Credit Management January February 2024

CREDIT MANAGEMENT 

CM 

JANUARY/FEBRUARY 2024 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

Ring of 

Bright Water 

What does the credit 

community expect from 

the year ahead? 

Sean Feast FCICM talks 

to Rob Thompson of the 

CCUA. Page 16 

How does the CICM 

interact with its European 

peers? Page 20

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SEAN FEAST FCICM 

MANAGING EDITOR 

Editor’s column 

MAKING A 

DRAMA OUT 

OF A CRISIS 

HAPPY New Year (if it’s not already 

a dim and distant memory) and 

welcome to this new edition of your 

magazine. 

The sharp-eyed among you will notice 

that we’ve been making some changes. 

Fashion, so my children and Mrs Feast keep telling me, is 

constantly changing, and we need to move with the times. 

Whereas I don’t entirely subscribe to that opinion (I still 

have a posh coat my father bought me for my 21st birthday 

that looks as good as new), a refresh now and again never did 

anyone any harm. 

Andrew Morris, our Art Editor, has evolved some of the regular 

sections and feature pages to make them even smarter and more 

accessible, allowing the content more space to breathe and 

hopefully making it an even more comfortable and enjoyable 

read. We will be evolving more designs in the issues that follow. 

Meanwhile, news at the start of this year has been dominated 

by the Post Office Horizon software scandal. I take a personal 

interest partly because the KC who represented the wronged 

sub-postmasters was an old school chum and he did a rather 

splendid job. (Which made me wonder who’d play me in a 

film of my life?) 

But there is also a rather uncomfortable parallel to be drawn 

with our world of credit. As an industry insider pointed out 

to me recently, the Post Office is a public corporation of the 

Department for Business and Trade. The alacrity the Post 

Office (and therefore the Government) showed in pursuing 

‘theft’ from these sub-postmasters – which turned out to be 

completely erroneous and based on inaccurate information 

– contrasts starkly with the apparent lack of ambition and 

glacial progress the Government is showing in attempting to 

hold fraudulent CBIL and BBIL debtors to account. 

According to Bloomberg, the same UK Government that 

appeared to have few qualms about sending an individual to 

jail for a few thousand pounds has paid £1.41bn (to lenders that 

issued small business loans during the COVID-19 pandemic) 

that are now suspected of being fraudulent. Despite repeated 

attempts by some of those in the credit community to discuss 

how some of this debt mountain may be recovered, at present 

their treaties appear to be falling on deaf ears. 

The numbers are truly staggering. Barclays, the largest lender 

in the COVID loans programme, estimates that six percent 

of its loans are now considered possible fraud. Starling Bank, 

which lent £1.6bn under BBLs, has flagged around £97m of 

its drawn loans as potential fraud. Will it ever be returned, I 

wonder, and will the Government ever listen to viable solutions 

that could help? 

The solution, of course, if you really want the Government to 

take notice, is to make a prime-time TV drama. Which makes 

me return to the question of who would play the part of the 

Managing Editor of Credit Management who first floated the 

idea. Answers on a postcard please… 

Brave | Curious | Resilient / www.cicm.com / January & February 2024 / PAGE 3

CONTENTS 

January & February 2024 issue 

08 – HAPPY NEW YEAR 

What does the credit community expect from the 

year ahead? 

12 – BEWARE THE RISE OF THE ZOMBIES 

What happens to all the marginally profitable 

companies when they are starved of cheap credit 

that has been keeping them alive? 

14 – WHERE NEXT FOR THE CONSUMER 

As the lending industry looking ahead to the new 

year, what trends to practice, technology and 

regulation should you be aware of? 

16 – DRIVEN TO SUCCEED 

Sean Feast FCICM talks to Rob Thompson FCICM 

about the courts, a pink moped, and the merits of 

the Talbot Sunbeam Lotus. 

20 – EUROPEAN UNION 

How does the CICM interact with its 

European peers? 

22 – DON’T BLAME THE MONKEY 

Just because you can use Artificial Intelligence, 

doesn’t mean you should. 

24 – SKILLS TEST 

Finding the right talent with the appropriate skills 

continues to be a challenge. 

32 – A YEAR OF PROGRESS 

Looking at the year ahead and the future of the 

enforcement profession. 

40 – THE CREDIT WHISPERER 

A young, talented professional chose credit 

management over accountancy and has never 

looked back. 

Malaysia 

52 – REASONABLE MEASURES 

The need to prevent acts of harassment at work, 

changes to spent conviction disclosure, and a case 

of roles in a redundancy process. 

12 

INSOLVENCY 

What happens to all the marginally 

profitable companies when they are 

starved of cheap credit? 

08 

HAPPY NEW YEAR 


CICM GOVERNANCE 

President: Stephen Baister FCICM 

Chief Executive: Sue Chapple FCICM 

Executive Board: Chair Debbie Nolan FCICM(Grad) 

Vice Chair: Neil Jinks FCICM 

Treasurer: Glen Bullivant FCICM 

Larry Coltman FCICM / Allan Poole MCICM 

34 

COUNTRY FOCUS 

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) 

Laural Jefferies FCICM / Neil Jinks FCICM 

Martin Kirby FCICM / Charles Mayhew FCICM 

Hans Meijer FCICM / Debbie Nolan FCICM(Grad) 

Amanda Phelan FCICM / Allan Poole MCICM 

Phil Roberts FCICM / Chris Sanders FCICM 

Paula Swain FCICM / Jamie Thornton MCICM 

Mark Taylor MCICM / Atul Vadher FCICM(Grad) 

22 

DON’T BLAME 

THE MONKEY 

16 

DRIVEN TO 

SUCCEED 

Sean Feast FCICM 

talks to Rob 

Thompson FCICM. 

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

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

tab labelled ‘Credit Management magazine.’ 

Credit Management is distributed to the entire 

UK and international CICM membership, as well 

as additional subscribers 

Publisher 

Chartered Institute of Credit Management 

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Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor: Sean Feast FCICM 

Deputy Editor: Iona Yadallee 

Art Editor: Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Joe Clarkson, Rob Howard and 

Melanie York 

Advertising 

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Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

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2024 subscriptions 

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International: £166 per annum 

Single copies: £14.00 

ISSN 0265-2099 

Reproduction in whole or part is forbidden without specific permission. 

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

of the Chartered Institute of Credit Management. The Editor reserves 

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

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

Chartered Institute of Credit Management. 

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


THE NEWS 

CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

WRITTEN BY: SEAN FEAST FCICM 

CICM welcomes changes 

to Companies House 

COMPANIES House will 

have more investigative 

and enforcement powers 

than ever before following 

the granting of royal assent 

to the Economic Crime and Corporate 

Transparency Act, improving the accuracy 

and quality of data, tackling economic 

crime and driving confidence in the UK 

economy. 

The Act will introduce new statutory 

objectives for Companies House to ensure 

that anyone who is required to deliver 

a document to the registrar does so (and 

that the requirements for proper delivery 

are complied with), as well as ensuring 

information contained in the register is 

accurate and that the register contains 

everything it ought to contain. 

The act will help ensure that records kept 

by the registrar do not create a false or 

misleading impression to members of the 

public and prevent companies and others 

from carrying out unlawful activities or 

facilitating the carrying out by others of 

unlawful activities. 

Sue Chapple FCICM, Chief Executive of 

the CICM, says that some of the changes 

the industry has been crying out for are 

now within touching distance: “CICM has 

been an active supporter of Companies 

House from the beginning. But we have also 

never been afraid to express concerns 

where they have been warranted in 

supporting our members in using data 

to take informed decisions to mitigate 

risk and support business growth. 

“A Bill which seeks to significantly 

improve the validity and reliability 

of information held by Companies 

House has to be a good thing and is 

arguably long overdue. Of course, 

it could have gone further, but we 

“CICM has 

been an active 

supporter of 

Companies 

House from the 

beginning. But we 

have also never 

been afraid to 

express concerns 

where they have 

been warranted 

in supporting our 

members’’ 

should celebrate small victories where 

they present themselves and giving 

Companies House greater powers 

of investigation and enforcement 

alongside more robust initial 

identity verification requirements 

for new and existing directors 

are both positive steps in the 

right direction. 

“Our members have to 

know that the information 

kept at Companies House can be relied 

upon, subject to their own professional 

insight and expertise in interpreting the 

information they are given. This is even 

more important in the current financial 

climate.” 

Robert Brooker, Director of PKF GM 

and an expert in forensic accounting and 

fraud, similarly welcomes the news: “It will 

provide the capability to cross reference 

and share data with third parties, enabling 

Companies House to (hopefully) become 

more robust with regards to company 

registrations thereby preventing fraudulent 

directors and companies from operating, 

as opposed to currently whereby no due 

diligence is undertaken, let alone utilising 

other dependable data. 

“This will enable Companies House to 

act more effectively when people tell them 

their personal information has been used 

without consent. This will make a real 

difference to individuals. Currently it’s so 

very slow and farcical as they write to the 

victims address to confirm if the fraudulent 

company exists, after the victim has 

already reported that the company and its 

Directors do not reside at their residential 

address!” 

Robert is positive that the changes will 

have a constructive impact on the number 

of fraudulent companies being registered 

for nefarious purposes and the knock on 

effect of further fraudulent activity will 

help reduce the volume of fraud in the UK: 

“My only caveat is I don’t think we should 

underestimate the size of the task ahead 

as the data is currently so vast and out of 

date, with hundreds of new companies 

being added every day. I am concerned that 

so much may be lost in the ether and in 

fact we may take one step forward and two 

steps back.” 



A Decade of Excellence 

in Credit Management 

WORLDLINE IT Services UK Limited’s 

Credit Management team, under the 

leadership of Tracey Evans and Sarah 

Wright, has achieved the prestigious 

CICMQ accreditation. Having renewed its 

accreditation twice, the team has held the 

accreditation for an impressive nine years. 

Worldline is a global leader in digital 

payments and transactional services, and 

its CICMQ Assessment Report reflects 

Worldline's commitment to shaping a 

new world of payments and transactions, 

earning them a high Merit grade which was 

just shy of a Distinction. 

As the Business Unit Director of Credit 

& Commercial for Worldline UK&I, Tracey 

Evans spearheaded the accreditation 

process, showcasing her 17 years of 

dedication to the organisation. Having 

evolved from an Accounts Receivable 

management role to her current position as 

the Business Unit Director, Tracey's journey 

demonstrates Worldline's commitment to 

employee development and growth. 

Similarly, Sarah Wright, the Credit Risk 

STERIS attains CICMQ accreditation 

THE Accounts Receivable Team of STERIS 

in Derbyshire has achieved CICMQ 

accreditation, earning a commendable high 

Merit grade. This milestone underscores 

the team's exceptional performance in 

Stakeholder Engagement and Credit Policy, 

marking a testament to their commitment 

to excellence. 

Guiding the rigorous accreditation 

process was Linda Belton MCICM (Grad), 

Credit & Risk Manager for STERIS, a 

leading global provider of products and 

services that support patient care with an 

emphasis on infection prevention. 

The presentation of the CICMQ Award 

by Luke Sculthorp FCICM, CICM Head of 

Strategic Relationships, marked a moment 

of pride for STERIS. As part of the 

CICM Senior Leadership Team, Luke 

commended the company's dedication to 

excellence. 

Initiated in September 2019, the 

transformation of STERIS's Accounts 

Receivable Team aimed to enhance team 

dynamics, streamline processes, and excel 

in remote stakeholder management. 

Embracing the STERIS lean culture, the 

team underwent a complete re-engineering 

process, implementing standardised 

automated quality processes that yielded 

outstanding financial results. 

The transformation focused on 

individual and collective development, 

KPI implementation, and benchmarking 

performance to elevate service levels for 

internal and external stakeholders. 

Invevo becomes CICM partner 

THE CICM has partnered with Invevo 

to give members access to an expert in 

receivables process improvement and 

discover the benefits of an end-to-end 

integrated system for streamlining credit 

management, receivables automation, 

collections and dispute management. 

Richard Moreton, Founder & CEO 

at Invevo, believes this partnership will 

Manager, has played a pivotal role in the 

evolution of the Credit Management team, 

overseeing three schemes to managing the 

day-to-day activities of a robust team, and 

developing her own professional career. 

Tracey Evans, says everyone in the team 

made this re-accreditation possible: “I am 

extremely proud of each and every member 

of our Credit Management team, and the 

part they’ve all played in this achievement. 

In particular I would like to highlight 

the critical role that our Credit Risk 

Manager, Sarah Wright, played in the 

preparation for our CICMQ assessment 

this year. It is a fantastic achievement 

to once again secure the CICMQ 

accreditation, and a further evolution of 

our journey in developing and maintaining 

quality Credit Management policies and 

processes.” 

CEO Johnny Astbury and other key 

stakeholders, including Julie Hillman, 

Saj Patel, Tony Burgess, Ade Bailey, and 

Patricia Cliff, stand as pillars of support in 

this journey. 

support more digital transformation within 

the credit management industry: “some 

companies are still working with outdated 

and inefficient systems that aren’t built for 

purpose. We are on a mission to change 

this, streamlining financial operations 

with our no-cost configuration to provide 

tailored workspaces with the correct tools 

for credit teams to get the job done.” 

Christmas fair 

RISING costs forced young people to 

use buy now, pay later (BNPL) to afford 

Christmas in 2023 as a quarter (23 percent) of 

young people admitted they were planning 

on buying their Christmas dinner this year 

using BNPL, according to new research from 

responsible lender, Creditspring. Many were 

also reliant on BNPL - an unregulated form 

of borrowing - to buy gifts for loved ones, 

with three in ten (28 percent) 18-34-yearolds 

saying they would use BNPL to buy 

their Christmas presents. 

Finance fulfilled 

A Northamptonshire family-run 

manufacturer has received over £600,000 of 

financing from Metro Bank to help it achieve 

its aspirations to be the most responsible 

closed-loop maker and supplier in the UK. 

Fill/Refill formulates, designs and creates a 

range of eco-friendly body, hair, laundry and 

household cleaning products in returnable 

and refillable screen-printed glass bottles 

and bulk containers. 

Driving growth 

AN increasing number of businesses are 

seeking asset finance to drive business 

growth, according to the latest survey by 

Allica Bank, the digital relationship bank 

dedicated to serving established British 

SMEs. Just under half (43 percent) of the 

asset finance brokers said they have seen 

an increase in demand from their clients, 

with just under a third of those reporting 

at least a 10 percent increase in applications. 

Demand is principally driven by more 

businesses seeking finance to invest in new 

machinery (45 percent), while over a third 

of businesses (36 percent) are looking to 

refinance their existing assets. 

Optimum return 

BRISTOL-based invoice finance provider 

Optimum Finance has appointed Steve 

Chapman to manage and lead its risk and 

recoveries activity as the business looks 

to build on its successes in 2023. Steve 

joins Optimum with more than 40 years’ 

experience within Invoice Finance and 

the financial services, much of which was 

spent with the Lloyds Banking Group. More 

recently he worked for Hitachi Capital PLC. 

He returns to the industry having taken 

early retirement in 2020. 

Branch AGMs 

CICM Branch AGM season is upon us, 

and all Committees are due to convene 

by 31 March 2024. Look out for more 

information across CICM channels and by 

visiting https://www.cicm.com/branches/ 


INSIGHTS 

HAPPY 

NEW YEAR? 

What does the credit community 

expect from the year ahead? 

BY SEAN FEAST FCICM 

EVERY New Year starts with a sense of optimism 

and hope, even though 2023 ended with a 

mild sense of foreboding. So what can we 

expect over the next 12 months in the world 

of credit? Will we see a tightening of credit 

availability? A lengthening of payment terms? 

An increase in the number of business failures? 

And what about the economy in general and will certain sectors 

fair better than others? 

Oliver Collinge, an Insolvency Practitioner and Director of the 

Restructuring team within PKF GM sets the scene: “Corporate 

insolvencies ended the year at close to the record high they reached 

in the spring,” he says. “As with that earlier peak, though, the vast 

bulk of these are liquidations of smaller companies so the statistics 

are deceptive – redundancies (as reported by the ONS) remain at 

fairly low levels, suggesting these insolvency numbers aren’t having 

a significant macro-economic impact. 

“As regards next year the outlook is mixed. Some of the major 

pressures which businesses were facing this time last year 

have receded: inflation has fallen significantly - CPI halved 

from 9.2 percent in Dec 22 to 4.6 percent (in October 2023) - 

and supply chain pressures have eased markedly. “That said, 

interest rates are higher than a year ago and there is higher 

leverage in the economy than pre-pandemic as businesses 

continue to repay COVID-related debt: of total COVID 

borrowing (i.e. via Government backed schemes such as 

BBLS and CBILS) £31bn of the original £77bn lent remains 

outstanding (this excludes amounts written off due to fraud and 

insolvency).” 

Oliver believes the impact of these higher rates on consumer 

spending is also likely to become more pronounced in 2024 as 

more fixed rate mortgages have to be refinanced at these new, 

higher levels: “Throw in continuing geopolitical uncertainty,” he 

continues, “and elections on both sides of the Atlantic later in the 

year and it’s easy to be pessimistic about 2024.” 

In terms of insolvency numbers, Oliver expects the volume to 

fall, but the make-up of those numbers to change: “Broadly I 

would expect a reduction in the headline insolvency numbers but 

possibly more ‘meaningful’ failures (i.e. failures of large businesses 

as opposed to large numbers of micro-company failures distorting 

the picture as we’ve seen this year) as the impact of higher mortgage 

rates on consumer spending continues to be a drag on growth 

and the increased cost of debt service continues to whittle away 

cash reserves.” 

