Credit Management September 2024

CREDIT MANAGEMENT
CM
SEPTEMBER 2024
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
The Elephant
in the Room
The reasons
Credit Unions fail
CICM consulted on the
Government’s new personal
insolvency regime.
Page 12
Should death notifications
be ‘mandated’ in
consumer duty?
Page 22

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SEAN FEAST FCICM
MANAGING EDITOR
Editor’s column
FALLING
LIQUIDITY MAY
THREATEN THE
FUTURE OF
CREDIT UNIONS
CREDIT Unions have been much in the news
recently, largely because a number have
recently collapsed. To say the picture is
‘mixed’, however, would be something of an
understatement.
At the end of July, the Bank of England
published figures that suggested Credit Unions were having a
happy time of things and their services were much in demand.
Income has increased by 27.5 percent to record levels, reaching
£324.3m while loans to members increased by 21.4 percent to
£2,338.4m, the largest year-on-year change on record, having
increased by 15.7 percent in 2022.
Commentators within the consumer finance sector have been
quick to champion the role of Credit Unions in stepping in to
support an appetite for borrowing driven by the rising cost of
living, especially for those locked out of the mainstream lending
sector. All seem agreed that Credit Unions are an essential pillar
of many local communities at a time when financial vulnerability
is on the rise.
A closer look at the numbers, however, raises concerns. Total
expenditure grew by 28.3 percent to £250.9m as bad debt provisions
and write-offs increased by 56.6 percent to £58.7m. A particular
concern is a fall in liquid assets, down by 5.1 percent to £1,242.0m,
the first time liquidity has fallen since 2018.
Why is this important? Because Capital adequacy, asset quality,
earnings performance, and liquidity are all factors that can
ultimately feature in their demise. In very simple terms, Credit
Unions fail because their capital and liquidity fall below the
minimum levels required, and because lower capital ratios make
them more vulnerable to shocks. The most vulnerable of all tend
to be the smaller, less well capitalised and less profitable Credit
Unions which are less able to withstand macro-economic factors
such as increasing national unemployment rates and inflation.
So while the credit industry can all agree that the country would
be worse off without them, for the remaining Credit Unions to
survive, they will need to move with the times. The old model of
providing cheap finance to a narrow demographic only works if
the Credit Union is adequately funded.
Notwithstanding they are not for profit in structure, Credit Unions
will need to adapt their business model and that means a potential
shift in mindset. As James Sleight of PKF Littlejohn Advisory
says in his article (page 40), to prosper and grow, they will need
to look and act like other commercial entities and diversify the
products available to members where the business risk is reduced.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 3

contents
September 2024 issue
10 – CREDITOR POWER
To what end can creditors influence the
outcome of an insolvency process?
12 – PERSONAL BEST
The CICM was recently consulted on the
Government’s new personal insolvency regime.
14 – RED FLAG
Will labour meddle in creditors operations or
take a light-touch approach?
18 – DON'T COME UP SHORT
What should firms expect from the FCA's
Business Plan 2024/25?
22 – DEAD STRAIGHT
Should death notifications be ‘guidance’ or
‘mandated’ in consumer duty?
24 – BACK OF THE NET
Sean Feast FCICM speaks to Jason Braidwood
FCICM(Grad) about credit, koi carp, and the
management skills of Glenn Hoddle.
32 – GO NUTS FOR BRAZIL
A vibrant country hard to ignore for those
looking for new opportunities.
40 – UNION CITY BLUES
Why do Credit Unions fail and are some more
vulnerable than others?
47 – PASSING PHASE
How to manage an employee diagnosed with
a terminal illness.
32
COUNTRY FOCUS
B
xx
10
INSOLVENCY
To what end can creditors
influence the outcome of an
insolvency process?
22
CONSUMER
DUTY
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 4

CICM GOVERNANCE
razil
47
PASSING
PHASE
How to manage an
employee diagnosed
with a terminal
illness.
40
UNION CITY
BLUES
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
Advisory Council: Laurie Beagle FCICM
Laura Brown MCICM(Grad)
Natalie Bunyer FCICM / Glen Bullivant FCICM
Alan Church FCICM(Grad) / Larry Coltman FCICM
Peter Gent FCICM(Grad) / Neil Jinks FCICM
Martin Kirby FCICM / Charles Mayhew FCICM
Joshua Mayhew MCICM / Hans Meijer FCICM
Debbie Nolan FCICM(Grad) / Amanda Phelan FCICM(Grad)
Allan Poole MCICM / Emma Reilly FCICM
Philip Roberts FCICM / Paula Swain FCICM
Jonathan Swan FCICM / Mark Taylor MCICM
Atul Vadher FCICM(Grad) / Dee Weston 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
1 Accent Park, Bakewell Road, Orton Southgate,
Peterborough PE2 6XS
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor: Sean Feast FCICM
Deputy Editor: Iona Yadallee
Art Editor: Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Rob Howard, Milica Cosic
and Melanie York
Advertising
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Telephone: 01727 739 196
Email: paul@centuryone.uk
Printers
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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.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 5

THE NEWS
CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
WRITTEN BY: SEAN FEAST FCICM
Mixed fortunes for Credit
Unions in new BoE data
THE Bank of England’s annual
update on the Credit Union
sector shows that loans to
members increased by 21.4
percent to £2,338.4m, the
largest year-on-year change on record, after
increasing 15.7 percent in 2022.
The total number of Credit Union
members also rose by 4.6 percent to 2.2m
while income grew by 27.5 percent to record
levels in 2023, reaching £324.3m.
Over the same period, however, total
liquid assets fell by 5.1 percent to £1,242.0m,
the first-time liquidity has fallen since 2018.
Total expenditure grew by 28.3 percent to
£250.9m, as bad debt provisions and write
offs increased by 56.6 percent to £58.7m.
Tom Cuppello, Director, Risk, at leading
independent financial services consultancy
Broadstone, believes the surge in loans to
members suggests an increased appetite for
borrowing that is being driven the rising
cost of living: “Credit Unions play a vital
role in our financial ecosystem offering a
range of borrowing products to members,
who may be locked out of the mainstream
lending sector, and they are stepping in to
fill some of the gap left behind following
the death of doorstep lenders.”
Lauren Peel, Director of Consumer
Insights at Fair4All Finance, says that the
growth in Credit Union activity is likely
to gather pace as more people are drawn
towards community-focused financial
services: “Credit Unions are an essential
pillar of many local communities at a time
when financial vulnerability is on the rise
across the UK, and when there are fewer
branches available for those who need it.
“We know from our research that
20.3m adults are now living in financially
vulnerable circumstances, and more than
one in ten (11 percent) have increased their
reliance on illegal borrowing or loan sharks
in the last year. These high-risk options
have no place in an inclusive financial
system and Credit Unions play a vital
role in helping people to build financial
resilience.
The Bank of England data follows a string
of recent Credit Union failures previously
reported in Credit Management, and while
income may be growing, and membership
on the rise, James Sleight, Partner, PKF
Littlejohn Advisory believes the fall in
liquidity is a concern: “Credit Unions fail
because their capital and liquidity fall
below the minimum levels required, and
because lower capital ratios make them
more vulnerable to shocks,” he explains.
“The most vulnerable of all tend to be
the smaller, less well capitalised and less
profitable Credit Unions which are less
able to withstand macro-economic factors
such as increasing national unemployment
rates and inflation.” (See article page 40).
Britain drops out of manufacturing elite
ONCE a powerhouse of industry, Britain
has fallen out of the top 10 manufacturing
nations for the first time since the industrial
revolution.
The country now ranks as only the 12th
largest manufacturer with an output of
$259bn per year, according to analysis of
official data by trade body Make UK. China
heads the table with an output of $5.06trn -
almost a third of global production - with the
US in second place at $2.7trn.
Stephen Phipson, Chief Executive of Make
UK, described it as a seismic wake-up call:
"Previous Governments have been asleep at
the wheel while other countries have put in
place a range of powerful industrial strategies
to boost domestic and foreign direct
investment."
Despite the figures, Jonathan Reynolds, the
Business and Trade Secretary, tried to put a
positive spin on things: "Britain has a thriving,
successful manufacturing sector. But these
figures show that industry needs stability and
a clear long-term plan."
Make UK’s annual analysis of the latest
manufacturing facts and statistics published
at the end of July showed that the sector
contributed £217bn in output to the economy
last year, supporting 2.6m jobs. Firms are
investing more too than in 2023, with £38.8bn
worth of investment taking place.
The US remains the UK’s top export
destination for manufactured goods, worth
£61.8bn and up from £56.7bn last year, with
Germany and the Netherlands rounding off
the top three.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 6

CREDIT MANAGEMENT
Rise in popularity for
Open Banking Payments
ADOPTION rates of Open Banking
payments are increasing, with 11 percent
of credit unions now offering this type of
payment for financial services products.
The findings, published in a report
from payments solutions provider Access
PaySuite, shows that the adoption of Open
Banking payments has also grown among
fintechs, lenders, and building societies,
with 58 percent, 42 percent, and 17 percent
of these businesses respectively listing it on
their websites.
However, the survey of consumers
revealed a mixed picture when it comes
to adoption and attitudes towards Open
Banking payments, also known as payby-bank.
Just over a third (34 percent)
currently use it to make payments in
financial services, while 22 percent would
like to do so in the future. Meanwhile,
around 16 percent haven’t used it and are
reluctant to and 13 percent said they’d
never use it, while 15 percent were unsure.
The research also found that Open
Banking payments are most likely to be
used by younger demographics – with
Fraud reimbursement a
lottery, regulator warns
REIMBURSEMENT for those tricked
into transferring money to fraudsters still
largely depends on who the victim banks
with.
The warning, from the Payment Systems
Regulator (PSR), follows data published
by the PSR in its second annual report
on authorised push payment (APP) scam
reimbursements which shows that victims
reported 252,626 cases of APP scams in
2023, totalling nearly £341m in value.
Under the existing voluntary
reimbursement framework, 67 percent of
money lost to APP scams was reimbursed,
marking an increase on the 61 percent
that was refunded in 2022. The PSR found
that some banks fully reimbursed victims,
while others only made partial refunds or
accepted claims in narrow circumstances.
Nationwide fully reimbursed 96 percent
of the APP scam cases reported to it, while
TSB fully reimbursed 95 percent and
Barclays fully reimbursed 82 percent. Only
three percent of cases reported to AIB were
fully reimbursed, while Danske Bank fully
reimbursed seven percent, and Monzo fully
reimbursed nine percent.
The PSR plans to introduce mandatory
nearly half of 25 t0 34-year-olds, and 37
percent of 18 to 24-year-olds, using it to
make payments. However, over one in four
of the over-55s category have used Open
Banking to make payments, and a further
17 percent are interested in using it to make
future payments.
Giulio Montemagno, Managing Director
of Access PaySuite, believes that while
digital payment methods are more popular
than ever, financial services must evolve to
meet all customer needs: “Offering a variety
of quick, frictionless payment options is
crucial. While Open Banking adoption is
on the rise, there is a significant need to
educate consumers about its benefits and
alleviate their concerns.
“Some customers feel their current
financial services do not meet their
payment expectations. This highlights a
clear opportunity for innovation in the
industry to address these gaps and adapt
to evolving consumer demands. This shift
not only enhances customer experience but
also drives the industry towards a more
inclusive and efficient future.”
reimbursement measures for APP claims
worth up to £415,000 in October, a move
Managing Director David Geale said at the
time will increase consumer protection:
“The report highlights how payment firms
tackled APP scams and the way they treated
those who fell victim in 2023,” he says.
“We can see some positive changes
with more victims being reimbursed than
in 2022. But there is still more to do –
particularly for some smaller firms which
have much higher rates of receiving fraud
than larger firms.”
Highs and Lows
NATWEST has announced a pre-tax
operating profit of £3bn in the first half of
this year, compared with last year's £3.6bn.
This resulted from a six percent decline in
net interest income, which fell to £5.4bn
from £5.7bn in the previous year. NatWest
has also announced the acquisition of Metro
Bank's mortgage portfolio. Elsewhere,
mounting competition for mortgages and
rising costs were blamed for a 61 percent
drop in first-half pre-tax profits for The Cooperative
Bank. The bank, which is in the
process of selling itself to Coventry Building
Society, reported a decline in net interest
income and an increase in underlying costs.
Light Touch
GLOBAL information and insights
company TransUnion has today announced
its partnership with the Vulnerability
Registration Service (VRS), a not-forprofit
organisation dedicated to supporting
vulnerable consumers. This partnership is
said to mark a significant step forward in
understanding and addressing consumer
vulnerabilities in the UK. VRS offers
consumers a single platform to register
their vulnerable status, sparing them from
repetitive and challenging conversations
with various lenders and organisations. This
partnership allows TransUnion clients access
to an independent register of vulnerable
individuals, empowering them to identify
vulnerabilities and make informed decisions
in alignment with regulatory guidance.
That Friday Feeling
YOUNGER workers are the most likely to
go into the office but less likely than older
peers to do so on a Friday. Generation Z
workers - those born between 1997 and 2012
- are the most likely to prefer to work in
the office, while employees in Generation
X – those aged 45 to 54 - are the least likely.
According to Virgin Media O2’s business
movers’ index, more than half (53 percent)
of workers aged between 18 to 24 commute
five times a week or more, compared to just
39 percent of those aged 55 to 64 - although
Generation Z workers are the least likely to
commute on a Friday.
Lack of Duty
ONLY a fifth (22 percent) of customers
have noticed improvements on how they
are being treated since the introduction of
Consumer Duty, according to analysis by
MoneyHub. Twice that number (41 percent)
said they had not noticed any changes
to their treatment. Dan Scholey, Chief
Operating Officer at MoneyHub, said early
feedback from firms that have embraced
the Consumer Duty “is overwhelmingly
positive.”
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 7

THE NEWS
Ardent invests in additional
premises and people
ARDENT Credit Services, the debt
recovery and credit management services
provider is growing its Liverpoolbased
operations to manage increasing
collections activities in the public
sector as well as outstanding balances for
leading blue-chip organisations in the
telecoms, insurance and motor finance
sectors.
The company has expanded its available
office space to 15,000sq ft and extended
its lease to the end of the decade at its
headquarters in Knowsley, signalling its
long-term commitment to the local area
and its continued growth since becoming
part of PCA last year. This additional
space is to allow for further expansion
and to include a new, dedicated training,
HR and IT facilities to accommodate a
growing team and attract the best local
talent.
John Ricketts FCICM, Managing
Director of Ardent Credit Services, says
the company – which currently employs
c135 staff – continues to go from strength
to strength: “We have a vision not to be the
biggest but to be the best and are investing
accordingly, in additional premises,
people, and technology,” he explains.
“Our industry is a sensitive sector in
which to work, especially in the context
of the cost-of-living crisis, but also a vital
part of the economy. Collecting with
compassion and acknowledging the life
challenges faced by many of our customers
is key to delivering good outcomes for
everyone. We aim to grow organically,
through our existing client base, as well
as expanding into new sectors where our
expertise protects customers as well as our
clients’ reputations.”
Since being acquired by Phillips and
Cohen Associates, Ardent has particularly
invested in its digital capabilities. In
September 2023 Ardent was independently
assessed and certified to WCAG AA 2.1
(web content accessibility for people
with disabilities) joining an exclusive
club of only 3.7 percent of the top 1,000,000
websites to be WCAG compliant.
Driving best practice
CICM CEO, Sue Chapple FCICM and
Head of Accreditation, Karen Tuffs
FCICM(Grad) joined the credit teams
of TrustFord and PartsPlus (part of Ford
Retail Ltd) at their Bristol office in July to
mark the successful renewal of the Credit
and Collections Industry’s prestigious
accreditation for best practice, CICMQ.
The worthy holders achieved an
impressive Distinction pass grade for a
fourth consecutive accreditation term
which has spanned 10 years. The team,
led by Joanna Carnell MCICM(Grad),
Group Credit Manager of TrustFord
FCA to extend motor
finance probe to 2025
THE Financial Conduct Authority (FCA)
is extending its investigation into the motor
finance market, giving motor finance firms
more time to respond to complaints and
the outcome of the investigation’s findings.
A statement from the FCA issued at
the end of July suggested that while many
firms involved in its review had engaged
with the Authority constructively, many
had struggled to supply the data it needed
within the requested time.
The FCA has proposed extending the
and supported by Helen Felstead
MCICM(Grad), Credit Control Manager,
Alexia Clark-Webber ACICM, Fleet
Credit Manager and Nick Smith ACICM,
Aftersales Credit Manager completed
their assessment earlier this year after a
submitting a high-quality application.
Chris Jukes, Financial Controller, joined
Joanna and the team for the lunchtime
celebration to reflect on their achievement.
More news will follow in future
issues about a Merit for EH Smith in its
CICMQ accreditation and Distinctions
for Imperial College and United Utilities.
resolution deadline from September
2024 to the end of May 2025, angering
some in the legal sector. The FCA is
looking into motor finance commission
arrangements between 2007 and 2021, and
how it can ensure consumers are receiving
appropriate settlements when misconduct
occurs.
While the FCA is not committing to
introducing a consumer redress scheme, it
noted: ‘Based on our work so far, it is more
likely than when we started our review.’
CORCENTRIC
JOINS CORPORATE
PARTNERSHIP
PROGRAMME
CORCENTRIC, a leading global provider
of procurement and finance solutions, is
the latest company to become a CICM
corporate partner. This collaboration
underscores CICM’s dedication to forging
alliances with industry experts to enhance
best practices and innovations in credit
management.
Corcentric is described as empowering
businesses to effectively manage their
credit portfolios while supporting
compliance and mitigating risks. It
aims to bring a wealth of finance and
procurement experience and resources
to the CICM corporate partnership
programme.
CICM CEO, Sue Chapple FCICM,
welcomed Corcentric to the partnership
programme: “Corcentric’s commitment
to excellence and innovation aligns
seamlessly with our mission to promote
best practices. Together, we aim to drive
positive change and support our members
in navigating the complexities of the
credit industry.”
Lee Allen, Senior VP of Global
Sales – Order to Cash at Corcentric,
believes that partnering with the CICM
represents an exciting opportunity: “We
are committed to leveraging our expertise
in finance solutions to contribute to the
advancement of Account Receivables
practices.”
Through this partnership, CICM
members will gain access to exclusive
resources, expertise, and insights from
the Corcentric team.
Metro in Business
CEO of Metro Bank, Dan Frumkin, has
announced that the bank is shifting its focus
to small business and corporate customers,
and that this will inform any future branch
openings. In making the announcement,
he criticised the behaviours of previous
leadership: ‘‘I am not falling into the old
trap of the prior leadership team where we
will open stores to say we've opened stores,’’
he said.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 8

