CM January and February 2025

CREDIT MANAGEMENT

CM

JANUARY & FEBRUARY 2025

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

The Short

Straw

Are CRAs doing

enough to combat

short firm fraud?

The role of credit insurance

in 2025 and beyond.

Page 20

Finding success

in a year of risk.

Page 24

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SEAN FEAST FCICM

MANAGING EDITOR

Editor’s column

ANOTHER YEAR;

ANOTHER CODE

I

have come into 2025 in a really positive frame

of mind. It has not been easy. The launch of the

new Fair Payment Code has already tested my

resolve, just as I watched the last bubble in the

champagne glass slowly fizzing away to nothing.

The motivation is once again a good one: to tackle

late payment (or should I say ‘the scourge’ of late payment as

everyone else seems to do). It’s a well-documented problem

and we’ve been here before.

The new Code has been launched because the previous Prompt

Payment Code wasn’t working – or to be more accurate –

was perceived not to be working. Some of the reasons for

the apparent ‘failure’ of the PPC was that it was voluntary,

that big firms could easily skirt around the rules, and that

sanctions weren’t tough enough. The fact that companies could

not be named and shamed seems to have been conveniently

forgotten. It was also cumbersome to implement, especially

for smaller businesses.

Enter stage left the new and shiny Fair Payment Code from

the Small Business Commissioner’s Office. It will work,

we are told, because it will be aspirational and generate a

competitive race for the top. Companies can win a bronze,

silver or gold based on their payment performance.

I hope it works and the medals don’t fade like the ones from

the Paris Olympics because, like I say, the motivation is a

good one. But it is worth pointing out that the new Code

is not mandatory, is easy for companies to skirt around the

rules, and can only speak in the vaguest terms about the

complaints’ procedure (what does ‘robust’ actually mean?)

and sanctions for transgressors.

One of the reasons that the PPC did not achieve the lasting

success it deserved was also that changes in Business Minister,

Governments, and a ‘not invented here’ mindset meant

its purpose and its remit was lost. Also, various business

organisations who supported the PPC at the beginning

– indeed some of those very organisations who are so vocal in

support of this new Code – were happy to distance themselves

from it as soon as it suited them. SBC be warned.

But let’s be realistic in what the new Fair Payment Code

can achieve. For a start, I believe Public Sector bodies are

not included, and they are the worst offenders, so it’s only

tackling one part of the problem. Also, companies shouldn’t

be allowed to differentiate themselves on account of having

a Gold medal for doing what every firm should be doing

anyway. In the same way that having a ‘Good places to work’

or B-Corp accreditation does not make you a great employer,

or one likely to save the planet, there will be firms who want

a medal (like Muttley in the Whacky Races) to suggest they

are good when they’re not. There will be those who will ‘play

the system’ and get away with it

As I said at the beginning, my glass is always half full. If it reignites

the debate and leads to positive action, then splendid.

But will it really change behaviours? I have a nasty feeling

I could be writing this column 10 years from now and the

‘scourge’ of late payment will still be with us…

“I HOPE IT WORKS

AND THE MEDALS

DON’T FADE

LIKE THE ONES

FROM THE PARIS

OLYMPICS.’’

Brave | Curious | Resilient / www.cicm.com / January & February 2025 / PAGE 3

contents

January & February 2025 issue

12 –TALKING ROT

What is a Retention of Title claim and could

they be helpful in an insolvency scenario?

14 – REBORN ULTIMATUM

Hoist Finance UK is reinventing itself in

consumer debt purchase.

16 – TRIGGER HAPPY

Mental health triggers and finance documents:

are creditors reading the room?

20 – INSURE AND GROW

What to expect for the credit insurance

industry in 2025.

24 – UNSTEADY AS SHE GOES

Finding success in a year of risks.

27 – SHORT SHRIFT

Are CRAs doing enough to address short

firm fraud?

32 – LAND OF THE GIANTS

Nigeria is a land of huge opportunity but also

huge uncertainty.

38 – CHANGING GEAR

Proactive steps to prepare for the motor

finance fallout.

40 – POSITIVE ENGAGEMENT

Shaping the future of enforcement in a

changing world.

12

INSOLVENCY

What is a Retention of Title

claim and could they be helpful

in an insolvency scenario?

Ni

27

SHORT SHRIFT

Are CRAs doing

enough to address

short firm fraud?

20

INSURE

AND GROW


32

COUNTRY FOCUS

giria

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

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

24

UNSTEADY

AS SHE GOES

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

Paul Heitzman

Telephone: 01727 739 196

Email: paul@centuryone.uk

Printers

Stephens & George Print Group

2025 subscriptions

UK: £138 per annum

International: £171 per annum

Single copies: £15.00

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

GOVERNMENT GOES

FOR GOLD WITH NEW

FAIR PAYMENT CODE

THE Small Business Commissioner’s

Office has launched

the new Fair Payment

Code to encourage businesses

across the UK to pay

promptly.

The Code is designed to reward

businesses for their payment performance

with an award of Gold, Silver or Bronze.

The Gold Award is for those firms paying

at least 95 percent of all invoices within

30 days; the Silver Award for those paying

at least 95 percent of all invoices within

60 days, including at least 95 percent of

invoices to small businesses within 30

days; and the Bronze Award will be given

to those paying at least 95 percent of all

invoices within 60 days

In addition, every business granted

an Award agrees to abide by the Code’s

principles of being Clear, Fair and

Collaborative with their suppliers.

The new Fair Payment Code replaces

the Prompt Payment Code, and the SBC

claims it will be more ‘aspirational’ by

supporting businesses who wish to improve

payment practices and helping them move

up from Bronze to Silver, and to Gold over

time.

The Fair Payment Code Awards are for

two years, and every business will need to

reapply for their Award at the end of each

two-year period. There will also be a robust

complaint system in place for businesses

to highlight to the SBC those not meeting

the requirements of the category of their

“We hope to

see the best of

UK corporates

sign up to

demonstrate

commitment

to their supply

chains, and to the

Good Business

agenda.”

Award or not following the principles of

the Code.

Liz Barclay, Small Business

Commissioner, says the new Code is

an ambitious approach to changing the

business-to-business payment culture in

the UK: “We want suppliers paid within

30 days with payment beyond the due

date to be a rare event. We want longer

contractual payment term to be recognised

as potentially detrimental to vital supply

chains. We want businesses of all sizes to

commit to fair and quick payments and

to avoid harmful disputes. This new Code

will drive a better payments culture and

benefit everyone.”

Small Business Minister Gareth Thomas

says that late payment costs businesses tens

of thousands of pounds and is one of the

biggest reasons businesses collapse: “This

Government’s primary ambition is clear: to

go for growth. To do that, we must unleash

the potential of our entrepreneurs.”

Craig Beaumont, Executive Director at

the Federation of Small Businesses believes

the launch is a major step to strive for best

practice: “It’s a competitive race for the

top, rather than the bottom, that boosts

GDP and cuts back on wasted time and

needless stress. We hope to see the best

of UK corporates sign up to demonstrate

commitment to their supply chains, and to

the Good Business agenda.”

Reaction to the Code among CICM

members, however, has been mixed. One

told Credit Management that it will ‘only

have a small effect on late payment’.

Another said that firms will simply query

invoices even for minor admin issues to

ensure a delay in payment. He said that

often big firms use portals to post invoices

onto ‘and deliberately make it difficult

to use to slow the whole authorisation

process’.

One member who works in the

construction industry, said that its

effectiveness may be limited without

statutory backing.

More reaction to the Code and further

analysis will follow in the next issue.


CREDIT MANAGEMENT

PKF confirm

senior insolvency

appointment

PKF Littlejohn Advisory has appointed

leading industry professional Paul Williams

as a new Partner to further strengthen the

firm’s UK-wide restructuring and insolvency

capabilities.

With more than 30 years’ experience

across corporate restructuring, recovery

and advisory, Paul has built a reputation as

a trusted advisor to a wide range of senior

lenders. High-profile assignments range

from financial advisory, turnaround and

debt restructuring through to enforcement,

particularly in relation to property.

Paul’s experience also includes buying/

selling distressed assets, facilitating loan

portfolio sales for senior lenders and private

equity firms and he has a proven track

record advising the boards of corporates in

financial distress. He has similarly advised

and supported management teams with

pragmatic ways of achieving financial and

operational turnarounds.

“We want

businesses of

all sizes to

commit to

fair and quick

payments and

to avoid harmful

disputes. This

new Code will

drive a better

payments

culture

and benefit

everyone.”

ARC appoints

new Sales Director

ARC (Europe) has appointed Natalie

Bunyer FCICM ,as its Sales Director with

immediate effect. Natalie will focus on

business development, leveraging ARC’s

innovative technology, adaptability, and

capacity to handle both large-scale and

smaller-volume clients.

Natalie brings a wealth of experience

within the Debt Recovery sector having

previously headed up Global Debt Recovery

and managing a broad client base as well

as the day-to-day business operations. ARC

has gone from strength to strength in recent

years but the Directors felt the time was

right to recruit a seasoned business leader

to accelerate growth.

Dewi Fox MCICM, MD of ARC (Europe)

Ltd says he is delighted that Natalie has

agreed to join the team: “Coming off a very

strong company performance in 2024, I

believe that with Natalie’s fantastic range of

knowledge, experience and contacts within

the industry, she will drive us to even more

success in 2025 and beyond.”

Natalie Bunyer is similarly

thrilled: “ARC's exceptional

track record and reputation

for innovation make this a

truly exciting role. I look

forward to driving growth,

building new partnerships,

and contributing to the

company's continued

success as part of this

talented team.’’


THE NEWS

Professionals warn of

scammers impersonating

regulatory authorities

FRAUD is now so prevalent

within business that it is endemic

and the level of sophistication

such that scammers

are even impersonating the

regulator!

A survey of 200 professional credit

managers who are on the front line of

fighting fraud showed that more than

four out of five (81 percent) say their

organisations have experienced fraud this

year with two out of five (40 percent)

saying the frequency of attempted frauds

has increased.

The most common frauds relate to

impersonation, either of an individual or

a firm. Businesses are sent invoices to pay

from an e-mail address they recognise but

are not actually from the client.

Short-firm fraud is also an issue,

whereby a fake business conducts a

legitimate transaction to build trust with

the supplier and increase their credit limit.

They then ‘sting’ the supplier with a much

larger transaction and disappear with the

goods left unpaid.

One credit manager reported that his

firm had received an email purporting

to come from the Financial Conduct

Authority (FCA) requesting bank details

to issue refunds. The incident was reported

to the FCA. Another told of a request for

payment being received for a trademark

renewal and patent protection that was

entirely bogus, and based on the premise

that the firm would not know when a

trademark was about to expire.

Sue Chapple FCICM, Chief Executive

of the Chartered Institute of Credit

Management (CICM) who conducted

the research, says that firms need to

be vigilant: “The scams are becoming

increasingly sophisticated to the point of

impersonating the regulator and it takes

the skills of a professional credit manager

to keep their organisations safe from harm.

“Firms should of course be on the

lookout for any unusual activity in the

coming weeks, especially emails that

appear to be from legitimate contacts

but may relate to invoice values that are

unusually high or where the contact wants

to be paid quickly.”

Another unusual fraud is being targeted

specifically at debt collection agencies.

Agencies are contacted by a new potential

client and passed several high value invoices

for collection. ‘Debtors’ then contact the

agency within hours of receiving the first

communication, looking to settle the

debt by card. The client then contacts the

agency to get the money owed (minus the

commission) as quickly as possible.

“While none of our members have

lost money this way so far, it shows how

imaginative the scammers have become,”

Sue continues. “The warning signs on this

occasion are perhaps more obvious: debtors

are rarely so keen to pay back any money

they owe, or so quickly, and the amounts

are nearly always large, but smarter, less

pushy scammers who instruct agencies to

collect smaller amounts certainly require

our members to be on top of their game.”

Sue says awareness is key: “We need

to continue raising awareness among

businesses of the types of scams that

are in operation and sharing best credit

management practice in strengthening a

firm’s monitoring systems, refining their

detection strategies, and engaging with the

relevant authorities who are themselves

being duped.”

According to CIFAS research conducted

in October, more than half of UK large

businesses fear fraud will impact their

organisations. A PWC Fraud Report

found that £72,000 is lost by businesses in

over 51 percent of fraud cases.

“The scams are becoming

increasingly sophisticated to

the point of impersonating the

regulator and it takes the skills

of a professional credit manager

to keep their organisations safe

from harm’’


CREDIT MANAGEMENT

Young investors swept

up in viral hype

YOUNG investors are making important

investment decisions in a matter of hours,

rather than taking the time to check out

whether the product is right for them in

the long-term.

A survey of 2,000 investors between the

ages of 18 to 40 found that two-thirds (66

percent) make investment decisions in less

than a day, with one-in-seven (14 percent)

deciding to purchase in under 60 minutes.

Only 11 percent take more than a week to

decide if an investment is right for them.

Investing for the long-term can be

rewarding, the FCA says in its release, and

not just financially. However, while buying

Debt recovery agency

appoints new Ambassador

CONTROLACCOUNT, a leading UKbased

debt recovery and outsourcing

agency, has appointed Neil Jinks FCICM as

its Brand Ambassador.

This strategic partnership is said to mark

a significant milestone in Controlaccount’s

mission to raise awareness of its values

of integrity and professionalism, as well

as extend its reach into new markets and

continue to meet growth plans. Neil will

work closely with Controlaccount’s Board

of Directors to increase market share in key

sectors and to promote the agency’s services

through industry events and initiatives

which will support clients with effective

and ethical credit management solutions.

A notable figure in the credit and

collections sector, Neil is Chair of

CICM's Executive Board, Vice Chair of

the lobbying group Civil Court Users'

Association (CCUA), and the immediate

past President of IRRV West Midlands

Association. In addition to being included

into the buzz can sometimes deliver shortterm

satisfaction, it can also lead to regret.

Despite 63 percent of people believing

that hype meant it was a good investment

opportunity, 40 percent regretted investing

in hyped investment products. Avoiding

hype and knowing what you are getting

into can help you decide if an investment

opportunity is right for you.

The research reveals strong parallels

between impulse-driven investment

decisions and purchases of everyday viral

products. When asked more generally

about any viral items they had purchased

within the last year, crypto was fourth

in the list (27 percent), just behind air

fryers (42 percent), which topped the list,

followed by smart watches (32 percent) and

energy drinks (32 percent).

Over three quarters (76 percent)

admitted they would likely buy an everyday

viral consumer product based on online

hype, and nearly two-thirds (65 percent)

acknowledged they had the same attitude

to investment decisions.

Reasons for investing in hyped products

are similar to those for consumer purchases:

missing out on a good opportunity (32

percent), driven by the desire to feel good

in the moment (26 percent), and wanting

to keep up with trends (23 percent).

in Credit 500, Neil has been recognised as

an ‘Outstanding Champion of Diversity &

Inclusion’ by the Financial Times, Daily

Telegraph, and PwC.

Controlaccount’s Sales & Marketing

Director, Jemma Crouch says she is ‘excited’

that Neil will bring his industry-wide

knowledge to her agency.

Discretionary

deadline

THE Financial Conduct Authority has

extended the time firms have to respond to

complaints about motor finance agreement

not involving a discretionary commission

arrangement (DCA).