Ant Persse FCICM, CEO of Optimum Finance, similarly believes 

there will be a number of high-profile failures to come: “When 

that happens there is often a ripple effect to smaller businesses 

who are part of the supply chain and they may be impacted by 

bad debts as a result,” he says. 

He concurs that the increase in base rates will impact those 

businesses looking to refinance: “Many will have taken term loans 

during the COVID pandemic which are set for renewal and these 

will be at a higher rate,” he explains. “Many are still seeing the 

impact on cashflow of having to repay their COVID loans and 

deferred HMRC payments, despite many being granted what 

might be considered a reasonable ‘Time to Pay’.” 

Andrew Birkwood FCICM, Founder and CEO of SME debt 

purchaser, Azzurro Associates, characterises last year as challenging: 

“In the end, however, the impact on expected performance was 

comparatively benign, albeit the economy and particularly the 

higher interest rate environment has impacted SMEs ability to 

refinance their way out of their premium cost credit. As a result, 

many SMEs are tending toward negotiating a restructure of their 

credit terms, leading to extensions and longer term repayment plans 

with their creditors – some of which are then being sold to firms 

such as Azzurro. From our perspective, the market is beginning 

to show signs of maturity as regular ‘flow’ debt sales become the 

norm, and price volatility has settled.” 

In terms of access to credit, Andrew says that SMEs have a 

substantial array of options to choose from today with regard 

to the right mix of credit in their business: “From term loans to 

business credit cards to embedded finance, the fintechs are leading 

the charge in innovating the challenge of providing fast access 

to credit for SMEs. This trend will continue this year, enabling 

businesses to manage their cash flow demands in a sophisticated 

manner.” 



Unprecedented challenges 

Some sectors will undoubtedly be more impacted than 

others. Simon Johnson MCICM(Grad), Director of UK 

Credit Management at SIG, is a CICM Think Tank expert 

on the construction industry. In his update in 2022/2023 

he spoke about the unprecedented challenges within the 

UK construction industry with double digit material price 

increases on fixed price contracts (average +26 percent), and 

issues with the supply chain, labour availability and cost. 

He also highlighted issues around rising energy costs and 

borrowing rates due to monetary policy which also added 

significant costs for a sub-contractor last year. 

More recently, however, some of those risks appear to be 

subsiding, albeit that staffing costs/availability, energy costs 

and borrowing rates remain key. Some customers are also 

taking steps to mitigate these risks through, for example, 

contract price increase clauses to offset ongoing inflationary 

pressures. “Additional challenges for 2024 relate to the 

ongoing and inevitable credit tightening from insurers and 

banks in a stagnating market with higher borrowing costs 

and lower lender appetite impacting customer’s ability to 

raise finance,” he explains. “This finance restriction will 

make it harder for customers to trade though a higher cost 

and/or fluctuating turnover period.” 

Simon says that suppliers will also be taking a more cautious 

approach to supplies, particularly those historically reliant 

on insurance cover, or alternatively they may have to take 

more uninsured risks to maintain share: “Alternative funders 

(e.g. crowd funding/invoice discounting/buy now pay later) 

will have additional opportunities if they can navigate the 

risk levels,” he says. 

“When that happens 

there is often a ripple 

effect to smaller 

businesses who are 

part of the supply 

chain and they may be 

impacted by bad debts 

as a result.” 

Ant Persse agrees: “With the reduction in governmental 

funding support for businesses it is vital that businesses 

are made aware of supporting funding solutions that can 

genuinely help them,” he adds. 

Simon says that he is already hearing from customers that 

main contractor payment behaviours are deteriorating with 

later payments and more frequent valuation deductions, 

albeit further detail suggests this could be loss-making 

contract specific. 

“With COVID support now well and truly over and COVID 

loans in pay back mode (noting construction has highest 

default rate) the lending tightening is making additional 

finance more difficult to obtain. Where it is available, 

Simon believes it is considerably more expensive and 

often requires personal guarantees (PGs): “This continues 

to elevate risk levels further in what has historically been 

the highest risk sector in the UK,” he adds. 

Brave | Curious | Resilient / www.cicm.com / January & February 2024 / PAGE 9 

continues on page 10 >

INSIGHTS 

“With medium term UK growth prospects muted, and inflation 

and finance costs remaining above historical averages, closer 

attention to multiple risks will be required by credit providers. 

This will involve more frequent and faster review of ‘red flags’ for 

increasing customer volumes.” 

Andrew Birkwood maintains that the provision of PGs continues 

to be a strong value element of the SME lending value chain: 

“Large SME lenders that historically have not required PGs, are 

considering their inclusion in 2024 lending,” he explains. “Obliging 

a director to provide security for a business loan helps create many 

of the right behaviours – such as weeding out frivolous borrowing 

and creating a store of value (to repay the credit) in the event of 

business insolvency.” 

Construction insolvencies 

When it comes to business failures, construction industry 

insolvencies last year matched the peaks of the last financial 

crash. “These were heavily weighted to the drylining, specialist 

sub-contractor and modular/offsite sectors,” Simon explains, “the 

latter due to investor nervousness. 

“The root causes tended to be legacy fixed price contracts rolling 

into 2023, additional project delays or re-design (post contract) and 

a number of major Tier One and Tier Two contractor insolvencies 

(e.g. the £700m turnover Buckingham Group) with the usual supply 

chain domino effect that this causes. “Construction will also have 

to endure fluctuating order pipelines in various sectors which 

could provide some significant turnover challenges for customers, 

particularly adding risks to those carrying higher fixed costs. This 

can lead customers to start buying work to maintain turnover. 

Pressure on businesses is not only limited to those that are 

most often in the headlines. Some sectors which have typically 

remained below the radar are now coming to the fore. CICM 

Think Tank specialist Nigel Fields FCICM, GPO O2C Global 

Finance Operations Transformation at NBCUniversal Media and 

a former Executive Director of Twentieth Century Fox, believes 

that the media entertainment industry could be in for a rough 

ride in 2024: “The Hollywood actor and writer strikes that took 

place in 2023 will have a significant financial impact on the media 

entertainment businesses, both in the US and globally,” he explains. 

“Estimates are it could cost the industry at least $4bn globally. 

This will affect various businesses that rely upon the movie 

industry to make money including set design shops, craft services, 

janitorial contractors, transportation services, drivers, catering 

companies as an example. This has caused a ripple effect across 

the UK film industry, with workers struggling to pay rent and 

some smaller support businesses shutting down. The UK film 

industry contributed £12.6 billion to the UK economy in 2019 

(pre-COVID).” 

Strike disruption 

As has been widely reported, the strike has disrupted the production 

and release of many films and TV shows, resulting in lost revenue 

and missed deadlines: “There has already been a decline in the 

theatrical (cinema) box office by over 25 percent since 2019,” 

Nigel says, “and this has further limited the available funds for 

all the studios. 

“Cinema operators will be mostly adversely affected by the strike 

as it has resulted in the delay or cancellation of many film releases, 

which then leads to a decline in cinema attendance and revenue. 

“According to a report by the UK Cinema Association, the UK 

cinema industry has lost an estimated £1.3bn in revenue due to the 



pandemic and the strike. The report also states that the number 

of cinema admissions in the UK has fallen by 60 percent since 

2019. This decline in cinema attendance has and will lead to more 

insolvencies and the closure of many cinemas across the UK.” 

TV operators have also been affected by the strike as it has also 

resulted in the delay or cancellation of many TV shows, which 

again has led to a decline in TV viewership and revenue. According 

to a report by The Guardian, the late-night variety shows, which 

rely on writers to craft topical jokes based on up-to-the-minute 

headlines, halted production and had to air reruns due to the 

strike: “The decline in TV viewership may also see the closure 

of TV channels across the UK,” Nigel continues. “The strike has 

also badly affected the advertising industry, as advertisers want to 

avoid paying higher premiums to reach smaller audiences through 

traditional linear platforms.” 

When it comes to 

business failures, 

construction industry 

insolvencies last year 

matched the peaks 

of the last financial 

crash. 

An agreement now reached between the actors and writers 

is expected to bring some relief to the industry, as it includes 

meaningful gains and protections for writers. However, it is still 

unclear how long it will take for the industry to recover from the 

strike’s impact: “The studios will need to find ways to address the 

unions’ demands while maintaining financial viability,” he adds. 

“Both parties will need to inevitably find a way forward.” 

Unpredictable economy 

Gary Brown MCICM, Founder and CEO of Debt Register, sponsors 

of the CICM British Credit Awards, senses the unpredictability 

of the UK economy will be across the board: “I believe that the 

business economy in 2024 will in the main stay unpredictable, 

with the cost-of-living increase still ongoing and higher interest 

rates playing their part. But then in 2023, a few experts predicted 

a storm, and you could argue we only got showers.” 

Gary recognises there has been an increase in insolvencies and 

believes that many are the knock-on effect from bounce back loans 

and furlough entrepreneurs that never took flight: “I do believe 

that there will be higher risks, and more casualties to come, but to 

what extent is difficult to say with any certainty; the economists 

predict that we will have reasonably flat growth in 2024.” 

When it comes to payments, Gary highlights trends of concern: 

“The signs will be slowing of payments, as companies that have debt 

products maturing in 2024 will have to pay considerably more to 

refinance, and they may look to off-set that burden by extending 

their credit terms,” he explains. “Ultimately the credit professional 

needs to be vigilant and escalate accounts sooner rather than later.” 

Andrew Birkwood says he is entering 2024 with a cautiously 

optimistic view on the economy and likely performance of credit 

portfolios: “We are seeing steadily increasing levels of lending from 

major fintechs – both in terms of overall lending, and individual 

SME credit balances,” he explains. 

“Balances being lent are continuing to grow, as SME lenders become 

more confident with the performance of their underwriting models 

and downstream performance (including debt sale pricing of 

defaulted customers). The (likely) ‘dovish’ interest rate environment 

we are entering and steady confidence levels, seem to indicate an 

improved outlook for the year for the UK. This of course has to 

be seen in the context of several significant macro challenges (the 

conflicts in the Ukraine and Gaza and the upcoming elections 

in the UK and US) which could present a banana skin or two.” 

Ant Persse agrees that we are living in uncertain times: “It makes 

the need for planning for the unexpected more important than 

ever,” he says. 

As well as financial and economic trends, Ant also sees emerging 

trends in sustainability, customer experience and AI: “Green is the 

new black,” he continues, “and when it comes to recruitment and 

staff retention, more and more prospective employees are looking 

beyond just the pay packet to how an organisation is meetings its 

environmental responsibilities. “Companies will increasingly see 

the need to embrace AI,” he adds. “AI can have a positive impact 

on increasing automation and improving efficiency, and this will 

also help ensure that every customer interaction is a delightful one.” 

Ebb and flow 

Perhaps capturing and articulating many of these concerns and 

challenges is Think Tank expert Craig Evans, CEO of Company 

Watch: “In 2023, the business landscape saw the ebb and flow of 

company credit risks against the backdrop of evolving insolvency 

levels,” he explains. 

“The delicate equilibrium between economic revival and persistent 

uncertainties played a defining role in shaping business solvency. 

Sectors such as construction, retail, and hospitality faced heightened 

challenges, evidenced by increased insolvency rates. In response, 

businesses pivoted toward robust risk management strategies, 

prioritising data analytics for proactive insights. 

“Resilient companies,” he continues, “recognising the imperative 

of innovation, embraced cutting-edge financial practices and tools 

to fortify themselves against insolvency threats.” 

As we enter 2024, Craig believes that the path forward demands 

vigilance and strategic foresight: “Navigating the insolvency 

landscape requires businesses to leverage the latest tools and insights, 

fostering adaptability in an ever-shifting economic environment,” 

he concludes. “Thriving amidst uncertainties will necessitate a 

proactive and innovative approach to financial resilience.” 


INSOLVENCY 

BEWARE 

THE RISE OF 

THE ZOMBIES 

What happens to all the marginally profitable 

companies when they are starved of cheap credit 

that has been keeping them alive? 

BY ALEXANDRA DAVIES 

THEY might sound like something you 

would expect to find in a horror film, 

but zombie companies represent a 

very real and growing problem that 

could pose risks for credit managers. 

The definition of a zombie company, 

according to the Organisation for Economic Cooperation 

and Development (OECD), is one that can’t cover the 

interest on its borrowing from operating profit for three 

years in a row. Basically, they are companies that are 

teetering on the brink of insolvency and a single, shock 

event could tip them over the edge. 

With UK interest rates set at 5.25 percent, and the rate 

of inflation well above the Bank of England’s 2.0 percent 

target, zombie companies are facing considerable financial 

pressure. Future decisions regarding interest rates could 

play a crucial role in shaping their fate, especially those 

that are walking the tightrope of financial viability. In 

fact, high interest rates are already having a significant 

impact – corporate insolvency figures for the first half 

of 2023 were 15 percent higher than the first six months 

of the year. 

Inflationary squeeze 

Inflation has led to significant price rises affecting many 

goods and services, and is posing a major threat to 

zombie companies. As prices increase, the purchasing 

power of consumers diminishes, impacting demand for 

products and services. As they are already operating 

on thin profit margins, zombie companies may find it 

challenging to pass on increased costs to consumers. 

This squeeze on their profitability limits their capacity to 

invest in research and development or necessary upgrades, 

which means they start to stagnate and are unable to grow. 

In addition, inflation erodes the real value of debt. 

For companies with substantial outstanding loans, the 

burden of repayment becomes heavier in an inflationary 

environment. Central banks often respond to inflation 

by raising rates. This double whammy exacerbates the 

financial strain on zombie companies, creating a precarious 

situation that can lead to insolvency. 

The rise of zombie companies and their struggles against 

inflation and raised interest rates can have far-reaching 

consequences for the broader economy. These firms often 

represent a sizeable proportion of the business landscape, 

and their inability to contribute significantly to growth 

can act as a drag on the economy as a whole. 

Economic threat 

This has a potential domino effect, causing zombie 

companies to topple into insolvency, potentially posing 

a systemic risk to financial institutions. Banks holding a 

significant amount of debt from struggling firms may find 

their own stability in jeopardy, amplifying the potential 

economic fallout. 

The fate of zombie companies is intertwined with the 

overall resilience of the UK economy, making it critical 

that their demands are carefully considered, and strategic 

responses are made. 

For more information on the areas covered within this 

article, please contact the business recovery team at Menzies: 

www.menzies.co.uk/creditor-services. 



Author: Alexandra Davies is a senior 

manager in the business recovery team 

at accountancy firm, Menzies LLP. 

This has a potential domino 

effect, causing zombie 

companies to topple into 

insolvency, potentially 

posing a systemic risk to 

financial institutions. 


CONSUMER CREDIT 

WHERE 

NEXT FOR THE 

CONSUMER 

As the lending industry looks ahead to the new year, what trends 

to practice, technology and regulation should you be aware of ? 

BY STEPHEN KIELY 

I 

am very sorry to say it, but there are reasons to 

consider that it is not starting well. In this case, I 

mean the fate of the consumer lending industry. 

After all, one of the major industry stories from 

2023 was the collapse of the Morses Club and its 

sister-company Shelby Finance. The doorstep 

lender’s failure sees 101 members of staff looking 

for a new job. 

Analyst, Anna Anthony, UK Financial Services Managing 

Partner at EY, did not seek to cover up the concerns: “The 

series of economic shocks in recent years and the current 

cost of living pressures are having a significant impact on 

both households and businesses. Those most affected are 

the vulnerable in society and small businesses which may 

have limited financial cushions of support to fall back on. 

Stretched affordability will affect loan demand across all 

fronts and banks should be preparing for low and, in some 

cases, negative lending growth rates.” She concludes: “Banks 

also face the prospect of the number of loan defaults rising 

amid the economic downturn.” 

However, she also sees grounds for cautious optimism. Default 

rates are expected to be much lower than recorded after the 

financial crisis and given the sector’s much higher relative 

level of capitalisation, banks are in a strong position to help 

consumers and businesses through this difficult period. 

Technology 

Meanwhile, away from the fate of individual lenders, 

proliferation of new technologies is opening banks 

to risks they may have never had to grapple with before. Open 

Banking and the increase in partnerships with technology 

partners, for example, can expose banks’ infrastructure to 

new vulnerabilities and cyberattacks. Fourth-party risks 

are also becoming more of a threat as banks engage in more 

partnerships with service providers that have their own 

vendors. 

The speed with which such threats take shape is also 

accelerating. Generative AI has gained the sophistication 

needed to create ‘deepfakes’, which makes it more challenging 

for financial institutions to differentiate human customers 

from digital media imitating their likenesses. Collectively, 

this fast-moving risk environment is proving to be a huge 

obstacle to maintaining customer trust. 

Looking ahead to 2024 and beyond, UK Finance, in 

collaboration with Oliver Wyman, has undertaken a study 

of the state of AI adoption. UK financial institutions see a 

substantial opportunity in artificial intelligence (AI), with 90 

percent of lenders surveyed already leveraging Predictive AI 

in back-office functions, yielding tangible benefits. 

Although Generative AI is relatively new, more than 60 

percent believed it has the potential to deliver significant cost 

savings and improvements to operational effectiveness. There 

is an appetite within institutions to harness the potential of 

this transformative technology, which will necessitate a reevaluation 

of business processes, employee skills, and staffing 

considerations. 

In addition, organisations will need to address the potential 

impact of compute-intensive AI systems, which consume 

significant resources and take up a large amount of space on 

sustainability targets for supply chains. 

As a highly regulated sector, financial institutions are 

proceeding carefully with their adoption of AI. For now, 

more than 70 percent of Generative AI use cases are in the 

proof of concept or pilot phase. 



The initial wave of adoption will provide valuable insights, but 

getting a return on investment will always be reliant on data 

quality and seamless integration into existing systems, a process 

which could take three to five years. Truly transformative 

applications are still unknown but are likely to stem from 

Predictive and Generative AI being used together. 

