Credit Management November 2024

CREDIT MANAGEMENT 

CM 

NOVEMBER 2024 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

Run into 

the ground 

The parlous state 

of UK construction 

It's time to cut off 

fraudsters at the source. 

Page 8 

New members for the 

CICM Executive Board. 

Page 12

THURSDAY 6 FEBRUARY 2025 

THE ROYAL LANCASTER, LONDON 

2025 

JUDGES 

ANNOUNCED 

*STEVE ALLINSON 

MCICM 

(JUDGING CHAIR) 

Allinson Law 

ATUL VADHER FCICM 

SEFE 

BRYONY CROSSLAND 

FCICM 

Anixter 

DAVID SHERIDAN 

FCICM 

ARC 

DEBBIE NOLAN FCICM 

EPF 

EMMA REILLY FCICM 

Top Service 

JASON BRAIDWOOD 

FCICM 

Credit Safe 

JAYNE GARDNER 

MCICM 

Shakespeare 

Martineau 

JOHN KANE FCICM 

Buro Happold 

KAREN YOUNG FCICM 

Hays 

MARTIN ROSEWEIR 

FCICM 

Bill Gosling 

Outsourcing 

NATALIE BUNYER 

FCICM 

Global Credit 

Recoveries 

PHIL ROBERTS FCICM 

Clarke Willmott 

PHILIP KING FCICM 

SEAN FEAST FCICM 

Gravity Global 

SIMON HOWELL FCICM 

Tarmac 

ALAN J SMITH FCICM 

High Court 

Enforcement Officers 

Association 

YVETTE GRAY MCICM 

Atradius 

*Apologies, you may have noticed in our previous edition, our Chair of Judges was misrepresented. It is our pleasure to confirm that 

Steve Allinson MCICM is again our esteemed Chair. 

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SEAN FEAST FCICM 

MANAGING EDITOR 

Editor’s column 

STACK THE 

ODDS IN YOUR 

FAVOU R 

I 

was very pleased recently to attend a Round 

Table on the construction industry chaired by Sue 

Chapple FCICM and hosted by the good people 

at Menzies LLP which considered, among other 

things, the failure of ISG. 

Having spent the better part of six months 

recovering from a broken leg, it was a rare foray into ‘The 

Smoke’ to meet up with some good friends and new (to me) 

faces from the world of credit. It was also a splendid opportunity 

to listen, for once, rather than being the one who’s doing the 

talking (I can talk for Britain – just ask the Deputy Editor). 

I think what got me the most, and which I talk about in 

my review of the discussions in my article on page 16, is how 

thoroughly predictable – and signposted – the failure of ISG 

had been. 

As I observed, while those on the outside may have been 

surprised by the apparent ‘suddenness’ of the firm’s collapse, 

many of the delegates present – including those from the 

world of credit insurance – suggested that the implosion had 

been some time coming. The signs, it appears, were there for 

all to see, if only they chose to look, and date back at least 12 

months when ISG began struggling to pay its supply chain. 

The problem was, not everyone was looking. Dozens of smaller 

operators in the supply chain have now caught a cold, and at 

the time of going to press, the administrators were warning 

that creditors of five ISG subsidiaries were unlikely to receive 

a penny. Various ISG sites have been closed and arrangements 

were being made between the subcontractors and clients for 

the orderly collection of plant, materials and tools. I’d love to 

be there when they’re trying to decide who owns what brick. 

ISG’s CEO blamed ‘legacy issues relating to the large, lossmaking 

contracts secured between 2018 and 2020’ and that 

trading out of these projects ‘has had a significant effect on 

liquidity’. Suzannah Nicol, Chief Executive of trade body 

Build UK warned that ISG’s collapse could lead to other firms 

going under, especially those who operated on the tightest of 

tight margins. 

Now I’m not really qualified to say whether the model for the 

construction industry needs completely rebuilding (if you will 

excuse the pun), but even with what little knowledge I have 

acquired over the years, it seems pretty broken. 

One of the warning flags for a business in trouble, of course, 

is when it begins to push out its payment terms. In this case, 

however, ‘late payment’ was not seen as a red flag, for the simple 

reason that the construction industry suffers a general malaise 

where late payment is the norm, rather than the exception, 

and this may have led to some of ISG’s suppliers being so 

spectacularly wrong-footed. 

So is there a lesson in there for all of us somewhere? Yes, I 

would think so, and I would think it’s about never taking 

anything for granted, know your customer, manage your 

risk, insure yourself against non-payment, and make sure 

any contractual terms and conditions agreed are adhered to 

without exception. Which would all basically come down to 

good credit management. There but for the Grace of God, of 

course, but you can at least stack the odds more in your favour. 

Brave | Curious | Resilient / www.cicm.com / November 2024 / PAGE 3

contents 

November 2024 issue 

8 – CLOSING TIME 

It's time to cut off fraudsters at the source. 

12 – HIGH FLYING EXECUTIVES 

A new Chair and two new members for the 

CICM Executive Board. 

14 – PRE-PACKS ON THE RISE 

An opportunity to rescue an ailing business or 

rescuing a business that should have failed? 

16 – PRIX FIXE 

Fixed price contracts were a key theme of a 

recent joint Menzies LLP/CICM Construction 

Round Table. 

20 – PROCEED WITH CARE 

Taking a cautious approach to navigating 

AI in Financial Services. 

22 – THE YOUNG APPRENTICE 

Sean Feast FCICM speaks to Metro Bank’s 

Andy Veares about how dreams can become 

reality. 

26 – POUND FOR POUND 

What does a new digital pound mean for 

business? Part two. 

32 – LAND OF THE ARYANS 

Iran has significant potential for foreign trade 

and investment. 

38 – OPEN ALL HOURS 

Credit Unions could benefit significantly from 

Open Banking payments. 

40 – RECOVERING SUNDRY DEBTS 

Why pursuing and transferring up sundry debts 

could help local authorities meet their funding 

challenges. 

44 – BEST BEHAVIOUR 

Unfair dismissal for bad behaviour and less 

favourable treatment for part-timers. 

14 

08 

NEWS SPECIAL 

20 

PROCEED 

WITH CARE 

12 

MEET THE 

NEW CHAIR 

I 

INSOLVENCY 

An opportunity to rescue an ailing 

business or rescuing a business 

that should have failed? 


an 

32 

COUNTRY FOCUS 

CICM GOVERNANCE 

President: Stephen Baister FCICM 

Chief Executive: Sue Chapple FCICM 

Executive Board: Chair Neil Jinks FCICM 

Vice Chair: Allan Poole FCICM 

Treasurer: Glen Bullivant FCICM 

Larry Coltman FCICM 

Peter Gent FCICM(Grad) 

Paula Swain FCICM 

Advisory Council: Laurie Beagle FCICM 

Laura Brown MCICM(Grad) / Arvind Kumar 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 FCICM / Emma Reilly FCICM 

Philip Roberts FCICM / Paula Swain FCICM 

Jonathan Swan FCICM / Mark Taylor MCICM 

Atul Vadher FCICM(Grad) / Dee Weston FCICM 

16 

CICM Construction 

Round Table 

22 

INTERVIEW 

Sean Feast FCICM 

speaks to Metro 

Bank’s Andy Veares 

about how dreams 

can become reality. 

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.heitzman@cplone.co.uk 

Printers 

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2024 subscriptions 

UK: £134 per annum 

International: £166 per annum 

Single copies: £14.00 

ISSN 0265-2099 

Reproduction in whole or part is forbidden without specific permission. 

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

of the Chartered Institute of Credit Management. The Editor reserves 

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

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

Chartered Institute of Credit Management. 

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


THE NEWS 

CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

WRITTEN BY: SEAN FEAST FCICM 

Ofgem eyes new Consumer 

Duty for energy firms 

ENERGY companies are 

being challenged to match 

the top performing sectors 

for customer service as part 

of an ambitious new vision 

outlined by Ofgem which may include 

introducing its own version of Consumer 

Duty. 

Customer satisfaction levels fell to their 

lowest levels during the energy crisis and, 

despite recent improvement, the industry 

still lags behind most other sectors – and 

significantly behind leading sectors which 

currently have the best rated customer 

service, such as banking. 

Consumer Confidence – a step up 

in standards is a new vision which the 

regulator says will help deliver five-star 

customer service fit for an increasingly 

complex market transitioning at pace 

towards net zero. The proposals, which 

will be shared with suppliers, consumer 

groups and stakeholders, will underpin 

the regulator’s mission to drive a culture 

change and improve public trust in the 

sector. 

Ofgem’s proposals include revising back 

billing rules on how far back a customer 

can be charged for energy use, where the 

error was the supplier’s fault, and reviewing 

supplier billing practices to understand 

where improvement is needed and how 

billing accuracy can be improved. 

Its proposals also include building on 

its existing rules to ensure consumers get 

appropriate automatic compensation when 

basic things go wrong, and suppliers are 

held accountable when they do. It is also 

considering adopting a model similar to the 

Financial Conduct Authority’s Consumer 

Duty. 

Tim Jarvis, Director General, Markets, 

says it is critical that energy suppliers are 

reliable, accurate, accessible and fair: “We 

are looking at the big picture here, and it’s 

not just making small changes we want 

to see today. It’s about building a service 

structure capable of helping customers 

navigate a more complex future market, 

as new technology like electric vehicles 

and heat pumps rapidly changes the way 

consumers interact with their supplier. 

“Where necessary, we will work with 

Government to create more powers to 

continue the transition already underway 

from a more reactive regulator dealing 

with problems as they arise to a proactive 

regulator, constantly striving for the best 

for consumers.” 

In December 2023 the regulator 

announced new rules to improve customer 

service standards, including requirements 

for suppliers to be easier to contact and 

provide proactive support for vulnerable 

customers and those struggling to pay their 

bills. 

Comparison site increases lender brands 

COMPARE the Market has now directly integrated 

14 loan and credit card brands onto its fast-growing 

money eligibility platform and comparison service. 

Since January, the comparison website says it has 

grown substantially in the cards and loans market, 

helping customers find more ways to save money. 

The firm is currently focused on increasing the 

breadth of money products and deals available to 

help customers make great financial decisions to 

suit their circumstances. 

Major brands which are now on the platform 

include Capital One, Admiral Loans, Zopa and 

Lendable, and the firm says that more lenders 

are set to join before the end of the year. Directly 

integrating onto its enhanced eligibility platform 

enables lenders to deliver smarter lending decisions 

and personalised offers to Compare the Market 

customers. 

Andy Hancock, Chief Growth Officer at Compare 

the Market, says that the business is making good 

progress in expanding its panel of credit card and 

loan providers: “We want to ensure our customers 

are presented with a wide range of products and 

offers from trusted providers.” 

“We want to ensure our customers are 

presented with a wide range of products 

and offers from trusted providers.” 



Liquidator starts 

paying creditors following 

lawyer’s guilty plea 

STRATFORD Hamilton of PKF Littlejohn 

Advisory, the appointed liquidator to 

Public Interest Lawyers Limited managed 

by Phil Shiner, will shortly begin declaring 

a dividend to creditors following the 

disgraced lawyer’s guilty plea. 

The specialist contentious insolvency and 

specialist investigations (SI) team within 

PKF Littlejohn Advisory was originally 

appointed back in 2017. However, it is only 

now – and following the guilty plea by Mr 

Shiner that he did indeed fraudulently 

obtain public funds to bring lawsuits on 

behalf of Iraqi civilians against British 

soldiers – that the work can begin to pay 

money back to creditors of the company. 

Stratford, who has more than 20 years’ 

experience in handling typically complex, 

high-profile cases, says that Shiner’s guilty 

Consumers turn to credit 

to pay for insurance 

NEARLY three out of four personal 

insurance customers use some form of 

credit to pay for one or more policies with 

half using credit to pay for car insurance. 

New research from Premium Credit 

found 71 percent of customers use some 

form of credit to fund cover which is 

virtually unchanged from the 72 percent 

recorded in last year’s Premium Credit 

Insurance Index but substantially higher 

than the 61 percent who were using credit 

two years ago. 

Use of credit is highest among car 

insurance customers – 50 percent use some 

form of credit to pay for car insurance 

compared with 48 percent a year ago. 

The research found three out of four (75 

percent) car insurance customers had seen 

a rise in their annual bill in the past year 

with around one in eight (13 percent) saying 

premiums had increased by 20 percent 

or more. Around 10 percent say they are 

driving less to cut their insurance bill. 

Premium Credit’s Insurance Index, 

which monitors changes to insurance 

buying trends, found use of credit rose for 

almost all types of insurance it monitors 

apart from home insurance and critical 

illness where use of credit dropped slightly. 

The index found almost half (48 percent) 

of insurance customers value the ability 

to pay monthly through premium finance 

plea will now enable his team to begin 

the long process of distributing funds to 

creditors which will include a number 

of Government departments. Due to 

the actions of PKF Littlejohn Advisory’s 

Special Investigations team, recoveries 

were made in the case of over £2.2m. 

“The Government is not the only victim 

of Mr Shiner’s fraud, and we will continue 

to work closely with creditors in what is an 

incredibly complex and long-running saga,” 

he says. 

Philip Shiner pleaded guilty to failing 

to disclose, when applying for public 

funding, that he had asked middlemen to 

approach potential claimants and had paid 

for referrals, breaching his firm’s contracts. 

Shiner will re-appear at Southwark Crown 

Court in December for sentencing. 

or finance offered by insurers. Around 

19 percent say they use it for all major 

insurance bills while 14 percent use it for 

some insurance bills and 14% have used it 

in the past. 

Around two out of five (41 percent) 

customers who use some form of credit 

to pay for one or more insurance policy 

borrowed more than they had in the 

previous 12 months, the research found, 

compared with 38 percent who said this in 

last year’s index. However, 43 percent said 

they have not borrowed more compared 

with 42 percent last year while two percent 

said they had cut borrowing compared 

with three percent last year. 

Filling the aisles 

UK retail sales have experienced a small 

resurgence, rising by two percent over 

the five weeks leading to September 28, 

surpassing the 12-month average growth 

of 1.1 percent. According to the British 

Retail Consortium's Retail Sales Monitor, 

growth was driven by heavy discounting 

and the back-to-school rush. Food sales 

increased by 3.1 percent year-on-year, 

while non-food sales fell by 0.3 percent. 

Crypto Creditors 

CREDITORS of the collapsed 

cryptocurrency exchange FTX will receive 

up to $16.5bn under a bankruptcy plan 

approved in the US in October. The 

deal reached with the bankruptcy court 

allows FTX to repay customers ahead 

of the unsecured creditors. FTX says 

the deal will allow former customers to 

recover around 119 percent of what they 

had in their accounts when the firm went 

bankrupt in November 2022. 

Daly service 

LONDON law firm, Howard Kennedy, 

has recruited Crispin Daly into its 

contentious insolvency team as Partner. 

Crispin focuses on complex domestic and 

cross-border insolvency and litigation 

mandates. He represents insolvency 

office holders, debtors, creditors and 

creditors' committees, shareholders, and 

directors in a variety of contentious and 

non-contentious situations. Crispin joins 

Howard Kennedy from Paul Hastings LLP 

where he was a Senior Associate and is 

the sixth new partner to join the firm 

this year. 

Broad shoulders 

ANALYSIS of HMRC data reported on 

the BBC shows that 60 of the wealthiest 

people in the UK collectively contributed 

more than £3bn a year in income tax in 

2021/22. These individuals, who each 

earned at least £50m in that financial 

year, paid 1.4 percent of the UK’s 

total income tax despite representing 

just 0.0002 percent of the taxpaying 

population. In 2021/22, the UK’s overall 

income tax receipt came in at £225bn, with 

contributions from 33m taxpayers. 

