount for fixed recoverable costs will 

depend in part on the complexity band a case 

is assigned (there are four). While complexity 

will be determined by the court, an early 

indication suggests that debt claims will sit 

within band one – being the least complex 

cases the court expects to deal with. I will 

not be alone in feeling some concern here, 

particularly when I think back on almost 25 

years of defended debt litigation. There have 

been some technically complex and difficult 

disputes within the value banding of £25,000 

to £100,000 which have incurred significant 

amounts of management and legal time. How 

this new regime will deal with those hard to 

resolve and heavily contested cases is a risk to 

be managed. 

Where the complexity band to which a 

claim is assigned determines the costs that are 

to be allowed, there could be many arguments 

about whether a band one assignment for 

debt is appropriate. The parties can agree the 

complexity band to which a claim is assigned 

(although that is not binding on the court), and 

where parties are legally represented more 

agreement might be possible. This might be 

a harder discussion where your opponent is a 

litigant in person. 

Costs exceeding fixed recoverable costs 

The court may consider a claim for an amount 

of costs (excluding disbursements) which 

is greater than the fixed recoverable costs 

where there are exceptional circumstances 

making it appropriate to do so. However, if 

the court assesses the costs (excluding any 

VAT) as being an amount which is in a sum 

less than 20 precent greater than the amount 

of the fixed recoverable costs, the court shall 

make an order for the party who made the 

claim to be paid the lesser of— (a) the fixed 

recoverable costs; and (b) the assessed costs. 

Unreasonable behaviour 

If an order for costs is made in favour of a 

party whom the court considers has behaved 

unreasonably, the other party may apply 

for an order that those costs be reduced by 

an amount equivalent to 50 percent of the 

fixed recoverable costs which would otherwise 

be payable. Unreasonable behaviour is 

conduct for which there is no reasonable 

explanation. 

The Costs 

The table included below is not an exhaustive 

list and does include some changes to fixed 

recoverable costs for cases which have been 

or would be allocated to the Fast Track. The 

stages referenced below (for cases assigned 

to complexity band one) illustrate how 

prescriptive the new fixed costs regime will 

be. 

Leaving aside the costs of a barrister 

representing a case on the new track, and your 

own attendance at trial, if you successfully 

progressed a disputed claim for payment 

of £50,000 to trial (stage eight), your fixed 

recoverable costs would be limited to £14,100 

(net of VAT where appropriate). If the court 

does not enforce any indemnity for legal costs 

in your terms and conditions, you could end 

up with a significant gap between your own 

legal costs and what you can recover from 

the paying party. 

It is likely that this new regime will 

also affect the tactics of settlement. 

Where the costs escalate as the 

case passes through the defined 

stages, the arrival of each stage 

will be a key trigger point for 

consideration about the possibility 

and commerciality of 

settlement. 

Paula Swain FCICM is 

Partner at Shoosmiths. 


The court may consider a claim for an amount of costs 

(excluding disbursements) which is greater than the fixed 

recoverable costs where there are exceptional circumstances 

making it appropriate to do so. 

Stage 

Fast Track 

If parties reach a settlement prior to the claimant 

issuing proceedings and the debt is more than £10,000. 

If proceedings are issued but the case settles or 

is discontinued before trial. 

If the claim is disposed of at trial. 

£580 

(1) On or after the date that the court issues the claim, 

but before the date that the court allocates the claim: 

£2,100. 

(2) On or after the date that the court allocates the claim, 

but before the date that the court lists the claim for 

trial: £2,500. 

(3)On or after the date that the court lists the claim for 

trial but before trial: £3800. 

£3,800 (plus fixed trial advocacy fees) 

Intermediate Track 

Stage 1 – from pre-issue up to and including the date 

of service of the defence. 

Stage 2 – specialist legal representative providing post-issue 

advice in writing or in conference or drafting a statement of 

case (if obtained). 

Stage 3 – from the date of service of the defence up to the 

earlier of the date set for CMC or the order giving directions. 

Stage 4 – from the end of Stage 3 up to and including the date 

set by the court for inspection of documents. 

Stage 5 – from the end of Stage 4 up to and including the later 

of the dates set by the court for service of witness statements or 

expert reports. 

Stage 6 – from the end of Stage 5 up to and including the date 

set for the pre-trial review or up to 14 days before the trial date, 

whichever is earlier. 

Stage 7 – specialist legal representative advising in writing or in 

conference following the filing of a defence (if obtained). 

Stage 8 – from the end of Stage 6 up to the date of the trial. 

Stage 9 – attendance of a legal representative (other than the 

trial advocate) at trial. 

Stage 10 – advocacy fee for the first day of trial . 

Stage 11 – advocacy fees for subsequent days, less an amount 

equivalent to 50 percent per day where, on any subsequent day, 

the trial lasts no more than half a day. 

Additional fee payable once only where a mediation or joint 

settlement meeting takes place. 

£1,600 + an amount equivalent to 3 percent of the 

damages (costs will be subject to assessment up to this 

maximum figure). 

£2,000 

£4,000+ an amount equivalent to 10 percent 

of the damages. 

£4,600 + an amount equivalent to 12 percent 






£1,400 

£6,600 + an amount equivalent to 15 percent of the 

damages, less £580 if that party did not prepare the trial 

bundle. NB: Apart from stages 2 and 7, these are 

cumulative figures up to the stage in question. 

£580 per day, less an amount equivalent to 50 percent 

per day where, on any subsequent day, the trial lasts no 

more than half a day. 