Firms now have until after 4 December

2025 to provide a final response to non-

DCA’s, in line with the extension it has

already provided for complaints involving

DCA’s. The extension follows the judgments

of the Court of Appeal in October 2024 in

three motor finance cases.

The courts decided it was unlawful for

the car dealers to receive a Commission

from lenders providing motor finance

without first telling the customer about

the Commission and getting their informed

consent payment. The focus of the Court of

Appeal decision was common law, equitable

principles and the Consumer Credit Act

rather than FCA rules, according to an FCA

statement.

TransUnion

acquisition

TRANSUNION has signed an agreement

to acquire Monevo, a credit prequalification

and distribution platform that is said to

empower lenders and banks to deliver highly

personalised credit offers to consumers via

comparison websites and other third parties.

TransUnion currently owns 30 percent of

the equity of Monevo and has agreed to

acquire the remaining ownership position

from Quint Group Limited.

CICM Branch AGMs

All Committees are due to convene by 31

March 2025. Look out for more information

across CICM channels and by visiting

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

Prize fund

The CICM Sheffield and District branch,

and the CICM North East Branch are

each funding an annual prize of £150 to be

awarded to the student in their respective

branch who achieve the highest score in

any mandatory unit of the Level 3 Diploma.

Winners will be announced in a future

edition – so watch this space!

In with the ARC

ARC(Europe) has confirmed that it

has been selected to work with another

leading high street lender, Santander,

following a rigorous contractual selection

process. Dewi Fox MCICM, Managing

Director of ARC, described the news as

‘a fantastic achievement for the business’.


continues on page 10 >

CICMQ UPDATE

HSCNI Team Achieves Distinction in

CICMQ Best Practice Accreditation

THE Income Shared Services

Accounts Receivable Team

(SSAR) at Health & Social

Care Northern Ireland

(HSCNI) has been awarded

the prestigious Distinction grade following

its recent CICMQ re-accreditation. This

achievement is said to be a testament

to its commitment to delivering bestpractice

credit management to the various

Trusts and related organisations it serves.

The SSAR team forms part of the

Business Services Organisation (BSO)

and is based in Tyrone & Fermanagh

Hospital, Omagh. The BSO

provides a broad range of business

support functions and specialist

professional services to the health

and social care sector in Northern

Ireland, with SSAR providing

Accounts Receivable service

delivery to 16 organisations,

including five Trusts.

Since first achieving CICMQ

accreditation in 2017, the SSAR team

has demonstrated a consistent upward

trajectory, driven by an unwavering focus

on process improvement, delivering

exceptional customer service and

fostering a culture which motivates and

engages. This dedication is reflected in the

large number of CICM members within

the team, including several who have

achieved professional qualifications and

others actively working towards them.

Sue Chapple FCICM, CICM Chief

Executive said: “It is truly inspiring to see

the tangible difference that such high

levels of engagement and professional

development bring to the team’s

culture and outcomes.”

A special mention goes to Gemma

Hasson for her valued contribution

during the assessment phase in her

interim role as Head of Income,

and to Nigel Mullan ACICM,

who has since taken on the role

permanently. It was, however,

the collective efforts of the entire SSAR

team in achieving Distinction that were

celebrated during the recent presentation.

The event was attended by Sue

and Iain Young FCICM(Grad),

CICM Head of Accreditation,

who both commended the team’s

outstanding accomplishments. Also

present were Mark Lowry, Non-

Executive Director from the BSO Board,

and Ian Eagleson, Head of Shared

Services, who joined in praising the

team for their exceptional efforts and

dedication throughout the reaccreditation

process.

Sue added: “We are delighted for the

SSAR team, who now join a select group

of organisations that have achieved the

prestigious Distinction award. This

recognition highlights their continuing

commitment to excellence and positions

them well to achieve further success in the

years to come. Congratulations once again

on this fabulous achievement.”

A hat-trick of champions of Quality

CICM starts the New Year by congratulating

three companies on achieving reaccreditation:

Peninsular Group, Royal

Mail, and Travis Perkins. Like many

members before them, these organisations

demonstrate their commitment to instilling

best practices in credit management and

debt collections and find real value in

striving for and achieving the CICMQ

award.

In December, Luke Sculthorp FCICM,

CICM’s Head of Strategic Relationships,

presented the CICMQ Award to Peninsula,

which provides employment law, human

resources and health and safety advice

and consultancy in the UK and Ireland.

Chris Hudson, UKI Payments, Teams

Development, and Service Delivery

Manager at Peninsula says it was a proud

moment, knowing it demonstrates their

commitment to continuous improvement

and best practices: “As a CICM member,

we continuously review our Credit Control

Policies and Procedures, apply best practices

across the department and provide our

teams with clear training and development

opportunities through the CICM courses.

Receiving re-accreditation confirms to us

that we remain aligned with CICM’s highquality

training and development standards.”

Peninsular has grown over the past 40

years from a company with just 12 employees

in 1986 to a global enterprise. Today, it

supports over 44,000 SMEs in the UK and

Ireland alone and over 145,000 companies

across three continents in total. Its success

stems from a focus on the needs of small

firms.

Having joined Peninsular two years

ago and led the UK team through reaccreditation,

Chris views CICMQ as

adding value to Peninsula’s business by

instilling customers with confidence in the

team’s approach to credit control. “It signals

to our customers that our credit control

practices meet our legislative responsibilities

and ensure a positive client experience,

which enhances the business’s reputation.”

Glenys Hayward, Head of the Royal Mail’s

Finance Shared Services Centre, agrees that

the accreditation adds credibility to her

team’s methods and procedures in the eyes

of both internal and external stakeholders.

“Receiving external recognition is extremely

valuable,” says Glenys, “because it gives

internal stakeholders confidence in the

services we provide and our ability to

influence change across the organisation. For

our customers, those processes ensure that

our customer-to-cash journey is a positive

experience.”

Glenys has been with the Royal Mail

for over 14 years, starting as a Finance

Business Partner in the Group Centre and

progressing to Head of Group Receivables

before moving to her current role four years

ago. During that time, she has witnessed

significant changes within the Royal Mail,

from its privatisation ten years ago to its

transformation into a global, modern,

and digitally innovative letter and parcel

delivery service. Today, combined revenues

from the Royal Mail and its international

subsidiary, General Logistics Systems (GLS),

have reached £12.7 billion, an increase of £635

million from the previous year.

The CICMQ has helped the Finance

Shared Services team adapt and change

over the years. As Glenys explains: “For

the team, our relationship with the CICM

community is significant in aiding the team's

networking, development, and learning. The

CICMQ award is a positive affirmation

of our processes, standards, controls, and

the development, and training the team

receives.” The Royal Mail will receive its

award in the first quarter of the year.


THURSDAY 6 FEBRUARY 2025

THE ROYAL LANCASTER, LONDON

GOOD LUCK

TO OUR 2025

FINALISTS!

A HUGE THANK YOU TO OUR 2025 JUDGES

Look out for our next edition

to see this years winners!

#BCA2025

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

INSOLVENCY

TALKING ROT

What is a Retention of Title claim and could they

be helpful in an insolvency scenario?

BY GIUSEPPE PARLA

RETENTION of Title (ROT)

is where the seller of physical

goods attempts to protect itself

against non-payment by retaining

ownership of those goods until

payment is received, even after

the goods have been delivered.

There are two types of ROT clause:

• Simple clause – The goods supplied under a specific

invoice remain the property of the seller until all such

goods on the invoice have been paid for.

• All monies clause – This holds that all goods supplied

by the seller remain theirs until such time that all sums

due to the seller have been paid. If the purchaser has at

some point in time cleared all debts to that seller then

title to all those goods supplied prior to that date will

pass to the purchaser.

If a buyer enters into an insolvency process the impact

can be significant on a seller who has contracted with

them to provide goods. If the contract between the

parties contains a ROT clause then, depending on the

insolvency process being entered into by the buyer, the

seller may have a right to reclaim possession of the goods.

In an administration, a seller cannot repossess goods

even if there is a ROT clause in their contract with

the company in administration. This is an important

point for a seller too as the company is protected by the

administration moratorium. The only way that a seller

can repossess goods is if the administrator consents to

it or an order is made by the court. This restriction also

applies during the pre-administration period once a

notice of intention to appoint an administrator has been

filed in Court, creating an interim moratorium.

In liquidation the existence of a ROT clause means that

the seller may have a course of action to reclaim the

goods. If an ROT clause is not present, then the seller

will rank as an unsecured creditor.

Depending on what you supply, the goods may have been

converted, so cannot be claimed or the goods may no

longer be held by the company, as title may have been

passed to another party. Your legal advisers will be able

to advise you on whether you still have a claim.

Impact on Landlords

A landlord can enforce on their arrears against assets

that are left at their premises, often referred to as

Commercial Rent Arrears Recovery (CRAR). Therefore,

you need to act quickly, ensure you have a valid ROT and

seek legal advice where necessary. Take the opportunity

to liaise with the Insolvency Practitioner (IP) and get

out on site as soon as possible, this will ensure you are

given the opportunity to view your goods to establish if

they are identifiable and recoverable. If you are unsure

on your position, you could seek assistance from an

independent IP.

So can a ROT be a helpful tool? There are many benefits

of having a valid ROT clause. At the very least, it can be

used as negotiating tool with an IP. Remember the IP

wants to realise the assets for the benefit of the estate

and storage of the goods comes at a cost, so there is a cost

benefit analysis for the IP to consider.

A ROT clause is an excellent way to legitimately reduce

your liabilities owed by a company that is in an insolvency

process, but requires a proactive approach and an IP who

allows access to you to identify the goods in question.

If you supply goods and do not have a ROT clause, it

could be a good New Year’s resolution to incorporate

them into your terms and conditions.

Author: Giuseppe Parla is a Business

Recovery Director and Licensed Insolvency

Practitioner at Menzies LLP.

ROTs are a complex area of law, so you should seek legal

advice when dealing with ROTs. There is much case law

about the validity of clauses, when it was brought to the

customer’s attention and the enforcement of a ROT.


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EXCLUSIVE

REBORN

ULTIMATUM

Hoist Finance UK is reinventing itself in

consumer debt purchase.

BY LES CLISBY

WITH a mission to

relaunch in the credit

industry, Manchester-based

Hoist Finance

UK has been

reborn as a ‘new’

business with a clear

mandate to buy consumer debt.

Hoist Finance is a familiar name with an established

track record across Europe for not only buying but

also servicing debt. Today, however, the business has

refocused its operations in the UK to concentrate

solely on the former and become a premier acquirer of

consumer debt portfolios from the banking and wider

lending community across the UK.

Adam Young, Hoist Finance Head of Investments, says

both their appetite and their capability are significant:

“We would like to make significant investments in 2025,

and can be very flexible in what we buy and who we

partner with,” he says.

Previously a hybrid purchaser and contingent debt

collection agency, Hoist Finance UK can now enjoy the

freedom that comes from not having to feed its internal

operation: “It means we can be more selective in what we

buy and both strategic and opportunistic in the portfolios

we come across,” adds Ed Horton, UK Country Manager.

“While typically we have earned our reputation for

buying and managing unsecured, Non-Performing

Loans (NPLs), and will continue to do so, we can also

look at secured Performing Loans and SME debt in

the commercial space, partnering with the appropriate

service providers and peers with the skills to handle more

complex cases.”

Hoist Finance differs from ‘traditional’ debt purchasers

in the way that it is structured and generates funds: “We

are a Credit Institution that takes deposits in seven

countries, issues bonds into SEK and EUR markets, and

then uses the capital to buy portfolios of consumer debt,”

Adam continues. “In many ways it is a very simple model,

but it is also very effective.”

Business evolution

Hoist Finance UK began its renaissance a little over two

years ago, Ed explains. “The market was challenging, and

prices were perhaps higher than we were willing to pay,

and so with an ageing book it was decided to sell the

UK business and the platform to one of our peers and

rethink our strategy.”

Despite having taken the pragmatic decision to sell,

there was still a significant appetite within the business

to maintain a local presence: “The UK is a mature

market with plenty of sellers and volume and there was

- and still is - a real desire to become a leading player,”

Ed continues.


CREDIT MANAGEMENT

GIVING SELLERS A

CLASSIC ‘ONE STOP

SHOP’ WITH ALL

OF THE PRACTICAL

AND FINANCIAL

ADVANTAGES THIS

BRINGS.

The strategy Hoist Finance has taken in the UK is a new

kind of hybrid, partnering with its peers on a Master

Servicing Agreement to manage the collections while

Ed and his team focus on buying: “It’s a partnership

where we are more of an investor and asset manager,”

he says, “giving sellers a classic ‘one stop shop’ with all

of the practical and financial advantages this brings.

“Because we are a regulated credit institution and take

deposits, we are able to deploy funds at a significantly

more competitive cost than our competitors. We

don’t have to rely ultimately on the bonds market, for

example, which tend to be more impacted by interest

rate fluctuations, and this means our cost of funds is

more stable and predictable, and ultimately cheaper.

That means we can pay a little more for a portfolio if

we choose to and be very ‘opportunistic’ in what we

buy and more agile in our execution.”

Martin Cole, Hoist Finance UK Head of Finance,

agrees: “Our lower cost of capital means we can invest

at a similar price and still be more profitable than the

competition.”

An entrepreneurial culture

Such flexibility reflects the almost-entrepreneurial

culture of the business. Ed says it’s like being a

start-up, but with the advantage of already having

an established reputation and benefited from the

lessons of the past: “We understand the importance

of protecting our clients’ reputations and being a safe

pair of hands, while giving the sellers an opportunity

of significantly improving their capital ratios and

future lending ability,” he adds.

Part of Hoist Finance UK strengths rests in the quality

of its people. The investment team, legal counsel, and

commercial and operational teams are co-located

at its new offices in Media City, Salford, which

helps streamline communications. Their combined

experience and depth of knowledge brings even

further confidence and authority to their decision

making.

The established relationships with industry peers do

not mean it is not actively seeking other partners: “We

are both looking to grow our existing partnerships and

diversify further,” he explains, “working with others

who may bring the additional skills needed to manage

different asset classes, and who share our ambitions

for the future.”

In charge of current and future third-party

relationships is Head of Outsourced Operations UK,

James Rocke. His experience of working with the

very best FCA-authorised debt collection agencies

in servicing the debt Hoist buys will be critical: “We

will very definitely be about working in partnership

with our current and future service providers and

looking for their help in determining the appropriate

collections strategies,” he says. “We will also seek

to engage with the wider DCA community as the

business grows, including those who, like ourselves,

are industry disruptors.”

New market opportunities

In terms of the market itself, neither Ed nor the

wider team expect the flood of NPLs that had been

predicted in certain quarters, but he does expect new

sellers to come to market: “There will be lenders,

including some of the challenger banks, coming to the

market for the first time,” he says, “and for a buyer like

Hoist Finance, who can deploy funds at scale, this is

an exciting opportunity.”

Ed says the business can also be flexible. Hoist Finance

UK envisages it will continue to target the Tier One

and Tier Two banks and lenders, but also explore

the secondary market, buying debt from other sellers

who may wish to divest: “We are very open-minded

about creating new partnerships and co-investing in

portfolios that gives us the returns we are looking for,”

he says.