Debt consolidation 

EXPERIAN Consumer Services has 

launched a partnership with Oakbrook, 

a leading non-bank consumer lender, to 

offer debt consolidation loans on the 

Experian Marketplace using Paylink’s 

ReFi technology. This collaboration 

is described as marking a significant 

milestone in improving financial inclusion 

and access to credit for more customers. 


NEWS SPECIAL 

CLOSING 

TIME 

It's time to cut off fraudsters at the source 

BY MARK MUNSON 

THE UK has been a global leader in 

the development of Open Banking 

and faster payment systems, 

offering consumers the convenience 

of near-instant transactions. But as 

the fight against fraud intensifies, 

the recent decision to grant 

banks the power to delay payments for up to four days 

reveals a critical flaw: banks are focused on slowing 

down payments rather than cutting off fraud at its 

source. 

If fraudsters can still open accounts and move stolen 

money through the financial system, simply pausing 

payments is a band-aid solution. The current Know 

Your Customer (KYC) procedures are not rigorous 

enough. It’s not enough for banks to delay payments 

when they suspect fraud—they should be stopping 

fraudsters at the door with tighter KYC controls. 

Regulators must hold banks accountable for letting 

fraudulent accounts slip through. Financial institutions 

that fail to enforce stringent checks should face 

significant penalties. It’s not just about suspecting 

fraud; it’s about preventing fraudsters from getting 

a foothold in the banking system at all. The need for 

stronger identity verification, backed by biometric 

data and advanced analytics, is glaringly obvious, and 

banks have the tools—they just need to use them. If 

fraudsters can’t open accounts, they can’t move stolen 

money. 

Digital Identity 

One of the most pressing needs is the introduction of 

a national digital identity platform. Such a platform 

could revolutionise KYC processes, making it easier 

to authenticate legitimate customers and harder for 

fraudsters to operate. A digital ID would allow for 

seamless, standardised verification across all financial 

institutions, reducing the risk of fraud at the accountopening 

stage. This is not just a theoretical solution— 

it’s a practical one, already being explored in other 

countries. 



FAR MORE NEEDS TO BE DONE 

TO PREVENT THIS SECTOR 

FROM BECOMING A GLOBAL HUB 

FOR ILLICIT ACTIVITY. 

Banks, of course, are not the only ones responsible 

for tackling fraud. Social media companies must 

also shoulder their share of the burden. Many scams, 

particularly romance frauds and investment cons, 

start on social media platforms. Fraudsters exploit 

these networks to lure in victims and then funnel the 

proceeds through the financial system. 

It’s time for social media platforms to stop turning 

a blind eye. They have the data and the capability to 

detect fraudulent activity at the source. 

Cryptocurrency fears 

One of the most concerning developments in financial 

crime is the use of cryptocurrency to disguise the 

movement of illicit funds. Cryptocurrencies, while 

innovative and useful for many legitimate purposes, 

have become a favourite tool for fraudsters seeking 

to evade detection. The decentralised and often 

anonymous nature of crypto transactions makes it a 

perfect avenue for criminals to launder money across 

borders, far from the scrutiny of regulators and law 

enforcement. 

Cryptocurrency must be subject to stronger 

regulations and tighter restrictions on the movement 

of funds between traditional banking systems and 

cryptocurrency platforms. We’ve seen regulators 

beginning to step in, but far more needs to be done 

to prevent this sector from becoming a global hub for 

illicit activity. 

Far more also needs to be done around the movement 

of funds. Once stolen funds are transferred out of 

the country, it becomes exponentially harder to 

recover them. We need far stricter controls on the 

international movement of funds, especially in cases 

where large sums are involved or where transactions 

show suspicious patterns. Cross-border cooperation 

between financial institutions and Governments is 

crucial if we are to stop fraudsters from using offshore 

accounts and other jurisdictions as safe havens for 

stolen money. 

At the same time, we must ensure these measures do 

not unduly restrict legitimate international business 

and personal transactions. This can be done through 

smarter, more targeted regulation that identifies 

and halts suspicious activity without stifling global 

commerce. 

Innovation and vigilance 

The UK has earned its place as a leader in the 

development of faster payments and Open Banking, 

and we must continue to innovate. But innovation 

must come with vigilance. 

The focus should not be on slowing down payments 

but on cutting off fraudsters before they can ever enter 

the system. Only then can we maintain our global 

leadership in payments innovation while protecting 

the public from the scourge of financial crime. 

Author: Mark Munson is Managing Director of Payments 

at Moneyhub. 


THE NEWS 

Brits struggling to cope see 

their financial health decline 

MORE than a quarter 

(29 percent) of the UK 

public have reported that 

their financial health has 

deteriorated over the past six months, 

feeling the financial strain as rising bills 

and costs take a toll on their financial 

health, according to new research from 

Moneyhub. 

While the UK’s inflation rate has settled 

back down to the Bank of England’s two 

percent target, consumers are still feeling 

the pinch from the all-time high inflation 

experienced over the last year or so. Of 

those whose financial health has worsened, 

nearly two thirds (63 percent) cited rising 

bills as the main driver, with 60 percent 

citing inflation as a significant factor. 

According to Moneyhub’s research, 15 

percent of people identify themselves 

as ‘stretched’, defined as having nothing 

left outside of money used for necessary 

expenditure, and nine percent identified 

themselves as ‘struggling’, defined as those 

that can’t afford their necessary outgoings. 

Worryingly, those identifying as 

‘stretched’ or ‘struggling’ were more likely 

to have seen their financial health worsen 

over the course of the last six months (57 

percent and 75 percent), highlighting the 

disproportionate impact recent economic 

conditions have had on these individuals. 

Despite these economic challenges, only 

18 percent of those individuals that have 

seen their financial health worsen have 

spoken to their financial services provider, 

highlighting a concerning trend when it 

comes to people seeking advice. Of those 

that hadn’t approached their financial 

services providers, 43 percent said it was 

because they didn’t believe the provider 

would be able to offer any support, and a 

further 13 percent were concerned about 

being penalised. 

However, with those struggling to get 

by reporting to be reliant on credit there 

are concerns that without support from 

providers they could get stuck in a cycle of 

debt. Twelve percent of those ‘stretched’ 

and 19 percent of those ‘struggling’ 

admitting to relying on credit in order to 

afford their basic needs, and seven percent 

of both groups said they have recently 

taken out a high interest personal loan to 

help afford their basic needs. 

With many banks and financial services 

firms unable to see their customers’ 

finances in full, many providers are 

left unaware of the struggles that their 

customers may be facing. Indeed, 25 

percent of those identifying as ‘struggling’ 

said they had previously been approved for 

a financial product that they don’t think 

their circumstances were suitable for in 

hindsight, with 62 percent going into debt 

as a direct result. 

Open banking tools can provide 

organisations with the technology and data 

to help detect the early signs of financial 

vulnerability. By being able to spot these 

signs ahead of time, businesses are able to 

proactively reach out to their customers, 

intervene and offer helpful interventions 

that prevent an issue worsening. 

Suzanne Homewood, Managing 

Director of Decisioning at Moneyhub 

believes the financial strain many people 

are experiencing is deeply concerning: 

“While we cannot change the macroeconomic 

environment, the financial 

services industry can take meaningful steps 

to support customers better,” she says. 

“Understanding the full scope of a 

customer's financial world allows for timely 

interventions that can prevent issues from 

spiralling out of control. By leveraging 

data and technology, service providers 

are able to have a comprehensive view 

of their customers’ financial behaviours 

and world, enabling them to spot issues 

early and provide the necessary support 

to help the individual get back on track, 

positively impacting financial health even 

in challenging times.” 

Bedroom farce 

LUXURY chain Macdonald Hotels is 

suing Bank of Scotland, a subsidiary of 

Lloyds Bank, claiming it was ‘seriously 

wronged’ by the lender when it was forced 

to sell several hotels at below-market rates 

amid pressure to reduce its borrowings. It 

is claimed that Bank of Scotland forced 

Macdonald to dispose of prime assets 

therefore diminishing the value of the 

businesses. Among the prime assets were 

the Randolph Hotel and Botley Park. 

Macdonald lawyers believe the business 

has lost anything up to £118.5m plus 

interest. 

RSM US and 

UK merger 

RSM US LLP and RSM UK Holdings 

Limited – providers of assurance, tax 

and consulting services for middle 

market leaders globally – are in 

advanced discussions to merge, subject 

to definitive agreements and customary 

legal, regulatory and other approvals. 

A spokesman says that transatlantic 

merger would establish a partner-owned 

multinational organisation spanning 

locations across the US, the UK, Canada, 

Ireland, India and El Salvador, supported 

by 23,000 professionals, with combined 

annual revenues of $5 billion. 

RICS sure 

THE Royal Institution of Chartered 

Surveyors (RICS) has published its latest 

residential market survey that shows that 

house prices in England and Wales have 

shown a positive shift for the first time 

in two years. With a net positive balance 

of 16 percent, the survey suggests that 

a majority of estate agents reported an 

increase in house prices. The survey also 

revealed a net 14 percent of chartered 

surveyors reported increased buyer 

demand, with expectations for 

continued growth in the sales 

market over the next three 

months. Concerns are said to 

remain in the rental market, 

where rents are increasing as 

demand continues to outpace 

supply. 


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CICM EXECUTIVE BOARD 

HIGH FLYING 

EXECUTIVES 

A new Chair and two new Trustees for the 

CICM Executive Board 

BY NEIL JINKS FCICM 

IN a career spanning over 36 years, 

I started out as an office junior in a 

law firm on my local High Street and 

progressed to become a director in 

a global legal business. I have been 

involved in every aspect of the credit 

lifecycle including operational credit 

management, debt litigation, court operations and 

High Court enforcement. 

My association with the CICM goes back many years 

and I am now delighted to have been elected Chair 

of the Executive Board (EB) by my fellow Trustees. 

As chair, I am responsible for leading the EB, 

overseeing the business and activities of the CICM to 

ensure we maintain our high standards of governance 

with support from the senior management team. 

My role extends both inside and outside of the 

boardroom and I will continue to do my best to be 

a great ambassador for the CICM and its members, 

and to ensure the CICM operates in the best interests 

of its members and all other stakeholders. 

It is important to remember that the CICM is a 

charity. The Board members are the Trustees who 

ensure we meet our obligations to the Charity 

Commission as well as overseeing the commercial 

side of things, monitoring financial performance 

and best practice. To that end, I am surrounded by 

some of the very best. 

I am delighted to continue working with Glen, Larry, 

and Allan who have all been re-elected. Glen as 

Treasurer has helped us to navigate turbulent times 

due to the pandemic. Larry’s support as a leading 

lawyer with vast experience in governance has also 

been invaluable. Allan as Vice Chair brings vast 

knowledge and experience as a very active member 

and successful entrepreneur, adding significant 

value. 

New Trustees 

As well as those who have served before are two 

‘new’ members of the team: Paula Swain FCICM, 

another very knowledgeable lawyer focused on credit 

and collections; and Peter Gent FCICM(Grad), a 

graduate member coming from a similar background 

to my own. Both have experience of governance in 

other organisations, which, will be helpful in their 

roles on the EB. 

I believe we have the perfect mix, and I am pleased 

to be working with such a charismatic, enthusiastic 

and professional group of people. It also pleases me 

to see all Board members are involved at grassroots 

supporting regional branch activities. 

I am most grateful for the support of Sue Chapple, 

FCICM CEO, Nicola Harris, Head of Governance, 

the wider Senior Management team and staff of the 

CICM who all do magnificently in making the CICM 

what it is today. To that end I would also like to 

thank my predecessor, Debbie Nolan FCICM(Grad), 

for doing such an amazing job of leading us through 

such difficult times and maintaining such high 

standards. Debbie is a hard act to follow, and I will 

be forever grateful for her ongoing support. 

I look forward to my term and thank everyone 

in anticipation of their support going forward. 

Please do not hesitate to reach out to me or any 

of the Board if we can support you in any way. 

Author: Neil Jinks FCICM Chair. 



MY ASSOCIATION WITH CICM 

GOES BACK MANY YEARS AND 

I AM NOW DELIGHTED TO HAVE 

BEEN ELECTED CHAIR 

“As a lawyer, I bring an understanding of 

the need for best practice governance and 

compliance in my new role as a Trustee 

of the CICM - but this is only one aspect 

of the role. Driving and fulfilling our 

purpose motivates me to want to lend my 

perspective and experience to ensuring our 

continued relevance and importance to 

members.” 

Paula Swain FCICM 

“I have had the privilege of being on the 

EB and Advisory Council for many years 

and this will be my final term. It has been 

an honour to serve. Your profession has 

been the lifeblood of my practice and 

membership needs to grow to reflect the 

strength and importance of what you do. 

Cash is king but without you, businesses 

go bust. I urge you all to encourage 

everyone to join the CICM - you are all 

ambassadors.” 

Larry Coltman FCICM 

“It is an honour to belong to the CICM 

as a Fellow, member of the board and a 

Trustee. As a credit professional I believe 

that the Institute has never been more 

important than it is today. The institute is 

there to advocate for, nurture and support 

people at every stage of their credit career, 

and stands for the very best of credit 

management.” 

Allan Poole FCICM 

“The value of effective and professional credit management 

has never been as important as it is today, and the CICM 

offers support and guidance for all engaged in our industry. 

Helping to guide both individuals and organisations through 

these turbulent times by being both a member of the Advisory 

Council and a Trustee by way of membership of the Executive 

Board is both an honour and a privilege. It also enables me to 

give back to the profession a small measure of what the CICM 

has given to me over the years. My focus is on both CICM and 

the UK but also the unique relationship we’ve established with 

our European colleagues through FECMA.” 

Glen Bullivant FCICM 

“I am delighted to join the board having sat on the council 

for the past six years representing the North West. I have 

been a member of the Institute for over 30 years and 

have obviously seen a considerable amount of change in 

our profession, from calculators to AI! The key is to stay 

relevant. We have a real challenge on our hands to grow 

both our Profession and our Institute and I believe my 

enthusiasm, skill sets and network can help build continued 

momentum and attract new members/partners. We have 

a strong board of wise heads and will do all we can to keep 

moving forward.” 

Peter Gent FCICM(Grad) 


INSOLVENCY 

PRE-PACKS 

ON THE RISE 

An opportunity to rescue an ailing business or rescuing 

a business that should have failed? 

BY GIUSEPPE PARLA 

BUSINESS administrations in the 

UK have been rising steadily in 

2024. The first half of the year 

saw a 16 percent increase in the 

number of businesses filing for 

administration compared to the 

same period in 2023, and a 42 percent 

increase from 2022. The sectors most affected include 

retail, manufacturing, construction, real estate, and 

hospitality. This increase is largely attributed to 

persistent economic challenges, such as high interest 

rates, sluggish growth, and fragile consumer confidence. 

What is an administration? 

A company can only enter into administration if it is 

able to achieve one of three statutory purposes: 

1. rescuing the company as a going concern, or 

2.achieving a better result for the company’s creditors 

as a whole than if the company was wound up without 

being first in administration, or 

3. realising property to make a distribution to one or 

more secured or preferential creditors. 

An Administrator can be appointed either via a Court 

application or using an out of Court procedure, so the 

process can move quickly. 

An Administrator has many powers, one of which is to 

trade the business. One of the Administrator’s principal 

duties is to act in the interests of the creditors as a whole. 

The popularity of pre-pack 

administration 

A pre-pack is a process where a company in financial 

difficulty arranges a sale of its business or assets before 

entering the administration. Where the sale of the 

business is to the original owners or management, this is 

known as a ‘connected party sale’. The sale is then affected 

by the Administrator, not the directors, immediately 

after the administration begins. 

