Credit Management November 2023

CREDIT MANAGEMENT
CM
NOVEMBER 2023 £13.00
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
MILK AND
MONEY
Managing cashflow
for Organic growth
Has the future regulation
of insolvency really been
resolved. Page 10
Pan-European research shows
growing numbers of people are
defaulting on their bills. Page 20

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SEAN FEAST FCICM
MANAGING EDITOR
Editor’s column
Cows, milk and why late
payment is a complex issue
EVERY so often a story lands
on your desk that makes you
smile. This month it was
one that transported me
back to my childhood, and a
campaign from Unigate (for
anyone below the age of 50 this could all
be quite meaningless – Unigate was sold to
Dairy Crest in 2000).
Very briefly it was an advertising
campaign about ‘Humphreys’ who were
milk thieves whose only physical presence
was a red and white straw that marched
around at the bottom of your television
screen and drained the milk from a bottle
to the tune of ‘watch out watch out there’s a
Humphrey about.’ I assume it was to make
it fun for kids to drink more milk and drink
it quickly before it got pinched. It was,
frankly, genius and led to a whole series of
‘merch’ including a T-shirt that I probably
still have somewhere.
The point is that ever since then I have
always been fascinated by the dairy
industry, and as a farmer’s son was always
a little disappointed my father went down
the beef route (and the odd pig) rather
than dairy! So I was delighted to hear of an
organic dairy in Ayrshire, Mossgiel Organic
Farm, that is going places, expanding its
product offering, and collaborating with
five other local dairies as a co-operative to
act as a bridge between the farming families
and its buying partners.
In interviewing farmer Bryce
Cunningham for your magazine, I was
very interested to hear how he was using
Invoice Finance as a tool to manage his
cashflow, to fund the gap between delivery
and payment. While it is often the larger
customers who are blamed for putting the
squeeze on smaller suppliers, I was also
intrigued – though not surprised – that
Bryce hasn’t found this to be the case:
“How quickly we get paid is usually more to
do with the systems our customers use,” he
told me. “Those that are more digital, and
more compatible with our own, are usually
the quickest to pay, whereas those who are
still using primarily paper-based systems
take longer to pay their bills.”
So a note once again to the various
pressure groups, politicians and
organisations doing their bit to support
SMEs and address the late payment
challenge. Keep up the good work but
remember it’s a complex issue that cannot
be over-simplified into assuming all
big businesses are bad, and all smaller
businesses are hard done by.
As farmer Bryce’s experience shows,
his investment in technology and Invoice
Finance is paying off. If smaller businesses
gave more focus to credit management,
and the professional advice, technology
and services available, not least though our
members and partners, they could go a long
way to solving the problem for themselves.
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 3

CONTENTS
November 2023 issue
10 – SLIDING DOORS
The future regulation of insolvency appears to be
resolved. Or is it?
14 – PRIORITY ORDER
What is the hierarchy for the distribution of assets
of an insolvent business.
20 – DRIVEN TO DEFAULT?
Pan-European research suggests that a growing
number of people are defaulting on their
bills.
24 – MOOVING UPWARDS
A Scottish dairy farmer shows how to manage cash
and growth.
26 – EYE OF THE BEHOLDER
Equality, prejudice, discrimination, and the limits
of the law.
30 – STRESS AND YOU
What are legal implications of an employee
experiencing stress?
36 – DUTCH COURAGE
The Netherlands may be small but it punches
above its weight.
40 – SAFETY IN NUMBERS
Group actions will continue to grow in the UK. But
there are concerns.
52 – A CUT ABOVE
A career veteran of the industry talks about how
a love of learning has supported her career from
junior credit manager to CICM Fellow.
55 – ROUTES TO SUCCESS
Candidates may take many different routes to
joining your credit team.
14
PRIORITY ORDER
What is the hierarchy for the
distribution of assets of an
insolvent business, and
what could it mean for you?
10
SLIDING DOORS
24
MOOVING
UPWARDS
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 4

CICM GOVERNANCE
President: Stephen Baister FCICM
Chief Executive: Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad)
Vice Chair: Phil Rice FCICM / Treasurer: Glen Bullivant FCICM
Larry Coltman FCICM /Neil Jinks FCICM / Allan Poole MCICM
26
EYE OF THE
BEHOLDER
36
COUNTRY FOCUS
The Netherlands
may be small but it
punches above its
weight.
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)
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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
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Email: andrew.morris@cicm.com
Editorial Team
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Melanie York and Mona Yazdanparast
Advertising
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Chartered Institute of Credit Management.
Any articles published relating to English law will differ from laws in Scotland and Wales.
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM
Contingent market opens up
to new players, expert says
THE market for contingent
consumer collections continues
to be progressive as a result of
the cost-of-living crisis, and
the space is opening up to new
players, especially those focused
on delivering best-in-class digital platforms
for customer engagement.
Julian Winfield, Managing Director of
Advantis Credit, believes that the new
Consumer Duty has also served the industry
well for those who were early adopters:
“Consumer Duty marks an important
evolution in the way in which firms think
about delivering fair outcomes for customers,
particularly for regulated firms and Financial
Services organisations. It enables prospective
clients to look at agencies with a different
lens and on a level playing field,” he explains.
“For most of us, the FCA’s latest initiative
will have little impact since the industry and
businesses like ours have been focused on
customer outcomes for some time, but what
is interesting is that it will mean that all
agencies will have to further evidence those
outcomes.
“It shines a spotlight on a company’s
existing compliance function and helps
to strengthen it where necessary. This is
particularly valuable in giving even greater
confidence to the banks and other regulated
lenders that the processes are not only
watertight but ensure the right customer
outcomes.”
Speaking exclusively to Credit
Management, Julian says he continues to see
the trend towards digital and self-serve grow:
“It’s a healthy conversation to be having,” he
continues. “Clients – and especially those
within Financial Services – want agencies
to engage with their customers in ways in
which the customer is familiar and expects
to be treated. That is driving true customercentric
behaviour; our clients need more than
a safe pair of hands.
“We believe it is important to recognise
that not every customer journey is linear;
engagement strategies need to be bespoke,
to engage with customers at times and
in ways that mirror the behaviour of the
customer.”
Advantis Credit, which employs some
250 staff working from the former Minton
Factory in Stoke, has an established 20-year
track record in collecting utility, energy,
financial services, telecoms and public sector
debt
Julian says the impact of the cost-of-living
on collections very much varies between
the different sectors. Energy providers, for
example, have been working hard with
their customers to keep prices down and
avoid debts from accumulating; within the
financial services sector the volume of oneoff
payments and settlements have fallen:
“It shines a spotlight on a company’s
existing compliance function and
helps to strengthen it where necessary.
This is particularly valuable in giving
even greater confidence to the banks
and other regulated lenders that the
processes are not only watertight but
ensure the right customer outcomes.”
“The dynamic of collecting overdue taxes is
very different from collecting a traditional
consumer debt,” he says, “because you are
collecting tax from earned money that the
customer has received, and that’s a very
different mindset.”
The company is currently further
expanding its portfolio of clients, with a
particular focus on utility providers, financial
services, and debt buyers. Advantis is
reacting to an increasing requirement for an
integrated offer with High Court and fieldbased
collections in conjunction with its
portfolio companies in CDER Group.
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 6

Higher
mortgage
rates put a
new cohort of
borrowers at
risk
A lead consultant at analytics software
leader FICO believes that rising
mortgage rates will inevitably lead to a
larger number of vulnerable customers
needing debt support and potential
forbearance.
The typical profile of customers
entering the collections space, he
believes, may also change and this puts
the spotlight firmly on how collections
teams operate.
“According to the Bank of England,
higher mortgage rates — combined with
rising costs of living — are now making
it far harder for borrowers to afford their
mortgage debt repayments,” says Peter
Lemon, Lead Consultant at FICO. “This
could cause some households to default
on payments or be obliged to cut back
sharply on their spending, posing a risk
to financial stability.
“Underlining the financial balancing
act many households face, our own
credit card data shows that average card
spending has reached its highest level
since our reporting began in 2006, at
£835 in June 2023. And the longer-term
impact of rising costs over the last 12
NEWS ROUNDUP
RSM reports significant
increase in revenues
LEADING audit, tax and consulting firm
RSM UK has reported a 14.3 percent
(£60.9m) increase in UK annual revenues
to a record £486.3m for its financial
year ending 31 March 2023. The results
mark consistent year-on-year growth
following last year’s 13 percent revenue
increase.
During the full financial year, the
firm increased its total headcount by
13 percent (up from four percent in
2022) to 4,715 people (including 356
partners), increased its new trainee
numbers by 24 percent to 818 (2022:
658) and maintained its promotion
numbers for both partners and directors.
The business says that this record
intake is part of its strategic ambition
months is evident in the proportion of
accounts missing payments.”
Peter says that accounts rolling
forwards from one to two missed
payments continue to increase steadily:
26.6 percent higher year-on-year in
June. The percentage of accounts going
over their limit has also shown a marked
increase over the last 12 months, with
new accounts (those open less than 12
months) showing the sharpest
increase.
“The reality is that there is likely to be
a larger number – and broader profile -
of vulnerable customers needing debt
support and potential forbearance,” he
says. “And for Tier One lenders and
debt collectors, there is likely to be an
increased need for digital-led payment
plans, as well as a higher demand for
loan modification so that the longerterm
financial impacts can be worked
through.
“Lenders and debt collectors will,
therefore, want to reassess best practice,
to enhance their collection capabilities
without negatively impacting
customers’ wellbeing.”
to strengthen the firm from within
its own ranks. The firm’s audit and
assurance service line delivered another
strong year within a heavily regulated
environment with an 20.1 percent
increase in revenues to £137.1m.
Rob Donaldson, CEO for RSM UK says
that despite the economic challenges of
the past year, RSM has kept investing in
its business: “I believe we have entered
a virtuous circle – robust financial
performance gives us the ability and
confidence to invest in our future. In our
fee-earners, our technology and in our
critical core functions, we are putting
more money back into the business
to become an ever more formidable
competitor,” he concludes.
>NEWS
IN BRIEF
Trade Ledger
TRADE Ledger is now accepting
applications from banks to join its
beta program which is being deployed
by Accenture. Copilot, built on top
of Trade Ledger’s data platform, “is
the last component of the tech stack
required to effectively crack open the
$120tn embedded lending opportunity
for working capital finance,”
according to Trade Ledger CEO Martin
McCann. Just a small number of
banks will be accepted for the beta
program, giving them exclusive early
access to what the firm is describing
as the world’s first generative AI
interface for embedded complex
business finance. The Trade Ledger
data platform is already being used
by banks such as HSBC and Barclays
in 15 countries to cut the application
to decision time for working capital
finance to 48 hours. Copilot is built
on top of the platform and will be
available to banks participating in
the beta program to distribute to
their customers as a simpler way to
understand and apply for working
capital credit.
True performance
TRUELAYER, described as Europe’s
leading open banking payments
network, has reached the milestone
of processing one million variable
recurring payment (VRP) transactions
in a single month. This news comes
just three months after TrueLayer
announced it had processed one
million VRP transactions in total.
The business says that this rapid
surge in VRP adoption reflects an
increasing recognition of the valuable
opportunities that they present to
both UK consumers and businesses.
As this growth continues, VRPs
are poised ‘to significantly impact
and potentially reshape traditional
methods like direct debits and cardon-file
payments’.
Forums acquisition
THE Order to Cash Laboratory (O2C
Lab) has officially launched as a
transformative force in the Order to
Cash (O2C) and credit management
industry. Co-founded by Chris
Sanders FCICM and Kerry McKevitt,
the company says it is poised ‘to
revolutionise the way organisations
engage as a credit management
community’. To support its strategy,
O2C Lab has acquired Forums
International, the company founded
by Laurie Beagle.
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 7

NEWS ROUNDUP
Being in your 40s is better
than being in your 20s
PEOPLE aged 20-24 have
the lowest resilience
scores in all kinds of
areas, from savings and
surplus cash to being on
track for retirement.
Figures from the latest Hargreaves
Lansdown Savings & Resilience
Barometer suggests that people aged
40 are at their peak in terms of having
enough emergency savings and
surplus cash, and being on track with
their retirement savings.
It shows those who are still working
over the age of 60 score well for
savings and life insurance, but have
one of the lowest levels of surplus
cash – only second to those in their
20s. It shows that people aged 20-24
have the lowest resilience scores in
almost every measure.
Sarah Coles, Head of Personal
Finance, Hargreaves Lansdown, says
that while your skin and bones may
testify to overall deterioration, your
finances are likely to have gone from
strength to strength: “The Barometer
found that when we start out in our
adult life, we have the worst of all
worlds financially,” she explains.
“We’re earning less on average,
we haven’t had the time or cash with
which to start saving or investing,
we spend a larger proportion of our
income on the absolute essentials,
and we may also have debts to pay.
It’s why overall 20 somethings have
such low resilience – particularly
those in their early 20s who may
still be studying. At this stage only
15 percent have enough cash left at
the end of the month to be resilient,
just 29 percent are on track with their
retirement savings and 31 percent
have enough emergency savings.
“As we enter our 30s, we earn
more, but we also tend to hit some
of the more expensive milestones in
life. The average first time buyer in
the UK is 32, and on average women
have their first child just shy of their
31st birthday, and men just before
they are 34, so it’s an expensive time.
It’s one reason why those aged 30-34
score worst of all for their use of debt
– with only 16 percent passing the
resilience threshold – because too
many of them are using it to make
ends meet. Similarly, only 24 percent
of this age group are resilient when it
Bibby says Bank lending retreat presents
significant threat to the UK economy
BANKS appear to be retreating from
lending to small businesses, according
to new research from independent SME
funder Bibby Financial Services, and
creating a significant threat to the UK
economy.
Data from BFS’s latest SME
Confidence Tracker report reveal
that while almost half (43 percent) of
UK SMEs say their need for external
finance has increased compared to six
months ago, 54 percent say it is harder
to access finance.
Worryingly, more than two-thirds
(67 percent) believe banks are less
willing to lend to them today, increasing
to 71 percent for SMEs with turnover
between £1m and £5m. Of those using
external finance sources, two-fifths
(42 percent) say incumbent lenders
have reduced funding availability
between March and September.
Theo Chatha, Chief Financial Officer
at Bibby Financial Services thinks
the findings are worrying: “It will
undoubtedly hamper the UK’s economic
recovery, placing further pressure on an
already besieged SME population. Data
reflects a potential turn in the UK credit
cycle during a cost-of-doing-business
crisis not seen on this scale
for decades.”
Against a backdrop of dogged
inflation, sustained energy costs and
high interest rates, the deterioration
in access to finance is an additional
barrier for SMEs who are calling for
further support. Two-thirds (65 percent)
want to see greater tax incentives,
and 57 percent are asking the next
Government to improve access to
loans and grants.
Findings are supported by data
from BDRC’s SME Finance Monitor
which found success rates for credit
applications among SMEs fell to 46
percent in Q2, a significant decrease
on the 74 percent seen pre-Covid.
“Though banks today are better
capitalised than they were during the
Financial Crisis, economic conditions
coupled with regulatory and accounting
initiatives look to be driving tougher
lending criteria.” – Theo Chatha
“Though banks today are better
capitalised than they were during the
Financial Crisis, economic conditions
coupled with regulatory and accounting
initiatives look to be driving tougher
lending criteria,” Theo adds.
“This will have a significant impact
on SME finance, both in terms of the
level of funding SMEs have access to,
and the profile of businesses banks are
comfortable to lend to. Unaddressed,
this situation will intensify, causing
a further rise in the number of
insolvencies over the coming months
– something the Bank of England has
warned of.”
Notwithstanding the stark findings,
some optimism remains among SME
owners and decision makers with 63
percent expecting sales to grow over
the coming months. Regarding the
need for external finance, 38 percent
require funding to manage day-to-day
operations, and almost half (49 percent)
say they need finance to fuel growth
and expansion.
“Though traditional lending sources
for SMEs seem to be drying-up,
the reality is that there are more
independent options available for SMEs
than ever before,” Theo concludes. “Gone
are the days when banks need to be the
first and only port of call for businesses
looking for funding to survive, thrive
and grow.”
Brave | Curious | Resilient / www.cicm.com / November / PAGE 8