The learning curve is steep, however, and numerous 

unanswered questions remain as we head into the new year. 

While best practice in AI risk was emerging globally, the 

advent of Generative AI has surfaced additional risks, such 

as ‘hallucinations’, and accentuated the challenge of needing 

to procure models from external providers. Most institutions 

believe they are well equipped to identify, monitor, and 

mitigate the risks, with 60 percent telling UK Finance that they 

are already leveraging existing risk-management capabilities 

and adjusting their frameworks to include Generative AI. 

“Banks also face the 

prospect of the number 

of loan defaults rising 

amid the economic 

downturn.” 

Interest rates 

But maybe there is a wider perspective to observe here. After 

all, the Bank of England is expected to lower its policy rate in 

the first half of 2024 after reaching a peak of 5.75 percent at the 

end of 2023. Analysts Deloitte consider the story to be similar 

to the Bank of Canada: rates should decline in the second half of 

2024 after surpassing 5 percent, as per the Canadian Economic 

Quarterly Forecast by TD Economics. 

The proliferation of new technologies is opening banks to risks 

they may have never had to grapple with before. Open banking 

and the increase in partnerships with technology partners, for 

example, can expose banks’ infrastructure to new vulnerabilities 

and cyber-attacks. Fourth-party risks are also becoming more 

of a threat as banks engage in more partnerships with service 

providers that have their own vendors. 

Regulation 

In terms of regulation, whisper it gently, but concerns over 

Consumer Duty may finally be coming to an end, with 

the industry appearing to have adapted well to the new 

environment. The last part of the regulation is due to be 

introduced as Consumer Duty comes into force for closed 

products at the end of July 2024. 

On a more global scale, US federal banking regulators put a 

spotlight on how other regulators would no doubt follow by 

releasing a notice of proposed rulemaking (NPR) on Basel III 

final reforms. The proposed changes are aimed at improving 

the “strength and resiliency” of the US banking system and 

will impact the regulatory capital frameworks for banks above 

US$100bn in assets (about 36 banks). 

Smaller banks with significant trading activity will also be 

subject to the new risk framework. These changes are estimated 

to result in a 16 percent increase to CET1 (common equity tier 1) 

capital levels and a 20 percent increase to RWA (risk-weighted 

assets) for large bank-holding companies. Where the US leads, 

one expects, the UK will be obliged to follow. 

Tackling financial crime 

Within the UK, one regulator will retain its position of primacy: 

the Financial Conduct Authority (FCA). It is maintaining 

financial crime as a significant focus. 

Over the past year it has worked to improve cross-organisational 

response to financial crime. In 2024, it says that it will aim to 

build upon these relationships, increasingly using data-led 

approaches to act quickly to identify and close down weaknesses 

in the system and disrupt those seeking to cause harm. 

However, it emphasises that any efforts to tackle financial 

crime will only be successful if the response is system-wide, 

including across public and private partners. 

Conclusion 

So, there will, no doubt, be both dangers and opportunities as 

we head into the new year. But it is precisely these kinds of risks 

that the lending industry is so adept at weighing and developing 

the best route forward for stakeholders and customers. As a 

result, the future could look quite bright. 

As Anna Anthony at EY puts it: “While the economic 

environment is likely to be tough over the next few months, 

economic conditions are expected to improve over the course 

of 2024. This is likely to have a positive impact on consumer 

and business confidence – and lending growth – as we head 

into 2024.” 


INTERVIEW 



DRIVEN 

TO SUCCEED 

Sean Feast FCICM talks to Rob Thompson FCICM about the 

courts, a pink moped, and the merits of the Talbot Sunbeam Lotus. 

ROB Thompson had little idea 

what he wanted to do after 

school. He knew he didn’t want to 

go to university and a CASCAID 

careers test suggested he was 

ideally suited to becoming a Legal 

Executive or Solicitor. He ignored 

the advice and started working in Halfords fixing bikes. 

Born in Maidstone and educated at the local grammar 

school, Rob’s father was a research manager for Kent 

Police while his mother had a number of different jobs, 

including as a secretary for Mencap. Early memories are 

therefore of being dragged out on various excursions in 

the Mencap minibus. 

On leaving school and starting at Halfords, he kept his 

eye out for jobs through the local employment agency: 

“One day they called me and said there was a job going as 

an office junior at a local firm of solicitors,” he explains. 

“I thought it sounded interesting, and although it didn’t 

pay as much money, I took it. I thought it might lead to 

better things….which it did.” 

A pre-requisite of employment was that Rob was willing 

to ride a pink moped as his company vehicle: “The moped 

was for the banking, the mail and that sort of thing,” he 

says. 

“A number of them had been stolen in the past so the 

Practise Manager came up with the genius idea of buying 

one that was pink, because no-one in their right mind 

would steal a pink moped. What he hadn’t worked out 

was that nobody wanted to ride one either and it wasn’t 

a great recruitment tool!” 

Landing on his feet 

At Brachers, Rob landed on his feet. It was the start of 

a career within the business that has so far lasted more 

than 30 years. Always keen to progress, Rob was often 

given some of the more difficult or less glamorous tasks, 

like reconciliation of accounts, and actively sought out 

a role in debt collection and recoveries: “I was doing the 

jobs that kept others awake at night,” he laughs, “and as 

such made myself quite valuable.” 

While working, Rob was given leave to study for his Legal 

Executive qualification: “The first year was at Chatham 

and there were about 30 of us, but when we returned for 

the second year there were only about four of us left so 

the course moved to Bromley. I’m not sure some of those 

on the course should really have been there.” 

Having passed his exams, Rob completed his two-years 

of post-qualifying experience, becoming a Fellow, and 

continuing to get stuck into any challenge that came 

his way. This included some of the more difficult legal 

cases, such as defended actions: “I was engaged in the 

kind of work that was going to trial or appeal, or that 

was particularly publicly sensitive, and in time had 

worked across virtually every role in the team. When I 

took on a management position, the team knew there 

was nothing they could hide from me as I had been there 

and done it. More importantly, it meant I could be more 

supportive and understanding of any difficulties they 

faced.” 

Rob says that the role of collectors has evolved 

significantly in recent years, especially in an age of 

vulnerability: “Today they have to be a bit of everything, 

including counsellors,” he says. “They have to be aware of 

mental health issues and other potential vulnerabilities, 

and that’s very different from how it was in the past. 

There are now more processes to follow and more 

structure. That makes it easier in some ways, but there 

are far more things to remember and get right and 

it’s therefore a different kind of pressure. It’s right to 

follow compliance but there are always people on the 

edges of situations where following a process without 

some degree of flexibility may not be completely 

appropriate, so that also requires a high level of 

understanding.” 

Collections and recoveries 

Today Rob is one of two Partners leading the debt 

collections and recoveries business, in charge of a team 

of around 40, making it one of the biggest solicitorbased 

operations in the south of England. His focus is 

on performance, ensuring the right tactics are being 

used at the right time while his colleague looks after 

systems, processes and compliance. 



INTERVIEW 

The firm acts for a wide range of clients and is instructed 

to recover both consumer and commercial debt. There is a 

specialism in financial services work, including credit cards. Due 

to this, Brachers is one of the few Solicitor firms to be authorised 

directly by the Financial Conduct Authority for debt collecting 

and debt administration. While the commercial side is not a 

directly FCA regulated environment, Rob tends to follow the 

same ethos. 

“Of course, we put the customer at the heart of everything we 

do but at the same time we have to collect money from them. 

The two can be compatible, and working within the context of 

affordability in accordance with Financial Conduct Authority 

authorisation actually helped increase the industry’s collections 

performance. That said, it’s something we’ve always known. 

“We always start from a position of being friendly and 

approachable and are actually very proud of the fact that on 

work which is placed with us for potential legal action, 75 

percent of our collections is achieved without actually having to 

take any legal action at all. It’s all about effective communication 

and engagement. I often think that going to court is almost like 

you have failed, whereas if you can avoid the court then everyone 

wins. That said, there will always be the ‘won’t pays’, of course, 

and the debtors who simply won’t engage.” 

From his early days as a qualified Legal Executive, Rob has 

been involved with the Civil Court Users Association (CCUA), 

keeping abreast of industry developments. In 2007, he started to 

play a more active role, notably within the Association’s Legal 

and Technical Committee. Today, as National Chair, he helps 

lead the Association and its members in campaigning for a 

better courts’ service: “I’ve never been as busy with the CCUA as 

I’ve been in the last six months, just in terms of dealing with our 

members’ issues,” he explains. 

“If I was starting 

out again, it’s 

more likely I 

would have 

looked at a CICM 

qualification 

as it has more 

bearing on what 

we do as an 

industry now.” 

“I go home in the evening, and I switch on my CCUA laptop and 

I'm usually there for two or three hours every day, firefighting 

problems about cases that have just come to a grinding halt and 

gone nowhere for a year or more. Although I am very grateful 

that we have an incredibly good relationship with the Ministry 

of Justice (MoJ), His Majesty’s Courts and Tribunal Service 

(HMCTS) and their senior representatives throughout the 

country, I shouldn’t have to be seeking their help so often to get 

things resolved.” 

Lost skills 

Rob thinks it’s clear that the court services are under-resourced 

and many of the skills seem to have been lost: “The pandemic 

understandably caused a number of issues, as it did for everyone. 

However, it is difficult to accept such a poor system when court 

fees are so high, as well as being front loaded. It can cost more 

than the price of a small car just to issue a claim form. It’s also 

frustrating to be told that resourcing is an issue when we are 

also told that every year £100m or more of civil court fees are 

used elsewhere to help subsidise the family and criminal courts.” 

Rob is also scathing about ongoing reforms: “It has been a 

terrible damp squib,” he says. “Originally floated back in 2016, 

a five-year project with a billion-pound budget is now eight 

years on and with very little to show for it in terms of genuine 

reform. Yes, there has been some centralisation, digitalisation, 

and streamlining but most of the benefit has been cost savings 



“That would help better focus enforcement efforts around people 

who can actually pay but are choosing not to, and that would be 

a tremendous benefit to everybody involved. If that was to be 

introduced, and it could be done in a very proportionate way, 

the judgment creditor wouldn't need to have the details of where 

the person worked. There's no point in having a good justice 

system if you can't enforce a judgment.” 

The other area in need of reform is enforcement against goods: 

“At the moment we have almost a dual system where you can 

transfer certain cases up to the High Court, but only if it's more 

than £600, and only if it's not Consumer Credit Act regulated. 

The problem with that is that most creditors won't go near 

the county court bailiff because they know it's a total waste of 

money. So effectively, many creditors have nowhere to go. It 

needs opening up more widely to the private sector.” 

to HMCTS rather than genuine benefits to the court user. In 

terms of the radical reform that we were hoping for, we haven't 

seen anything.” 

Lack of progress is especially disappointing, Rob says, after the 

civil structure review by Lord Justice Briggs: “He agreed with 

us on the points we'd been making for some time, particularly 

as regards the improvements that were needed for enforcement. 

Again, this is a frustration of mine, because rather than 

concentrating on areas like enforcement from the outset, which 

could have made a real difference, they insisted on what looks 

like reinventing the wheel on the front end of the legal action 

and fixing something that wasn’t broken. 

“I think when we look back on it all, the reforms were really 

simply about introducing an online court, but that was not how 

it was positioned at the start. There has not been any fundamental 

reform and that’s a huge, missed opportunity. Existing processes 

have simply been pulled into an online environment, maybe 

with a few tweaks here or there, but not fundamental reform. 

“We get told,” Rob continues, “that they're working towards the 

court system that's fit for 2050 but then, as an example, we've still 

got things like the Attachment of Earnings Act. That dates back 

to 1971 and most of the notices, orders and forms and everything 

used in that process haven't really changed in all that time.” 

Enforcement issues 

Rob says there are some areas they are looking at that could 

be helpful: “I am pleased that MoJ are finally looking at some 

of the things that we've been talking about for a long time, 

like the information orders under the Tribunals, Courts and 

Enforcement Act 2007 where potentially, HMCTS could 

seek details from HM Revenue and Customs as to whether a 

judgment debtor who's not engaging is actually employed or not. 

Notwithstanding the pressures of work, and his role with the 

CCUA, Rob also finds time to engage closely with the CICM, 

not least as a member of the CICM Think Tank: “I came away 

from a Think Tank recently and was discussing the likely 

substantial fall in inflation with my wife. When later in the week 

they announced on the news that inflation had fallen as if it 

should be some sort of surprise, she thought I was some sort of 

economics guru, but I admitted that I was just repeating what I 

had learned from the experts in the Think Tank,” he laughs. 

He admits that his engagement with the CICM is perhaps 

something he should have done earlier in his career: “Some 

of the skills we have are nothing to do with the legal side of 

being a solicitor or a Legal Executive, they are more about your 

ability to effectively communicate, understand and resolve 

issues, collect money and be good on the phone,” he says. “If I 

was starting out again, it’s more likely I would have looked at a 

CICM qualification as it has more bearing on what we do as an 

industry now.” 

Fast cars 

Away from work, Rob finds time to relax with a hobby that 

many others might find stressful: “I drive and co-drive rally 

cars,” he explains, “most recently co-driving a historic Talbot 

Sunbeam Lotus which is always good fun. We won the historic 

championship in the Flanders International Rally Challenge in 

2018.” 

Rob has loved motorsport since being taken by his father to 

the few British Grand Prix held at Brands Hatch, with fond 

memories of Nigel Mansell in a JPS Lotus. Rallying, however, 

is his real passion: “I also compete in Targa rallying in an old 

Rover 214 with my son Aidan as the navigator, which is a great 

experience to share. He’s 17 now and has been rallying with me 

since he was 12. He was second overall navigator in the British 

Trials and Rally Drivers Association Targa championship in 

2022. “The person in the left-hand seat is always the boss!” 


FECMA 

EUROPEAN 

UNION 

How does the CICM interact with its European peers? 

BY GLEN BULLIVANT FCICM 

THE Federation of European Credit 

Management Associations (FECMA) was 

established in 1986 on the initiative of the 

late Sir Roger Cork, President of the then 

Institute of Credit Management. On his 

frequent travels and contacts with colleagues 

in Europe, Sir Roger had encountered a 

good many credit professionals and their respective national 

credit management associations and he saw that there was a great 

opportunity for promoting best practice and credit professionalism 

across the European mainland. 

FECMA was the umbrella organisation to bring together the 

various national associations to share knowledge and experience 

and to increase awareness across the European business community. 

The idea was well received, and member associations are now from 

Austria (BvCM), Belgium (IvKM), Denmark (DK-R), France 

(AFDCC), Germany (BvCM), Greece (HARIMA), Hungary 

(HCMA), Italy (ACMI), Malta (MACM), Netherlands (VVCM), 

Poland (PICM), Spain (AGC), Sweden (S K), Switzerland 

(ACMAS), and United Kingdom (CICM). 

Although the membership structures within the national 

associations may vary, all share the same not-for-profit aims – 

the promotion of best practice and professionalism. FECMA is 

itself a not-for-profit body, governed by a Council made up of 

representatives from each of the national associations. In the 

beginning, those representatives were the President or Chair 

of each association, but for the benefit of continuity it was soon 

agreed that each association could appoint a representative who 

need not necessarily be an association President or Chair. This has 

allowed the development of a good working relationship between 

Council members as well as building up high levels of trust and 

confidence. 

Association meetings 

The FECMA Council meets twice a year, on other occasions when 

specific topics need more consultation and discussion. It tries to 

align the face-to-face meetings with national associations’ annual 

conferences. Of course, although such conferences are presented in 

the host language, it is often the case that presenters’ PowerPoints 

are in English and easy to follow. Good examples are statistics on 

economic activity, insolvency rates, and credit insurance. In 2024 

the Council meetings will be held in April in Malta, coinciding 

with the MACM Annual Conference, and in October in Germany, 

alongside the BvCM Bundeskongress in Dortmund. FECMA also 

hosts webinars on a variety of topics, but the flagship events are 

the pan-European Credit Congresses which are held in English, 

regardless of the host country, because experience has shown that 

as the principal business language, English is widely understood in 

the credit community. 

Annual conferences and pan-European congresses are a huge 

networking opportunity. Most events include an evening dinner 

where hosts, sponsors, speakers and delegates mix. These gatherings 

often allow an exploration of the host city and local culture – indeed 

the hosts for FECMA Council meetings invariably build into the 

programme some social events, which are especially popular with 

partners or spouses. 

Last year was extremely busy for FECMA members and for the 

FECMA Council itself. The MACM Annual Conference in Valletta 

covered a range of topics including a review of Malta’s insolvency 

laws and the challenges facing Maltese businesses in recruiting staff 

for credit and collections. 

Last year’s pan-European Credit Congress, in Athens, was branded 

as ‘Credit Management in Challenging Times’. Topics included 

the credit insurance in a troubled environment, the resurgence of 

a mini banking crisis and credit risk modelling. Indeed, the latter 

topic prompted an invitation from Cyprus for a FECMA Council 

member to speak at a credit risk conference being held in Nicosia 

in November 2023 and generated interest in the Cypriot business 

and credit community to look at establishing their own association 

in the future with a view to joining FECMA. 

The HCMA Conference in Budapest in October included a 

fascinating, if disturbing presentation by a time-served-convicted 

fraudster on cybercrime – a poacher turned gamekeeper delivering 

a fascinating insight into our own vulnerabilities. 