The main benefit of a pre-pack is that, by prioritising the 

confidentiality of the company’s financial difficulties, 

the business is able to preserve its goodwill during an 

accelerated marketing process and be sold as a going 

concern. As well as maximising the business’ value, jobs 

are often preserved as well as supplier and customer 

contracts, which consequently minimises the losses 

suffered by creditors. 

According to the Insolvency Service, there has been a 

steep rise in pre-packs, from 201 in 2021 to 545 in 2023, 

which is a 171 percent increase. Statistics suggest there has 

been a further increase in the number of administrations 

during 2024, and it is likely that a fair proportion of them 

will be pre-packs. 

The issue with pre-packs 

From the moment they were used, there has been a 

perception that by entering into a pre-pack, the company 

is able to leave behind all its debt and have a fresh start, 

often with the same owners and/or management. This, 

together with the speed and confidentiality associated 

with a pre-pack sale, has often left creditors feeling 

disenfranchised from the process. 

As a result, pre-packs, and in particular connected party 

sales, have been widely criticised and much research has 

been carried out suggesting that sales back to connected 

parties usually result in a greater chance of a second 

failure. However, sometimes a connected party may be 

the only interested purchaser. 



Improving perceptions? 

In 2009, Statement of Insolvency Practice (SIP) 16 was 

introduced by the Joint Insolvency Committee and this 

sets out the standards of best practice required of all 

Insolvency Practitioners involved in a pre-pack sale. As 

well as setting out the key marketing essentials that the 

company is required to conform to, the SIP requires that the 

Administrator provides creditors with a detailed narrative 

explanation and justification of why the pre-packaged sale 

was undertaken, as well as the alternatives considered. 

More recently, new regulations introduced in April 2021 

require that where all, or a substantial part, of the company’s 

business and assets are intended to be sold or hired out to 

a connected person within eight weeks of the company 

entering administration, the transaction cannot take place 

unless the connected person has obtained a qualifying report 

from an Evaluator. This is an independent professional with 

Professional Indemnity (PI) Insurance cover. 

Additionally, the proposed purchaser is routinely advised 

to draw up a viability statement, stating what they will do 

differently and how the new business will survive for at least 

12 months from the date of the proposed purchase. 

What to look out for 

Ordinarily by the time you hear of an administration, the 

pre-pack sale would have already happened. You should 

review the SIP16 report and the Administrator’s proposals as 

to how the administration will continue. Consider what the 

likelihood of a return to creditors will be. Administrator’s 

proposals must be delivered within eight weeks of the 

appointment; however, this is much sooner if a pre-pack 

sale has occurred. 

Within two weeks of receiving the proposals, there will 

usually be the opportunity to vote on the Administrator's 

proposal and consider any modifications. This could be a 

useful tool, particularly if you suspect further investigations 

are required. 

Where the sale was to a ‘connected party’, you should 

decide whether you intend to continue trading with the 

new entity. Should the answer be yes, then you should 

carry out a thorough review of the new entity and consider 

stricter credit terms than were previously provided. Finally, 

depending on how vital you are to their supply chain, you 

may also wish to consider negotiating on the debt they left 

behind. 

Summary 

Pre-pack administrations are here to stay and are widely 

used within the profession to rescue what may be a good 

business, as well as maximise realisations for the benefit of 

creditors. However, you need to safeguard yourself against 

any potential second losses, if the successor entity does not 

perform as expected. 

PRE-PACK 

ADMINISTRATIONS 

ARE HERE TO STAY 

AND ARE WIDELY 

USED WITHIN THE 

PROFESSION TO 

RESCUE WHAT 

MAY BE A GOOD 

BUSINESS. 

Author: Giuseppe Parla is a Business Recovery Director and 

Licensed Insolvency Practitioner at Menzies LLP LLP. 


CONSTRUCTION 

PRIX FIXE 

Fixed price contracts were a key theme of a recent 

joint Menzies LLP / CICM Construction Round 

BY SEAN FEAST FCICM 



THE recent failure of the construction 

giant ISG which sent shockwaves through 

the construction sector provided the 

backdrop to a timely Round Table on 

construction and construction industry 

insolvencies hosted by Menzies LLP 

in September, chaired by the CICM’s 

Sue Chapple FCICM. 

While those on the outside may have been surprised by the 

apparent ‘suddenness’ of the firm’s collapse, many of the 

delegates present – including those from the world of credit 

insurance – suggested that the implosion had been some 

time coming. The signs, it appears, were there for all to see, 

if only they chose to look, and date back at least 12 months 

when it began struggling to pay its supply chain. 

Simon Johnson MCICM(Grad), Director of UK Credit 

Management at SIG, stated that in industry press articles ISG 

advised that the potential sale of the business to Antipodean 

Holdings was close and would fix the financing issues. 

“This ‘comfort factor’ may have encouraged some subcontractors 

to continue to work on site whilst not being paid 

in line with the work completed, ultimately creating larger 

debts. This may also have delayed late payment concerns 

entering the wider industry community which would have 

amplified the payment issues earlier in the year.” 

Catastrophic impact 

While the full impact of the failure is yet to be felt, initial data 

suggests that ISG’s collapse is already having a catastrophic 

effect on the supply chain, placing many projects in peril, 

and a number of sub-contractors facing an uncertain future. 

The scale of the fall-out could potentially be huge. ISG, which 

is the UK’s sixth largest contractor, currently has projects 

totalling more than £2.5bn on site and has been awarded 

contracts on a further £1.7bn of work – some of which is 

in the public sector. According to the analysts Glenigan, 

the future of around 33 awarded contracts, 57 projects in 

progress on site, and three due for imminent completion is 

now left in the air. 

ISG Chief Executive Zoe Price was quoted as blaming the 

collapse on loss-making contracts signed before the COVID 

pandemic, though others within the industry have suggested 

poor strategy, poor leadership, and a significant increase in 

cost-base might also be to blame. 

Round Table delegate Alasdair Reisner, Chief Executive of 

the Civil Engineering Contractors Association, has been 

examining recent administrations to better understand why 

business fail. Whatever the specifics of the ISG case, failures 

within the construction sector continue to rise (some 4,370 

construction firms went bust in the 12 months to November 

2023 – a rise of seven percent – and 11,000 firms have been 

lost since 2021), and often share similar traits. 

Brave | Curious | Resilient / www.cicm.com / November 2024 / PAGE 17 continues on page 18 >

CONSTRUCTION 

“The key drivers appear to be COVID, cost inflation, 

fixed price contracts and project delays,” he says. “Brexit 

is also cited, as are the pressures of specific issues such 

as the impact of red diesel duty, but poor management 

is also a factor with business owners entering contracts 

without properly understanding the risks involved.” 

Evans for Bethan, a Business Recovery Partner at 

Menzies LLP, agrees but thinks that COVID is often 

‘an easy box’ to tick to explain away a company’s woes: 

“It’s perhaps a convenient excuse,” she says, “Much like 

Brexit. Companies are often quick to blame Brexit, 

but when you really push them on it, there’s no real 

explanation as to why or how.” 

Fixed price contracts 

Fixed price contracts are certainly an issue that exercise 

the minds of many of the delegates taking part. The 

concept of a contract being fixed, without the ability 

to flex in accordance with rises in material or energy 

costs, for example, causes understandable angst to all 

but the buyer who wants to mitigate their risk and 

have the certainty of a final cost. For the contractor, 

however, margins which are already squeezed, can be 

squeezed to the point that certain contacts can become 

unprofitable over time and even loss making. 

Whether the industry likes it or not, such contracts 

aren’t likely to disappear any time soon, which suggests 

that some buyers understand price, but not necessarily 

value. And to whatever extent a contractor is prepared 

to trim their margin, sometimes to a single percentage 

point, there is always someone out there who will lowball 

them. 

Delegate James Robertson, Managing Director of 

the residential building and refurbishment business 

W G Carter Construction, said that when times were 

particularly tough, he did speak to customers and 

while they were sympathetic, they were not prepared 

to shift their position: “At one point,” he explains, 

“insulation material costs were rising at a cost of 30% a 

month, which is clearly not sustainable.” 

Happily, this was the exception and not the rule, 

but he says the dual effect of fixed price contracts 

and inflation, coupled with rising labour costs and 

shortages, can be fatal for businesses that are less 

resilient. 

energy crisis brought about by the war in Ukraine were 

far from ‘zombies’, and likely to ride out any future 

storm. Every firm, however, faced the issue of labour 

shortages driving up wages and employment costs in 

an industry that was already comparatively well paid. 

The thousands of apprentices that successive 

Governments had promised over the last decade 

or so had also failed to materialise in the numbers 

envisaged, some youngsters being put off by a job 

that is undoubtedly hard work. The industry also has 

something of an image problem, construction being 

seen as a sector that appeals to the less academic even 

though, as James Robertson attests, this is categorically 

not the case. 

Not all businesses suffering cashflow problems 

are destined to fail, but certainly there were some 

who weren’t doing enough to help themselves. 

Small businesses whose leadership may be skilled 

tradespeople but who failed to take credit management 

seriously and invest accordingly were most at risk. 

Sub-contractors who sought legal advice pre-contract, 

it was generally felt, prove to be the most resilient, and 

when it came to retentions, it was estimated that as 

many as four out of every five sub-contractors never 

know what they might be owed under retention at the 

end of a contract, or simply assume the money will be 

coming their way at some point in the future. 

Alasdair Reisner sees retention as ‘an anachronism 

in a modern construction industry’ and believes that 

many clients do everything they can to avoid paying 

if possible, while the amounts owed are often so small 

that it’s not cost-effective for the smaller suppliers to 

chase them. “I would like to see retentions removed,” 

he says, “and while there does need to be some form of 

mitigation – perhaps in the form of a quality threshold 

– as an industry retention is out of the ark.” 

Retention of Title 

Jade Owen MCICM, Group Credit Manager 

of the builders’ merchants and brick supplier E H 

Smith says that the slowdown in housebuilding has 

Project delays 

Also potentially fatal are projects that are delayed or 

never get off the round – something that is believed to 

be a contributing factor to ISG’s demise. “There’s no 

penalty to the customer in delaying a project,” Alasdair 

says, “but for the contractor it can be very damaging.” 

Business resilience was a theme that was explored, 

with general agreement that those construction firms 

who had survived Brexit, the pandemic, and the recent 



resulted in a fall in the number of bricks being sold, but 

that business is steadily picking up. She also says that 

payments are slow and contracted terms stretched, which 

sometimes requires bringing in the support of a thirdparty 

debt recovery firm to add more ‘urgency’ to the 

debt outstanding: “If we support our customers through a 

difficult patch, then they tend to become good, long-term 

partners,” she says. 

Jade raised the issue of Retention of Title (RoT) and being 

able to recover materials from site if a contractor it supplies 

subsequently goes bust: “This happened to three contractors 

we supplied who all blamed fixed term contracts but where 

poor management also undoubtedly contributed,” she 

explains. 

Dealing directly with the Insolvency Practitioner – and 

picking up the ‘phone – seemed to constitute best advice, 

and something of a lost skill. 

Paula Swain FCICM, a Partner at Shakespeare Martineau, 

has enforced RoT rights for over two decades, but senses 

a gap in knowledge around how parties can deal with 

situations practically. “We need to be able to look at each 

situation differently,” she says. “Rather than going along and 

thinking ‘we’ve always done it this way’ we should really be 

asking ourselves ‘how do we best solve this particular issue’.” 

Alex Davies, Senior Manager of Menzies LLP agrees: “It’s 

a good negotiation tool to have in your kit bag but we 

should also be looking to the IP and asking whether they 

can facilitate a conversation to get a deal done that is in 

everyone’s interests.” 

Alasdair also agrees: “We shouldn’t always revert to legal 

redress when there is a conversation to be had first.” 

One concluding theme that emerged from the Round Table 

was the importance of best-practice credit management: 

“In the good times and when times are more challenging, 

successful businesses will almost always be typified by 

having established credit policies and terms managed by 

well-trained credit teams,” Sue Chapple says. “Experience 

in knowing which cards to play and when, coupled with a 

keen instinct, really matter.” 

“THERE’S NO 

PENALTY TO 

THE CUSTOMER 

IN DELAYING 

A PROJECT, 

BUT FOR THE 

CONTRACTOR 

IT CAN BE VERY 

DAMAGING.” 

– Alasdair Reisner, Chief Executive of the 

Civil Engineering Contractors Association 

The Construction Industry round table was 

brought to you in association with Menzies LLP, 

a CICM Corporate Partner. Taking part were 

Simon Johnson MCICM(Grad), Alasdair Reisner, 

Evans for Bethan, Alex Davies, Guiseppe Parla, 

James Robertson, Yvette Gray MCICM, Jade Owen 

MCICM, Paula Swain FCICM, Jason Braidwood 

FCICM(Grad), Simon Philpin, David Woods and 

Sue Chapple FCICM. 


TECHNOLOGY 

PROCEED 

WITH CARE 

Taking a cautious approach to navigating 

AI in Financial Services. 

BY PHIL COTTER 

FINANCIAL services organisations are 

continually adapting to evolving regulatory 

frameworks. As digital channels 

increasingly dominate high-value transactions, 

companies face a dual challenge: 

detecting fraud from increasingly more 

sophisticated criminals while maintaining 

the seamless, high-quality service that customers expect. 

The emergence of AI adds a new layer of complexity, with 

bad actors exploiting this technology to enhance their 

attacks. This concern is shared by almost half of global 

citizens who fear AI’s potential to infringe on their privacy. 

Yet, at the same time, AI holds promise as a powerful tool for 

organisations to combat financial crime. 

While it’s easy to see why many businesses are eager to 

explore AI’s possibilities, it’s essential that the Government 

and regulatory bodies take the necessary time to refine the 

legislation. In the interim, financial services sector – and 

indeed all regulated businesses – should proceed cautiously 

in incorporating AI into their operations. 

The regulatory landscape 

This year saw the introduction of the UK’s Economic Crime 

and Corporate Transparency Act, alongside an ongoing 

consultation aimed at enhancing the Money Laundering, 

Terrorist Financing and Transfer of Funds Regulations 

(MLRs). These measures are just part of the constant 

regulatory updates that financial services must navigate. 

Though businesses generally welcome these efforts to 

strengthen the fight against financial crime and clarify the 

MLRs, keeping pace with the frequent changes remains a 

significant challenge for the sector. It’s not only regulation 

that is in flux – fraudsters are becoming increasingly 

sophisticated, requiring financial services organisations to 

stay one step ahead. 

AI offers a tempting solution, with its ability to analyse 

historical data, identify patterns that could indicate 

fraudulent activity, streamline operations, and assess risk. 

However, AI legislation is still in its early stages, with 

the European Union approving the world’s first AI law 

only in March 2024. However, critical questions about 

data ownership and intellectual property remain largely 

unanswered. 

Caution in AI adoption 

When considering the potential efficiencies AI can offer, 

regulated businesses must prioritise data security and 

compliance with privacy laws. 

Given that only a small percentage of workers possess 

essential AI skills – with a mere 14 percent equipped in areas 

like encryption and cybersecurity, it’s vital that organisations 

proceed carefully. Adequate expertise is crucial to ensure AI 

is integrated into business processes both safely and in line 

with regulatory standards. Organisations deploying AI will 

also need to demonstrate to regulators that their systems 



BUSINESSES 

MUST TAKE AN 

EVOLUTIONARY 

RATHER THAN 

REVOLUTIONARY 

APPROACH 

operate in a compliant manner, do not breach data privacy 

laws, and are underpinned by strong governance and risk 

management procedures. 