NEWS ROUNDUP
“We’re earning less on average, we
haven’t had the time or cash with which
to start saving or investing, we spend a
larger proportion of our income on the
absolute essentials.’’
comes to how affordable their debts are
in future – which falls even further to 21
percent among those aged 35-39.”
Sarah says that on reaching our 40s,
on average we hit peak earnings, which
is a high point for those having enough
cash left over at the end of the month
– at 47 percent – and why that age
group has the opportunity to prioritise
things like emergency savings funds:
“Some 70 percent of those aged 45-49
have enough emergency savings –
more than any other age group. We’ve
also started to look further ahead.
Retirement doesn’t feel a million miles
away, so we’ll often be prioritising
pension contributions. Retirement
preparedness peaks at 45-49, when
46 percent of people are on track for a
moderate income in retirement.”
But, Sarah warns, enjoy it while it
lasts, because if we hit our 60s and are
still working, on average our finances
tend to have taken a turn: “This may
well be because those who are in a
stronger position may have stopped
work, leaving those in a weaker
financial position working to make
up for lost time. Surplus cash levels
drop back to 36 percent – the lowest
they’ve been since our 20s, while only
38 percent are on track for a moderate
retirement income – the lowest since
the age of 39.’’
Asset finance loan from Allica
Bank is picture perfect for VMI TV
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 high-end equipment to meet
evolving customer demand.
VMI is a family-run and multi-awardwinning
camera and filming equipment
rental company based in London and
Bristol. Founded in 1979, the business
supplies high-end production for the likes
of the BBC, ITV, Sky, Universal Pictures
and Netflix.
For VMI, having the latest camera and
filming technology is essential and so
each quarter the team meets to assess
current equipment stocks. The team
identified the need to increase its stock
of vintage lenses as well as a new cinema
camera. With lenses alone costing up to
£50,000, the business typically uses asset
finance to fund new purchases.
VMI reached out to its broker partner,
Medialease, who in turn connected
the business with Allica Bank. Arshad
Miah, Allica Bank’s Senior Business
Development Manager, said that it’s partly
thanks to the Government’s Recovery
Loan Scheme (RLS) that Allica was able
to lend against these sorts of assets; RLS
offers a 70 percent recovery guarantee to
the lender, helping them to share the risk.
>NEWS
IN BRIEF
PKF GM helps save
120 jobs in Pre-Pack of
historic hotel
MORE than 120 jobs and the future
of the 73-bedroom Lumley Castle
hotel have been secured after PKF
GM effected a rescue of the business
through Administration after
experiencing financial difficulties.
Joint administrator Oliver Collinge
says he is delighted to have secured
not only the future of all employees, but
also all future weddings and events that
would have had to have been cancelled
had the hotel been forced to close.
The hotel was sold to Lord
Scarbrough and his Trustees and
will be managed by Bespoke Hotels:
“Maintaining this wonderful hotel
and the team at Lumley Castle is our
priority,” Lord Scarbrough said. “Lumley
Castle was our family home for many
centuries and, notwithstanding the
best efforts of the previous tenants,
it became apparent that the current
structure was not sustainable and,
therefore, I agreed with my Trustees
to take the property in-hand acquiring
it from Joint Administrators Oliver
Collinge and James Sleight of PKF
GM, to ensure that one of the principal
hotels of the county continues to be a
key destination for guests, weddings
and conferences.”
Oliver Collinge told Credit
Management it was a challenging
transaction delivered within a short
timeframe: “We are delighted to have
achieved an outcome which preserves
this historic business, providing
continuity for all employees and,
importantly, ensuring the continuity
of the business to facilitate future
weddings, events and room bookings,”
“Maintaining this
wonderful hotel
and the team at
Lumley Castle is
our priority.”
Brave | Curious | Resilient / www.cicm.com / November / PAGE 9

INSOLVENCY
Sliding doors
The future regulation of insolvency
appears to be resolved. Or is it?
AUTHOR – David Kerr
THE UK Government, in
the guise of the Insolvency
Service (the oversight
regulator), has finally
published its decision on
what the future for the
regulation of Insolvency Practitioners
(IPs) will look like, following its 2021
consultation. Or has it?
For those who value and see the merits
of the current regime based on delegated
authority to well-established Recognised
Professional Bodies (RPBs) – and I count
myself among them – the sweetness of the
‘fudge’ over the issue of a single regulator
for the profession has been soured by
the threat of yet more uncertainty over
what a future Government might yet do,
should it decide that further measures
are necessary.
In one sense then, not actually a
definitive decision at all, which is
unhelpful on such a central point. The
main announcement not to impose a
new single regulator on IPs (for now, at
least) was rather drowned out by a drum
roll for other (expected and for the most
part non-controversial) arrangements to
introduce improvements to the current
regime; it does though give the present
RPBs a temporary reprieve, and for IP’s
it simply means not much change for the
time being.
Main thrust
This 'decision' on a single regulator wasn't
the main thrust of the Government's
statement on the subject, perhaps
for obvious reasons. We will come to
consider whether the proposed single
regulator concept in the consultation
was a justified and proportionate
response to any perceived shortcomings
in the current system. But the focus
in the recent announcement was on a
broadly supported new step to authorise
and regulate firms … or more accurately,
the partnerships and corporate entities
in which most IPs work. This has been
largely welcomed and is aimed at
bringing some currently unregulated
companies into the regulatory sphere,
for example those running high volumes
of Individual Voluntary Arrangements
“I understand the
rationale behind
the compensation
scheme, but have
significant concerns it
could lead to a wave
of unsubstantiated
claims and the
creation of a PPI-style
claims management
industry’’
– Nicky Fisher
Brave | Curious | Resilient / www.cicm.com / November 2023 / PAGE 10

INSOLVENCY
Another factor to weigh up
when considering whether the proposal
was a proportionate response is the
extent to which (if at all) the present
system was broken.
– David Kerr
(IVAs) in the personal insolvency market.
This and the other proposals might
take another two years or more to bring
in, because they may require primary
legislation, for which time is limited. Will
we see a Bill to cover this before the next
general election, or in the first year of a
new Government in 2025? Perhaps not,
so we are left with the possibility that a
process that has its origins in legislation
in 2015 (The Small Business, Enterprise
& Employment Act 2015) will likely take
a full 10 years or more to be brought into
fruition – a period in which a profession
focussed on rescuing financiallydistressed
business and providing debt
relief for thousands of individuals has had
a regulatory shadow hanging over it.
Notwithstanding the likely delay in
implementation, the measures that have
been announced merit some examination.
Single regulator
This may not have been the focal point of
the Government’s public relations push,
but it will have been the first aspect that
the profession will have looked for in the
published statement. Arguments about
the number of regulators in the UK system
have been running for years, and at a time
when there were eight different bodies
licensing about 1,600 IPs, you can see why;
that didn’t make a lot of sense. However,
by the time the Government came to the
view that it might do something about
that, the market had largely resolved the
issue by itself.
The two law societies in England and
Scotland had withdrawn from their
RPB roles, and they were followed by
the ACCA, each taking the view that
their relatively small numbers of IPs
made the role unviable for them. The
rationalisation resulting from those steps
left two main IP regulators in England
and Wales (covering more than 90 percent
of active IPs), with two others mainly
covering Scotland and Northern Ireland.
There have also been some profession-led
measures over the years that produced
one set of entry exams, and a standardised
suite of mandatory practice statements,
and in collaboration with the Insolvency
Service there were developments in the
Brave | Curious | Resilient / www.cicm.com / November / PAGE 11
complaints arena with a new centralised
portal for making complaints and a
published common sanctions guidance to
facilitate consistency of outcomes.
Another factor to weigh up when
considering whether the proposal was a
proportionate response is the extent to
which (if at all) the present system was
broken. Despite some weaknesses, there is
a case to be made to suggest it was not. For
a start, the Service has been the oversight
regulator (in effect, the regulator of the
RPB front-line regulators) since 1986
(when licensing of IPs was first introduced
into UK law) and has monitored the
RPBs for competence/consistency and
published annual reports on regulatory
activity. More recently, it has published its
monitoring reports.
So, there has been increasing
transparency, but more importantly
there has been no suggestion in any of
these reports that any of the RPBs have
significantly underperformed. In 2015,
the Service took the powers it had sought
to enable it to become a more effective
oversight regulator – it can issue public
continues on page 12 >

INSOLVENCY
AUTHOR – David Kerr
directions and reprimands, and thereby
take regulatory action based on a lower
threshold than would be required to
terminate an RPB’s authorisation. And
yet, in the eight years following the 2015
provisions, only once (earlier this year)
has it used those powers in a public way.
Absence of action
Notwithstanding the absence of visible
action by the oversight regulator, were
there material shortcomings in the
performance of the RPBs? They were
criticised sometimes for delay, for
example in dealing with complaints from
creditors and others – some taking more
than a year to resolve – not always the
fault of the regulator but nonetheless not
good for complainants or IPs, and not
a great advert for regulatory efficiency!
However, it is surely a stretch to argue
(as would be necessary for the Service to
have met its own test in the consultation)
that these delays constituted a ‘significant
concern currently affecting confidence in
the regime’, for if that was the case then
surely it would have acted.
There were also criticisms around
consistency between the RPBs, but
there is a (published) common sanction
guidance which should drive consistent
outcomes. It is difficult to draw too many
conclusions from the limited information
in the public domain, but to the extent
that inconsistency has been a real issue,
then arguably that is matter for the
oversight regulator.
Perhaps the Service’s proposal to
become the single regulator came too
soon. Distractions attributable to the
pandemic, with a perfectly natural focus
on new temporary legislative measures,
arguably took two years out of the period
originally allowed for assessment of the
effectiveness of the regulatory objectives
and other changes introduced in 2015. So,
maybe there is a case for extending the
deadline, which in one sense is what the
Service has now done.
It is reasonable to ask if there really was
a case made for a single regulator, and
whether the Insolvency Service (as it had
proposed) could have been that regulator,
and do a better job than the RPBs. It
seems the Service was persuaded that it
could not, and that bringing the role into
a Government department would create
more problems than it might solve. Result?
A continuation of the RPB regime, with
other measures designed to improve how it
works, including no doubt close oversight
of any perceived conflicts of interests.
The sting in the tail is the Government’s
stated intention to take legislative powers
(when parliamentary time allows) to
introduce a single regulator, if necessary,
further down the line. Other than the new
statement that any single regulator will
not be the Insolvency Service, nobody
yet knows what that might look like (and
it may never happen), so let’s look at the
other announcements.
Regulating firms
The use of the term ‘firm’ here is perhaps
a little misleading, as the real targets here
are likely the corporates that dominate
the IVA world. Most insolvency work
that is focussed on dealing with failing
companies is undertaken by professional
firms, which are self-regulating to a
degree, and in some other ways are
covered by light-tough regulation by,
for example, the accountancy bodies of
which their principals may be members.
However, the market for services to overindebted
individuals has seen a business
model built around entrepreneurial
corporates in which the IPs may not be
principals and in which consequently the
IPs may be unable to influence a focus on
regulatory compliance to the same extent.
Bringing firms into the sphere of
influence of insolvency regulators has
been broadly welcomed, not least by
the RPBs, which will have new powers
to hold those corporates to account in
ways previously not possible. Instead of
indirect influence via IPs, the regulators
will be able to sanction firms as well as
the IPs working in them.
This new aspect of the current regime
will sit alongside the present regulation of
individual IPs, rightly retaining personal
responsibility for IPs, in whose names
appointments are made, whilst also
recognising the role of the firms in which
they work. Those firm names are often
prominent in marketing and PR, but to
date have not been directly linked to any
sanctions imposed on individual IPs –
that will now change. There will also be
a new searchable register of all IPs and
firms providing insolvency services, with
details of any sanctions.
It is not so unusual for firms in the
accounting sector to be regulated. In
audit and financial services, regulation
of firms is the norm. This new measure
sensibly blends regulation of IPs and
insolvency firms in a way that should
build confidence in the system.
Quite when the change will be made
is another question. Once again, it will
depend on parliamentary time, and we
may therefore have to wait quite a while
before this is enacted.
“I have had the privilege of seeing
first-hand the RPB regulatory systems in
action, and have been proud to be the
voice of creditors in those arenas. I do
think it is crucial that creditors are heard
and that relevant committees take their
views into account in these processes.’’
– Stuart Hopewell FCICM, Pre-Pack Pool.
Compensation changes
One of the other changes promised is the
power for regulators to direct an IP or firm
to pay compensation or ‘otherwise make
good loss or damage’ – that is, damage
caused by IPs. So, potentially something
that has been done by an IP, or that the
IP has omitted to do, causing loss to say
a creditor, could be the subject of a claim
for compensation. This could become
problematic, and the IP ‘trade’ body R3
has raised understandable concerns
about how this might work, and in
particular whether it might lead to a new
‘industry’ in claims. It could clog up the
complaints system and delay completion
of insolvency cases, for little benefit to the
majority of creditors.
There is a proposed cap of £250 for any
claim, which suggests it may be directed
more at consumers in IVAs than other
cases, but any monetary incentive to
make a complaint is likely to increase
the number of them. There will also be a
need to distinguish those matters where
a complainant/claimant has suffered
loss directly as a consequence of an act
or omission by an IP, and where that has
affected one claimant as opposed to a
Brave | Curious | Resilient / www.cicm.com / November / PAGE 12

INSOLVENCY
AUTHOR – David Kerr
class of creditors more generally. The latter
scenario is probably best left to the courts
using existing rights of action.
In what circumstances might an IP
have caused loss to a particular creditor/
claimant? Perhaps by failing to answer
correspondence, leading to a creditor
incurring legal costs? Could that even arise
in cases where creditors have been advised
that there is no prospect of a financial
return?
This looks out of place in a corporate
insolvency world and is pitched at such a
low level as to be of little benefit to most of
those who might be minded to claim, but
the burden on IPs could be considerable,
particularly on smaller IP practices. One
such practice operating in South London
and Sussex is Herron Fisher – its principal,
Nicky Fisher, is an IP and president of R3 and
her views on this aspect of the proposals are
probably typical of the concerns raised more
widely: “I understand the rationale behind
the compensation scheme, “ she says, “but
have significant concerns it could lead to
a wave of unsubstantiated claims and the
creation of a PPI-style claims management
industry, which could place an unwanted
and potentially unmanageable burden on
the smaller practices within the profession,
have consequences for the profession’s
ability to deliver for clients and creditors,
and potentially undermine the UK’s
national and international reputation for
having an effective insolvency framework
and profession.”
Practice standards
Currently, the mandatory practice
standards for IPs are set by the Joint
Insolvency Committee (JIC), in which
the RPBs, Insolvency Service, R3 and
creditor representatives participate. This
involvement of specialists and stakeholders
has served the profession well. It may not
produce the quickest results, but its outputs
are generally well thought through and
practical. It is responsible for the Code
of Ethics and Statements of Insolvency
Practice which IPs must observe, across
the profession irrespective of the RPB
that regulates them. Common standards
achieved with lay input to maintain and
raise standards of practice.
The JIC replaced the lay-dominated
Insolvency Practices Council which
previously had the standards-setting role.
All of which makes the latest proposal for
the Insolvency Service to be the final arbiter
on such matters look like a step backwards.
It is not clear how giving the Service the
final say on standards will lead to an
improvement in this arena, particularly as
it remains unclear to what extent external
David A Kerr FIPA FCICM
Currently, the
mandatory
practice standards
for IPs are set
by the Joint
Insolvency
Committee (JIC),
in which the
RPBs, Insolvency
Service, R3
and creditor
representatives
participate.
stakeholders representing creditors and
others will still be at the table. Perhaps the
aim is to remove the need for consensus and
facilitate speedier decisions, but as with
other aspects of the announcement, there
remain many unanswered questions. One of
those is the extent to which lay/stakeholder
input will continue, for example creditor
input. That has been a valuable part of not
only the standards-setting process, but also
a key element of the regulatory decisionmaking
committees which determine
sanctions – with contributions on behalf of
CICM previously from past-chairman Stuart
Hopewell and currently the Institute’s CEO
Sue Chapple FCICM. It’s noteworthy that
the CICM representative on the JIC was its
first-ever lay chair It is vital to retain that
going forward.
Stuart runs the Pre-Pack Pool that provides
reviewers for the independent evaluation of
administrators’ sales to connected parties,
giving reassurance to creditors about the
efficacy of those deals: “I have had the
privilege of seeing first-hand the RPB
regulatory systems in action,” he says, “and
have been proud to be the voice of creditors
in those arenas. I do think it is crucial
that creditors are heard and that relevant
committees take their views into account
in these processes. Setting standards for the
profession is an important part of the mix,
and the Insolvency Service should ensure
that future arrangements retain that lay/
stakeholder input.”
There are other proposed changes that will
likely not have a great impact on creditors
in the majority of insolvency cases and will
not be in force for some time. They include
increases in the cover on the bonds IPs are
required to put in place to protect creditors.
Bond claims are relatively infrequent, and
sensible though these measures are, it is
important that the changes really do benefit
creditors. Time will tell.
Nobody would deny that there are areas
in which the present regulatory regime can
be improved, but the Insolvency Service
perhaps should be congratulated for
eventually coming to the view that there
is great merit in preserving the best of the
present RPB regime, with improvements
in some areas, rather than ripping it up
to start again with a Government agency
taking a direct active role in regulating IPs.
Arguably, the Service as oversight regulator
is a better way forward, but it too must be
willing to use its powers in a more effective
and transparent way to enhance confidence
in a regulatory regime that has gained
world-wide respect over three decades.
David A Kerr FIPA FCICM is a member
of the CICM’s Technical Committee.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 13