Adam agrees: “We’re open to working with our peers

and on complex transactions, providing advisory

support to banks, for example, in how to best manage

their NPL capital constraints. We’re keen to invest in

the UK and very much open for business.”

Les Clisby is a freelance business writer.


.

MENTAL HEALTH

TRIGGER

HAPPY

Mental health triggers and finance documents:

are creditors reading the room?

BY RICHARD GIBBARD


CREDIT MANAGEMENT

ACCORDING to some sources

(which I'll come to in a moment

or two), Monday 20 January was

‘blue Monday’, a day said to be the

most depressing of the year. The

concept was apparently thought

up by a UK travel agent decades

ago, although that is debated. There’s even a formula to

work out when the date may apply. However, part of that

formula, which appears on Wikipedia, references debt

levels and that is where this story takes up the running.

Mental health and its relationship with debt is a topic that

has been growing in the public and professional conscience

for some time. However, most of that discussion has

justifiably centred around consumer credit, payday loans

and personal finances. But in a broader financial markets’

context, mental health as a trigger – and a consequence

– of personal liability may not be as well understood.

October 10 (2024) marked World Mental Health Day

and there is now a greater awareness and understanding

in many areas of society about mental health than ever

before. The UK Government’s introduction of mental

health debt respite legislation and its concept of ‘breathing

spaces’ perhaps reflects burgeoning enlightenment in the

world of finance.

Health triggers

Lending contracts often include provisions that trigger

a default if certain conditions are met. These conditions,

known as ‘events of default’, include a wide range of

scenarios, from missed payments to insolvency. However,

the inclusion of mental health-related triggers and any

consequent enforcement action raises significant ethical

and legal questions.

Indeed, the use of mental health triggers in lending

contracts intersects with various legal and ethical

considerations, including discrimination law, privacy

issues, and the need for sensitive handling of mental health

crises. Aside from the clear moral imperative to ensure

customers with mental health issues are treated fairly (and

have the same level of access to financial services as others

who do not suffer from such conditions), individuals may

have legal redress.

But can discrimination and mental health law concepts

help? This is an extremely complex area, and, at first

look, there may be obvious synergies or legal concepts

in areas of discrimination/equality and employment law

where protections exist for individuals with protected

characteristics, including disability. It is illegal for a

financial service provider to treat a customer differently

because of a disability, for example (s.29, Equality Act 2010).

Mental health conditions can be classified as disabilities

in this context, meaning that any contractual provisions

that disadvantage individuals with mental health issues

could be deemed discriminatory. However, the use of such

protective legislation (and other industry standards) for

vulnerable people is not straightforward.

Protected characteristic

Any individual with a protected characteristic who has

suffered discrimination arising from a failure by a lender

to make reasonable adjustments, or that has adopted

a practice which indirectly discriminates against that

individual (or both), can issue proceedings in the county

court and seek remedies including payment of damages

or injunctive relief.

The Equality and Human Rights Commission may also

launch an investigation into any financial service provider

if it is put on notice of potential breaches of the Equality

Act. Banks may be particularly vulnerable in this regard

due to their high profile.

Finance documents default triggers have been

known to refer to the Mental Health Act 1983 definition

of a mental disorder as ‘any disorder or disability of

the mind’ encompassing conditions like depression,

bipolar disorder, and schizophrenia alongside

developmental disorders (such as autism spectrum

disorders), personality disorders and other conditions

affecting the mind, such as severe anxiety or obsessivecompulsive

disorder.

Generally, the terminology where it is used in finance

documents to refer to mental health or capacity is

archaic. With a greater understanding of these conditions

and challenges, legal references to being of “unsound

mind” or “incompetence” for example should be

avoided.

Regulatory oversight

CONC 2.10 of the FCA Handbook provides guidance

on how lenders should approach mental health in the

context of lending agreements and their enforcement,

ensuring they act responsibly and ethically when dealing

with customers who are vulnerable, including those who

may have mental health challenges.

Lenders must assess a customer’s mental capacity to make

informed decisions about borrowing (or providing credit

support). This includes understanding, remembering, and

weighing up relevant information.

While lenders may assume a customer has mental capacity

unless there is reasonable evidence or suspicion to the

contrary if a lender suspects a customer has a mental

capacity limitation, they must take reasonable steps to

assist the customer in making a decision before concluding

they lack capacity.

Brave | Curious | Resilient / www.cicm.com / January & February 2025 / PAGE 17 continues on page 18 >

MENTAL HEALTH

Mental capacity limitations (at least as seen through

the lens of a lender) can arise from various conditions,

including depression and anxiety-based mental

health challenges, dementia, learning disabilities,

developmental disorders, neurological disabilities,

or substance intoxication. Mental capacity and

vulnerability may also change during the lifespan of

a financing arrangement.

Lenders are expected to treat customers fairly,

considering their individual circumstances and

ensuring that vulnerable customers are not

disadvantaged. The Financial Ombudsman Service

is empowered to look at complaints involving

discrimination, vulnerability and ensuring customers

are treated fairly and may, among other remedies,

require financial business to pay compensation.

And provisions that require parties to disclose

their mental health status can also raise significant

privacy concerns. Such requirements may infringe on

individuals’ rights to privacy and could deter them

from seeking necessary mental health support. The

acquisition and retention of highly personal categories

of data by creditors or their agents also requires a

high degree of legal compliance.

Lending Standards

The Lending Standards Board has published guidance

and policy documents considering how lenders

should approach lending and enforcement decisions,

particularly concerning customers with mental health

challenges.

• Identification and Support: Lenders are encouraged to

identify customers who may be experiencing mental

health issues and provide appropriate support.

This includes training staff to recognise signs of

vulnerability and ensuring they have the skills to

handle such situations sensitively.

• Communication: Contact with customers should

be clear, empathetic, and tailored to their needs.

This might involve using simpler language, offering

different communication channels, or allowing more

time for customers to respond.

• Debt Management: When dealing with debt, lenders

should consider the customer’s mental health

condition. This includes avoiding aggressive collection

tactics and considering alternative repayment plans

that are manageable for the customer.

• Exclusion from Debt Sales: Customers with ongoing

mental or critical illnesses should be excluded from

debt outsourcing and sales, recognising the additional

stress and potential harm this could cause.

Legal developments

Case law and comparatively new debt respite

legislation provide some guidance on how mental

health issues should be handled in the context of

debt and lending; helping to shape how mental health

issues are addressed in finance contracts and their

enforcement.

Principally the debt respite legislation, which came

into force in 2021, essentially provides a degree of

forbearance to personal debtors experiencing a mental

health crisis, allowing individuals time to seek help

and stabilise their situation during such time as

they are receiving treatment as certified by a mental

health professional (known as a ‘breathing space’

moratorium). However, it is not a payment holiday,

and the liabilities continue to accrue.

The legislation and the way it has been used and

applied by the courts since 2021 is not without

its issues. Additionally, courts are increasingly

recognising the need to consider the mental health

of borrowers, third party security providers and

guarantors (obligors) when making decisions about

debt enforcement and relief.

Creditors’ concerns

While it is essential to protect obligors with mental

health challenges, it is also important to address the

legitimate concerns of creditors. Lenders need to

balance their need to manage risk with the need to

treat obligors fairly and sensitively.

One approach is to calibrate default provisions

in finance documents so that mental health issues

are not automatic triggers for default. Instead,

these provisions could serve as early warnings,

prompting lenders to engage with obligors (or their

representatives) and explore alternative solutions,

such as debt restructuring.

Then there’s sensitive debt restructuring which can

provide a more compassionate approach to managing

debt for individuals with mental health issues. This

might involve extending repayment terms, reducing

interest rates, or temporarily suspending payments

to allow obligors time to recover.

Mental health issues are extremely complex and

should not be homogenised or conflated. Different

conditions will require different approaches by

creditors. For example, dementia and depression

(even in their broadest clinical sense) each present

distinct challenges and will necessitate different types

of support and intervention for the individual.

In cases of dementia, it may not be reasonable or

appropriate for a receiver to be appointed (for

example) if a borrower is ‘incapable by reason of

mental incapacity from managing their affairs’,

particularly if the borrower is not in arrears or is

otherwise meeting their obligations. It may be that

lasting powers of attorney can be invoked to manage

the financial affairs of individuals who are no longer

capable of doing so themselves. This helps to ensure

that their financial obligations are met without

causing them undue stress or hardship.


CREDIT MANAGEMENT

THE USE OF MENTAL

HEALTH TRIGGERS

IN LENDING

CONTRACTS IS A

NUANCED ISSUE THAT

REQUIRES CAREFUL

CONSIDERATION OF

LEGAL, ETHICAL, AND

PRACTICAL FACTORS.

For individuals experiencing depressive episodes, posttraumatic

stress or anxiety, temporary relief from debt

obligations and access to mental health support can be

crucial. Indeed, those suffering serious mental health

conditions often find their condition exacerbated

by debt. As such lenders should be prepared to offer

flexible solutions that accommodate the fluctuating

nature of particular mental health conditions, backed

by clinical assessment.

A bespoke approach

The broader context of lending and mental health

includes considerations of different types of loans

and obligors. Personal loans for everyday expenses,

cars or even mortgages will likely require different

handling by creditors compared to loans for high-networth

individuals or personal guarantees provided by

company directors.

For personal or consumer loans, particularly those for

essential expenses like vehicles or home repairs and

mortgages, lenders should prioritise compassionate

and flexible approaches. This will likely include offering

payment holidays or reduced payments during periods

of mental health crisis.

And for high-net-worth individuals, or those with

significant business interests, assets and financial

sophistication, the stakes can be higher, and the

arrangements more complex. In these cases, bespoke

solutions that consider the relevant individual’s (and any

related persons and entities) overall financial situation

and mental health are necessary.

Directors and officers may experience debt-related

stress and anxiety, particularly where ‘business-tobusiness’

lending is supported by personal guarantees or

security linked to personal liability in the event of any

subsequent insolvency. In such circumstances, lenders

should not disregard the mental health implications of

enforcement action, even over business assets.

Conclusion

The use of mental health triggers in lending contracts

is a nuanced issue that requires careful consideration

of legal, ethical, and practical factors. By balancing

the needs of obligors and creditors, and by adopting

compassionate and flexible approaches, it is possible to

create a more equitable and supportive financial system.

As awareness of mental health issues continues to grow,

so too must our efforts to ensure that lending policies

and practice do not exacerbate these challenges but

instead contribute to the well-being of all individuals.

Authors: Richard Gibbard is a professional support lawyer

of counsel in the Banking team within the Financial

Markets and Products group of FieldFisher.


CREDIT INSURANCE

INSURE

AND GROW

What to expect from the credit insurance industry in 2025.

BY TANYA GILES

TRADE credit insurance continues

to play a major role for companies

in the UK and beyond. But many

misconceptions continue to swirl

around the industry. We all still

have a job to do in educating

businesses to ensure they are in a

position to maximise the opportunities the product

provides.

But why does trade credit insurance matter for

business resilience? And what are the principal trends,

changes, and challenges facing the industry as we

progress into 2025?

Trade credit is given and taken to some extent in

almost all businesses. According to the World Trade

Organisation, around 80-90 percent of world trade

relies on trade finance, which includes trading on

credit.

Trade credit arrangements, however, only work when

businesses are paid on time. Late or failed payments

and bad debts impact businesses of all sizes: owners

may be unable to pay their staff or cover their own

costs, their ability to invest in future growth may be

hampered; and there may be a knock-on effect for

suppliers. This can lead to restructurings or businesses

failing.

Late payment challenge

Small businesses and microbusinesses often bear the

brunt of this. In the UK, late and long payments

contribute to an estimated 50,000 business closures

each year. As a result, we regularly hear how late

payments are among the biggest challenges for small

firms. In our recent Payment Practises Barometer

(PPB) survey, an annual survey of business-to-business

(B2B) payment practices across the UK, we found that

40 percent of all B2B sales are currently affected by

late payments and bad debts stand at an average seven

percent of all B2B sales.

So, there is a clear need for a tool to protect against

losses caused by the failure to pay by the companies

they supply with goods or services, and that tool is trade

credit insurance. This is particularly true in volatile

economic conditions, where trade credit insurance

can act as a safety net for businesses, enabling them

to maintain operations without bearing the entire

financial risk themselves.

Trade credit insurance doesn’t just serve a clear-cut

insurance role. It can also support business growth by

providing businesses with essential data on payment

trends, financial risks, and country-specific insights.

This gives a competitive advantage to companies –

particularly those in sectors that frequently extend

credit terms, such as construction, manufacturing,

and trade – enabling them to adjust their credit

policies and growth plans.

In some cases, trade credit insurance is a requirement

from banks before they will approve a loan to a

business.

Common misconceptions

Trade credit insurance certainly attracts its fair share

of challenges and misconceptions, and insurers may

have to answer objections about the product.

For example:

1.‘Trade credit insurance costs too much’.

We would argue trade credit insurance can pay for itself

by mitigating significant financial risks. From our PPB

survey we found that as a result of late payments 26

percent of respondents experienced immediate cash

flow issues, 23 percent were then delayed in paying

their suppliers, 22 percent were delayed in investing

in property, plant and equipment, 16 percent were

delayed in paying bills and/or staff, and 16 percent

had to increase borrowing costs and their reliance on

short-term financing. This demonstrates the impacts

of not having a trade credit insurance policy, and the

value in investing in it.


CREDIT MANAGEMENT

FOR THE

FIRST TIME IN

MORE THAN

15 YEARS,

WE ARE

MOVING INTO

SOMETHING

MORE AKIN

TO “NORMAL”

AND CAN BE

CAUTIOUSLY

OPTIMISTIC.

2. ‘We don’t need it’.

Even stable businesses can face unexpected payment defaults

and trade credit insurance protects them. This has been seen

time and time again when large businesses that no one expects

to go insolvent suddenly fail. One example of this is Carillion,

formerly one of the UK’s biggest construction firms, which

became one of the UK’s biggest failures in 2018. It took only

six months from the first profit warning in July 2017 for it to

fail with liabilities of £7bn and just £29m in cash. Carillion

was a notorious late payer leaving debts of around £1.3bn in

its wake, affecting 30,000 supply chain businesses. Insurers,

including Atradius, paid out an estimated £30m plus to

businesses, but most firms had no insurance. This example

highlights that insolvencies can come as a sudden shock, and

that unpredictability can have huge ripple effects down the

supply chain. That is exactly why businesses need trade credit

insurance.

3. ‘It’s too complex’.

The right trade credit insurance is simple, user-friendly and

easy to manage. It is also important to remember that you will

have a dedicated broker and account manager who are experts

in trade credit insurance to help service your policy and take

away any stress.

4.‘Policies exclude certain types of customers or

transactions’.

Policies can be tailored to include a broad range of customers.

5. ‘Coverage is limited and does not cover all of my risks’.

Trade Credit Insurance provides comprehensive coverage

options to suit diverse business needs. And importantly if we

will not offer the desired cover this in itself provides you with

the information you need to make safe business decisions.

There is always a reason for not providing cover and we have

a responsibility to our customers to navigate them away from

high risks.

6. ‘It might negatively impact relationships with our

customers, who may see it as a lack of trust or confidence

in their ability to pay’.