FROM THE CEO
TAKE A BOW
Debbie Nolan steps down after an unprecedented
four-year term as Chair.
BY SUE CHAPPLE FCICM
IT was 20 March 2020. The day of my
appointment. None of us was prepared
for what would happen next, and I am
sure that the Chartered Institute of Credit
Management was like thousands of other
organisations and businesses across the
UK in having only the very basic of basic
contingency plans in place.
Access to laptops were limited, we had an antiquated
phone system that was on its last legs, and only a small
number of work-related mobile phones. And then we
went into lockdown, an event unprecedented in our
working lives. That we got through that period, and
emerged even stronger the other side, is in no small
way down to the efforts of our departing Chair,
Debbie Nolan FCICM(Grad), and the support of the
Executive Board that she led.
At that time, my appointment was still on an interim
basis. Debbie and I had served on Advisory Council
some years previous, and Debbie had been elected as
Chair of the Executive Board in September the previous
year. We had a similar peer group and experiences, and
as such found that we immediately had quite a bit in
common. She’s a CICM Graduate, and ‘fully CICM’ in
everything she does.
I recognised quickly that having come from a customer
facing environment, she clearly understood the issues
we were confronting and the practical and business
challenges of moving to remote working. One example
of the practical help she provided was gaining access
to an automated payment platform that could accept
payments by SMS, to help retain our membership
income. Debbie always does what she says she is going
to do, and although that’s something you’d hope from
everyone, it’s actually a rare quality.
Sounding board
She was the perfect sounding board as I found my feet
and started navigating my way through the immediate
crisis and begin planning for the future. She helped
rally the Advisory Council and galvanize the Executive
Board, so much so that after their two years were up,
I put in a request to the Charities Commission and
the Chartered Association Body to have their tenure
extended by another two years, the first time in our
history (to my knowledge) that this had ever been
done. This helped to secure us a period of consistency
and stability.
Debbie’s skill is that she listens and is always very
measured and grounded in her response. This gives
you the confidence to push forward with your ideas
because if she thinks you’re wrong or are being foolish
she will tell you!
I started putting the plans in place to sell The Water
Mill and move to new premises in Peterborough and
set about looking at the diversity within the team to
bring in new talent with different experiences. I am
very proud of what we have achieved over the last four
years. The knowledge that this enormous decision was
supported by Debbie and the rest of the Executive
Board, was of huge importance.
Now in our new headquarters, in addition to our
extremely experienced experts, half of the team
are new to the organisation and bring fresh ideas,
excitement and ways of working. We’ve completely
revised, redesigned and relaunched our website,
replaced our Customer Relationship Management
(CRM) platform, and equipped the team with the
technology they need to support modern working. It
has meant a considerable amount of investment and
upheaval, re-shaping for the future and re-invigorating
the Chartered Institute such that it has emerged
stronger than ever before.
Debbie’s time as Chair has coincided with a period
of the greatest change for the organisation in a
generation. As Chief Executive the Buck ultimately
stops with me, and the decisions I take I own. Having
Debbie alongside as such a supportive, brave and
resilient Chair, has enabled me to make bigger, braver
and bolder decisions with even greater certainty,
clarity and confidence. Her legacy as Chair is assured,
and I am sure you will all join me in thanking Debbie
for her selfless work in helping to make the CICM
what it is today.
Author: Sue Chapple FCICM,
CICM Chief Executive.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 9

INSOLVENCY
CREDITOR
POWER
To what end can creditors influence the outcome
of an insolvency process?
BY ALEXANDRA DAVIES
IN insolvency proceedings creditors play a
pivotal role, holding significant influence
over the process and its outcomes. Their
involvement is crucial, not only in protecting
their financial interests but also in ensuring
that the proceedings are conducted fairly
and efficiently. So as a creditor, what are your
rights during an insolvency process and what strategies
might you deploy o sway the outcome of insolvency cases?
The rights of creditors in insolvency proceedings can be
summarised into four parts: the right to information; the
right to participate; the right to fair treatment; and the
right to challenge.
Creditor rightss
Creditors have a fundamental right to be informed
about the insolvency process. They are entitled to
receive detailed information about the debtor's financial
situation, including a list of assets and liabilities, details
of the debtor's creditors, and reports on the progress of
the insolvency proceedings. This transparency ensures
creditors can make informed decisions and protect their
interests.
Creditors also have the right to attend and vote at
creditors' meetings. These meetings are crucial forums
where creditors can discuss and vote on key matters, such
as: the appointment of insolvency practitioners; approval
of proposed restructuring plans; or key decisions about
the liquidation proceedings. The collective voice of
creditors can significantly shape the course of the
proceedings.
When it comes to the distribution of the debtor’s assets,
creditors are entitled to fair and equitable treatment. The
insolvency process is governed by a hierarchy of claims,
ensuring that secured creditors, unsecured creditors,
and other stakeholders receive their dues according to
the legal framework. This structured approach aims to
balance the interests of all parties involved.
Finally, creditors have the right to challenge decisions
made during the insolvency process. If they believe
that an insolvency practitioner’s actions are not in the
best interests of the creditors or if there are allegations
of misconduct, creditors can seek redress through the
courts. This oversight helps maintain the integrity of the
insolvency process.
Creditor strategies
Similarly, when it comes to thinking through strategies
that might influence the outcome, creditors have a
variety of options open to them.
One effective strategy is to form a creditors' committee.
This committee represents the interests of the general
body of creditors and acts as a liaison between the
creditors and the insolvency practitioner. By working
collaboratively, the committee can exert greater influence
over the proceedings and ensure that the concerns of
creditors are adequately addressed.
Another strategy is to engage in direct negotiations
with the debtor to reach a consensual restructuring
agreement. This proactive approach can often lead to
better outcomes than formal insolvency proceedings.
By agreeing to an informal agreement, creditors may
recover more of their debts and help the debtor return
to solvency.
Author: Alexandra Davies is a
senior manager in the business
recovery team at accountancy
firm, Menzies LLP.
Brave | Curious | Resilient / www.cicm.com / September 2024/ / PAGE 10

CREDIT MANAGEMENT
Active monitoring of the progression of the case is
crucial. Creditors should regularly review reports and
financial statements, attend meetings, and ask pertinent
questions. By staying engaged, creditors can ensure that
the insolvency practitioner is acting in the best interests
of all stakeholders and is adhering to legal and ethical
standards.
Engaging legal advisors can also provide creditors
with expert advice and representation throughout
the insolvency process. Lawyers can help creditors
understand their rights, evaluate proposals, and take
legal action if necessary. This professional support can
enhance the creditor’s ability to protect their interests
effectively.
Influencing the Outcome
Creditors’ voting power is a critical tool in influencing
the outcome of insolvency cases. By voting on key
decisions, such as the approval of restructuring plans or
the appointment of insolvency practitioners, creditors
can steer the process in a direction that maximises their
recovery.
Creditors can also propose their own restructuring plans.
If they believe that the debtor’s proposal is inadequate,
creditors can develop alternative plans that offer better
returns or more feasible solutions for the debtor’s
financial recovery. These plans can then be put to a vote,
providing creditors with a direct means to influence the
outcome.
CREDITORS’
VOTING POWER
IS A CRITICAL
TOOL IN
INFLUENCING
THE OUTCOME
OF INSOLVENCY
CASES.
Secured creditors, in particular, have significant leverage
due to their priority in the distribution of assets. By
asserting their security interests, these creditors can
ensure that their claims are addressed first, giving
them a powerful negotiating position in the insolvency
proceedings.
Collaboration among creditors can also amplify their
influence. By uniting and coordinating their actions,
creditors can present a unified front, making it more
difficult for the debtor or the insolvency practitioner
to ignore their collective demands. This collaborative
approach can lead to more favourable outcomes for all
creditors involved.
Summary
Creditors play a crucial role in insolvency proceedings,
wielding significant rights and strategies to influence
the process and protect their interests. Through active
participation, negotiation, and collaboration, creditors
can shape the outcome of insolvency cases, ensuring
fair treatment and maximising their recovery. Their
involvement is essential for maintaining the integrity
and efficiency of the insolvency process, ultimately
contributing to a more balanced and equitable resolution
for all parties involved.
Brave | | Curious | | Resilient / www.cicm.com / September 2024 / PAGE 11

INSOLVENCY
PERSONAL BEST
The CICM was recently consulted on the Government’s
new personal insolvency regime.
BY DAVID A KERR FIPA FCICM
THE Insolvency Service (IS), the
Government’s agency responsible for
all things insolvency, is undertaking a
broad review of personal insolvency –
so everything to do with individuals
who find themselves in financial
difficulty. This covers a wide range
of topics, from how a person identifies or is nudged
towards an insolvency process (if needed), whether that
process is the right one, which of a debtor’s assets should
be included, whether payments from income might be
expected and, if so, over what period.
Helping debtors find the ‘right’ process is a big topic
on its own. Right for the debtor, or for creditors?
And who decides? It can vary at present, in the sense
that creditors can influence some procedures but not
others. For example, a debtor can apply for a Debt
Relief Order (DRO), as increasingly many do,
and obtain one, if eligible, without consulting
creditors; but a debtor seeking to enter into an IVA
(Individual Voluntary Arrangement) will need creditors’
consent.
The IS invited CICM to participate in some workshops
set up to review certain aspects of the personal insolvency
regime; in particular, those dealing with assets and
repayments. I was asked to represent the Technical
Committee and CICM members’ interests in those
discussions, and what follows is a summary of the issues
we covered. The first of the two workshop sessions looked
at a debtor’s assets:
Debtor’s assets
Property - which in this context means a debtor’s
domestic dwelling, and the extent to which any equity
in it should be available for creditors. Proportionality
seemed to be the consensus, but how to arrive at a figure
for say equity exemption without it having to be changed
at regular intervals?
That might be done by linking the expected equity release
to the value of the debt in the insolvency, so for example
a multiple of the total debt, irrespective of the value
of the property, though that can throw up distortions
and anomalies. Arguably, creditors might expect that a
guiding principle here might be that where there is equity,
where it can make a difference to creditor returns, and
where it can realistically be realised/released, then there
would probably be an expectation that something should
be done to make additional funds available.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 12

CREDIT MANAGEMENT
THERE WAS BROAD AGREEMENT
ON THE PRINCIPLE THAT DEBTORS
WHO CAN AFFORD TO PAY SHOULD
ORDINARILY DO SO
There was a suggestion that the creditors' position
could be protected with a charge on the property,
but for this to be of practical benefit to current
creditors, this would surely need to be linked
to a backstop date for realisation. Otherwise,
the benefit would potentially come too late
for creditors, whose own financial circumstances
might be adversely affected, with all the knockon
impacts that might have on their ability
to survive the cashflow and bad debt
consequences.
It was noted that there may be an amendment
to the IVA Protocol on this point to increase
transparency and deal with issue at the
commencement of an IVA, rather than in the
final year. Watch this space! The key point here
I think for creditors, is to work towards greater
clarity and certainty about how such matters will
be dealt with in insolvencies across the board.
That would be a welcome step forward, even if
the number cases in which there is a property is
a relatively small proportion of the total.
Vehicles – and here we are referring to cars
or work vehicles for normal social, domestic or
work use, and whether they should be exempt
from insolvency proceedings. There was broad
agreement that the issue here is less about the
absolute value of a vehicle, but more perhaps
about the monthly cost, with many vehicles on
Personal Contract Purchase (PCP) agreements or
similar. That might mean the present guidelines
in DRO and bankruptcy cases are outdated and
unhelpful, as the main consideration it seems is
linked more to affordability and the potential
impact on contributions from income, not so
much about the value for creditors in an 'asset'.
(See below on monthly contributions from
income.)
Pensions – being the value in a pension 'pot' and
the potential asset/income. The legal position
seems to be fairly settled, save for one 2021
case where interestingly a court decided that
someone was ineligible for bankruptcy given the
value in their pension. Ordinarily, the pension
will be beyond the reach of creditors, unless
contributions into it were excessive or income
from it significantly exceeds the debtor’s needs.
Whether the 2021 case sets a precedent that
might be applied to individuals with significant
value in property remains to be seen. Could
debtors with high value assets (whether or not
always accessible in a bankruptcy process, such as
pension) be deemed to be solvent, and therefore
theoretically able to settle their debts outside of
bankruptcy protection?
Debtor’s income
The second session considered issues regarding
possible contributions from a debtor’s
income. There are currently some differences
across the types of insolvency processes, and
one point discussed was whether it would be
better, to manage expectations for all
stakeholders, if the position/approach could be
harmonised.
There was some consensus around use of
the Standard Financial Statement tool for
working out a debtor's net disposable income,
with discretion for the advisor/IP to flex the
guidelines to suit an individual's circumstances,
and potentially with an agreed buffer (or
exempt element) to facilitate rehabilitation and
ensure that contributions are set at a realistic
and sustainable level. There was quite a bit of
debate, and differing opinions, on the length of
time a debtor might be expected to pay these
contributions from future income, ranging from
one year to ten. My guess is that there is a sensible
middle ground, somewhere around three-to-five
years, but let's see what emerges.
There was broad agreement I think on the
principle that debtors who can afford to pay
should ordinarily do so, to some degree, and that
any contributions should (in part, at least) find
their way through to creditors - in other words,
not be wholly absorbed by costs!
This is a very brief summary of four hours of
discussion, but hopefully provides a flavour of
the subjects under review. The Chair’s report to
the IS will inform its further deliberations, and
in due course the IS will publish its proposals
or next steps, which will likely begin with a
consultation on possible changes to the personal
insolvency regime.
Authors: David A Kerr is a member of the CICM
Technical Committee.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 13

CONSUMER CREDIT
RED FLAG
Will Labour meddle in creditors’ operations,
or take a light-touch approach?
BY STEVE KIELY
the economy, stupid.” The
phrase made so popular during US
President Bill Clinton’s election
in 1992 has long become a truism
of political life. Regardless
“IT’S
of whatever social policy a
Government wants to enact,
everything begins and ends with how in control the public
feel, regarding their finances.
Such thinking has, in recent times, had significant impacts
upon the credit and debt industry, as Governments have
sometimes equated restraining creditors, collections, and
enforcement professionals with making the public more
financially secure.
Indeed, for a new Labour Government, fresh in the glow of
a landslide victory, the first negative headlines came when
the Office for National Statistics published its Consumer
Prices Index, showing the rate of inflation remained at
two percent in the 12 months to June 2024.
Debt advisers National Debtline were quick to suggest
that an estimated 11.4 million UK adults are seeing their
financial situation worsen.
It came as little surprise, then, that, on the very same
day, National Debtline was pushing the new Government
to go further in reducing a creditor’s rights, after the
introduction of the Renters’ (Reform) Bill, which aims to
ban no-fault evictions and provide ‘avenues to challenge
unaffordable rent rises’.
Matt Hartley, Director of Engagement at the Money
Advice Trust, the organisation behind National Debtline
and Business Debtline, was clear on the way he believes the
wind is blowing: “The Government is right to prioritise the
Renters’ Reform Bill, which will ensure renters struggling
with their finances are protected from unfair eviction.
“However, with 6.8 million people struggling to pay for
essentials, we also need to see a clear plan to help people
afford the basics, including improving support under
Universal Credit.
“And while the aim of approving affordability in the energy
market longer-term is welcome, energy arrears levels are
already at record highs. What’s needed now is support for
people dealing with unmanageable energy debts through a
Help to Repay scheme.”
So, the question is: how far will the Labour Government
meddle in the credit and debt industry? Across the wider
economy, we have seen that it has been quick to assert its
dominant position, with commitments to take the rail
industry back into public ownership, but might it not
broadly consider that the credit and debt sector is well
run and well regulated, and leave it mainly to run its own
course?
Manifesto pledge
To get a feel for what the new Government might have in
store for the sector, probably the best place to start is its
election manifesto, and one message come across loud and
clear: Labour will not be afraid to intervene.
‘The international banking system played a key role in
fuelling the most severe global recession since the Second
World War,’ it states. ‘We are determined to support our
financial sector and for it to be a major employer and
wealth creator, but there will be no return to the excesses of
the past – banks will face tighter regulation. ‘The banking
system must support domestic businesses, including
start-ups and entrepreneurs, as well as mortgages. We
have agreed lending targets with those banks in which we
have a stake, and there will be consequences for executive
remuneration if targets are not met.’
It goes on to say: ‘We will compel banks to keep more
capital and create “living wills” so that should they fail,
there will be no danger of that failure spreading. Because
the banking crisis demonstrated the global nature of
financial instability, we will continue to work with our
international partners to require all banks to hold more
and better-quality capital, to ensure counter-cyclical
protection, and to introduce a global levy on financial
services, so that banks across the world contribute fairly
to the society in which they are based.’
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 14

CREDIT MANAGEMENT
THE GOVERNMENT
IS RIGHT TO
PRIORITISE THE
RENTERS’ REFORM
BILL, WHICH WILL
ENSURE RENTERS
STRUGGLING WITH
THEIR FINANCES
ARE PROTECTED
FROM UNFAIR
EVICTION.
Mortgage strategy
However, for certain parts of the lending sector, such
intervention may herald a promising future. Mortgage
lending is clearly central to Labour’s strategy to increase
home ownership. It intends to introduce a ‘comprehensive’
mortgage guarantee scheme, to support first-time
buyers who can currently struggle to save for a large
deposit.
The aim is to build 1.5 million new homes over the next
parliament, and so Labour will immediately update the
National Policy Planning Framework, including restoring
mandatory housing targets, and strengthening the
presumption in favour of sustainable development.
Analysts Propertymark believe that, for existing
homeowners, Labour will embed the principles of the
Mortgage Charter, which was agreed between the previous
Conservative government, principal mortgage lenders
and the Financial Conduct Authority in 2023.
Lenders will be required to allow borrowers to switch
to interest-only mortgage payments for a temporary
period or lengthen the term of their mortgage period,
and to reverse any support measures when the borrower
requests. They must also wait six months before initiating
repossession proceedings if a homeowner falls into arrears.
Rental reform
The Renters’ (Reform) Bill is certainly a wake-up call to
anyone who might have thought that Labour would focus
on other areas, as it was introduced in the first King’s
Speech, just days after victory.
It is important to note that landlords may be willing to
accept some reform in this area – judging that regulatory
stability is worth the changes – but there is clearly still
concern for the future. Ben Beadle, Chief Executive of the
National Residential Landlords Association, spoke for
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 15
continues on page 16 >