PRIORITY
ORDER
What is the hierarchy for the distribution
of assets of an insolvent business, and
what could it mean for you?
AUTHOR – Alexandra Davies
Brave | Curious | Resilient / www.cicm.com / November / PAGE 14

INSOLVENCY
IN the complex world of corporate
insolvency, where businesses teeter
on the brink of financial collapse,
insolvency practitioners (IPs) play
a pivotal role in administering the
affairs of distressed companies. Their
responsibilities are not only to help liquidate
or rescue a business but also to ensure that
creditors are paid fairly. To achieve this, the
officeholder of the insolvent estate must adhere
to a strict order of priority established by UK
insolvency legislation. This order ensures that
the limited assets of an insolvent company are
distributed in a fair and systematic manner.
Understanding the priority order of claims
and how it works will give credit managers
clarity and help them to manage expectations
internally. The foundation of this order
of priority is set out in the Insolvency Act
1986, which has been the cornerstone of UK
insolvency law for decades. The Act provides
a clear hierarchy for the distribution of
assets, aiming to strike a balance between the
interests of various stakeholders in an insolvent
company.
Secured creditors
At the top of the list of priority claimants are
secured creditors. These are creditors who
have a legal charge or a security interest over
specific assets, such as a mortgage lender that
has repayments outstanding for a key piece of
machinery. They are entitled to be paid from
the proceeds of the sale of the secured assets
before any other claims are settled. Examples of
secured creditors include banks with mortgages
over company properties or lenders with fixed
and floating charges.
Preferential creditors
‘Preferential creditors’ are next in line and
would typically include any money owed to
employees such as arrears of wages, holiday
pay or pension contributions. These claims are
subject to statutory limits.
‘Secondary preferential creditors’ come next.
For example, HMRC might be considered a
‘secondary preferential creditor’ in relation to
certain types of taxes such as PAYE and VAT. In
the case of PAYE, the insolvent business may
have deducted Employee National Insurance
Contributions (NICs) before paying workers,
but not yet paid the taxes to HMRC.
Floating charge holders
Once all secured and preferential creditors have
been paid, any creditor with a floating charge
over the company, can expect to have their
claim settled next. A floating charge holder is a
type of secured creditor against an asset, which
may fluctuate over time. An example of this is
inventory.
Unsecured creditors
Unsecured creditors are at the bottom of the
priority hierarchy. These creditors have no
specific charge or security in terms of the
company’s assets. This category encompasses
trade creditors, suppliers, and other creditors
who are owed money by the insolvent company
and despite typically being the largest group of
claimants, they are also the least likely to realise
the money they are owed.
Fairness and transparency
It is essential for officeholders to diligently follow
this order of priority when administering an
insolvency case. Deviating from this hierarchy
can lead to legal disputes and challenges from
creditors. By adhering to the established order,
officeholders can maintain transparency and
fairness throughout the insolvency process.
In addition, costs and expenses related to
the insolvency process can be settled from
assets realised in the estate. These costs may
vary depending on the work undertaken by
the officeholder, but they are likely to include
fees incurred, legal fees, court costs, agents’
fees and any other necessary expenses in
relation to the administration of the insolvency.
It is essential for officeholders to
diligently follow this order of
priority when administering an
insolvency case. Deviating from this
hierarchy can lead to legal disputes
and challenges from creditors.
The officeholder is able to discharge these costs
prior to the payment of preferential creditors.
Once there are sufficient assets available
in the insolvent estate, the officeholder may
look to make a distribution to creditors in
line with the order of priority. In order for the
officeholder to make a distribution to creditors,
the officeholder should give notice of his
intention to declare and distribute a dividend
and provide creditors 21 days’ notice to prove
their debts (“final date of proving”).
The creditor should aim to complete and
submit a proof of debt form as soon as possible.
This will ensure that the officeholders have all
the necessary information about their claim. It
is important to do this promptly, as failure to
submit a proof of debt may result in creditors
being excluded from the distribution. The
distribution must be declared and paid within
two months from the final date of proving.
Alexandra Davies is a senior manager in the business
recovery team at accountancy firm, Menzies LLP.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 15

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Rated as Excellent

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
Bolstering the UK Economy
The pivotal role High Court enforcement plays in
supporting a fair and efficient economic environment.
AUTHOR – Alan J. Smith FCICM
HIGH Court enforcement is a critical
component of the United Kingdom's
legal and financial infrastructure.
Its role extends far beyond settling
disputes; it actively contributes to
the stability, growth, and prosperity
of the UK economy.
It is not just huge corporations recovering large
debts. Small businesses, sole traders and individuals
all rely on High Court enforcement to recover money
owed to them and prevent them – as todays creditors
– from becoming the debtors of tomorrow.
Preservation of small businesses
When businesses are not paid for goods or services
provided, their cashflow suffers, limiting their ability
to invest, expand, and create jobs, or even meet their
day to day running costs. With the cost-of-living crisis
the impact on small businesses is more noticeable
than ever.
The backlog of cases in the County Courts is
making it difficult for the businesses and individuals
who are relying on this income to recover the money
owed to them. While judgments for debts over
£600 can be transferred up to the High Court for
efficient recovery, smaller debts that can make a real
difference between a business staying open or facing
insolvency are taking much longer to recover.
By successfully recovering debts, businesses can
maintain liquidity, meet their financial obligations,
and reinvest in their operations, which is why we’re
committed to campaigning for freedom of choice for
court users. A simple change to legislation would
allow them to choose a High Court Enforcement
Officer to help recover debts under £600, increasing
their viability and preventing them from falling into
debt of their own.
Reinforcement of Contractual Commitments
The UK economy thrives on a robust legal system
that enforces contractual commitments. High
Court enforcement plays a vital role in upholding
these commitments, reinforcing the principle that
agreements must be honoured.
This commitment to enforcing contracts promotes
trust and confidence in business transactions,
encouraging investors and businesses to engage in
economic activities with the assurance that their
rights and agreements will be protected.
Encouragement of Responsible Borrowing
and Lending
When debtors know that unpaid debts can lead
to legal consequences, they are incentivised to
fulfil their financial obligations. It can also deter
potential debtors from engaging in non-payment or
defaulting on financial obligations, as they are aware
of the potential legal consequences. This deterrence
contributes to a more efficient and responsible
economic ecosystem.
On the lender side, the knowledge that there is a
mechanism for debt recovery reinforces responsible
lending practices, discouraging the extension of
credit to individuals or businesses with a history of
non-payment. This fosters a healthier credit market
and reduces the risk of financial instability.
As an Association we work closely with the newly
formed Enforcement Conduct Board to ensure
High Court enforcement is carried out flexibly and
responsibly, particularly in cases involving vulnerable
debtors. High Court Enforcement Officers have a role
in ensuring that the vulnerable and socially excluded
are protected and that the recovery process includes
procedures agreed between HCEOs and creditors
about how such situations should be dealt with.
Support for Landlords
The property sector is a significant contributor to
the UK economy. High Court enforcement plays
a crucial role in supporting this by assisting in the
enforcement of Orders of Possession and eviction
proceedings. This is particularly important in cases
where tenants fail to pay rent or breach tenancy
agreements.
By helping landlords regain control of their
properties, High Court enforcement ensures that
rental income is protected, preventing financial losses
and disruptions in property management. A stable
property sector positively impacts property values,
property tax revenue, and associated industries, such
as construction and property management.
With the recent suspension of County Court bailiff
appointments, it is High Court enforcement that
has been able to continue to provide support for
landlords looking to recover their property or rent
arrears.
A vital role for UK plc
No system is perfect, but we’ve been working hard
with Government and other stakeholders to make
High Court enforcement more accessible through
digitisation and ensure that standards are maintained
through appropriate funding.
Our members perform a vital role for UK plc
– while they are doing the work that no one really
thinks about, High Court enforcement preserves
the financial health of businesses, encourages
responsible financial behaviour, and reinforces
contractual commitments. Its role in maintaining a
fair and efficient economic environment underscores
its significance as a cornerstone of the UK economy.
Alan J. Smith FCICM is Chairman
of the High Court Enforcement Officers Association.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 17

Brave | Curious | Resilient / www.cicm.com / November / PAGE 18

CONSUMER CREDIT
Driven to default?
New pan-European research shows a growing
number of people are defaulting on their bills.
AUTHOR – Heather Greig-Smith
ACCORDING to early findings
from the annual
European Consumer Payment
Report, due to be
published in November,
three quarters (76 percent)
of consumers are only just breaking
even or are overspending each month.
The survey of more than 20,000 people
across 20 European countries is produced
by credit management group Intrum.
This year, it shows the toll that high
interest rates and inflation are having on
consumers, with savings depleted and
budgets already tightened.
The average overspender exceeds their
budget by €232 a month – adding up to
€2,784 a year. In the UK, 24 percent of the
population admit they overspend. The
average amount they go over is £190 –
adding up to £2,280 a year. That’s a huge
challenge for both individuals and the
businesses relying on their payments.
“This level of overspending by a
significant segment of the population is
extremely worrying,” says Intrum UK’s
Managing Director Eddie Nott. “Over
time, relatively small amounts can easily
mount into bigger debts. Many people
have already gone through their savings
during the last few difficult years and
have no buffer to cope with the financial
challenges they are facing.”
Skipping payments
The impact on payments is already being
felt. More than a third (35 percent) of
consumers have skipped at least one
bill in the last 12 months. In the UK, 33
percent admit to having done so.
This is not surprising when you consider
that half the population have suffered a
disposable income drop. Consumers’ real
earnings have stagnated or even declined
as surging inflation and higher borrowing
costs continue to be a problem for
European and UK households. As many
as 49 percent of consumers say they have
significantly or slightly less spending
money after paying for essential items
and bills than they did a year ago.
Meanwhile, many consumers’ resilience
is hanging by a thread because they lack
a cash buffer to cover unexpected costs.
Worryingly, one in five (20 percent) admit
they have no savings to fall back on, and
a further 17 percent have less than one
“At this difficult
time for the
European economy,
we might expect to
see a new wave of
consumer hostility
towards ‘the
system’”
Intrum Chief
Executive Andrés
Rubio.
month’s income saved. In the UK a quarter
(24 percent) of consumers say they have
no savings at all.
As a result, more than three in four
consumers (78 percent) may demand a
pay rise from their employer this year,
while 41 percent anticipate taking on
extra credit to make ends meet.
Mortgage pain on the horizon
An even bigger concern for households is
that they are only just starting to feel the
impact of higher borrowing costs. In much
of Europe, a significant proportion of
homeowners are on fixed-rate mortgages
that last several years. These borrowers
will only be exposed to the rise in rates
once their existing deals expire and they
are forced to refinance.
In the UK, the average mortgage holder
was paying a rate of just three percent
in June, even though the typical cost
of a new two-year fixed-rate mortgage
had risen to more than six percent. Fastforward
to the end of 2024, and as many as
4.4 million borrowers will be leaving their
fixed-rate deals and grappling with higher
mortgage costs, according to trade body
UK Finance.
Consumers throughout Europe face
a similar prospect, although we see
significant variation between countries.
Across the eurozone, just 23.1 percent
of mortgage borrowers were paying a
variable rate of interest at the end of June.
In Germany and France, the figures were
16.5 percent and 3.6 percent respectively,
although they were as high as 68 percent
in Portugal and 40.9 percent in Italy. So
tens of millions of mortgage borrowers
will get an unpleasant shock when they
return to the mortgage market to secure
their next home loan deal.
Regional variations
Some regions are experiencing greater
levels of default than others, with 46
percent of those in Northern European
countries admitting to missing at least
one bill payment, compared with 29
percent of those in Eastern Europe.
In Greece, Norway and Switzerland,
more than half of consumers said they
haven’t paid at least one bill on time. In
Portugal and Spain only one in five said
the same. The main reason for failing to
pay bills is simply not having the money
Brave | Curious | Resilient / www.cicm.com / November / PAGE 20

“Over time, relatively small amounts can easily mount into
bigger debts. Many people have already gone through their
savings during the last few difficult years and have no buffer
to cope with the financial challenges they are facing.”
– Eddie Nott.
to pay – 43 percent said this was the case, 55
percent in the UK.
Yet, despite the rising levels of missed
payments, one in three people (31 percent) said
they feel less guilty about dodging their payment
due date than in the past. In the UK, this figure is
even higher at 37 percent. It is likely that some of
this changing attitude is because consumers feel
hopeless and have no choice but to miss their
payments. That’s bad news for businesses.
“At this difficult time for the European
economy, we might expect to see a new wave of
consumer hostility towards ‘the system’,” says
Intrum Chief Executive Andrés Rubio.
“There are signs that some social norms are
being undermined. Consumers are starting to
feel that the economy is stacked against them.
Eight in 10 people in our survey, for instance,
believe it is becoming increasingly difficult for
young adults to buy their own homes. In this
environment, businesses that do not behave with
sensitivity can expect a backlash.”
‘Greedflation’ repels consumers
With greater pressure on their disposable
incomes, consumers are drawn towards brands
and businesses that show they understand this
changing landscape.
Half (50 percent) of those surveyed say they
are more likely to spend money with businesses
that offer flexible payment terms such as partial
payments, multiple payment methods or flexible
due dates. Two thirds (67 percent) believe
that companies should offer flexible payment
methods to consumers during difficult economic
periods.
Looking ahead, almost three quarters (71
percent) of consumers say they would stop
spending money with a business if they thought
that it was guilty of ‘greedflation’ by raising its
prices when costs go up, but choosing to not
reduce them when costs fall.
“Businesses need to work sensitively with
consumers to combat their debts,” says Eddie.
“Many customers simply cannot afford to pay
their bills and taking an aggressive stance
won’t make any difference. Instead, they
need to look for sustainable payment plans and
longer-term solutions.”
He adds: “With large numbers of people
spending more than they can afford, businesses
should prepare for increasing numbers of
indebted customers needing support in the
coming months and years.”
Brave | Curious | Resilient / www.cicm.com / November / PAGE 21
continues on page 22 >