The following FECMA Council meeting proved to be lively in so 

far as the main topic for discussion was the Revision to the EU Late 

Payment Directive. A ‘Regulation’, not a new Directive, likely to 

come into force in early 2025, and which imposes a mandatory 30- 

day credit period in all B2B transactions – no exceptions, and EU 

states will have to establish their own bodies to enforce. This seems 

to have taken everybody by surprise and it is unlikely that we have 

heard the last of it. 

FECMA does not govern or regulate – it simply provides a 

meaningful arena for like-minded credit professionals to share, 

grow and learn from each other. In today’s fragmented and strife 

torn world, at least one group of professionals can try to make 

things better for everyone. 


Thursday 1st February 2024 

Royal Lancaster London 

GOOD LUCK TO 

OUR 2024 FINALISTS! 

A HUGE THANK YOU TO OUR 2024 JUDGES 

Look out for our next edition to see this years winners! 

##BCA2024 

Make sure to follow us on our socials for on the night updates! 

 

 

 

 


CONSUMER CREDIT 

DON’T BLAME 

THE MONKEY 

Just because you can use Artificial Intelligence, 

doesn’t mean you should. 

BY ALAN DAVIS 

THE Bard still influences our everyday 

language, hundreds of years after his 

work was published. Will humans be 

quoting the Bard or an AI derivative 

in a hundred years’ time? In trying to 

answer that question one is reminded 

of the anonymous maxim: making 

predictions is difficult, especially about the future! 

Initially we were sceptical that AI could bring significant 

improvements to our human powered call centre. The credit 

industry is tasked with managing difficult interactions 

and pretty much always with pesky, messy, and often 

unpredictable humans. Could AI take the place of a human 

in handling difficult situations, and can it make better 

decisions than humans? More importantly, should it? 

If the question is simply ‘Can AI make ‘better’ decisions 

than a human’ then, the jury is still out. If the question is 

whether we should allow AI to take a decision in the first 

place, the answer is unequivocally ‘no’. Imagine if an airline 

were to put a monkey in the pilot’s seat of a fully loaded 

Boeing 747 and the plane crashes. No one is going to blame 

the monkey! 

AI in voice recognition 

AI has found its way into high-volume voice recognition 

for interactive call routing. For smaller or niche call centre 

undertakings, however, the current voice interactive 

applications do not appear to offer sufficient value for our 

purposes although the technology is progressing and will 

likely become ubiquitous. 

To help visualise our journey with AI so far, consider the 

following thought experiment: Take a laptop and laser 

printer back to the 1960’s and plug it in on a desk of a 

100-strong typing pool. The most accurate and quickest 

typist in the pool would type a letter, press print, and 

conclude there is little or no benefit. The benefit of error 

correction whilst typing would not help a competent 

typist. If a lesser typist were then given the equipment and 

shown spell check, they would soon catch up with the most 

competent typist. Now imagine showing someone templates 

and mail merge. Within just a handful of days that person 

would be able to produce more accurate letters than the rest 

of the typing pool put together. 

Most companies, even if they don’t realise it, can have literally 

thousands of algorithms running quietly in the background. 

Algorithms are so prevalent that we barely think of them 

in those terms. Starting with something as basic as ‘If days 

O/D >30, print reminder’ algorithms quickly grow arms and 

legs and even appear to produce spooky outputs that could 

require hours to figure out why a particular dunning letter 

was sent or why was a customer’s account was placed on 

stop after posting a payment! 

Tangible benefits 

Creating, testing, and improving algorithms is the AI use 

case we have found particularly beneficial. AI has helped 

us make changes with immediate and tangible benefits in 

numerous areas. Reductions of suspense payments, data 

matching and even work list distributions have all been 

improved. In fact, all our critical algorithms have in some 

way been touched by AI, bringing benefits that may be 

extremely subtle or huge improvements in accuracy and 

resulting in hours being saved every day. 

Training material is often just text with a smattering 

of stock photos, or even, 1990s clip art. By using AI, we 

have overhauled our training material and created high 

quality and engaging material. This then quickly translates 

to all internal communications and we now create 

captivating images, text and even quality videos supporting 

internal messaging. A previously generic template to 

convey mundane information now looks like a poster for 

the latest blockbuster movie in less time than it takes 

to say AI. 



The added value of using AI for internal communications 

is difficult to quantify. The added value could be viewed as 

drinking cheap plonk out of a fine cut crystal glass rather than 

a paper cup. 

If you have been working in an office long enough to read this 

article, you will inevitably have used a spreadsheet. The initial 

thrill of dragging January to fill in 12 months soon becomes 

a yawn moment. Once that has been mastered, progress to 

formulas can start to verge on program level skills. It is easy to 

spend hours creating the correct syntax and only to realise you 

were using a comma rather than a semicolon. Tasks ranging 

from creating the Secret Santa planner to working out and 

visually representing next year’s staff holidays is a walk in the 

park with AI. 

Having AI is like having a smart geek on call 24/7 who knows 

the answer and never says they are too busy or asks why you 

would even need it. The value of creating better spreadsheets 

more quickly is once again similarly measurable to the cut glass 

versus paper cup. 

Getting fuzzy 

Fuzzy search lists and data matching is not ground-breaking 

although most fuzzy lookup searches have a static list that 

degrades slowly over time. AI has allowed us to recognise 

that Alan, Allen and Davis, Davies are [sic.] different, but 

the same, and then later realise Alun might also be the same. 

Improvements to our fuzzy matching has generated actual 

measurable value of thousands of pounds that would otherwise 

have been lost. 

In the last year or so we have pointed AI at every nook and 

cranny in the operation and have found some great nuggets. 

We have also found some dead ends. Pointing AI at sections 

of our customer records has so far yielded ideas with no 

tangible or measurable value. Empowering administration 

staff with AI has produced numerous functional innovations. 

The improvements in the images we use is like having Picasso 

working here on an internship, and algorithm development has 

been at the pace of twice as many IT staff. 

Having AI is 

like having a 

smart geek 

on call 24/7 

who knows the 

answer and 

never says they 

are too busy 

or asks why 

you would even 

need it. 

The societal view of AI seems to range on a spectrum, with AI 

being likened to the introduction of steam powered machines 

during the industrial revolution. Others think a fully conscious 

terminator is inevitable or that when someone asks AI to make 

a paperclip it will accidentally convert the entire universe to 

paperclips! 

From our perspective, we believe we are at the printing and 

document saving stage of our 1960 typist thought experiment. 

We hope to figure out how to use templates soon and the 

quantum leap of mail merge could be just over the horizon. 

Author: lan Davis is CEO of MIL Collections. 


SALARY & RECRUITMENT TRENDS 

SHOULD I STAY, 

OR SHOULD I GO? 

Salary and recruitment trends 

for the year ahead. 

BY NATASCHA WHITEHEAD 

AS the new year begins, it’s the 

perfect time to reflect on the 

last 12 months and explore the 

factors that have had a significant 

impact on the ever-evolving world 

of work, from the rising cost of 

living to an uptake of skills-based 

hiring. Our 2024 UK Salary and Recruiting Trends guide 

reveals what the year entailed for accountancy and finance 

employers and credit professionals, as well as their outlook 

for the year ahead. 

Most credit professionals are 

satisfied in their current role 

Despite the lingering sense of economic uncertainty, 

optimism towards the economic climate is steadily on 

the rise. More accountancy and finance employers are 

optimistic about the wider economy and the employment 

opportunities it may create within the next two to five 

years, increasing from 33 percent in last year’s survey to 

over a third (38 percent) in our latest research. 

The same number of credit professionals (38 percent) are 

hopeful about the impact the wider economic landscape 

might have on future employment opportunities. 

Positively, two thirds (66 percent) of credit professionals 

are satisfied in their current job and over half (56 percent) 

are confident there is scope for career progression within 

their organisation. There are many exciting opportunities 

for professionals embarking on, or well on their way with, 

a career in credit control and management. 

Skills shortages persist 

across accountancy 

Finding the right talent in a skills short market continues 

to be a challenge many hiring managers must overcome; 

the majority (88 percent) of accountancy employers 

experienced skills shortages in the past year, only a 

slight decrease from the year before (90 percent). Whilst 

employers have faced skills shortages across the finance 

sector, our research shows that the skills gap has been most 

noticeable within credit management (92 percent) and 

part-qualified accountancy (90 percent). 

Soft skills remain highly sought after by accountancy 

employers, particularly communication and interpersonal 

skills and an ability to problem-solve, adopt change and 

learn and upskill. In order to take their career to the next 

level, credit professionals are especially eager to build 

on their ability to learn and upskill and their people 

management skills. 

With the ever-growing role technology plays in our 

everyday lives and workplaces, digital skills continue to 

be of upmost importance. However, Artificial Intelligence 

(AI) is yet to take off amongst credit professionals, as 95 

percent have not used an AI tool in their current role and 

76 percent say their employer is not helping to prepare 

them for the use of AI. If employers want to utilise the 

opportunities AI could bring, upskilling their staff will be 

essential for keeping up with the pace of change. 

Skills and potential could 

overtake degrees 

On the topic of skills, our research shows that employers 

are increasingly turning to skills-based hiring to switch 

up their recruitment process. More than half (54 percent) 

of accountancy employers believe it’s not important 

for a job applicant to have a degree, followed by 38 

percent who say a degree is quite important, but not an 

essential requirement, when assessing a candidate’s 

suitability. Although achieving a degree will undoubtedly 

equip credit professionals with an invaluable skillset to 

utilise throughout their career, degrees are no longer the 

be-all and end-all for employability within the accountancy 

sector. 



With that being said, the cost-of-living crisis is inevitably taking 

its toll on professionals far and wide, yet over half (58 percent) 

of credit professionals say they have not received a cost-ofliving 

pay rise in the last 12 months. The rising cost-of-living has 

sparked concerns over job security but has similarly prompted 

some professionals to seek a better salary. 

Almost a third (31 percent) of those working in credit have 

moved jobs in the last 12 months, compared to 44 percent 

who haven’t moved but have considered it and a quarter (25 

percent) who haven’t moved nor considered it. Whilst over half 

(53 percent) of professionals say the current cost of living isn’t 

affecting their decision to move job, 25 percent say they’re now 

more inclined to move and 22 percent say they’re less inclined. 

Of those professionals who intend to move jobs in the near 

future, half (50 percent) describe being more inclined to do so as 

their current salary does not cover their living expenses. 

Benefits and flexible working 

important to credit professionals 

Pay is a top priority for credit professionals today, but it’s not 

the only incentive deemed crucial when considering a new role. 

Aside from salary, a benefits package (30 percent) is the most 

important factor when assessing a new role, followed by worklife 

balance (21 percent) and job security (21 percent). 

According to our research, hiring plans are on the up, as 70 

percent of finance employers intend on recruiting staff over the 

next 12 months, compared to 62 percent last year. Hiring for 

potential is another approach many employers would consider 

taking to source a range of talent. 

An aptitude and willingness to learn is thought to be of 

greater importance than existing skills by 77 percent of finance 

employers. On top of this, most (78 percent) accountancy 

employers say they are likely to hire a professional who does not 

possess all the required skills, with the intention of upskilling 

them, which is an effective way to attract a diverse talent pool, 

create opportunities and bridge the skills gap. 

Rising cost-of-living could 

prompt job moves 

The majority (90 percent) of employers across the accountancy 

and finance sector increased their staffs’ salaries over the past 

year, which is similar to the previous year (89 percent). As such, 

more than two thirds (68 percent) of credit professionals have 

had a salary increase in the last 12 months. We have also witnessed 

an increase in salary satisfaction amongst credit professionals, 

from 59 percent last year to 63 percent in our latest research. 

When it comes to workplace patterns, most (57 percent) credit 

professionals are working in a hybrid way, versus over a quarter 

(28 percent) who are based fully in the office and only 15 percent 

who work entirely remotely. Flexible working offerings continue 

to be held in high regard by credit professionals as, although 48 

percent would consider accepting a job in the future that didn’t 

allow hybrid working, over half (52 percent) would decline a job 

that did not offer this flexibility. 

As well as this, an organisation’s commitment to sustainability is 

important to a large majority (91 percent) of credit professionals 

when weighing up a job opportunity, closely followed by 88 

percent of professionals working in credit who say it’s crucial for 

a prospective company to have a strong sense of purpose. 

Final thoughts 

Whilst 48 percent of credit professionals are not considering 

a career change in the next 12 months, more (52 percent) are 

contemplating a move. Therefore, it’s a prime opportunity for 

employers to take on board what professionals value most, in 

order to attract and retain talent in a skills short market. 

Despite the hurdles finance employers and credit professionals 

have had to navigate and overcome in the last 12 months, there 

are many reasons to enter the new year with a positive mindset, 

and hopefully our research will arm you with invaluable insights 

to help you succeed in the year ahead. 

Author: Natascha Whitehead is Senior Business Director 

at Hays specialising in Credit Management 


TECHNOLOGY IN ACTION 

QUALITY 

EXCHANGE 

If we want AI to work in debt collection, don’t 

we have to get the underlying data right first? 

BY PETER WALLWORK FCICM 



I think it’s really 

more process 

automation at the 

very best, rather 

than machines 

learning anything 

– not saying 

automating 

processes can’t be 

really useful. 

I 

don’t know about you, but whenever I 

hear someone talk about AI, or Artificial 

Intelligence, I feel somewhat sceptical, even 

scathing sometimes. When I was a young lad, 

I remember watching Tomorrow’s World on 

the Beeb, learning all about something called 

an ‘Information Superhighway’ that had been 

invented and was going to change our lives. I was living in 

an era that was also forecasting robots would in the future 

do everything for us, our houses and clothes would all look 

incredibly futuristic, and we’d be travelling in cars hovering 

above the road powered by some magical new power 

source. To say I’m disappointed, might be overstating it a 

bit as things have largely stayed reassuringly similar, albeit 

the ‘Internet’ as we now know it, has revolutionised life 

enormously. 

So, when I hear companies hailing the advent of AI in 

financial services, I’m still expecting great things like I was 

promised by Raymond Baxter and Judith Hann all those 

years ago. In reality, I don’t think we are yet seeing any 

‘artificial intelligence’ of the type we were promised back 

then. I think it’s really more process automation at the very 

best, rather than machines learning anything – not saying 

automating processes can’t be really useful, of course. 

Bear with me for a moment if I sound like I’m going off 

on a tangent here, but I’m similarly under-impressed 

by ChatGPT if I’m honest – whilst I don’t understand 

whether it really is AI or not, I’m not yet in the slightest 

impressed with the results it churns out. The problem is that 

whilst ChatGPT may for all I know, be incredibly clever, not 

all the information it looks at is… terribly accurate. Most of 

it has been put there by humans and without any validation. 

In talking to a couple of my developer-colleagues at 

Trustfolio, both much cleverer than me, they tell me that 

ChatGPT is actually really good at churning out highquality 

computer programming code when it is asked to do 

so. So why is it really good at that and yet not when I asked 

it to write some text describing how a specific debt solution 

works for an article I was writing, or when I tried to get it 

to write a business policy for me? To start with the results 

looked impressive, but once I started reading in detail, they 

were both quite useless. 

Discussing this with my clever colleagues, we decided that 

it’s all down to the data available. It’s likely, they think, that 

the code ChatGPT can produce, is drawing on good quality 

data placed on the internet by people who know what they 

are doing, whereas a lot of general so called ‘facts’ are written 

by a wide variety of people, some good and some not quite so 

good. I believe the latest version of ChatGPT can pass a bar 

exam at law school. Maybe it’s learned from a better source 

of information than the debt-solutions descriptions I was 

looking for earlier. 

But that all made me think. If we want AI to work in debt 

collection, don’t we have to get the underlying data right 

first? 

What worries me, especially in the debt solution and debt 

collection space, is the lack of quality, meaningful data being 

shared between creditors, advisers, debt collectors and the 

like. The way data is exchanged is a problem too with a lot 

of paper being physically posted between organisations still, 

or at best, electronic exchange of word documents, PDFs, 

excel spreadsheets and in the case of one or two advice 

organisations, electronic portals of varying descriptions and 

levels of sophistication. 

When I joined Trustfolio I spoke with a lot of debt advisers, 

collectors, buyers and creditors about the way IVA proposals 

and debt management plan proposals were being exchanged 

between organisations. What I learned was that in most 

organisations, there’s a ‘cottage industry’ approach to 

making all this work – lots of people dealing with the wide 

variety of data transmission methods and data sets, very 

little consistency, and lots of room for error and delays. 

What I’ve learned since, is that the way forward is to digitise 

as much of this as possible, taking a receiving data using 

APIs – data straight from systems, not spreadsheets – and 

as soon as we can. And ideally all via one independent route. 

It’ll increase accuracy, improve efficiency, and allow us to 

use the tools that are available to us – even AI. But it’s not 

a quick fix. There’s a lot of work to do in standardising the 

data that is collected and exchanged, never mind how the 

data is actually exchanged. The question is whether there is a 

desire to change this quickly enough. 

One thing that might speed the process up could be the 

FCA’s Consumer Duty – are authorised firms delivering the 

right outcomes to customers, and can they demonstrate that? 

The FCA places a lot of weight on management information 

and analysis of data to prove the right outcomes are being 

achieved. Can authorised firms do that with the data they 

hold, now? If they’re not even ready to do that, they’re not in 

my opinion, ready to use AI. 

Author: Peter Wallwork FCICM, Trustfolio. 


# 

1RECRUITMENT 

AGENCY ON 

Based on 

PROUD SPONSORS 

OF TEAM PLAYER OF 

THE YEAR 

at The BRITISH CREDIT 

AWARDS 2023 

Congratulations to all 

the winners & nominees! 

Portfolio Credit Control, part of the Portfolio Group, 

are proud to be the only true specialist Credit Control 

recruitment agency in the UK. 

Contact one of our specialist recruitment consultants to 

fill your vacancy or find your next career move! 