£3,200 

£1,400 

£1,400 


HR MATTERS 

STRIKE FORCE 

Strikes, parental leave and a breach of contract 

AUTHOR – Gareth Edwards 

THE High Court has upheld 

a judicial review of 

regulations that allowed 

businesses to use agency 

staff to cover for striking 

workers. 

Last year, the government introduced 

regulations to remove the ban on 

employers using temporary workers 

to perform duties normally performed 

by striking workers during industrial 

action. The aim of the regulations was to 

reduce the disruption caused by industrial 

action. 

However, 13 trade unions brought 

a judicial review of the government's 

decision to pass these regulations, citing 

a failure to consult before legislating, 

also alleging a breach of Article 11 of the 

European Convention on Human Rights 

that prevents unlawful interference 

with the rights of trade unions and 

their members. 

The High Court upheld the challenge 

on the consultation ground. Having 

decided the case on this one ground it 

did not express a view on that relating to 

Article 11. The High Court has quashed 

the regulations with effect from 10 August 

2023. This means that from that date, 

employers will no longer be able to use 

temporary staff to cover the duties of 

striking workers. 

Government report on shared parental leave 

THE Department for Business & Trade 

(DBT) has published a report on the 

Shared Parental leave (SPL) scheme. 

Take-up rates remain very low, with only 

one percent of eligible mothers and five 

percent of eligible fathers or partners 

taking SPL. 

SPL is a type of family leave that enables 

eligible employees to take flexible leave 

during the first year of their child's life 

or the first year after adoption. Families 

who opt to take SPL can take up to 50 

weeks of leave, of which up to 39 weeks 

can be paid at the weekly statutory rate 

(currently £172.48). Partners can take leave 

concurrently or consecutively depending 

on their preferences and subject to certain 

eligibility and notice criteria. 

The DBT report shows that SPL takeup 

varies by age, income, qualification 

level, and occupational status. Eligible 

Factors 

encouraging 

parents’ decision 

to use SPL 

include support 

from partners, 

employers and a 

desire for flexible 

working. 

employees who take up SPL and Shared 

Parental Pay (ShPP) are more likely to 

be older, white, highly qualified, work 

in large organisations, earn a higher 

income, and have progressive gender role 

attitudes. 

Factors encouraging parents’ decision 

to use SPL include support from partners, 

employers and a desire for flexible 

working. Conversely, financial pressure 

was cited as a principal reason for not 

making use of SPL. Some parents who 

did not take SPL also reported that 

this was because the SPL scheme was 

too complicated to manage. Whilst 85 

percent of parents who took SPL said 

they were satisfied with their current 

working arrangements, 15 percent of 

fathers or partners who took SPL reported 

that it negatively affected their career 

progression. 

High Court dismisses interim injunction 

IN the case of Hine Solicitors Ltd v Jones 

and another, a former employer failed in 

their application for an interim injunction 

against an employee who resigned in 

breach of the notice provisions in her 

employment contract. 

Under the contract, the employee was 

prevented from giving notice until she 

had served a three-year minimum period 

of employment. She resigned in breach of 

this clause. 

Hine originally sought an injunction 

to prevent the employee from working 

elsewhere until the expiry of the 

contractual term. However, that 

application was withdrawn and Hine 

instead sought an order to prevent 

the employee from enticing away or 

attempting to entice away any clients 

of the firm. Hine argued the employee 

had committed a repudiatory breach of 

contract by resigning in breach of the 

contractual term. It argued that the breach 

was not accepted and that it was seeking 

relief to prevent the employee breaching 

the common law duty of fidelity. 

The High Court found that the 

contractual term was valid and effective. 

However, it dismissed the application for 

injunctive relief which is used to stop an 

alleged breach pending a full trial. 

In this case, Hine had only raised the 

employee's alleged breach of contract on 

her penultimate day at work after she 

had served three months' notice, and 

after she had had an exit interview, a 

handover meeting, a leaving dinner and a 

leaving presentation. There was therefore 

a serious question as to whether the 

employee's alleged breach of contract had 

in fact been ‘accepted’ by Hine when she 

resigned. 

In respect of the employee's conduct, 

she had not breached the non-compete 

provisions in her contract and there was 

no evidence she had taken any steps to 

entice clients away from Hine. 

This decision highlights the importance 

of taking prompt action where an 

employer is seeking injunctive relief. The 

case also demonstrates the difficulty of 

relying on implied duties to protect client 

relationships. 

Gareth Edwards is a partner in the 

employment team at VWV. 


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OPINION 

Sphere of Influence 

Does the FCA crackdown on ‘finfluencers’ go far enough? 

AUTHOR – Gene Chui 

time of soaring living 

costs and a prevailing 

sense of financial 

uncertainty, it becomes 

increasingly crucial for 

people to seek sound 

A.T a 

guidance on managing their finances. Yet 

it seems many people are willing to place 

their trust in social media financial influencers, 

even though they can’t be sure 

if the advice is good or bad. Worse still, 

they’re not even sure whether the person 

is qualified to give financial advice or not. 

A report published in Performance 

Marketing World earlier this year found 

that so-called ‘finfluencers’ had an average 

follower growth rate of eight percent in 

2022 - double the four percent for all other 

influencers specialising in other sectors. 

‘Finfluencers’ have also been credited 

in-part with the surge in self-directed 

investors since COVID-lockdowns. 

Whatever you may think of them, social 

media influencers are popular and have 

become an essential part of marketing for 

many financial products and services. 

The digital landscape has greatly 

evolved since the Financial Conduct 

Authority (FCA) first issued guidance on 

social media promotions back in 2015, 

which has prompted the publication of 

proposals for new guidelines in July 2023. 