Having insurance in place can strengthen customer trust by

demonstrating financial stability.

Churning customers

Another challenge levelled at the industry is of a churn of trade

credit insurance customers. It is easier to sell to a business that

has experience of the product and that is why we see some

churn where customers move between insurers. On the other

hand, for businesses that haven’t before taken trade credit

insurance, it often takes a change of circumstances for them

to do so: for example, a significant loss, the need for guidance

for new growth aspirations, new staff who have used trade

credit insurance before, or being faced with a requirement for

insurance from a lender.

Last year we saw an increase in interest in trade credit

insurance from companies that have not previously insured.

We expect this to continue into 2025.

Finally, we come to the misperception of trade credit insurance

as contributing to business failure or insolvency. The industry


CREDIT INSURANCE

has previously attracted negative press, partly because

we haven’t collectively done a good enough job of

highlighting the ways in which trade credit insurance

payouts support businesses.

There will of course be situations where we must

take the difficult decision to alter our underwriting

approach, but we endeavour to do this transparently,

with a view to keeping business disruption to a

minimum.

But it can’t be stressed enough that companies do not

fail because a credit insurer pulls cover. There will be

other underlying problems within the business that

will be a driver for the failure. We have a responsibility

to our clients to look to navigate them away from

trading with parties where that looks to be a high risk

of failure, and our customers place great value in that.

Overall, we see a greater level of understanding of

trade credit insurance among UK businesses than

was the case 20 years ago. This reflects the time and

investment insurers have put into simplifying and

offering different products and support to change

perception and enhance understanding and use of

trade credit insurance.

We are very rarely confronted by negativity in this

market: there is recognition that we can be significant

stakeholders in a customer’s business, and it is in all

our interests to build a cooperative relationship. It’s

a similar story in other markets: UK businesses are

not unique in how they perceive or use trade credit

insurance.

That’s not to say it’s perfect; there remains a significant

educational role for the industry, to ensure businesses

are aware of how trade credit insurance can benefit

them and can then make an educated decision as

to whether they should buy the product. This is

particularly true for small businesses. That might mean

educating smaller clients and customising solutions to

fit their needs.

cautiously optimistic that economic growth will gain

some modest momentum. These factors should ease

financial pressures on firms, allowing for a more stable

operating environment.

In over half of the markets, we expect a decrease

in insolvencies. Some of the sharpest declines are

forecasted in countries that experienced a spike in 2024,

including Canada, Austria, South Korea, Sweden, and

Australia. Unless there is another economic shock, we

expect insolvencies in these countries to normalise to

lower levels.

For many markets the insolvency trend is broadly

stable in 2025. In these markets insolvencies have

settled on the normality level, which is often close to

the pre-pandemic level. Examples are Belgium, Czech

Republic, Hong Kong, Romania, Spain and Norway.

In the UK, the construction sector is the barometer

of the industry, and we expect a bounce back in the

middle of this year.

For businesses navigating these varying insolvency

risks, trade credit insurance will continue to be an

essential tool to help them mitigate the risks and

position themselves for growth as the global economy

gradually normalises.

Clearly there are risks, not least the escalating conflict

in the Middle East. But our risk appetite will remain

strong as we look to continue to demonstrate value in

trade credit insurance to existing customers and also

attract new ones. Trade credit insurance will remain

an essential tool. While challenges persist, particularly

around awareness and misconceptions, the industry is

steadily adapting to meet the needs of both established

and new clients.

Author: Tanya Giles is

Head of SME at Atradius.

The year ahead

So, what can we expect from trade credit insurance

in 2025, in the UK and beyond? This will be dictated

significantly by the economic backdrop and trends in

insolvencies.

But we can be cautiously optimistic for a gradual

improvement in the insolvency landscape. For the

first time in more than 15 years, we are moving

into something more akin to “normal” and can be


CONSUMER CREDIT AND COLLECTIONS

UNSTEADY

AS SHE GOES

Finding success in a year of risks.

BY STEPHEN KIELY

AS 2024 came to a close, the economic

outlook gave some reasons for concern.

Most troublingly for the consumer

credit and collections industry, it

seemed that inflation may be about

to rob consumers of more disposable

income.

For anyone in the industry who had hoped that inflation had

been tamed, the Consumer Prices Index, in October, proved to

be an unwelcome shock: showing a rise to 2.3 percent, up from

1.7 percent the month before. While a rise in inflation towards

the end of the year was always expected, the reality was worse

than most commentators anticipated. Worse still, core inflation

– which strips out more volatile energy and food prices – also

rose to 3.3 percent, up 0.1 percent on September.

Steve Vaid, Chief Executive of the Money Advice Trust, speaks

for many when he warned: “With inflation on the up again,

the pain is far from over for struggling households. As costs

increase, debts can pile up, and many people already dealing

with unmanageable debts are only likely to see their situation

worsen.”

Kris Hamer, Director of Insight of the British Retail

Consortium, is quick to emphasise that 2025 holds significant

risks, as increasing business costs are passed on to consumers.

“The retail industry is bracing for £7bn of additional costs in

2025 as a result of changes to Employers’ National Insurance

Contributions, an increase to the minimum wage and a new

packaging levy,” he says.

“For an industry that already operates on slim margins, these

new costs will inevitably lead to higher prices. There is also

the risk of job losses and store closures if retailers attempt to

limit the impact on their customers. If the Government wants

to prevent a return to high inflation, it needs to consider

mitigating the impact of these costs on retailers.”

Bankruptcy trends

The total number of individual insolvencies in the third quarter

of 2024 reached 31,276, up from 24,458 during the same period

in 2023. This 27 percent increase is indicative of the economic

pressures facing individuals, the lingering effects of COVID, and

the continuing cost-of-living challenges affecting households.

New IVAs continue to account for the majority of overall


CREDIT COLLECTIONS

REGULATORY

CHANGE IS PART

AND PARCEL OF

WORKING IN

A REGULATED

SECTOR.

personal insolvency volumes. Following the Financial

Conduct Authority’s (FCA) ban on debt packagers in

October 2023, a model previously used by insolvency

firms to source new business, new IVA volumes saw a

significant decline. However, as insolvency firms adapt to

the new regulatory regime, sustainable growth in IVAs is

anticipated to return.

Richard Haymes, Associate Director, Policy and External

Relations at Watch Portfolio Management and Aryza

Group anticipates that volumes will see a typical seasonal

drop in December and January, and then grow slightly over

the course of 2025.

At the same time, the total number of corporate insolvencies

in the third quarter of 2024 reached 6,117, a slight decrease

from 6,208 during the same period in 2023. This highlights

that, in a time of some economic uncertainty, it will still

take several months of stability to be achieved for business

insolvencies to consistently decline.

Net lending

Looking into 2025, creditors’ lending figures are expected to

continue on the same erratic path witnessed throughout 2024.

From July to September 2024, significant shifts in lending

activity were observed, highlighting the challenges lenders

face evolving their strategies. Net lending to households

and private sector companies reached £8.6bn in July, fell to

£2.8bn in August, and rebounded to £2.9bn in September,

reflecting a cautious approach from lenders, amid economic

uncertainties.

The overall lending environment continues to be

competitive, with lenders increasingly prioritising

responsible lending practices. This approach is vital

as the credit professionals navigate the complexities

of the market, ensuring support for borrowers while

safeguarding their portfolios against potential defaults.

Cost of regulation

In such a high-profile industry as credit and collections,

it is inevitable that Government will pay a significant

interest. However, the key is to maintain an approach

which balances the needs of the industry and its customers,

with the needs of the regulator.

A recent report from industry trade body, the Credit

Services Association, suggests that 2025 threatens to see

regulation run out of control, and recommends that an indepth

review of rising financial services regulatory costs,

and their impact on innovation, growth and competition,

is carried out as soon as possible.

The CSA's report – ‘The Compliance Conundrum: The

challenges of a rising regulatory bill’ warns that if the sector

continues to face such rising costs, firms, markets, and

consequently consumers, risk being inadvertently harmed.

After 10 years of the FCA’s regulation of consumer credit,

some debt collection firms have seen their regulatory costs

more than double, while some debt purchasers have seen

their bill increase by more than 700 percent in that time.

Report author Daniel Spenceley says: “Regulatory change

is part and parcel of working in a regulated sector, but the

pace of change in financial services has become relentless.

At this point, the cost of regulatory intervention is not

limited simply to implementation costs; it contributes

to diminished investor appetite, which risks stifling

innovation, growth and competition.

“With a new Government focused on delivering growth,

the regulator must ensure that it is striking an appropriate

balance between consumer protection and creating an

environment in which firms can operate and innovate

with proportionate regulatory and compliance costs.

Proportionality is critical in creating that environment

and, right now, it does not exist.”

Reform of the regulators?

One sign of hope for this year comes with the promise that

the Financial Ombudsman Service (FOS) may itself see

reform to become more creditor-friendly.

Giving evidence to the House of Lords’ Financial Services

Regulation Committee, Stephen Haddrill, then Director

General of the Finance & Leasing Association highlighted

that for too long investment in the UK consumer credit

market has been deterred by the unpredictability created

by the quasi-regulatory role of the FOS. He added: “It was

good to hear the City Minister, Tulip Siddiq, tell MPs that

she wanted to bring forward the legislation to reform the

FOS ‘as soon as possible’. This comes at a time when the

FOS will soon be enabled to charge claims management

companies a case fee via secondary legislation to be

approved before the end of this year, a commitment carried

over from the previous Government.”

The new Government has also suggested that the FCA

would need to take a more pragmatic approach towards

the industry, if the Government’s growth ambitions are to

be realised.

This year will also see continued progress on reforms of

the Consumer Credit Act and HM Treasury is expected to

consult on the first tranche of industry issues in the first

quarter of the new year.


CONSUMER CREDIT AND COLLECTIONS

GENAI IS AN OPPORTUNITY FOR

INSTITUTIONS TO JUMP INTO

THE WAGON AND TAP INTO ITS

BENEFITS.

Pressure on bailiffs

One sector where the regulatory trend may be heading

in the opposite direction is enforcement, with the

Enforcement Conduct Board (ECB) recently publishing

research claiming that enforcement standards were

breached in six percent of bailiff doorstep interactions.

The ECB has published new standards for enforcement

agents, strengthening requirements, but the Government

is now under pressure to give the ECB additional

powers. Matt Hartley, Director of Engagement at the

Money Advice Trust, says: “The ECB needs strong

powers to take action when the rules are breached. We

have long called for the ECB to be given the statutory

underpinning it needs to tackle poor practice in the bailiff

industry.”

Motor finance

Another sector looking into 2025 with caution is

motor finance, as the FCA has proposed to extend the

time firms have to handle complaints relating to

commission.

The FCA is seeking feedback on proposals to extend the

time firms have to respond to complaints where a nondiscretionary

commission arrangement was involved.

The regulator previously extended the time firms have

to respond to motor finance complaints involving a

discretionary commission arrangement (DCA).

The FCA’s consultation follows the Court of Appeal’s 25

October judgment in Hopcraft v Close Brothers Ltd, Johnson

v FirstRand Bank Ltd, and Wrench v FirstRand Bank Ltd. The

FCA is consulting on two options for extending the time

firms have to provide final responses to motor-finance

complaints involving a non-discretionary commission

arrangement:

• Until 31 May 2025, reflecting how long it may take to hear

whether the Supreme Court has granted permission to

appeal. The FCA plans to set out its next steps on DCA

complaints in May 2025. Subject to the outcome of any

Supreme Court application, the FCA would update on

motor finance non-DCA commission complaints at the

same time.

• A longer extension until 4 December 2025, to align with

the current rules for motor finance firms dealing with

discretionary commission complaints.

Nikhil Rathi, Chief Executive of the FCA says: “The

Court of Appeal’s ruling means many customers who

bought a car using finance through a dealer could be owed

compensation. We want to make sure that consumers who

are owed money get it in an orderly way, and that the

motor finance market continues to provide competitive

deals for the millions of people that rely on it.”

Generative AI

In meeting the Government’s challenge to promote growth,

credit and collections professionals are increasingly

looking to Generative AI (GenAI) technology – a trend

which looks set to continue into 2025 and beyond.

Even the most traditional lenders are increasingly turning

to technological innovations in order to maintain their

competitive edge. Omar Akkor, Senior Director, Banking

Innovation and Partnerships at analysts Moody’s, says:

“The emergence of GenAI presents an opportunity for

banks and financial institutions to leverage this cuttingedge

technology. GenAI is simpler, easier and it requires

less resources than traditional AI.

“With AI, you need modelers, data scientists, and a large

amount of data. This is not something every institution

can afford or have the resources and time to embrace it.

GenAI is an opportunity for these institutions to jump

into the wagon and tap into its benefits.”

Conclusion

Both in terms of the wider economy and the regulatory

framework, 2025 promises to be a time of challenge for

the credit and collections industry. But, in truth, this is

nothing new for industry professionals, who are well

accustomed to working through the most challenging

of times, providing the best possible service for their

customers.

And with the right technology and a Government

so focussed to economic growth, there will also be

opportunities. So, now is the time to get ready to make

the most of them!

Author: Stephen Kiely

is a freelance buisiness writer.


FRAUD

SHORT SHRIFT

Are CRAs doing enough to address

short firm fraud?

BY JAMES CAMPBELL



CREDIT MANAGEMENT

FIVE years ago Credit Management

published my article, written in

the capacity of the Secretary of the

European Freight Trades Association,

entitled ‘Seeing is Believing?, about

my contention that credit reference

agencies (CRAs) cannot spot

fraudulent accounts submitted to Companies House

(CH) by criminals to generate massive credit limit

recommendation from CRA’s which are then used to

carry out short firm fraud (SFF).

At the time, the Managing Editor advised that the CRAs

would be wise to engage with me on the subject but, with

the honourable exception of Company Watch, it was a

case of ‘answer came there none’. Perhaps it was a case of

‘ignore the problem and it will go away’. Tellingly, there

was no outpouring of rage and, with no one responding

to say that I had got this wrong. To that end, may I have

actually got it right?

the documentation filed at Companies House and, in a

couple of instances, the actual filing history) it seems to

show that, despite advances in technology, the CRA’s are

no nearer to being able to spot bogus accounts. It also

seems as though they are not properly and adequately

warning their subscribers that this is a flaw in their

systems and that relying on the credit recommendations

might be financially damaging. In other words, nothing

has changed over the last five or so years.

I will support this suggestion with some examples: on the

27 May 2024 one of the companies used to commit SFF,

having previously been a dormant entity, filed five sets

of accounts. When I say ‘accounts’, these were basically

just the briefest of Balance Sheets with year-end dates of

Fast forward to the present day and, judging by recent

events – more about later – it seems pertinent to re-visit

the subject and to raise the following questions: Has there

been any progress in the CRA’s being able to detect SFF?

And are the CRA’s adequately advising/warning their

subscribers that the credit limit recommendations they

generate might be based on bogus accounts and, if relied

upon, could potentially cause significant financial loss?

The evidence I have suggests that the answers to both

questions are ‘no’.

.

Readers of Credit Management and members of the CICM

are serious about credit and interested in all aspects of the

subject. A large number of businesses that extend trade

credit do not have the benefit of having CICM Members

within their ranks. What you all have in common,

however, is that you all rely upon credit reference agency

reports to help you make decisions about whether or not

to extend credit and, if so, how much.