CONSUMER CREDIT
AUTHOR – Heather Greig-Smith
Optimism lacking
Consumers’ outlook on the future is
bleak, with just 45 percent expecting their
financial situation to improve over the
next 12 months, fuelling the wider sense
of unease and discontent. On average,
people believe that high inflation will
last until early 2025, while at the more
pessimistic end of the scale, 20 percent
believe high inflation will never end.
Although this is unrealistic, it is a
reflection of the lack of hope many have
for the future. Two in three say they
cannot imagine ever becoming wealthy –
no matter how much time and effort they
put into working hard and saving more.
Almost three in 10 have already started to
worry that advances in technology, such
as generative AI, could cause further
issues by taking away their income.
“Consumer-facing businesses and
lenders are serving a customer base that
is uncertain, frustrated and cynical. They
will need to tread carefully in the months
ahead,” says Andrés.
“This might mean adapting corporate
strategies to anticipate shifting consumer
priorities. In our research, we have seen a
year-on-year increase in respondents who
say they are questioning how much they
spend on non-essential purchases, from
digital subscriptions to takeaway coffee.
Around two thirds are already shopping
around to find cheaper products and
services.”
Businesses should therefore prepare
to manage the impact of future missed
payments and non-performing loans.
To date, consumers have weathered
COVID-19, the rising cost of living and
high interest rates and inflation but many
have been stretched to breaking point.
Investing more in understanding the
reasons behind late payment will help
tailor the approach to customer need and
reduce the rate of delinquent payments.
“In our research, we have seen a
year-on-year increase in respondents
who say they are questioning how
much they spend on non-essential
purchases, from digital subscriptions
to takeaway coffee.” – Andrés Rubio.
Heather Greig-Smith is a freelance
business writer.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 22

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Brave | Curious | Resilient / www.cicm.com / November / PAGE 23

MOOVING
UPWARDS
Scottish farmer shows how
to manage cash and growth.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 24

COMMERCIAL FUNDING
AUTHOR – Sean Feast FCICM
THE dairy industry has never
had it easy. According to a
major report published by
the UK Parliament and now
in the House of Commons
Library, the total number of
dairy cows has fallen from 2.6 million in
1996 to 1.9 million in 2020 – or 28 percent
in old money.
Perhaps counter-intuitively, with
fewer beasts the farms have actually
produced more product: 15.3 billion
litres of the White Stuff were produced
in 2020, the highest annual figure for
30 years. Happily, from a low of only
21.5 pence per litre in 2016, farm-gate
milk prices had recovered to 30.4 pence
per litre as of June 2021, and now stand in
the region of 36 pence per litre today. But
it’s still not enough.
A report in Farmers’ Weekly in September
suggested that the current prices were
still a good five- to 10-pence lower than
they needed to be to match current cost
of production, and with mounting costs
of energy, animal feed and fertiliser, a
number of dairy farmers have decided
to call it a day. One anonymous farmer
was reported as saying that ‘trying to get
money is a nightmare’ and as a result,
‘they can’t pay their bills.’
That times are tight is not in dispute, and
different farms have different strategies
in place depending on size, geography
and customer base. For farmer Bryce
Cunningham, owner of Mossgiel Organic
Farm in Ayrshire, for example, dairy
farming is more than a way of life, it’s a
passion. But it comes with its challenges,
not least in managing cashflow from the
moment the product is delivered, to the
point at which he gets paid. Thanks to
the support of a tailored Invoice Finance
facility from Optimum Finance, however,
Bryce is not only able to manage his
cashflow more effectively, but also looking
to expand his current operations.
Mossgiel was founded on the principle
of creating a truly sustainable dairy.
Alongside its herd of 45 Ayrshire cows, it
is also the platform for a co-operative that
includes five other Scottish organic farms:
“We act as the bridge between the farming
families and our buying supporters,” Bryce
told me, “handling the pasteurisation,
processing, bottling and delivery.”
The farmers’ organic milk is sold to a
broad range of customers, from single
bottle doorstep deliveries through to
local businesses and larger retailers. Two
years ago, it won the tender to supply
the nurseries and primary schools of
East Ayrshire with the first zero waste,
zero emission deliveries of 100 percent
organic milk anywhere in the UK to a local
authority.
Range of credit terms
Having such a broad range of customers
comes with an equally broad range of
credit and payment terms – anything from
seven to 60 days. To fund the gap between
delivery and payment, Bryce began
looking at Invoice Finance on the advice
of an intermediary: “We had someone in
to help with our accounts and they’d had
experience of Invoice Finance before and
recommended we spoke to Optimum,”
Bryce explains.
Invoice Finance is a method of cashflow
funding that uses receivables (invoices) as
the principal asset against which money
can be raised. Optimum Finance pays the
farm an agreed percentage of the invoice
value (around 75 percent typically) as
soon as it is submitted, driving access to
liquidity at the point of invoice as opposed
to needing to wait.
Interestingly, and while it is often the
larger customers who are blamed for
putting the squeeze on smaller suppliers,
Bryce hasn’t found this to be the case:
“How quickly we get paid is usually
more to do with the systems our
customers use,” he explains. “Those that
are more digital, and more compatible
with our own, are usually the quickest
to pay, whereas those who are still using
primarily paper-based systems take
longer to pay their bills.”
As well as giving Bryce instant access to
cash, he has also been pleased with the
levels of customer service provided by
the Optimum Finance team: “The team is
always on hand to answer any questions
I have and are very responsive.
“While it took me a few weeks to settle
into the rhythm of things, and understand
how it works, Invoice Finance is now an
essential part of running a successful
business, and I don’t have to worry
about not getting paid or paying my own
suppliers on time.”
Growing ambition
Mossgiel Organic Farm currently produces
something in the order of 1.6 million
litres of organic milk every year and has
an ambition to be producing 400,000
litres of milk every month in the next 10
years. Bryce is especially proud not only
of the quality of their milk, but also their
commitment to sustainability, using reusable
only packaging and all-electric
delivery vehicles. He has also resurrected
some of the ‘old-fashioned’ ways of the
past, including the return of glass bottles
in preference to plastic.
“We pride ourselves on thinking outside
the churn to bring as much of our awardwinning
milk to as many folks as possible,”
Bryce concludes. “We have an ambitious
plan to expand our business and the range
of products we sell and having an Invoice
Finance facility will no doubt support us
on our future journey.”
“We have an ambitious plan to expand our business
and the range of products we sell and having an
Invoice Finance facility will no doubt support us on
our future journey.” – Bryce Cunningham
Brave | Curious | Resilient / www.cicm.com / November / PAGE 25

EYE OF THE
BEHOLDER
Equality, prejudice, discrimination,
and the limits of the law.
AUTHOR – Amanda Hamilton
WE were recently treated
to the Women’s World
Cup Soccer tournament
which has, for the
very first time in the
tournament’s history,
attracted massive viewings and attendances.
It was a wonderful tournament with plenty
to say about the brilliant standard of play,
and over 12 million people in the UK alone
watched the final between England and Spain
on TV. Women’s’ football has certainly come a
long way particularly in the last ten years.
And yet, Spain’s victory, and the tournament
as a whole has been tainted by the (now
former) Spanish football federation president
grabbing one of the Spanish players’ head
with both hands and giving her a kiss on
the lips. Would he have done the same if
it had been the men’s team that had won?
Absolutely not!
It is clear that while there appears to
be a willingness to have equity between
the sexes, less discrimination and a more
tolerant society, there is evidently no such
thing in practice. Misogyny, homophobia,
discrimination, prejudice and sexism
continue to exist despite the laws that are
there to discourage them. It has just gone
underground and less spoken about. This is
not just in relation to women’s football but to
the whole of society.
In the UK, since 2004 we have had Civil
Partnerships for same sex couples, and in
2014 the same sex marriage Act became
law. On the face of it there should be parity
between heterosexual and homosexual
partners and legally there is. However, in
reality, there remains an underlying streak of
prejudice relating to homophobia.
Indeed, prejudice of all kinds remain. It’s
just more difficult to prove.
The difficulty becomes apparent when
an individual believes they’ve been subject
to any kind of prejudice or discrimination
because it can only be proved if there happens
to be concrete evidence, such as something
in writing, or a voice or video recording.
Evidence is something that is easy to avoid if
you are a perpetrator. All you have to do is to
avoid saying or writing anything specifically
derogatory.
Discrimination, like beauty, is in the eye of
the beholder.
As a reasonable person, one knows whether
a raised voice and/or aggressive action is
aimed at you because you are gay, a woman
or of ethnic origins.
Laws may be there to protect individuals
legally in theory, but in practice they
don’t prevent inequality or injustices or
discrimination from actually happening in
society. It’s just far more difficult to prove.
– Amanda Hamilton
Brave | Curious | Resilient / www.cicm.com / November / PAGE 26

OPINION
Brave | Curious | Resilient / www.cicm.com / November / PAGE 27
continues on page 28 >

OPINION
It is clear that while there appears to be a
willingness to have equity between the sexes, less
discrimination and a more tolerant society, there
is evidently no such thing in practice.
– Amanda Hamilton
When a female gay friend heard the raised voices outside her
home of her immediate female neighbour speaking to a man, and
asked whether everything was alright. The man, another neighbour,
with whom she had never spoken previously, aggressively turned
to her and told her to mind her own business and told her that
her boundary wall between her property and that of her opposite
neighbour was coming down. This friend, who is a very strong
independent woman, and well-integrated socially, was unusually
upset by this unprovoked aggressive comment and was convinced
it was fuelled by homophobia. There was nothing in the comments
made to indicate this, but she just instinctively knew. She called the
police and explained the incident to the two officers that arrived and
they offered to visit the neighbour.
As it transpired, some months’ later, the friend requested the police
report and was shocked to find that the police officers completely
rejected her allegation and believed the neighbour when he said that
it was just a spat and there was nothing in it. The police even stated in
the report that there was definitely no ‘homophobia’ involved as the
neighbour had denied it.
This, unfortunately, is the nature of the beast. If a female worker
complains about sexual harassment at work, it becomes the word of
the victim against the perpetrator.
When working in the property business many years ago, a boss was
in the habit of commenting on women’s attributes as they walked past
the shopfront. Having informed him that I found these misogynistic
comments insulting and inappropriate, he just told me to lighten up
and that if I wanted to ‘move up’ the ladder, I would have to change
my attitude. It was just a bit of ‘fun’.
I have had similar stories told to me in respect of discrimination
due to ethnic origin. A friend of colour went for a job interview. She
was well educated, well qualified and had massive experience in the
particular field with excellent references. She did not get the job. This
is not necessarily uncommon, but she told me that in the interview,
which she thought went very well on the whole, there was a feeling
from one of the three interviewing her that she definitely thought was
not right and her instinct told her it was discrimination. She is not the
sort of person that plays that card. She shrugged it off because that
was all she could do. She could not go back and complain because
what would be the basis of the claim? A feeling? An instinct?
In conclusion, laws may be there to protect individuals legally in
theory, but in practice they don’t prevent inequality or injustices or
discrimination from actually happening in society. It’s just far more
difficult to prove.
So, how do we affect a change? Well, that is the question!
Perhaps the best way is to make a complaint to the police under the
umbrella of ‘Anti-Social Behaviour’ and insist that you see the police
report. If, as happened to my friend, the report is inaccurate, you
should then make a point of complaining further.
Alternatively, you could request a legal professional, such as a
Licensed Paralegal, to write a letter to the perpetrator. Neither action
may produce a satisfactory result, but the more these incidents are
addressed, the more it may affect a change in attitude, although it
may take a very long time.
Amanda Hamilton is Patron of the National
Association of Licensed Paralegals.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 28

Brave | Curious | Resilient / www.cicm.com / November / PAGE 29

HR MATTERS
STRESS AND YOU
What are the legal implications of an
employee experiencing stress?
AUTHOR – Gareth Edwards
STRESS is a fact of life. None of
us are exempt and thankfully,
most learn how to cope.
Occasionally though, stress
can become unrelenting
and excessive, and this
can cause an individual to experience
some unpleasant physical and mental
symptoms.
A certain amount of stress is necessary
for normal functioning as it keeps us
active, alert, and able to deal with life's
problems. Normally, we take the usual
frustrations, long hours, or routine
work in our stride, but in certain
circumstances, stress can become a
real drain on our physical and mental
resources.
To drive the point home, the Health
and Safety Executive (HSE) in a paper
published in November 2022, Workrelated
stress, anxiety or depression
statistics in Great Britain, 2022, found
that “in 2021/22 work-related stress,
depression or anxiety accounted for 51
percent of all work-related ill health and
55 percent of all days lost due to workrelated
ill-health” and that “the total
number of cases of work-related stress,
depression or anxiety in 2021/22 was
914,000, a prevalence rate of 2,750 per
100,000 workers.”
Legal implications
But beyond the statistics, stress
can have legal implications too.
First off, employers must comply
with health and safety legislation and
employers have a duty to take reasonable
care over the health and safety of
employees in the workplace – including
stress. In particular, an employer is
required to undertake risk assessments
and then consider the results of those
assessments. Where risks are identified,
the employer should consider them and
take the necessary steps. Employers
also need to consider their obligations
under the Equality Act 2010 as stress can
amount to a disability under the Equality
Act 2010, requiring the employer to make
reasonable adjustments in the workplace
in order to support the employee.
It’s interesting that the HSE found
that there are six key causes of stress
in the workplace – demands, control,
support, relationships, role and change.
Logically, employers should keep these in
Ultimately, it
should be clear
to an employee
that there are
routes available for
obtaining support
and they should
feel able to disclose
issues in the
workplace which
may be causing
them stress.
mind when considering how they can put
in place support for employees.
Employees have responsibilities
But just as employers have obligations,
so do employees. An employee has an
obligation to follow the contractual
conditions of their employment and
to comply with the employer's wider
company policies, however this does
not mean that there is a requirement for
an employee to inform their employer
of how they are feeling, or to put the
employer on notice that they are feeling
unwell. But an employee who does not
inform their employer of the stress that
they are suffering in work may find it
difficult to pursue complaints around
the support, or lack of it, provided by the
employer. This is particularly the case
where the employer gives the employee
the means to raise any concerns or to
seek help.
Even so, employers have to take
proactive steps to protect employees
from stress related illnesses and so
need to consider what support can be
given; clearly larger firms will be able
to do more than those that are smaller.
One option might be to provide access
to a confidential support service while
encouraging a work culture where
positive discussions about workplace
stress and mental health is promoted.
Buddying or mentoring schemes could
also be helpful.
The lone worker
It’s one thing to have a set of policies
on stress, but it’s quite another to put
them into practice. This means that
employers must be proactive and ought
to encourage conversations around
stress and mental health. It’s also
recommended the employers put in
resources and training both at employee
and management levels. Ultimately, it
should be clear to an employee that there
are routes available for obtaining support
and they should feel able to disclose
issues in the workplace which may be
causing them stress. It follows that it is
likely to be necessary for the employer to
meet with them to discuss what support
can be provided to help including the
redistribution of work, moving them to
another role and, where appropriate,
assisting with treatment.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 30

It’s one thing
to have a set of
policies on stress,
but it’s quite
another to put
them into practice.
This means that
employers must
be proactive and
ought to encourage
conversations
around stress and
mental health.
Another issue to consider is the remote
employee. Maintaining regular contact with
these workers is crucial and additional steps
should be taken to ensure this is done on
an ongoing basis, possibly through other
employees, not just their line manager.
The penalty for ignoring stress
Stress, like other workplace issues, where
an employer ignores its obligations, can
lead to trouble and an employee bringing
a claim against them. An employee has a
number of potential routes to bring a claim
including claims for personal injury, breach
of contract, unfair dismissal and disability
discrimination.
Stress can often be brought on by working
excessive hours and one interesting case is
that of Jones v Sandwell Metropolitan Borough
Council in 2002. Here a claim was brought by
Mrs Jones, an administrative assistant, who
argued she was rarely working less than 48
hours a week with an upper range of 81 hours
a week. The Court of Appeal determined that
there was sufficient evidence to show that
the hours she was required to work were
excessive and crucially that the demands
placed on her were unreasonable when
considered against her role and pay. The
management team were aware of issues
regarding overwork and the help proposed
was not implemented. The Court found that
the damage to Jones health was foreseeable
and upheld the previously awarded
compensation that was in excess of £150,000.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 31
continues on page 40 >