While exploring the potential of AI, businesses should 

also remember that reliable, well-established technologies 

are already available. Integrated platforms allow financial 

services organisations to detect high-risk clients and 

suspicious activities, ensuring they meet their Anti-Money 

Laundering (AML), Customer Due Diligence (CDD), and 

Know Your Customer (KYC) obligations. 

Manual checks are no longer sufficient, as they are prone to 

human error and can lead to fraudulent identities slipping 

through the cracks. Electronic verification provides a more 

robust solution, cross-referencing ID documents with global 

databases to assess the risk of engaging with a particular 

individual or entity. This process not only enhances fraud 

detection but also ensures a smoother experience for 

legitimate customers. 

Steady progress 

AML, KYC, and Know Your Business (KYB) technologies 

play a crucial role in helping financial services firms carry 

out the necessary checks in line with regulations, protecting 

themselves and their customers from financial crime. 

Continuous innovation in these established solutions is 

essential to allow businesses to adopt a proactive stance in 

tackling illegal financial activities. 

As AI continues to evolve and as regulatory frameworks 

mature, the potential for AI to further enhance financial 

crime detection, improve customer experience, and support 

regulatory compliance will only grow. However, businesses 

must take an evolutionary rather than revolutionary 

approach, ensuring that their data, clients, and operations 

remain secure. 

Author: Phil Cotter is CEO of SmartSearch 


INTERVIEW 

THE YOUNG 

APPRENTICE 

Sean Feast FCICM speaks to Metro Bank’s 

Andy Veares about how dreams can 

become reality. 



Brave | Curious | Resilient / www.cicm.com / November 2024 / PAGE 23 

continues on page 24 >

INTERVIEW 

ANDY Veares, Managing Director, 

Corporate & Commercial at 

Metro Bank always wanted to be 

a bank manager for as long as he 

can remember and today, he jokes, 

he is ‘living the dream’. 

Born in London, Andy’s mother was a nurse, and his 

father worked for the Ministry of Defence. Educated in 

Loughborough in Leicestershire, he studied for a degree 

in Banking & Finance: “Out of the 40 or so students who 

started the course, there are at least five of us who are still 

in banking, 40 years later,” he says. 

His early career was spent working for Midland Bank in a 

Branch in Nottingham, undertaking cashiering, payments 

and account opening roles. However, his favourite role 

was being on the ‘Enquiries desk’: “This was all the random 

questions you would now use the internet for,” he laughs. 

After a successful period at Midland (later HSBC), Andy 

looked for a new challenge: “Having worked for the largest 

bank in the UK, I googled the smallest bank and Metro 

Bank came up. I applied, was interviewed and someone 

else got the job. However, I was so struck by what Metro 

Bank was trying to achieve, I applied again.” 

Perseverance is clearly an attribute, and he didn’t let 

another unsuccessful attempt put him off: “On my third 

attempt I finally made it in,” he adds. 

“HOW WE 

BALANCE THESE 

COMPETING 

PRIORITIES 

TO GIVE OUR 

CUSTOMERS THE 

VERY BEST AND 

CONSISTENT 

EXPERIENCE 

WILL BE OUR 

CHALLENGE FOR 

MANY YEARS TO 

COME.” 

Indelible memory 

His most indelible memory is the bank’s response to 

COVID-19: “Customers were faced with losing everything 

they had worked so hard for. Their workforce was scared 

and worried that they would lose their jobs and their 

livelihoods. How we worked with businesses to get them 

through this period, was both an uplifting and memorable 

experience,” he says. 

Today as Managing Director of Corporate & Commercial 

he helps design, build, and deliver Metro Bank’s service for 

its commercial and corporate customers: “We look after 

and work with all businesses whether they are a start-up 

business looking for their first customer or have revenue 

>£100m with many thousands of customers,” he explains. 

“The pace of change is such, that businesses must now 

look forwards rather than backwards and anticipate what 

they must do in the future in order to be successful. What 

worked yesterday, may not work tomorrow. This shift 

in outlook is harder than it sounds, given change can 

come from so many different sources such as technology, 

legislation and how their customers want to do business 

with them.” 



“Some customers want a technology only relationship and 

others want to interact with a person, for even the most 

straight-forward of transaction or service. However, what 

I would say is that the very best in our sector are relentless 

in their desire to get better and persistent in working out 

what their customer wants and how they are going to 

exceed their customers’ expectations. This is what we all 

must aspire to be.” 

In terms of the biggest challenge facing Metro Bank 

specifically, Andy is clear on where the focus needs to 

be: “For high street banks, essentially the same rules and 

regulations will apply no matter your size or ability to 

leverage economies of scale. At the same time, we want 

to invest in our people, our architecture, our service and 

our products. 

“How we balance these competing priorities to give our 

customers the very best and consistent experience will be 

our challenge for many years to come.” 

So what is Metro Bank doing to address these challenges? 

To what extent it Metro Bank ‘going the extra mile’? And 

what does it mean by being a ‘partner in business’? 

“We know that being available to talk with, either at the 

end of a phone or in person is what customers want from 

their Relationship Manager,” Andy continues. “When 

our customers need help, such as a decision on new 

lending, they want a swift and a precise response. They 

want certainty and consistency from their bank and their 

Relationship Manager. This is how we can help with the 

challenges faced by our customers. 

“‘Your Partner’ should feel as though they are an extension 

of your team and bring expertise to areas where you may 

lack knowledge or experience. They should be someone 

who works alongside you, helps achieve your objectives 

and wants to understand your business.” 

Appropriate support 

Is the banking sector doing enough to support businesses 

or could it do more? Andy says he is only qualified to 

speak with authority on the matters he knows best: “I am 

not sure anyone is qualified to give a view on the whole 

of the banking sector, since it is so vast and the level of 

service so variable,” he says. 

While very much committed to his career, Andy does have 

interests outside of the banking community: “I enjoy going 

to the theatre, particularly to Musicals,” he says. “The 

last two I went to were ‘Six’ and ‘Moulin Rouge’. I also 

read autobiographies and I am currently reading David 

‘Bumble’ Lloyd and Harry Redknapp. 

At school, careers’ advice was something of a waste of time, 

because he was already set on his future path. Had he not 

been a bank manager, he believes he may have ended up a 

lawyer. But what advice would he give to a young person 

starting out today who perhaps doesn’t share the same 

conviction: “Whatever you do, please have a passion for 

it!” he says. “Then, you will want to take every opportunity 

to listen and learn. I think of myself as being in the 42nd 

year of my apprenticeship.” 

‘‘I THINK OF 

MYSELF AS BEING 

IN THE 42ND 

YEAR OF MY 

APPRENTICESHIP.” 


FINANCE 

POUND 

FOR POUND 

What does a new digital pound mean for 

business? Part two. 

BY MARDI MACGREGOR 

AND ANDREW MARRA 

AS noted last month, the BoE and 

Treasury consulted on the subject 

of a digital pound and received 

many comments in response. 

Their findings came in January 

2024, in a document entitled 

Response to the Bank of England and 

HM Treasury Consultation Paper – The digital pound: A new 

form of money for households and businesses? 

Overall, the BoE received a total of 51,529 responses, with 

99 percent of those coming from individuals and the 

remaining one percent from organisations. The majority 

of responses described general sentiment towards a 

retail central bank digital currency (CBDC), with the 

respondents’ primary concern being that a digital pound 

may encroach on their rights. 

Rights and protections 

The BoE and HMT set out a number of commitments 

designed to protect users’ privacy, autonomy and control. 

Decision-making and the role of Parliament 

Many respondents agreed that parliament should have the 

opportunity to consider and scrutinise any decision to 

introduce a digital pound. In May 2023, the Government 

committed to introducing primary legislation before the 

launch of any digital pound (meaning that a digital pound 

would only be launched once both Houses of Parliament 

had passed the relevant legislation). The BoE and HMT 

also committed to further consultation with the public on 

the digital pound before introducing primary legislation. 

Privacy and data protection 

Many respondents expressed concerns about privacy, 

and many were in agreement that neither the BoE nor 

the Government should have access to personal data. 

Accordingly, the consultation response noted that the 

BoE and Government would not access users’ personal 

data and legislation introduced for a digital pound 

would guarantee users’ privacy. The BoE also committed 

to exploring technological options that would prevent 

the BoE from accessing any personal data through its 

core infrastructure, as well as launching a working group 

dedicated to privacy issues as part of the design phase of 

the digital pound. However, the digital pound would not 

be anonymous given the need to support enforcement 

against financial crime, and for that purpose, personal 

data would be held by Payment Interface Providers (PIPs) 

- the private-sector digital pound wallet providers - but 

would not be visible to the BoE and the Government. All 

firms processing personal data within a digital pound 

system would be subject to robust regulation and need 

to comply with UK data protection laws such as the UK 

GDPR. 

Programmability and users’ control over their money 

The BoE and Government will not embed rules on how or 

when users can spend their money – that is, there will be 

no spending limit on certain products. Given respondents’ 

concerns about the ability of future Governments to 

programme their money, the BoE and HMT noted that 

actions are being taken to reassure the public in this 

regard, with the intention to put appropriate safeguards 

in place to preclude a digital pound from being made 

programmable by the BoE or the Government in the 

future. In addition, no PIP would be able to program 

user’s money, or limit where and when it could be spent, 

unless at the users’ request. Users would have control over 

whether they use digital pounds, and how they choose 

to spend them. The provision of automated payments by 

PIPs would be subject to a stringent and robust regulatory 

framework and always require user consent. 

Safeguarding access to cash 

Respondents raised concerns about the declining use 

of cash and a potential lack of support in the future, 

noting the critical role that cash plays in society and the 

importance of continuing to safeguard and preserve access 



Platform model and public-private partnership 

The consultation set out the proposal for a platform model 

for the provision of a digital pound. This model would be 

based on a public-private partnership, in which the BoE 

would provide a core infrastructure and ledger, where 

users’ digital pounds would be issued, held and transactions 

settled, and private-sector intermediaries would access 

this core ledger (using wallets) to provide payments and 

other services to end-users. Most respondents agreed that 

the BoE should provide the core infrastructure - i.e., the 

platform model - and that PIPs should not hold end-users’ 

funds directly. Responses also focussed on the need for 

PIPs to be regulated in a clear and fair way to ensure a 

level playing field, as well as concerns over the commercial 

viability of PIP business models; for example, how PIPs 

would raise revenue to cover the cost of complying with 

anti-money laundering/know your customer regulations 

without charging consumers and/or merchants. Concerns 

were also raised about the lack of financial incentives to 

become a PIP and how that could reduce private-sector 

participation. The BoE and HMT stated that they will look 

to make progress on developing the regulatory framework 

for the PIPs and will also prioritise efforts to understand 

the costs and revenues for PIPs and the viability of their 

business models. 

to it. This is particularly true for the elderly and those 

with disabilities who were identified as vulnerable groups 

due to their low digital literacy; respondents suggested 

that cash and bank deposits could be used alongside the 

digital pound to improve accessibility. The BoE and HMT 

committed to continuing to provide cash for those who 

want to use it, noting that safeguarding future access to 

cash is of critical importance to the Government and the 

BoE. A digital pound would sit alongside/complement 

cash, not replace it. 

Design considerations 

The BoE and HMT consulted on the design of a retail 

digital pound. The consultation stated that with money 

and payments changing, a digital pound could support 

the safety and interchangeability of money through 

continued access to central bank money, as well as 

promote competition, innovation and choice in payments. 

There were concerns raised over both the lack of clarity 

in respect of potential use cases for the digital pound as 

well as the demands that the digital pound could place on 

existing infrastructure. 

The BoE and HMT confirmed they will continue to 

monitor payment trends in the UK and abroad, refreshing 

the format and memberships of the CBDC Engagement 

and Technology forums alongside launching a series of 

industry working groups. The BoE will also continue 

to engage with the experiments being conducted on 

technologies associated with wholesale CBDC on an 

international stage. 

Payments in scope 

The consultation proposed that a digital pound initially 

focus on in-store, online and person-to-person (P2P) 

payments. It also stated an intention to explore offline and 

cross-border payments but ruled out developing a digital 

pound that enables Government or central bank-initiated 

programmable money. There was broad agreement that 

in-store, online and P2P should be a priority, but many 

respondents also saw value in considering additional use 

cases, such as business-to-business, business-to-consumer, 

consumer-to-business (such as mortgage and utility 

payments), Government-to-person (such as pension 

payments), person-to-Government (for example, paying 

Value Added Tax directly to authorities at the point of 

sale) and cross-border payment options. The BoE stated 

that it would continue to engage with stakeholders to 

understand which innovative functionality PIPs and users 

might want, and to determine what infrastructure would 

be needed to support those features. 

Holding limit 

The consultation proposed setting limits between £10,000 

and £20,000 on individuals’ holdings of digital pounds, at 

least during the introductory period, with higher limits 

for corporates. There was a broad range of responses to 

individuals’ holding limits and as such the BoE and HMT 

stated they are minded to proceed with the proposed 

£10,000 to £20,000 holding limits, at least during the 

introductory period. The majority of respondents also 

favoured wide corporate access and agreed that corporate 

holding limits should be substantially higher than for 

individuals. 

Access 

The consultation proposed that non-UK residents be able 

to hold and use digital pounds on the same basis as UK 

residents. Respondents offered broad support to non-UK 



FINANCE 

residents’ access to a digital pound on the same basis as UK 

residents. In light of this, the BoE and HMT stated that they 

were minded to support non-UK residents’ access to a digital 

pound on the same basis as UK residents, and noted that 

they will explore whether, and to what extent, non-resident 

corporates might have access to a digital pound. 

Financial inclusion 

The consultation stated that tackling financial exclusion 

remained one of the Government’s priorities and the BoE 

and HMT are considering how the design of a digital pound 

could support financial inclusion and the needs of vulnerable 

people. Some respondents thought a digital pound could 

improve financial inclusion but considered improvements 

in digital literacy and coverage as key to overcoming this 

obstacle. Respondents’ also proposed design choices to 

support financial inclusion, including offline availability, 

tiered access to wallets (with the ability to provide varying 

levels of identity information, particularly for those only able 

or willing to provide more limited forms of ID) and in-person 

or remote assistance for opening and operating wallets (and 

converting digital pounds into cash). 

Accordingly, the BoE and HMT stated that they are 

considering how the design of a digital pound could enhance 

financial and digital inclusion and are exploring a range of 

actions that include exploring how those in areas of low 

connectivity or with limited digital access would still be able 

to use a digital pound; exploring physical card payments; 

setting up a working group to consider the question of offline 

payments; and conducting and publishing an equalities 

impact assessment setting out the impact that a digital 

pound would have on protected groups before any decision 

to introduce a digital pound. 

The BoE and HMT have progressed to the design phase of 

work on the digital pound and expect to decide whether to 

proceed to the build phase around the middle on the decade. 

Conclusion 

The BoE, the Federal Reserve, and other central banks around 

the world have cited the rise of private digital currencies 

as being a key motivator in their consideration of CBDCs. 

Particularly with the rise of cryptocurrencies and stablecoins, 

central banks have communicated the need for an alternative. 

Any future CBDC would be a major piece of national 

infrastructure which is likely to take several years to complete. 

Its launch would require public trust and confidence that 

money will remain safe, accessible, and private. In the 

United Kingdom, HMT and the BoE have recognised that 

the journey towards any digital pound will need to involve 

an open, national conversation about the future of money, 

accompanied by detailed technical work.However, there are 

still many questions that remain unanswered: Will a new 

CBDC further reduce the use and acceptability of physical 

cash and if so, how will vulnerable members of the public 

with limited access to technology (including the elderly, 

disabled, and low-income households) continue to access 

‘public’ money (or money in general)? 