CONSUMER CREDIT
many when he said: “Labour’s manifesto committed
to fundamental reforms to the private rented sector.
This includes ending section 21, ‘no explanation’
repossessions.
“We stand ready to work constructively with the
new Government to ensure changes are fair and
workable for tenants and responsible landlords, and
are sustainable for the years to come.
“It is vital, however, that reform does not make worse
an already chronic shortage of rental properties to
meet demand.”
Overcrowded courts
Possibly the most concerning element of all this
might be the threat of overcrowding on the civil
courts. Labour must ensure that there is a balance
between protecting tenants’ rights and guaranteeing
that landlords have a suitable legal route to repossess
properties without swamping the courts.
Nathan Emerson, Chief Executive at Propertymark,
says: “The Renters’ (Reform) Bill brings a great deal
of uncertainty to landlords, letting agents, and
tenants, so it is vital that the Government’s fresh
legislation to remove Section 21 guarantees that it is
being replaced with a suitable legal mechanism that
prevents a backlog of cases to the courts.”
Back-bench pressure
Traditionally, another important way to judge the
potential priorities of a new Government is to
review the interests of its back-benchers. After all,
Government needs their support to turn intentions
into law.
Of course, with 412 seats and a majority of 174, Sir
Keir Starmer’s Government has significant political
capital to push through its agenda, but it will still be
subject to pressure from its own side.
One well-respected figure is Stella Creasy, MP for
Walthamstow and a former front-bench shadow
minister. She has a long history of interest in the
industry, with payday loans a point of particular
concern.
She insists that the current rental proposals do not
go anything like far enough. “In particular,” she says,
“I am concerned that the Bill will not abolish the
sale of new leasehold flats – something which I have
been calling for locally, and the Labour party in
Parliament proposed during the passage of the Bill.
This failure will mean that residents of Walthamstow
will continue to be forced into leasehold flats for
several years if they want to buy property in our area
– even if Labour are successful in bringing forward
further legislation on this in future.
“It is also worth noting that concerted lobbying by
the freehold industry has managed to kill proposals
to effectively abolish ground rents. This are quasifeudal
charges which can and should be abolished in
a modern society.”
Meanwhile, Grahame Morris MP for Easington has
taken aim at local council debt collection. He has
claimed that ‘Council Tax is broken’ and a ‘heinous
system’. He favours a system that would tax all
households at a flat 0.48 percent rate on housing
values.
Writing for Labour List, last year, he said: ‘This is
much fairer than the current system that mandates
that anyone in arrears must pay the entirety of their
debts or face potential prison sentences. Indeed, in
2017-18, more than 300 people were imprisoned for
non-payment of council taxes, with another 6,278
receiving suspended sentences. It is widely believed
that the days of debtors’ prisons are gone, but that is
far from the case.’
Intention and reality
So, the facts seem very clear: the new Labour
Government has a significant interest in the credit
and debt sector, it also has no concern about
imposing its authority and it certainly has the
political clout to do so.
But all may not be lost. As Chris Leslie, Chief
Executive of the Credit Services Association
recently wrote in a blog: ‘Manifesto implementation
is actually only part of the task, because ‘events’
and reacting appropriately always take up as much
bandwidth.’
He continues: ‘The engine of any economy is
consumer sentiment and spending power, which
is why credit availability and a healthy credit cycle
(which must naturally involve collections) should be
borne in mind. ‘The collections and debt purchase
sector, like others across the financial services
industry, is now very heavily regulated. Government
must take action to rein in the ever-increasing costs
of compliance and paperwork bureaucracy which
is beginning to inhibit competition and stifle
innovation, costs which ultimately find their way
back to the customer.’
Maybe the reality is more like that described by
that other great political thinker, Mike Tyson:
‘Everybody has a plan until they are punched in the
mouth.’ Final legislation will always be a negotiation
between the Government, other interested parties,
and the industry – and it will always be influenced
be events.
So, if the Government is prepared to take an interest
in the credit and debt industry, then the industry
must be ready to explain and defend its rights and
requirements.
Author: Steve Kiely is a freelance business writer.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 16

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REGULATION
DON’T COME
UP SHORT
What should firms expect from the FCA Business Plan
2024/25
BY ANDREW MARRA
IN March the Financial Conduct Authority
(FCA) published its 2024/25 Business Plan
which detailed the key areas of its focus for the
coming year. The goal is to take into account
the uncertain economic and geopolitical
environment and a new regulatory framework.
The areas set out are also based on this year being the final
year of the FCA’s 2022-2025 strategy that set out a number
of objectives – primarily reducing and preventing serious
harm, setting and testing standards, and promoting
competition and positive change.
What follows is a look at key elements of the business plan
and highlights the preparation firms should undertake to
avoid becoming the subject of FCA regulatory action,
including enforcement proceedings.
THE FCA’S FOCUS FOR 2024/25
As noted, the FCA has set out three areas that it intends
to focus on. In more detail, the first seeks to protect
consumers by testing whether firms are meeting the high
standards set out by the Consumer Duty, by supporting
consumers’ long term financial wellbeing through the
Advice Guidance Boundary Review, and by making sure
that pension products deliver value for money.
The second priority area of interest for the FCA is to
ensure market integrity by monitoring risks in markets
and taking action where appropriate, as well as continuing
to invest in data and technology to support rigorous
market oversight.
Lastly, the FCA wants to promote effective competition
to deliver good out outcomes for consumers. It aims to do
this by identifying where more effective competition can
better deliver fair value outcomes under the Consumer
Duty.
FCA COMMITMENTS
The FCA will continue to deliver on its 13 public
commitments, with a focus on reducing and preventing
financial crime, putting consumers’ needs first, and
strengthening the UK’s position in global wholesale
markets. Other commitments that are worth noting
include its environmental, social and governance (ESG)
priorities and improving oversight of Appointed
Representatives (AR).
Beyond these commitments, the FCA has others
which are dealt with in the panel (see page 20). These are
preparing financial services for the future, dealing with
problem firms, reducing harm from firm failure, shaping
digital markets to achieve good outcomes, improving
the redress framework, enabling consumers to help
themselves, and minimising the impact of operational
disruptions.
REDUCING FINANCIAL CRIME
The FCA referenced two national strategic documents, the
Economic Crime Plan and the Fraud Strategy, and noted
how its supervision and regulation play an important role
in achieving the national ambition to reduce and stop
financial crime.
The FCA has also stated that it will continue to take a dataled
approach to identify potential harm for supervisory
and/or enforcement action, including continuing to take
assertive action to tackle scams and fraudulent websites.
The FCA says that it will also use its powers through the
Office for Professional Body Anti-Money Laundering
Supervision (OPBAS) to improve standards in the legal
and accountancy sectors.
In addition, the FCA will start and/or continue a number
of activities – some of which are included below – to
achieve its outcomes, including slowing the growth in
investment fraud victims and losses, slowing the growth
in Authorised Push Payment (APP) fraud cases and losses,
and reducing financial crime.
IN OVERVIEW, FCA ACTIVITY WILL INCLUDE:
• increasing investment in systems to use intelligence and
data more effectively within its financial crime work, so
it can target higher risk firms and activities.
• using its powers to disrupt, pursue and sanction those
committing and enabling financial crime.
• focussing on proactive assessments of anti-money
laundering systems and controls for those firms deemed
higher risk.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 18

CREDIT MANAGEMENT
THE FCA’S BUSINESS PLAN STATES
THAT IT WILL CONTINUE TO FOCUS
ITS INTERVENTIONS WHERE THERE
IS THE GREATEST RISK OF HARM
• using data to target the firms that are more susceptible
to receiving the proceeds of fraud and ensure they do
more to stop the flow of illegitimate funds.
• strengthening its supervision of firms’ sanctions systems
and controls.
Financial crime and particularly fraud, money laundering
and sanctions breaches remain a key priority for the FCA
in the coming year.
As to heading off risk (of FCA intervention), firms
should expect further detailed scrutiny of their financial
crime systems and controls and would be well advised to
ensure that these systems and controls are compliant with
relevant legislation and regulations, and meet the FCA’s
expectations, to avoid any potential regulatory scrutiny.
PUTTING CONSUMERS’ NEEDS FIRST
The widely publicised Consumer Duty came into force last
year (2023) for products and services still on sale to new
customers or available for renewal by existing customers.
The FCA says of the new duty that it “…represents a step
change in our expectation of firms”. And from 31 July
2024, firms also need to ensure that closed products are
delivering the right outcomes for consumers.
The FCA’s Business Plan states that it will continue to
focus its interventions where there is the greatest risk of
harm, or where more work is needed by firms to identify
and address gaps and to meet the higher standards of the
Consumer Duty.
Among its planned activities, the FCA will assess firms’
treatment of customers in vulnerable circumstances
and will continue its supervisory work to test firms’
implementation of the Consumer Duty (including
complaints handling and root cause analysis, consumer
support journeys, fair value and closed products and
services). It will also continue its work to ensure people
with savings receive a fair deal.
Consumer Duty failings have not yet developed into
formal investigations or enforcement action; however it
is anticipated that such action will be taken in the near
future with the most serious breaches being prioritised.
Again, to forestall regulatory risk, firms should ensure
that they have fully implemented the Consumer Duty for
their open products and services. They should also have
taken steps to implement the Consumer Duty for closed
products and services so that they were ready by the 31
July 2024 deadline. And where firms have identified that
they may not be delivering good outcomes to consumers,
they should be implementing corrective measures in a
timely manner to show the FCA that they are acting on
their Consumer Duty responsibilities.
STRENGTHENING THE UK’S POSITION
The FCA wants the UK to continue to strengthen its
position in global wholesale markets and to host markets
which support the domestic economy and growth. To do
this, the FCA will be encouraging innovation and evolving
markets by supporting industry work on T+1 settlement
to increase efficiency. On top of this is delivering its set of
Primary Market policy reforms including concluding its
review of the Listing Regime and publishing proposals for
a new public offer and admission to trading regime.
TAKING ASSERTIVE ACTION
The FCA has gone on record to state that it will
significantly increase its capability to tackle market abuse,
including increasing its ability to detect and pursue crossasset
class market abuse, developing improved market
monitoring and intervention in Fixed Income and
Commodities, covering both market abuse and market
integrity, and assisting in delivering a proportionate
market abuse regime for Cryptoassets.
It follows that firms wanting to avoid FCA scrutiny should
ensure that they have surveillance systems to capture cross
asset class manipulation.
Environmental, social and governance (ESG) priorities
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 19
continues on page 20 >

REGULATION
On ESG, the FCA plans to integrate the Sustainability
Disclosure Requirements and Investment Labels across the
market, including the anti-greenwashing rule which will
require all sustainability-related claims made by authorised
firms to be fair, clear, and not misleading. This rule took
effect from 31 May 2024.
IMPROVING OVERSIGHT
The FCA’s 2024-25 Business Plan reminds principal firms that
they are responsible for ensuring their ARs comply with FCA
rules. However many principals fail to adequately oversee
their ARs’ activities. As a result, consumers are at risk of
being misled or mis-sold, while misconduct by ARs in the
financial sector can undermine market integrity.
The FCA references the new rules and guidance which came
into effect on 8 December 2022 which can be found on the
FCA’s website under PS22/11: Improving the Appointed
Representatives regime. They aim to improve principals’
oversight of their ARs, increase the information they give the
FCA and raise standards across financial services to enhance
consumer protection and help protect markets.
The FCA will continue to target its resources through
deeper analysis of existing data and using improved data
covering all ARs and continue to strengthen its scrutiny and
engagement with principal firms as they appoint ARs. The
FCA will also continue its assertive supervision of high-risk
principals through its regulatory tools and take appropriate
enforcement action.
The oversight of ARs by principal firms appears to remain a
key area of concern for the FCA and accordingly, principal
firms should ensure they have properly adjusted to the new
regime.
WHAT FIRMS SHOULD DO NEXT
As set out above, the FCA will be scrutinising firms’ systems
and controls in key areas such as financial crime and market
abuse, as well as ensuring that firms have implemented the
higher standards of the Consumer Duty and are meeting the
new ESG and AR regimes.
Now is an opportune time for firms to assess their financial
crime and market abuse systems and controls and customer
journey processes, as well as ensure that they have properly
adjusted to the new AR regime.
It is also a good time for firms to consider how they are going
to integrate the FCA’s Sustainability Disclosure Requirements
and Investment Labels in line with the FCA’s final rules and
guidance (which can be found under PS23/16: Sustainability
Disclosure Requirements (SDR) and investment labels).
Given that these areas are key priorities for the FCA, any
shortcomings could lead to supervisory and/or
enforcement action.
Author: Andrew Marra is a senior associate at
Fox Williams.
Other commitments outlined:
Beyond the commitments detailed
earlier, the FCA has stated that it wants
• Prepare financial services for the future by investing
significantly in implementing the Treasury’s Future
Regulatory Framework, now referred to as its Smarter
Regulatory Framework.
• Deal with problem firms by increasing auto-detection
capabilities of problem firms and individuals and using
the full range of regulatory tools to prevent harm to
consumers and markets.
• Reduce harm from firm failure by minimising the
adverse impact of firm failure on consumers and
markets and responding to, and managing, the impact
of severe market shocks.
• Shape digital markets to achieve good outcomes by
assessing the impact of AI on UK markets to better
understand the risks and benefits and investigating
digital consumer journeys.
• Improve the redress framework by continuing work on
redress guidance for firms, complaints reporting, the
Advice Guidance Boundary Review and continuing
work with the Financial Ombudsman Service and the
Financial Services Compensation Scheme.
• Enable consumers to help themselves by using data
to act quickly against authorised firms approving
and issuing non-compliant financial promotions and
unauthorised firms whose activity could lead to misselling
and financial losses, supervising cryptoasset
firms’ financial promotions, and in following the Online
Safety Act, working with OFCOM to implement the
legislation.
• Minimise the impact of operational disruptions by
dealing with firms that cannot meet the standards on
operational resilience, and by proposing new rules to
address the systemic risk that critical third parties
present to the financial sector.
FCA budgets for its work
No firm should be in any doubt that the FCA doesn’t
have the funding to undertake it’s planned work
programme.
As listed on the FCA website, it's 2024/25 annual funding
requirement (AFR) is £755m, an increase of 10.7 percent.
The funding includes monies for its ongoing regulatory
activities (ORA) budget, and the costs of exceptional
projects in relation to changes to its regulated activities
and new initiatives.
The FCA has, at the end of March 2024, more than 5,000
members of staff to help it undertake its work.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 20

ACCOUNTING | FINANCE | BUSINESS
OUR SERVICES TO CREDITORS:
MAXIMISE YOUR RECOVERIES
When one of your debtors enters, or is approaching, insolvency proceedings, we can
advise on the best way for you to protect your position.
Our aim is to remove the administrative burden and help you feel at ease with our
support. We can do this through:
Reviewing and analysing all Insolvency Reports
and correspondence.
Fully explaining the process, your rights
and likely outcomes in user friendly terms.
Representing you at Creditor Meetings and on
Creditors’ Committees.
Completing and lodging your claim
forms, proxy forms and any other
necessary documentation.
Assisting you with any Retention of
Title Claims.
Monitoring dividend prospects.
CONTACT OUR AWARD WINNING TEAM!
To discuss your specific circumstance, please get in touch:
Visit: www.menzies.co.uk/creditorservices
Email: creditorservices@menzies.co.uk
LISTEN TO
OUR RECENT
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CONSUMER DUTY
DEAD
STRAIGHT
Should death notifications be ‘guidance’
or ‘mandated’ in Consumer Duty?
BY LUKE CHEADLE
IT is now more than two years ago that the Financial
Conduct Authority (FCA) finalised its guidance on
Consumer Duty to set a new benchmark for retail financial
services customers. The rules came into play on 31 July 2024,
from which time firms need to demonstrate, if challenged,
that they are acting to deliver ‘good customer outcomes’.
Most of the guidelines deal with the issue of ‘fairness’ and whether
firms are delivering ‘fair’ value. There is also a large section given over to
the fair treatment of customers, especially in relation to vulnerability.
Firms should be aware that some of the services/products they provide
could, in fact, create ‘a risk of harm’ to customers with characteristics
of vulnerability, and that as a consumer’s circumstances and needs
change, firms need to ensure they are acting with ‘the appropriate
levels of care’.
In a ‘Dear CEO’ letter from Sheldon Mills, Executive Director,
Consumers and Competition at the FCA to the leadership of the
retail banks ahead of the deadline (published in May 2024), The
Authority identified various weaknesses that some banks still had in
how they identified and dealt with vulnerable people. In particular,
it highlighted how there was limited front-line staff training on the
needs of customers in vulnerable circumstances, leading to ‘potential
inconsistent treatment and a lack of prioritisation’. There was limited
capability for inclusive communications and limited testing of
outcomes for customers on specific journeys.
Drivers of vulnerability
Within the umbrella of vulnerability are four key drivers: health;
resilience; capability; and life events. Within the latter, bereavement
is one of at least seven such events that could result in a customer
becoming vulnerable.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 22

CREDIT MANAGEMENT
An earlier FCA guidance note (Guidance for firms on the fair
treatment of vulnerable customers - 2021) that was published
at the start of the programme evidenced best practice in
bereavement management, including one bank that had
a dedicated in-branch bereavement adviser who helped a
consumer cancel all her partner’s Direct Debits after he passed
away.
It also identified worst practice, including a bank who
told a consumer whose partner had recent died ‘to come
back tomorrow’ because ‘there isn’t anyone here who does
bereavement today’. As the guidance says, even if specialist staff
were not available, all frontline staff should have been trained
to advise the consumer on how registering a bereavement
works, and been able to sensitively advise the consumer of their
options. ‘Lack of sensitive frontline support’, the guidance says,
‘can lead to disengagement and harm to the consumer’.
Buried deep within the guidance, it states that firms should
ensure that they have systems and processes that allow
customer service staff to record and access information
that will be required in the future to respond to vulnerable
consumers’ needs. ‘Consumers should not’, it says, ‘have to
repeat information’.
‘LACK OF
SENSITIVE
FRONTLINE
SUPPORT,’
CAN LEAD TO
DISENGAGEMENT
AND HARM TO
THE CONSUMER’.
To that end, it highlights a specific example. It recommends
having systems in place that minimise the number of times
a customer must inform firms about their vulnerability, and
in particular references a “tell us once” style process where
customers can notify a bereavement – just once.
Death notification
More than three years ago, the FCA was calling out the death
notification process as being a key area on which the banks
and other financial services providers should focus their
attention. Some have, and have realised the positive benefits
that services such as NotifyNOW and Settld from The Estate
Registry have had on improving customer service, enhancing
their reputation, creating greater efficiencies, and addressing a
specific Consumer Duty concern. The challenge is that the FCA
is only issuing ‘guidance’, and as such there is no obligation for
others to follow suit.
Perhaps the biggest challenge of all is one that is was also called
out in the recent Dear CEO letter. The FCA says that within
banks and financial institutions, it is often the case that there
is no clear ownership of outcomes for customers in vulnerable
circumstances, and poor management/awareness of the issues
involved.
Perhaps by making someone directly accountable, and at
a Board-level, we can convince others that an efficient and
effective death notification service is not only good for business,
but is also the right thing to do and make firms compliant with
delivering ‘good customer outcomes’.
Author: Luke Cheadle is Head of Operations
for The Estate Registry.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 23

INTERVIEW
BACK OF
THE NET
Sean Feast FCICM speaks to Jason Braidwood
FCICM(Grad) about credit, koi carp, and the
management skills of Glenn Hoddle.
JASON Braidwood has two passions in
life: football and credit. Remarkably,
he has enjoyed successful careers in
both.
Originally from Newbury in
Berkshire and the son of an East End
father and Irish mother, Jason was first spotted by
Swindon Town at the age of 12, and by 15 his footballing
talents had come to the attention of the three clubs in
the Thames Valley Triangle: Swindon, Oxford United,
and Reading. It was Swindon that won the day.
Signed to Swindon at 15 on a two-year contract, he
continued his education, albeit on day release, at
Filton Technical College: “All of the boys who had five
GCSE’s or more went to Filton in Bristol,” he explains,
“and those who had fewer went to Oxford! I have
always found that funny.
“My parents had encouraged my studies because life
as a professional footballer is always uncertain and so
I knuckled down and got eight GCSEs. Then at Filton
I studied for a B-Tech in Business and Law, and that
proved very useful when I moved into credit.”
Head Lad
Originally in the youth team and made ‘head lad’ under
John Trollope, who holds the record for the number of
league appearances made for one club, Jason soon got
his chance to play for the senior side, initially under
the Scot, Lou Macari, prior to the arrival of Ossie
Ardiles, the Argentinian, in the summer of 1989.
Like Macari, Swindon was Ardiles’ first managerial
role and the two had very different styles of managing
their players: “Lou was all about fitness and hard
work,” Jason remembers. “In training sessions, we were
always running more than we were playing football.
He also had his spies out all the time, watching how
we behaved and reporting us if we went to the sweet
shop or whatever.
“Ardiles was very different. There were six of us in digs,
including Nicky Summerbee (the son of Manchester
City legend Mike Summerbee), and one day there was
a knock on the door. It was Ossie. It was Friday night,
and we all had games the next day. I was in the reserves
and Nicky was in the first team. We were planning on
staying in and watching a film.
“Ossie invited us out down to the pub, the Oxford
Arms. He went to the bar and asked us what we
wanted to drink. Most of us thought it was a test apart
from Nicky who asked for a pint of lager. Ossie said
no problem and then we all had a beer. He told us
that he’d spoken to the landlord, and we could have
a maximum of two pints, use the pool table or play
darts, but we were to be home by 22:00 or he would
hear about it.
“He had a very different way of managing the boys and
was very keen that we should have time to relax. He
smoked 20 Silk Cut a day and often had a bottle of
whisky on the team coach for the away games, so he
was more ‘old school’.”
Under new management
Jason progressed well within the club until the
departure of Ardiles for Newcastle and the arrival of
Glenn Hoddle.
While Hoddle was the best footballer Jason ever played
with, as a manager they didn’t quite see eye to eye: “I
had just been offered a further two-year contract
when Hoddle arrived. He basically tore it up and said
I had six weeks to prove myself or they’d buy me out.
Six weeks later me and 16 other professionals were
bombed. His footballing skill was unquestionable, but
the way he managed people left much to be desired.”
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 24