Social media influencers were absent 

in earlier guidelines but are a notable 

inclusion in the latest round. The FCA has 

come to recognise the significant notoriety 

of ‘finfluencers’ and cite research that 

found 62 percent of 18-29 year olds follow 

an influencer sharing information on 

managing finances, and 74 percent say 

they trust their advice. As a result of 

which, nine in 10 have been encouraged 

to change their financial behaviour. 

Lucy Castledine, Director, Consumer 

Investments at the FCA, says that she 

has seen a growing number of ads falling 

short of the guidance the authority has 

in place to prevent consumer harm: “We 

want people to stay on the right side of 

our rules,” she says, “so we’re updating 

our guidance to clarify what we expect of 

firms when marketing financial products 

online. And for those touting products 

illegally, we will be taking action.” 

Route to market 

Social media and hordes of influencers 

have become an essential route to market 

for newer investment apps, cryptoassets 

and buy-now-pay-later services that offer 

The public 

should take the 

time to do their 

own research, 

educate themselves 

about the risks, and 

seek professional, 

qualified financial 

advice. And if 

it sounds too 

good to be true, it 

probably is... 

instant gratification. The FCA actually 

found that 58 percent of 18–40 year 

olds who invest in high-risk investment 

products said that hype on social media 

and the news were the reason for 

their investment decisions, suggesting 

that many financial companies have 

grabbed the opportunity through mobile 

technologies to exploit an excitable 

population’s appetite for success. 

Furthermore, in Q4 of 2022 alone, 

69 percent of the financial promotions 

amended or withdrawn by the FCA were 

featured on website or social media 

channels. Demonstrating that consumers 

using digital channels to inform their 

financial decisions will likely have seen 

promotions that are deemed to have 

broken FCA guidelines. 

There is much to welcome in the new 

FCA proposals for those both looking to 

enforce or play by the rules. Formal guidance 

will hopefully provide clarity for 

firms, legal teams, marketing agencies, 

influencers, and most importantly, consumers. 

To help ensure protection for all. 

However, before we commend the 

good intentions and progress being made 

by the FCA, let’s remember that social 

media influencers have been a presence 

as far back as 2009. Their influence in the 

finance industry has been widespread 

and operating under older guidelines also 

set out to protect consumers, including 

the need for disclaimers and risk 

warnings, for many years. Some might 

argue that this is slow intervention from 

the regulator and that the new guidance, 

which predominantly focuses on 

prioritising risk messaging and labelling 

does not go far enough, especially for the 

many who have already felt the adverse 

effect of social media advice. 

Although the guidance – that 

promotions must be ‘fair, clear and not 

misleading’ – might provide enforcement 

agencies with some flexibility, these 

proposals may be too focused on social 

media product promotions. They may 

also prove too rigid to address the fastchanging 

and more creative forms of 

marketing tactics employed across social 

media and digital platforms. If they have 

not already, the FCA needs to consider 

how they can continually review the 

vast amounts of social media content 

produced globally that impact those in 

the UK and how often they need to update 

their guidelines. It definitely cannot wait 

another eight years. 


“We want people to stay on the 

right side of our rules, so we’re 

updating our guidance to clarify 

what we expect of firms when 

marketing financial products 

online.” 

– Lucy Castledine, Director, 

Consumer Investments at the FCA 

The increasing popularisation of AI tools 

that will enable social media influencers 

to accelerate content production is only 

set to make an already difficult challenge 

much harder. How do the FCA and other 

regulators seek to keep up? 

Artificial influences 

Fully AI-generated influencers have 

already been birthed and have substantial 

followings into the millions. A US study 

reported by the Influencer Marketing 

Hub in December 2022 found that 58 

percent of respondents were following 

an AI-generated influencer. The hope 

might be that AI can produce more 

accurate information, but early signs 

are that AI is already showcasing biases 

and inconsistencies. The social media 

landscape has already moved on and 

the rate of change only appears to 

be accelerating. New AI technology 

aside, modern integrated marketing is 

sophisticated and complex. Brands can 

have six figure marketing budgets, some 

into the millions, and their marketing 

strategies take a holistic approach across 

multiple channels, of which social media 

and influencers are just one element. 

The new proposals remind firms that 

image advertising and brand association 

activities, which are central to social 

media influencer partnerships, are likely 

to be exempt from many of the FCA’s 

financial promotion rules. Emphasising 

the rigidity of the social media guidelines 

and lack of cohesion between all 

marketing disciplines to serve up grey 

areas for brands to exploit. 

Increasing numbers of celebrity 

investors and owners acting as the public 

face for their businesses including the 

blatant use of personal social media 

profiles to attract audiences is also 

a key consideration that seems to be 

overlooked. After all, ‘fair, clear and not 

misleading’ can be open to interpretation. 

It could be too late by the time a regulator 

can act on specific pieces of content, as 

the damage may already have been done. 

Ultimately, although the technology 

has advanced and the world has evolved, 

the advice should remain the same. The 

public should take the time to do their 

own research, educate themselves about 

the risks, and seek professional, qualified 

financial advice. And if it sounds too good 

to be true, it probably is… 

Gene Chui is Head of Digital PR & Social 

Media at Gravity Global. 


Introducing our 

CORPORATE PARTNERS 

For further information and to discuss the opportunities of entering into a 

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My DSO Manager is an intelligent SaaS AR and 

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enterprises, helping AR analysts manage risk, 

maximize cash collection and streamline the credit-tocash 

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Due to its inventive in-house IT teams and their tight 

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Quadient AR by YayPay makes it easy for B2B 

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Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

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allocation, Esker automates each step of the orderto-cash 

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companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

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Reduce or eliminate manual tasks, allowing AR 

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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 

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ContactEngine is a proactive customer engagement 

platform which connects organizations to its 

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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 

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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 

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proud to be an innovator in the business payments 

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T: +44 (0)1273 696933 

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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. 