Who will decide which private entities will be permitted to 

‘intermediate’ between the central bank ledger and members 

of the public, and how will these private entities monetise 

their involvement? How will policymakers balance opposing 

interests in, for example, fostering competition by permitting 

a large number of intermediaries, and protecting user-security 

and financial stability, which might favour restricting the 

number of intermediaries? 

How will the new CBDC impact the existing commercial 

banking sector (for example, Banks who stand to lose 

business)? Do we trust the Government to get the technology 

right, and if so, how soon will the system need to be updated 

to reflect future technological developments? 

Will appropriate protections be put in place to prevent the 

misuse of the digital pound? Will the BoE and Government 

implement protections to prevent the use of the digital pound 

in criminal activities, such as the purchasing of weapons or 

illicit drugs, or the digital pound being utilised in human 

trafficking? 

It is not entirely clear how work being done by the BoE and 

HMT on a digital pound will intersect with the Houses of 

Parliament. Will a vote in both houses come after the design 

stage and before the build phase? 

In the United States, policymakers are continuing to debate 

whether to introduce a CBDC, and if so, what form it would 

take. The Federal Reserve would only issue a CBDC with the 

support of the executive branch and Congress, and more 

broadly the public. Even as policy deliberations continue 

in the United States, the Federal Reserve is conducting 

technology research and experimentation (alongside its 

central bank counterparts globally) to inform design choices 

so that it is positioned to issue a CBDC if it were determined 

to be in the national interest. 

According to the Atlantic Council Geoeconomics Center, 

today, 134 countries, representing 98 percent of global GDP, 

are exploring a CBDC (in contrast to May 2020, when only 

35 countries were reportedly doing so). A new high of 68 

countries are in an advanced phase of CBDC exploration 

(development, pilot, or launch) and 19 of the 20 G20 countries 

are now in advanced stages of CBDC development. While the 

specific timing of any country’s CBDC launch is unknown, 

CBDC exploration is likely to continue at a steady pace, and 

will be important for consumers, investors, and business to 

track. 

Authors: Mardi MacGregor is a Partner in financial services team, 

and Andrew Marra is Senior Associate in regulatory and whitecollar 

crime team, at Fox Williams. 


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COUNTRY FOCUS 

on Iran 

Land of 

the Aryans 

Iran has significant potential 

for foreign trade and investment. 



IT’S very easy to only think of Iran as a 

theocratic country overseen by a deeply religious 

Government with Islam at its core. It’s true that 

since 1979 that has been the case. However, as is 

usual in these profiles, Iran is so much more than 

the headlines. 

Indeed, it is known for a cuisine that uses bold flavours; 

Persian carpets that depict motifs and patterns inspired 

by nature and history; historical sites such as Persepolis – 

the capital of the Persian Empire; a great sense of art and 

design that is illustrated by structures such as the Nasir al- 

Mulk Mosque and the grand bridges of Isfahan; and stunning 

deserts such as the Lut and Kavir. 

Land of the Aryans 

Officially the Islamic Republic of Iran, the country has a 

particularly long and interesting history. The term Iran - 'the 

land of the Aryans' - derives from Middle Persian Ērān as 

first noted in a 3rd-century inscription at Naqsh-e Rostam, 

an ancient archaeological site and necropolis located some 

13km northwest of Persepolis. 

But Iran goes back further than that and has a history that 

dates back tens of thousands of years with its first great city, 

Susa, being built on the central plateau around 3200 BC. 

By around 559 BC, a Persian Empire arose in southwestern 

Iran and conquered the Mesopotamians and Egyptians. Its 

reach eventually extended from the Mediterranean Sea to 

what is now Pakistan. It was conquered by the Greeks in 330 

BC. They were followed, around 260 BC, by the Parni, nomads 

who ruled for some 500 years. After them came the Sassanids 

in 224, and in 642, Persia became part of the Islamic Empire. 

In 1501, kings – shahs - from the Safavid Empire ruled. 

However, by the late 1700’s, foreign powers, including Russia 

and Britain, took control of parts of Persia. Fast forward to 

1921, and Reza Khan, a Persian army officer, took control 

and replaced the previous dynasty. The country was renamed 

Iran in 1935 and in 1941, the son, Mohammad Reza Pahlavi, 

became the country’s last shah. 

x Although the term "Persian carpet" most often refers to pile-woven textiles, 

flat-woven carpets and rugs like Kilim, Soumak, and embroidered tissues like 

Suzani are part of the rich and manifold tradition of Persian carpet weaving. 

THE TERM IRAN 

– ‘THE LAND OF 

THE ARYANS’ – 

DERIVES FROM 

MIDDLE PERSIAN 

ĒRĀN 

In early 1979, following several years of demonstrations by 

many who considered Pahlavi to be corrupt, he was forced 

to flee to the US. The power vacuum was filled by Grand 

Ayatollah Ruhollah Khomeini who returned from exile 

in Paris in the February of 1979; by March of that year 

a referendum witnessed 98 percent of voters approve a 

proposal to make Iran an Islamic republic. 

Eight years of war with Iraq (1980-88) followed with a 

truce and withdrawal to pre-war boundaries. Following the 

execution of Saddam Hussein, much warmer relations with a 

former foe followed. 

x The place of origin of the date palm is uncertain because of long 

cultivation. According to some sources it probably originated from the Fertile 

Crescent region straddling Egypt and Mesopotamia while others state that 

they are native to the Persian Gulf area. Fossil records show that the date palm 

has existed for at least 50 million years. 

Brave Brave | Curious | Curious | | Resilient / / www.cicm.com / / November 2024 2024 / / PAGE 33 33 continues on page 36 34 >

COUNTRY FOCUS 

Border geography 

Iran sits below the Caspian Sea and above the 

Persian Gulf and the Gulf of Oman. It’s bordered by 

Turkmenistan, Azerbaijan and Armenia to the north, 

Afghanistan and Pakistan to the east, Turkey and Iraq to 

the west, and Kuwait, Saudi Arabia, Bahrain, Qatar and 

the UAE to the south across the gulfs. 

In terms of landmass Iran occupies an area of 1.64m 

km2 which places it 17th largest in the world – above 

Mongolia (1.56m km2) but below Libya (1.75m km2). In 

comparison, the UK occupies just 244,376 km2. 

Much of Iran is cut off from the outside world by a 

beautiful but often lonely landscape. High, rugged 

mountains create a barrier with Iran's neighbours in the 

west, while the eastern region is covered by a barren, 

salty desert. 

In Iran's north, a narrow, fertile strip borders the 

Caspian Sea, and in the south, lowlands meet the Persian 

Gulf and the Gulf of Oman. 

The climate is diverse and ranges from the arid to 

subtropical. In the north temperatures rarely go above 

29 C. The west tends to see lower temperatures along 

with severe winters. The east and centre are arid with 

temperatures that can rise to 38C. The south can be mild 

in winter yet very hot and humid in summer. 

Iran suffers from high levels of seismic activity with 

many shallow and devastating earthquakes; on average 

an earthquake that measures seven on the Richter scale 

occurs every ten years. 

Population growth 

Iran’s population has grown considerably since 1960 when 

it numbered 21.39m (World Bank). By 1980 that number 

had swelled to 38.52m. Two decades later it stood at 

65.54m and by 2022, the figure was 88.55m. Interestingly, 

the United Nations Department of Economic and 

Social Affairs Population Division reckons that peak 

population will come around the mid-2050s after which 

it is likely to decline by between two and three percent 

a year. 

Notably, Countrymeters has commented that the sex 

ratio of the total population was 1,029 males per 1,000 

females which is higher than global sex ratio. The global 

sex ratio was approximately 1,016 males to 1,000 females 

as of 2023. As for age structure, Statista data indicates 

that slowly, but surely, the population has growing 

cohorts of old and young with a shrinking middle. 

If we look at the population pyramid over time, it’s clear 

how the structure has changed. In 1976, the pyramid 

had a very wide base until age 30. Thereafter it halved in 

size until age 55 when it tapered off to almost nothing 

by age 75. Ten years later the image was similar but 

with an even wider base for those aged 10 or under. By 

1996 growth had almost halved. By 2006 the base had 

x The Grand Bazaar is an old 

historical bazaar in Tehran, Iran. 

It is split into several corridors 

over 10 kilometres in length, 

each specializing in different 

types of goods, and has several 

entrances, with Sabze-Meydan 

being the main entrance 

Iran 



narrowed further. And by 2016, the overall pyramid 

was markedly narrower, symmetrical and more 

columnar with the exception of an excess of females 

over males between the ages of 25 and 24. It’s easy to 

see why the population will, in 25 years or so, begin to 

decline. 

In numbers in 2012, those aged 0-14 made up 22.33 

percent of the population, while those aged 15- 

64 comprised 72.38, and those aged 65 and above 

represented just 5.29 percent. By 2022, those bands 

were 23.57, 68.81 and 7.62 percent respectively. 

As for religion, the CIA World Factbook notes, not 

unsurprisingly, that 98.5 percent are classed as Muslim, 

0.7 percent are Christian, 0.3 percent are Baha'i, 

0.3 percent are agnostic, and ‘other’ that includes 

Zoroastrian, Jewish, Hindu makes up 0.2 percent of the 

population (2020 estimate). 

Persian Farsi is the official language with Azeri 

and other Turkic dialects, Kurdish, Gilaki and 

Mazandarani, Luri, Balochi, and Arabic also spoken. 

Iran is highly urbanised with, according to 2016 data 

from the Statistical Center of Iran, 98 cities having 

more than 100,000 inhabitants. Top of the list is 

the capital Tehran with 8.69m which is followed by 

Mashhad with 3m, Isfahan with 1.96m, Karaj with 

1.59m and Shiraz with 1.56m. 

Controlled economy 

The Iranian economy is described by the CIA World 

Factbook as traditionally state-controlled economy 

but reforming state-owned financial entities; strong 

oil/gas, agricultural, and service sectors; recent 

massive inflation due to exchange rate depreciation, 

international sanctions, and investor uncertainty; 

increasing poverty. 

The economy has grown somewhat since 1960 where 

the World Bank recorded GDP as being $4.19bn. 

In 1980 it stood at $94.36bn, $109.6bn in 2000 and 

$413.5bn in 2022. However, these points in time mask 

peaks and troughs that have followed war, sanctions, 

commodity price volatility and COVID. 

As the World Bank noted, in 2022, Iran’s economy is 

characterised by its hydrocarbon, agricultural, and 

service sectors, as well as a noticeable state presence 

in the manufacturing and financial services. Iran 

ranks second in the world for natural gas reserves and 

fourth for proven crude oil reserves. While relatively 

diversified for an oil exporting country, economic 

activity and Government revenues still rely on oil 

revenues and have, therefore, been volatile. 

Business sectors 

The UK Government doesn’t prevent British firms 

from doing business in Iran. Indeed, it supports 

sanctions-compliant trade with Iran and encourages 

UK businesses to take advantage of the commercial 

opportunities. It adds: ‘Iran has large potential for 

foreign trade and investment. However, market barriers 

and protectionist trade policies have suppressed Iran’s 

foreign trade and investment in recent years.’ 

And such sanctions are why the US Trade Department 

offers no guide to market sectors in Iran. However, 

it’s equally notable that a document published by the 

Tehran Chamber of Commerce, Industries, Mines and 

Agriculture (TCCIMA), cites data that uses the US 

dollar as the currency to express value. 

Pharmaceuticals 

TCCIMA states that 99 percent of medicines are 

produced locally with just 1 percent imported. In terms 

of value, 87 percent of the market belongs to local 

producers and 13 percent to the import market. Key 

international players present in the Iranian market 

include Novartis, Roche, Sanofi, Glaxo Smithkline 

and Novo Nordisk. 

The Italian Trade Agency, in a February 2020 report, 

said then that Iranian pharmaceutical plants produced 

almost 40bn drug units each year, meeting 96 percent 

of domestic demand. It also stated that in 2018 the 

market was worth $3.7bn between March-November 

2018. 

Steel 

Nournews reported that Iran became the world’s ninth 

largest steel producer in January 2024, according to 

data released by the World Steel Association (WSA). 

In January alone, Iranian steel mills produced a total of 

2.6m tons of steel - a 39.3 percent increase compared to 

the same month of 2023. Iran sits behind nations such 

as China, India, Japan, the US, Russia, South Korea, 

Turkey, and Germany. Its production has shown 

continuous growth, increasing from 30.6m tons in 2022 

to 31.1m tons in 2023. 

Brave | Curious | Resilient / www.cicm.com /November 2024 / PAGE 35 continues on page 36 >

COUNTRY FOCUS 

Automotive 

Mordor Intelligence believes that the Iranian auto 

industry will be worth around $37.96bn in 2024 and 

could reach $59.93bn by 2029. And with an annual 

production of more than 1.6m vehicles, Iran is the world’s 

20th-largest car maker and one of the largest in Asia - 

passenger cars account for approximately 75 percent of 

local output, with pick-up trucks accounting for about 

15 percent. The industry makes a wide range of passenger 

and commercial vehicles, including cars, trucks, buses, 

and motorcycles. 

Food 

Foodex Iran, in June 2023, said that the food and drinks 

sector has grown consistently and is likely to be worth 

$64bn by 2026. 

TCCIMA has stated that the food industry is one of the 

largest non-oil industries in Iran and the biggest employer 

accounting for 17.7 percent of the total industrial jobs. 

Currently there are 11,200 active production firms in 

food and processing industries across the country, of 

which 56 percent are considered small. 

Processed foods are on the rise via packaged, frozen 

and canned foods and there’s a growing demand for 

convenience food. Iran is a large producer of dairy 

products in the Middle East and is a big player in 

confectionery and snacks, with an estimated market 

volume of $12.16bn in 2023. 

Travel warnings 

It’s important to understand and observe the societal 

rules in Iran. During the holy month of Ramadan 

Muslims fast from dawn to dusk and are only permitted 

to work six hours per day. Fasting includes no eating, 

drinking, cigarette smoking, or gum chewing. Foreigners 

are not required to fast; however, they must not eat, 

drink, smoke, or chew gum in public. 

Alcohol consumption is strictly prohibited in Iran, and 

individuals who are caught drinking alcohol may face 

fines, lashes, and even imprisonment. 

Islamic codes of behaviour and dress are strictly enforced. 

In public places women must cover their heads with a 

headscarf, wear trousers or a floor-length skirt, and a 

long-sleeved tunic or coat that reaches to mid-thigh or 

knee. Men should wear long trousers and long-sleeved 

shirts in public. Adultery and sex outside marriage are 

illegal under Iranian law and carry the death penalty. 

Relationships between non-Muslim men and Muslim 

women are illegal too. 

vMashhad is a city in northeast Iran, known as a place of religious 

pilgrimage. It’s centered on the vast Holy Shrine of Imam Reza, with golden 

domes and minarets that are floodlit at night. The circular complex also 

contains the tomb of Lebanese scholar Sheikh Bahai, plus the 15th-century, 

tile-fronted Goharshad Mosque, with a turquoise dome. 

Cameras should be used with caution, especially if near 

military or Government sites. And individuals involved 

in commercial disputes with Iranian companies risk 

being stopped from leaving the country until disputes 

are resolved; commercially sensitive information should 

be password protected. 

The UK Government warns that there is a very high risk 

of arrest, questioning and detention for British nationals 

and British-Iranian dual nationals: ‘If the Iranian 

authorities accuse you of security related offences as a 

British national in Iran, there is a risk that you will be 

sentenced to death.’ 

Border areas are problematic and the FCDO warns 

against being within 100km of the Afghanistan border or 

within 10km of the entire border with Iraq. 

Summary 

Iran offers up many surprises not least of which is the 

nature of the economy, its size, and how involved the 

international presence is. There are many challenges for 

doing business in Iran, but it’s clearly a country worth 

thinking about as an exporter. 