CREDIT MANAGEMENT
WHILE HODDLE
WAS THE BEST
FOOTBALLER
JASON EVER
PLAYED WITH, AS
A MANAGER THEY
DIDN’T QUITE SEE
EYE TO EYE.
It was while travelling in the car with the Basingstoke
goalkeeper that he heard of a job going at ATS
Euromaster to work in credit control: “The goalkeeper’s
father worked there as the office manager and got me
an interview. Even though I had no idea what credit
control was, I went along and was offered the job
straight away, reporting to the credit manager.”
Studying for exams
Jason soon learned what the job entailed and was also
actively encouraged by his boss, John Wyatt, to study
for his ICM (as it was then) exams, attending Newbury
College and being taught by Kevin Hogarth and Peter
Rudd. With John’s retirement, Jason was promoted to
take his role: “I was only 24 and in charge of a team of
22, and like to think that my football career had helped
me develop some leadership skills.”
Finding himself out of work, Jason spent a short spell
at Stockport before being approached by Wycombe
Wanderers, managed by Martin O’Neill: “It was closer
to home and in what was then the GM Vauxhall
Conference, so I was happy. Martin was also an
excellent manager. Outside of football he was one of
the nicest people around, but in football he was one of
the hardest. When he lost it in the dressing room then
oh my God you would never forget it!”
It was while playing for Wycombe that Jason suffered
what was to prove a career-ending injury, and while he
played for other clubs, including Basingstoke Town, he
was never able to regain the level of fitness needed to
play at the highest level. While paid well for the time
he played, he needed to find a more regular income:
“I tried carpet fitting but with my knees it lasted four
weeks,” he laughs.
It was around this time that Jason had something of a
crisis of confidence: “I began to feel a little down and
depressed, and it’s something that apparently happens
to other professional sportspeople three or four years
after they’ve stopped playing. Today it is probably a
diagnosed condition but to me it manifested itself in a
form of acute anxiety such that I couldn’t fly and didn’t
want to go out. It hit me from nowhere.”
Happily for Jason, he received the support he needed
especially from his wife Louise who he met at school,
and his recovery was helped by the offer of managing
the youth team at Thatcham Town: “I had been doing
my coaching badges and so this was a great opportunity.
In the four years I was there I managed to get around
20 of my players into the first team which I eventually
took over, which was then Step Five in the pyramid of
non-league football and we got promoted to Step Four
– so quite an achievement.”
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 25 continues on page 26 >

INTERVIEW
vSwindon Town under the eccentric Ossie Ardiles
(Jason front row second from left).
After 11 enjoyable years at ATS, Jason was made
redundant. The business was centralising operations
into larger regional hubs, and although Jason was
offered a role at its new hub in Birmingham, he didn’t
want to move: “My wife was expecting our daughter
and it didn’t seem the right time,” he adds.
Actively looking for a new challenge, Jason applied for
the role of Head of Credit and Collections at a large
and high-profile energy and commodities business in
Oxford: “I handed in my notice and then a little while
later was watching the news when it was announced
that the company I was going to join was involved in
some major scandal!”
The business was Enron, and in 2001 – after exposing
irregular accounting discrepancies bordering on fraud
– Enron filed for Chapter 11 bankruptcy. Jason was
told not to worry, and with the acquisition of Enron
Direct, the British retail arm of the collapsed business,
by Centrica, Jason joined British Gas as Head of Credit
and Collections.
Electrical connections
In charge of the B2B contracts for British Gas’ electrical
business, Jason has many stories of his days tracking
down those who refused to pay their electricity bills
and being obliged to cut off their supply. This includes
the case of an Indian restaurant where the RSPCA had
to be called in to advise on how long koi carp would
survive in a fish tank without power, and another that
involved a Chinese supermarket and threats from a
local gang that involved the police: “What was odd
about these cases,” he explains, “is that they all refused
to pay but also all ended up having to pay a £4,500
reconnection fee on top of the money they owed. That
probably happened in 90 percent of the cases where we
disconnected their supply.”
In his role with British Gas, Jason led a team of 65
and spent much of his time travelling from home to
Leicester, where the business was based. Looking for
something closer to home, he joined Factor21, a local
factoring firm in Wallingford, expanding his skillsets
to include sales and account management. It was while
there that he started working more closely with the
Credit Reference Agencies, sharing trade payment
data, and which ultimately led him to join Experian.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 26

CREDIT MANAGEMENT
v Jason on the
team sheet playing
alongside the great
Glenn Hoddle –
exceptional player;
poor people manager.
“I was approached by Jason Mills of Experian initially to
do some consultancy work for them on trade payment
data and then helping small businesses in setting up
credit policies and procedures, largely working from
home. Much of the time I was working directly with
credit managers, so it was a great way of building my
network. I only had a small team at the time, and it was
very enjoyable.”
Much of Jason’s time was spent working with Mark
Nuttall, the Director of UK Banking and Financial
Services. When Mark left, not long after Experian went
public, Jason hoped to join him at Equifax, but Equifax
pulled out of the B2B market to focus on consumer: “I
was gutted and Mark was gutted, but it was just how
it was.”
Creditsafe opportunity
For a brief time, Jason worked in the asset finance
space until being asked to meet Cato Syversen, the
CEO of Creditsafe: “Mark and Cato were good friends
and Mark had obviously mentioned the work I had
been doing. They offered me a job to help grow their
trade payment data programme and find ways of
incorporating that data into their credit reports, so I
went back to almost how I was working at Experian,
being mainly home based but travelling around the
country.”
Within a year, Jason’s role changed: “Cato and the
CFO at the time Tyrone Davies asked me to dinner
and told me that they were growing globally at such
a rate, and their ledger was getting so big, that they
needed someone to help put the necessary processes in
place for collecting the cash etc. They wanted me to use
my experience in credit management to manage their
entire group debt function. The company was by now
trading in 15 countries and that is what I have been
doing for the past 11 years – as Global Head of Credit
and Collections.”
Of course that’s not quite the end of the story.
While building his career in credit, Jason has never
relinquished his love of football. Despite having a hip
replacement a few years ago, he has continued with his
UEFA coaching badges, and with two friends he runs
his own football training academy. He is very proud of
the fact that 44 boys have so far progressed from the
academy into professional clubs, including Swindon
and Chelsea.
He has also more recently begun coaching the
Hungerford Under 23 team, having spent time
teaching youth teams at various levels, especially while
his teenage son was still playing. He is still a proud
season ticket holder at his beloved West Ham and
has fond memories of playing with some footballing
greats, including the former England Manager Gareth
Southgate, Celtic manager Brendan Rodgers, and the
legend that is Paul Gascoigne. Away from football,
Jason is also a very keen golfer and loves watching his
cricket, as well as spending time with his wife, daughter
Olivia and son Alex – whenever he can.
As an FCICM (Grad), Jason is also proud of his
membership of the CICM, having served as Vice Chair
of the Thames Valley Branch and on the Advisory
Council for South Wales. He is also honoured to have
been invited to join the judging panel for the 2025
British Credit Awards. Having started in credit control
with no idea what he was getting into, he has enjoyed
every moment: “Whenever you have an opportunity,
just go for it,” he concludes. “Leave nothing on the
pitch; have no regrets.”
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 27

THURSDAY 6 FEBRUARY 2025
THE ROYAL LANCASTER, LONDON
FOLLOWING A RECORD-BREAKING 2024 EVENT
THE CICM BRITISH
CREDIT AWARDS
ARE BACK FOR 2025
The British Credit Awards recognise the stand out
achievements of the most deserving individuals,
teams and organisations in the international
credit industry. Join us as we celebrate your
achievements and recognise all the hard work
you have achieved this year. So take a look at
the categories, and think which one you, your
colleagues or your team deserve.
Enter or nominate today! Here is your opportunity
to be rewarded as what is recognised as the
highest accolade you can receive in your
profession. 2025, it’s your chance to lift the trophy!
For more information visit www.cicmbritishcreditawards.com
or scan the QR code to be directed to our website

ENTRIES
OPEN UNTIL
FRIDAY 20
SEPTEMBER
2024
2025 AWARDS CATEGORIES
B2B TEAM OF THE YEAR AWARD
– PUBLIC SECTOR *NEW*
B2B TEAM OF THE YEAR AWARD
– PRIVATE SECTOR *NEW*
SUPPLIER OF THE YEAR AWARD
B2C TEAM OF THE YEAR AWARD
DIVERSITY, EQUALITY & INCLUSION
BEST USE OF TECHNOLOGY AWARD
BEST EMPLOYEE ENGAGEMENT AWARD
RISK MANAGEMENT AWARD
DEBT COLLECTION AGENCY AWARD
LEGAL SERVICES PROVIDER
OF THE YEAR AWARD
SUPPORTING THE COMMUNITY AWARD
ENFORCEMENT BUSINESS
OF THE YEAR AWARD *NEW*
RISING STAR AWARD
TECHNOLOGY DEVELOPMENT AWARD
INNOVATION IN CREDIT AWARD
GLOBAL CREDIT AWARD
TEAM PLAYER OF THE YEAR AWARD
CREDIT PROFESSIONAL OF THE YEAR AWARD
OUTSTANDING CONTRIBUTION AWARD
JENNY OLDFIELD SUPPORTING
WOMEN IN CREDIT AWARD
SIR ROGER CORK PRIZE
(ANNOUNCED ON THE NIGHT)
EXCELLENCE IN CREDIT MANAGEMENT
(ANNOUNCED ON THE NIGHT)
ENTER NOW
To find out about the exceptional range of sponsorship opportunities
available at the CICM British Credit Awards please contact Will Bolton
to request a copy of our full sponsorship information pack.
Will Bolton – Business Development Manager
T: +44 (0)207 484 9796 | E: will.bolton@incisivemedia.com
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 29

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
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Esker’s Accounts Receivable (AR) solution removes
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The UK’s No1 Insolvency Score, available as a
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Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 30

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
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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
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the leading hybrid mail solution, CFH have the
perfect blend of solutions to help you engage offline,
online or the perfect blend of the two.
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.
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: 01761 416311
E: info@cfh.com
W: www.cfh.com
T: +44 1527 503990
E: membership@top-service.co.uk
W: www.top-service.co.uk
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MAXIMISE C ASH
T: +44 7817 613 825
E: info@invevo.com
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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.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.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
Shakespeare Martineau provides expert debt and
asset recovery services across various sectors,
including energy, manufacturing and government.
Our team supports regulated and unregulated
debt, acting as an extension of internal collections
when needed. We prioritise keeping client costs
low while empathetically engaging with debtors.
Our 70+ experts offer cradle-to-grave B2B and B2C
collections, transparent fee plans, bespoke service,
flexible case management, and additional support
like training, advice, litigation and mediation.
T: 01789 416440
E: jayne.gardner@shma.co.uk,
W: www.shma.co.uk
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 31

COUNTRY FOCUS
Go nuts for Brazil
A vibrant country hard to ignore for those looking
for new opportunities.
PELE, Copacabana, carnivals, and
soccer are all central to the very
essence of the world’s fifth largest
country – Brazil.
But as to what else Brazil is known
for, we need to consider that it’s
home to 60 percent of the Amazonian rainforest – a
broadleaf tropical rainforest of around 6m km2, Brasilia
– the modern and now 64 year old ‘new’ capital of the
country with a core laid out in the shape of an aircraft,
and Rio de Janeiro – the capital of the state and home
to a world famous beach, Sugar Loaf Mountain and a
rather large statue, Christ the Redeemer. There is, of
course, much more to Brazil or as it’s officially known,
the Federative Republic of Brazil.
History
Evidence has shown that there were humans in what is
now Brazil at least 32,000 years ago, possibly migrants
from islands in the Pacific Ocean. The Portuguese
discovered Brazil by accident
when Pedro Alvares Cabral (heading for India) landed
in April 1500. Portuguese traders followed, but alarmed
by French interest in trade with indigenous peoples
Portugal founded a colony to strengthen its claim to the
land. French and Dutch interest in the region rose in the
1500s and 1600s, but didn’t last long with each ‘invasion’
being repulsed and their colonies taken over by the
Portuguese.
Following Napolean’s invasion of Portugal in 1807, John
VI and his court fled to Brazil; and with various bans
on local manufacturing lifted and the allowing of trade
with friendly nations, Brazil’s economy grew. The king
returned to Portugal in 1820 leaving his son, Pedro,
in charge. In 1822 Pedro declared Brazil independent
naming himself emperor.
1864-1870 saw the war of the Triple Alliance where
Brazil, Uruguay, and Argentina defeated Paraguay, then
brought the abolition of slavery (it had already stopped
in 1854) and the end of the monarchy followed a year
later after a coup.
Brave Brave | | Curious | | Resilient / / www.cicm.com / / September 2024 2024 / PAGE / PAGE 32 32

on Brazil
Europeans emigrated to Brazil from the 1870s. The 20th
century witnessed revolution in 1930, post economic
depression, a dictatorship, and industry nationalisation in
1937, as well as a repressive military government from 1964
until 1985, at which point democracy was restored. A new
constitution was established in 1988.
x Escadaria Selarón,
locally known as the 'Lapa
Steps' (Escadaria da Lapa)
for being situated at the
"Lapa" neighborhood, is a
set of world-famous steps
in Rio de Janeiro. They are
the work of Chilean-born
artist Jorge Selarón who
claimed it as "my tribute to
the Brazilian people."
Geography
Brazil is set on the Atlantic Ocean with which it maintains
a 7491 km-long coastline. It shares borders with ten other
countries in South American – Colombia, Venezuela,
Guyana, Suriname and French Guiana to the north; Peru,
Bolivia, Paraguay and Argentina to the west; and Uruguay to
the south. In fact the only South American countries Brazil
doesn’t share a border with are Ecuador and Chile.
Demographics
According to datareportal.com, the 2024 estimate for the
Brazilian population stands at 217m, up 1.2m (0.6 percent in
a year). As a comparison, Statista records that the Brazilian
population numbered 41.5m in 1940, 72.17m in 1960, 120.69m,
in 1980, 174.79m in 2000, and 212.56m in 2020.
As for age structure and distribution, the CIA World
Factbook – for 2023 – reckons that 19.77 percent (male
22.08m/female 21.14m) were aged 0–14 years; 69.72 percent
(male 75.61m/female 76.85m) were aged 15–64 years; and just
10.51 percent (male 9.84m/female 13.14m.) were aged 65 years
and over.
xThe Carnival in Rio de
Janeiro is a festival held
every year before Lent; it
is considered the biggest
carnival in the world, with
two million people per day
on the streets. The first
Carnival festival in Rio
occurred in 1723.
In common with many other societies, the Brazilian
population is getting greyer. According to the 2022 revision
of the World Population Prospects, in 1950 just 3 percent
were 65 or older, but that rate rose to 5 percent in 1995 and
10.5 percent in 2020.
Ethnicities, as estimated in 2022, recorded by the 2022 CIA
World Fact Book, stated that 45.3 percent were of mixed
origin, 43.5 percent were white, 10.2 percent black, 0.6
percent were indigenous, and 0.4 percent were Asian.
Similarly, the languages spoken are diverse too. Not
unsurprisingly, Portuguese is the official and most widely
THE 2024
ESTIMATE FOR
THE BRAZILIAN
POPULATION
STANDS AT 217M.
Brave Brave | Curious | Curious | | Resilient / / www.cicm.com / / September 2024 2024 / / PAGE 33 33 continues on page 36 34 >

COUNTRY FOCUS
spoken language. However, less commonly spoken
languages include Spanish (in the border areas and
schools), German, Italian, Japanese, English, and a
large number of minor Amerindian languages.
In terms of population centres, 84.85m live in
the southeast, 54.64m in the northeast, 29.93m in
the south, 17.35m in the north and 16.29m in the
central-west. The Brazilian Institute of Geography
and Statistics (IBGE), using 2022 census data,
recorded 15 cities with 1m inhabitants of which
Sao Paulo was the largest with 11.4m, then Rio de
Janeiro (6.2m), Brasilia (2.8m) and Fortaleza (2.4m).
There are another 76 cities with between 300,000
and 1m people, and a further 228 cities with greater
than 100,000 population. Overall urbanisation is
84.36 percent as of the 2010 census.
Digital being an essential service makes it relevant
to look at its deployment in Brazil in 2024. On
this, data portal comments that there were 187.9m
internet users in Brazil at the start of 2024 with
an internet penetration of 86.6 percent. Similarly,
Brazil had 144m social media users in January 2024,
equating to 66.3 percent of the total population.
And when it comes to mobile telephone, there were
some 210.3m cellular mobile connections that were
active in Brazil in early 2024 which is equivalent to
96.9 percent of the total population.
Economy
Turning to the Brazilian economy, Santander
reckons that Brazil is the world's ninth-largest even
though it is still working on rebuilding itself after
the 2014 recession when the economy contracted
by almost 7 percent. It's GDP in 2022, according
to the World Bank, was $1.92tn. While good, and
well above 2002’s $509.8bn, it’s much lower than the
$2.61tn recorded in 2011.
The data cited by the bank demonstrates, Brazil
hasn’t grown at the same rate it did before recession
hit. Regardless, the economy grew by 2.9 percent
in 2022 - i.e (World Bank), and the first half of
2023 saw a recovery partly driven by a very strong
harvest and consumer spending. For 2024 year, the
IMF estimates growth at 2.2 percent.
Inflation is currently 4.23 percent (June 2024), but
saw a recent peak of 12.13 percent in April 2022 – a
few months before the inflationary peak in the UK.
The rise began as Brazil unlocked post-COVID.
However, the previous peak of 10.71 percent was
in January 2016. That said, two previous highs were
stratospheric – 6820 percent in April 1990 and a
more ‘reasonable’ 4920 percent in June 1994.
As for the labour market, it has shown signs
of improvement with the unemployment rate
dropping to 7.7 percent in September 2023 before
rising to 7.9 percent in March and falling again
to 7.5 percent in April 2024. Santander puts job
FROM A COLONY
ORIGINALLY FOCUSED
ON PRIMARY
SECTOR GOODS
SUCH AS SUGAR,
GOLD AND COTTON,
BRAZIL CREATED
A DIVERSIFIED
INDUSTRIAL BASE
DURING THE 20TH
CENTURY.
Brazil
The Sugarloaf Cable Car is a cableway system
in Rio de Janeiro. The first part runs between Praia
Vermelha and Morro da Urca (at 220 metres or 722
feet), from where the second rises to the summit of
the 396-metre (1,299 ft) Sugarloaf Mountain.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 34