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Building on our mature and hugely successful 

product and world class support service, we are 

re-imagining our risk awareness module in 2019 to 

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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 


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 

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gauge the benefits and meet the members and we 

only have pre-approved Partners, so you will never 

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T: +44 (0)1246 555055 

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HighRadius provides a cloud-based Integrated 

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and AI. Our Technology empowers enterprise 

organisations to reduce cycle time in the order-tocash 

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by automating receivables and payments processes 

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T: +44 (0) 203 997 9400 

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FIS GETPAID solution is a fully integrated, webbased 

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companies improve operational efficiencies, lower 

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cash application. FIS is a global leader in financial 

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Key IVR provide a suite of products to assist companies 

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service gives the end-user the means to make a 

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In a credit management environment, these services 

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Utilising best-practice solutions and 24/7 technical 

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The UK’s No1 Insolvency Score, available as a 

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WORKING LIFE 

AI in the Workplace 

How finance professionals and employers feel about AI. 

AUTHOR – Natascha Whitehead 

THE rapid rise of generative 

AI has dominated the news 

in recent times, sparking 

questions over how these 

advancements in technology 

might impact the workplace 

and careers in the long term. Our research, 

which received over 1,150 responses from 

accountancy and finance professionals and 

employers across the UK, sheds light on the 

current attitudes towards, and usage of, AI in 

the sector. 

Upskilling is essential 

Our research suggests that it’s still early days 

in terms of adopting AI into the workplace, 

as most (88 percent) accountancy and finance 

organisations say they are not currently using 

AI tools such as ChatGPT. As it stands, there 

are several factors holding employers back 

but the main cited reasons for not utilising 

AI tools is due to a gap in knowledge and a 

lack of awareness or understanding of the 

benefits (22 percent), as well as the belief that 

AI tools are not required in their organisation 

(21 percent). 

That being said, over two thirds (69 percent) 

of finance employers intend to allow staff to 

use AI tools like ChatGPT in the future, under 

the condition that usage is monitored. Whilst 

many employers are keen to keep an eye on AI 

usage, 10 percent intend to allow staff to use 

AI unmonitored within their organisation. 

In contrast, there are some employers who 

believe the risks will outweigh the benefits; 

18 percent of finance employers anticipate 

they will ban their employees from using AI 

tools and technologies. 

One of the key takeaways from our findings 

is the urgent need to upskill if finance 

employers and professionals want to begin 

to take advantage of AI in their day-to-day 

working life. Only one in ten (10 percent) 

finance professionals say they have used an 

AI tool in their current role and a third (33 

percent) feel they do not possess the right 

skills to enable them to make the best use of 

AI tools and technology. 

Likewise, more than half (55 percent) of 

finance employers say they are not equipped 

with the right skills in their workforce to 

utilise AI and confess that both technical and 

soft skills are lacking. So far, over half (54 

percent) of finance professionals say their 

employer is not helping to prepare them for 

the use of AI in the workplace; less than a 

quarter (24 percent) of finance employers 

say they are investing in training for staff to 

upskill in AI tools and technologies. Training 

is important for assessing the positive 

With careful 

and considered 

application, 

AI could lend 

a helping 

hand to credit 

professionals 

rather than push 

them out of 

their jobs. 

contribution AI can make in the workplace, 

as well as reflecting on and playing into 

the skills and attributes that make humans 

irreplaceable. Our research emphasises that 

employers must invest in training to support 

upskilling at a fast enough rate to keep up 

with our ever-changing digital age. 

Mixed attitudes 

Our research reveals various attitudes 

towards AI and, unsurprisingly, there is 

a sense of uncertainty over how best to 

respond to the growing presence of AI in the 

workplace. More than a third (38 percent) 

of finance employers are undecided if we 

should embrace AI and a further 38 percent 

of professionals share this sentiment. On top 

of this, eight percent of employers and nine 

percent of professionals in the finance sector 

are apprehensive about AI and think it should 

be feared. 

On an optimistic note, most accountancy 

and finance employers believe the way 

forward is to work alongside AI, as more than 

half (54 percent) think we should embrace 

AI in the workplace. Similarly, 53 percent 

of finance professionals think AI should be 

welcomed into the workplace with open arms. 

Whilst 10 percent of finance professionals 

believe AI will have a negative impact on 

their role, more professionals expect AI tools 

will positively impact their job (26 percent). 

Although just under a third (32 percent) 

of finance professionals anticipate AI won’t 

impact their job at all, a similar number 

of professionals expect the types of tasks 

they carry out will change in the future as a 

result of AI tools (30 percent). With careful 

and considered application, AI could lend 

a helping hand to credit professionals 

rather than push them out of their jobs. The 

automation of certain activities, such as data 

entry, could allow professionals to spend less 

time on repetitive tasks and more time on 

high value tasks and invest in improving their 

skillsets, to future-proof their careers. Some 

of the wider benefits associated with AI in 

the finance sector include reduced human 

error, cost savings, process efficiencies and 

improved productivity. 

Ultimately, it’s crucial for employers and 

professionals to prioritise developing their 

skills to keep up with the pace at which 

technology is progressing, so they can be 

aware of the risks of AI as well as reap the 

rewards of what AI has to offer within credit 

management. 