HR MATTERS
AUTHOR – Gareth Edwards
Stress is a fact
of life. However,
employers in a
modern world have
obligations to care
for their staff and
this covers stress.
But apart from legal
obligations, a happy
and unstressed
workforce performs
better.
The case provides a warning to employers
to not simply talk about measures, but to
make sure that that they are agreed with
the employee and implemented.
Issues with self-medication
A natural coping mechanism for an
individual under stress is to self-medicate
with drink and/or drugs. However, an
employer in this situation will need to
consider its wider responsibilities for
the safety of its workforce as a whole
and the public. If for no other reason, an
employee should not be permitted to work
under the influence of alcohol or drugs.
The employer, if they knowingly allowed
it, could be considered to be vicariously
liable in the event of the employee causing
damage or injury.
The use or possession of drugs or
alcohol in the workplace by an employee
may be a disciplinary matter that will need
to be investigated and considered in line
with the employer's disciplinary process.
However, if the use of alcohol and or drugs
is related to stress the employer should
consider, alongside its other obligations,
its responsibilities to that employee and
support as necessary.
As a first step the employer should
speak with the employee discreetly. It may
be that it is appropriate for the employer
to contact the employee's GP or another
health professional. Further, employers
should have in place policies and
procedures setting out the rules around
alcohol and drugs in the workplace. This
should explain, amongst other things,
that if employees are concerned that
they are developing a dependency, they
must inform their employer in order that
appropriate support can be provided.
In summary
Stress is a fact of life. However, employers
in a modern world have obligations to care
for their staff and this covers stress. But
apart from legal obligations, a happy and
unstressed workforce performs better.
Gareth Edwards is a partner in the
employment team at VWV.
PRACTICAL SELF-HELP
Stress build up is often associated with
increased muscular tension. So, frequent
headaches and muscular tension in the
neck, shoulders, back and stomach are
commonly experienced. Occasionally
we may feel the heart beating rapidly.
Clenched hands, profuse sweating,
general restlessness with agitation,
and snappiness are the other main
symptoms.
Illnesses linked with stress build
up are well recognised. These include
anxiety, depression, eczema, psoriasis,
tension headaches, migraine attacks,
stomach ulcers and phobias. There is
also a link between stress and high blood
pressure, which is one of the factors that
may eventually lead to a heart attack or
stroke.
Stress can lead to mental confusion
with an inability to think clearly and
effectively. Memory can fail and simple
things get forgotten, trivial work chores
often take on a far greater significance
than they deserve, and things can get
blown out of all proportion. Some cannot
delegate tasks and others try to do
everything themselves.
DAILY PLAN OF ACTION
Other forms of self-help revolve
around trying to plan the day and time
management. Where possible, even
though it’s hard when on the road, take
a short break from work and take a
brisk walk. Learn how to become more
assertive to deal with people who make
unreasonable demands. Spreading the
workload and delegating jobs can help
too. But also look at diet and include a
wide range of fruit, vegetables, pasta and
brown rice.
It’s important to allow time for
relaxation. If smoking, alcohol, and lack
of sleep are a key feature of life, seek to
address this. They may relieve stress in
the short-term but won’t help in the long
run.
Some of the harmful effects of stress
can be reduced through exercise.
Exercise is an opportunity to get rid of
pent-up energy and also experience a
change of environment. The relaxation
that occurs following physical exercise
can aid sleep. Exercise that is age
appropriate and matches the general
level of fitness are more likely to be
sustained.
SOLUTIONS
There is no magic cure for stress. Some
turn to their doctor or even self-medicate
with alcohol or worse. What were once
considered to be safe medications are
now known to produce psychological
dependence and addiction and doctors
don’t prescribe freely. To an extent,
individuals should try to learn how to
recognise and manage stress and anxiety.
There are many well established
techniques for recognising and managing
stress. The best known is yoga, but
meditation, self-hypnosis, and muscular
relaxation exercises, and music therapy
can help too. The web, including
YouTube, can help with these techniques.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 32

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Brave | Curious | Resilient / www.cicm.com / November / PAGE 33

International Trade
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
Sri Lanka on the rebound
MONEYWeek recently ran a
headline, ‘sunny days return
for Sri Lanka’, because rising
interest rates and falling
demand for exports ‘are blunting the
post-Covid economic resurgence of many
Asian economies.’ Quoting Nikkei Asia,
the publication noted that post debtdefault
the country has turned a corner.
Indeed, tourism revenue and
remittances ‘have come roaring back’,
inflation has fallen from 70 percent to
6.3 percent since last September and as
a result, the country’s central bank has
cut interest rates sharply – from a peak
of 15.5 percent in March to May 2023 to 11
percent in July. While tourist revenue and
remittances are still short of pre-Covid
amounts, MoneyWeek reckons that the
country can easily return to its previous
levels.
It helps that the IMF estimates that Sri
Lanka’s current-account deficit will settle
at 1.5 percent of GDP, the Government
is following through on its reform
programme and is in debt restructuring
talks with external creditors. With the
rupee and the country’s stock market
responding well, it still needs the support
of the IMF, neighbouring countries and
investors. But with such support, Nikkei
Asia reckons that it cannot ask for a
better platform to generate sustainable
and all-around economic growth.
UK GOVERNMENT ‘SPENDS
MONEY LIKE WATER’
A report in Business Matters details
what many would have expected if
they thought about it – that the UK
Government spends money like water.
In this instance, the Government
spent £46.2m during 2022-23 securing
and implementing new trade deals with
Australia and New Zealand, according
to a recent parliamentary written
question.
Many have voiced concerns over the
expected benefit from the Australian
and New Zealand deals, with some
Brexit critics contrasting the expected
values of the deals to that which would
be achieved by full access to the EU
single market.
The Government itself admitted the
Australia deal was only expected to add
just 0.02 percent – now uprated to 0.08
percent – to the size of the UK economy
over 15 years. It’s not earth shattering
and possibly not great value.
However, in its defence, the
Department of Business and Trade
said: ‘In 2022 we signed trade deals
worth £1.1tn with some of the world’s
biggest and fastest growing economies,
which will boost our exports and cut
costs for consumers. In the past year
we have ratified our new trade deals
with Australia and New Zealand, agreed
membership of the hugely exciting
CPTPP trade bloc in the Indo-Pacific,
and progressed negotiations with India,
the Gulf, Canada, Mexico, Israel and
Switzerland.’
New strategic partnership with Singapore
THE prime minister, Rishi Sunak, has
signed a new strategic partnership with
Singapore ‘to grow the UK’s economy and
enhance shared security.’ The partnership
aims to cover new technologies that
include cyber and AI and follows agreements
with countries including France, Japan, and
the US.
It’s also intended to ‘set the direction of
UK-Singapore relations for the next decade,
upgrading the UK’s trade and investment
relationship with one of Southeast Asia’s
leading economies in recognition of our
shared expertise and interests in areas like
technology and clean energy.’
The Government has said that Singapore is
one of the UK’s “closest and most dynamic
partners in the region,” with a £21bn trade
relationship accounting for 40 percent of
the UKs total trade with Southeast Asia.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 34

UK firms and their Chinese investments
THE Institute of Export – and others to
be fair – published a story noting that the
Government has been surveying British
businesses about their investments in China
amid speculation that the UK could follow the
US in imposing new restrictions.
Early in August, President Joe Biden signed
an executive order banning US investment in
foreign countries of concern in technologies
of importance to national security. The FT
reported at the time that the prime minister
was consulting with businesses to decide the
UK’s response to this.
The survey was conducted late July
and was designed to build a collective
understanding of investment in ‘sensitive
sectors’ including robotics, advanced
manufacturing, transport, energy, and
Services strategy needed to support UK exports
A report from the City of London has
recommended that the UK introduce a
financial and professional services strategy
to boost its economic performance.
Vision for Economic Growth – a roadmap
to prosperity, advocates placing the services
industry at the heart of the UK economy
to be used as a means to escape the
current ‘low-growth trap.’ Other important
objectives documented include turning
the UK into a digital first-economy, raising
investment levels, making the UK a world
leader in sustainable finance, and creating a
knowledge hub to showcase investment and
export opportunities.
Financial services exports were worth
£91bn to the UK economy in 2022, and
TIME TO ADAPT
THE Government has told exporters
that they have longer to adopt a new
software system. This is the second time
that HMRC has postponed the deadline
for exporters to use its new customs
declaration service. The system had
been due to replace its longstanding
predecessor, called Chief, in March this
year but further testing was required
and HMRC pushed the deadline to 30
November.
HMRC said it had consulted industry
and decided on a new phased approach
with ‘selected high-volume' exporters
starting to shift over from 30 November
and the rest by 31 March next year. Most
importers migrated to use the software
in 2022, although this process also took
much longer than expected.
The delay came as business groups
including the BCC asked the Government
to clarify other cross-border controls,
which are said to leave UK exporters
at a disadvantage to their EU-based
competitors.
communications. The Government said the
survey was a first step and it sought to gauge
UK investment in a range of other countries
– as well as China – including Australia,
Mexico, and the US.
Of course, the Government has to balance
trade with security, but this might be
worrying for UK firms investing in what is
the second largest economy in the world and
one of the largest investors in the UK – could
it lead to reprisals? At the same
time, the UK Government won’t want to upset
the US.
The story follows a survey conducted by
the British Chamber of Commerce in China
in May where, a majority of respondents said
they were adopting a wait and see approach
to future business dealings with China.
the report reckons that this could rise by
an additional £24bn over six years if its
recommendations were followed. The UK
remains the second largest global exporter
of services; it is an important part of the
economy.
As part of the financial and professional
services strategy, the City of London’s
report said that the Government should
create a services council to help the sector
grow by tracking and supporting the
Government’s progress towards hitting the
strategy’s goals. Further, a knowledge and
support hub to promote UK services could
have the additional benefit of encouraging
more foreign direct investment, alongside
increased services exports.
RISING EXPORTS
THE Office for National Statistics recently
published UK trade data for July with
some interesting numbers.
In particular, the value of goods imports
decreased by £200m (0.4 percent) in July
2023 with a fall in imports from the EU
partially offset by a rise in imports from
non-EU countries. This rise in imports
from non-EU countries was mainly the
result of increased fuel prices, particularly
a slight rebound in gas prices after the
large fall in June. However, the value of
goods exports increased by £200m (0.8
percent) because of a rise in exports to the
EU, while exports to non-EU countries fell
in July 2023.
The BCC, said of these numbers,
‘removing the effects of inflation, goods
export volumes grew at a decent pace in
July, with a 4.4 percent month on month
increase in sales to the EU. But a key
concern is the continued slowdown in
momentum in UK services exports growth
– which accounts for just under half of our
overseas trade.’
NEW MOU WITH JAPAN
UK Export Finance (UKEF) and Nippon
Export and Investment Insurance
(NEXI) have signed a Memorandum of
Understanding (MoU) that sets out revised
terms of cooperation which ‘support
ambitions for sustainable development
outlined in the Hiroshima Accord, G7
Partnership for Global Infrastructure
Investment (PGII) and UN Sustainable
Development Goals.’
With a focus on export credit policy
and co-investment projects, ‘continued
partnership between the two export
credit agencies (ECAs) will support the
international competitiveness of UK and
Japanese businesses as they seek to access
global trading opportunities.’
The agreement seeks to guide future
collaboration on projects around the
world – especially in Africa and the Indo-
Pacific – which it’s hoped will help UK
and Japanese supply chains open doors
for new opportunities. The Government’s
release specifically mentions clean energy
initiatives and sustainable projects in
healthcare, water, education, and transport.
The MoU follows on from UKEFs activity
in Ukraine since 2021 where it has been
backing the reconstruction of bridges
around Kyiv and helping to ensure the
country’s continuity of nuclear energy
supplies.
For the latest exchange rates visit
www.currenciesdirect.com or call 020 7874 9400
HIGH LOW TREND
GBP/EUR 1.16294 1.14728 Down
GBP/USD 1.24164 1.20556 Down
GBP/CHF 1.12129 1.09243 Down
GBP/AUD 1.93204 1.88697 Flat
GBP/CAD 1.67639 1.63673 Down
GBP/JPY 183.000 179.689 Down
Currency Exchange Rates for the previous month:
16th September to 16th October. This data was taken on
17th October and refers to the month previous to/leading
up to 16th October 2023.
Brave | Curious | Resilient / www.cicm.com /November / PAGE 35

COUNTRY FOCUS
The Netherlands
may be small but it
punches above its
weight.
DUTCH
COURAGE
AUTHOR – Adam Bernstein
IT doesn’t take a geographer to point
out that the Netherlands is a very
close neighbour of the UK.
Indeed, with Germany to the
east, Belgium to the south and
the UK to west, it’s only 275 miles
away – as the crow flies – from these
shores. Flying takes less than an hour
and it’s under seven hours from Harwich to
the Hook of Holland by boat.
Considering that, as the US Trade
Department, commented in September 2022,
the Netherlands is the 17th largest economy
in the world and the fifth largest in the
eurozone, with a gross domestic product
of $1tn in 2021. it should be a natural target
for any UK firm looking to grow their export
market.
But what is it to be Dutch?
Officially known as the Kingdom of the
Netherlands, its name quite literally means
‘lower countries’ – a function of the fact that
the country is predominately flat with only 50
percent of the land mass exceeding one metre
above sea level; 20 percent is below sea level.
In terms of culture and heritage, the capital
Amsterdam is known for its canal system,
narrow houses, liberal view on soft drug sale
in alcohol-free coffee shops (even though it is
technically illegal to possess, sell or produce
drugs), and a well-known red-light area.
The Netherlands as a whole has been
characterised by the widespread use of the
bicycle (a function of the land being flat),
world-class artists such as van Gogh and
Vermeer, Heineken lager, and a population
that is the tallest in the world (men are on
average 6 feet tall while women are feet 7
inches).
Notably, the microscope, the telescope,
pendulum clock and the mercury
thermometer are all 16th or 17th century
Dutch inventions. And the modern-day
orange carrot wasn’t cultivated until Dutch
growers in the late 16th century took mutant
strains of the purple carrot and gradually
developed them into the sweet, plump,
orange variety we have today.
In terms of history, Neanderthals roamed
the area 250,000 years ago and Celtic and
German tribes used the rivers, lakes, wetlands,
and woods for security; only the south was
conquered by the Romans in the 1st century
BC with an outpost in today’s Nijmegen.
Germanic tribes took over from a weak
Roman state and by 800AD the Netherlands
was part of the empire of Charlemagne.
Post-Charlemagne, the area divided into
smaller states and come the Middle Ages the
Netherlands became one of the richest areas
in Europe – all based on agriculture, crafts
and international trade.
Local powers such as the Habsburgs sought
to dominate the Netherlands and it was
gifted to the king of Spain in 1555. The Dutch
resisted, which led to an 80 years’ war and
rising nationalism. The Union of Utrecht in
1581 proclaimed independence and in 1648
the sovereignty of a republic was recognised
by the Spanish.
By the mid-17th century, the republic
was a huge maritime power and financial
centre. By the 18th and 19th centuries the
Netherlands entered a period of decline as
other empires – France, Austria, and Russia –
rose. A monarchy came into being at the end
of the 18th century which then included what
is now Belgium and Luxembourg. The former
won independence in 1830 and the latter in
1890.
Demographics
According to Statista, there are – in 2023
– some 17.81m people in a country that
occupies just 41,543 sq. km (excluding its
territory in the Caribbean). It is markedly
smaller than the UK’s 242,495 sq.km. With
such a large population in such a small area
it is noticeably densely populated with 424
people per sq. km. In fact, it’s the world’
20th most densely populated country. In
comparison, the UK is 34th with ‘just’ 277
people per sq. km. (July 2023 data from the
United Nations World Population Prospects).
In terms of age, Statistics Netherlands
published data in 2022 that noted that the
average age of the Dutch population is 42.4.
Netherlands
Brave | Curious | Resilient / www.cicm.com / November / PAGE 36