For some people it is a partial reliance (and other checks

are sensibly implemented) but, unfortunately, for many

the CRA report is regarded ‘as the bible’ and there is a

belief that a huge amount of research has gone on and

what it states must therefore be right.

Widespread fraud

So why am I now again raising this matter? Fraud in

all walks of life is widespread and ever-increasing. It is

coming at you from all directions. In November last year,

via my work in the international freight industry, I came

across four cases of SFF which, in total, had cost suppliers

in excess of £200,000. There is no available information

to confirm how big a problem SFF is, and many victims

are either too embarrassed to admit that they have been

caught out or have no confidence that reporting it to

Action Fraud will achieve anything.

In all of the November SFF fraud cases there had been

a over-reliance on what the CRA’s had recommended

and, upon examining the facts (namely the content of

the 31 December 2019 through to the 31 December 2023.

The ‘Capital and reserves’ figures started at £100, went

to £557,331 in the second set, to £1,771,121 in the third set,

to £3,288,708 in the third set, to £5,483,300 in the fourth

set and then to £6,618,752 in the fifth set.

It appears that no one at CH thought the arrival, or

content, of all these accounts on the same day was

suspicious and neither did at least one, widely used,

CRA. On the 31 May 2024, just four days after the

accounts were filed, that CRA raised the previous £0

credit limit recommendation to £200,000. Immediately

thereafter the fraudsters started applying for credit and

suppliers, relying on what the CRA had recommended,

lost considerable sums.

Filing histories

This example, together with several others that I have

seen, would seem to suggest that filing history is not

taken into account by CRAs and, more importantly,

that there is no actual scrutiny or analysis of the account

figures that are imported from CH by CRAs. It appears

that the information received from the accounts filed at


FRAUD

The prospect of an attractive new customer spending plenty

of money with you, and the fact that the CRA flags up in

bold and large type that it thinks it is a good bet, puts you

into the comfort zone. This is just what the fraudsters want.

As for the rest of the report, it’s akin to reading a telephone

directory. Page after page of figures with the occasional

graph and scoring system which I doubt many credit

managers, if they are honest, actually read. Most form

their opinions from the top half of the first page, and this is

the problem. Rather than helping credit managers to avoid

risk, they are unwittingly enabling a fraud to take place.

CH is simply, and without question, treated as ‘genuine’.

It is difficult to see what other explanation there can be

for why such patently bogus accounts generate the glowing

credit limit recommendations that are made.

Turning to the CRA reports – these are intriguing

documents, normally ranging from four to 14 pages,

depending on what level of service is subscribed to, and

they arguably lull the reader into a false sense of comfort.

They foster the impression that significant research has

been undertaken and that, as such, the legwork has been

done for you.

Normally, in the top half of the front page, often in traffic

light colour coding and large print, are the credit limit

recommendations being made. Your eyes are immediately

drawn to these numbers and a figure becomes embedded

in your mind before you even start to read on. If it is

a big figure, say £200,000, your guard immediately drops.

Ironically, if CRAs did not exist then SFF would be much

more difficult to commit and the risk of falling victim to it

would be greatly reduced. Suppliers would need to use CH

to actually look at figures, for evidence of creditworthiness

in applicant companies. Patently bogus accounts, filed in

an absurd timeframe, as outlined above, would more likely

be spotted and give immediate rise to suspicion. I would

stop short of calling it a scandal, but it does seem to be

a subject about which CRAs appear reluctant to become

engaged.

Promoting growth

A number of the leading CRAs are members of a trade

association which has within its mission statement the

following wording: ‘The Association’s primary purpose is

to promote economic growth and reduce financial crime by

facilitating access to business information. This information

is essential because it helps to reduce the risk inherent

in business transactions; deters fraud; and facilitates the

granting of credit.’

Such words ring hollow when, as stated above, you realise

that subscribers to their products appear not to be properly

and adequately warned that the information upon which

the reports are based might be bogus and, if it is, a glowing

credit recommendation is actually assisting and increasing

the risk of fraudsters committing a crime.

Within the website of the aforementioned association it

also states: ‘We welcome input from interested parties who

can support our aims.’

To that end, I would like to put the following questions:

• What, if any, analysis is made of the financial

information imported by CRAs from CH?

• In what form is the financial information provided

by CH? Is it actual copies of the filed accounts or in

a spreadsheet form?

• Do CRAs believe that they can spot bogus accounts?

• Do CRAs accept that SFF only succeeds because large

credit ratings are recommended by CRAs based on

bogus accounts filed at CH?

• Are any accounts, or financial data, imported from

CH not inputted into the algorithms of CRA’s and,

if so, what is the criteria for such rejection?

• Are dates of filing of documents at CH analysed and/

or scrutinised (such as the five sets of accounts filed

on the same day) that could cause suspicion?


continues on page30 >

CREDIT MANAGEMENT

In reality, the only true way to spot bogus accounts is

to actually examine their physical form, and look at the

documentation to see if it looks too-good-to-be-true. If

this is something that the CRAs do not do as a matter of

course then they need to be transparent.

I want to be clear: CRAs are and always will be a critical

part of the credit industry, and the credit decisioning

process. My contention is simply that they need to properly

and adequately make the users of their reports aware that

there is a potential flaw in relation to identifying bogus

accounts. If this is done it will be a step towards fulfilling

the mission statement of their association.

It will be interesting to see how they respond to this article.

I hope that the straightforward questions asked above will

receive straightforward answers.

• If the CRA’s reject the idea that they cannot spot bogus accounts

submitted to CH by criminals to commit SFF would they agree to

an exercise – with the results to be published in Credit Management

in which they are given the names of six companies, that were

used for SFF, to confirm what credit limit recommendations they

made in the four weeks after the filing of a specified set of accounts?

• Rather than being hidden in the small print subscription terms

and conditions, do CRAs think that all of their reports should

carry a warning that there is a chance that the credit limit

recommendations being made might be based on fraudulent

documentation?

• Do CRA’s think it would be helpful to businesses to have SFF

re-described as credit rating fraud?

• If a CRA becomes aware about what appears to be bogus accounts

filed at CH should there be a system, or agreement, that its fellow

association members should be informed of the concern in order

that they can, in turn, look into the issue and warn their own

subscribers?

Author: James Campbell is managing director of Prodebt Ltd.

www.prodebt.org

“I WANT TO

BE CLEAR:

CRAS ARE AND

ALWAYS WILL

BE A CRITICAL

PART OF

THE CREDIT

INDUSTRY,

AND THE

CREDIT

DECISIONING

PROCESS.”


BRANCH NEWS

READY,

STEADY CREDIT

CICM Kent, Sussex and Surrey and Thames Valley Branches

BY HEIDI-MARIE POCOCK ACICM

WINDSOR Racecourse

was the stunning

setting for the

annual Southern

Credit Day ‘Ready,

Steady, Credit’. The

event started with

Jonathan Swan FCICM, CICM South East’s Regional

Representative explaining what the role entails, being a

conduit between the branches and the Advisory Council,

working for the benefit of members and to grow

membership.

Iain Young FCICM, CICM Head of Accreditation gave a

very entertaining presentation on how he fell into credit

by chance. But now he was there, he was going to be the

best he could be, and he began studying for the CICM

qualifications, achieving his ACICM (Dip) within two

years, and it took another two years to obtain the Level

5 MCICM (Grad). This helped with skills such as process

writing and report mapping, which enabled him to put

a business case together as to why the CICM should

employ him as a trainer. In 2024 he obtained the FCICM

(Grad) qualification.

Paula Swain FCICM, of Shakespeare Martineau

presented Maximising the Value of Legal Partners, where

she highlighted the importance of being ready to

outsource. Paula reminded us of the key questions areas

of importance: do you have the correct contract, what

country’s jurisdiction does the contract come under,

what are the terms and conditions, do they allow for

legal costs and interest, and if these are won, is this being

highlighted? It’s important to check who you are dealing

with and their roles. You should also think about what

you require from your legal partner. To maximise value

from your legal partner, establish the infrastructure. If

they require access to documents or systems and start

with a batch of test cases and consider giving your them

a tour of your business.

companies and cloned account; checking registered

offices and legal correspondences address. Craig

explained ‘phoenixism’, i.e. how companies fail then the

same person starts up another business, and looked at

the statistical, behavioural, financial and operational

details of a company which can help identify fraud. He

ended with the thought: ‘Fraud is like fashion, there are

always new trends, but the old ones won’t go away.’

Jo Brennan from MIND in Berkshire explained how we

can support our wellbeing through diet, exercise, good

relationships, social connection, financial and housing

security and access to outside spaces. Stress can be a good

thing as it helps motivate us, but too much stress in our

‘bucket’ is not good. Social stress – covid, war, climate

crisis – can also affect our wellbeing. The important

thing is stress management and using coping strategies.

Employers also have a legal duty to take steps to reduce

stress. Stress risk assessments can be performed, and

policies should be in place to support wellbeing and

leaders should be role models for wellbeing.

After a fantastic lunch, Joshua Mayhew MCICM,

Natascha Whitehead FCICM, Iain Young, Paula Swain

and Craig Evans took part in a panel discussion led

by Dee Weston FCICM, with questions having been

submitted from the audience during the event.

Thank you to all the speakers, and to the branch chairs

Joshua Mayhew, Dee Weston and Natascha Whitehead,

the committees and Ruth Howard MCICM, for all their

efforts organising this fantastic event.

Planning is already under way for next year so watch

this space!

Craig Evans, CEO of Company Watch was here to

help tackle the issue of incorrect data. The Economic

Crime and Corporate Transparency Act has given new

powers with regards to identity verification, broadened

powers to check, remove and decline information, more

investigative and enforcement powers and to reduce the

misuse of corporate entities. There are several challenges

involved in preventing fraud: time and resource to

review and understand the data; spotting AI generated


COUNTRY FOCUS

on Nigeria

LAND OF

THE GIANTS

Nigeria is a land of huge opportunity

but also huge uncertainty.


CREDIT MANAGEMENT

NIGERIA has a regrettable reputation

for being a hotspot for scammers

who commit countless frauds among

the unfortunate and unwitting.

Indeed, a quick search on Google

yields numerous references to such

activities.

However, there is much more to Nigeria than the actions of

the criminal (which, to be fair, occur in every society).

Google’s own Arts and Culture page, quoting Tour Nigeria,

notes that not only is Nigeria the most populous black nation

on Earth, it’s also home to the second largest film industry on

the planet and is also a fashion, technological and creative

hub in Africa.

It’s home to Africa’s oldest dye pit (Kofar Mata Dye Pit in

Kano, established in 1498), is the birthplace of Africa’s first

Nobel laureate (Wole Soyinka was awarded the Nobel Prize

in Literature in 1986), and has two outstanding UNESCO

World Heritage Sites (Sukur Cultural Landscape in Adamawa

and Osun-Osogbo Sacred Grove in Osun).

Historically speaking, Nigeria’s civilisations appear more

modern than others that this Country Focus page has

formerly considered. 800 BC saw settlement of the central

Jos Plateau by iron age man and the formation of city states

and kingdoms from around the 11th century onwards. In 1472

the Portuguese reached the area, followed by slave traders

bringing people between the 16th and 18th centuries.

xLagos, Nigeria’s largest city, sprawls inland from the Gulf of Guinea

across Lagos Lagoon. Victoria Island, the financial center of the metropolis,

is known for its beach resorts, boutiques and nightlife. To the north, Lagos

Island is home to the National Museum Lagos, displaying cultural artifacts

and craftworks.

In the 1850s the British established a presence around Lagos

before going on to colonise the region. 1960 saw Nigerian

independence and the Biafran War was fought between 1967-

70 as three states sought to secede. Nigeria has seen numerous

coups, tribal wars and ethnic violence – especially with the

formation of the Boko Haram Islamist movement.

Geographic location

Officially known as the Federal Republic of Nigeria, it’s

located in West Africa and sits on the Gulf of Guinea south

of the Sahara and Niger, east of Benin, and west of Chad and

Cameroon.

By area, it occupies some 923,768 km 2 and is larger than

Venezuela (912,050 km 2 ) but smaller than Tanzania (947,303

km2). In comparison, the UK measures just 244,376 km 2 ,

France 643,801km 2 , and the US 9.5m km 2 .

In terms of climate, the World Bank Climate Change

Knowledge Portal states that the country is characterised by

three distinct climate zones; a tropical monsoon climate in

the south, a tropical savannah climate for most of the central

regions, and a Sahelian hot and semi-arid climate in the

north of the country. This leads to a gradient of declining

precipitation amounts from south to north.

Brave | Curious | Resilient / www.cicm.com / January & February 2025 / PAGE 33 continues on page 36 34 >

COUNTRY FOCUS

Mean annual temperature for Nigeria is 26.9°C, with

average monthly temperatures that range between 24°C

(December, January) and 30°C (April). Mean annual

precipitation is 1165 mm, however, the south can see

heavy rainfall from March to October with anywhere

where between 2000 and 4000mm in the Niger Delta

area.

Mushrooming demographics

According Macrotrends, quoting the UN World

Population Prospects, Nigeria’s population has

mushroomed from 37.1m in 1950, to 55.5m in 1970, 95.2m

in 1990, 160.9m in 2010 and is now estimated to be

around 229.1m (2024).

The population pyramid shows Nigeria to be young

and very evenly balanced between the sexes. Around

50 percent of the population is aged 20 or younger, 30

percent between 21 and 40 years of age, and around 20

percent 21 or older. There are very few over 70 years of

age.

The CIA World Factbook believes the population growth

rate to be 2.52 percent (2024). It also reckons that the

population is ethnically very diverse with – using 2018

figures – 30 percent being Hausa, 15 percent Yoruba, 15.2

percent Igbo (Ibo), 6 percent Fulani, 2.4 percent Tiv, 2.4

percent Kanuri/Beriberi, 1.8 percent Ibibio, 1.8 percent

Ijaw/Izon, and 24.9 percent other.

On religion, the CIA lists the population (again, 2018

data) as 53.5 percent Muslim, 10.6 percent Roman

Catholic, 35.3 percent other Christian, and 0.6 percent as

other. But when it comes to languages, matters get more

complex. While English is the official tongue, Hausa,

Yoruba, Igbo (Ibo), Fulani and over 500 additional

indigenous languages are also spoken.

As to where the population lives, it appears – according

to the Conversation in March 2023 – that Nigeria is

becoming far more urbanised with more people in towns

and cities than in rural areas. Indeed, citing World Bank

estimates, in 1960 only 15 percent were urbanised, but

by 1990 that figure stood at 30 percent and is 54 percent

now.

The problem is that while urbanisation makes for

efficiency in market growth, in Nigeria’s case, as the

Conversation writes, ‘infrastructure development

and service delivery aren’t keeping pace with urban

population growth in Nigeria. Millions of urban

residents face enormous challenges like housing deficits,

overcrowding and limited economic opportunities.

Poverty, air and noise pollution, insecurity, heightened

criminality and environmental degradation are others.’