Natascha Whitehead is Business Director at Hays 

specialising in Credit Management. 


PAYMENT TRENDS 

MAKING HEADWAY 

The latest late payment figures show improvements 

across the board. 

AUTHOR – Rob Howard 

ON the face of it, the 

latest late payment 

statistics are brimming 

with positives, with the 

vast majority of UK and 

Irish regions and sectors 

making improvements to their Days 

Beyond Terms (DBT). The average DBT 

across UK regions and sectors reduced by 

3.1 days and 2.7 days respectively. Over in 

Ireland, the average DBT figure dropped 

by 2.9 and 5.8 days respectively. Average 

DBT across the four provinces of Ireland 

decreased by 7.3 days. 

Sector spotlight 

Most sectors across the UK are on an 

upward trajectory, with 18 of the 22 sectors 

making reductions to late payments. The 

Business from Home sector, in particular, 

is on the charge, slashing its DBT by 13.3 

to 10.4 days overall, the biggest reduction 

by some distance. A cut of 6.7 days has 

shot the Energy Supply up the standings, 

now with an overall DBT of 3.9 days. But 

it’s the Public Administration that takes 

top spot with a cut of 6.2 days taking its 

overall DBT to 1.9 days, making it the best 

performing UK sector. Of the four sectors 

moving in the wrong direction, the 

Education sector saw the biggest jump, 

with an increase of 6.3 days taking its 

overall DBT to 15.1 days. It was the worst 

performing UK sector but summer is over 

and a new academic term could remedy 

this. 

In Ireland, the outlook is similarly rosy, 

with all but two of the 20 sectors on the 

up or seeing no change to DBT. Although 

the Business Admin and Support sector 

remains at the bottom of the rankings, 

it did however make a significant move 

forward, reducing its DBT by a sizeable 

33.3 days to 33.2 days overall. Similarly, 

The Water & Waste sector is also fighting 

back, with an improvement of 16.8 days 

taking its overall DBT to 30.1 days. At the 

opposite end of standings, reductions for 

the Entertainment (-6.2 days), Hospitality 

(-6.6 days), IT and Comms (-9.8 days) 

and Public Administration (-2.0 days) 

sectors, mean they join the Education, 

International Bodies and Mining 

Quarrying (who all saw no change to DBT) 

sectors with an overall DBT of zero days. 

Regional spotlight 

It’s one-way traffic across UK regions, 

with all 11 moving in the right direction 

and reducing DBT. The South West is 

now the best performing region with 

an overall DBT of 6.7 days thanks to a 

decrease of 6.1 days. It’s closely followed 

by the South East, with a reduction of 

4.4 days taking its overall DBT to 7.7 

days. Northern Ireland saw the biggest 

improvement, taking 6.6 days off its DBT. 

Once again there were some significant 

reductions to DBT across the Irish 

counties, and no bigger than in Kildare, 

slashing 45.4 days off to take its overall 

DBT to zero days. Elsewhere, the counties 

of Meath (-39.1 days), Offaly (-30.6 days), 

Wexford (-27.2 days) and Wicklow 

(-23.5 days) also made noteworthy 

improvements to their DBT. Alongside 

The Water and 

Waste sector is 

also fighting 

back, with an 

improvement of 

16.8 days taking 

its overall DBT to 

30.1 days. 

Kildare, there are 10 other counties 

tied on zero days DBT. However, at the 

opposite end of the standings, Westmeath 

and Donegal remain cut adrift by some 

distance, and even from each other, 

neither county saw any change, keeping 

their overall DBT at 120 and 80 days 

respectively. 

As with the UK, it’s a clean sweep 

across the four Irish provinces, with each 

making reductions to late payments. 

Leinster remains the best performing 

province after cutting its DBT by a further 

5.1 days, taking its overall DBT to 2.2 

days. Connacht isn’t too far behind on 3.7 

days overall, following a reduction of 3.8 

days. Munster too (-3.7 days) made steady 

progress, but Ulster saw the biggest 

improvement, chopping its DBT by 16.7 

days, taking it to 18 days overall. 


STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region August 23 Change from July 23 