COUNTRY FOCUS
AUTHOR – Adam Bernstein
That average was 33.2 in 1975, and 30.8
in 1950. The difference can mainly be
accounted for by an increase in the
number of elderly people and a fall in
the number people under the age of 20.
A large section of the population consists
of those born between 1946 and 1970, the
children of the post-war baby boom. At
the beginning of 2022, they were between
52 and 76 years old.
As of 2022, 21 percent of the population
was under 20, 26 percent between 20
and 40, 33 percent between 40 and 65, 15
percent between 65 and 80, and just five
percent were 80 or over. The population
pyramid indicates that the sexes are
almost evenly split.
Statistics Netherlands also records that
at the beginning of 2023, there were 8.3m
private households in the Netherlands,
3.3m of which were single-person. The
average Dutch household consists of 2.12
people compared to 3.52 in 1963.
The Netherlands as a whole has been
characterised by the widespread use of
the bicycle (a function of the land being
flat), world-class artists such as Van
Gogh and Vermeer and Heineken lager.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 37
Using World Bank data, Trading
Economics states that the country has
become, over the last 10 years, more
urbanised. In 2012 just under 88 percent
lived in an urban area, but by 2022, that
number was nearer 93 percent.
July 2023 data shows that there are 20
large municipalities in the country with
Amsterdam being the largest (905,234
population), followed by Rotterdam
(656,050), The Hague (552,995), Utrecht
(361,924), and Eindhoven (238,478).
With such a level of urbanisation
and rapidly growing cities, there’s real
pressure on the real estate market, where
average rent and housing prices have
skyrocketed. Politically speaking, Dutch
policymaking is consensual – trade
unions and employers are consulted in
financial, economic, and social matters.
A tradition of tolerance is all pervading.
The economy
As noted earlier, the Netherlands economy
is large given its relative population size
and landmass.
From an EU perspective, the economy
continues to expand, despite very
high inflation. Consumer spending
has been resilient thanks to strong
employment growth and an extensive
support package put in place by the
authorities in 2022.
But inflation is falling. Statistics
Netherlands reckons that it stood at 5.7
percent in June and fell to 4.6 percent in
July. Overall, inflation in 2023 should end
up at 4.9 percent and is estimated to read
3.3 percent (EU data) in 2024.
Looking at GDP growth over the last 60
years it’s been a tale of peaks and troughs.
One thing that is very apparent from
the data published by the World Bank is
that the peaks seen decades ago have not
been repeated in the last 25 years. In fact,
taking a ruler to the chart the trend is for
lower rates of growth. Growth in 2021 was
4.9 percent while it stood at 4.5 percent in
2022. 2023 is estimated – by the EU – to
sit around 1.8 percent before falling to 1.2
percent next year.
In terms of GDP, in US dollars, the
Dutch economy is, according to the World
Bank, not that much larger than it was
in 2008 when it reached $951.87bn as
2022 ended up reporting $991.11bn. To
be fair, the Covid pandemic did little for
the prospects of many countries. By way
of comparison, the UK’s GDP for 2022
equated to $3.07tn, lower than it was
in 2007 when it was worth $3.09tn. And
on unemployment, 2022 saw it sit as 3.5
percent which is well down on 7.4 percent
seen in 2014. As a comparator, it was 7.3
percent in 1991 and 7.2 percent in 1994-5.
continues on page 22 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Life sciences
According to investinholland.com, the
country invests approximately €2bn
in R&D in life sciences annually. As a
result, the Dutch currently rank fourth
worldwide in patent applications for
medtech, sixth for biotechnology patents,
and eighth for pharmaceutical patents.
In number, there are more than
3,000 R&D life sciences companies, 420
biopharmaceutical companies, 65,000
employees in pharmaceuticals in a €4.7bn
medtech market. On top of that are 26
campuses, seven university medical
centres, and 13 universities engaged in
research.
KPMG noted, in 2019, that life sciences
was the ninth largest sector in the
economy worth €6bn and 0.7 percent
of GDP. However, it also reported that
HollandBio, the country’s biotech industry
association, established a blueprint,
which by 2030 is aiming for more than
1,200 companies and 60,000 workers, with
350 clinical products in the pipeline and
30 high-quality products in the market.
While the sector coverage in each report
differs, the point still stands.
Agrifood
Food is big business in the Netherlands
and the Washington Post had the country
down, in November 2021, as the second
largest exporter of agricultural products
in the world, second only to the US. Some
say production levels are a result of their
World War Two experiences, but whatever
the driver, the Netherlands produces
4m cows, 13m pigs and 104m chickens
annually and is Europe’s biggest meat
exporter. Vegetables are grown en masse
with nearly 24,000 acres of crops growing
in greenhouses using less fertilizer and
water than farms elsewhere. Overall, more
than half of the land in the Netherlands is
used for agriculture.
Investinholland notes that fifteen out
of the top 20 biggest agrifood companies
have major production or R&D sites in
the Netherlands. Presumably because
there are 244m consumers within a
1000km radius. The Netherlands is strong
in alternative protein and is seeking to
become a global leader in sustainable
agriculture by 2030; digitisation is a key
part of this drive.
Information Technology
ICT is a sector that shouldn’t be overlooked.
The US Trade Department commented in
September 2022, that for a relatively small
country, the Netherlands has a strong ICT
sector. ‘In the fourth quarter of 2020, the
Dutch ICT sector consisted of more than
Statistics Netherlands also records
that at the beginning of 2023, there
were 8.3m private households in the
Netherlands, 3.3m of which were
single-person.
82,000 companies… [which] accounted for
4.3 percent of the total number of Dutch
companies…’
Almost 93 percent of the companies in
the industry are ICT service providers.
Total expenditure on ICT goods by
companies, governments, and households
amounted to $20.7 bn in 2019 while
spending on ICT services stood at $48bn.
98 percent of households have broadband
and multinationals such as IBM,
Microsoft, Google, NTT, and Oracle have
their European headquarters, customer
service centres, and R&D facilities there.
The sector majors on cyber security
which is why NATO and Europol have
operations in the Netherlands. Games,
medtech and eHealth are also developed
too which isn’t surprising given the
government’s Dutch Digitalization Strategy
which seeks to accelerate digitalisation
in sectors such as healthcare, mobility
energy and agrifood, while pushing
digitalisation in cybersecurity, privacy,
and digital skills.
Allied to the push for digitalisation,
are the creative industries. Amsterdam
and Hilversum are centres for media and
entertainment companies such as Netflix,
Discovery and Disney. Further, the
country is the third-largest exporter of TV
formats – The Voice and Big Brother, for
example, emanate from the Netherlands.
High-tech
Another area noted by Investinholland
is the high-tech sector. It wrote that
‘businesses investing in the Dutch
high tech industry benefit from strong
government support, low business
costs and world-class tech clusters. The
Netherlands invests over €2bn in R&D
every year… The country’s 400,000 high
tech specialists generate over €30bn of
added value per year.’
Technologists in the country invented
the Variomatic gearbox, Bluetooth, and
Wi-Fi. They’re now leading the vanguard
leading the way on artificial intelligence
and robotics with hubs centred in
Amsterdam, Delft, Eindhoven, Enschede
and Wageningen.
The sector features more than 1,700
firms from large manufacturers to
smaller technology innovators and it has
caught the attention of the New Zealand
Ministry of Foreign Affairs & Trade. It
detailed, in a 2021 overview of the sector,
that it accounts for €139bn in production
and €49bn in exports annually.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 38

COUNTRY FOCUS
AUTHOR – Adam Bernstein
With an eye to future energy needs,
confirming its hydrogen ambitions, the
Dutch government has allocated €500m
to stimulate €1.25bn of investments
in hydrogen projects. There are also
facilities developing battery technologies.
Numerous multinationals are based in the
country, including Philips, Bosch, Boeing,
ASML and Fujifilm.
As the New Zealand Government
stated, ‘the sector has been identified
by the Dutch government as key to the
future of the economy. Accordingly, the
Government has been investing heavily in
providing an environment in which such
companies can thrive.’
Chemicals
Another sector worthy of consideration
is the chemicals sector. As the Royal
Association of the Dutch Chemical
Industry (VNCI) outlined, ‘the Netherlands
is the fourth largest chemical producer in
Europe and tenth worldwide. It provides
work for 45,000 people, distributed
among more than 390 companies. With
the exception of the food, beverages and
tobacco industry, the chemical industry
is the largest business sector in the
Netherlands.’ Investinholland gives more
detail, noting that many corporates are
based in the Netherlands including Royal
Shell, DOW, SABIC, Avantium, Covestro,
DSM and Teijin, because of the greater
Antwerp-Rotterdam-Rhein-Ruhr Area
(ARRRA), one of the top five chemical
clusters in the world with 30-40 percent of
the chemical turnover in Europe. Within
the Netherlands itself, there are five
clusters - Rotterdam-Moerdijk, Chemelot,
Noord-Nederland, Zeeland/West-Brabant
and Noordzeekanaalgebied.
Overall, 19 out of the 25 major chemical
companies in the world sited in the
country. And Reportlinker reckons that
the Netherlands is set to become the
fourth-largest chemicals manufacturing
producer in Europe by 2026. Revenue is
expected to reach €48bn, up 0.7 percent
year on year. This follows an average
yearly growth rate of 1.8 percent since
2000. Interestingly, VNCI said ‘sector
turnover was €87bn’ but that was an
undated figure and so it hard to verify.
Tax
The standard Corporate Income Tax rate
is 25.8 percent. There are two taxable
income brackets. A lower rate of 19
percent which applies to the first income
bracket of €200,000. The standard rate
applies to anything above this sum.
Non-resident entities only have a limited
tax liability with regard to income from
Dutch sources.
Personal
In the Netherlands, worldwide income
is divided into three different types
of taxable income, and each is taxed
separately under its own schedule,
referred to as a 'box'. Each box has its own
tax rate(s). It follows that taxable income
is based on the total of these three boxes.
Box 1 refers to taxable income from
work and home ownership, and includes
employment income, home ownership of
a principal residence, periodic receipts
and payments, and benefits relating to
income provisions.
Box 2 refers to taxable income from a
substantial interest and Box 3 applies
to taxable income from savings and
investment.
In terms of Box 1, for those
below retirement age, between €0 and
€73,031, the tax rate is effectively 36.93
percent. Above that level, the rate is 49.50
percent. There are two sets of lower rates
for those who are retired depending on
whether they were born before or after
1946.
For box 2, the rate is 26.90 percent. And
for box 3, the rate is 32 percent.
VAT
VAT, known as the Belasting over de
Toegevoegde Waarde or BTW, is payable
on the supply of goods and services
rendered in the Netherlands as well as
on the importation of goods and on the
‘intra-European’ acquisition of goods.
There are three VAT rates, which are 21
percent, nine percent, and zero percent.
The standard VAT rate is 21 percent. But
a reduced nine percent VAT rate applies
to certain prime necessities, on certain
energy-saving insulation activities on
houses, and on certain e-publications.
The zero percent VAT rate is applicable
mainly to intra-EU supplies, supplies of
goods exported outside the European
Union, supplies of goods placed in
bonded warehouses, services rendered in
connection with the above, and certain
international services.
Certain domestic transactions are
exempt from VAT. This includes the supply
of immovable property two years after
putting it into use and lease; medical,
cultural, social, and educational services;
some services provided by banks and
other financial institutions; insurance;
and some transactions in shares by
controlling active parent companies and
transactions by commercial share dealers.
In summary
‘Small but potent’ is a good way to
summarise the Netherlands. To capture
the essence of the country as being little
more than Van der Valk, beer, weed and
beer would be to do the country a huge
disservice and would be very negligent.
It’s on the doorstep of the UK and
notwithstanding Brexit, is a market that
should not be ignored.
Adam Bernstein is a freelance
finance writer for CM magazine.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 39

LEGAL MATTERS
SAFETY IN NUMBERS
Group actions will continue to grow in the UK.
But there are concerns.
AUTHOR – Ellie Pinnells
IMPROVEMENTS in technology
and access to flexible funding
arrangements are making group
actions more popular routes to
justice for UK consumers and
corporates alike. Indeed, bringing
a claim as part of a group with the same
cause of action is gaining popularity in
the UK.
Often confused with US ‘class action’
law suits, where very large claims are
commoditised and claimants ultimately
walk away with very small amounts of
compensation, the UK is developing
its own approach to group claims that
deliver meaningful outcomes for
claimants.
Until recently, UK group claims over
issues such as equal pay were dealt
with on paper by large teams of lawyers
and assistants. This meant claims were
expensive to run and cumbersome to
manage, and while many succeeded in
obtaining justice for claimants, not many
law firms were prepared or set up to
pursue these types of actions.
However, as more sophisticated
technology and funding models have
become available, group claims have
become easier to handle, less costly to run
and are consequently more attractive to
law firms, clients and funders.
Viable group action
Group action claims work best where
everyone has exactly the same cause of
action; and what is being litigated is a
legal point, rather than a factual point.
In these cases, a lawyer can issue all the
claims together and conduct collective
case management. As the cost of the
litigation decreases, the compensation
left over for claimants increases.
Equal pay claims by groups of workers
against large employers like major
retailers and local authorities lend
themselves particularly well to this type of
litigation and there are currently several
underway against the likes of Morrisons,
Boots, the Co-op, Tesco, Sainsbury's and
Asda.
Increasingly, the model is also becoming
attractive to UK corporate clients,
such as groups of small-to-medium sized
businesses (SMEs) who have legitimate
claims but lack the financial resources or
standing to pursue them on their own.
Growing areas of group litigation
in the UK are:
• Securities claims by individual
shareholders or institutional investors
who have lost money on their
investments (due to a breach by a broker,
platform or financial provider).
• Competition follow-on damages claims,
by both individuals or companies, such
as SMEs that purchased vehicles from
the Daimler, Volvo, Iveco, MAN and DAF
trucks cartel between 1997 and 2011.
• Claims following a change in tax and
pension legislation, or interpretations
of that legislation (such as the £1.6bn
Eclipse film finance scheme dispute
with HMRC).
• Business interruption insurance claims
against insurers or brokers, for example
childcare providers who were not offered
an appropriate policy by their broker.
Counting the cost
Litigation can quickly become disproportionately
expensive, a fact that in many
instances limits access to justice for those
without deep pockets.
Most individuals and SMEs who have
valid claims for compensation simply do
not have the financial resources to pursue
their claims in the courts. But those that
do have the resources often conclude that
even if they win their case, they will be
financially worse or scarcely better off as
a result of bringing the claim. By joining
a group action, however, claimants can
collectively instruct a single legal team to
pursue a large amount of compensation
on behalf of all members of the group, or
‘class’.
If the claim is successful, claimants
each receive a worthwhile share of the
compensation and the law firm is able to
recoup its fees from the same pot.
Such claims are mostly run on a nowin,
no-fee basis, although other types
of funding and damages arrangements
are emerging to suit different types of
claimants.
Traditional routes for group
litigation:
There are a number of ways of handling
group claims. Historically, one of the most
popular routes in the High Court has been
via Group Litigation Orders (GLOs).
Sometimes GLOs are the ideal
mechanism for pursuing a group claim,
but they do not work for all kinds of claims.
In particular, GLOs can be very narrow in
focus and do not allow for wider groups
of claimants with broadly similar issues.
Cut-off dates can also be problematic for
claimants.
Claimants that do not meet the criteria
for a GLO can still issue a separate claim,
but this loses the overall economy of scale
of running a group litigation.
Representative claims
Another form of collective action in
English procedure which has been
in use for some years is known as a
‘representative claim’, or ‘representative
action’.
These claimants work on the principle
that one claimant can represent other
parties with an identical interest.
However, representative claims are not
available where each in the group of
claimants requires different remedies or
have materially different fact patterns
that form the basis of their claims.
GLOs, with defined common ‘GLO
issues’ are therefore the generally
preferred options for collective actions
in England and Wales, particularly for
securities claims.
As group litigation continues to grow,
the courts are likely to review both the
GLO and representative claim regimes
and work with legislators to reflect the
need for greater flexibility in the rules.
CAT claims
The UK Consumer Rights Act 2015 (CRA),
which came into force on 1 October 2015,
was tipped to fundamentally transform
the cartel claims environment in the UK.
Schedule 8 of the CRA created a
new collective proceedings regime for
damages claims before the Competition
Appeals Tribunal.
While claims under the CRA are still in
the relatively early stages, the likelihood
is that both these types of claims and the
courts will evolve with the needs of the
consumer and case law will determine
what types of claims the CRA serves best.
What mechanism will work best for a
particular claim will depend on what the
claim is, how it has been set up and what
the claim is about.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 40