Author: Adam Bernstein is a freelance finance writer for 

Credit Magazine magazine. 



CONSUMER 

OPEN ALL 

HOURS 

Credit Unions could benefit significantly 

from Open Banking payments. 

BY DAVE CARR 

IN the UK, the rise of Open Banking 

payments is reshaping the financial 

landscape, with one in nine consumers 

now using this innovative technology. With 

regulatory shifts and evolving consumer 

expectations, financial institutions are 

increasingly embracing Open Banking, 

including 11 percent of Credit Unions and 32 percent of 

financial service providers. 

This movement towards enhanced connectivity and 

transparency between banks and third-party providers 

presents a unique opportunity for Credit Unions. By 

adopting Open Banking payments, Credit Unions can 

access cutting-edge tools to better serve their members, 

offering personalised services, improved risk assessment 

and lending practices, and stronger engagement in an 

industry dominated by larger competitors. 

Expanding influence 

At its core, Open Banking involves using Application 

Programming Interfaces (APIs) to enable secure and 

standardised sharing of financial information between 

banks and third-party providers. This fosters greater 

transparency and facilitates the development of 

innovative financial products and services. 

The rise of Open Banking in recent years has been driven 

by regulatory changes, technological advancements, 

and shifting consumer expectations. In the wake of the 

EU’s Revised Payment Services Directive (PSD2) and 

the UK’s Open Banking regulations, as well as the UK 

Government’s recent Open Banking task force initiative, 

there has been a significant push towards increased 

competition and innovation within the financial sector. 

The growing adoption of Open Banking reflects a 

broader trend towards digital transformation in the 

financial services industry. Consumers increasingly 

seek seamless, integrated financial experiences, and 

Open Banking enables the delivery of such services 

by allowing for greater connectivity between different 

financial platforms. 

Credit Unions, known for their emphasis on member 

loyalty and personalised service, now face the challenge 

of competing with an industry increasingly dominated 

by large banks and lenders, as well as agile fintech firms. 

So how can Open Banking help? 

Open Banking offers Credit Unions a crucial strategic 

lever to level the playing field, giving them access to 

advanced technological tools and capabilities previously 

reserved for larger financial institutions. 

By positioning themselves as forward-thinking, 

technology-driven institutions, they can enhance their 

service offerings, improve member satisfaction, and 

gain a significant competitive advantage in the market. 

Open Banking payments 

Legacy payment systems can be slow, costly, and 

disconnected from real-time financial insights, 

often leading to delays or inefficiencies in managing 

transactions. Open Banking payments, also known as 

Pay by Bank, overcomes this by enabling instant access 

to real-time financial data through secure APIs, offering 

a seamless and efficient experience. 

This enables Credit Unions to integrate faster, more 

secure payment solutions directly into their service 

offerings, allowing for instant payments, reduced 

transaction costs, and the ability to provide tailored 

payment options based on members' current financial 

status. 

This enables them to meet the evolving expectations of 

their members, helping to attract and retain members 

who seek modern and convenient financial solutions. 

This can also lead to the creation of more personalised 

financial products, such as payment plans or budgeting 

tools that adapt to each member’s unique needs. Known 

for their member-centric approach, Credit Unions can 

provide a modern, integrated payments experience that 

fosters stronger relationships and builds trust with their 

members. 



data to third parties under strict security and consent 

protocols. Adhering to these regulations not only 

safeguards member data but also reinforces trust and 

credibility in an increasingly data-driven financial 

environment. 

Member engagement 

The success of Open Banking implementation 

ultimately hinges on member engagement. Financial 

service providers must educate their members about the 

benefits and functionalities of Open Banking to ensure 

they feel informed and confident in using these new 

tools. 

For Credit Unions, this is especially crucial, as their 

members might be less familiar with emerging financial 

technologies compared to those of larger banks and 

fintech firms. Clear, accessible information can bridge 

this knowledge gap, helping members fully utilise the 

innovative services Open Banking offers. 

Easily digestible customer education programs should 

focus on clarifying Open Banking, addressing concerns, 

and highlighting practical benefits like enhanced 

financial control and improved management. 

By embracing these innovations, Credit Unions can stay 

competitive in a rapidly evolving financial landscape 

while continuing to prioritise their commitment to 

community-focused service. 

Third-party support 

Third-party payment providers play a vital role in helping 

Credit Unions tap into this transformative opportunity, 

by bringing the expertise and infrastructure needed to 

integrate with banks and financial institutions. This 

enables Credit Unions to deliver cutting-edge payment 

services without the burden of building complex 

systems from the ground up, ensuring secure access to 

customer data via APIs. 

This approach also addresses the challenges of integrating 

Open Banking payments with existing systems. Many 

Credit Unions rely on outdated legacy systems that may 

not be immediately compatible with Open Banking. 

By partnering with third-party providers, like Access 

PaySuite, Credit Unions can ensure their technology 

infrastructure is compatible, even if significant updates 

or complete overhauls are needed. 

Additionally, this strategy supports compliance with 

regulatory requirements designed to protect consumer 

data and ensure secure data sharing. Regulations 

mandate that financial service providers open their 

Future protections 

Open Banking represents a significant opportunity 

for Credit Unions to transform their operations and 

enhance their competitive position in a rapidly evolving 

financial landscape. Leveraging Open Banking gives 

Credit Unions the potential to redefine their service 

offerings, improve risk assessment processes, and 

compete more effectively with larger banks and agile 

fintech firms. 

By focusing on robust regulatory compliance, 

thoughtfully integrating technology, and proactively 

educating members, Credit Unions can keep pace with 

industry developments and level the playing field. 

Open Banking allows them to offer modern, competitive 

services that meet the evolving needs of their members, 

while also providing the tools necessary to enhance 

member engagement and satisfaction. 

As Open Banking continues to evolve, Credit Unions 

that embrace these strategies will be better positioned 

to thrive. They can use Open Banking to bridge the gap 

between themselves and larger financial institutions, 

effectively competing in a marketplace where 

technology and innovation are key. This approach will 

not only help them meet the growing demands of their 

members but also foster a more inclusive, dynamic, and 

resilient financial community. 

Author: Dave Carr is Transformation Director at Access 

PaySuite, part of the Access Group. 


ENFORCEMENT 

RECOVERING 

SUNDRY DEBTS 

Why pursuing and transferring up sundry debts could 

help local authorities meet their funding challenges. 

BY MIKE JACKSON FCICM 

LOCAL authorities have been battling 

with austerity and funding crises since 

2010. A new Government may bring 

about a different kind of relationship 

between central Government and 

local councils, but Chancellor Rachel 

Reeves has been very clear there is no 

magic money tree. 

Whenever we hear or read about local authorities 

collecting debts the focus is inevitably on council tax. But 

that’s just one part of the story. 

Councils sadly can find themselves in a position where 

they are owed a growing amount of money for a whole 

range of other reasons. Whether that is overrun charges 

in areas such as road works, when fines incurred have 

not been paid, fines to landlords for health and safety 

beaches or illegal evictions, unpaid commercial rents, 

charges for collecting trade waste or fines following 

breaches in planning regulations – the list goes on – these 

unpaid ‘sundry debts’ are an increasing challenge for local 

authorities that can significantly impact on the budget 

bottom line. 

While commercial rent can be collected under Commercial 

Rent Arrears Recovery (CRAR) without the need for a 

Court involvement, the position is different for many 

other sundry debts. 

There are two major hurdles that councils face in tackling 

this. These are 

1. ensuring they obtain a judgment in the first instance and 

2. taking the right option to enforce that judgment. 

Obtaining a judgment 

Historically some local authorities have taken the view 

that some debts are not worth pursuing, perhaps because 

it’s thought that it’s too difficult to recover, or it won’t get 

paid, or people are uncertain as to what their options are. 

But the money is recoverable, and tackling the issue shows 

that as an organisation you are ensuring that everyone 

pays their fair share. 

The first step is obtaining a judgment to ensure you can 

recover the debt, which your legal team can assist with, or 

else there are many other options for assistance. 

The court process can be complex to those unfamiliar 

with it, but seeking out expertise within your authority 

or investing the time to engage could prove valuable in 

the long run. 

Transferring up 

Once you have a judgment in place, then one of the keys to 

recovering sundry debt, is choosing the right enforcement 

method. 

There are different options out there for local authorities, 

and one of those is to ‘transfer up’ the debt from the 

County Court to the High Court so you can get a Writ of 

Control, and the money can be pursued by a High Court 

Enforcement Officer. 

And the good news is that local authorities can instruct a 

High Court Enforcement Officer to do all the complicated 

‘transferring up’ work. Today, as long as the debt is over 

£600 it can be transferred into a High Court writ. 

There is a court fee of £78 to pay at this stage, but when the 

High Court Enforcement Officer successfully recovers the 

debt and fees from the person who owes the debt, this fee 

is recovered in full and paid back to the creditor. 

Local authority debt recovery is often dealt with by 

finance and debt recovery teams, so many are unaware 

that this route event exists, so if that’s you, it might be 

worth engaging with your legal team first. 

Sundry debt is probably never going to grab the headlines, 

but when it comes to protecting and recovering council 

revenue, it’s an area where a different approach could help 

local authorities balance the budgets in what remains a 

challenging context. 

Author: Mike Jackson FCICM is Vice-Chair of the High Court 

Enforcement Officers Association (HCEOA). 



CREDIT MANAGEMENT

ERIC ROE LEADS 

WILSON & ROE'S 

PROPERTY EVICTION TEAM 

Wilson & Roe, an established 

leader in High Court Enforcement, 

is looking to the future with its 

next investment. 

Now, Eric Roe – Solicitor, High Court Enforcement 

Officer and Managing Director – has boosted Wilson 

& Roe’s operational capability by expanding its 

eviction team and strengthening the services it 

provides to clients. 

Growing demand in the enforcement industry 

means that Wilson & Roe’s expansion could not 

have come at a better time, and Eric urges those 

needing property repossession and enforcement 

services to get in touch: 

“We handle all aspects of property enforcement, 

including the removal of squatters, travellers and 

trespassers as well as commercial and residential 

property evictions. Over the years we have built a 

strong reputation for providing a high quality and 

personable service, and we are excited to continue 

our recent growth in this sector.” 

Wilson & Roe offers a hands-on approach, guiding 

you every step of the way to reclaiming control of 

your property. 

| Professional team 

| Ethical enforcement 

| Fast turnaround 

| Extended support 

Eric can be contacted using the details below. 

Telephone: 0161 925 1800 

Email: eric.roe@wilsonandroe.com 

Wilson & Roe | 26 Missouri Avenue, 

Salford, Manchester M50 2NP

TOWERING ABOVE 

THE COMPETITION 

At Wilson & Roe, our USP is our people. We are proud to have 

the strongest leaders in the industry. 

Our team of highly trained and passionate 

enforcement professionals work on behalf 

of law firms, businesses, lenders, local 

authorities and landlords to collect 

outstanding debt and regain control 

of property. 

Contact us today to discuss how we can 

help you with: 

• Enforcement of High Court & County 

Court Judgments 

• Residential & Commercial Evictions 

• Commercial Rent Arrears Recovery 

WE ARE DRIVEN BY RESULTS 

AND CLIENT SERVICE. 


HR MATTERS 

BEST 

BEHAVIOUR 

Unfair dismissal for bad behaviour and 

less favourable treatment for part-timers. 

BY GARETH EDWARDS 

WHERE a claimant's 

behaviour plays a 

contributing factor 

in their dismissal, the 

compensation that they 

are awarded is usually 

reduced. However, a 

recent judgement from the Employment Appeal Tribunal 

(EAT) has clarified that this is not a legal requirement. 

In Notaro Homes Ltd v Keirle and others, the claimants 

brought claims for unfair dismissal. At a liability hearing, 

a tribunal found that their protected disclosures were the 

reason for their dismissals. Their social media activity was 

found to have been a pretext or cloak for the dismissals. 

At the remedy hearing Notaro argued that both basic 

and compensatory awards should be reduced under 

sections 122(2) and 123(6) of the Employment Rights Act 

1996 (ERA). However, the tribunal found that it would 

not be just and equitable to reduce the award on the 

grounds of contributory fault. The tribunal came to this 

conclusion even though it was satisfied that the claimants 

had committed culpable or blameworthy conduct in 

breaching Notaro’s social media policy and further, their 

conduct had contributed to their dismissal. 

In reaching its decision, the EAT referred to previous 

authorities and concluded that it was not bound by 

them, nor was it bound by the statutory language of the 

ERA. The EAT found that the language in the ERA of 

‘shall’ means that, once there is a finding of culpable or 

blameworthy conduct which caused or contributed to the 

dismissal, the tribunal is obliged to consider the question 

of reduction. Where the tribunal is obliged to consider this 

question, what the tribunal has to decide is ‘such proportion 

as it considers just and equitable’. The word ‘proportion’ was 

used because the nature of the exercise is such that the 

tribunal should consider making a percentage reduction, 

rather than a reduction by a given absolute amount. 

This decision serves as a critical reminder to employers 

that even if an employee’s actions contribute to their 

dismissal, this does not guarantee a reduction in any 

compensatory award that they may receive in a successful 

tribunal claim. 

EVEN IF AN EMPLOYEE’S 

ACTIONS CONTRIBUTE TO THEIR 

DISMISSAL, THIS DOES NOT 

GUARANTEE A REDUCTION IN 

ANY COMPENSATORY AWARD 

Brave | | Curious | | Resilient / www.cicm.com / November 2024 / PAGE 44


Brave | Curious | Resilient / www.cicm.com / November 2024 / PAGE 45 continues on page 48 >

HR MATTERS 

Ombudsman reports fraud 

complaints at a record high 

THE EAT has found that a claimant's part-time status must 

be the ‘sole reason’ for less favourable treatment for there to 

be a breach of the Part-time Workers Regulations (PTWR); 

the PTWR protect part-time staff against detriment and 

dismissal on the grounds of their part-time status. 

In Augustine v Data Cars Ltd, the claimant was a part-time 

private-hire driver who worked an average of 35 hours per 

week for the respondent. The claimant was required to 

pay a weekly circuit fee of £148 to access the respondent's 

database. This was the same fee that all drivers were 

required to pay, regardless of how many hours they worked, 

including a full-time driver who worked over 90 hours. The 

claimant brought an employment tribunal claim, arguing 

that he was being treated less favourably as a part-time 

worker. 

The Tribunal rejected the claim. It found that there was 

no less favourable treatment since the fee did not take into 

account the hours worked, meaning both part-time and 

full-time drivers paid the same circuit fee. 

The claimant appealed to the EAT which overturned 

the first of the Tribunal's findings. The EAT ruled 

that equal treatment could still be less favourable if it 

disproportionately affects part-time workers. Under the 

pro-rata principle, the claimant was treated less favourably 

because the circuit fee represented a greater proportion of 

his earnings than those who worked full-time. 

However, the main issue for the EAT to determine when 

making its decision was whether the claimant's part-time 

status was the reason for any disadvantage that he faced. 

The EAT considered the different legal tests the courts have 

applied in the past. On the one hand, courts in England 

had favoured an ‘effective and predominant cause’ test. On the 

other, a higher Scottish court had held that a worker's parttime 

status must be the 'sole reason' for any less favourable 

treatment. Whilst the EAT expressed reservations about 

the 'sole reason' test, it felt bound to follow it. 

As the claimant's part-time status was not the sole reason 

for the treatment (the other reason being the failure to 

apply a fee that took into account hours worked), the EAT 

found there had been no breach of the Part-time Workers 

Regulations (PTWR). 