South West 6.7 -6.1 

South East 7.7 -4.4 

West Midlands 8.2 -3 

East Anglia 8.5 -3 

East Midlands 8.8 -2.6 

Getting worse 

Education 6.3 

International Bodies 4.9 

Financial and Insurance 3.2 

Agriculture, Forestry and Fishing 0.1 

Bottom Five Poorest Payers 


London 13.5 -3.5 

Scotland 11.6 -0.8 

Yorkshire and Humberside 10.3 -2.1 

Northern Ireland 9.9 -6.6 

North West 9.7 -1.2 

Top Five Prompter Payers 

Sector August 23 Change from July 23 

Public Administration 1.9 -6.2 

Energy Supply 3.9 -6.7 

International Bodies 5.9 4.9 

Entertainment 6.4 -0.7 

Mining and Quarrying 6.6 -3.7 

Bottom Five Poorest Payers 


Education 15.1 6.3 

Health & Social 13.9 -1.6 

Wholesale and retail trade 11.4 -2.9 

Agriculture, Forestry and Fishing 11.1 0.1 

Financial and Insurance 11 3.2 

Getting better 

Business from Home -13.3 

Energy Supply -6.7 

Public Administration -6.2 

IT and Comms -5.7 

Other Service -5.6 

Business Admin & Support -4.9 

Professional and Scientific -4.9 

Manufacturing -4.3 

Mining and Quarrying -3.7 

Hospitality -3.6 

Construction -3.4 

Dormant -3.4 

Wholesale and retail trade -2.9 

SCOTLAND 

-0.8 DBT 

Health & Social -1.6 

Transportation and Storage -1.6 

NORTHERN 

IRELAND 

-6.6 DBT 

SOUTH 

WEST 

-6.1 DBT 

WALES 

-1.4 DBT 

NORTH 

WEST 

-1.2 DBT 

WEST 

MIDLANDS 

-3 DBT 

YORKSHIRE & 

HUMBERSIDE 

-2.1 DBT 

EAST 

MIDLANDS 

-2.6 DBT 

LONDON 

-3.5 DBT 

SOUTH 

EAST 

-4.4 DBT 

EAST 

ANGLIA 

-3 DBT 

Real Estate -0.7 

Region 

Getting Better – Getting Worse 

-6.6 

-6.1 

-4.4 

-3.5 

-3 

-3 

-2.6 

-2.1 

-1.4 

-1.2 

-0.8 

Northern Ireland 

South West 

South East 

London 

East Anglia 

West Midlands 

East Midlands 

Yorkshire and Humberside 

Wales 

North West 

Scotland 


PAYMENT TRENDS 

DONEGAL 

0 DBT 

ULSTER 

-16.7 DBT 

Getting worse 

Waterford 6 

KERRY 

-2 DBT 

CONNACHT 

-3.8 DBT 

GALWAY 

2.6 DBT 

MUNSTER 

-3.7 DBT 

LAOIS 

0 DBT 

CAVAN 

-6.1 DBT 

WESTMEATH 

0 DBT 

LEINSTER 

-5.5 DBT 

DUBLIN 

-12.7 DBT 

KILDARE 

-45.4 DBT 

KILKENNY 

0 DBT 

Carlow 3.5 

Galway 2.6 

Clare 1 

Getting better 

Kildare -45.4 

CORK 

-19.8 DBT 

Meath -39.1 

Offaly -30.6 

Top Five Prompter Payers – Ireland 


Cavan 0 -6.1 

Cork 0 -19.8 

Kerry 0 -2 

Kildare 0 -45.4 

Laois 0 0 

Bottom Five Poorest Payers – Ireland 


Westmeath 120 0 

Donegal 80 0 

Kilkenny 28 0 

Galway 12 2.6 

Dublin 11 -12.7 

Top Four Prompter Payers – Northern Ireland 


Leinster 2.2 -5.1 

Connacht 3.7 -3.8 

Munster 9.3 -3.7 

Ulster 18 -16.7 

Wexford -27.2 

Wicklow -23.5 

Louth -21.7 

Cork -19.8 

Dublin -12.7 

Longford -7.6 

Cavan -6.1 

Kerry -2 

Tipperary -1.8 

Limerick -1.3 

Roscommon -0.7 

Nothing changed 

Top Five Prompter Payers – Ireland 


Education 0 0 

Entertainment 0 -6.2 

Hospitality 0 -6.6 

International Bodies 0 0 

IT and Comms 0 -9.8 

Bottom Five Poorest Payers – Ireland 


Business Admin & Support 33.2 -33.3 

Health & Social 32 -9 

Water & Waste 30.3 -16.8 

Energy Supply 28 0 

Other Service 17.1 8.6 

Donegal 0 

Kilkenny 0 

* 

Laois 0 

Leitrim 0 

Mayo 0 

Monaghan 0 

Sligo 0 

Westmeath 0 


LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

SENIOR CREDIT CONTROLLER 

Harlow, up to £40k 

An established and successful manufacturing company in 

the heart of Harlow are looking for a new Team Leader to 

oversee the credit and receivable functions. This role would suit 

someone who has previously supervised a team or would like 

to step into a leadership role. You’ll support the AR Controllers, 

manage credit limits, deal with escalations, review accounts 

and work towards DSO KPIs. This role is office-based. 

Ref: 4444888 

Contact Gemma Booty on 01245 782 131 

or gemma.booty@hays.com 

CREDIT CONTROLLER 

Basildon, up to £25k 

We’re working with an established SME business in the 

construction industry to recruit a new Credit Controller. 

This business has consistently delivered a fantastic bespoke 

service to its customers and prides itself on a positive and 

collaborative office culture. 

Ref: 4427973 

Contact Jeffrey Hlongwane on 03330 106 528 

or jeffrey.hlongwane@hays.com 


Sale (Trafford), £26k-£27.5k plus 5% bonus 

A large, reputable organisation based in Sale, Trafford 

is seeking an experienced Credit Controller to join 

their expanding team. Reporting to the Credit Manager, 

you’ll be tasked with managing your own B2B ledger, 

chasing overdue payments, query resolution, rapport 

building and allocation of cash. 

Ref: CRJ254 

Contact Joanna Taylor-Coburn on 0161 926 8605 

or joanna.taylor-coburn@hays.com 

CREDIT CONTROL TEAM LEADER 

Bury St Edmunds, £40k-£45k 

We’re delighted to support a rapidly expanding business 

in Suffolk, seeking an experienced Credit Controller. 

You’ll take the lead by supporting and motivating the 

team, collecting UK and European debt, improving their 

DSO and refining internal processes and systems. 

Ref: 4455904 

Contact Andy Jarman on 01603 760 141 

or andy.jarman@hays.com 

hays.co.uk/credit-control-jobs 

© Copyright Hays plc 2023. The HAYS word, the H devices, HAYS WORKING Brave | Curious FOR YOUR | Resilient TOMORROW / www.cicm.com and Powering the / October world of 2023 work / 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-1269461039

GROUP REVENUE TEAM MANAGER 

Southampton, up to £100k plus benefits 

You will be working within a growing group credit control 

function, managing and building the senior leadership team 

within the company’s revenue function. You’ll also ensure 

a smooth working capital cycle across everything from WIP 

to billing and Collections. 