Scan with your phone to fill your 

vacancy or find your next career move 

at www.portfoliocreditcontrol.com 

LONDON 020 7650 3199 

1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE 

MANCHESTER 0161 523 5585 

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB 

www.portfoliocreditcontrol.com 

recruitment@portfoliocreditcontrol.com

CICM Members’ Financial Support Fund is here 

to support members of the CICM in times of need 

The CICM Members' Financial Support Fund was 

established to help members who are in conditions 

of need, hardship or financial distress. 

Some examples of how CICM has helped its 

members are: 

Any member, or former member, finding themselves 

in difficult circumstances and requiring financial 

assistance, please apply today – we are here to help. 

Visit the Member Support page of the CICM 

website, or email governance@cicm.com for more 

information. 

Financed the purchase of a mobility scooter for a 

disabled member. 

Helped finance the studies of the daughter of a 

member who became unexpectedly ill. 

Financed the purchase of computer equipment to 

assist an unemployed member set up a business. 

Contributed towards the purchase of an orthopedic 

bed for one member whose condition was thereby 

greatly eased. 

Helped with payment for a drug, not available on 

the NHS, for medical treatment of another member. 

SCAN FOR FURTHER DETAILS... 

The 2024 CICM 

Elections are 

coming soon... 

Could you act as a true advocate and 

ambassador for the CICM and take your seat 

at the Advisory Council table? 

Register your interest by visiting: 

https://www.mi-nomination.com/cicm 

CICM 

Branch AGMs 

CICM Branch AGM season is upon us, 

and all Committees are due to convene 

by 31 March 2024. 

Look out for more information across 

CICM channels and by visiting: 

https://www.cicm.com/branches 

If you have any questions about the process, 

or what it means to be a CICM Advisory Council 

member, email: elections@cicm.com 

BRAVE / CURIOUS / RESILIENT 

BRAVE / CURIOUS / RESILIENT 


Introducing our 

CORPORATE PARTNERS 

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

Corporate Partnership with the CICM, please contact luke.sculthorp@cicm.com 

My DSO Manager is an intelligent SaaS AR and 

credit management solution for SMEs to international 

enterprises, helping AR analysts manage risk, 

maximize cash collection and streamline the credit-tocash 

cycle, by a real-time insight to KPIs. 

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

collaboration with support staff, many of whom were 

credit managers at large firms, it can quickly integrate 

any ERP data and customize as needed. 

T: +33 (0)458003676 

E: contact@mydsomanager.com 

W: www.mydsomanager.com 

Quadient AR by YayPay makes it easy for B2B 

finance teams to stay ahead of accounts receivable 

and get paid faster – from anywhere. 

Integrating with your ERP, CRM, and billing 

systems, YayPay presents your real-time data 

through cloud-based dashboards. Automation 

improves productivity by 3X and accelerates 

collections by up to 34 percent. Predictive analytics 

provide insight into payor behavior and an online 

portal enables customers to access their accounts 

and pay at any time. 

T: +44 (0)7465 423 538 

E: marketing@yaypay.com 

W: www.quadient.com/en-gb/ar-automation 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 

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)330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.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 

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 

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 


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: 07759 122503 

E: s.evans@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. 

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. 

Top Service Ltd. The only credit information and 

debt recovery service provider specifically for the 

UK construction industry. Our payment experiences 

are the most up to date credit information available 

and enable construction businesses to confidently 

assess credit risk and make the best, most informed 

credit decisions. Coupled with our range of effective 

debt recovery solutions, quite simply our members 

stay one step ahead and experience less debt and 

more cash. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

T: +44 (0) 203 997 9400 



T: +44 1527 503990 

E: membership@top-service.co.uk 

W: www.top-service.co.uk 

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. 

Invevo is a cloud-based platform specialising 

in credit management and accounts receivable 

process automation. It streamlines operational 

tasks, offers in-depth analytics via dashboards, 

and allows quick workflow adjustments at zero 

cost. Integrated with existing systems like ERP 

and CRM, Invevo serves as a single source for key 

insights, helping you make data-driven decisions 

to improve cash and operational performance. 

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 7817 613 825 

E: info@invevo.com 

W: www.invevo.com 


ENFORCEMENT 

A YEAR OF 

PROGRESS 

Looking at the year ahead and the 

future of the enforcement profession. 

BY ALAN J. SMITH FCICM 

IT seems like 2024 is shaping up to be a year of progress for 

enforcement. With several government consultations either 

ongoing or concluded, it looks like we can expect some 

clarity on pressing issues like enforcement fees and body 

worn video in the coming months. However, there is still a 

way to go if we want to ensure a sustainable enforcement 

profession that safeguards UK plc. 

Uplifts to enforcement fees 

The Ministry of Justice (MoJ) recently concluded a comprehensive 

consultation on enforcement fees. Following a decade-long period of 

fee stagnation, the prospect of uplifts has been met with a collective 

sense of welcome relief within the enforcement profession. 

While the proposed five percent uplift to the Compliance Fee falls 

below what we would have liked to see, we eagerly anticipate further 

collaboration with the MoJ on the other measures proposed in their 

consultation paper. Our shared objective is to ensure that the diligent 

efforts of Enforcement Agents are not only acknowledged but also 

fairly remunerated. This ongoing dialogue seeks to strike an essential 

balance between recognising the importance of a sustainable and 

viable enforcement sector for all involved. 

Body worn video 

Many enforcement businesses and self-employed Enforcement Agents 

already use body worn cameras during their visits. However, without 

regulation, their usage will be inconsistent. The enforcement profession 

needs those regulations to ensure that all footage is captured and saved 

according to the same procedures. 

While this has been an ongoing topic for some time, we are eagerly 

anticipating the release of the Government’s consultation on Body 

worn video and we are hopeful this will be released soon. 



Our shared objective is to 

ensure that the diligent efforts of 

Enforcement Agents are not only 

acknowledged but also fairly 

remunerated. 

Technology to drive efficiency 

As a forward-thinking Association, we are working with 

His Majesty’s Court and Tribunal Service (HMCTS) on its 

digital transformation process to help drive the efficiency 

offered by technology and transform outdated processes to 

ensure a better service for creditors. 

While HCEOA is encouraging its members to continue to 

invest in improvements to their systems, and welcomes the 

move to be able to apply for a writ by email as opposed 

to post, what’s really needed is a digitisation plan for writ 

enforcement.We’re hopeful 2024 will be the year government 

takes action to modernise and digitise some of its services. 

Enforcement Conduct Board 

(ECB) 

Since the launch of the ECB’s Accreditation scheme in 

September 2023 there has been an excellent response 

from High Court enforcement businesses, with the firms 

accredited making up 97.5 percent of the market share of 

High Court Writs of Control. 

The ECB has outlined its operational plan to develop the 

accreditation scheme and evolve its activities next year to 

include complaints handling, and active monitoring of a new 

set of standards which it will be developing in consultation 

with the debt advice sector and the enforcement industry 

(including HCEOA) over the next few months. 

I know our members are very much looking forward to 

seeing the results of this work, and we would also support 

statutory underpinning for the ECB which would allow it to 

continue its agile approach to independent oversight of the 

enforcement profession. 

Dealing with increased 

judgment numbers and values 

The latest figures released from Registry Trust covering Q3 

of 2023 show that both the number of judgments and the 

total value of those judgments increased compared to the 

same period last year. 

The total value of judgments across all jurisdictions in the 

British Isles in Q3 2023 was £547 million – that’s a year-onyear 

increase of 18 percent. The figures also show that the 

total number of judgments in England and Wales increased 

by 15 percent. 

Within the context of the current cost of living challenges, 

these figures are likely to increase over the coming years. 

While the total value of judgments surged, there was also 

a worrying 5.8 percent decrease in 'satisfied' judgments 

which calls for critical examination. In a time of economic 

strain, understanding the challenges preventing satisfaction 

becomes paramount, highlighting the urgent need for an 

enforcement system that is flexible and sympathetic to the 

needs of creditors and debtors alike. 

We have been campaigning for some time to allow creditors 

the freedom of choice to choose to transfer debts under £600 

to the High Court for enforcement. While this would not 

be the answer for every creditor, it would help to alleviate 

some of the burden on the County Courts and could have a 

role in increasing future satisfaction of judgments. 

While we’re hopeful that 2024 will be a year of progress on 

these long-awaited issues, the enforcement profession will 

be holding its collective breath while we wait to find out 

whether government will allow us to move forward with 

pace, or halt the progress that has been made, to ensure 

creditors and debtors are receiving the sympathetic and 

flexible service they deserve. 

Author: Alan J. Smith FCICM is Chair of the 

High Court Enforcement Officers Association (HCEOA) 


COUNTRY FOCUS 

Malaysia is a Southeast Asian country occupying parts of the Malay Peninsula and the 

island of Borneo. It’s known for its beaches, rainforests and mix of Malay, Chinese, Indian 

and European cultural influences. The capital is Kuala Lumpur. 

A split nation 

working as one 

FANS of Entrapment will have enjoyed 

watching the late Sean Connery and the very 

much alive Catherine Zeta-Jones scale a key 

landmark – the 88-floor Petronas Twin Towers 

in Kuala Lumpur, the capital of Malaysia. 

But as befits these country profiles it’s important to record 

that Malaysia is, of course, much more than a single iconic 

location. Its wildlife is well known for big cats, such as tigers 

and leopards, the Malayan tapir as well as endangered Borneo 

pygmy elephants and Borneo orangutans. 

It possesses the Taman Negara, a national park in Peninsular 

Malaysia and one of the oldest deciduous forests in the world - 

estimated to be more than 130m years old, and Mount Tahan, 

within the Taman Negara National Forest, the highest point 

in Peninsular Malaysia at 2187 m. 

With a multi-ethnic and multi-religious population, it is one 

of the wealthiest and most developed countries in southeast 

Asia, outranked in GDP only by Singapore and oil-rich Brunei 

(IMF 2023 October Database). 

It’s also a country split, geographically that is. In the east and 

south it shares borders with Indonesia and Brunei, and in the 

west, across the South China Sea, Thailand. 

The Portuguese took Malacca in 1511 which was later ceded 

to the Dutch in 1641. The British came to the area by leasing 

Penang Island from the Sultan of Kedah before taking 

control of Singapore in 1819 and Malacca in 1824. The British 

integrated all the Malayan administrations which were 

previously managed by Malay rulers with the help of state 

dignitaries. 

Nationalism appeared with greater levels of education but 

Japanese occupation between 1941 and 1945 stymied that. 

Post war, the British established the Malayan Union in 1946 

and unity between the three major ethnic groups - Malays, 

Chinese and Indians - led to the London Agreement February 

1956 and independence August 1957. The unification of 

Malaya with the former Crown colonies in Borneo followed 

in September 1963. 


on Malaysia... 

Geography and demographics 

As countryreports.org outlines, Peninsular Malaysia 

extends south for 800km from Thailand’s Isthmus of Kra 

to Singapore and the Indonesian Archipelago. Sabah and 

Sarawak, the States of East Malaysia, lie 600km to the east 

across the South China Sea. 

A central mountain range divides Peninsular Malaysia with 

coastal plains on either side. Most of the population lives 

in the plains and foothills of the western coast along the 

Straits of Malacca. As for the east, it has fewer people. 

Primary forest covers 60 percent of Malaysia which 

contains diminishing but still vast timber reserves. Overall, 

its landmass is 328,657 sq.km which dwarfs that for the UK 

at 242,495 sq.km. The World Bank notes that the population 

grew from 7.83m in 1960 to 13.22m in 1980, 22.95m in 2000, 

and 33.2m in 2020. 

As the government outlines, based on 2016 data, the 

Malaysian population consists of multiple races, religions, 

and race. The largest group consist of Malays, Chinese and 

Indians. Orang Asli are the natives in Peninsular Malaysia 

and are divided into three major groups – the Negrito, 

Senoi and Proto-Malay. Sabah’s population consists of 32 

ethnic groups with the major ethnic being Kadazandusun. 

The Sarawak population consists of 27 ethnic groups and 

Iban is the major ethnic group. 

Brave | Curious | Resilient / www.cicm.com /January & February 2024 / PAGE 35 


COUNTRY FOCUS 

In 2015, 61.8 percent of Malaysians were 

indigenous; 21.4 percent Chinese; 6.4 percent 

Indian; 0.9 percent were ‘others’; and Non- 

Malaysian Resident made up 9.6 percent of the 

population, 24.9 percent were aged 0 to 14; 69.2 

percent aged 15 to 64 years; and just 5.8 percent 

were 65 or older. 

And on religion, the US State Department 

points to the 2020 census where 63.5 percent 

of the population practice Islam; 18.7 percent 

Buddhism; 9.1 percent Christianity; 6.1 percent 

Hinduism; 9 percent other religious groups that 

include animists, Confucianists, Taoists, Sikhs, 

Jehovah’s Witnesses, The Church of Jesus Christ 

of Latter-day Saints (Church of Jesus Christ), 

and Baha’is. Others are 2.6 percent. 

Malaysia may well 

be split across a sea 

but with its overall 

geographic location and 

resources the country is 

well worth a look. 

Rural areas – especially in the peninsular 

east coast of the country – are predominantly 

Muslim, while the states of Sabah and Sarawak 

on the island of Borneo have relatively higher 

numbers of non-Muslims. With such a diverse 

population being sensitive to local customs is 

essential. 

In terms of the east-west population split, the 

east is the poorer relation with fewer people and 

less industrialisation. 

According to Current Population Estimates, 

Malaysia, 2014-2016, 79 percent of the populace 

are concentrated in Peninsular Malaysia, which 

has an area of 131,598 sq. km – just under 40 

percent of the total area of Malaysia. 

A 2015 document from Munich Personal 

RePEc Archive, Is There Any Regional Price 

Disparity in Peninsular Malaysia?, commented 

that “peninsular Malaysia is generally more 

economically developed… the west coast is more 

developed, urbanised, and separated from the 

more rural east coast by a mountain range.” 

Peninsular Malaysia can be divided into four 

regions – the northern, central, southern regions 

on the west coast and eastern region on the east 

coast of Peninsular Malaysia. 

The central region is home to the capital, 

Kuala Lumpur, and has the highest population 

density and the most developed infrastructure. 

It contains Malaysia's biggest airport – the 

Kuala Lumpur International Airport and the 

largest seaport in the country – Port Klang. The 

archive notes that due to its strategic location 

and government policy almost half of Malaysia’s 

container trade – albeit in 2013 - is handled 

by this seaport, which is located 38 km away 

from Kuala Lumpur. The port was ranked 14th 

by volume for 2022 in One Hundred 

Container Ports 2023 published by Lloyd's List. 

Handling 13.2m twenty-foot equivalent units 

(TEU) it’s a hair behind Antwerp’s 13.5m TEU. 



It is generally believed that the price of goods in 

east coast and East Malaysia is more expensive 

than in the west coast. The central region has 

the advantage of lower transportation costs 

but these may be offset by the higher cost of 

doing business here; rentals and wages in the 

central region are higher than in other parts 

of Malaysia. 

The Malaysian Aviation Commission noted in 

2023, “East Malaysia is less populated and less 

industrialised, but its land mass is larger, and it 

has more natural resources – primarily timber, 

oil and gas. The state of Sarawak stretches some 

800 km along the northwest coast of Borneo 

and directly adjoins the state of Sabah to the 

north-east. Sarawak offers a mix of historic, 

cultural, and natural attractions while Sabah 

lures visitors to its rich wildlife, national 

parks, scenic islands and beaches.” 

Notably, Sarawak and Sabah are the largest and 

second largest states in Malaysia at 124,450 sq. 

km. and 73,620 sq. km respectively compared 

to Peninsular Malaysia’s total 130,590 sq. km. 

The two states are also the second and fourth 

most populous states in Malaysia, with 3.83m 

in Sabah and 2.82m in Sarawak, compared to 

the nation’s total population of 33.2m (based 

on Population of States from Ministry of 

Statistics Ministry of Statistics of Malaysia, 

2021). 

The Malaysian Aviation Commission considers 

air transport essential for connections to 

Sarawak and Sabah. It makes the point that 

Sarawak’s road network is poor with most of 

the road infrastructure connecting the cities 

along the coast. Fifty per cent of the roads in 

Sabah and 30 per cent in Sarawak are gravel or 

earth roads. 

In contrast, in 2012 the Malaysian government 

wrote in Inside Malaysia, that “Malaysia 

has a well-developed infrastructure system, 

apart from a few shortcomings in remote 

areas.” Back then it reported that there were 

94,500km of primary and secondary roads. 

But only 70,970km were paved. According 

to Malaysian Road Statistics 2021 by Public 

Works Department (JKR) Malaysia, federal 

roads then comprised 20,017km and state 

roads 247,027km (December 2021) 

Urban transport is undergoing a major 

programme with new metro lines being built 

in major cities, as well as the expansion and 

upgrade of existing urban transport systems 

in Greater Kuala Lumpur. This will involve 

an integrated urban heavy metro system with 

more than 100 stations planned over a distance 

of 156 km and two radial north-south lines and 

a circular line with a 20 km radius around 

Kuala Lumpur, and the extension of light 

metro services. 

Economy and industry 

A 2023 HSBC International Business Guide 

outlines a key attraction to Malaysia – 

businesses that locate themselves in Malaysia 

find it relatively easy to connect to some 

680m people in the region – on top of a large 

domestic population. Further, Malaysia has 

an abundance of natural resources including 

oil, rubber, timber, minerals, and palm oil. 

Notably, in 2020, Malaysia accounted for 25.8 

percent and 34.3 percent of world’s palm oil 

production and exports, respectively. 