Given the conflicting case law, there remains some 

uncertainty in this area. With the EAT's reservations about 

the Scottish case law it felt bound to follow, it is possible 

the claimant could seek to appeal to the Court of Appeal. 

Author: Gareth Edwards is a partner in the employment 

team at VWV. 


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LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

INSURANCE CREDIT CONTROLLER 

City of London, £50k 

Specialising in comprehensive insurance solutions for the 

aviation industry, this business offers a range of products, 

designed to protect aircraft owners, operators, and aviation 

businesses. In your new role, you will ensure outstanding ledger 

balances and unallocated cash are kept to a minimum. You 

will produce reports detailing aged debt and unallocated cash, 

including commentary and ad hoc financial reporting. You will 

also actively pursue responses, agreement, and settlement of 

debtor balances, and resolve discrepancies. 

Ref: 4604851 

Contact Max Witek on 0333 010 2669 

or Max.Witek@hays.com 

ASSISTANT CREDIT CONTROLLER 

London, up to £28k 

A luxury cosmetics company based in the heart of London is 

looking for a proactive and passionate credit controller to join 

their finance team on a 6-month temporary basis. They are 

looking for a candidate with relevant retail and FMCG industry 

experience, and a proven history of credit control and accounts 

receivable roles. You will be responsible for your own ledger 

and maximising the company’s collections, whilst reducing their 

aged debt. Ref: 4625312 

Contact Katie Bohun on 020 3465 0020 

or Katie.Bohun@hays.com 

CREDIT CONTROLLER 

London City, Up to £38-£45k 

A luxury fashion retailer is experiencing a surge in demand 

and have plans to open four new stores in major cities next 

year. This growth means they are looking for an experience as 

a Credit Controller, with previous experience in fashion retail, 

and proficiency in handling multi-currencies. Fluency in English 

and a European language (Spanish, French, or Italian) is also 

required, along with strong Excel skills, including VLOOKUPS 

and Pivot tables. Ref: 4540679 

Contact Raphaella James on 020 3465 0020 

or Raphaella.James@hays.com 

CREDIT CONTROLLER 

Bradford, £25k 

A large distribution organisation in Bradford is searching for a 

Credit Controller to join their growing business. The vacancy 

has become available due to some rapid growth and internal 

promotions. They are looking for someone who is easily 

adaptable and able to confidently liaise with customers and 

other members of their team. The fast-paced nature of this 

position means that you always be busy, and no day will ever be 

the same. Credit control experience is not essential; however, 

customer service experience is required. Ref: 4596423 

Contact Charlie Wilkinson on 0113 200 3735 

or Charlie.Wilkinson@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 countries. All rights are reserved. CM-00553

CREDIT CONTROLLER (12 MONTHS FTC) 

Orpington (Hybrid), £28,000 

A skilled credit professional is required to join a Kent based 

business, on a contract basis to cover maternity leave. The ideal 

candidate will enjoy being on the phone, building relationships 

with clients, resolving queries, and securing payments. Running 

aged debt reporting and tackling some of the businesses aged 

debt will also form part of this role. Ref: 4611157 

Contact Kitty Ford on 033 3010 6339 

or Kitty.Ford@hays.com 

CREDIT CONTROLLER/COLLECTIONS 

Woking, £30k-£35k 

Due to company growth, this is a newly created role, that would 

suit a candidate who has experience of dealing with both 

business to business and business to consumer debtors. While 

continuously delivering excellent levels of customer service, you 

will be responsible for chasing payments, resolving queries, and 

accurately administering the sales ledger. Strong reporting and 

analysis skills will also be required for this exciting new position. 

Ref: 4598431 

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 786433. 

Discover new 

opportunities today

CAREERS 

TELLTALE SIGNS 

How to assess if an organisation’s commitment 

to DE&I is authentic. 

BY NATASCHA WHITEHEAD FCICM 



ECENT news reports suggest that 

some organisations are letting 

Diversity, Equity and Inclusion 

(DE&I) fall down their list of 

priorities or treating DE&I as a 

tick box to be completed and then 

left off the agenda. Promisingly 

though, there are many businesses out there striving 

to do better, that value the importance of an ongoing 

commitment to DE&I and ensure it remains a key priority 

across their organisation. The question is: how can you 

identify whether an employer genuinely values DE&I and 

proactively creates an open and welcoming environment? 

In this article, I’ll draw on findings from our latest Diversity, 

Equity and Inclusion (DE&I) Report, in partnership with 

FAIRER Consulting, which received responses from over 

700 finance employers and professionals across the UK, to 

explore the green flags that suggest an organisation has an 

authentic commitment to DE&I. 

Transparency 

According to our research, well over half (57 precent) of 

finance professionals actively look for an organisation’s 

diversity and inclusion policies and commitments when 

researching a potential employer. 

Whether you want to find out about a company’s DE&I 

initiatives, metrics or credentials, this kind of information 

should be accessible on their website. You can also read 

between the lines to discover evidence of an organisation’s 

commitment to DE&I, such as looking at whether 

the photos of their employees showcase a wealth of 

backgrounds. You can also check out their social media 

profiles, such as LinkedIn, to see if you can get a feel of 

their DE&I commitment through these platforms. 

However, over a third (39 precent) of professionals 

working across the finance sector say it is difficult to find 

this type of organisation-specific diversity and inclusion 

information when researching prospective employers. 

Ultimately, organisations with a strong sense of purpose 

and values are likely to be more transparent about these 

factors, making it easier to familiarise yourself with their 

morals and accurately assess whether your values align. 

It's also a good idea to reflect on how open and honest an 

organisation is about where the responsibility for DE&I 

sits within their company and what plans they have for 

improving their commitment in the future. Our research 

shows that over a third (35 precent) of finance organisations 

have a dedicated DE&I resource. In terms of what their 

DE&I resource looks like, close to half (45 precent) have a 

dedicated team, 35 precent have a Head of DE&I or a Chief 

Diversity Officer and just over a quarter (27 precent) have 

a DE&I manager. If this information is readily available, 

and an interviewer is comfortable discussing their DE&I 

resource for instance, this points towards an authentic 

commitment to DE&I. 

Inclusive hiring practices 

According to our research, more than half (54 precent) 

of finance professionals say there has been an occasion 

where they felt that their chance of being selected for a 

job was lowered because of an identifying factor such as 

age, gender or gender identity and ethnicity or nationality. 

There are so many ways employers can adapt and evolve 

their hiring practices and job application process in order 

to eliminate bias – the challenge is to find the organisations 

that have taken this important step and incorporated their 

commitment to DE&I into their recruitment stages. As 

such, over half (53 precent) of professionals say if they 

were to apply for a new role, knowing that an employer 

uses anonymised recruitment in their selection process 

would give them more confidence that they will be fairly 

considered. 

Company culture 

Finance professionals believe greater diversity and 

inclusion could have the most positive impact on an 

organisation’s company culture (74 precent), followed 

by their recruitment (40 precent), employee morale (34 

precent), company reputation (33 precent) and retention of 

talent (30 precent). Evidently, DE&I and company culture 

are intertwined and can really shape your experience at a 

particular organisation. Over half (52 precent) of finance 

professionals have previously resigned from a job because 

of a bad ‘cultural fit’, saying they felt disengaged due to a 

lack of shared values, vision or beliefs. 

On top of this, more than half (54 precent) of professionals 

working across finance say there have been occasions 

where they felt that an interviewer had misled them in the 

representation of the company culture. Be sure to ask an 

employer questions about their company culture to paint a 

picture of what it’s like to work there, but also look beyond 

their answers as arguably actions speak louder than words. 

Specific employee networks, such as a Black network, 

Pride network and Parents network, indicate that an 

employer wants to make their organisation welcoming 

to people from a range of backgrounds and encourages 

an open dialogue and support system for people from 

all walks of life. Similarly, an organisation’s benefits are 

a good indication of how much store they set by DE&I, 

including tailored flexible working, dedicated wellbeing 

policies, maternity and paternity leave, religious holidays 

and support for caregivers. 

Final thoughts 

Many finance professionals today acknowledge the 

importance of working for an employer that is committed 

to DE&I and rate this as one of the most important factors 

in their decision to join an organisation. The increasing 

awareness of the positive impact that DE&I practices have 

on employee morale, job satisfaction, talent attraction and 

retention, productivity, innovation, profitability and more 

means that many organisations will want to make sure it’s 

clearly highlighted as part of their brand and offering. The 

trick is knowing what signs to look for to gauge whether an 

organisation’s commitment to DE&I is proactive, effective 

and genuine. 

Author: Natascha Whitehead is Senior Business Director 

at Hays specialising in Credit Management. 


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EXCLUSIVE PAYMENT TRENDS 

STEADY 

AS SHE GOES 

It’s not all smooth sailing, but the latest late payment 

figures are heading in the right direction. 

BY ROB HOWARD 

ON the surface, the latest late 

payment statistics make for 

positive reading. There is, of 

course, still room for improvement, 

particularly in Ireland, but the 

overall picture is encouraging, 

with improvements made across 

the board. Across UK regions and sectors, the average 

Days Beyond Terms (DBT) reduced by 2.2 and 1.7 days 

respectively. Over in Ireland, the average DBT figure 

across Irish counties and sectors both dropped by 0.1 

days. Average DBT across the four provinces of Ireland 

reduced by 3.4 days. 

Sector Spotlight 

Across UK sectors, just under 70 percent (15 out of 22) of 

sectors are making strides in the right direction. Although 

it remains in the bottom five worst performing sectors, 

Real Estate is no longer rock bottom after making the 

biggest improvement, cutting its DBT by 7.0 days to take 

its overall tally to 16.8 days. 

The Mining and Quarrying and Manufacturing sectors 

are also doing their bit to move up from the bottom 

of the rankings, reducing their DBT by 3.9 and 4.1 days 

respectively. The Construction sector moves into the top 

five promptest payers, with an improvement of 4.6 days 

taking its overall DBT to 6.6 days. Of the seven sectors 

going backwards, the majority only saw minor increases. 

The Business from Home sector was the exception to the 

rule with a rise of 5.0 days to its DBT. 

Over in Ireland, although the average sector DBT figure 

is on the way down, albeit ever so slightly, more than half 

(11) of the 20 sectors saw increases in late payments. The 

Hospitality sector saw the most significant jump, and 

is now the worst performing Irish sector, with a rise of 

14.6 days taking its overall DBT to 23.7 days. The Other 

Services sector, which includes dry cleaners, hairdressers 

and other beauty services, through to membership 

organisations, also moves into the bottom five poorest 

payers in Ireland, with an increase of 10.6 days taking its 

overall DBT to 16.5 days. 

At the other end of the scale, while there have been some 

significant increases, there has also been significant 

improvements. The Mining and Quarrying sector, for 

instance, has risen into the top five sectors after cutting 

its DBT by a sizeable 15.8 days to take its overall DBT 

figure to 0.3 days. 

Regional Spotlight 

The UK regional standings are certainly encouraging, 

with all 11 regions moving in the right direction and 

making reductions to late payments. Northern Ireland 

made the biggest improvement, with a reduction of 

4.3 days taking its overall DBT to 10.1 days. The East 

Midlands remains at the bottom of the standings as 

the worst performing region with an overall DBT of 

13.4 days, but it did, at least, manage to close the gap 

following a cut of 4.0 days to its DBT. A reduction of 3.4 

days means that East Anglia remains the best performing 

region with an overall DBT of 6.8 days. 

The outlook across Irish counties is more of a mixed 

bag, with 13 of the 26 sectors seeing increases to DBT, 

just under half (11) improving and one county seeing no 

change. As with the sector spotlight, it’s also a case of 

two extremes. On the one hand, a number of counties 

have made significant improvements. County Clare, for 

example, cut its DBT by a whopping 27.7 days to take 

its overall DBT to 6.4 days. Cavan and Donegal also 

took big steps in the right direction, reducing DBT by 

20.0 and 19.7 days respectively. But on the other hand, 

there has also been significant increases. County Mayo 

has dropped right down the rankings, with an increase 

of 16.6 days taking its overall tally to 24.2 days. It's 

joined in the bottom five poorest paying counties by 

Carlow (+13.3 days), Limerick (+15.0 days) and Wexford 

(+10.2 days). 

Across the four provinces of Ireland, Ulster made the 

biggest move. Rising from the bottom of the standings 

to the top following a significant reduction of 17.2 days, 

taking its overall DBT to 5.5 days. Connacht has dropped 

down to the bottom of the standings, with an increase of 

4.6 days taking its overall tally to 13.4 days. 


* 

STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region (UK) Sept 24 Changes from August 24 

East Anglia 6.8 -3.4 

East Midlands 9 -1.5 

South West 9.1 -1.5 

Wales 9.6 -1.1 

Northern Ireland 10.1 -4.3 

Bottom Five Poorest Payers 

Region (UK) Sept 24 Changes from August 24 

West Midlands 13.4 -4 

Yorkshire and Humberside 11.7 -1.9 

London 11.5 -0.8 

South East 11 -3.6 

Scotland 10.4 -0.1 

Getting worse 

Business from Home 5 

International Bodies 1.9 

Public Administration 1.6 

Agriculture Forestry and Fishing 0.6 

Financial and Insurance 0.6 

Other Service 0.6 

Getting better 

Real Estate -7 

Top Five Prompter Payers 

Sector (UK) Sept 24 Changes from August 24 

International Bodies 1.9 1.9 

Financial and Insurance 5 0.6 

Agriculture Forestry and Fishing 5.5 0.6 

Water & Waste 6 -1.7 

Construction 6.6 -4.6 

Bottom Five Poorest Payers 

Sector (UK) Sept 24 Changes from August 24 

Health and Social 17.7 -0.4 

Real Estate 16.8 -7 

Mining and Quarrying 11.7 -3.9 

Education 10.9 -1.1 

Manufacturing 10.7 -4.1 

Dormant -6.6 

Construction -4.6 

Manufacturing -4.1 

Professional and Scientific -4 

Mining and Quarrying -3.9 

Business Admin and Support -3.8 

Transportation and Storage -3.1 

Wholesale and retail trade; repair of 

motor vehicles and motorcycles -3.1 

Hospitality -3 

Water & Waste -1.7 

Entertainment -1.3 

SCOTLAND 

-0.1 DBT 

Education -1.1 

Energy Supply -1 

NORTHERN 

IRELAND 

-4.3 DBT 

SOUTH 

WEST 

-1.5 DBT 

WALES 

-1.1 DBT 

NORTH 

WEST 

-2 DBT 

WEST 

MIDLANDS 

-4 DBT 

YORKSHIRE & 

HUMBERSIDE 

-1.9 DBT 

EAST 

MIDLANDS 

-1.5 DBT 

LONDON 

-0.8 DBT 

SOUTH 

EAST 

-3.6 DBT 

EAST 

ANGLIA 

-3.4 DBT 

Health and Social -0.4 

Region 

Getting Better 

-4.3 

-4 

-3.6 

-3.4 

-2 

-1.9 

-1.5 

-1.5 

-1.1 

-0.8 

-0.1 

Northern Ireland 

West Midlands 

South East 

East Anglia 

North West 

Yorkshire and Humberside 

East Midlands 

South West 

Wales 

London 

Scotland 


EXCLUSIVE PAYMENT TRENDS 

CONNAUGHT 

4.6 DBT 

ULSTER 

-17.2 DBT 

Getting worse 

Hospitality 14.6 

Other Service 10.6 

Business Admin and Support 6.7 

MUNSTER 

-1.2 DBT 

TIPPERARY 

2.4 DBT 

LIMERICK 

15 DBT 

ROSCOMMON 

6.7 DBT 

LEINSTER 

0.1 DBT 

LAOIS 

-12 DBT 

CARLOW 

13.3 DBT 

WESTMEATH 

0 DBT 

WEXFORD 

10.2 DBT 

Real Estate 3.7 

Professional and Scientific 2.3 

Agriculture Forestry and Fishing 0.5 

Construction 0.5 

Wholesale and retail trade; repair of 

motor vehicles and motorcycles 0.3 

Entertainment 0.2 

Top Five Prompter Payers – Ireland 

Region Sept 24 Changes from August 24 

Laois 0 -12 

Westmeath 0 0 

Tipperary 2.4 2.4 

Meath 2.5 -1.8 

Kildare 3.1 -3.6 

Bottom Five Poorest Payers – Ireland 


Carlow 41.5 13.3 

Mayo 24.2 16.1 

Roscommon 20.7 6.7 

Wexford 15.3 10.2 

Limerick 15 15 

Top Four Prompter Payers – Irish Provinces 


Ulster 5.5 -17.2 

Leinster 7.2 0.1 

Munster 8.2 -1.2 

Connacht 13.4 4.6 

Manufacturing 0.2 

Transportation and Storage 0.1 

Getting better 

Mining and Quarrying -15.8 

Energy Supply -7 

IT and Comms -6.2 

Education -5.7 

Financial and Insurance -5.3 

Health and Social -2.2 

Top Five Prompter Payers – Ireland 

Sector Sept 24 Changes from August 24 

International Bodies 0 0 

Public Administration 0 0 

Water & Waste 0 0 

Mining and Quarrying 0.3 -15.8 

IT and Comms 1.2 -6.2 

Nothing changed 

International Bodies 0 

Public Administration 0 

Water & Waste 0 

Bottom Five Poorest Payers – Ireland 

Sector Sept 24 Changes from August 24 

Hospitality 23.7 14.6 

Business Admin and Support 21.1 6.7 

Other Service 16.5 10.6 

Professional and Scientific 14.9 2.3 

Manufacturing 14.5 0.2 


International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

RULE BRITANNIA? 