Ref: 4447913 

Contact Jack Bailey on 023 8202 0104 

or jack.bailey1@hays.com 


South Cambridge, £13.38 an hour (40hrs per week) 

An evolving company just south of Cambridge is searching 

for a Credit Controller to take on this three-month position. 

This role will suit a candidate with previous experience in a 

Credit Control or similar finance role. You’ll require strong 

numerical and IT skills, with proficiency in Microsoft Excel 

and accounting software. 

Ref: 4446251 

Contact Oliver Ford on 01223 361 507 

or oliver.ford@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. 


ESG 

Reputation matters 

Reputation and the importance of keeping good company. 

AUTHOR – Simona Scarpaleggia 

REPUTATION is defined as 

the opinion that people 

in general have about 

someone or something, 

or how much respect 

or admiration someone 

or something receives, based on past 

behaviour or character. On that very 

point, Socrates claimed: “Regard your 

good name as the richest jewel you can 

possibility be possessed of.” 

His words still ring true today, for the 

importance of reputation in business 

has never been more critical, especially 

when it comes to a company’s ‘good’ or 

‘bad’ track record in Diversity, Equity and 

Inclusion (DE&I). Depending on how an 

organisation’s DE&I progress is measured, 

monitored and communicated can have a 

direct impact on how an organisation is 

perceived, and how it performs. 

When I joined IKEA in Switzerland, 

while the business was considered a 

market leader, its brand perception was 

challenged. Of the three critical measures 

– quality, low price and sustainability – 

we only rated highly on low price, and 

that was a risk for our brand positioning. 

Whereas there was an advantage in being 

considered affordable, it was to our 

detriment to be poorly thought of in terms 

of the quality of our product, and our 

commitment to sustainability and social 

good. So, we changed things around. 

Staff engagement 

The key was in engaging our staff from the 

beginning. We actively sought individuals 

and teams that better mirrored our diverse 

customer base. We engaged designers 

with broader national and cultural 

understanding. We conducted various 

initiatives that connected our brand 

to society at large, including providing 

temporary employment to refugees, 

many of whom were later engaged on 

a permanent basis, and put particular 

emphasis on training for both Swiss and 

non-Swiss employees on how to work 

alongside different cultures. 

A part of a much wider plan, we also 

became EDGE Certified at Move level in 

2013 and within two years had reached the 

Lead level – tangible proof of the steps we 

had taken and the progress we had made 

on our journey towards a better, more 

diverse organisation. Building on the 

insights we gained from going through the 

certification process and implementing 

the suggested actions, we managed to 

increase both internal and external 

awareness. Of particular importance 

was communication and cascading our 

progress to all of our stakeholders and the 

media, recognising the positive impact 

this would have on our co-workers, the 

company and the business. 

Simona Scarpaleggia 

Freelance business writer. 

The strength of 

a brand can be 

measured in terms 

of how many times 

its customers are 

prepared to forgive 

it, should something 

go wrong. 

The perception of the business changed 

remarkably in the eyes of its publics and 

placed us in the top three organisations 

within the IKEA group in the scoring of 

the quality, low price and sustainability 

Index by which we were measured. What 

we witnessed, and what other businesses 

will similarly experience if focused on 

the right things, is that reputation not 

only has a direct impact on attracting the 

right talent, but it also makes you a more 

desirable organisation for people to want 

to work with and buy from. And this has a 

direct correlation with improving market 

share. 

Proactive and consistent 

Being proactive and consistent in your 

DE&I strategy ultimately creates a fairer 

organisation in which people are proud to 

be associated and belong. It encourages 

other stakeholders to get closer to your 

brand. Having the right policies also 

brings about its own rewards: a 50:50 

shortlist for any new hires or promotions, 

for example, will ultimately lead to a 50:50 

pipeline of talent! 

The media in Switzerland, as I am sure 

they are in other parts of the world, are 

very thorough. They do not want to get 

caught out or look foolish for reporting 

on an organisation’s DE&I performance 

without checking the real story behind the 

statements. In our case, they contacted 

our employees, to see whether what we 

said in public, was consistent with how 

we performed in private. It’s certainly a 

lesson from which many others could 

learn and organisations should never be 

blindsided by their own PR. As Professor 

Robert Eccles, founding chairman of 

the Sustainability Accounting Standards 

Board wrote in the Harvard Business 

Review some year ago: ‘Looking at the 

world and one’s organisation through 

rose-tinted spectacles is an abdication of 

responsibility.’ 

The strength of a brand can be 

measured in terms of how many times 

its customers are prepared to forgive it, 

should something go wrong. Recognising 

that reputational risk is a category of risk 

in its own right is therefore essential. 

An individual or an organisation with a 

strong reputation and proven track record 

may be given a second chance if accused 

of some misdemeanour about which they 

had no prior knowledge; an organisation 

or individual with a poor reputation may 

find themselves hung out to dry. 

Caring about your reputation is 

important, and so too communicating 

and evidencing your actions. Over-claim, 

and you will surely be exposed, as recent 

stories of greenwashing and pinkwashing 

have shown. Ensuring your DE&I policies 

are consistent and fair, however, will reap 

significant rewards, financial and social. 


‘Looking at the world and one’s organisation through 

rose-tinted spectacles is an abdication of responsibility.’ 