CREDIT MANAGEMENT
growth down to the services sector, particularly
domestic services. It needs to be noted that
employment is likely to be higher as the
government believes that almost two-fifths
of the country's employed workforce have
informal jobs.
However, Brazil faces many social issues and
has one of the highest levels of inequality in
the world, with high disparities between the
country's regions. In detailing it’s action here,
the government noted on its website that
in 2019, 11.37m people – 5.4 percent of the
population – were below the poverty line. In
2020, the number was 4.14m individuals, 1.9
percent of the total.
Even so, Santander reckons that the country's
richest 5 percent have the same income as the
remaining 95 percent of the population.
Infrastructure
Considering the size of Brazil, it won’t be a
surprise that roads are central to freight and
passenger traffic. Anuariodotransporte.cnt.org.
br reckons that there were, in 2019, 172m km of
roads. However, only 215,000 km were paved as
of 2018.
As for rail, Extensão da Malha Ferroviária –
2015 noted that it’s been on a decline since 1945,
when roads took primacy. Total track length
was 30,576 km in 2015.
If landing fields are included, there are about
2,500 airports in Brazil. São Paulo–Guarulhos
International Airport, near São Paulo, is the
largest and busiest and gru.com.br states that
it handled nearly 43m passengers in 2018 while
also handling most of the commercial traffic for
the country.
And for water-based freight, the CIA World
Factbook, albeit in 2007, noted that Brazil
had some 50,000 km of waterway. Marine Insight
noted that Brazil has 175 port installations,
including around 32 public ports. The largest is
Porto de Santos or Santos Port, situated in São
Paulo state.
Industries
From a colony originally focused on primary
sector goods such as sugar, gold and cotton,
Brazil created a diversified industrial base
during the 20th century.
Agriculture
This is large and important to Brazil as, in 2018,
the Food and Agriculture Organization of the
United Nations stated that it was the world's
largest producer of sugarcane, soy, coffee,
orange, guaraná, açaí and Brazil nut.
It is also a top producer of maize, papaya,
tobacco, pineapple, banana, cotton, beans,
coconut, watermelon and lemon. Other crops
include cocoa, cashew, avocado, tangerine,
persimmon, mango, guava, rice, sorghum,
tomato, apple, melon, peanut, fig, peach, onion,
palm oil and natural rubber.
In 2019, Brazil was the world's largest exporter
of chicken meat, the second largest producer of
beef, the world's third largest producer of milk,
the fourth largest producer of pork and the
seventh largest producer of eggs in the world.
Overall, Statista expects gross production value
to amount to $246.10bn in 2024 and $367.80bn
in 2029.
The U.S. Department of Agriculture, in 2022,
said that agriculture uses 63.5m hectares for
crop production, and employs 15.1m people in
rural establishments, equivalent to 15 percent of
the labour force
Mining
When it comes to mining, Brazil is a serious
player in the extraction of iron ore, copper,
gold, bauxite, manganese, tin, niobium and
nickel. And in terms of gemstones, Brazilian
government data indicates that it is the world's
largest producer of many varieties.
Using data from the US Geological Survey, in
2019, Brazil was the world's largest producer
of niobium (88,900 tonnes); the second largest
world producer of tantalum (430 tons); the
second largest world producer of iron ore (405m
tonnes); the fourth largest world producer
of manganese (1.74m tonnes); and the fourth
largest world producer of bauxite (34m tonnes).
There are plenty more minerals in what is a very
long list.
As Statista comments, “Mineral mining
production in Brazil reached $41bn in 2020
and generated over 170,000 direct jobs.”
However, production has been higher: In 2011
it peaked at $53bn but declined to $24bn in
2016. The sector's value was mainly boosted by
a rise in prices of iron ore, copper, and gold.
Regardless, throughout the years, the sector has
become imperative to the growth of the local
economy, especially in the states of Pará and
Minas Gerais.
Industry
Brazilian industry is mainly located in the
southeast and south regions of the country,
where the most prominent industrial centres
are located. São Paulo has the most industrial
activity in Brazil, followed by Rio de Janeiro
and Minas Gerais.
Brave | Curious | Resilient / www.cicm.com /September 2024 / PAGE 35 continues on page 36 >

COUNTRY FOCUS
Automotive
When it comes to subsectors, automotive is valuable to
Brazil as it contributes around 4 percent of GDP and
is tied to around 1.3m jobs – directly and indirectly. It
produces cars, trucks, motorcycles, and accessories.
Large firms in the country include Volkswagen, General
Motors, Ford, Renault, Toyota, Honda, Hyundai and
Stellantis.
US-based LATAM FDI says that the Brazilian automotive
industry comprises 65 factories in 11 states that can make
4.5m vehicles annually. Statista reckons that the sector
generates around $53.6bn in revenue through around
5,400 unique firms.
Looking at the future, some experts – says LATAM -
believe that the Brazilian automotive industry has a
promising future through initiatives such as Rota 2030, a
government programme that defines vehicle production
rules in Brazil for a number of years.
Steel
Steel is another important subsector for Brazil. S&P
Global notes that crude steel production in the country
in 2023 was projected to rise 2 percent on year to 35.3m
tonnes. Meanwhile, the Brazil Steel Institute states that
capacity consists of 31 steel mills and 12 business groups
with an installed capacity of 51m tonnes of crude steel per
year. The industry is located in 10 states, with the largest
concentration found in the southeast which produces
more than 55 percent of Brazil’s total production.
That said, the institute’s own data shows that in 2020,
while Brazil produced 31m tonnes, it was outproduced by
the US which made 73m tonnes and Europe, collectively,
179m tonnes.
* Brazil produces about a third of the world's coffee,
making the country by far the world's largest producer.
Coffee plantations, covering some 27,000 km 2 (10,000 sq
mi), are mainly located in the southeastern states of Minas
Gerais, São Paulo and Paraná where the environment and
climate provide ideal growing conditions.
vSão Paulo’s vibrant financial center, is among the world's most populous
cities, with numerous cultural institutions and a rich architectural tradition. Its
iconic buildings range from its neo-Gothic cathedral and the 1929 Martinelli
skyscraper to modernist architect Oscar Niemeyer’s curvy Edifício Copan. The
colonial-style Pátio do Colégio church marks where Jesuit priests founded the
city in 1554.
In terms of employees, Statista reports that the Brazilian
steel industry employed an estimated 79,510 people in
2020 - a decrease of over 5.6 percent in comparison to
2015, when the industry's workforce stood above 84,200
people. In revenue, the institute states that in 2020, the
value generated by the steel industry grew 36.6 percent
compared to the previous year, reaching 32.1bn BRL
(£4.63bn).
Personal
Non-resident taxpayers are taxed only on Brazilianearned
income at a flat rate of 25 percent. Income
received abroad by non-residents is tax exempt.
There are five bands for income tax. The first 2,259.20
BRL is exempt; between 2,259.21 and 2,826.65 BRL the
rate is 7.5 percent; between 2,826.66 and 3,751.05 it’s 15
percent; between 3,751.06 and 4,664.68 it’s 22.5 percent;
and 4,664.69 and above the rate is 27.5 percent.
Summary
Brazil is big. It’s too big to ignore as an export market –
especially for those firms that are active in agriculture,
steel, petrochemicals and infrastructure. There are
language barriers to overcome as well as navigating a
huge country, but there are rewards to be had for those
that try.
Author: Adam Bernstein is a freelance finance writer for
Credit Magazine magazine.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 36

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THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 37

CICMQ ROUNDUP
THE
ENERGISER
Leading a team through crisis and onwards in their careers.
BY MELANIE YORK
HAVING her first child was
the motivational spark for
Charlotte Manley FCICM,
Senior Manager of Collections
at EDF to begin taking her
career seriously.
When she left college, Charlotte wasn't sure what to
do, so she took a job as a receptionist at an electrical
company after studying for an advanced GNVQ in
Leisure and Tourism. She didn’t hate it but didn’t love it
either. “My career aspirations changed after my son was
born as I wanted to give him a good life,” says Charlotte.
She moved house, moved jobs and joined EDF in 2001,
joining its residential team. Charlotte could see there
would be opportunities working for a large firm if she
put in the time, effort and dedication.
After 18 months, there was an opening in the commercial
team, and Charlotte decided to try debt collection. She
acknowledges debt collection is not for everyone: “It’s
a bit like Marmite,” she says, “you either love it or you
hate it.” She has never had a dull moment since, and
still believes it’s an area of credit management that is
woefully misunderstood: “People’s perception,” she
says, “is of the stereotypical bad guy sending the boys
around, but of course, it isn’t that. It’s about managing
relationships and delivering a great service to so many
different types of customers.” After 23 years, debt
collection remains her passion.
A perfect storm
Since joining the commercial team, the department has
grown significantly. EDF acquired British Energy in
2009, and the teams merged. During the energy crisis,
29 energy suppliers failed largely because firms were
unable to hedge future energy prices sufficiently. EDF’s
client base grew rapidly as millions of households and
businesses had to switch to new energy suppliers.
Charlotte explains how challenging the energy crisis
was: “We originally thought COVID would be the
most challenging time, but during the pandemic,
many businesses temporarily shut, and debt levels
actually went down along with the reduced energy
usage. The energy crisis was more challenging because
our customers were really struggling to pay before the
Government stepped in to assist. We already had the
pressure to keep debts low; now there was also the need
to keep insolvencies low. We did a great deal to protect
customers.”
The EDF retail team quickly received energy crisis
training. Charlotte felt there were synergies with the
stresses and challenges her business clients were facing
and asked for her team to be included: “It meant we could
offer advice on mental health and energy efficiency,
signpost the Government support or anything else they
might need,” she says.
Today, that advice and support are embedded in EDF’s
communications. It's still needed. This year, PwC found
that 77 percent of UK firms it surveyed had increased
prices during the last two years and 81 percent expect
to do so in the next two years, so the full effects of the
energy crisis are still to be realised.
During this economic turmoil, the Collections
department continued to grow rapidly, tripling in
size when Charlotte’s department merged with EDF
Business Solutions two years ago. Today Charlotte is
responsible for diverse teams across the UK, India, and
the Philippines, amounting to around 140 people, who
manage revenue collections from large and mid-market
accounts.
Throughout all these challenges Charlotte led the team
in sharing examples, celebrating wins, and not being
afraid to ask for help. The team went from strength to
strength. Charlotte was promoted during the pandemic,
received her Fellowship from the CICM last year and
the team achieved a CICMQ accreditation, passing
with a Distinction.
A distinct achievement
Charlotte was first introduced to CICMQ accreditation
by her counterpart in the newly acquired British Energy.
They worked together, and EDF became the first energy
company to achieve accreditation and has been reaccredited
several times since. There was therefore a
history and a legacy to uphold. After a tumultuous few
years, achieving a Distinction was a particularly proud
moment for the team.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 38

CREDIT MANAGEMENT
Communicating through the process was key. EDF
had a new CICM assessor who was unfamiliar with
the business, and Charlotte had to explain that, unlike
many firms, EDF has separate credit risk and debt
departments: “It is important,” she says, “for the assessor
to understand the nuances in your business, which are
different from the generic nature of the accreditation.”
She says it is a two-way process: “Examine all elements
of the assessment, consider the feedback from CICMQ
about how to improve before the next accreditation,
and if necessary, seek clarification on any points that
aren’t clear.”
“IT’S ABIT LIKE
MARMITE,”
SHE SAYS, “YOU
EITHER LOVE
IT OR YOU
HATE IT.”
An inspiration
Charlotte values the suggestions for improvement from
CICM. An earlier assessment started Charlotte thinking
about changing the culture, to energise and improve
an already highly competent team. Some people were
providing fantastic service to customers, but Charlotte
wanted everyone in her team to have a minimum level
of skills in collections.
She contacted Luke Sculthorp FCICM at CICM to ask
for advice and then introduced CICM qualifications to
her team. Today, most are now working towards Level
2 qualifications, managers and analysts are studying for
Level 3, and two managers are potentially investing in
the Level 5 qualification, Charlotte included: “I want to
lead from the front. Even though I have my Fellowship,
I still want to continue learning, and I also want to show
my team that they can all do it.”
The accreditation and the exams have improved the
business, built teamwork, and brought about the change
in culture Charlotte hoped for. Not only are team
members developing their own skills, but they are also
helping one another to succeed.
Two team members, Jade Penny and Lisa Thomas, have
been with EDF for 15 years and 15 months, respectively
and are now studying for Level 2. They approached
Charlotte, saying the course was enjoyable, but
sometimes it was hard to link the course material to the
peculiarities of the energy sector. Charlotte spoke to
the course tutor, who agreed to include more industryspecific
examples in the teaching. Now Charlotte has
fortnightly sessions with Jade, Lisa and the rest of
the training group to discuss their assignments and
homework and suggest different ways of thinking about
the topics or to recommend other learning resources.
Lighting the way
Jade and Lisa tell Charlotte this does more than
simply encourage them to learn: “They say they have
been inspired by two strong, independent women, me
and Heidi Wilbur, who work in a male-dominated
environment, look after the team and deliver results in
a fair way, yet remain approachable.”
Charlotte praises her own mentors for the positive
impact they have made on her management style:
“Karen Govier, at EDF, was an inspiration who gave me
my first opportunity and continued to be a cheerleader,”
Charlotte says. “Sue Chapple FCICM was a Fellow of
CICM at the time whilst in a previous position at EDF
and I still quote her to my team today on a number of
successful debt collection tactics. Cat Walkins, a very
strong female leader, who ran the SME team, was always
very easy to talk to and approach for advice even though
I wasn’t working in her area.”
Her current manager, also acts as a valuable sounding
board: “He provides support and advice on the wider
business, about where this team is going,” explains
Charlotte, “and gives me exposure within the business.”
He encourages Charlotte to think about her career
progression, without pushing her, and she admits long
term she has ambitions: “I really would like to be a
Director of Revenue Operations and to be responsible
for a major operation,” she confides.
For now, however, she is happy to be lighting the way
for other people’s careers within Credit Management.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 39

CREDIT UNIONS
UNION
CITY BLUES
Why do Credit Unions fail and are some more
vulnerable than others?
BY JAMES SLEIGHT
THE recent failure of the Castle &
Crystal Credit Union brought into
sharp focus the vulnerability of
these community institutions to
both micro and macro challenges.
Coming so soon after the failures
of six Towns Credit Union and
the Birmingham Inner Circle Community Credit
Union, and the failure of some 85 other Credit Unions
in period between 2002 and 2015, it’s clear there’s a
problem that’s not going away any time soon.
That Credit Union are under pressure is not in dispute.
Legal restrictions around the composition of a Credit
Unions means they are more dependent on depositors
and exposed to borrowers with common risk profiles,
making it difficult for them to diversify. Capital
adequacy, asset quality, earnings performance, and
liquidity are all factors that can ultimately feature in
their demise.
Promoting financial wellbeing
Credit Unions can trace their history to the 1840s,
when a group of weavers in Rochdale created their own
society and sold shares to members to raise the capital
necessary to buy goods at lower than retail prices, and
then sold those goods at a saving to members. The
idea caught on, and the concept of a ‘Credit Union’
spread across the world. Its mission then, as it is today,
is to promote the financial wellbeing of its members,
which it does by providing a broad range of financial
products, predominantly loans, but also venturing into
mortgages, bank accounts and ISAs.
Unlike the banks, they are not subject to market
pressures for growth, earnings and performance, which
begs the question: why do they fail? It is also interesting
to consider why they are failing now, whether it is a
trend, and whether there are any common reasons as
to why?
A review of credit union failures five years ago by the
Bank of England highlighted many of the challenges
that credit union’s face. The biggest single pressure was
one of regulation, and the onus placed on reporting.
To monitor their performance, every credit union is
obliged to submit details of assets, liabilities, profit
and loss and liquidity. The regulator requires them
to maintain a minimum level of capital and liquidity,
and a liquidity ratio (taking into account risk adjusted
capital and provision of bad debt) of 10 percent.
Vulnerability to shocks
In very simple terms, Credit Unions fail because their
capital and liquidity fall below the minimum levels
required, and because lower capital ratios make them
more vulnerable to shocks. The most vulnerable of
all tend to be the smaller, less well capitalised and
less profitable Credit Unions which are less able to
withstand macro-economic factors such as increasing
national unemployment rates and inflation.
This shouldn’t be a surprise. As far back as 2010,
Liverpool John Moores University (LJM) wrote a paper
that summarised the principal reasons for failure as
being loan delinquency and bad debt, invariably in
the context of a poor economic environment. Credit
Unions simply ran out of cash because they had
insufficient income to meet expenditure. Losses were
eroding their capital base, and situations were being
exacerbated by an end to local authority grants and
government subsidies that they once used to rely on.
While those are the technical reasons for failure, they
only go some way to explaining the ‘why’. LJM was
quite brutal in its assessment. It cited a lack of financial
discipline, a lack of financial control, and a paucity
of financial information at board level. It called into
question the boards’ ability to think strategically and
adapt to changing environments, and the inability to
accurately and meaningfully analyse financial results.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 40

CREDIT MANAGEMENT
the elephant in the room
Poor lending decisions
It went further, highlighting poor lending decisions
that stemmed from poor credit administration, and the
poor management of the loan portfolio leading to the
Credit Unions being financially overexposed. It also
cited an inability for the Credit Unions to diversify
their risk, thus increasing their vulnerability, and a
lack of formal systems and controls which prevented
potential problems or deficiencies from being
highlighted sooner.
Macro issues were, of course, also a factor, as well as
‘regionality’. If a membership was reliant on a small
number of regional employers, then the failure of any
one of those employers would negatively impact loan
book collections. Poor economic conditions bordering
on recession also led to a reluctance among borrowers
to take on credit.
Perhaps this was the elephant in the room as regards
why Credit Unions fail, but what LJM was bold enough
to address, was the competence of the management, and
whether they had the right skill sets to analyse financial
data, ask challenging questions and hold employees
and indeed other Board members to account.
Many Board members were and still are willing
members of the local community who want to do
right by their community but lack the commercial
culture and business instinct to make it work. A lack
of succession planning and single points of failure (i.e
an over-reliance on one or two key individuals) also
led to difficulties, as did gatekeeper founder members
refusing to allow the Credit Union to evolve.
Contrasting views
LJM’s assessment, and the more recent Bank of England
review, in many ways match our own experience in
working with Credit Unions in administration. It
is therefore interesting to contrast a regulatory and
academic view with the experiences of the directors
themselves when they are struggling with a potentially
failing entity, and the lessons that other Credit Unions
could learn as a result.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 41 continues on page 42 >