As for major cities in Nigeria, World Population Review

estimates (2024 data) that Lagos – the capital – is the

largest with 9m people, followed by Kano (3.62m),


Nigeria

CREDIT MANAGEMENT

xB y 1950, football had become the national game

of the country. During this time in African history,

many nations began to partake in nationalist

movements where they protested against colonial

power. In Nigeria, football gave citizens a sense of

national pride and inspired them to achieve political

Ibadan (3.56m), Kaduna (1.58m) and Port Harcourt

(1.14m). While there are 79 cities with a minimum

population of 100,000, some 249 cities and towns have

populations that surpass 10,000.

Large economy

With a GDP of $199bn, the economy of Nigeria is

large. However, where it was once Africa’s largest it’s

now sitting in fourth place according to data from the

IMF published in October (2024). Worryingly, its GDP

in 2019 stood at $474.49bn, $476.46bn in 2022 and was

$386.18bn in 2023.

As to why the economy is tumbling, the reasons can –

says the BBC – be attributed to the current president,

Bola Tinubu, who took office in May 2023. As the

broadcaster reported in February 2024, inflation ran at

30 percent, the national minimum wage hadn’t changed

since 2019, people were hungry, and fuel had rocketed

in price as fuel subsidies were ended. But importantly,

Tinubu also removed the US dollar/Naira peg so that

where 10,000 naira might have once bought $22, at the

time of the report, that sum only bought $6.40. Now

(week one December) that sum buys just $6.19. It needs

to be said that the government has partially reinstated

the fuel subsidy.

It helps local businesses that, as the US Trade

Department says, Nigeria has ‘an abundance of

labour at rates well below high-income and some

middle-income countries’. However, the department

also noted that quite a number of challenges have to

be overcome: significant impediments to development

and trade include inadequate power supply, deficient

transportation infrastructure, a slow and ineffective

judicial system, endemic public sector corruption,

non-inclusive growth, poverty, poor maternal and

infant mortality indices, under resourced education

and healthcare sectors, and poor distribution of wealth

amongst its citizens.

Sectors

Oil and gas

Given that Nigeria is oil and gas rich – indeed, it has

some of the largest gas deposits in the world at over

206.5tn cubic feet of proven reserves and is in eighth

position, and is ranked as tenth in the world for oil at

around 37bn barrels (second in Africa behind Libya),

it seems odd that the country has to give fuel subsidies

to its own people.

On gas, Nigeria was, according to Savannah Energy,

the world’s sixth largest exporter of LNG in 2022; at

current rates of extraction, its reserves will last 131

years.

Not unsurprisingly, this sector is the largest

contributor to the government’s revenues and makes

up most of Nigeria’s exports. Even so, contribution to

GDP has been falling in recent years – from between

9.22 and 9.77 percent per quarter from Q1 2019 to Q1

2021 (with a 5.87 percent low in Q4 2020) to a range

of 7.42 to 5.48 percent from Q2 2021 to Q3 2023 (with

a 4.34 percent low in Q4 2022) – according to NBS

(Nigeria). It doesn’t help the cause that, as the US Trade

Department says, failure to protect contract sanctity,

a lack of regulatory clarity, and costly operational

risks constrain investment in this sector. And then

there’s the Nigerian Oil and Gas Industry Content

Development Act of 2010. This grants independent

Nigerian operators first consideration in the award of

oil projects in Nigeria at the expense of better funded

and more efficient overseas operators.

Cement

The Nigerian Investment Promotion Commission

(NIPC) states that cement production has grown to

be an important activity in the economy even though

demand is seasonal in nature. The sector is expected

to continue to grow most especially as there exists a

huge housing deficit and the increasing demand to use

cement in road construction.

Cement plants have been modernised and expanded.

Back in 2018 the commission said that capacity stood

at around 45m tons. However, in a 2023 report Asoko

Insight listed the top ten producers in Africa of

which three were based in Nigeria with a capacity of

nearly 71m tons. It’s of relevance that ‘infrastructure

project growth – which made up 8.9% of Nigeria’s 2022

government budget – the private retail sector, and the

real estate sector are all driving this rising demand for

cement’.

Textiles

Textiles is another area of interest, but it does,

however, seem to be in somewhat of a tailspin. As the

NIPC says, the textile industry was once ranked as the

second largest in Africa after Egypt’s with over 250

Brave | Curious | Resilient / www.cicm.com /January & February 2025 / PAGE 35 continues on page 36 >

COUNTRY FOCUS

factories operating. However, Vanguardngr.com reckons

that the textile industry faces total collapse as revival

efforts fail and that 96.5 percent of textile products are

now imported, that the number of mills has fallen to just

25, and that where 1m were once employed in the sector,

now there are just 2000 jobs.

Spectators put the decline down to smuggling and

importation, little or no power supply to an industry that

is power-intensive, inconsistent government policies on

tariff, insecurity across cotton production regions, and

foreign exchange crises.

However, the government is looking to boost the sector

with $3.5bn in investments and the aim of creating 20,000

jobs. With cotton growing in 26 of Nigeria’s 26 states, it

has potential.

Food processing

Reportlinker is of the view that food processing in

Nigeria is on the rise – in accordance with a comment

from the NIPC. It said, back in 2018, that the industry

is composed of mainly small and medium enterprises

with new multinationals entering the market along with

an aggressive expansion of existing operations geared to

meet the demand of the local market, and motivated by

the apparent expansion of the middle-class armed with

rising incomes and growing awareness for food safety

and dietary quality.

Reportlinker reckons that by 2026, Nigerian food

production is projected to reach $60bn, up from $55bn in

2021. Statista says that revenue in the food market overall

should amount to US$206.60bn in 2024, with meat being

the largest segment worth $40.74bn.

Film and TV

Nollywood – a portmanteau of Nigeria and Hollywood

- is big. NFI.edu reckons that it’s larger than Hollywood

and now, even though it was only ‘established’ in the early

1990s, produces some 30 full length movies a week in an

industry that employs some 3m people.

While film in Nigeria goes back to the early 20th century,

it suffered a decline that Nollywood reversed, using

all the latest techniques and equipment. Forbes Africa

considers the sector worth $6.4bn and could reach an

estimated $14.82bn in revenue in 2025.

The biggest challenge to further growth is Nigeria’s

electricity provider; companies often have to rely on

generators, which is neither cost-effective nor sustainable.

Power

This leads us on to Nigeria’s electricity system operator

which has an average available generation of about 4,000

MW of which about 20 percent is from large hydroprojects.

This is insufficient for its population with an

electricity demand of about 40,000 MW. The Government

plans to improve access to electricity from 45 to about

90 percent by 2030. The government is targeting at least

30,000 MW generation by 2030, with 30 percent from

renewable energy sources.

vJigawa Solar PV Park is a 1,000MW Solar PV power project in Jigawa,

Nigeria. The project is expected to come online by 2025

Nigeria’s untapped renewable energy resources includes

hydro, biomass, wind, biogas, solar, and geothermal

resources.

Agriculture

Nigeria’s agricultural sector employed nearly 70 percent

of the population and comprised nearly 22 percent of

GDP in Q1 of 2022. Nigeria possesses an abundance of

arable land and a favourable climate for production of

nuts and seeds fruits, tubers, and grains. Most farming in

Nigeria is subsistence based, utilising manual labour and

relatively little agricultural machinery.

However, the country continues to maintain import

restrictions with high duties, quotas, and import bans.

Agricultural products on the government’s banned items

list include poultry, beef, pork, and rice.

Summary

To think of Nigeria as an economic and political

backwater would be a huge mistake. It is perfectly true

to say that it has a number of challenges, but they are all

surmountable with time, effort and of course, expense.

But the rewards could well be worth it – especially as the

population invariably speaks English.

Author: Adam Bernstein is a freelance finance writer for

Credit Magazine magazine.


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FINANCE

CHANGING

GEAR

Proactive steps to prepare for the motor finance fallout.

BY MATTHEW WILLIAMSON

IT’S no secret that the Financial Conduct

Authority (FCA) has its eyes on the

motor finance industry. In fact, its current

investigation is set to be the biggest

regulatory deep dive into the industry

in over a decade. This is due to a wave of

complaints that, between 2007 and 2021,

lenders allowed car dealerships to charge customers

higher interest rates in order to pay car dealerships’

commission for arranging vehicle finance loans under

discretionary commission arrangements (DCAs),

without necessarily justifying the increases.

Further, after the recent Court of Appeal ruling, it

is against the law for dealers to receive a commission

from lenders without first obtaining the customer’s

informed consent. As such, lenders and dealerships

across the UK are now confronting a potential surge of

compensation claims and may be liable for millions in

payouts to affected consumers. The situation is likely

to be challenging for many, as the FCA estimates that

around 40 percent of all car finance deals during this

time involved DCAs.

The findings of the FCA’s Motor Finance Review are

set to be published in May 2025, as well as an extension

to the complaint handling timeframes. On the back of

the recent Court of Appeal ruling, a redress project for

most is looking increasingly likely, if not certain. But the

next few months shouldn’t be spent playing the waiting

game – it’s crucial that lenders and brokers use this time

to get their affairs in order.

Fortunately, there are several proactive steps that can be

taken now to prepare for the upcoming compensation

challenges.

Digital data management

First, having accurate and well organised data is key.

This is to both understand redress exposure and meet

customer and market expectations.

Each individual case will require an analysis of the

customer, broker and lender involved and the finance

agreement that was in place. This is a substantial

amount of data collation which will require serious

time investment, as teams will need to sift through

the details of each agreement one by one, including

any communications between the respective parties.

Technology has evolved since previous large-scale

remediations (such as the PPI scandal) and can now be

leveraged to significantly speed up and streamline this

process.

For example, artificial intelligence (AI) and machine

learning (ML) can help to analyse the data, identify

patterns in mis-selling, and determine the likelihood

of customer redress eligibility. As such, brokers and

lenders should seriously consider integrating these tools

into their data management models as soon as possible.

If an organisation’s data is in the right shape at the

start of remediation, they will then have the ability

to automate the rest of the process. In addition to

enhancing efficiency, automation will drastically reduce

the costs associated with processing claims and minimise

errors. Not only can this type of technology improve the

data collation process for this investigation, but it can

also help to ensure data resilience moving forward.

Another digital data management tool that can

improve the claims process is self-service portals, which

can be added to a firm’s website. Implementing these


ANOTHER

DIGITAL DATA

MANAGEMENT

TOOL THAT

CAN IMPROVE

THE CLAIMS

PROCESS IS

SELF-SERVICE

PORTALS

portals will empower customers to submit and track

claims independently, reducing the pressure on internal

customer service teams. Automated workflows can

then guide customers through the review process –

ensuring consistency, efficiency and compliance with

regulatory standards. Developing a clear, proactive plan

for communicating this review process to customers

is also imperative. Leveraging digital communication

methods to provide timely updates – such as emails and

apps - will help mitigate customer confusion and reduce

inbound queries.

Rigorous internal processes

The influx of this new technology, as well as additional

staff and resources, will require organisations to

implement strong governance frameworks so that

remediation runs as smoothly as possible. There needs to

be a clear organisational structure in place – with direct

lines set up for reporting Management Information

(MI) – so that anybody who has a role in the remediation

process fully understands their responsibilities and what

they can expect to be held accountable for.

There also needs to be appropriate board and

management engagement, with regular meetings and

effective record keeping as part of all discussions. All

stakeholders and distribution channels should be

identified as early as possible. Furthermore, it’s vital

that firms undertake proper due diligence of third

parties; this will ensure that these parties have the right

infrastructure in place to effectively deliver the support

needed.

CREDIT MANAGEMENT

in, and processes for, securing car finance for consumers.

This goes beyond just looking into how the policy was

sold and whether there were in fact DCAs in place:

understanding the customer’s full journey with each

broker is critical. This analysis will give lenders a clear

view of the remediation required.

Similarly, brokers should contact the lenders involved

in each instance where DCAs were set, to understand

what information is needed from them to support the

process. Brokers and lenders should also proactively

communicate with each other to ensure all information

regarding how the agreement was disclosed to

the customer is shared with the relevant teams.

Collaboration is key to ensuring efficiency for all firms

involved, as well as swift and fair resolutions for the

consumers impacted.

Additional factors

During this time, brokers and lenders should also

consider additional regulations and industry bodies

that may come into play during the process. For

example, Consumer Duty has placed further onus on

firms to demonstrate that consumers are receiving

‘good’ outcomes, something which will need to be

considered when developing redress processes. If unsure

how to approach this, firms should consider seeking

external compliance advice to avoid further regulatory

repercussions.

Another thing to consider is how to effectively deal

with Financial Ombudsman complaints. If a customer

is unhappy with the redress offered as part of their

original complaint, then they may choose to use this

service to dispute the resolution. Alternatively, they

may dispute a certain element of the remediation

process, such as lengthy reimbursement times or the way

the complaint was handled. It’s wise to have dedicated

teams and technological tools ready to deal with these

additional complaints, so firms are fully prepared for

every outcome.

This is a huge-scale review, with multiple components

that need to be dealt with correctly. In addition to

taking the actions above, I strongly advise brokers and

lenders to work with external experts who can help to

effectively manage the next steps. Seeking compliance

support during FCA investigations is not just a defence

strategy—it's a proactive approach to maintaining

regulatory integrity, protecting organisational

reputation, and ensuring sustainable business practices.

Author: Matthew Williamson is a

Partner at Thistle initiatives.

Broker involvement

In advance of the FCA’s findings, lenders should

conduct in-depth analysis of their brokers’ involvement


* ENFORCEMENT

POSITIVE

ENGAGEMENT

The Association’s priorities for the next two years will focus

on shaping the future of enforcement in a changing world.

BY ALAN J. SMITH FCICM

IT’S fair to say that the MoJ has had a busy

agenda over the first few months under the

new government, all whilst being tasked with

simultaneously cutting costs.

We’re continuing to meet with the Civil

Justice team and engage with new Ministers.

Top of our agenda alongside providing practical support

on how High Court enforcement can help provide

solutions is an urgently needed uplift to enforcement fees.

We’re calling on the MoJ to implement its own

recommendations to uplift enforcement fees for the

first time in ten years and bring in a regular fee review

process to manage this moving forward.

Labour is only a few months into its new administration,

and we cannot hold it responsible for the actions of

the previous government, but action is now needed on

this issue.

On a broader basis, enforcement is a complex, sensitive

and changing sector. We’ll continue to work with the

MoJ team to help them identify and deliver practical

improvements and solutions to their challenges where we

can add value by providing fair and effective enforcement.

Campaigning for changes

in jurisdiction orders

There are areas where we believe High Court enforcement

can play an enhanced and valuable role in helping

creditors recover funds owed to them. There are a couple

of specific examples of this – both backed by court users

– we will be campaigning on.

The first is to allow court users to choose High Court

enforcement to enforce judgments on debts under £600,

which is currently prohibited.

The second is to make it easier for landlords to ‘transfer

up’ to access the services of High Court enforcement

officers to enforce Writs of Possession.

Both of these are about freedom of choice for creditors,

neither will cost the taxpayer a penny, and the proposals

don’t mean higher fees for debtors. For example, our

members have said they’re prepared to use the non-High

Court fee scale for debts under £600.

Simple changes to legislation can make a big

difference and provide quicker access to justice

to stop today’s creditors becoming the debtors of

tomorrow.