LEGAL MATTTERS
AUTHOR – Ellie Pinnells
Changing the game
Perhaps the most welcome innovation
in group litigation is the development of
sophisticated, flexible technologies to
handle claims.
The best systems are developed by
litigators themselves, who map out how
the claim needs to function and then
work with programmers to deliver that
functionality – along with the ability to
tweak the system as they go along.
They also need to balance efficient
automation with appropriate quality
control mechanisms and leave room for
lawyers to make decisions that cannot or
should not be automated.
The use of artificial intelligence and
machine learning are interesting elements
of this new approach to litigation that
could further change the way claims are
managed.
It is important that claimants
understand at the outset how the case
will be handled, what level of interaction
they will have with the legal team and
how information and decisions will be
communicated to them.
The interaction between the legal team,
the claims management platform and the
individual claimants varies from case to
case. Small groups of claimants may still
be consulted individually, while larger
groups might elect a steering committee
and even bigger groups might implement
a voting system.
However, the size of many groups
involved in litigation often means
frequent, personal interaction with
claimants is not possible for lawyers
and so having good technology that can
handle information and create a two-way
channel of communication is essential.
Such systems also lower costs, improve
accuracy and allow law firms to take on
cases they would not have been able to
accept in other circumstances, while
maintaining good client care.
Funding the litigation
There are many ways of funding group
litigation cases.
Most claims are run on a no-win, no-fee
basis, are very large and can take several
years to reach a conclusion. During that
time, somebody has to bear a significant
risk and cash outlay.
Some firms take on this burden
themselves. Personal injury and medical
negligence claims, for instance, are
generally financed by the law firm that
undertakes the case on a conditional fee
arrangement (CFA).
Law firms are traditionally fairly risk
averse. Smaller firms often do not have
sufficient cash flow to defer their income
for many years. Larger, commercial law
firms tend to have high overheads, which
means the claim has to be of considerable
value to deliver a satisfactory outcome for
both the claimant and the firm.
The emergence of specialist litigation
funders, set up specifically to finance
group actions and make a profit from any
damages awarded, has solved the risk and
cash flow issue to an extent.
While there are plenty of benefits to
using funders, the types of cases they take
on are limited. They need the claims to be
valuable enough to allow them to get their
return on investment and then still have
enough to pass on claimants.
This has led to the creation of novel
funding models that are reshaping the
way group litigation cases are financed.
For example, since 2013, Fieldfisher has
offered a service called FeeSolve, which
gives the firm flexibility to take on cases
that would not be attractive to a thirdparty
funder.
FeeSolve is designed to give clients both
choice and certainty in relation to costs
and reduce the financial risks of bringing
a claim, by offering a variety of alternative
funding arrangements.
Mastercard and Visa – a potentially huge claim
Back in February (2023), Harcus Parker,
a commercial law firm, lodged a claim
at the Competition Appeal Tribunal
(CAT) alleging that Mastercard and
Visa had overcharged businesses for
‘multilateral interchange fees’ (MIFs)
which are paid by businesses to their
banks to accept payment by credit
or debit card. MIFs are estimated to
comprise as much as 90 percent of the
cost of a typical company's monthly
bank charge.
The case was a potential consumer
class action brought on behalf of
over 46m consumers seeking claimed
damages in excess of £14bn.
However, in June the CAT declined
to grant the collective proceeding
applications brought against both
Mastercard and Visa.
The claims fell in to two categories.
The first involved opt-out proceedings
where a lead claimant fights a claim
representing a category but no-one
else is required to sign-up. If the lead
claimant wins, everybody who meets
the criteria of the claim is entitled to
compensation. The second related to
opt-in proceedings where potential
claimants need to actively give their
permission to take part. If the lead
claimant wins, everybody who signed
up is entitled to compensation.
The CAT found that there were issues
for both categories of claims relating to
the identification of the potential class
members. The CAT also found that the
Proposed Class Representatives (PCRs),
special purpose vehicles established
to pursue the claims, had failed to
advance appropriate methodology as
required by case law in order for the
proceedings to be heard on a collective
basis.
The lack of an appropriate
methodology extended to questions of
infringement, causation, and value of
the damages.
However, the CAT did grant the
PCRs eight weeks to notify it whether
they intended to present revised
applications to address the concerns
expressed by the tribunal.
Understandably, funders and
competition claimant lawyers will be
considering this judgment to assess
what it means for other claims and
how they might be funded.
The FeeSolve portfolio includes:
• Damages Based Agreements
• Conditional Fee Arrangements
• Third Party Funding
• Insurance for Before and After the Event.
Future direction
Group actions will continue to grow
in the UK. While there are legitimate
concerns about abuse of the system by
unscrupulous actors, in general these
group actions are a good thing because
they allow access to justice, particularly
for individuals and small businesses
that have fewer legal options than larger
companies. Specialist tribunals and civil
courts will likely look to put more formal
routes in place to handle group litigation
cases, which will help further refine case
management procedures.
Above all, it is important that group
actions are used to serve the interests
of claimants. Such claims have to work
commercially for law firms, but they
should also offer a good chance of a
meaningful outcome for the client.
Ellie Pinnells is a dispute resolution partner
and group litigation specialist at Fieldfisher
Birmingham.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 41

CICM TRAINING
Training courses that offer high-quality approaches
to credit-related topics and practical skills
Now, more than ever, the Credit Management and Collections industry
is seeing drastic changes and impacts that affect the day-to-day roles of
Credit and Collections teams.
CICM Training offers high-quality approaches to credit-related topics.
Granting you the practical skills and necessary tools to use in your
workplace and the ever-changing industry. A highly qualified trainer, with
an array of credit management experience, will grant you the knowledge,
improved results, and greater confidence you need for your teams to
succeed in the Credit Management profession.
Get trained with your
professional body and the only
Chartered organisation that delivers
Credit Management training
Brave | Curious | Resilient / www.cicm.com / November / PAGE 42

On-Demand | Online | Face-to-Face
METHODS OF DELIVERY
CICM Training courses can be delivered through a variety
of options, ensuring a range of opportunities for your
teams to be trained on the most up-to-date methods in
CICM On-Demand
Training
CICM Online
Training
CICM Face-to-Face
Training
On-Demand training can be viewed anytime, anywhere with our downloadable
training videos.
Online training will be for those who find it easy to learn from the space
of their home or office.
Face-to-face training It’s been a long time coming but now you can mingle and
learn together in the same room as your colleagues and peers.
TRAINING COURSES
CICM have a collection of training courses to meet the needs of your Credit and
Collections’ teams. Take a look at the courses below and start training towards
the CICM Professional Standard.
Advanced Skills in Collections • Best Practice Approach to Collections
Best Practice Skills to Assess Credit Risk • Collect that Cash • Credit Bootcamp
Effective Communication in the Credit Role • Emergency Guide to Credit
Harness your leadership Style • Know Your Customer • Managing Insolvency
Reflect and Develop • Set Targets that Work
For more details, visit our website, scan the
barcode or contact us at info@cicm.com
Brave | Curious | Resilient / www.cicm.com / November / PAGE 43

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

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

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Data: 2022.08.08 18:47:58
+03'00'
Moneyknows no borders—neither do we

PAYMENT TRENDS
Troubled waters
Late payments are on the up across
UK regions and sectors.
AUTHOR – Rob Howard
FTER signs of real
improvement and progress
across the board,
the latest late payment
A.
statistics show one or
two snags, particularly
across UK regions and sectors. However,
on a more positive note, the outlook in
Ireland is rosier. The average DBT across
UK regions and sectors increased by 2.6
and 3.6 days respectively. Over in Ireland,
the average DBT figure dropped
by 4.5 and 0.8 days respectively. Average
DBT across the four provinces of Ireland
increased by 1.4 days.
Sector Spotlight
The UK sector standings do not make for
pleasant reading, with 18 of the 22 sectors
in the red and moving in the wrong
direction. And while a number of these
increases to late payments are minimal
– Agriculture, Forestry and Fishing
(+0.1 days), Entertainment (+0.8 days),
Transportation and Storage (+1.1 days) –
for others, there is cause for real concern.
The Financial and Services sector, for
example, saw the biggest increase to its
late payments. A significant rise of 32.0
days takes its overall DBT to 43.0 days,
meaning it is now the worst performing
sector across the UK by some distance.
The picture across Irish sectors is a
little more blurred. Just under half (eight)
of the 20 sectors saw no change at all to
their DBT, seven sectors are on the up
and five are going backwards. Of those,
no sector saw a bigger increase to its
DBT than the Real Estate sector. A hefty
hike of 82.5 days means its overall DBT
now stands at 94.0 days, far and away
the worst performing sector in Ireland.
However, focusing on the positives, The
Business Admin & Support (-30.0 days),
Health & Social (-20.9 days) and Water
and Waste (-20.0 days) all made positive
strides to reduce their overall DBT.
Regional Spotlight
Last month’s regional standings across
the UK showed a clean sweep of
improvements. The latest figures are all
one-way-traffic again, but sadly it’s in the
wrong direction, with all 11 UK regions
seeing increases to DBT. The North
West saw the biggest increase, a rise of
6.8 days taking its overall DBT to 16.5
days, meaning it is now the worst
performing region. Elsewhere, the South
East (+4.6 days), East Midlands (+3.2
days), East Anglia (+2.8 days) and Wales
(+2.8 days) also slide down the regional
rankings.
Over in Ireland, as with the sector
spotlight, it’s mainly a case standstill,
with 20 of the 26 Irish counties seeing
no change to DBT, although half of these
have an overall DBT of zero days. Galway
is the only region that saw a positive
change to its late payments, a reduction
of 10.7 days taking its overall DBT to 1.3
days. The remaining five regions are
going the opposite way, with Cork (+20.0
days) and Meath (+10.8 days) seeing the
biggest rises.
Across the four Irish provinces, three
saw increases to DBT. Munster saw the
biggest rise (+10.7 days) and is now the
worst performing province with an
overall DBT of 20.0 days. Leinster saw
an increase of 7.1 days taking its overall
terms to 9.3 days, and Connacht’s DBT
rose by 3.0 days to 6.7 days overall. Ulster,
however, is on the up, reducing its DBT
by 15.2 days, taking its overall DBT to 2.8
days and subsequently moving to the top
of the provincial standings.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 47

STATISTICS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region September 23 Change from August 23
South West 8.6 1.9
Northern Ireland 10.1 0.2
West Midlands 10.3 2.1
East Anglia 11.3 2.8
East Midlands 12 3.2
Bottom Five Poorest Payers
Region September 23 Change from August 23
North West 16.5 6.8
London 14 0.5
Scotland 13 1.4
Yorkshire and Humberside 12.9 2.6
Wales 12.4 2.8
Top Five Prompter Payers
Sector September 23 Change from August 23
Energy Supply 5.8 1.9
Business from Home 6.3 -4.1
Water and Waste 6.7 -0.3
Entertainment 7.2 0.8
Public Administration 7.5 5.6
Bottom Five Poorest Payers
Sector September 23 Change from August 23
Financial and Insurance 43 32
Health & Social 16.6 2.7
Other service 15.3 5
Real Estate 14.3 3.7
International Bodies 14 8.1
Getting worse
Financial and Insurance 32
International Bodies 8.1
Public Administration 5.6
Manufacturing 5
Other Service 4.8
Construction 4.6
Professional and Scientific 4.5
Business Admin & Support 4.3
Real Estate 3.7
Mining and Quarrying 3.1
IT and Comms 3
Health & Social 2.7
Energy Supply 1.9
Wholesale and retail trade 1.4
Transportation and Storage 1.1
Entertainment 0.8
Dormant 0.3
Getting better
Business from home -4.1
SCOTLAND
1.4 DBT
Education -2.4
Hospitality -0.7
NORTHERN
IRELAND
0.2 DBT
SOUTH
WEST
1.9 DBT
WALES
2.8 DBT
NORTH
WEST
6.8 DBT
WEST
MIDLANDS
2.1 DBT
YORKSHIRE &
HUMBERSIDE
2.6 DBT
EAST
MIDLANDS
3.2 DBT
LONDON
0.5 DBT
SOUTH
EAST
4.6 DBT
EAST
ANGLIA
2.8 DBT
Water & Waste -0.3
Region
Getting Better – Getting Worse
6.8
4.6
3.2
2.8
2.8
2.6
2.1
1.9
1.4
0.5
0.2
North West
South East
East Midlands
East Anglia
Wales
Yorkshire and Humberside
West Midlands
South West
Scotland
London
Northern Ireland
Brave | Curious | Resilient / www.cicm.com / November / PAGE 48

PAYMENT TRENDS
Getting worse
CONNACHT
3 DBT
ULSTER
-15.2 DBT
LEINSTER
7.1 DBT
Real Estate 82.5
Professional and Scientific 3.5
Construction 2.6
Entertainment 1
IT and Comms 0.1
MUNSTER
10.7 DBT
CORK
20 DBT
DUBLIN
5.4 DBT
Getting better
Business Admin and Suport -30
Health & Social -20.9
Water & Waste -20
Top Five Prompter Payers – Ireland
Region September 23 Change from August 23
Cavan 0 0
Kerry 0 0
Laois 0 0
Leitrim 0 0
Limerick 0 0
Bottom Five Poorest Payers – Ireland
Region September 23 Change from August 23
Westmeath 120 0
Donegal 80 0
Kilkenny 28 0
Cork 20 20
Dublin 16.4 5.4
Top Four Prompter Payers – Northern Ireland
Region September 23 Change from August 23
Ulster 2.8 -15.2
Connacht 6.7 3
Leinster 9.3 7.1
Munster 20 10.7
Other Service -14.4
Wholesale and retail trade -10.1
Manufacturing -9.1
Financial and Insurance -1.3
Nothing changed
Agriculture Forestry and Fishing 0
Education 0
Energy Supply 0
Hospitality 0
International Bodies 0
Mining and Quarrying 0
Public Administration 0
Transportation and Storage 0
Top Five Prompter Payers – Ireland
Sector September 23 Change from August 23
Education 0 0
Hospitality 0 0
International Bodies 0 0
Mining and Quarrying 0 0
Public Administration 0 0
Bottom Five Poorest Payers – Ireland
Sector September 23 Change from August 23
Real Estate 94 82.5
Energy Supply 28 0
Professional and Scientific 12.2 3.5
Health and Social 11.1 -20.9
Water & Waste 10.3 -20
The picture across Irish
sectors is a little more blurred.
Just under half (eight) of the
20 sectors saw no change at
all to their DBT, seven sectors
are on the up and five are
going backwards.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 49

LOOKING FOR
YOUR NEXT
CAREER MOVE?
CREDIT CONTROLLER
Manchester City Centre, up to £26k
plus enhanced annual leave and benefits
You will be working for a leading higher education business
based in Manchester City Centre. Reporting into the Credit
Team Leader you will work in a team ensuring outstanding
debt is proactively chased and allocated correctly on Oracle.
This position would suit someone with previous Credit Control
experience and ideally with strong Excel skills.
Ref: 4285628
Contact Emma Thompson on 0161 236 7272
or emma.thompson2@hays.com
SENIOR CREDIT CONTROLLER
Birmingham, £32k plus 20% bonus
A large company based in the city centre of Birmingham is
currently recruiting for a Senior Credit Controller on a permanent
basis. In the role, you will be joining a well-established
credit team and will be responsible for liaising with customers
about overdue invoices. You will be managing a ledger of
over 500 accounts.
Ref: 4458516
Contact Henry Brook on 0333 010 7517
or henry.brook@hays.com
CREDIT CONTROLLER
Sale (Trafford), £27.5k plus 5% bonus
A prestigious client based in Sale (Trafford) are seeking an
experienced Credit Controller to join their expanding team
of eight. Reporting to the Credit Manager you will be tasked
with managing your own key account ledger, chasing overdue
monies, allocating cash & query resolution. Proficiency in
Excel and SAP would be advantageous.
Ref: TLJ254
Contact Joanna Taylor-Coburn on 0161 926 8605
or joanna.taylor-coburn@hays.com
CREDIT CONTROLLER / AR SPECIALIST
Canary Wharf, up to £40k
An established commercial property company based near
Canary Wharf are looking for a Credit Controller/AR specialist
with over 3 years’ experience to join their finance team on a
one year maternity cover basis. You will be joining a team of
five reporting in to the Credit Manager. The role is three days
in the office, one day from home. Property experience in either
commercial or residential is essential.
Ref: 4464703
Contact Hussain Ahmed on 0333 010 7453
or hussain.ahmed@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 / November world of work / PAGE and 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-1285719482