CREDIT UNIONS
CREDIT UNIONS
FAIL BECAUSE
THEIR CAPITAL
AND LIQUIDITY
FALL BELOW
THE MINIMUM
LEVELS
REQUIRED
A common issue Credit Unions have prior to going
into administration, based on our experience, includes
significant and recurring issues with their IT and
operating systems. To that end, investment in new
technology, and better training for those tasked with
using it would certainly help with ensuring access to
more accurate and timely information about loan book
provisions and losses which would in turn prevent
them from falling in breach of regulatory requirements.
Focused investment to update operating software will
also ensure that current platforms remain compatible
with regulatory standards.
While not to understate the investment required,
technology is a comparatively easy fix. Perhaps more
of a challenge is ensuring that the Credit Unions
receive appropriate professional advice and support
at the appropriate times. The quality of your choice of
auditor, for example, will help in identifying issues and
shortfalls early, and ensuring the Board has a correct
view of the actual financial position and underlying
trends.
Procuring well is also important. Good outsourcing
decisions can prevent a Credit Union from entering a
contract (into the provision of new office equipment
or third-party credit control, for example) that it
cannot afford. Similarly, recruiting well, and making
sure those employees are fully supported prevent
critical members of staff from being overwhelmed and
mistakes from occurring.
Marketing to attract new members is critical, as is
ensuring the right products are being made available
to the right people. Encouraging new talent to join the
Board is also critical, but increasingly difficult in an age
where many are time-poor, and balancing a voluntary
role with their everyday working responsibilities can
be a challenge. The future success of Credit Unions,
however, is dependent on having a new generation
of executive-level board representatives with current
industry knowledge working with existing board
members with time served to deliver the optimum
blend of age and experience. It is also important to
ensure the board remains focused, energised and
engaged, since fatigue can inevitably lead to poor
decision making, however well intentioned.
Shifting sands
Some of the challenges Credit Unions face are not of
their own making: pressure to offer ‘free’ services and
apps, like the banks; difficulties with mergers to achieve
economies of scale; ongoing decline in the grants, reliefs
and financial support available from local councils. The
cost-of-living crisis and inflation, as mentioned earlier,
have meant that many borrowers have been unable to
keep up with their repayments which, combined with
falling memberships, make a difficult situation more
difficult still.
This difficulty is further heightened by an industry
feeling that legislation makes it too easy for individuals
to escape unsecured borrowing through a multitude of
easily accessed debt management offerings.
There are a number of issues common to any failing
business, and any failing Credit Union. Not surprisingly,
Credit Union Boards recognise they are becoming
increasingly vulnerable in an increasingly uncertain
economic environment. The successful Credit Unions
of the future will probably be those who are quickest to
adapt to a changing economic and political landscape.
They will recognise that the old model of providing
cheap finance to a narrow demographic only works
if the Credit Union is adequately funded. And since
public sector funding is drying up, they will need to
become more profitable through increased efficiency
and an investment in technology.
This transition to a new state is not going to be easy,
but it is essential. Credit Unions have a vital role to
play in communities and their survival is important.
They are not simply symbols of ‘fair’ finance but rather
deliver tangible support to the people who need it
most in a space that the government does not currently
support. Notwithstanding they are not for profit in
structure, they will need to adapt their business model
and that means a potential shift in mindset. To prosper
and grow, they will need to look and act like other
commercial entities and diversify the products available
to members where the business risk is reduced.
Author: James Sleight is a Partner at PKF Littlejohn
Advisory
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 42

THE PERFECT VENUE FOR THIS YEAR’S
CICM FELLOWS’
LUNCH 2024
CICM Fellows’ comprise the top percentage of
Credit Management and collections professionals across
the globe. So, what happens when you get
them all together in a room?
Exclusive to the highest grade of membership, the Fellows’ Lunch
provides an opportunity for more growth with the Chartered
Institute of Credit Management’s most experienced professionals,
at a gorgeous venue in the heart of the capital.
Join us at Hamilton Place, Mayfair, London for a
three-course lunch and a day of meeting new and existing
colleagues within your industry.
Friday, 20 September – 4 Hamilton Place, Mayfair, London, W1J 7BQ
Tickets for this event are £100 plus VAT per person.
Please scan the QR code to book a table or email:
becki.sharpe@cicm.com for further information.
No.4
Hamilton
Place

CICM ADVISORY COUNCIL
YOUNG BLOOD
CICM Advisory Council Welcomes Young Members.
THE CICM Advisory Council relies
on the diversity of its members
to reflect the range of industries,
regions and experiences of the
Institute’s membership. This year,
several younger members of CICM
were welcomed as newly elected
members of the Advisory Council and are keen not
only to share their industry and credit management
experience, but also to give a voice to their generation
and look to the future of the CICM.
Emma Reilly FCICM, is CEO of Top Service, specialists
in the construction industry. Her career in credit spans
24 years, beginning in debt recovery and now including
credit referencing. She is joining the Trade Credit
specialism group: “I was honoured to be elected to the
Advisory Council and am keen to champion better
risk assessment and debt collection in the construction
industry,” she says.
“Despite the insolvency statistics reported in the press,
construction is not on its knees, but companies need
to be educated about the importance of trade credit
management, risk assessment, debt collection and
payment legislation.
“I also want to encourage young people in the credit
industry to step up and commit to building a strong
network within the CICM and the Advisory Council
to lead by raising the issues members face and say,
‘Let’s talk about it’. By discussing issues, everyone starts
feeling a bit lighter, and we can ask what support the
CICM can provide.”
Joshua Mayhew, MCICM, is CEO of GCR, which
specialises in collecting debts in UK and Middle Eastern
debt collection and has offices in Kent and Dubai. He is
already Chairman of the Kent branch of the CICM but
is keen to be the voice of a younger generation within
the industry: “I’m especially proud to be elected at the
age of 33, given my father is a Fellow of the CICM,” says
Joshua.
“I want to help create a balance between the generations.
Younger people come to the CICM, qualify to improve
their career prospects and leave. I want to help them
understand the value of being part of a community, of
meeting face-to-face over a coffee, or networking, to
learn from other people’s experiences and knowledge,
which can help them to deal with issues and stay up-to
-date with trends and insights.”
Joshua is joining the International Credit specialism
group: “I am happy to share my insights about the
Middle East, which is a growing part of the worldwide
credit business. As the region shifts from being an oilbased
economy, more companies are attracted there
by the huge financial and tax incentives on offer. The
region is safe but culturally very different to anywhere
else in the world, so I will gladly discuss the impact that
has on credit policies with anyone.”
Natalie Bunyer FCICM CEO of GlobalDebtRecovery
is joining the Consumer Credit specialism group. She
started working in her family business at the tender age
of ten. Founded in 1979 by her father, it was a tracing
agency that recovered debt from consumers who had
absconded owing money to the banks. But the 2010
financial crash changed everything: “Banks and lenders
sold their debt portfolios to investment companies, so
our clients changed, and in 2015 we had to apply for an
FCA (Financial Conduct Authority) licence to operate.
I've had to navigate through some very difficult and
complex times, and if I can help anybody to do that,
I’d love it.”
Natalie wants more of her industry to see the value of
the CICM: “Pressure from the FCA continues, and it is
becoming increasingly challenging and costly to trade,
especially since the introduction of Consumer Duty.
But while members of my industry are probably aware
of the CICM, they don't get particularly involved.”
Equally, she wants to support smaller business members:
“Being a small company, it really helps to learn from
other people and other companies. I feel really
passionate to try and help others because you may not
have the resources to go to all the different conferences
every year or expensive courses and learn things. I have
found, through the CICM network, everyone is so
willing to reach out and assist and support you.”
Laura Brown MCIM(Grad) is Head of Credit Control
at Saint Gobain. She has spent over a decade at the
company, having previously worked in the transport
and refrigeration M&E (mechanical and electrical
services) sectors. Laura is excited to join the Advisory
Council and encourage more young women into the
industry: “I am really grateful to people for voting for
me,” she says.
“Given how CICM has been an integral part of my career,
becoming a member of the Advisory Council is a great
opportunity to give something back. When thinking
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 44

CREDIT MANAGEMENT
about the future of the CICM, I want to encourage
more young females into credit management, and one
approach is to get them more involved and see the
CICM as there to offer support and advice.
“There are representatives of many sectors across
the council itself; it's how we can pull together and
reach across all areas of the credit industry. For
instance, I work in construction, where insolvencies
are still washing through from previous years, and
issues with pricing and supply shortages remain. The
Government’s push for new houses and the Bank of
England’s cut in the base rate is positive, but the future
is uncertain. Members can discuss the issues and talk
to experienced people like me and Emma about what
is happening in the construction and trade credit
industries.
“At the end of two years, I'd like to have been an
advocate for young women, helped young people
think about a career in credit, or, most of all, inspired
them to join the Advisory Council and continue the
cycle of sharing and growth within the CICM.”
Joshua Mayhew MCICM
Larry Coltman FCICM
Emma Reilly FCICM
Peter Gent FCICM(Grad)
‘‘BECOMING
A MEMBER OF
THE ADVISORY
COUNCIL
IS A GREAT
OPPORTUNITY
TO GIVE
SOMETHING
BACK.’’ –
Laura Brown MCICM(Grad)
Neil Jinks FCICM
Laura Brown MCICM(Grad)
Hans Meijer FCICM
CHARTERED INSTI
MENT •
Martin Kirby FCICM
Charles Mayhew FCICM
Natalie Bunyer FCICM
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 45 continues on page 46 >
D

CICM ADVISORY COUNCIL
Debbie Nolan FCICM(Grad) Amanda Phelan FCICM(Grad) Allan Poole MCICM Philip Roberts FCICM
Paula Swain FCICM Jonathan Swan FCICM Mark Taylor MCICM Atul Vadher FCICM(Grad)
Trade Credit Representatives
Laura Brown MCICM(Grad)
Martin Kirby FCICM
Emma Reilly FCICM
International Credit Representatives
Glen Bullivant FCICM
Charles Mayhew FCICM
Joshua Mayhew MCICM
Consumer Credit Representatives
Natalie Bunyer FCICM
Neil Jinks FCICM
Debbie Nolan FCICM(Grad)
Credit Services Representatives
Laurie Beagle FCICM
Larry Coltman FCICM
Dee Weston FCICM
Regional Representatives
East Midlands - Mark Taylor MCICM
East of England – Atul Vadher FCICM(Grad)
London – Alan Church FCICM(Grad)
North East – Allan Poole MCICM
North West – Peter Gent FCICM(Grad)
Scotland, Northern Ireland & Ireland –
Amanda Phelan FCICM(Grad)
South East – Jonathan Swan FCICM
South West – Philip Roberts FCICM
Wales – Hans Meijer FCICM
West Midlands – Paula Swain FCICM
Yorkshire & Humber – Vacancy
Glen Bullivant FCICM
Dee Weston FCICM
Alan Church FCICM(Grad)
Laurie Beagle FCICM
CHARTERED INSTITUTE OF CREDIT MANAGEMENT •
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 46

HR MATTERS
PASSING PHASE
How to manage an employee diagnosed with a terminal illness.
BY GARETH EDWARDS
IT’S a sad fact of life that an employer may
find that an employee has received a terminal
diagnosis. While it’s naturally going to be hard
for the employee, any employer with an ounce
of feeling will want to support the employee
sensitively and compassionately.
Of course, each situation will be unique, but there are a
number of key legal issues that employers need to consider.
Equality Act 2010 rights
A terminal illness is likely to fall under the definition of a
disability, and the Equality Act 2010 is likely to apply. This
means that an employee with terminal illness has the right not
to be treated less favourably at work.
Less favourable in this context means:
• Direct discrimination (essentially doing something because
of the condition, such as terminating the employee's
employment);
• Indirect discrimination (a policy or practice that has a more
detrimental effect on people with the condition);
• Discrimination arising from disability (doing something,
not because of the condition, but because of something
caused by the condition, such as taking into account their
sickness absence when deciding on bonus entitlement);
• A failure to make reasonable adjustments (failing to make
reasonable changes to the workplace or the role to lessen
the impact of the condition);
• Harassment (unwanted conduct relating to the condition);
and
• Victimisation (doing something because the individual has
complained about discrimination).
The Equality Act 2010 specifically requires employers make
reasonable adjustments for employees with a disability.
Employers should therefore explore and consider reasonable
adjustments to accommodate employees' needs at work
- which may change over time. Employers only have to
make these adjustments if they are reasonable in a specific
situation; there is no set rule regarding what a reasonable
adjustment is.
Reasonable adjustments could include allowing the
employee to work from home or another location; flexible
working arrangements, such as changes to start or finish
times, introducing more breaks during the day, or condensed
working hours; changing the duties of an employee's role;
adjusting an employee's workstation, including providing
new equipment; and time off work for treatment. If in any
doubt, guidance should be sought from occupational health
and the employee's doctor as to what adjustments might be
appropriate.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 47
continues on page 48 >

HR MATTERS
THEY COULD ALSO THINK
ABOUT OFFERING FLEXIBLE
WORKING OR TEMPORARY
ADJUSTMENTS TO WORKING
HOURS.
Pension entitlements
An employee may be entitled to take sick leave and could
qualify for statutory sick pay if they are too ill to work. They
may also be entitled to contractual occupational sick pay if it
is provided by the employer.
And where employees pay into a workplace pension scheme,
or have done so in the past, they may be able to take their
pension early by applying for ill-health retirement or
medical retirement. In some circumstances, employees with
a terminal diagnosis or less than a year to live may be able to
take all of their accrued pension in one lump sum - employees
should review their pension provider's rules and take specific
advice in relation to their options.
At the same time, employees should also review the terms of
any private medical insurance, group income protection or
death-in-service cover that they may have access to through
their employer.
Compassionate culture
In addition to legal requirements, employers should foster a
compassionate culture that supports people, including those
with a terminal diagnosis. Employers might seek to develop
support for employees with a terminal illness, such as a
policy, guidance, line manager training or awareness-raising.
In terms of managing absence, being flexible and
compassionate when managing absence is key to creating an
environment where employees feel able to tell their employer
about how they are feeling while supporting employees'
emotional wellbeing.
As to steps that employers could take, they should think
about removing employees with terminal illness from
standard sickness reporting procedures – perhaps as
a reasonable adjustment; enhancing the organisation’s
established financial arrangements for sick pay for
employees with a terminal diagnosis; allowing paid time
off work for employees to attend medical appointments;
and adjusting reporting lines in relation to who and
how employees should notify if they are unable to attend
work.
It makes sense that these arrangements should be discussed
and agreed with the relevant employee.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 48

CREDIT MANAGEMENT
Providing leave
Apart from statutory and/or contractual sick pay, employers
should also consider compassionate leave for people where needed,
for example where an employee is struggling to manage the wider
wellbeing impacts of their diagnosis and needs some time and space
from work.
They could also think about offering flexible working or temporary
adjustments to working hours, for example agreeing a reduction in
hours. However, employers and employees should be mindful of any
financial implications of doing this, as this could have an impact on
reward and benefits, such as death-in-service benefits. Again, the
specific options should be carefully discussed.
Keeping in touch
Having sensitive and supportive ‘keeping in touch conversations’
are another key element of managing employees working with a
terminal illness. Employers should have sensitive conversations with
the employee about how best to keep in touch during their absence,
and how frequently. Some employees may want to keep up-to-date
with news about work while others may prefer minimal contact. Any
keeping-in-touch conversations should be approached with empathy
and without the employee feeling any pressure to return to work
before they are ready.
Employers should plan a return to work before the employee actually
returns so that the individual knows what to expect and has the
opportunity to think about any issues they would like to raise, such as
potential adjustments. Managers should keep in mind that someone
returning to work with a terminal illness is likely to be dealing with
the emotional as well as the physical effects of their symptoms and
diagnosis.
Supporting managers
Lastly, employers need to recognise that a line manager will often be
the first point of contact if someone needs to discuss their diagnosis
and health needs. Employers need to also ensure that they too feel
supported and are also sufficiently comfortable and competent to have
empathetic conversations; they need to understand how to respond to
an employee who shares health information about a terminal illness
and what actions to take as well as the specific support available.
HR professionals must ensure that managers develop a basic
knowledge of the illness that the employee has been diagnosed with,
so that they can have a broad understanding of the condition’s likely
impact and what adjustments may help.
Summary
Dealing with a terminal illness, whether as the sufferer or an
employer, is never going to be easy. However, with a little forethought
it’s possible to make the process more bearable for all involved while
demonstrating to the wider workforce that the employer cares about
staff.
Aurthor: Gareth Edwards is a partner in the employment
team at VWV.
Sick pay and terminal illness
Those that are employed and are too ill to work, may
be able to get sick pay. This will be either Statutory
Sick Pay (SSP) or occupational sick pay - sometimes
called contractual sick pay. If the employer does not
provide occupational sick pay, it must as a minimum pay
Statutory Sick Pay if the employee qualifies.
To get SSP, the individual must be an employee (this
includes if an agency worker or part-time worker), earn
an average of £123 a week or more, and have been ill for
at least four days in a row. Those on zero-hours contracts
can still claim SSP.
SSP can be paid for up to 28 weeks – either in one period
of sickness, or in several periods and after it runs out, the
individual may be able claim Employment and Support
Allowance or Universal Credit.
Pension and terminal illness
If an employee pays into a workplace pension scheme, or
has done so in the past, they may be able to access their
pension early. This is known as ill-health retirement or
medical retirement. In this instance the HR or pension
departments should help employees with information.
The pension provider should do the same.
Those with a terminal diagnosis or less than a year
to live may be able to take all of their pension in one
go. However, individuals in this situation should take
independent advice; taking a pension early may affect
benefits they may currently have, such as death in service
benefit or other lump sums.
Life insurance and pension
schemes
Many employers offer life insurance – this may be
included in the workplace pension, or it may be separate.
Life insurance pays either a lump sum or regular
payments to beneficiaries on death. In some schemes,
this money may not be paid if the employee has already
started accessing their pension or has taken a lump sum.
It’s therefore important to check the scheme information
or speak to the pensions department or pension provider
before any decisions are made.
The rules around pensions are complicated; help from a
financial adviser is essential.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 49

LOOKING FOR
YOUR NEXT
CAREER MOVE?
IBA SPECIALIST
City of London/Hybrid Working, £45k-£55k
Your new company is a global specialist insurer that operate in
the Lloyds of London market. Your new role will revolve around
collecting outstanding premiums and processing transactions;
however you will also be helping out with budgeting and audit
planning. To be considered for this role, you will need to have
at least 12 months of recent experience working within IBA
Accounts and be able to commute to London 3 times a week.
Ref: 4595327
Contact James Godden on 020 3465 0020
or james.godden@hays.com
PROJECT BILLING ANALYST
Epsom/Hybrid Working, £35k + excellent benefits
Our client is a prominent global engineering and development
consultancy. The project billing analyst will deal with high-profile
projects worldwide, addressing some of the most intricate
challenges. Your duties will include preparing accurate sales
invoices, resolving billing queries and raising credit notes.
Ref: 4589840
Contact Mark Ordona on 07565 800574
or mark.ordona@hays.com
CREDIT CONTROL RISK ANALYST
Irlam, Greater Manchester, £30k
(9 Month FTC, Hybrid 1 day working from home)
Reporting to the Finance Director you will be tasked with
managing the collections (approx. 450 accounts) and risk
assessment for the company. Duties will include chasing
customers to retrieve outstanding payments, carrying out
credit checks and reviews on new and existing customers,
engaging with credit Insurance providers and credit agencies,
and producing regular reports. Experience in credit insurance
is preferred but not essential. Ref: 0109RJ
Contact Joanna Taylor-Coburn on 0161 926 8805
or joanna.taylor-coburn@hays.com
ACCOUNTS RECEIVABLE
Chiswick, £28k-£32k
Working for a global airline company, you will be joining an
ambitious team of four, reporting into the Senior Finance
Officer. We are looking for someone with accounts receivable
experience, who has strong attention to detail and can thrive
in a fast-moving environment. To be successful within this role
you will have experience of working with a large volume of high
value invoices. Ref: 4519892
Contact Raphaella James on 020 3465 0020
or raphaella.james@hays.com
hays.co.uk/credit-control-jobs
© Copyright Hays plc 2024. The HAYS word, the H devices, HAYS WORKING FOR YOUR TOMORROW and Powering the world of work and associated logos and artwork are trademarks of Hays plc.
The H devices are original designs protected by registration in many Brave countries. | Curious All | rights Resilient are reserved. / www.cicm.com CM-00426 / September 2024 / PAGE 50