It’s 2022 GDP – according to data from the 

World Bank (2022) – was $336bn generated by 

services (51.5 percent), industry (37.7 percent) 

and agriculture (9.6 percent). It’s placed 21st 

in the global ranking for exports ($273bn) and 

25th for imports ($207bn). 

ASEAN, the Association of Southeast Asian 

Nations, features ten economies including the 

Philippines, Thailand, and Malaysia – each 

of which has been posting strong growth. 

China is a key export partner to ASEAN and 

Malaysia; it has been Malaysia’s largest trading 

partner for 12 consecutive years. 

Services 

A 2021 document from the Journal of 

Postgraduate Current Business Research 

outlined the Malaysian service sector which 

generated then some RM335.6bn in revenue. 

It also recorded that some 3.7m people were 

engaged in the sector with a major subsector 

involving wholesale & retail trade, food 

& beverages, and accommodation which 

generated, for Q2 2020, RM 266.5m. The second 

highest revenue contributor to the service 

sector was information & communication 

and transportation & storage which generated 

RM51.9m for the quarter. This is followed 

by health, education & art, entertainment 

& recreation as the third-ranking subsector 

which earned RM9.6m in Q2 2020. At the time 

of writing, £1 buys RM5.92 (14 December 2023). 

Where the data becomes interesting – and 

this proves the point that statistics can be 

meaningless – is that Statista claims that 

“approximately 9.72m people were employed 

in the services industry in Malaysia in 2022.” 

That’s nearly a three-fold disparity on the 

referenced research document above. 

Free Malaysia Today (FMT) noted, in 

September 2021, that overall, certainly post- 

COVID, that there was plenty of scope to 

grow the sector, especially in areas such as 



COUNTRY FOCUS 

IT, healthcare, telecommunication and infrastructure, fastmoving 

consumer goods, housing, finance companies and 

machinery accessories. 

Further, while the sector predominantly comprises Islamic 

banking, finance, telecommunications and tourism, there are 

firms engaged in warehousing and transportation services, 

information services, securities as well as other investment 

and professional services. FMT believed that “the healthcare 

sector is going to be a major sector that will stimulate 

economic growth and contribute to employment.” 

Manufacturing 

The HSBC document points out that multinational 

corporations from more than 40 countries have invested 

in over 5000 companies in manufacturing and services in 

Malaysia. 

International consultant, the SNECI Group, detailed in 

February 2023 the key growth sectors for the manufacturing 

sector. Aeronautics is one that is identified as is important 

since the Government wants it to put the country in pole 

position. The Malaysia Aerospace Industry Blueprint 2030 

seeks revenue of $12bn a year and the creation of 32,000 high 

value-added jobs by 2030. 

world. The value of Malaysia’s agricultural exports increased 

by more than 30 percent in 2021, with palm oil and palmbased 

products as its major export commodities. 

Food crops, including rice, fruits, and vegetables were 

the second most important commodities. However, the 

country’s production of food crops was not enough to meet 

local demands. Malaysia’s imports of rice reached more than 

1m metric tons in 2021, making up about 30 percent of the 

country’s demand for the staple food commodity. 

Livestock is key to Malaysia. Poultry’s contribution to GDP 

reached around RM10bn in 2021; chicken is the most popular 

type of meat among the Malaysian population of which 

63.5 percent are Muslims. Overall, the value of the sector to 

Malaysia is RM 98.9bn and some 1.86m are employed in it. 

Summary 

Malaysia may well be split across a sea but with its overall 

geographic location and resources the country is well worth a 

look. But as noted earlier, visitors need to be alive the cultural 

sensitivities that a diverse population brings. 

Author: Adam Bernstein is a freelance 

finance writer for CM magazine. 

In terms of oil and gas, Malaysia ranks 28th in the world for 

oil reserves and 24th for gas (Statistical Review of World 

Energy - British Petroleum, June 2023). It’s the second largest 

producer of crude oil in ASEAN and the 5th largest exporter 

of liquefied natural gas in the world (Statista 2022). 

And then there’s electronics which SNECI says has 

contributed approximately 22 percent of GDP in the last 

five years through 49,000 manufacturing companies, most 

of which are SMEs. Firms are involved in aeronautics, 

automobile and general electronics. The Government’s desire 

is to increase the number of highly skilled employees, and the 

share of the manufacturing sector in the Malaysian economy, 

to become one of the 30 most innovative economies in the 

world. The 2023 Global Innovation Index currently ranks it 

36th. 

Pharmaceuticals in Malaysia is predicted, between 2017-2027, 

to grow around 9 percent a year. SNECI says that the network 

of para-pharmacies and independent pharmacies, medical 

biotechnology and pharmaceuticals are all growth sectors. 

Beyond that, firms typically produce antibiotics, generic 

injectables, analgesics and dietary supplements. The market 

is mainly based on imported drugs as there is a strong 

demand for branded products. Foreign laboratories represent 

62 percent of the pharmaceutical market, notably from the 

United States, Germany and France. 

Agriculture 

With regard to this sector, Statista has commented that the 

agriculture industry in Malaysia relies heavily on farming and 

its cash crops, palm oil and rubber. These crops are grown 

mainly for their commercial value to be exported around the 


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RISING STAR 

THE CREDIT 

WHISPERER 

A young, talented professional chose credit 

management over accountancy and has never 

looked back. 

BY MELANIE YORK 

WHEN Hayley Earle ACICM 

left school, she had ambitions 

to become a chartered 

accountant. Having a talent 

for numbers, she applied 

to the University of West 

of England and started her 

degree course. However, in her second year, she took an option in 

credit management, run in partnership with the CICM, where she 

found her real passion and the start of a successful career. 

“The tutor was just so passionate and engaging it changed my 

mind about what I wanted to study and what I would do after 

university,” she says. This was during the 2008 credit crunch, so it 

was relevant, meaningful and exciting. “So I took another module 

in my third year, which was credit risk analysis, which I loved. I 

have not looked back since.” 

Today, Hayley is Head of Credit and Collections for Amey Group 

Services, a leading provider of full life-cycle engineering, operations 

and decarbonisation solutions for transport infrastructure and 

complex facilities. She attributes her success not to her inherited 

numeracy skills but to the communications skills she has learned 

along the way, and planning her career carefully. 

Getting to know people 

Through her university courses and the CICM qualifications, 

which she completed later, Hayley began to realise how much 

she enjoyed working with other people. She also recognised how 

the communications skills she was being taught could impact the 

effectiveness of the credit management team and, ultimately, the 

business. 

“Understanding clients and what makes people tick, along with 

their customers’ payment processes so that they pay when they 

are contractually due, determines how to get the desired outcome 

for the business,” Hayley continues. “Getting paid ahead of your 

competitors, for example, is about pulling all stakeholders together 

and getting them on board.” In order to build that understanding, 

listening to customers and stakeholders within the business and 

the team – and listening well – is critical. She was given one piece 

of advice early in her career, which she shares with her team today: 

“Just listen until the other person stops talking,” she says, “rather 

than trying to insert your opinion or trying to give your advice.” 

Through her CICM training, she learned that technique works 

even with angry customers on the telephone: “Eventually when 

they hear that you're not speaking, they will feel truly listened to,” 

she says. 

Today, Hayley takes the same approach with all her stakeholders 

the business and her team. However, she admits learning to listen 

isn't easy: “People’s instinct is to try and jump in first because 

you always have assumptions of what people are going to do and 

say,” she explains. “But if you listen, there are always nuggets of 

information that you pick up on and can pass onto the team.” 

As well as listening, Hayley has also learned that good 

communication consists of using the appropriate style of language 

when writing emails or having telephone conversations with 

clients and internal stakeholders: “We were taught to tell rather 

than ask. It's amazing how changing a few words can impact the 

message you're trying give,” she says. “Using active rather than 

passive language can make a real difference in the results.” 

Challenging times 

When it came to the biggest challenge of her career those 

communication skills would prove vital. Hayley was originally 

working in Oxford close to her hometown. Then, the credit 

function was relocated to Liverpool where she was asked to 

become the new Head of Credit and form a new team. Two 

weeks after starting with the team in Liverpool, the pandemic 

hit. 

Hayley immediately noticed one significant difference the 

lockdowns made: the ability to listen to the team within the 

work environment: “When I was a junior,” she says, “I listened 

to senior staff, or my peers speaking. You would pick up so 

much information even though you weren't involved in the 

conversation.” 



Remote working made that impossible, so Hayley and her 

team had to work that much harder: “We had to learn in this 

virtual world, and train people via teams, with our CICMQ 

accreditation coming up for renewal.” And Hayley was the only 

member of the team with experience of working within Amey. 

Achieving the CICMQ accreditation relies on communicating 

to get people from within the team and across the business to 

work towards the same goal and the new ways of working could 

have been a significant barrier to the team's success. But Hayley 

started by being very open and inclusive: “As a manager or a 

leader, you always feel like you have to be the person to speak. But 

you also need to listen to their thoughts and opinions. The team 

must be on the same page if you are trying to change specific 

processes. I always gather the team's opinions on anything new 

we may be doing and genuinely listen. Ultimately that helps us 

work together and succeed.” 

“The tutor was just so 

passionate and engaging 

it changed my mind about 

what I wanted to study 

and what I would do 

after university, this was 

during the 2008 credit 

crunch, so it was relevant, 

meaningful and exciting.” 

Winning ways 

Her team, she discovered, were keen to continue the legacy of the 

old team’s approach, but also build new foundations to improve 

Amey's credit function. Hayley was keen to get the whole team 

involved. She divided the assessment project into different 

sections and shared the tasks among them. Crucially she gave 

some of them the chance to lead. “So, instead of me, we had two 

junior members of the team project-leading it,” she explains. 

“Giving people that responsibility means everything is done as a 

team rather than just you as a manager simply telling them what 

they are doing.” 

Hayley was keen to give junior team members the experience 

of talking to and completing tasks through their peers without 

having line management authority. “Trying to win over your 

peers who work alongside you can sometimes be challenging, so 

it's a good learning curve for them,” she says. 

The team also learned through the process how essential it is 

to complete specific tasks at certain times because they could 

see and understand more clearly how their individual actions 

impacts the whole team’s performance. It certainly made 

a difference; Amey’s unallocated cash was reduced from a 

high of £20 million to £1 million in just twelve months. Their 

involvement also created a highly enthusiastic team, which 

was clearly apparent during Amey’s CICMQ assessment and 

contributed to their success. 



RISING STAR 

Business Partners 

Hayley thinks the credit team's enthusiasm also resulted from a 

better understanding of how important their individual role is to the 

company’s success: “I think we're so undervalued in many businesses 

as a credit profession, and we need to be better at communicating 

our worth within the organisations in which we work. It's about 

educating stakeholders that cash is king; the business couldn’t 

survive without cash,” she adds. 

In Amey, many different businesses are reporting into one group 

credit function. Internally the credit control team must continually 

sell itself and the professional service it provides internally, to 

change perceptions, that credit management doesn’t ruin customer 

relations, it can actually improve them. 

“Some units still don’t realise that credit control can help them to 

preserve those commercial relationships,” Hayley explains. “When 

payment is due, we have those difficult conversations with those 

clients so the commercial side of the business can go on with their 

day-to-day and continue generating new business.” 

She makes it clear to her stakeholders that although the credit team 

holds the payment relationship with the clients’ accounts payable 

teams, the commercial side of the business still retains control of 

the overall relationship. 

Invest in yourself 

That process of educating the business and bringing internal 

stakeholders on board is continuous, as the credit function changes 

with the introduction of new technology-driven processes are 

introduced. Now the credit function is becoming more integrated 

with those parts of the business that are issuing invoices and 

payment requests so that Hayley’s team can ensure the customers 

have all the paperwork they need to facilitate fast payment. 

‘‘We need to 

be better at 

communicating 

our worth within 

the organisations 

in which we 

work. It's about 

educating 

stakeholders that 

cash is king.’’ 

Hayley Earle ACICM Head of Credit and Collections 

for Amey Group Services 

That education is as continuous as the need to educate yourself, 

according to Hayley: “I've been fortunate because I think I have 

always shown that I'm enthusiastic and want to learn.” 

She has always demonstrated that thirst for knowledge by asking 

questions and firmly believes no question is a stupid question. Her 

enquiring attitude has led her to become involved in many different 

projects over the years, which have pushed and challenged her, and 

ultimately helped her progress in her career. She advises anyone 

who wants to achieve to do the same and get involved in projects 

whenever possible. 

But the best piece of advice she received and shares with others is 

to know exactly where you want to get to, how to get there and 

to tell people, so they can help you. She suggests everyone has a 

plan of where they want to be in three months, a year, or five years' 

time. “Always know what you are working towards and create a road 

map,” she says. “Invest in yourself. It’s the best thing I've ever done.” 


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International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

More UKEF support 

for SME exporters 

UK Export Finance (UKEF) has announced 

new measures to help SME exporters to 

access more opportunities. 

In doing so, UKEF has expanded 

its ‘auto-inclusion’ scheme that gives 

businesses fast-track access to finance 

products such as the General Export 

Facility which provides partial guarantees 

to banks to help UK exporters with trade 

finance facilities. There are two facility 

types supported – cash facilities such as 

trade loans, and contingent obligation 

facilities such as bonding and letter of 

credit lines. 

As a result, SME exporters should be 

able to get Government-backed support 

faster without intervention from the UKEF. 

At the same time, the maximum support 

UKEF can offer under auto-inclusion has 

doubled from £5m to £10m. Loans under 

the General Export Facility have also 

increased from two to five years which 

means more flexible repayment terms if 

required. 

In addition, an agreement between 

the UKEF and HSBC India may help SMEs 

export to that market. A Letter of Intent 

under the UKEF’s Standard Buyer Loan 

Guarantee programme could involve up to 

£100m in potential loans for Indian buyers 

purchasing goods and services from UK 

firms. 

WORKING FROM HOME 

AS if we need to be told. Sales of 

beauty products and make-up are 

soaring in the working-from-home era 

as people spend more time looking at 

themselves on video calls – so says a 

report in The Times. 

Beauty retailer Space NK reckons 

that ‘Zoom boom’ has led to a 39 

percent increase in make-up sales 

in the six months to the end of 

September. Andy Lightfoot, CEO of 

the company, has said that “when you 

are in a meeting room, you can’t see 

yourself… “but Zoom has made people 

a lot more conscious about how they 

look.” 

Working from home has also led 

to a rise in multiple contract working 

– where an employee misleadingly 

holds down two or more jobs at the 

same time. Even so, the point is very 

clear – exporters involved in beauty 

and grooming products might want to 

tweak their advertising to attract the 

self-conscious buyer that works from 

home. 

Zombie apocalypse? 

THE Financial Times recently commented 

on the rising risk of zombie firms – 

businesses that can just about service their 

debts but do no more. It said that after a 

decade of ‘rock-bottom’ interest rates, a 

wave of creative destruction may be no 

bad thing. 

It appears that corporate bankruptcies 

in the US are due to hit their highest level 

since 2010; they are surging in England, 

Wales and the eurozone, too. This is set 

to continue as businesses are forced to 

refinance on higher rates, as bills rise, 

and demand slows. The reality is that 

many would have already gone to the wall 

without COVID-era support. Most grew 

because of low interest rates, but ‘sap’ 

productivity by ‘lowering investment and 

employment for more efficient businesses’. 

Regardless, the collapse of weak firms 

could spread to those that are more 

efficient which ‘would be problematic’. 

While it’s up to regulators to monitor 

private markets, and insolvency services 

to ensure firms can ‘fail well, and fast’, it’s 

imperative that businesses are alive to 

the financial health of not only who they 

sell to but also those within their supply 

chain – an unexpected failure could be 

problematic. 


Chase the money 

THINK tank CapX detailed in a recent post 

just why firms should make a beeline for 

regions where the money is. In particular, it 

highlighted the benefit of targeting Texas. 

CapX noted that near Austin, Texas, is 

a ‘mammoth’ 10m sq.ft. factory that is 

about ten times the size of the largest 

Amazon logistics facility in Britain. Called 

Giga Texas it’s the headquarters of Tesla. 

Valued at $618bn the company employs 

20,000 workers and expects to hire an 

additional 40,000. Elon Musk has bought 

the land to house them on subsidised 

rents. 

CapX explained that in 2022, Texas 

overtook New York to become the most 

populous state for Fortune 500 company 

HQs. Oracle, Hewlett Packard, Caterpillar, 

Chevron and Breyer Capital have moved or 

are moving to Texas. Apple, Amazon and 

others have announced their intention to 

follow suit. 

While California is the largest state in 

the US by GDP the ground is shifting. 

Between 2000 and 2021, GDP growth in 

the metropolitan areas of Austin, Dallas 

and Midland far outpaced growth in San 

Francisco, Atlanta and Boston. Houston 

grew 50 percent more than the economy 

of New York and nearly twice as much as 

Chicago’s. 

It helps that Texas levies no corporation, 

capital gains or personal income taxes. 

And then there are conservative budgets 

and low housing costs. Beyond that it 

appears that the quality of life in Texas is 

better and safer. So, what does this mean 

for exporters? Go where the money is… to 

Texas. 

TRADE DEFICIT 

NARROWS 

OFFICE for National Statistics data 

has found that the UK’s trade deficit 

narrowed by more than anticipated 

over the three months to September. 

The value of goods and services 

imported to the UK reached £217.7bn 

over the quarter. However, exports 

jumped by £200m over the same 

period, leaving the trade balance, 

the difference between exports and 

imports, at minus £6bn in the third 

quarter. 

The goods trade balance with 

countries in the EU remained in deficit 

at £31.6bn, representing most of the 

UK’s total goods deficit of £44.2bn. 

Imports from the EU declined £3.3bn 

over the last quarter. 