Enforcement

Conduct Board

The ECB is continuing to be proactive in its work across

the sector. Hot on the heels of the recent introduction

of its new Standards and complaints process, both of

which are fully supported by our members, 2025 will see

consultations around vulnerability and ability to pay, as

well as a range of other activity.

OUR MEMBERS

HAVE SAID

THEY’RE

PREPARED TO USE

THE NON-HIGH

COURT FEE SCALE

FOR DEBTS UNDER

£600.


CREDIT MANAGEMENT

WE’RE LOOKING

FORWARD TO THE

CHALLENGE OF HELPING

SHAPE THE FUTURE OF

ENFORCEMENT

As HCEOA Chair, I sit on the ECB’s Stakeholder Forum,

and the Association, and our members, will continue to

be proactive in responding in detail to its consultations.

Become a High Court

Enforcement Officer

Over the next two years we’ll be undertaking research

amongst current and potential students, and we plan

to devise and deliver a recruitment campaign aimed at

attracting more people into the profession.

High Court enforcement is a rewarding but complex career

path. It has changed beyond recognition since I qualified

as a High Court enforcement officer.

There is a rigorous and challenging post graduate education

pathway that our student members need to pass. We want

to ensure we’re attracting the right calibre of ‘students’

(they often have law degrees so calling them students seems

odd!) and supporting them in the right way as they progress

through their journey to become authorised officers.

Improving our engagement

with the judiciary

The Association has recently responded to a Call for

Evidence from the Civil Justice Council’s Enforcement

Working Group. We’re awaiting the publication of its

report, and any recommendations it makes about the

future of enforcement, with interest. More broadly, we

want to enhance our work with the judiciary to ensure

that judges at all levels have a full understanding of High

Court enforcement processes so they understand how it

can help alleviate pressures on the County Court system.

The next two years are going to be busy. We’re looking

forward to the challenge of helping shape the future of

enforcement whilst helping creditors, informing debtors

and supporting government.

Alan J. Smith FCICM, is Chair of the High Court

Enforcement Officers Association.


Introducing our

CORPORATE PARTNERS

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E: karen.young@hays.com

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Shakespeare Martineau provides expert debt and

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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

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Esker’s Accounts Receivable (AR) solution removes

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The UK’s No1 Insolvency Score, available as a

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Our Creditor Services team can advise on the best

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Genius provides solutions designed to enhance your

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Each of our Corporate Partners is carefully selected for

their commitment to the profession, best practice in the

Credit Industry and the quality of services they provide.

We are delighted to showcase them here.

They're waiting to talk to you...

My DSO Manager is an intelligent SaaS AR and

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Court Enforcement Services is the market

leading and fastest growing High Court Enforcement

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TCN is an industry leader in call centre technology

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Utilising best-practice solutions and 24/7 technical

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With over 45 years of experience in supporting

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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.

Top Service Ltd. The only credit information and

debt recovery service provider specifically for the

UK construction industry. Our payment experiences

are the most up to date credit information available

and enable construction businesses to confidently

assess credit risk and make the best, most informed

credit decisions. Coupled with our range of effective

debt recovery solutions, quite simply our members

stay one step ahead and experience less debt and

more cash.

Invevo is a cloud-based platform specialising

in credit management and accounts receivable

process automation. It streamlines operational

tasks, offers in-depth analytics via dashboards,

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TOP SERVICE

MINIMISE DEBT

MAXIMISE C ASH

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Key IVR provide a suite of products to assist

companies across Europe with credit management.

The service gives the end-user the means to make a

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delivering automated messages by voice and SMS.

In a credit management environment, these services

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By creating an additional lever to help support

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For further information

and to discuss the

opportunities of entering

into a Corporate

Partnership with the

CICM, please contact:

luke.sculthorp@cicm.com


HR MATTERS

THE BALD

TRUTH

Sex-related harassment, ICO audits and new fire/re-hire rules.

BY GARETH EDWARDS

SEX-RELATED

HARASSMENT OCCURS

WHEN SOMEONE IS

SUBJECTED TO UNWANTED

CONDUCT RELATED TO

THEIR SEX.


CREDIT MANAGEMENT

THE RULING CONFIRMS THAT

COMMENTS ABOUT PHYSICAL

TRAITS MORE COMMON IN ONE

GENDER CAN POTENTIALLY

FORM THE BASIS OF A SEX-

RELATED HARASSMENT CLAIM.

IN Finn v British Bung Manufacturing Company, the

Employment Appeal Tribunal (EAT) confirmed that

comments on physical characteristics predominantly

associated with one gender can constitute sex-related

harassment.

The case concerned an incident in a manufacturing

environment where an employee was subjected to a derogatory

comment referencing his baldness during a workplace dispute.

The claimant brought a claim for sex-related harassment.

It is important not to confuse sex-related harassment and sexual

harassment. Sex-related harassment occurs when someone is

subjected to unwanted conduct related to their sex. This type of

harassment doesn’t have to be sexual in nature, but it must be

linked to the individual's gender.

On the other hand, sexual harassment involves unwanted conduct

of a sexual nature. This could include inappropriate comments,

advances, touching, or any behaviour that is explicitly sexual

and that violates a person's dignity or creates an intimidating,

degrading, or hostile environment.

An Employment Tribunal found that the comments about

baldness amounted to sex-related harassment. In the Tribunal’s

view, they were linked to the claimant's gender (he is male).

The employer appealed, arguing that the characteristic referenced

in a comment should be exclusively associated with the gender of

the complainant to in order to constitute sex-related harassment.

The employer argued that as baldness can affect individuals of

all genders, comments related to that characteristic cannot be

considered sex-related harassment.

The EAT dismissed the appeal. It found that baldness is a

characteristic predominantly associated with men, thus relating

the remark to the claimant's sex.

The ruling confirms that comments about physical traits more

common in one gender can potentially form the basis of a sexrelated

harassment claim, even if the trait is not exclusive to that

gender.


HR MATTERS

Fire and re-hire

FROM 20 January 2025, tribunals will have the power

to adjust protective awards by up to 25 percent where

the statutory Code of Practice on dismissal and

re-engagement has not been followed.

A protective award is a type of compensation that

employment tribunals can grant to employees who

were not properly consulted in cases of collective

redundancies. Under section 188 of the Trade Union and

Labour Relations (Consolidation) Act 1992 (TULRCA),

employers must engage in meaningful consultation

with employees or their representatives when planning

large-scale dismissals. If an employer fails to meet these

consultation requirements, affected employees or their

representatives can file claims for protective awards.

The maximum value of a protective award is 90 days'

uncapped pay per employee.

The draft TULRCA 1992 (Amendment of Schedule

A2) Order 2024, first introduced under the Sunak

government, was initially expected to accompany

the statutory Code of Practice on dismissal and reengagement

when it came into force in July 2024.

However, the order failed to gain House of Lords

approval before the general election, leaving its future

uncertain.

The Labour government has now revived the order,

which will now come into effect in January 2025. In

addition to this, the government is proposing what is

essentially an outright ban on fire and re-hire practices

altogether. Whilst an Employment Rights Bill is

undergoing parliamentary scrutiny, the order will act as

an immediate tool to incentivise employers to follow the

statutory code, pending an all-but outright ban on fire

and re-hire.

Tribunals already have the power to increase or decrease

compensation by up to 25 percent in the event of either

party’s unreasonable failure to follow the statutory code.

The order will grant tribunals a new power in addition

to this, to consider whether employers have followed

the statutory code in collective consultation cases where

protective awards are sought. Should a tribunal find that

an employer or employee unreasonably failed to comply

with the code in these circumstances, it will also be able

to increase or decrease protective awards by up to 25

percent.

THE NEW AUDIT

FRAMEWORK

PROVIDES NINE

TOOLKITS TO

ASSESS AN

ORGANISATION’S

DATA PROTECTION

COMPLIANCE

Audit framework

THE Information Commissioner’s Office (ICO) has

launched a new audit framework to help organisations

self-assess their compliance with data protection law.

The new audit framework provides nine toolkits to assess

an organisation’s data protection compliance in relation

to accountability, records management, information

and cyber security, training and awareness, data sharing,

requests for access, personal data breach management,

artificial intelligence and age-appropriate design.

The framework is designed to be flexible and is suitable

for organisations of all sizes, including those in the

public, private and third sectors. One of the key features

in each toolkit is the downloadable audit tracker, created

to assist organisations as they review and address any

compliance gaps. The framework also offers examples

of audit control measures and best practices, helping

organisations meet the ICO’s expectations and enhance

privacy management.

Author: Gareth Edwards is a partner in the employment

team at VWV.


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CREDIT CONTROL SALARY SURVEY

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Based on survey data from hundreds of credit control professionals across the UK.

• Benchmark your salary against job title & location

• Gain Credit control hiring insights into the marketplace

to remain competitive

• Learn employee & workplace trends

• Guidance on building a lucrative benefits package

Contact one of our specialist recruitment consultants

to fill your vacancy or find your next career move!

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LONDON 020 7650 3199

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

MANCHESTER 0161 523 5585

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB

www.portfoliocreditcontrol.com

recruitment@portfoliocreditcontrol.com

LOOKING FOR

YOUR NEXT

CAREER MOVE?

SHARED SERVICES MANAGER

Mainly Remote (1 day a week in Leeds) £55k - £60k

A temporary opportunity to work for a well-established

not-for-profit organisation. You will be reporting to the

Group Financial Controller, supporting in managing a team

of 18 with 4 direct reports. This role will be suitable for a

skilled professional who has strong people management

skills, an understanding of controls/processes, and who is

comfortable with the entire OTC cycle.

Ref: 4642557

Contact Leah Priestley on 0113 200 3735

or Leah.Priestley@hays.com

SENIOR CREDIT CONTROLLER

FTSE listed business. London, West End, up to £50k

You will be reporting to the Head of Credit and be responsible

for your own ledger. To be considered for this role, you will

need a minimum of 5 years property Credit Control experience,

focusing on real estate. This is a varied role that will utilise your

prior experience within credit control, billings, and invoicing.

Hybrid working available. Ref: 4629260

Contact Hussain Ahmed on 0203 465 0020

or Hussain.Ahmed@hays.com

AR TEAM LEAD (TEMP TO PERM)

City Of London, up to £55k

As the AR Team Lead (Temp to Perm), you will manage a team

of 7 professionals within the billing and credit functions. This

role is based in Central London and offers the potential to

become permanent based on performance. You will oversee

and ensure the accuracy and efficiency of the accounts

receivable operations, utilising NetSuite and Salesforce

systems. You will also lead system migration and integration

projects to enhance operational efficiency. Ref: 4648433

Contact Max Wiitek on 0203 465 0020

or Max.Wiitek@hays.com

CREDIT CONTROLLER

North Manchester, £29k

Due to business growth, our client is seeking an experienced

Credit Controller to join their team. Reporting to the Credit

Manager you will work as part of a credit team (Team of 8)

and be tasked with managing your own b2b European ledger,

chasing overdue monies via Portal & Email, allocating cash &

customer query resolution. Proficiency in German would be

advantageous but not essential, experience with using SAP is

ideal however training can be provided. Hybrid: 3days office,

2 work from home. Ref: 0108253

Contact Joanna Taylor-Coburn on 01619268605

or Joanna.Taylor-Coburn@hays.com

hays.co.uk/credit-control-jobs

© Copyright Hays plc 2025. 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-00729

CREDIT CONTROLLER

Bristol, £32k

In this role, you will provide front-line support to the fee

earners, assisting practice groups in managing their working

capital efficiently and reducing debtors. You will work closely

with the Credit Manager to deliver a result focussed collection

service, provide routine and ad-hoc credit control solutions,

develop the existing systems, and contribute to the strategic

direction of the credit control & wider finance team.

Ref: 4643957

Contact Sejal Hampson on 0781 640 6959

or Sejal.Hampson@hays.com

SALES LEDGER ASSISTANT

South West London, up to £35k

This is a varied, stand-alone role that includes invoicing, cash

collection and sales ledger maintenance. Duties will include

raising accurate invoices, running credit checks, collecting

payments and monthly reporting. Managing a multi-currency

ledger, this role will utilise your excellent communication skills

and strong attention to detail. Hybrid working available.

Ref: 4633159

Contact Mark Ordona on 0208 247 4042

or Mark.Ordona@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

PEOPLE POWER

How to strengthen your crucial people skills to succeed this year.

BY NATASCHA WHITEHEAD FCICM

IT’S no surprise that soft skills, also known

as people skills, are crucial for leading a

successful career across the world of work and

credit management is no exception. Although

we inevitably and often unknowingly develop

our core skills through lived experience, it’s

also important to take proactive steps to build

on our skillset to ultimately boost our career. According to

our research, the top five most sought-after soft skills for

2025 are communication and interpersonal skills, an ability

to adopt change, an ability to learn and upskill, flexibility

and adaptability and finally people management. Here are

tangible ways you can work on each of these areas to help

achieve your goals in the next 12 months and to futureproof

your career.

Communication and

interpersonal skills

Being able to communicate well with others and build

positive working relationships is at the crux of success

across most credit roles, regardless of a person’s seniority

level. One way of improving your ability to communicate

effectively and reach the desired outcome is to truly

understand your audience. The more time you dedicate

to recognising your audience’s perspective, the better you

will become at tailoring your interactions. Another way to

boost your communication skills is to plan out your main

point in your head before starting a conversation, whether

that’s in a face-to-face meeting or via an email. This way,

you’ll get to the point concisely and your communication

will be more succinct. Active listening is a vital part of

communicating effectively, so avoid interrupting and

ensure you carefully listen to someone’s point of view

before responding. By putting the above into practice, you

will notice a real difference in the way you communicate,

and this is transferable across a range of professional roles,

industries and even your personal life.

The ability to adopt change

As the saying goes, change is the only constant, and

that couldn’t be truer in today’s ever-evolving world of

work. Responding well to change requires a positive and

flexible mindset which can’t be developed overnight. Try

to move away from fearing change, towards welcoming

the new opportunities that change often brings. For

instance, Artificial Intelligence tools and technologies are

advancing at a rapid rate, but it’s important to adopt an

attitude of openness and optimism in order to be resilient

and productive. The growing presence of AI within the

credit industry may change some of the ways you’ve grown

used to working, but your power lies in how you respond

to these digital transformations.

Learning and upskilling

Learning is a never-ending journey so it’s important to

develop a growth mindset. Demonstrate an enthusiasm

to learn and progress by taking part in training and

development opportunities such as courses, workshops and

events either offered by your organisation or externally.

Always ask questions as and when they arise as there is so

much to learn from those around you. Keep up to date with

industry trends and news to ensure you have an ear to the

ground and a valuable and ever-growing knowledge of the

world of credit. Asking for feedback is an effective way to

improve your self-awareness, identity your strengths and

weaknesses and crucially work on areas for improvement

and continue doing what you do best.

Flexibility and adaptability

Being flexible and adaptable is about adjusting to new

challenges with professionalism and ease; one way of

improving this skill is to practice being open to new ideas

and approaches. This core skill goes back to the importance

of having a positive outlook, although it’s not always easy,

so that you can move with change and adjust accordingly

rather than try to resist it. Make sure you have a clear

understanding of your own goals and those of your wider

team so you’re in a better position to align your efforts and

overcome hurdles together. Another aspect of adaptability

is becoming ready to bounce back from failure, so practice

how you view and react to knockbacks so that you’re able

to learn from them rather than be defeated by them.