BILINGUAL CREDIT CONTROL/
ACCOUNTS RECEIVABLE
Basingstoke/Hybrid Working, £30k-£35k
Using your fluent English and Italian language skills, you will
manage your own ledger of international accounts. Your varied
duties will include cash collections, query resolution, payment
allocation and reconciling accounts. This role will suit a skilled
credit professional who has a proven track record of reducing
DSO and building solid working relationships, both internally
and externally. Ref: 4587799
Contact Natascha Whitehead on 07770 786433
or natascha.whitehead@hays.com
This is just a small selection of the many opportunities
we have available for credit professionals. To find out
more, visit our website or contact Natascha Whitehead,
Credit Management UK Lead at Hays on 07770 786 433.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 51

CAREERS
BEST OF BOTH
When it comes to flexible working, is there a happy medium?
BY NATASCHA WHITEHEAD FCICM
STRIKING a balance between what employers
need from their workforce to succeed and what
professionals want most in terms of flexibility is
an ongoing challenge across the world of work,
including within the finance sector.
Our latest research provides some clarity over
the questions that continue to spark debate: what are the most
widely implemented flexible working patterns across the finance
landscape today? Are employees content with their arrangement?
Is flexibility still a valuable factor in terms of talent attraction and
retention? And where does productivity come into the equation?
How are finance employees
currently working?
Despite widespread talks of a return-to-office, flexible working is
now seen as an expectation, rather than a luxury, by professionals
today and flexibility shows no signs of going anywhere anytime
soon.
As it stands, over half (53 percent) of finance professionals work in
a hybrid way, splitting their time between the office and working
remotely, which has only decreased slightly in the last 10 months,
from 56 percent in our previous research. Just under a third (31
percent) of professionals are based entirely in the office today
which has stayed consistent in the last 10 months (30 percent).
Meanwhile, finance employees based fully remotely (16 percent)
are in the minority and the story was much the same 10 months
ago (14 percent).
Our findings illustrate that hybrid working is the go-to approach
within the world of finance, enabling staff to get the best of
both worlds in terms of the perks of face-to-face interaction and
collaboration as well as the many benefits associated with remote
working. But are finance professionals optimistic about their
flexible working offering?
Do finance professionals want to
work under a hybrid model?
Our research reveals that over three quarters (77 percent) of
finance professionals are currently happy with their hybrid
working set up. However, one in two (20 percent) confessed
that they are unhappy and would prefer to work more days from
home. Only three percent of finance professionals say they are
unhappy with their current arrangement as they would like to
work more days from the office.
Of course, there is no one-size-fits-all solution when it comes
to finding the most suitable flexible working style and personal
preference depends on a wide range of lifestyle factors, but the
general consensus amongst finance professionals is that hybrid
working presents a happy medium.
Does flexibility significantly
impact talent attraction?
The desire to work in a flexible way is still going strong amongst
finance professionals; although 48 percent of professionals would
be willing to sacrifice flexibility for the right job opportunity,
over half (52 percent) would not consider applying for a job in the
future that didn’t offer hybrid working.
Although most (88 percent) finance professionals say their
organisation has not implemented a four-day week, half (50
percent) of professionals would be tempted to move to a different
organisation if it offered this perk. Four in ten (40 percent) say
it would depend on the opportunity and just 10 percent say they
would not jump ship for a four-day week.
As our findings demonstrate, employers who fail to take into
consideration the ongoing importance of flexible working are
likely to miss out on the top finance professionals in today’s
competitive market.
Do flexible working patterns
help or hinder productivity?
The impact flexibility has on productivity has generated an
ongoing debate; some employers have recently asked their staff
to work in the office more often in a bid to improve productivity
levels, whereas others believe flexible working empowers their
employees to be productive and will continue to offer such
flexibility as a result.
According to our research, when finance employers were asked
how productivity has changed amongst their workforce last more
than a third (36 percent) said productivity has improved since the
pandemic and the introduction of more flexible working options.
Only 18 percent of employers believe productivity has declined
since the widespread adoption of flexibility. That being said, close
to half (46 percent) of employers across the sector don’t think
productivity has changed in recent years, so there are many other
factors to take into account when assessing an organisation’s
productivity levels aside from flexible working.
The question of trust can also be a point of tension, as flexible
working does place a degree of responsibility on staff to stay
focused and achieve results even when they’re not under their
organisation’s roof. On a positive note, the majority (83 percent)
of finance professionals feel trusted by their employer to work
productively in a hybrid or remote way; on the flip side, just eight
percent of staff don’t feel their employer trusts them to work
effectively from home and nine percent feel like their employer
doesn’t trust them some of the time.
Author: Natascha Whitehead is Senior Business Director
at Hays specialising in Credit Management.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 52

1 ST YEAR
ANNIVERSARY
Have you
joined the
“new breed”
yet?
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 53

ESKER CORPORATE PARTNER
FORECAST ON
THE FINANCIAL
FUTURE
A 2024 mid-year review from the CICM’s Credit Industry
panel discussion hosted by Esker.
BY MILICA COSIC
THE UK economy has bounced back
from recession, with stronger-thanexpected
growth of 0.6 percent
in the first quarter of 2024 – the
strongest of all G7 economies. This
momentum will be maintained,
experts forecast, with services
from the retail and the construction sector returning to
growth. Encouragingly, the cost-of-living crisis seems to
be easing, and shall continue to ease, while we’ve now
seen an interest rate cut’ to replace and despite Brexit,
the UK remains as Europe’s biggest financial hub.
However, this is not to say that the rest of 2024 will
not be a demanding year. UK companies, and Britons
alike, must contend with the lingering effects of last
year’s economic upheaval which includes consistently
high energy and fuel prices, persistent supply chain
disruptions, repercussions of global conflicts and the
cautious attitudes of lenders and consumers.
Upcoming political risk also brings uncertainty. With
2024 being a major election year – half of the world is
under change with elections in India, the UK, USA, EU
and Russia – democracy is under threat. The impact
of these factors suggests that the path to stability and
growth remains fraught with challenges and may even
be the same as last year, according to experts.
At a live CICM panel discussion in collaboration
with Esker at PwC’s offices in London, credit industry
specialists shared insights on a range of subjects
affecting the credit industry today, covering critical
topics such as the UK economic outlook, insolvency
trends and the recruitment market.
The UK economic overview
The outlook on the UK and Ireland is generally
improving – country risk is relatively low and in
line with the European average. The IMF revised
its 2024 growth forecast for the UK to 0.7 percent
(expected to rise to 1.5 percent in 2025), whereas earlier
projections indicated a trend growth of around two
percent. Growth forecast in Ireland is 1.5 percent
(2024) and 2.5 percent (2025), and as a neighbour this
is strong projection and appears to double the EU
average.
Meanwhile, inflation continues to trend downwards.
Taking into account that the trend rate of inflation
has historically been considered at between two and
four percent, in April 2024, it came at 2.6 percent for
Ireland, and three percent in the UK. Ray Massey,
Director of Underwriting Credit at Tokio Marine
HCC, forecasts that inflation may grow in the second
half of the year, before it will fall again in Q1 of 2025.
The consumer price index (CPI) might also
increase slightly over the next couple of months, Ray
envisages.
Further to this, there are clear indicators of improving
confidence. As the cost-of-living crisis eases for Brits,
consumer confidence is seen to be improving. Real
wages are rising quickly; around 4-4.5 percent and
above inflation, meaning that there is an increase in
disposable income. Business confidence indicators are
also the highest in three years and are on an improving
trend in the UK. In comparison, in the Eurozone, despite
its status as a top economy, German manufacturing
is facing challenges. The region’s sluggish economic
growth and Germany’s underperforming industrial
sector have contributed to this struggle.
Prior to the Bank of England (BoE)’s interest rate cut,
UK lenders also cut rates due to growing anticipation
of the BoE’s decision. In April 2024, inflation fell to 3.2
percent, prompting lenders to attract more customers
and stay competitive.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 54

CREDIT MANAGEMENT
While construction firms accounted for 17.4 percent
of all insolvencies in England and Wales in March
2024, according to the Insolvency Service, Ray says
that sectoral Purchasing Managers' Index (PMI) is 53.0
points in April, which is the best reading since February
2023. Every sector in construction overall is positive –
residential building is down (47.6 points), commercial is
at 53.9 points, and civil engineering is at 53.6 points in
growth territory.
Insolvencies
In April 2024, registered company insolvencies in
England and Wales reached 2,177, marking an 18 percent
increase compared to March 2024 (1,838) and the same
month in the previous year (1,838 in April 2023). While
the lag from the COVID pandemic kept all smaller
companies from falling through, it washed over to the
numbers that businesses saw at the end of 2023.
Looking ahead, Lucy Fulmer, Head of Creditor
Markets Team at PwC, says that the rest of 2024 will be
demanding for businesses. While UK companies must be
content with the lingering effects of last year’s economic
and geopolitical upheaval, the impact of these factors
suggests that the path to stability and growth remains
fraught with challenges and insolvency numbers may be
the same as last year.
Haulage and transportation, construction, retail,
hospitality and leisure, and technology, Lucy predicts,
are amongst the sectors of concern for the rest of the year.
OTAE RUMKI
NONSEQUIAM
HARUM
IMAGNIM SITATE
DOLESERUM
VELLUPTATE
VOLORE SUMN
Recruitment market
Job vacancies, as of June 2024, are sat at 898,000, which is
a decline of 401,000 since June 2022. Further to this, in the
period from March to May 2024, there were an estimated
904,000 job vacancies in the UK, which represents a
slight decrease of 1.3 percent (12,000 vacancies) compared
to the previous quarter.
For context, the number of job vacancies reached its
lowest levels in the months leading to June 2020, at just
326,000, at the height of COVID-19 restrictions.
Despite the ongoing challenges in the recruitment
market - even as one in five working-age adults opt not
to work - emerging signs indicate that recovery is on the
horizon. A huge tell-tale sign, according to Natascha
Whitehead, Senior Business Director at Hays, is that
consumer confidence continues to rise, and candidates
may return to the market, encouraged by the trend of
flexible, hybrid or part-time work.
Chris Oatts MCICM from Company Watch also
presented, giving his views on fraud and Companies
House. This topic was also covered in the July/August
edition of CM Magazine, with an interview with
Company Watch’s CEO Craig Evans.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 55

BRANCH NEWS ROUNDUP
THE ALCHEMY
OF GIN MAKING
CICM SHEFFIELD AND DISTRICT BRANCH
ON a sunny summer evening in July,
members and guests arrived outside
the Grade II listed Portland Works
in Sheffield. Purpose built in 1897
by Robert Read Mosley as a metal
trades factory, Portland Works is
one of the last remaining examples
of its kind and is of great historical significance. Indeed,
in 1913 it was the birthplace of Harry Brearley’s Stainless
Steel and ‘Rustnorstain’ cutlery was manufactured there
until the 1960’s. Skip to present day and Portland Works
is now home to over 30 small businesses and since 2015
has been the home to Locksley Distilling Co. With the
promise of an intimate guided tour of the distillery and
a warm Yorkshire welcome, we couldn’t wait to enter.
Greeted by owners and master distiller John Cherry
and Cynthia King, we assembled in the new Gin School
room with time for networking before John talked us
through the history of their small business which has
grown from humble beginnings in his parent’s attic.
Moving on into the historic courtyard John talked us
through their whole process as we visited the blending
and bottling room and then up the age worn stairs to the
distillery on the first floor, where any goods still come up
from the yard using the pulley outside. Here we saw both
hot and cold distillation, the latter required for the more
delicate botanicals, and John educated us on the Old
Tom gin of the 1700’s which was much sweeter and could
be obtained from a dispenser on the outside of a pub by
depositing a penny into the carved wooden cat’s mouth
and getting your gin down a lead pipe. After descending
the stairs back into the courtyard, John pointed out the
second-floor area which was once the rehearsal space for
Def Leppard. Did we sample the Sir Robin of Locksley
Gin? – well that would be telling….
Many thanks to John and Cynthia for the generous
sharing of their time, passion and both local and industry
history and to all attending members and guests for
making the evening a great success.
Author: Paula Uttley, Vice Chair & Treasurer of Sheffield
and District Branch.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 56

CREDIT MANAGEMENT
The whacky
world of credit
data
CICM EAST OF ENGLAND
BRANCH
CICM East of England Branch was delighted by the record number who
registered and participated in its July edition of its series of ‘Lunch and
Learn’ webinars. Branch Committee member Steve Walsh, a director of
RSM Creditor Solutions, introduced corporate credit data expert and
risk specialist, Tim Wendholt of Corporate CPR.
In his absorbing, (described by Tim as slightly tongue in cheek),
amusing, but highly insightful presentation Tim examined the world of
credit data. This included the unusual ways in which credit data can be
interpreted and what credit managers can do practically to manage such
anomalies. The punchy session was aimed at helping credit managers to
sharpen their skills in analysing and utilising credit data to help them
make more informed decisions.
Tim talked through a number of anonymised case examples of the type
that credit managers face every day, showing how for the same company
at the same time and using exactly the same information, different
credit referencing agencies could arrive at significantly different scores.
Similarly, he talked about how, and why, different credit insurers could
arrive at conflicting conclusions using the same data but using their
own scoring method. He pointed out that collating data from multiple
sources, maintaining it in a fast-moving world and delivering it in
multiple ways to customers was very expensive.
Tim recommended that credit managers should bear in mind the level
of knowledge that the sales team of credit referencing agencies have,
and their understanding of how their data and scores are constructed.
It was worth checking with them how they calculate working capital
and net worth, then aligning the risk calculation policies of the credit
referencing agency to your own.
He gave his personal view on how many sources of information a credit
manager should ideally use and the circumstances which might govern
this decision, stressing that in the case of basing a decision on information
from credit referencing agencies the risk was entirely with the credit
manager and the credit insurer, who, unlike the credit referencing
agency, both have ‘skin in the game. He also warned of the dangers
of relying on Companies House information and he shared details of
other factors he personally uses when making, or recommending, a risk
decision. He said that the credit agencies ‘have herded their cats on your
behalf but sometimes they hop over the fence and escape’ Tim went on
to outlined the changes that he was aware of in the pipeline which use
AI to speed up the provision and accuracy of data.
Penny
for your
thoughts
CICM EAST
MIDLANDS BRANCH
IN July over 20 members of the CICM East Midlands
branch, from a wide range of credit management and debt
recovery professions, including B2B, law firms, High Court
Enforcement Agents and recruitment consultants, gathered
for a long overdue social event at the Penny Lane Bar in
Nottingham city centre.
The attendees enjoyed an evening of networking, drinks,
great buffet food and playing retro games at the iconic
amusement arcade venue in the heart of Nottingham’s
Lace Market. Members spent the evening reminiscing of
childhood holidays, playing arcade games including 2p
penny pushers, air hockey, table football, skee ball, mini
bowling, shooting hoops and a grown up sized Hungry
Hippos, which seemed to be the most popular game of the
evening.
The event proved a great opportunity for CICM members
and non-members of the industry from the region to meet
up in a social environment, network, discuss current credit
management issues they are facing and get to know some of
the people they hadn’t met before.
The branch committee have received some fantastic
feedback from attendees, with the evening deemed a great
success, and all members are looking forward to the next
event.
Author: Rob Osborne MCICM(Grad)
and Mark Taylor MCICM.
His concluding advice for credit and risk managers was to remember
never to take data at face value, always trust your own judgement, and
challenge when things look wrong or just even weird.
Author: Richard Brown FCICM, CICM East of England Branch
Vice Chair and Secretary.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 57

International Trade
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
EU GOES SNOUT TO
SNOUT WITH CHINA
FOLLOWING the EU’s notice
of an intention to put punitive
tariffs on Chinese imports of
electric vehicles in a bid to
save the European automotive
industry, predictably, China
is to hit back by setting up its
own tariffs on pork from the
EU.
The Daily Telegraph thinks
that this could be the start of a
confrontation between the two
blocs. And it thinks that Europe
may lose – ‘it is too divided,
has no clear strategy, and its
enfeebled economy no longer
has the strength for a fight.
The West needs to stand up
to China, but Europe, including
the UK, may no longer be
strong enough to do that by
itself.’
The paper says that the
EU’s decision to put punitive
tariffs of up to 38 percent
on Chinese electric vehicles
imported into the EU was
perfectly understandable; the
automotive industry accounts
for six percent of employment
across its economy, and
exports €158bn (£134bn)
worth of cars.
The problem, however,
should be obvious. China
was always going to respond
– and Europe sells roughly
€3bn worth of pork to China
annually, especially from
Spain, Holland, Denmark and
France.
Worse, China has suggested
that it could raise tariffs on
large engine petrol vehicles.
And more tariffs could follow
on pharmaceuticals, machine
tools and chemicals, luxury
brands and more.
The key issue for the UK is
that while this is a Sino/EU
spat, British companies could
well become collateral damage
as things escalate where they
supply European firms. China
could even play different
European nations off against
each other, creating splits and
weakening resolve.
Scottish shortbread exports
ACCORDING to gov.uk, Dean’s of Huntly
is using trade finance provided by Virgin
Money and guaranteed by UK Export
Finance to meet overseas demand as far
afield as Australia and China.
The family-owned premium shortbread
manufacturer secured £750,000 of new
Virgin Money financing to help it take its
shortbread to overseas markets.
It already exported to markets including
Germany, USA, Australia, and China, selling
both branded shortbread and own-brand
products made for large overseas retailers.
However, seasonal demand for its handbaked
shortbread meant that the firm
required additional working capital to ramp
The problem, however, should be
obvious. China was always going to
respond - and Europe sells roughly
€3bn worth of pork to China annually,
especially from Spain, Holland,
Denmark and France.
up production in the run-up to Christmas,
Mother’s Day, Chinese New Year and other
seasonal events.
UK Export Finance helped to secure
Virgin Money financing with a guarantee
offered through its General Export Facility
(GEF). With the GEF funding first agreed in
2023, Dean’s was able to use the financing
to make Christmas shipments, produce
special-edition Year of the Dragon tins, and
launch a new range of shortbread hearts to
meet demand around Valentine’s Day and
Mothering Sunday.
This new financing also supports the firm
as it invests in new equipment and creates
up to 20 new posts.
UK Export Finance helped to secure Virgin Money
financing with a guarantee offered through its
General Export Facility (GEF).
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 58