CREDIT CONTROLLER
Richmond upon Thames, £32k plus bonus
Premier entertainment company in the heart of South West
London is growing and now requires a new Credit Controller to
join this vibrant and professional finance team. The role offers a
great scope for progression and interesting commercial insight
in an expanding industry.
Ref: 446346
Contact Mark Ordona on 07565 800574
or mark.ordona@hays.com
STANDALONE CREDIT CONTROLLER
Oldham, North Manchester, up to £30k
This is an excellent opportunity to take ownership and put
your own stamp on the Credit function. Reporting directly into
the Financial Controller you will be responsible for reviewing
and chasing unpaid invoices, managing credit limits and
putting accounts on stop as well as providing cash reports
from the SMT.
Ref: 4446642
Contact Emma Thompson on 0161 236 7272
or emma.thompson2@hays.com
This is just a small selection of the many opportunities
we have available for credit professionals. To find out
more, visit our website or contact Natascha Whitehead,
Credit Management UK Lead at Hays on 07770 786433.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 51

RISING STAR
A Cut Above
How a former hairdresser has risen
from junior credit manager to CICM Fellow.
AUTHOR – Melanie York
LOUISE Morris FCICM
joined the award-winning
independent law firm
Brabners two years ago,
and even after almost 25
successful years in the
industry, continues to climb and take on
new challenges. Louise spent her first 21
years in the waste management industry,
before switching to the legal sector. She
joined Brabners as a Credit Manager and
a year later became a Working Capital
Manager, and she has been advancing
credit control in the firm.
Like many young people today, credit
control wasn’t Louise’s first choice of
career. Her original passion throughout
school and college was hairdressing, and
after her A levels, she became a full-time
hairdresser and beauty therapist. Then,
suddenly, life threw a curve ball, and she
went to Australia to rethink her life. A
year later, she returned, unsure of what
she wanted to do. She worked in a couple
of call centres until she found a job as
a customer advisor, resolving disputes
for Clean Away, the waste management
business. “That’s how I ended up falling
into credit management,” she says, “and I
suddenly developed a passion for it.” She
had found her second calling.
Success breeds success
Louise joined a local team with the lowest
dispute rates in the region. It was so
successful that her manager was asked to
run a country-wide department. The team
grew as disputes shrank to a level where
local depots could take back dispute
management. Success breeds success, and
the team was given more responsibility:
“We took national accounts which were a
separate entity because of the size of the
clients,” she explains.
Again, disputes fell dramatically to an
all-time low, but there was a problem; the
money still wasn’t coming in. So, during
the summer of 2005 the Finance Director
asked Louise: ‘Would you be the guinea
pig to take credit control in-house for
national accounts?’
She jumped at the chance but then
realised that no one could teach her how
to do it: “If I'm running a team, I need to
find out the legalities of this.”
Not knowing where to go, she Googled
credit management qualifications, found
“If you want to
progress, companies
are looking for
CICM qualified
people, Brabners
was looking for
somebody who
understood the
Quality in Credit
Management
accreditation
(CICMQ), so my
CICM qualification
helped me succeed
in the recruitment
process.”
a CICM course at Salford College and
enrolled. Suddenly, life was hectic, she
says: “I was setting up the department,
teaching staff and learning all at the same
time, but it worked.”
That summer, Clean Away and Veolia
merged and Brian Morgan FCICM, the
Group Credit Manager, gave her the
national accounts for both. Louise’s team
went on to win the CICM Team of the Year
Award, and Louise became a Fellow of the
Institute.
Growing the business
Two years ago, Louise was brought into
Brabners alongside the CEO and CFO to
improve efficiencies. Switching industries
was challenging: “It couldn't be so far
apart really could it, going from bin men
to solicitors,” she jokes.
Louise implemented new standardised
processes and procedures with her
team and the departmental managers,
management assistants and fee earners
by creating buy-in from the business:
“The clients are very precious, and you
need the trust of fee earners to achieve
anything — it's about inspiring them to
help Brabners grow.”
Success factors
Louise attributes her continuing success
to her love of learning and being part of
the CICM community. She encourages
everyone to do the same so that they can
find inspiration in their career and grow.
She helps her team use the different
routes to CICM qualification available
today: “If you’ve been in the job for
years,” she says, “you can do work-based
assessment for the MCICM graduation.”
Louise supported a member of her team
with 11 years of experience to use CICM’s
knowledge-based approach which she
says is similar to the fellowship award
process: “It’s about objective work-based
proof that you have the required skills and
experience, rather than study and exams.”
Another team member also recently
completed the Level 2 qualification
through coursework alone.
Louise champions the CICM
qualifications because they are essential in
anyone’s career: “If you want to progress,
companies are looking for CICM qualified
people,” she explains. “Brabners was
looking for somebody who understood the
Brave | Curious | Resilient / www.cicm.com / November / PAGE 52

Louise Morris FCICM (Grad),
Working capital manager
at Brabner's.
Quality in Credit Management accreditation (CICMQ),
so my CICM qualification helped me succeed in the
recruitment process.”
Another reason for qualifying is the CICM
community: “It’s not just about doing the exams,” she
says, “it's about the networking.” Being able to mix with
people from many different backgrounds, industries,
and experiences helps you learn. “You don't just learn
how to deal with life from your parents. You learn from
other people; it's the same in the CICM community. You
have people with different perspectives to bounce ideas
off and make suggestions if there is a better way to do
things.”
One example she gives is in learning how to manage
teams: “If you trust your team, you're motivating
them and you're allowing them to make decisions and
empowering people to do that, then you get more out
of them,” she says, “and you learn that by speaking to
people in the network.”
Recruiting apprentices
Managing teams means motivating them and that
begins with recruiting the right people. Louise
often chooses apprentices rather than bringing in
experienced staff over others’ heads and understands
the importance of individual personalities: “Everybody
has got to fit into your team,” she says, “It doesn't matter
what qualifications they've got, or how high they've
gone in their career. It takes an outstanding attitude to
persuade people to part with their money,” she explains
“and to get internal stakeholders to agree with what’s
needed for the business.”
But there is another reason she favours apprentices:
“Many jobs ask for experience at entry-level. It's tough
to start a career when you've just left school and find
people who are willing to give you a chance. It's great
that you can get someone who's motivated and willing
to learn.”
“It’s not just about doing the exams,
it's about the networking. Being
able to mix with people from many
different backgrounds, industries, and
experiences helps you learn. You don't
just learn how to deal with life from
your parents. You learn from other
people; it's the same in the CICM
community.’’
The future is bright
Louise is keen to attract more young people and
particularly women into the industry. Since guidance
was limited when she was young, Louise volunteers at
Brabners’ open days and talks to young people about
the support staff opportunities in the legal sector.
“Nobody said to me there’s a job out there where you
can ask people for money; they always said do you want
to be a lollipop lady, a nurse or a teacher.”
But Louise believes that credit management is an
attractive career for people today with the advent of
AI and the automation that comes with it: “It gets rid
of those awful labour-intensive tasks so the team can
do more challenging things. People want to be valued,
and you get that,” Louise says, “by investing in them,
teaching them new things and empowering them.”
Brave | Curious | Resilient / www.cicm.com / November / PAGE 53

BRANCH NEWS
NEW NORMS
CICM East of England Branch holds Establishing
New Norm of Credit Management Conference.
AUTHOR – Richard Brown
THE conference was hosted
by Hays at its offices in
London on 13 September
2023, and Branch committee
member William Plom
of Hays welcomed a
packed room of CICM members from six
branches, and non-members.
The event chairperson, and fellow
Branch committee member Andy Moylan
of EFCIS/ICBA UK, emphasised the
value of interaction and that the aim of
the event was to give everyone present
the opportunity to learn and share
information.
Allianz Trade’s Ope Farinloye explained
the five scoring pillars of risk assessment,
and how they are used by country, sector
and business, and which financial data,
concerns, and other factors should be
continuously updated, using data science
to enhance predictive capabilities and aid
the debtor de-risk process.
Ope then led a workshop where
delegates, in teams, assessed the financials
of two companies to decide which one
went bust and which one survived. All but
one team had the correct answer.
Paula Swain of Shoosmiths gave a
thought provoking view of the collections,
litigation and enforcement future. AI
can analyse historical data and customer
behaviour to predict which accounts are
more likely to default/become delinquent.
AI was approaching ‘warp’ speed. Paula
outlined sandbox risk, ‘hallucination’, and
regulatory issues. By incorporating AI into
their litigation strategy, credit managers
could streamline their processes, make
data-driven decisions, prioritise collection
efforts, manage costs and increase their
chances of successful outcomes.
Allianz Trade’s Ozlem Ozuner talked
through ecommerce, and the best use of
digitisation and AI in credit management,
including Allianz’s new ecommerce B2B
offering, predicting that 80 percent of
transactions would be digital by 2025.
Business buyers were demanding payment
terms, and ecommerce was booming.
Paula stressed the need to embrace the
benefits of digitisation and digitalisation.
The event concluded with a delicious
buffet lunch and plenty of networking.
The conference feedback about the
content, speakers, venue and organisation
was exceptionally good, and the Branch
would like to thank our speakers, and
Hays for their hospitality.
Richard Brown CICM East of England Branch
Vice Chairman
A specialist and dedicated
debt collection
service
020 8080 2888
REDWOODCOLLECTIONS.COM
WE WANT
YOUR
BRANCH
NEWS!
Get in touch with the CICM by
emailing branches@cicm.com with
your branch news and event reports.
Please only send up to 400 words and
any images need to be high resolution
to be printable, so 1MB plus.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 54

WORKING LIFE
Routes to success
There are many different routes candidates
may take to joining your credit team.
AUTHOR – Natascha Whitehead
WHILST achieving a
relevant degree has
long been thought
of as one of the
most effective ways
to secure a job, it is
certainly not the only route to success. In
recent times, alongside the ongoing skills
gap, there has been a noticeable shift in
some sectors towards hiring for skills
and potential, as opposed to having strict
qualification requirements.
Candidates coming into your
team could have a range of different
backgrounds when it comes to the route
they chose to kickstart their career in
credit management. After all, there is no
one-size-fits-all approach, and the right
attitude and ambition will take a person
far, no matter what direction they choose.
Here are four different, yet equally as
credible, backgrounds candidates joining
your team might have:
A degree or college qualification
One of the most traditional ways into
credit management is to attain a college
or university level qualification, such
as a foundation or bachelor’s degree
in business, finance or accounting.
Although these certifications are not
essential to enter the finance sector,
they help to illustrate a candidate’s
commitment to the subject matter and an
ability to achieve rewards when they put
their mind to it.
As well as a wealth of knowledge,
graduates are also likely to develop an
expansive range of skills, such as time
management and organisation, during
their experience in further education.
Both the technical and soft skills
acquired are transferable to the world
of work, which is one of the reasons a
degree arguably opens up greater career
opportunities.
A professional accreditation
A common and highly recommended
route into accountancy more broadly
is through a professional qualification
such as the Association of Accounting
Technicians (AAT), as well as chartered
qualifications like the Associate Chartered
Accountant (ACA) or Association of
Chartered Certified Accountants (ACCA).
The Chartered Institute of Credit
Management (CICM) have varying levels
to progress through, to ensure there is a
suitable path in place for individuals to
achieve the qualification that fits their
role and experience.
These qualifications also demonstrate a
person’s passion for the profession and are
suitable for individuals at any stage of their
career, whether that be a school leaver or
someone who wants to retrain or move
into credit management from an entirely
different industry. Candidates who take
part in professional accreditations gain
an up-to-date expertise in the field which
will undoubtedly support them within the
world of work.
An apprenticeship scheme
Candidates joining your team who have
taken part in an apprenticeship scheme
will have both hands-on experience and
theoretical knowledge under their belt.
Apprenticeships are also a great way to
gain practical training and earn money
in the process, and support participants
to develop an in-demand skillset that
will enhance their entire career. There
are a wide range of apprenticeship
opportunities out there, from credit
control to risk officer, which also allow
candidates to earn a qualification
alongside your apprenticeship.
Qualify on the job
Candidates might also immerse themselves
into the world of credit management by
qualifying on the job, through experience,
also referred to as Qualified By Experience
(QBE) accountants.
Kiera Howes, credit controller at Hays
studying for a CICM qualification, shares
why this method worked well for her: “I’m
glad I learnt on the job as I was able to put
into practice what I was learning, making
it a lot easier to understand concepts.
My concern when it came to learning
about credit management without having
to apply it, was that it might be too
theoretical and less engaging than a more
hands-on approach.”
Nicole Carroll, also a credit controller
at Hays studying for a CICM qualification,
explains why a route which involves
both learning on the job and studying
for a professional accreditation can the
way forward: “I didn’t have any previous
qualifications, but I started as a temp and
then I was offered a permanent position,
which is when I decided to study with
CICM. As I enjoy the role, I thought it
would be worthwhile to get a formal
qualification to accompany my practical
experience. Starting out as a trainee
and then studying has given me more
knowledge to help me carry out my role
and really improved my confidence.”
Having a workforce comprised of
candidates with varying backgrounds is
incredibly beneficial to any business, as
every avenue comes with its own skills,
experience and insights that a candidate
can contribute to their team and the
wider organisation. It's important to
acknowledge that there is no right or
wrong way to embark on a career in credit
management and regardless of a person’s
route, they can steer towards success and
get to where they want to be.
Natascha Whitehead is Business Director at
Hays specialising in Credit Management.
These qualifications also demonstrate a person’s passion for
the profession and are suitable for individuals at any stage of
their career, whether that be a school leaver or someone who
wants to retrain or move into credit management from an
entirely different industry.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 55

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
CREDIT MANAGEMENT SOFTWARE
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, one of the UK's leading Credit Report
companies, has helped thousands of business customers minimise
their bad debt. Our data is compiled and constantly updated from
various prominent UK and international suppliers, encompassing
235 countries, so our clients can access the latest information in an
easy-to-read report. Our product and service solutions are tailored
to meet our clients' needs, including market-leading Dual Reports
and integrated XML solutions, monitoring, and our D.N.A. Credit
Risk Management tool that reduce costs and boost cashflow.
Since 2014, we have been finalists and winners of Small Business
and Credit Awards. Our clients appreciate our involvement in their
customer journey, resulting in a 99% client retention rate.
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.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 56

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
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.
Top Service 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.
Brave | Curious | Resilient / www.cicm.com / November / PAGE 57

Cr£ditWho?
CICM Directory of Services
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.
PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is a
globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
• Provide an additional line of bank independent credit to drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive
growth within businesses of all sectors. By creating an additional
lever to help support supplier/client relationships American
Express is proud to be an innovator in the business payments
space.
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.
PAYMENT SOLUTIONS
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?
CICM Directory of Services
FOR ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk
01727 739 196
Brave | Curious | Resilient / www.cicm.com / November / PAGE 58

A customer focused team, working with our
clients to change collections for the better
Collections, made Digital
White label self serve platform designed
to provide businesses with end to end
digital collections capability to support
their customers.
What our Clients have seen
• 13 x ROI
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Recent highlights
Digital Debt Collection solutions, supporting your customers
Brave | Curious | Resilient / www.cicm.com / November / PAGE 59
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