Good times ahead for the UK? 

ACCORDING to The Daily Telegraph’s 

Ambrose Evans-Pritchard, the eurozone’s 

fragile recovery is fizzling out while the UK 

has been growing briskly all year and seems 

to be accelerating. 

And the UK could do better with the 

‘added allure of a rock-solid Government 

with an absolute majority and Leninist 

discipline, committed to an expansionary 

investment plan as far out as the 

2030s’. 

Conversely, Evans-Pritchard thinks that 

it is hard to see what will lift Europe out of 

the mire. He notes that Germany, where 

unemployment is rising and business 

failures hit their highest level in a decade, 

‘never fails to disappoint’. And the rest of 

Europe isn’t in much better shape, with 

a ‘deep contraction’ in manufacturing 

coinciding with rising inflation. Worse, new 

export orders keep falling as China floods 

markets with cut-price products. 

But ‘miraculously,’ as Evans-Pritchard 

puts it, the UK has decoupled from all this 

trouble. Indeed, he says that the British 

economy was the G7’s top performer in the 

first quarter when its trade deficit in goods 

and services narrowed to 0.5 percent of 

GDP, inflation slowed to two percent and 

business sentiment boomed. 

Despite ‘dismal’ forecasts from the 

OECD, Evans-Pritchard reckons that rating 

agencies have ‘quietly’ been upgrading the 

UK. Rule Britannia! 

UK TO JOIN CPTPP 

BY 15 DECEMBER 

THE UK has secured the sixth and 

final ratification required to trigger its 

accession to the Comprehensive and 

Progressive Agreement for Trans- 

Pacific Partnership (CPTPP) before the 

end of this year. 

The bloc will be a free trade area 

spanning five continents and almost 

600m people once the UK joins. 

Following Peru’s ratification of the 

UK’s deal to join, the agreement 

will officially enter into force by 15 

December 2024. 

More than 99 percent of current 

UK goods exports to CPTPP members 

will be tariff-free once the deal enters 

into effect. By 2040, the Government 

suggests that the agreement could 

boost the UK economy by around 

£2bn annually. 

The UK Government also thinks 

that as the first country to accede 

to this agreement the UK will be 

‘well positioned to shape its future 

development, from influencing 

the development of the CPTPP 

rulebook to championing the group’s 

expansion to new economies.’ 

New Zealand – UK collaborate on offshore wind 

A new report published published by 

the Department of Business and Trade 

highlights an opportunity that the UK has 

to unlock the full potential of New Zealand’s 

offshore wind industry. 

The report, developed by Xodus Group, 

an energy consultancy, states that offshore 

wind presents a huge opportunity for New 

Zealand. With 15,000km of coastline, the 

country has the potential to harness one 

of the world’s best wind resources to meet 

its climate objectives and grow a green 

economy. 

The report also notes that New Zealand 

possesses the essential ingredients to 

accelerate an offshore wind industry: 

resource, demand, regulatory framework 

and social need. 

The UK is expert in this field - a result 

of being the world’s second-largest 

offshore wind market, with 13.9 gigawatts 

fully commissioned as of 2023. The UK 

Government says that not only does it 

want to develop growing domestic needs, 

but also wants to export UK expertise and 

capabilities to global markets such as New 

Zealand. 


INTERNATIONAL TRADE 

Georgia billed as the 

Switzerland of the Caucasus 

DOMINIC Frisby, writing in MoneyWeek, 

thinks that Georgia – a country that sits 

below Russia – should be on the hit list of 

any ambitious company. 

He says that when attending the 

inaugural Weird Sh*t Investment 

Conference in London, he heard 25 

presentations throughout the day, two of 

which made the case that Georgia is ripe 

for investment. 

As he outlines, Georgia sits in a 

strategically enviable spot on the Black 

Sea, from where it looks west to Europe 

(Georgia has applied to join the EU), but 

also east to Asia. It lies on the Silk Road, 

the trading route to China; there are 

also rumours it may join the Shanghai 

Cooperation Organisation (SCO). ‘To be a 

member of both the EU and SCO would be 

quite something,’ he says. 

Georgia has a small, young, ambitious, 

and well-educated population of 3.7m, 85 

percent of whom are Christian Orthodox 

and another 11 percent Muslim. Some 35 

percent live in the capital and largest city, 

Tbilisi. And as in so many former Soviet 

High LOW TREND 

GBP.EUR 1.20289 1.18312 UP 

GBP.USD 1.34299 1.29779 Down 

GBP.CHF 1.13661 1.11223 Flat 

GBP.AUD 1.95842 1.91375 flat 

GBP.CAD 1.81386 1.77405 flat 

GBP.JPY 195.71 185.919 UP 

nations, ‘the people want everything we 

in the West have and more, and they 

are prepared to work hard to get it’. The 

older generation mostly speak Russian 

as a second language, the Westernised, 

younger folk speak English, French, or 

German. 

In 2008 the World Bank dubbed it ‘the 

number-one economic reformer in the 

world’ after it went in just one year from 

being the 112th to becoming the 18thranked 

nation for ease of doing business. 

It now sits in sixth position and has one of 

the fastest-growing economies in Eastern 

Europe. 

It ended corruption by centralising key 

databases, such as the land registry and 

passports, with digital technology; there 

was no need to bribe officials. 

Georgia is short of natural resources 

and relies on trade. It is an international 

transport corridor, especially for 

commodities and the Chinese are now 

building a deep-sea port. Georgia, in 

other words, should be a key target for 

exporters. 

For the latest 

exchange rates visit 

www.currenciesdirect.com 

or call 020 7874 9400 

Currency Exchange Rates 

This data was taken on 17th 

October and refers to the month 

previous to/leading 

up to 16th October 2024. 

Where there’s slime, there’s brass! 

UK Export Finance (UKEF), the Government’s 

export credit agency, has released a story about 

a small business from Barnsley that makes toy 

slime which has secured Government-backed 

financing for a new factory, new staff and 

new product lines. The finance was issued by 

Newable Commerce and backed by UKEF. 

Slime Party UK produces mess-free sensory 

putty; it all started in the kitchen of its founder, 

but the firm now supplies some of the largest 

toy retailers in the world. 

The finance has enabled the firm to open 

a new 15,000 square foot factory in Barnsley 

and it’s now looking to take on 50 percent 

more staff. The business will also be using 

the financing to meet demand from its export 

markets in Europe and the Middle East – 

notably in Lebanon, Malta and Ireland – and 

to help it widen its product range with new 

lines including a ‘sensory squish-ball’ and 

collectables. 

SCOTTISH SME LANDS 

HUGE EXPORT CONTRACT 

A Scottish firm selling specialist 

machinery has won a £1.1m export 

contract with support from UKEF. 

RAM Engineering, a distributor of 

specialist machinery based in Angus, 

had a cashflow issue after a supplier 

demanded a change to payment terms. 

RAM approached UKEF which 

referred it to lender White Oak UK as 

possible source of financing to help 

them bridge the gap. Once White 

Oak UK agreed a short-term finance 

package of £100,000, RAM could 

accommodate the new payment terms 

from its supplier and could close the 

deal with a global company. 

UK MINISTERS 

VISIT GULF FOR TRADE 

UK Government ministers visited 

the Gulf mid-September aiming to 

boost trade and investment. They met 

counterparts in the Gulf Cooperation 

Council (GCC) to discuss how to grow 

the UK economy by growing trade with 

the region. 

The GCC is made up of six countries 

— Bahrain, Kuwait, Oman, Qatar, Saudi 

Arabia, and the United Arab Emirates 

(UAE). The UK’s trade relationship with 

the group is already worth £57bn. 

The (new) Government said in 

July that it planned to deliver a highquality 

trade deal with the bloc, along 

with other countries including India, 

Switzerland and South Korea. 

It thinks that a GCC trade deal could 

boost the UK economy by £1.6bn 

in the long run, while allowing UK 

companies ‘to take advantage of this 

booming market and giving British 

consumers access to more high-quality 

goods and services.’ 

SUSPECTED BREACHES 

OF TRADE SANCTIONS 

THE Office of Trade Sanctions 

Implementation (OTSI) has recently 

published guidance on how it intends 

to exercise its enforcement powers 

under The Trade, Aircraft and Shipping 

Sanctions (Civil Enforcement) 

Regulations 2024 after it comes into 

effect on 10 October 2024. 

The document runs through the 

breaches that it can investigate, 

who it can investigate, how cases 

are assessed, its enforcing options – 

warning letters, referral to regulators, 

public disclose, civil penalties, and 

referral the HMRC – as well as how it 

intends to work with other Government 

bodies. 


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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. 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

experienced in collecting B2B and B2C debts. Our service includes: 

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

• 24/7 online access to your cases through our CaseManager portal 

• Direct online account-to-account payments, to speed up 

collections and minimise costs 

If you are unable to locate your customer, we also offer a no trace, 

no fee, trace and collect service. 

For more information, visit: www.guildways.com 

MIL Collections Ltd. 

Palace Building, Quay Street, Truro,TR1 2HE 

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

W: www.milai.co.uk 

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

50 staff work tirelessly to ensure our clients expectations are not 

just met but exceeded. 

We offer clients an experienced, dedicated and regulated 

collection service. From small sundry invoices through to 

complex property cases and overseas jurisdictions we can 

help our clients recover what is due to them in a fair and timely 

manner. 

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

to the collections world with a platform dedicated to ensure 

customers are treated fairly and clients work is managed 

effectively. 

COLLECTIONS LEGAL 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

debt collection and recovery, Lovetts Solicitors collects £40m+ 

every year on behalf of our clients. Services include: 

• Letters Before Action (LBA) from £1.50 + VAT (successful in 

86% of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

• 24/7 access to your cases via our in-house software solution, 

CaseManager 

Don’t just take our word for it, here’s some recent customer 

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

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. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul.heitzman@cplone.co.uk – 01727 739 196 



ENFORCEMENT 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

T: +44 (0)1332 548176 M: +44 (0)791 2772 302 

W: www.esker.co.uk LinkedIn: Esker – Northern Europe 

Twitter: @EskerNEurope blog.esker.co.uk 

Esker’s Accounts Receivable (AR) solution removes the 

all-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. 

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. 

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. 

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. 

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. 

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. 

DEBT & ASSET RECOVERY SERVICE 

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. 

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 

Why choose us? 

With over £400 million recovered for our clients, our track 

record is second to none. We have enforced over 320,000 writs 

of control and are committed to providing you with a unique 

and personalised service. Our enforcement agents cover all of 

England and Wales, are trained to the highest standards and 

each holds strong local knowledge of the areas they cover. 

Our clients rate our service extremely highly, with a 99% 

satisfaction score in our most recent annual survey. 

You can rely on us, the largest independent High Court 

enforcement company in the UK, with the highest number of 

HCEOs and a wealth of experience across all our teams. 

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. 

FINANCIAL PR 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

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. 



Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul.heitzman@cplone.co.uk 

INSOLVENCY 

PAYMENT SOLUTIONS 

RECRUITMENT 

Red Flag Alert Technology Group Limited 

49 Peter Street, Manchester, M2 3NG 

T: 0330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 

The UK’s No1 Insolvency Score is available as platform 

designed to help businesses manage risk and achieve growth 

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

referencing agency for businesses. We have modernised the 

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

many CRM / ERP systems to power businesses decisions with 

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

customers are always the first to know. 

Red Flag Alert has a powerful portfolio management tool 

enabling you to monitor all your customers and suppliers so 

you and your teams can receive email alerts on data events 

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

produced and tailored to your business. 

Red Flag Alert works towards growing and protecting 

businesses using advanced machine learning and AI 

technology data to provide businesses with information 

to deliver best in class sales, credit risk management and 

compliance. 

Menzies LLP 

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

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

W: Menzies LLP.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 LLP Creditor 

Services team can assist, please contact Bethan Evans, 

Licensed Insolvency Practitioner, at bevans@Menzies LLP. 

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. 

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. 

Bottomline Technologies 

115 Chatham Street, Reading 

Berks RG1 7JX | UK 

T: 0870 081 8250 E: emea-info@bottomline.com 

W: www.bottomline.com/uk 

Bottomline Technologies (NASDAQ: EPAY) helps businesses 

pay and get paid. Businesses and banks rely on Bottomline for 

domestic and international payments, effective cash management 

tools, automated workflows for payment processing and bill 

review and state of the art fraud detection, behavioural analytics 

and regulatory compliance. Businesses around the world depend 

on Bottomline solutions to help them pay and get paid, including 

some of the world’s largest systemic banks, private and publicly 

traded companies and Insurers. Every day, we help our customers 

by making complex business payments simple, secure and 

seamless. 

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. 

DCS 

T: 01656 663 930 

E: Jason@creditpro.co.uk 

W: www.dcscreditjobs.co.uk 

DCS is a specialist Credit Management Recruitment 

Company with over 18 years of experience, supplying 

Credit Professionals at all levels. 

We supply high calibre candidates to our clients within the 

FinTech, Credit, Collections, Enforcement and Legal Industry. 

We also cover many different sectors listed below 

Utilities Gas / Electric / Water / Collections 

International Collections & Credit Insurance 

DCA Collections, Legal, Enforcement & Asset Recovery 

Credit Information, Credit Management Software, Data & 

Analytics, Invoice Factoring and Invoice Discounting, 

Insolvency, Payment Solutions, Parking, Banking. 

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. 

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. 

Cr£ditWho? 


For advertising information options 

and pricing contact 

paul.heitzman@cplone.co.uk 01727 739 196 


View our digital version online at www.cicm.com 

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

labelled ‘Credit Management magazine’ 

Just another great reason to be a member 

Credit Management is distributed to the entire UK and international 

CICM membership, as well as additional subscribers 

Brave | Curious | Resilient 

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com

Credit Management November 2024

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