Total services exports climbed 

£2.1bn to £117.8bn in the three 

months to September, lifting the trade 

balance to a surplus of £38.3bn. 

High LOW TREND 

GBP.EUR 1.16699 1.14733 Up 

GBP.USD 1.28186 1.25990 Flat 

GBP.CHF 1.10422 1.06531 Down 

GBP.AUD 1.9320 1.85935 Up 

GBP.CAD 1.71648 1.67452 Up 

GBP.JPY 188.060 178.783 Up 

Europe’s plans for packaging 

THE Financial Times, in a piece that ought 

to ‘interest’ exporters, noted that a recent 

vote in the European Parliament saw 

MEPs approve a law that will make all EU 

packaging recyclable by 2030 which could 

also ban all ‘ultra-light’ plastic bags and 

harmful chemicals in packaging. 

The proposal is 118 pages long because 

of the difficulties in reducing the EU’s 

annual packaging waste which is thought 

to exceeds 80m tonnes. It is wide ranging 

and will affect companies across the board 

from takeaway restaurants to hotels 

and medical appliance manufacturers. 

For the latest 

exchange rates visit 

www.currenciesdirect.com 

or call 020 7874 9400 

Currency Exchange Rates 

17th December to 17th January. 

This data was taken on 18th 

January and refers to the month 

previous to/leading up to 

17th January 2024. 

Getting the law in place will be tricky since 

countries with green agendas are already 

seeking exemptions. 

Mandatory reuse targets could reduce 

the use of cardboard. The problem is that 

while recycling is a positive, it requires 

great use of water and systems for 

returning and washing containers. While 

the rules will have to be negotiated with 

the EU’s 27 member states before they 

become law, the direction of travel is clear. 

If you want to keep exporting with minimal 

intervention packaging is one area where 

changes should be made soon. 

While the rules will have to be 

negotiated with the EU’s 27 member states 

before they become law, the direction of 

travel is clear. 

WHERE THERE’S MUCK? 

A recent story on Nikkei Asia detailed 

how ‘India’s trash-filled cities contrast 

with its stellar economic growth’. While 

Indians only produce an estimated 120g 

of waste each a day (the US average is 

3kg), authorities do not handle it well 

and waste generation is expected to 

‘grow exponentially’ as its economy 

and population rapidly expand. At 

present, only around two-thirds of 

waste is handled by local authorities, 

leaving around 53,000 tonnes to be 

dumped on land or in water daily. The 

national government provides guidelines 

but ‘little oversight’, while India’s 

municipalities have little taxing power 

and are largely dependent on state 

governments. 

In spite of all of this, some are 

handling waste well. A few cities make 

a profit from waste-generated biogas, 

recycling and compost initiatives. Not 

unsurprisingly, households only seem to 

care about rubbish when it costs. 

Even so, for British firms with wasterelated 

solutions there’s a ready-made 

market on the Indian sub-continent (and 

elsewhere for that matter). 


EXCLUSIVE PAYMENT TRENDS 

START AS YOU 

MEAN TO GO ON 

The latest late payment figures show signs of encouragement. 

BY ROB HOWARD 

ALTHOUGH not a clean sweep across 

the board, the latest late payment 

statistics are packed with positives, 

with a number of sectors and regions 

across the UK and Ireland making 

improvements in their payments 

performance. The average DBT 

across UK regions decreased by 1.4 days, but increased by 

0.5 days across UK sectors. Over in Ireland, the average DBT 

figure dropped by 0.1 and 1.4 days respectively across regions 

and sectors. Average DBT across the four provinces of Ireland 

reduced by 3.5 days. 

Sector Spotlight 

If anyone is letting the side down, it’s the UK sector standings, 

with more of the 22 sectors going backwards (12) rather than 

forwards (nine), resulting in a gradual increase to the average 

DBT figure. Of those on the slide, the International Bodies 

sector has seen the biggest rise, with an increase of 16.8 days 

taking its overall DBT to 29.0 days, making it the worst 

performing sector by a considerable margin. 

Looking at the positives, no sector made a bigger improvement 

to late payments than the Other Services sector (which 

includes dry cleaners, hairdressers, and other beauty services 

through to membership organisations), which cut its DBT by 

8.3 days. The Business Admin & Support also made strides 

forward, reducing its DBT by 8.1 days. 

Over in Ireland, the outlook is bright, with only four of the 

20 sectors seeing increases to DBT, three saw no change (each 

remaining on zero days DBT overall), with the remaining 13 

sectors all making improvements. The Energy Supply sector 

made the biggest improvement, reducing its DBT by 12.3 

days, taking its overall DBT to 10.0 days. The Wholesale and 

Retail Trade; Repair of Motor Vehicles and Motorcycles (-11.0 

days), Water & Waste (-9.0 days) and Construction (-6.4 days) 

sectors also took positive steps in the right direction. 

Regional Spotlight 

The picture across UK regions is similarly bright, with nine 

of the 11 regions making cuts to DBT and the remaining two 

regions, Northern Ireland and Yorkshire and Humberside, 

seeing only minor increases of 1.6 and 0.3 days respectively. 

It’s tight at the top of the rankings, with Wales taking top 

spot with an overall DBT of 10.3 days following a reduction of 

1.9 days, but there is just 0.2 days between the East Midlands 

and South West in joint-second with an overall DBT of 11.5 

days and the West Midlands in fifth spot with an overall DBT 

of 11.7 days. 

Over in Ireland, there is more of an even split of counties on 

the up (11) and counties on the decline (12), with the remaining 

three seeing no change to DBT. Donegal took the biggest leap 

in the right direction, slicing its DBT by an impressive 26.8 

days, taking its overall figure to 4.8 days. 

Elsewhere, Meath (-10.1 day), Wexford (-8.5 days) and Louth 

(-7.3 days) all made important reductions to late payments. 

County Tipperary is quickly sliding in the opposite direction, 

however, and falls down the rankings following an increase 

of 21.0 days to its DBT, far and away the biggest jump across 

Ireland. 

Across the four Irish provinces, three made reductions to 

DBT, with only Munster going the wrong way (+2.1 days). 

Ulster saw the biggest improvement, cutting its DBT by 13.8 

days, taking it to the top of the standings with an overall DBT 

of 2.0 days. Connacht isn’t too far behind, with an overall 

DBT of 5.3 days following a reduction of 1.6 days. 


STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

RegionDecember 23 Change from November 23 

Wales 10.3 -1.9 

East Midlands 11.5 -1.8 

South East 11.5 -0.4 

London 11.6 -4.8 

West Midlands 11.7 -3.6 

Bottom Five Poorest Payers 

Region December 23 Change from November 23 

Northern Ireland 16.1 1.6 

Scotland 13.2 -0.3 

South West 12.2 -0.4 

East Anglia 12.1 -3.1 

North West 12.1 -1.1 

Top Five Prompter Payers 

Sector December 23 Change from November 23 

Water & Waste 6.2 0.1 

Entertainment 6.5 -3.5 

Business from Home 8.4 -1.5 

Education 8.6 1.8 

Real Estate 8.6 -3 

Bottom Five Poorest Payers 


International Bodies 29 16.8 

Financial and Insurance 19.6 3.2 

Public Administration 16.8 3.3 

Manufacturing 16.7 0 

Dormant 15.8 1.6 

Getting worse 

International Bodies 16.8 

IT and Comms 5.1 

Energy Supply 3.9 

Public Administration 3.3 

Financial and Insurance 3.2 

Hospitality 3.2 

Professional and Scientific 1.9 

Education 1.8 

Dormant 1.6 

Mining and Quarrying 1 

Health & Social 0.2 

Water & Waste 0.1 

Getting better 

Other Service -8.3 

Business Admin & Support -8.1 

Entertainment -3.5 

Real Estate -3 

Wholesale and retail trade -3 

Agriculture, Forestry and Fishing -1.6 

Transportation and Storage -1.6 

SCOTLAND 

-0.3 DBT 

Business from Home -1.5 

Construction -1.3 

NORTHERN 

IRELAND 

1.6 DBT 

SOUTH 

WEST 

-0.4 DBT 

WALES 

-1.9 DBT 

NORTH 

WEST 

-1.1 DBT 

WEST 

MIDLANDS 

-3.6 DBT 

YORKSHIRE & 

HUMBERSIDE 

0.3 DBT 

EAST 

MIDLANDS 

-1.8 DBT 

LONDON 

-4.8 DBT 

SOUTH 

EAST 

-0.4 DBT 

EAST 

ANGLIA 

-3.1 DBT 

Manufacturing 

Region 

Getting Better – Getting Worse 

-4.8 

-3.6 

-3.1 

-1.9 

-1.8 

-1.1 

-0.4 

-0.4 

-0.3 

1.6 

0.3 

No change 

London 

West Midlands 

East Anglia 

Wales 

East Midlands 

North West 

South East 

South West 

Scotland 

Northern Ireland 

Yorkshire and Humberside 


EXCLUSIVE PAYMENT TRENDS 

ULSTER 

-13.8 DBT 

CONNACHT 

-1.6 DBT 

LEITRIM 

2 DBT 

MONAGHAN 

0 DBT 

CAVAN 

0.2 DBT 

Getting worse 

MUNSTER 

2.1 DBT 

LEINSTER 

0 DBT 

TIPPERARY 

21 DBT 

LAOI 

2 DBT 

WESTMEATH 

0 DBT 

KILKENNY 

-0.1 DBT 

LOUTH 

0 DBT 

DUBLIN 

-0.4 DBT 

IT and Comms 21.3 

Agriculture, Forestry and Fishing 10.5 

Health & Social 8.2 

Entertainment 4.2 

Getting better 

Top Five Prompter Payers – Ireland 


Monaghan 0 0 

Cavan 0.2 0.2 

Clare 1.5 -1.5 

Laois 2 2 

Leitrim 2 2 

Bottom Five Poorest Payers – Ireland 


Westmeath 120 0 

Dublin 26.9 -0.4 

Kilkenny 21.3 -1 

Carlow 21 -1 

Tipperary 21 21 

Top Four Prompter Payers – Irish Provinces 


Ulster 2 -13.8 

Connacht 5.3 -1.6 

Munster 7.3 2.1 

Leinster 15.4 -0.6 

Energy Supply -12.3 

Wholesale and retail trade -11 

Water & Waste -9 

Construction -6.4 

Mining and Quarrying -5.5 

Transportation and Storage -4.8 

Financial and Insurance -4.5 

Business Admin & Support -4.3 

Other Service -4.2 

Hospitality -3.4 

Real Estate -3.2 

Professional and Scientific -2.3 

Manufacturing -1.6 

Top Five Prompter Payers – Ireland 


Education 0 0 

International Bodies 0 0 

Mining and Quarrying 0 -5.5 

Public Administration 0 0 

Hospitality 4.3 -3.4 

Bottom Five Poorest Payers – Ireland 

Nothing changed 

Education 0 

International Bodies 0 

Public Administration 0 


IT and Comms 24.7 21.3 

Financial and Insurance 18.2 -4.5 

Entertainment 17.7 4.2 

Business Admin & Support 16.6 -4.3 

Manufacturing 15.4 -1.6 


LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

ONGOING TEMPORARY 

CREDIT CONTROLLER 

Chertsey, £35k 

Due to internal restructuring, this role is a long term temporary 

contract. Dealing with a ledger of key accounts, you’ll be 

working in a challenging position that is heavily query and 

dispute focused. The ideal candidate will excel at building 

relationships and will enjoy reconciling large customer 

accounts and resolving complex issues. Ref: 4509375 

Contact natascha.whitehead@hays.com 

or 07770 786 433 

MEDIA BILLING MANAGER 

Central London, £45k 

You’ll be leading the billing team in a global media and 

advertising agency. This exciting position is ideal for someone 

with experience in billings and people management who is 

interested in driving continuous improvement and support to 

the team. If you enjoy investigating queries and have strong 

attention to detail, this organisation is keen to hear from you. 

Ref: 4510629 

Contact robert.johnson@hays.com 

or 020 34650 020 


Manchester City Centre, £26k-£28k 

A legal company based in Manchester City Centre are seeking 

an experienced Credit Controller due to company growth. 

Reporting to the Credit Manager, you’ll work alongside an 

additional Credit Controller, manage a ledger, chase overdue 

accounts and allocate cash and client query resolution. 

Proficiency in Excel is required (pivot tables and v-lookups). 

Experience in the legal industry preferred but not essential. 

This position has an immediate start. Ref: MA2109 

Contact joanna.taylor-coburn@hays.com 

or 0161 926 8605 


City of London, £35k-£40k 

Join a rapidly growing insurance firm in the heart of London. 

This new position has been created due to sustained growth 

within the business and presents the possibility of long-term 

progression for the successful applicant. If you are from an 

insurance collections background and are looking for a change 

of company, get in touch today. 

Ref: 4510403 

Contact james.godden@hays.com 

or 03330 103 415 

hays.co.uk/credit-control-jobs 

© Copyright Hays plc 2024. The HAYS word, the H devices, Brave HAYS WORKING | Curious FOR | Resilient YOUR TOMORROW / www.cicm.com and Powering / January the world & February of work and 2024 associated / PAGE 50logos and artwork are trademarks of Hays plc. 

The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1364078224


Birmingham, £27k + £300 monthly bonus 

A large company based in Birmingham is currently recruiting 

a Credit Controller on a permanent basis. In the role, you’ll join 

a well-established credit team and be responsible for liaising 

with customers regarding overdue invoices and managing a 

ledger of over 500 accounts. 

Ref: 4490208 

Contact henry.brook@hays.com 

or 0333 010 7517 

SOLE CHARGE CREDIT CONTROLLER 

Andover, £28k 

Join a growing manufacturing business as a part of a small 

finance team. You’ll take responsibility for all credit control 

and sales ledger duties. This varied role will include running 

credit checks, opening accounts, collecting invoices, allocating 

payments and reconciling accounts. 

Ref: 4513442 

Contact natascha.whitehead@hays.com 

or 07770 786 433 

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 786 433. 


HR MATTERS 

REASONABLE 

MEASURES 

The need to prevent acts of harassment at work, 

changes to spent conviction disclosure, and a case of 

roles in a redundancy process. 

BY GARETH EDWARDS 

THE Government has shortened the period of 

time before which certain criminal offences 

can be considered ‘spent.’ The change will 

reduce the length of time individuals must 

declare certain criminal convictions in some 

job applications. 

In terms of spent convictions, the government announced changes 

to the rehabilitation periods that apply to certain criminal offences 

by making amendments to the Rehabilitation of Offenders Act 1974 

(ROA 1974). A rehabilitation period is the period of time before 

which an offence can be considered 'spent'. Job applicants do not 

have to disclose spent convictions unless they are applying for a role 

that is exempt from the ROA 1974. 

Previously, custodial sentences of four years or more would never 

become spent. This meant that some offenders would need to disclose 

convictions for the rest of their lives when seeking employment, 

applying for courses, insurance and housing. The Government 

identified this as a significant barrier to the rehabilitation of 

offenders. 

Less serious offences attracting custodial sentences of four years 

or more will now become spent seven years after the sentence has 

been completed (where the individual was over 18 at the time the 

sentence was imposed) or three and a half years after the sentence 

has been completed (where the individual was under 18 when the 

sentence was imposed). In both cases, the individual must not have 

re-offended within this timeframe. 

More serious ‘specified offences’ are excluded from this change, and 

it remains the case that they can never become spent. Specified 

offences are therefore disclosable to employers and will always be 

included in Disclosure and Barring Service (DBS) certificates. 

Stricter disclosure rules will continue to apply to jobs which involve 

working with vulnerable groups as such work is exempt from the 

ROA 1974. Employers in the education, health care and social care 

sectors remain entitled to ask about and take into account spent 

convictions when making appointment decisions, unless a conviction 

has been designated as 'protected' under the DBS filtering rules. 



Enhanced anti-harassment duties 

THE Worker Protection (Amendment of Equality Act 2010) Act 

introduces a new duty on employers to take reasonable steps to 

prevent the sexual harassment of staff in the workplace. 

Under the Equality Act 2010 as it stands, employers are liable 

for acts of harassment carried out by employees in the course of 

their employment, even where the employer is unaware of the 

employee's conduct prior to the complaint. The current law 

relies on employees bringing unwanted conduct to the attention 

of their employers, and employers having a defence available 

if they can show they took 'all reasonable steps' to prevent the 

harassment. 

The new Act’s main function is to introduce a new duty on 

employers in respect of sexual harassment. When the Act comes 

into force later this year, employers will be subject to a new 

duty to take 'reasonable steps' to prevent employees from being 

sexually harassed at work by the employer or its staff. 

INSOLVENCY ADMINISTRATOR 

WAS NOT COMPANY OFFICER 

WHERE an employer proposes to dismiss 20 or more 

staff as redundant within 90 days, it must give notice 

to the Secretary of State at least 30 days before the first 

dismissal takes effect. An employer who fails to give this 

notice commits an offence if the failure can be attributed 

to particular people associated with the employer, 

including its ‘officers’. 

In the case of R (on the application of Palmer) v Northern 

Derbyshire Magistrates' Court, Mr Palmer was appointed as 

a company administrator for West Coast Capital (USC) 

Ltd, a company that was being placed into administration. 

The sole director of the company was Mr Forsey. 

No prior warning 

of the redundancies 

was given to the 

Secretary of State 

as required under 

Trade Union and 

Labour Relations 

(Consolidation) Act 

1992 (TULRCA). 

The day after the company went into administration, 

Palmer gave the company's warehouse employees a letter 

informing them they were at risk of redundancy. Shortly 

afterwards, they received a further letter signed by him 

informing them they were dismissed with immediate 

effect. No prior warning of the redundancies was given to 

the Secretary of State as required under Trade Union and 

Labour Relations (Consolidation) Act 1992 (TULRCA). 