UK and Australia
discuss new Free
Trade Agreement
OFFICIALS from the Governments of the
UK and Australia met virtually over the
summer to discuss the United Kingdom-
Australia Free Trade Agreement (FTA), one
year after its entry into force.
Because the meeting took place during
the pre-election period, discussions were
limited to reflecting on joint work and
developments during the first year of the
agreement being in force.
Current trade flow data showed that a
trade in goods between Australia and the
UK that totalled £6.7bn between June
2023 and April 2024, with strong growth
in those areas liberalised by the FTA.
Meanwhile, trade in services between the
UK and Australia totalled £6.5bn in the
second half of 2023 (Q3 and Q4 2023).
Both sides highlighted key areas jointly
delivered by the UK and Australia including
the Strategic Innovation Dialogue, which
focused on key areas such as health and
biotechnology, battery technology, AI and
offshore wind.
Working group discussions were held
through the year that covered goods,
rules of origin, sanitary and phytosanitary,
animal welfare, services and investment,
professional services, intellectual property,
environment, cooperation, technical
barriers to trade, and innovation.
Other areas focussed on included the
Legal Services Regulatory Dialogue, and
the Artist’s Resale Right commitment,
which, after its introduction on 31 March
2024, allows UK and Australian artists,
including First Nations artists, to claim
resale royalties each time their eligible
artworks are resold.
INSTITUTE OF EXPORT &
INTERNATIONAL TRADE
GAINS CHARTERED STATUS
THE Institute of Export & International
Trade has changed; on 10 July 2024,
it became the Chartered Institute of
Export & International Trade.
As the body said in announcing
the news, the change means that its
training courses and qualifications,
events and webinars, and wide range
of trade insights and resources will be
delivered by the Chartered Institute.
It said that the Royal Charter granted
by His Majesty King Charles III ‘is a
recognition of the trust that’s been
placed in our community to empower
global trade.’
High LOW TREND
GBP EUR 1.19122 1.15967 Down
GBP USD 1.30077 1.26735 Down
GBP CHF 1.15181 1.07669 Down
For the latest
exchange rates visit
www.currenciesdirect.com
or call 020 7874 9400
GBP AUD 1.99099 1.92933 Up
GBP CAD 1.78323 1.74216 Flat
GBP JPY 204.173 181.372 Down
BritishAmerican Business launches
new Trade and Investment Guide
BRITISHAMERICAN Business (BAB),
‘an exclusive transatlantic business
networking group for C-suite executives
and SMEs in the UK & USA,’ has launched
what it calls a comprehensive guide
designed to assist UK firms in navigating
the diverse and extensive US market,
offering detailed insights into various
sectors and states.
As BAB outlines, and which many
possibly already knew, the US is composed
of 50 distinct markets and presents unique
opportunities in areas such as fintech in
Florida, energy solutions in Texas, electric
vehicles in Indiana, and creative industries
in California.
The BAB says its Trade and Investment
Guide aims to provide UK firms with
essential information to make informed
Currency Exchange Rates
This data was taken on 19 August
and refers to the month previous
to/leading up to
18 August 2024.
investment decisions, covering critical
aspects such as financial planning,
logistics, legal services, and immigration. It
also highlights the support available from
governments, economic development
agencies, leading associations, and
networks to help UK businesses thrive in
the US.
BAB’s new guide also examines how
companies can leverage opportunities
from the UK Government’s state-led
Memoranda of Understanding scheme.
Trade pacts have been signed with states
including Indiana, North Carolina, South
Carolina, Oklahoma, Utah, Washington
State, Florida, and Texas, enhancing trade
and investment prospects for UK firms.
The guide is available from babinc.org.
SOCIAL MEDIA PROVES
USEFUL ROUTE TO SALES
A story in MoneyWeek has reiterated
why social media, the bane of some
people’s lives, is a useful route to sales.
Talking specifically about TikTok, the
publication noted that a number of
builders, plumbers, electricians and
carpenters are using social media
platforms to show off their work and
gain a massive following – into the
millions. They are sponsored, have
endorsement deals, and some even
have fashion lines.
While some older workers may
not see the value of social media, it
has nevertheless led to a shift in the
demographic of tradespeople in the
US, with younger individuals entering
trades and earning a very good living.
No doubt the same applies in the UK.
The point is that the target buyer in
many sectors is changing as is how
they are reached. By engaging fully with
social media – with the right products,
people and messages - a firm may well
find new and valuable markets.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 59

THIS
EVENT IS
SELLING
OUT!
Doing what we do best
In conjunction with the Chartered Institute of Credit Management’s
Premium Partner, Hays, the professional body is on tour across the UK
to deliver thought-provoking insights on the hottest topics from industry
leaders across business sectors, exclusively for CICM Members.
We're going to be doing what we do best, providing learning and
development opportunities for passionate credit professionals who
strive to be the best at what they do, with a multiple-day event.
Where will we see you?
We're going to be all over the UK and Ireland, take a look at
the cities where you can join us:
17 September - Edinburgh
25 September - Leeds
26 September - Manchester
8 October - Birmingham
9 October - London
7 November – Dublin
TBC – Belfast
This won't be one to miss
Bookings will open for this event from May 1 2024
and the agenda for Credit Fest will be shared soon.
We will be on tour across the UK & Ireland to unite the
Credit Management and Debt Collections Community in best practice and
to discuss the topics that are all on our minds such as recrument trends,
Fraud, AI, Credit Risk and more.

EXCLUSIVE PAYMENT TRENDS
FIELDS
OF GREEN
Irish regions and sectors are leading the way in the
latest late payment data.
BY ROB HOWARD
THE latest late payment statistics
are a tale of two halves. Although
late payments are on the up across
both UK regions and sectors, things
are certainly much brighter over in
Ireland, with sectors and counties
making important improvements.
Across UK regions and sectors, the average Days Beyond
Terms (DBT) increased by 3.1 and 2.9 days respectively.
The average DBT figure across Irish counties and sectors
reduced by 2.2 and 1.6 days respectively. Average DBT
across the four provinces of Ireland dropped by 0.6 days.
Sector Spotlight
The UK sector standings are very one-sided, and not in
a good way, with 19 of the 22 sectors seeing increases to
late payments. The International Bodies sector is one of
the exceptions, cutting its DBT by 4.6 days to 2.4 days
overall, making it the best performing UK sector by some
distance. The Public Administration (-4.3 days) sector
was the only other sector to make an improvement,
while the Energy Supply sector saw no change to DBT.
At the other end of the scale, no sector saw a bigger
rise in late payments than the Entertainment sector,
with an increase of 9.5 days meaning it slides down the
standings with an overall tally of 15.8 days. The IT and
Comms sector is also moving backwards at pace, with
an increase of 8.9 days taking its overall DBT to 20.0
days, meaning it is now the worst performing UK sector.
Elsewhere, the Financial and Insurance (+7.2 days),
Business Admin & Support (+5.3 days), Education (+5.0
days) and Professional and Scientific (+4.6 days) sectors
all saw rises to DBT that see them dropping down the
standings.
The sector outlook over in Ireland, however, is certainly
brighter, with more than half (12) of the 20 sectors
making cuts to DBT, three seeing no change and five with
increases, but the majority of these are minor. As with
the UK, the Entertainment sector saw the biggest hit,
with a rise of 5.8 days taking its overall DBT to 10.7 days.
Focusing on the positives, the IT and Comms sector took
the biggest stride in the right direction, pruning its DBT
by 8.5 days to take its overall figure to 8.8 days and away
from the bottom of the standings. The Water & Waste
sector is also on the up, reducing its DBT by 6.0 days and
moving to joint-top of the standings with an overall DBT
of zero days alongside the Mining and Quarrying (-3.4
days), International Bodies (no change) and Agriculture,
Forestry and Fishing (no change) sectors. The Financial
and Insurance sector isn’t far behind, with a reduction of
4.2 days taking its overall DBT to 1.1 days.
Regional Spotlight
As with the sector standings, the UK regional rankings
don’t make for great reading, with nine of the 11 regions
going backwards. The two regions that did improve only
saw minor reductions, however, a cut of 1.8 days means
that Northern Ireland now tops the rankings, level
with the South East of England, with an overall DBT of
10.5 days. Down the bottom end, the North West now
props up the standings with an overall DBT of 17.7 days
following an increase of 6.4 days. London isn’t far behind,
with a rise of 5.8 days taking its overall figure to 17.0 days.
East Anglia (+5.6 days), Yorkshire and Humberside (+4.6
days) and the East Midlands (+3.6 days) make up the
bottom five poorest paying regions in the UK following
increases to DBT.
Over in Ireland, the counties can almost be split equally
in half, but are tilting in favour of improvement, with
10 seeing increases to DBT, one seeing no change and
the remaining 11 counties making cuts to DBT. Of those
moving in the wrong direction, Cavan saw the biggest
jump, with a significant hit of 16.6 days to its DBT
meaning it slides from the top of the standings right
down to the bottom three. A steep rise of 12.8 days means
Tipperary is right behind Cavan with an overall DBT of
16.1 days. Of those counties getting better, a number
made real progress in cutting late payments. The county
of Offaly, for instance, made the biggest improvement,
reducing its DBT by a sizeable 23.0 days to take its overall
tally to 6.6 days. Elsewhere, the counties of Longford
(-18.3 days), Laois (-16.2 days), Clare (-10.2 days) and
Galway (-9.5 days) all took significant steps in the right
direction and reducing DBT.
Across the four provinces of Ireland, Connacht is leading
the way, cutting its DBT by 4.7 days and taking its overall
tally to 5.8 days. Leinster also made progress, with a
reduction of 2.5 days taking its overall DBT to 8.2 days.
Increases to DBT for Munster (+0.7 days) and Ulster (+4.3
days) leave them trailing with an overall DBT of 10.1 and
10.2 days respectively.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 61

*
STATISTICS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region (UK) July 24 Changes from June 24
Northern Ireland 10.5 -1.8
South East 10.5 0.3
Scotland 12.6 -1.1
South West 13 4.3
West Midlands 13.3 2.9
Bottom Five Poorest Payers
Region (UK) July 24 Changes from June 24
North West 17.7 6.4
London 17 5.8
East Anglia 15.8 5.6
Yorkshire and Humberside 15.3 4.6
East Midlands 14.2 3.6
Getting worse
Entertainment 9.5
IT and Comms 8.9
Financial and Insurance 7.2
Business Admin & Support 5.3
Education 5
Water & Waste 4.6
Professional and Scientific 4.5
Mining and Quarrying 4
Manufacturing 3.3
Dormant 3
Top Five Prompter Payers
Sector (UK) July 24 Changes from June 24
International Bodies 2.4 -4.6
Water & Waste 10.5 4.6
Hospitality 11.4 2.2
Energy Supply 11.7 0
Business from Home 11.8 0.2
Bottom Five Poorest Payers
Sector (UK) July 24 Changes from June 24
IT and Comms 20 8.9
Public Administration 17.4 -4.3
Business Admin & Support 17 5.3
Financial and Insurance 16.5 7.2
Professional and Scientific 16.4 4.5
Health and Social 2.9
Other Service 2.8
Construction 2.6
Transportation and Storage 2.4
Hospitality 2.2
Wholesale and retail trade; repair of
motor vehicles and motorcycles 2.2
Real Estate 0.8
Agriculture Forestry and Fishing 0.4
Business from Home 0.2
Getting better
SCOTLAND
-1.1 DBT
International Bodies -4.6
NORTHERN
IRELAND
-1.8 DBT
SOUTH
WEST
4.3 DBT
WALES
3.7 DBT
NORTH
WEST
6.4 DBT
WEST
MIDLANDS
2.9 DBT
YORKSHIRE &
HUMBERSIDE
4.6 DBT
EAST
MIDLANDS
3.6 DBT
LONDON
5.8 DBT
SOUTH
EAST
0.3 DBT
EAST
ANGLIA
5.6 DBT
Public Administration -4.3
Region
Getting Better – Getting Worse
-1.8
-1.1
6.4
5.8
5.6
4.6
4.3
3.7
3.6
2.9
0.3
Northern Ireland
Scotland
North West
London
East Anglia
Yorkshire and Humberside
South West
Wales
East Midlands
West Midlands
South East
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 62

EXCLUSIVE PAYMENT TRENDS
Getting worse
SLIGO
-1.2 DBT
MONAGHAN
0.8 DBT
Entertainment 5.8
Public Administration 2.3
DONEGAL
0.7 DBT
LIMERICK
-0.9 DBT
LEITRIM
-7.3 DBT
LAOIS
-16.2 DBT
WESTMEATH
2.4 DBT
LOUTH
-1.4 DBT
Real Estate 1.9
Manufacturing 1.7
Business Admin & Support 0.1
CLARE
-10.2 DBT
KERRY
3.8 DBT
WICKLOW
0.4 DBT
WEXFORD
-3.7 DBT
CORK
-3 DBT
WATERFORD
3.8 DBT
Getting better
Top Five Prompter Payers – Ireland
Region July 24 Changes from June 24
Sligo 0.3 -1.2
Monaghan 0.8 0.8
Clare 1.8 -10.2
Kildare 3.1 -6.1
Meath 3.5 2.2
Bottom Five Poorest Payers – Ireland
Region July 24 Changes from June 24
Carlow 28.3 0
Kilkenny 19.4 6.9
Cavan 16.6 16.6
Tipperary 16.1 12.8
Louth 13.5 -1.4
Top Four Prompter Payers – Irish Provinces
Region July 24 Changes from June 24
Connacht 5.8 -4.7
Leinster 8.2 -2.5
Munster 10.1 0.7
Ulster 10.2 4.3
IT and Comms -8.5
Water & Waste -6
Financial and Insurance -4.2
Wholesale and retail trade; repair of
motor vehicles and motorcycles -3.9
Other Service -3.5
Mining and Quarrying -3.4
Education -2.9
Hospitality -2.9
Professional and Scientific -2.6
Transportation and Storage -2
Construction -1.8
Health and Social -1.2
Top Five Prompter Payers – Ireland
Sector July 24 Changes from June 24
Agriculture Forestry and Fishing 0 0
International Bodies 0 0
Mining and Quarrying 0 -3.4
Water & Waste 0 -6
Financial and Insurance 1.1 -4.2
Bottom Five Poorest Payers – Ireland
Sector July 24 Changes from June 24
Energy Supply 21.9 0
Business Admin & Support 13.9 0.1
Manufacturing 12.6 1.7
Real Estate 12.1 1.9
Financial and Insurance 10.7 5.8
Nothing changed
Agriculture Forestry and Fishing 0
Energy Supply 0
International Bodies 0
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 63

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
Controlaccount
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
T: 01527 386 610
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount has been providing efficient, effective, and
ethical pre-legal debt recovery for over forty years. We help
our clients to improve internal processes and increase cash
flow, whilst protecting customer relationships and established
reputations. We have long-standing partnerships with leading,
global brand names, SMEs and not for profits. We recover
over 40,000 overdue invoices each month, domestically
and internationally, on a no collect, no fee arrangement.
Other services include credit control and dunning services,
international and domestic trace and legal recoveries. All our
clients have full transparency on any accounts placed with us
through our market leading cloud-based management portal,
ClientWeb.
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.
FOR ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk –
01727 739 196
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.”
CREDIT DATA AND ANALYTICS
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
For over 20 years, CoCredo, one of the UK's leading Credit
Report companies, has helped thousands of business customers
minimise their bad debt. Our data is compiled and constantly
updated from various prominent UK and international suppliers,
encompassing 235 countries, so our clients can access the latest
information in an easy-to-read report. Our product and service
solutions are tailored to meet our clients' needs, including marketleading
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.
DataTrace UK
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
T: 01527 386 626
E: info@datatraceuk.com
W: www.datatraceuk.com
DataTrace is recognised as one of the leading trace agencies in
the UK. Our client portfolio includes leading debt collection and
enforcement firms, utilities companies, housing associations,
law practices and universities. Providers of volume electronic
trace services, enhanced desktop tracing, employment and
international tracing, propensity to pay reporting, address and
telephone appending, and pre-litigation reports. We can build
a bespoke workflow to meet your data needs. All our data is
validated and priced competitively.
CREDIT DATA AND ANALYTICS
TOP SERVICE
MINIMISE DEBT
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
MAXIMISE C ASH
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.
CREDIT MANAGEMENT SOFTWARE
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.
Corcentric
Information: Ali Hassan| 020 317 71713
ahassan@corcentric.com | corcentric.com
Social media links: https://www.linkedin.com/company/
corcentric/, https://x.com/corcentric?lang=en-GB
Membership can go to: Lee Allen lallen@corcentric.com
Jonathan BlackBurn jblackburn@corcentric.com
Ali Hassan ahassan@corcentric.com
About Corcentric: Corcentric is a leading global provider
of best-in-class procurement and finance solutions. We
offer a unique combination of technology and payment
solutions complemented by robust advisory and managed
services. Corcentric reduces stress and increases savings
for procurement and finance business leaders by forming a
strategic partnership to diagnose pain points and deliver tailormade
solutions for their unique challenges. For more than two
decades, we've been a trusted partner who delivers proven
results. To learn more, please visit www.corcentric.com.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 64

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
DEBT & ASSET RECOVERY SERVICE
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-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 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.
Genius Software Solutions
T: +44 (0) 141 280 0275
E: sales@geniusssl.com
W: www.geniusssl.com
Genius provides solutions designed to enhance your customer
engagement with compliance in full focus; our team have decades
of operational experience in the Debt & BPO space.
As a global outreach partner our technology drives compliance
and operational efficiency to help your business thrive.
• Streamline Collections, Payments & Asset Recovery, whether this
be in-house or within a BPO setting with our Adept platform.
• Enhance customer engagement with our cloud-based
omnichannel platform, Commpli.
We've helped businesses worldwide enhance efficiency, optimise
workflows, and respond to the dynamic needs of a changing
marketplace.
FOR ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk –
01727 739 196
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
real-time 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-tocash
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.
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 zerocost
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.
Shakespeare Martineau
E: jayne.gardner@shma.co.uk,
W: www.shma.co.uk
T 01789 416440
Shakespeare Martineau provides expert debt and asset
recovery services across various sectors, including energy,
manufacturing and government. Our team supports regulated
and unregulated debt, acting as an extension of internal
collections when needed. We prioritise keeping client costs low
while empathetically engaging with debtors. Our 70+ experts
offer cradle-to-grave B2B and B2C collections, transparent
fee plans, bespoke service, flexible case management, and
additional support like training, advice, litigation and mediation.
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-award-winning 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.
ENGAGEMENT
CFH Docmail
T: 01761 416311
E: info@cfh.com
W: www.cfh.com
With over 45 years of experience in supporting organisations in
the successful delivery of multi-channel communications, CFH
are the innovative and trusted partner for driving engagement
and achieving measurable results.
Combining proven expertise, the right accreditations and
industry driven communication solutions including Docmail the
leading hybrid mail solution, CFH have the perfect blend of
solutions to help you engage offline, online or the perfect blend
of the two.
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 65
continues on page 58 >

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
FINANCIAL PR
INSOLVENCY
PAYMENT SOLUTIONS
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
best-known 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.
INSOLVENCY
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.
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.
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.
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.
RECRUITMENT
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 faceto-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.
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.
Cr£ditWho?
CICM Directory of Services
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
Portfolio Credit Control, a 5* Trustpilot rated agency, solely
specialises in the recruitment of Permanent, Temporary &
Contract Credit Control, Accounts Receivable and Collections
staff including remote workers. Part of The Portfolio Group,
an award-winning Recruiter, we speak to Credit Controllers
every day and understand their skills meaning we are perfectly
placed to provide your business with talented Credit Control
professionals. Offering a highly tailored approach to recruitment,
we use a hybrid of face-to-face and remote briefings, interviews
and feedback options. We provide both candidates & clients
with a commitment to deliver that will exceed your expectations
every single time.
FOR ADVERTISING INFORMATION OPTIONS AND
PRICING CONTACT paul@centuryone.uk – 01727 739 196
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 66

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Data: 2022.08.08 18:47:58
+03'00'
Moneyknows no borders—neither do we
Brave | Curious | Resilient / www.cicm.com / September 2024 / PAGE 59