– Professor Robert Eccles 


THE summer kicked off for 

the Thames Valley Branch 

with a golf social. Two 

teams (one from Bristol 

& West branch) set off for 

a pleasant late afternoon 

round of golf at Wokefield Park. While 

most agreed that the quality of golf played 

tested the saying of ‘a bad day at golf is 

better than a good day in the office’ the 

19th hole chat and drinks made up for it! 

Next was a visit to the Vyne near 

Basingstoke – Trevor from the National 

Trust took the Branch on a private tour 

of the stately home. It was interesting 

to hear about the history of the House, 

its custodians and their guests which 

included King Henry VIII and Anne 

Boleyn. The highlight of the tour was the 

Chute’s private chapel with its stainedglass 

windows and a door leading to a safe 

with no key! 

Verizon hosted the Branch’s ‘Are 

You a Volunteer?’ event which was led 

by Verizon’s volunteering champion, 

Lewis Baldock. Lewis explained why 

volunteering is important for employees 

and why businesses are so keen to get 

involved. One of the charities supported by 

BRANCH NEWS 

Summer Series 

Thames Valley branch 

Verizon is the Royal Air Forces Association 

(RAFA) where they offer bespoke training 

to employees so they can speak to and 

support veterans and their families. A 

member of this programme spoke about 

how much he has valued his connections 

to the veterans and the support that he 

has received in return. 

The Branch is already hard at work 

with Sussex & Surrey, Kent and London 

Branches in planning the 2023 Annual 

Southern Branches Credit Day which is 

being held at The Stoop, Twickenham on 

12th October. We would love to see you 

there. 

Ruth S Howard MCICM - 

Thames Valley Branch 

CM 

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Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

CREDIT MANAGEMENT SOFTWARE 


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 

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. 

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-receivable-automation/ 

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 

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.” 

CREDIT DATA AND ANALYTICS 

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%. 

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. 

Cedar Rose Int. Services Ltd 

Tel: (+357) 25 346630 (Cyprus Office) 

(+971) 4 374 5758 (UAE Office) 

E: info@cedar-rose.com W: www.cedar-rose.com 

Follow us on LinkedIn 

Cedar Rose stands at the forefront of global leadership in the 

provision of premium compliance, due diligence investigations, 

and identity verification services for both individuals and 

companies. As a distinguished recipient of numerous awards, its 

reputation is founded on unparalleled excellence and precision. 

Originally specializing in the Middle East and North Africa, 

Cedar Rose has now expanded its horizons, offering insights 

on entities and persons across the globe. With its innovative 

CRiS Intelligence Platform, clients gain immediate access to an 

expansive database of over 384 million companies. 

Cedar Rose offers a holistic range of data-driven solutions tailored 

to meet diverse needs. Its offerings range from automation 

solutions that streamline onboarding and monitoring processes, 

to in-depth compliance investigations, and advanced electronic 

identity verification for KYC and KYB requirements. 

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. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 



ENFORCEMENT 

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. 

Cedar Rose Int. Services Ltd 

Top Service Ltd, 2&3 Regents Court, Far Moor Lane 

Redditch, Worcestershire. B98 0SD 

T: +44 (0)1527 518800 

E: enquiries@top-service.co.uk 

W: www.top-service.co.uk 

Top Service Ltd: Trusted partner in construction credit information 

and debt recovery. For over 30 years, Top Service has been a 

cornerstone in the construction industry, providing expertise in 

credit information and effective debt recovery services. Described 

as a 'national grapevine of information' for the construction 

industry, members are able to stay one step ahead with access 

to upto the minute payment experiences shared from thousands 

of members allowing them to make the best, most informed 

credit decisions and have the ability to take swift action where 

necessary. Trust in experience. Trust in excellence. Trust in Top 

Service Ltd. 

CLOUD-BASED SOFTWARE 

High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor 

Edmund Street, Liverpool, L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

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

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

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

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

FINANCIAL PR 

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. 

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. 

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. 

Its “always-on” cloud-based delivery model provides customers 

with immediate access to the latest version of the TCN solution, as 

well as the ability to quickly and easily scale and adjust to evolving 

business needs. TCN serves various Fortune 500 companies and 

enterprises in multiple industries, including newspaper, collection, 

education, healthcare, automotive, political, customer service, and 

marketing. For more information, visit www.tcn.com or follow on 

ENFORCEMENT 

Court Enforcement Services 

Adele Whitehurst – Client Relationship Manager 

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

E : a.whitehurst@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

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

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

help lawyers and creditors across all sectors to recover unpaid 

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

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

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

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

personable approach. We work hard to achieve the best results 

and protect your reputation. 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

brands working on often challenging briefs. As the partner 

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

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

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

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)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 

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. 


Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

INSOLVENCY 

PAYMENT SOLUTIONS 

RECRUITMENT 

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. 

LEGAL 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

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

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

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

recovery, including: 

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

down •Litigation service •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. 


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. 

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. 


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. 

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. 

Cr£ditWho? 


FOR ADVERTISING 

INFORMATION 

OPTIONS AND 

PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 


Ethical and efficient debt recovery solutions to 

help organisations improve cash-flow, increase 

productivity and reduce overheads 

Debt 

Recovery 

Customer 

Care 

Receivables 

Management 

Business Support 

Services 

IT and Application 

Services 

Software 

Solutions 

Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 59 

01527 386 610 

controlaccount.com

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www.tcmgroup.com 

Probably thebest debt collection network worldwide 

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Semnat digital de Razvan- 

Costin Ionescu 

Data: 2022.08.08 18:47:58 

+03'00' 

Moneyknows no borders—neither do we

CM October 2023

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