Both Palmer and Forsey were charged with an offence in 

respect of this failure to serve notice. 

Palmer argued that he had not committed an offence 

and that as an administrator he was not an ‘officer’ of 

the company within the meaning of TULRCA. The 

Magistrates Court held Palmer was an officer, and his 

claim for judicial review was dismissed. He appealed to 

the Supreme Court. 

The Supreme Court allowed the appeal. It is not the 

intention of the insolvency legislative framework for 

an administrator to be an officer of a company, and 

nor is there any caselaw authority for this proposition. 

An ‘officer’ for these purposes under TULRCA is 

restricted to individuals similar to directors, managers or 

secretaries. The Supreme Court did not consider there to 

be any policy reason that would justify a departure from 

this approach. 

Author: Gareth Edwards is a partner 

in the employment team at VWV. 


DIVERSITY, EQUITY, INCLUSION 

AND BELONGING - WHAT DOES 

‘GOOD’ LOOK LIKE? 

creditorservices@menzies.co.uk 

menzies.co.uk/creditor-services 

Many firms are now embracing Diversity, Equity, Inclusion and Belonging (DEIB) as a fundamental aspect of 

their business strategy and recognise the significance of DEIB in shaping decision-making processes across 

various business functions, such as people management, operations, supply chain and procurement. But what 

does good DEIB look like and how can we measure its effectiveness? 

This was the theme for the latest Brighter Thinking Roundtable, hosted jointly by Menzies LLP and the Chartered 

Institute of Credit Management (CICM) at the Millennium Stadium in Cardiff. Senior-level executives from ten 

organisations attended the event to share their experiences of DEIB and its significance to their businesses. 

DEIB in the workplace have emerged as crucial components for business success, not just ethically but also 

financially. The roundtable discussion raised a number of issues; from concerns about decreasing diversity scores, to 

the importance of cultural sensitivity, neurodiversity, and the impact of workplace culture on Artificial Intelligence (AI) 

adoption. One significant conclusion, however, was that the DEIB agenda could be promoted and developed without 

damaging profit. 

FOSTERING DIVERSITY 

A recurring concern among speakers 

was the lack of diversity in their 

businesses, with one individual 

noting a decline in their company’s 

diversity score since the last 

assessment in March. Diversity 

encompasses various aspects 

such as race, gender, disability 

and more, and their predominantly 

British and white senior management 

team raised questions about 

representation at the senior level. 

Annual reports from the business 

emphasised the impact of 

diversity on business outcomes 

and strategies. Specific groups, 

like employees aged 20-25 with 

low satisfaction scores, called for 

improved communication on DEIB. 

Across the firms in attendance, 

all agreed that the importance of 

DEIB is significant in attracting and 

retaining the younger generation. 

CREATING INCLUSIVE 

PRACTICES 

The group agreed that sustainable 

practices are likely to attract diverse 

talent and foster an inclusive 

environment. Simple changes 

included avoiding alcoholic drinks 

in team photos or organising more 

inclusive activities and events that 

do not involve alcohol at all. This 

all contributes to a more inclusive 

environment. 

THE RECRUITMENT 

PROCESS PLAYS A 

PIVOTAL ROLE IN 

FOSTERING DIVERSITY. 

Cultural relevance and fit are crucial 

factors. A unique suggestion from 

one attendee involved expanding 

offices to reach different cultures; 

a strategy that extends far beyond 

traditional recruitment methods but 

one that may be significantly more 

effective in improving inclusion. It is 

also imperative that businesses are 

tailoring job descriptions to attract 

diverse candidates, including those 

with neurodiverse conditions. 

NEURODIVERSITY IN THE 

WORKPLACE 

Project SEARCH, an internship 

programme for individuals with 

neurodiverse conditions, was 

discussed as a great example of 

a project that enables inclusivity. 

Project SEARCH aims to support 

10,000 young adults with a learning 

disability, or autism spectrum 

condition, or both, in the UK into 

paid employment by 2030. The 

charity has supported almost 2,000 

people into paid employment to date. 

A great initiative to ensure inclusivity 

is being fostered throughout 

your organisation. 

It was discussed that some 

businesses may consider 

working with neurodiverse 

individuals challenging as there 

is no one solution in providing 

accommodations; it all depends 

on the individual. That may seem 

daunting for some businesses but, 

give a neurodiverse person the 

remit and authority to change their 

environment to suit themselves and 

they can thrive. The long-term vision 

and sustainability of a business may 

rely on undiagnosed neurodiversity 

already. Making a home for 

difference will support the future. 

EMPLOYEE RESOURCE GROUPS 

Many speakers found employee 

resource groups to be effective in 

supporting people. These groups 

play a crucial role in creating a 

sense of belonging and fostering 

a supportive environment. They 

provide a collective voice and it 

helps their voice to be heard. They

need not be limited to protected 

characteristics. One business in 

attendance was considering an 

employee resource group for 

working parents. 

With diversity bringing a variety of 

individuals to the table who have not 

been there previously, it was noted 

THE JOURNEY FOR 

WOMEN’S EQUALITY IS FAR 

FROM COMPLETE. 

CULTURAL SENSITIVITY AND 

LIMITING UNCONSCIOUS BIAS 

Cultural sensitivity was highlighted as 

a key element of DEIB. Asking about 

backgrounds and cultures in a nonjudgmental 

way fosters inclusivity. 

The importance of hosting learning 

sessions, led by members of a 

particular community, was deemed a 

good way of facilitating a discussion. 

Unconscious bias was also widely 

discussed - a term that describes the 

associations we hold outside of our 

control and conscious awareness. 

This affects everyone and is triggered 

by our brains automatically making 

assessments and quick judgements 

without consciously knowing we 

are doing so. Acknowledging and 

understanding the presence of 

unconscious biases, and reflecting 

on your own biases, is crucial in any 

firm’s diversity journey. 

RESILIENCE, DEVELOPMENT AND 

WORK-LIFE BALANCE 

Resilience was discussed in 

relation to discrimination against 

marginalised groups and individuals 

with disabilities. It is a skill only 

easily available to an individual 

with a certain level of resilience 

already. Expecting resilience from all 

colleagues is unreasonable. Just as 

important was allowing colleagues 

to be authentic. No one is obliged to 

declare disability or heritage, but their 

workplace should enable them to 

safely do so. 

Work-life balance, flexibility, and 

open-mindedness were deemed 

crucial for employee well-being. 

The challenges of balancing work 

and childcare, especially for working 

parents, highlighted the need for 

businesses to provide support. 

CULTURE, DIVERSITY AND 

TECHNOLOGY ADOPTION 

The development of technology 

continues to support difference 

whilst providing an opportunity 

to discriminate. It needs to be 

implemented sensitively. It may 

mean that lower-paid roles in a 

business continue to be replaced 

by technology but this is likely to 

decrease diversity. 

Inclusive decision-making through 

the involvement of placement 

students and a shadow board of 

employees at the beginning of their 

career was suggested as a strategy 

to ensure diverse perspectives in 

decision-making processes. 

CLIENT RELATIONSHIPS 

While clients may not explicitly 

request diversity initiatives, they 

are fundamental for future business 

success. All agreed that building a 

workforce all clients can relate to will 

increase profitability in the long-term. 

CONCLUSION 

In summary, diversity and inclusion 

are not just moral imperatives but 

integral to the long-term success 

of any business. The points above 

underscore the need for businesses 

to adopt a holistic approach to 

DEIB, from recruitment and client 

relationships to neurodiversity and 

workplace culture. Striking a balance 

between diversity goals and 

business success is not only possible 

but essential for sustainable growth 

in a rapidly evolving global business 

landscape. Businesses must 

prioritise DEIB efforts, recognising 

that diversity is not a compromise 

but a catalyst for innovation and 

prosperity. 

This report is based on 

a roundtable event for 

employers and credit 

management professionals, 

chaired by the CICM and 

hosted by accountancy firm, 

Menzies LLP. 

Menzies LLP’s Creditor 

Services team offers 

complimentary support and 

advice to credit managers and 

businesses of all sizes, across 

industry sectors. Where 

possible, the firm’s experts 

provide practical solutions for 

improving cash management 

and operational resilience. 

Early engagement is key to 

improving outcomes. 

For further information on 

our complimentary creditor 

services offering, please get in 

touch. 

BETHAN EVANS 

PARTNER 

bevans@menzies.co.uk 

+44 (0)29 2044 7512 

JOHN CULLEN 

PARTNER 

jcullen@menzies.co.uk 

+44 (0)29 2044 7510

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 


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 


Within the intricate tapestry of modern business, the role of credit management emerges as the financial 

backbone of stability and growth. Its multifaceted responsibilities span the art of optimizing cash flow, mitigating 

potential risks, nurturing client relationships, and ensuring regulatory compliance. 

While outlining the key principles for successful credit collection may seem straightforward, putting them into practice 

becomes challenging when dealing with a large number of customers, accounting documents, internal and 

external contacts, and various digital portals. Credit managers handle crucial data for their work, requiring them to 

connect with diverse systems for invoice access, sales review, action tracking, and communication. 

However, at its core lies a critical element—efficient time management. This complex function not only consumes 

significant time but also hampers credit managers’ efficiency in addressing core job-related matters. Recent industry 

polls highlight a prevalent challenge: businesses struggle with time-consuming administrative tasks in credit 

management, hindering strategic growth initiatives. 

Customized digital solutions change the game for credit managers in today’s fast-paced environment. Innovative 

digital credit management solutions assess risk, resolve disputes, and seamlessly monitor performance. 

They transform the commercial ecosystem by promoting crosstouchpoint 

collaboration and efficiency. Timing isn’t just a factor; it’s 

the thread that weaves efficiency into credit management’s core, 

enabling companies to thrive. 

“the true game 

changer isn’t 

solely about 

aggregating 

data; it’s 

about the 

quality of 

that data“ 

Bertrand MAZUIR 

Founder of My DSO Manager 

Swift technology integration assures minimal interruption, employee 

engagement, adaptability, cost-efficiency, competitiveness, and 

speedy ROI, as well as time management. 

What sets innovative tech providers apart is their ability to sculpt platforms 

that streamline processes, automate operations, and provide 

real-time access to critical data. These solutions go beyond mere 

functionality; they become an indispensable tool, freeing up many 

hours for credit managers to concentrate on high-impact strategies, 

thereby elevating financial success. 

Real-time insights, another 

cornerstone of advanced solutions, 

offer a profound advantage. 

They help identify anomalies, such 

as incomplete client information 

or violations of credit policies. Integrating 

these insights reduces 

the time spent on manual error 

detection, leading to quicker and 

more informed decision-making. 

Bertrand MAZUIR 

Founder of My DSO Manager 

As the business landscape continues to evolve, the synergy between credit 

managers and bespoke digital solutions becomes the blueprint for sustainable 

financial growth and resilience in today’s ever-changing dynamics. 

Author 


However, the true game-changer 

isn’t solely about aggregating 

data; it’s about the quality of that 

data. Account receivables-related 

data in companies suffers 

from inaccuracies, leading to 

inefficiencies and potential risks. 

Premium digital solutions now 

identify these pitfalls, enhancing 

data quality and system settings. 

This overhaul empowers more 

automation, liberating credit managers 

to prioritize key talks and 

interventions. In essence, the digital 

revolution in credit management 

isn’t just a convenience; it’s 

a transformative force. By amalgamating 

efficiency, impeccable 

data quality, and real-time insights, 

these solutions transform 

the credit management era from 

a reactive to a proactive powerhouse.

MEMBERSHIP AND ACHIEVEMENTS 

Do you know someone who would 

benefit from CICM membership? 

Or have you considered applying to upgrade your membership? 

See our website www.cicm.com/membership-types for more 

information, or call us on 01780 722903 

MCICM 

Graham Kingson MCICM 

Manpreet Rai MCICM 

AWARDING BODY 

Congratulations to the following, who successfully achieved Diplomas 

Level 5 Diploma in Credit & Collections Management MCICM (Grad) 

Toni West Danielle Barrow Gillian Brades 

Level 3 Diploma in Credit & Collections 

Lauren Daly Louise Close Ceri Edwards Chloe Smith 

Level 3 Diploma in Credit & Collections (ACICM) 

Craig Bishop 

John Brooker 

Nikki Carney 

Yuen Ting Chan 

Laura Cleaver 

Garry Gold 

Tracy Grimshaw 

Craig Healey 

David Johns 

Christina Ritson 

Chloe Savage 

Telford Whitfield 


Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

CREDIT DATA AND ANALYTICS 

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 

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. 


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. 

MIL Collections Ltd. 

Palace Building, Quay Street, Truro,TR1 2HE 

M: 07961578739 E: GaryL@milcollections.co.uk 

W: www.milai.co.uk 

From our dedicated office in Truro, Cornwall, our team of over 50 

staff work tirelessly to ensure our clients expectations are not just 

met but exceeded. 

We offer clients an experienced, dedicated and regulated 

collection service. From small sundry invoices through to complex 

property cases and overseas jurisdictions we can help our clients 

recover what is due to them in a fair and timely manner. 

Added to the ISO certification, MIL is a pioneer bringing AI to the 

collections world with a platform dedicated to ensure customers 

are treated fairly and clients work is managed effectively. 

COLLECTIONS LEGAL 

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.” 

HighRadius 

T: +44 (0) 203 997 9400 



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. 

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. 

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. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 


CLOUD-BASED SOFTWARE 

ENFORCEMENT 

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. 

Top Service Ltd 

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

Redditch, Worcestershire. B98 0SD 

T: 01527 503990 

E: membership@top-service.co.uk 

W: www.top-service.co.uk 

The only credit information and debt recovery service provider 

specifically for the UK construction industry. Our payment 

experiences are the most up to date credit information available 

and enable construction businesses to confidently assess credit 

risk & make the best, most informed credit decisions. Coupled 

with our range of effective debt recovery solutions, quite simply 

our members stay one step ahead & experience less debt & more 

cash. 

Cr£ditWho? 


FOR ADVERTISING 

INFORMATIONOP- 

TIONS AND PRICING 

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 

Twitter @tcn. 

Invevo 

Daniel Gregory 

T: 07843591646 

E : daniel@invevo.com 

W: www.invevo.com 

Invevo is a fully integrated, cloud-based provider of credit 

management and accounts receivable automation solutions, 

offering dynamic features to optimise operational efficiency and 

improve cash performance. 

Our flexible platform empowers organisations to: 

- Automate the manual and repetitive work allowing your team to 

focus on the value-added activities 

- Discover financial and operational insights through beautiful, 

data-rich dashboards 

- Test and adjust workflow strategies immediately through zero-cost 

configuration 

- Mitigate customer global risk through integrated credit reporting via 

credit agencies or open banking 

Invevo integrates with your existing systems (ERP, CRM, accounting, 

billing) to present the insights you need to make strategic decisions 

through one system that acts as a single source of truth. Access 

the undiscovered analytics and improve performance across your 

portfolio through data-driven actions. 

ENFORCEMENT 

Court Enforcement Services 

Samuel Evans – Director of Business Development 

T: 07759 122503 

E : s.evans@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

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

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

help lawyers and creditors across all sectors to recover unpaid 

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

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

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

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

personable approach. We work hard to achieve the best results 

and protect your reputation. 


High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor, Edmund St, 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 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

brands working on often challenging briefs. As the partner 

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

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

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

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1260 275716 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

Forums since 1991. We cover a range of industry sectors and 

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

for the first time is free for you to gauge the benefits and meet the 

members and we only have pre-approved Partners, so you will 

never intentionally be sold to. 

INSOLVENCY 

Menzies 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

Our Creditor Services team can advise on the best way for you 

to protect your position when one of your debtors enters, or 

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor Services 

team can assist, please contact Bethan Evans, Licensed 

Insolvency Practitioner, at bevans@menzies.co.uk or call 

+44 (0)2920 447 512. 


Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

INSOLVENCY 

PAYMENT SOLUTIONS 

RECRUITMENT 

Red Flag Alert Technology Group Limited 

49 Peter Street, Manchester, M2 3NG 

T: 0330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 

The UK’s No1 Insolvency Score is available as platform 

designed to help businesses manage risk and achieve growth 

using real-time data. The only independently owned UK credit 

referencing agency for businesses. We have modernised the 

way companies consume data, via Graph QL API and apps for 

many CRM / ERP systems to power businesses decisions with 

the most important data taken in real-time feeds, ensuring our 

customers are always the first to know. 

Red Flag Alert has a powerful portfolio management tool 

enabling you to monitor all your customers and suppliers so 

you and your teams can receive email alerts on data events 

i.e. CCJ, Petitions, Accounts, Directors, amongst 84 alerts 

produced and tailored to your business. 

Red Flag Alert works towards growing and protecting 

businesses using advanced machine learning and AI technology 

data to provide businesses with information to deliver best in 

class sales, credit risk management and compliance. 

LEGAL 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

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

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

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

recovery, including: 

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

down •Litigation service •Insolvency 

•Post-litigation services including enforcement 

As a client of Shoosmiths, you will find us quick to relate to your 

goals, and adept at advising you on the most effective way of 

achieving them. 

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. 

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 

Cr£ditWho? 


Portfolio Credit Control, a 5* Trustpilot rated agency, solely 

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

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FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 


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Raazvaannn-Coosstinnn 

Ioonnnesscu 

www.tcmgroup.com 

Probably thebest debt collection network worldwide 

Razvan-Costin 

Ionescu 

Semnat digital de Razvan- 

Costin Ionescu 

Data: 2022.08.08 18:47:58 

+03'00' 

Moneyknows no borders—neither do we

Credit Management January February 2024

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