People management

Whilst the importance of this core skill varies depending

on the level of your role, having the ability to manage any

direct reports you do have effectively is vital for nurturing

a positive and productive environment. Professionals in

leadership positions have the responsibility to support,

motivate and guide their teams and a good people manager

is a constant work in progress. One way of building on

this skill is to consider what you value and respect from


CREDIT MANAGEMENT

your own manager, whether that’s recognising your

achievements or checking in on your wellbeing. It’s

worthwhile asking your team for feedback, so you can

reflect on what you do well as a manager and what you

could improve on. Ensure you set a positive example as a

role model. Ultimately, being a great manager requires a

combination of all the skills aforementioned, particularly

communication and interpersonal skills.

Final thoughts

No matter where you are in your career, honing your

skillset is a continuous process allowing you to stay

relevant and take your career to the next level. Over the

next 12 months and beyond, regularly consider how you

can strengthen the mindsets and behaviours that are most

in-demand amongst employers. Reflect on how well you

communicate, how equipped you are to cope with change,

where and when you can take advantage of opportunities to

upskill, how to be the most flexible and adaptable version

of yourself and how to be an empathetic and exemplary

people manager. Whilst technology plays a pivotal part in

our everyday working lives, the technical skills required to

keep up with the pace of change are constantly shifting; as

such, be sure not to underestimate the importance of core,

human-centric skills that stand the test of time.

Author: Natascha Whitehead FCICM is Senior Business

Director at Hays specialising in Credit Management.

BEING ABLE TO

COMMUNICATE

WELL WITH

OTHERS AND BUILD

POSITIVE WORKING

RELATIONSHIPS IS

AT THE CRUX OF

SUCCESS ACROSS

MOST CREDIT

ROLES.


Exclusive CICM

member benefits

We told you we’d have more exclusive member

benefits coming this year, and we are so excited to

share our partnership with Parliament Hill, a

money-saving benefit discount organisation.

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EXCLUSIVE PAYMENT TRENDS

BRIGHT

BEGINNINGS

The latest late payment statistics show

continued improvement across the board.

BY ROB HOWARD

THE new year in the world of late

payment performance is off to

a strong start, with regions and

sectors across the UK and Ireland

continuing to move in the right

direction, with all the average Days

Beyond Terrms (DBT) figures

coming down. In the UK, average DBT across regions

and sectors reduced by 1.3 and 1.2 days respectively.

While in Ireland, the average figures dropped by 1.3

and 0.3 days respectively. Average DBT across the four

Irish provinces reduced by 0.4 days.

Sector Spotlight

Across the UK, there are a number of sectors making

good progress, with 15 of the 22 sectors making cuts

to DBT. The Financial and Insurance sector saw the

biggest improvement, and moves off and away from

the bottom of the standings following a reduction of

8.5 days to its DBT. Similarly moving away from the

lower reaches of the rankings is the IT and Comms

sector, with a reduction of 5.7 days taking its overall

total to 9.5 days overall. Once again, at the top of

the leaderboard is the International Bodies sector, a

further improvement (-2.3 days) takes its overall DBT

to 1.5 days.

Over in Ireland, the outlook is a bit more mixed,

with nine sectors improving, two (Energy Supply and

International Bodies) seeing no change to DBT, and

the remaining nine sectors going backwards. Of those

moving in the wrong direction, the Water and Waste

sector took the biggest hit. With a significant increase

of 18.0 days taking its overall DBT to 27.0, making it the

worst performing sector in Ireland. At the other end

of the spectrum, no sector saw a bigger improvement

than the IT and Comms sector, which flies right up

the standings, with a reduction of 11.7 days taking its

overall DBT to 3.5 days.

Regional Spotlight

Things are looking good across the UK, with 10 of the

11 regions making steady progress in reducing DBT.

The East Midlands and East Anglia made the biggest

improvements, cutting their DBT by 3.9 and 3.7 days

respectively. Scotland is now at the top of standings,

leapfrogging the South West, as the best performing

region, with a further reduction of 1.0 day taking its

overall DBT to 6.9 days.

The outlook is similarly positive over in Ireland,

with more than half (14) of the 26 counties making

improvements to late payments. Of those that shone the

brightest, Waterford (-12.6 days), Laois (-11.1 days) and

County Mayo (-10.0) all made significant reductions to

DBT. Donegal also took big strides forward, slicing its

DBT by 9.1 days, moving to the top of the Irish regional

standings with an overall DBT of 1.1 days.

Across the Irish provinces, Munster remains on top

with an overall DBT of 4.5 days following a further

cut of 3.5 days. A further increase of 1.7 days leaves

Connacht adrift at the bottom of the standings with

an overall DBT of 13.3 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) 24 Dec Changes from Nov 24

Scotland 6.9 -1

South West 7.6 0.4

East Midlands 7.8 -3.9

South East 8 -0.3

Wales 8.1 -2.2

Bottom Five Poorest Payers

Region (UK) 24 Dec Changes from Nov 24

North West 9.3 -0.2

London 9.2 -0.9

Northern Ireland 9.2 -1.3

East Anglia 8.9 -3.7

Yorkshire and Humberside 8.7 -0.5

Getting worse

Dormant 3.1

Hospitality 1.9

Other service 1

Water & waste 0.7

Energy Supply 0.4

Health & social 0.4

Transportation & storage 0.1

Getting better

Top Five Prompter Payers

Sector (UK) 24 Dec Changes from Nov 24

International Bodies 1.5 -2.3

Entertainment 4.3 -0.9

Agriculture, Forestry and Fishing 4.5 -2.3

Energy Supply 4.6 0.4

Education 5.5 -1.2

Bottom Five Poorest Payers

Sector (UK) 24 Dec Changes from Nov 24

Dormant 11.6 3.1

Business from home 10.8 -0.4

Other service 10.3 1

Business Admin & Support 9.7 -2

IT and Comms 9.5 -5.7

Financial and Insurance -8.5

IT and Comms -5.7

Public Administration -2.6

Real Estate -2.4

Agriculture, Forestry and Fishing -2.3

International Bodies -2.3

Business Admin & Support -2

Manufacturing -1.6

Education -1.2

Construction -1.2

Wholesale and retail trade; repair of

motor vehicles and motorcycles -1.1

SCOTLAND

-1 DBT

Professional and Scientific -0.9

Entertainment -0.9

Mining and Quarrying -0.8

NORTHERN

IRELAND

-1.3 DBT

SOUTH

WEST

0.4 DBT

WALES

-2.2 DBT

NORTH

WEST

-0.2 DBT

WEST

MIDLANDS

-0.8 DBT

YORKSHIRE

&

HUMBERSIDE

-0.5 DBT

EAST

MIDLANDS

-3.9 DBT

LONDON

-0.9 DBT

SOUTH

EAST

-0.3 DBT

EAST

ANGLIA

-3.7 DBT

Business from Home -0.4

Region

Getting Better – Getting Worse

-3.9

-3.7

-2.2

-1.3

-1

-0.9

-0.8

-0.5

-0.3

-0.2

0.4

East Midlands

East Anglia

Wales

Northern Ireland

Scotland

London

West Midlands

Yorkshire and Humberside

South East

North West

South West


EXCLUSIVE PAYMENT TRENDS

Getting worse

CONNAUCHT

-2 DBT

ULSTER

9.3 DBT

CAVAN

17.3 DBT

Water & Waste 18.0

Real Estate 3.9

MUNSTER

4.5 DBT

DONEGAL

1.1 DBT

ROSCOMMON

20.5 DBT

LEITRIM

2 DBT

CARLOW

19.0 DBT

WESTMEATH

1.9 DBT

KILKENNY

12.7 DBT

WEXFORD

12.0 DBT

Transportation and Storage 3.7

Health & Social 0.8

Wholesale and retail trade; repair of

motor vehicles and motorcycles 0.7

Manufacturing 0.7

Financial and Insurance 0.5

WATERFORD

1.3 DBT

Hospitality 0.4

Construction 0.3

Top Five Prompter Payers – Ireland

Region 24 Dec Changes from Nov 24

Donegal 1.1 -9.1

Waterford 1.3 -12.6

Westmeath 1.9 -0.3

Leitrim 2 -5.9

Offaly 2 -3.7

Bottom Five Poorest Payers – Ireland


Roscommon 20.5 0.4

Carlow 19.0 2.2

Cavan 17.3 4.3

Kilkenny 12.7 4.7

Wexford 12.0 -3.2

Top Four Prompter Payers – Irish Provinces


Munster 4.5 -3.5

Leinster 8.6 0.1

Ulster 9.3 -0.1

Connacht 13.3 1.7

Getting better

IT and Comms -11.7

Public Administration -5.3

Education -5.1

Other Service -4.1

Mining and Quarrying -3.2

Professional and Scientific -2

Business Admin & Support -1.6

Agriculture, Forestry and Fishing -1.4

Entertainment -0.8

Top Five Prompter Payers – Ireland

Sector 24 Dec Changes from Nov 24

International Bodies 1.5 -2.3

Entertainment 4.3 -0.9

Agriculture, Forestry and Fishing 4.5 -2.3

Energy Supply 4.6 0.4

Education 5.5 -1.2

Bottom Five Poorest Payers – Ireland

Nothing changed

Energy Supply 0

International Bodies 0

Sector 24 Dec Changes from Nov 24

Water & waste 27.0 18

Professional and Scientific 14.9 -2

Business Admin & Support 13.6 -1.6

Real Estate 10.6 3.9

Manufacturing 10.5 0.7


International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

UK AND CARIBBEAN EXPORT

OPPORTUNITIES

GOVERNMENT ministers and business

executives from the Caribbean met in

London at the end of last year for the

second UK-Caribbean Trade and Investment

Forum.

Hosted by UK Export Finance (UKEF),

the UK’s export credit agency, the event

illustrated the role which UK Government

and private sector support can play in

helping Caribbean countries deliver

infrastructure, transportation and

renewable energy projects.

Delegates, in workshops, saw the

huge potential represented by trade and

investment between the UK and rapidly

growing Caribbean economies. UKEF,

under its mandate, says that it can help

UK businesses access billions of pounds

in financial support to deliver high priority

projects in the Caribbean; UKEF now has

more capacity to finance projects than the

previous year especially across Jamaica,

Guyana, and Trinidad & Tobago. Help is also

available for projects in Grenada, St Lucia

and St Kitts & Nevis.

The UK Government reckons that exports

from the UK to CARIFORUM countries were

worth £2.7bn in the year to April 2024 – an

increase of 36 percent on the previous

period.

Examples of UK successes in the region

that UKEF cites are Severfield Steel that

secured a £4.5m contract to supply steel to

a paediatric and maternity hospital being

built in Georgetown, Guyana; MICEM UK Ltd

winning a €23.5m mechanical, electrical and

piping subcontract for the same hospital;

and Lagan Construction completing a $7m

resurfacing contract at Norman Manley

International Airport, Jamaica.

Malaysia seeks investors for new plan

ACCORDING to Nikkei Asia, Malaysia’s 2025

budget aligns with the National Investment

Master Plan 2030 announced earlier in

2024 and introduces several ambitious

measures aimed at boosting the country’s

competitiveness.

There are to be new ‘economic clusters’ to

tap into new high-growth industries such as

speciality chemicals and renewables which

should capitalise on the country’s natural

advantages, alongside tax incentives and

talent-development strategies. The idea

behind this plan is to support economic

diversification, foster innovation and help to

attract investment, while meeting 2050 netzero

commitments.

It's worth noting that Malaysia is

investing heavily in education and workforce

development to meet the demand for new

skills. However, Nikkei Asia says that plan

still falls short of creating a fully integrated

network that aligns education with the

evolving demands of industries, with

universities seamlessly feeding the market.

The Government has at least acknowledged

this issue and is making efforts to address

it, but progress is slow and the publication

notes that global competition is intensifying.

In Nikkei Asia’s view, if Malaysia wants

to keep up, it must act swiftly to improve

regulatory efficiency and enhance

infrastructure.

IS CHANGE IN

ARGENTINA WORKING?

MoneyWeek notes that Javier Milei

became president of Argentina in 2023

promising to take a chainsaw to the

state. And it looks like his efforts are

bearing fruit.

A former economics professor

and ‘anarcho-capitalist’ who won

Argentina’s presidential election last

autumn, he had no prior political

experience. Some think of him as

a beacon of pure capitalism and a

champion of small Government.

Others hold him out as lunatic far-right

populist whose programme of extreme

austerity remains all but certain to end

in mass civil unrest.

Since assuming the presidency, he

has cut ‘years of hefty Government

deficits and money-printing’ with

a programme of fierce austerity –

halting capital spending, shrinking

the Government payroll and slashing

pensions and state-sector salaries in

real terms.

Indeed, Argentina’s public finances

recorded a surplus of 0.3 percent of

GDP in the first eight months of this

year, compared with a 4.6 percent

deficit at the end of 2023. Some 13

of the 22 Government departments

have been closed, 30,000 Government

employees have been let go and the

federal budget has been cut by 32

percent.

He has also devalued the peso by 50

percent and wants to lift capital and

exchange controls to make the country

less expensive in dollar terms. And it

looks like international investors are

pleased with what they are seeing.

The markets are keen to see how

Milei’s plans work out, but it might be

appropriate for UK exporters to think

about taking steps to gain first mover

advantage if the Argentinian economy

returns to health.


CREDIT MANAGEMENT

Trump’s tariffs

could cost the UK

A report on the BBC has suggested that

the UK could face a £22bn loss in exports

if Donald Trump imposes a blanket 20

percent tariff on all imports into the US.

Worse, the UK’s exports globally could fall

more than 2.6 percent due to lower trade

with the US and knock-on effects globally.

The data that the BBC is citing comes

from economists at the University of

Sussex's Centre for Inclusive Trade Policy;

Trump during his election campaign made

repeated campaign promises to levy a

20 percent tax on all imports, and a 60

percent tariff on Chinese imports.

It’s fair to say that Trump does use

aggressive negotiating tactics to get his

own way. Even so, the possibility of tariffs

being imposed exists and Trump has form

on the policy.

The report reckons that fishing,

petroleum, and mining would be worst

hit with exports falling by around a fifth.

Pharmaceutical and electrical sectors

would also be troubled. And then there are

firms that serve exporters such as those in

HIGH LOW TREND

GBP/EUR 1.21805 1.17846 Down

GBP/USD 1.26873 1.21030 Down

GBP/CHF 1.13780 1.10931 Down

GBP/AUD 2.03609 1.96048 Down

GBP/CAD 1.81773 1.74647 Down

GBP/JPY 199.242 189.405 Down

transport, insurance and financial services.

On the flipside, the report holds the

view that some sectors could benefit from

reduced China exports to the US – textiles

and clothing for example.

The worry is that the UK joins with the

EU in warning of tit-for-tat tariffs on US

exports to this side of the Atlantic.

All of this said, The Daily Telegraph

reported that Trump is considering making

British exports exempt from tariffs through

a special deal. The paper warns that any

deal on tariff exemptions would likely

involve concessions by the UK on other

policy issues including a plan to align

Britain more closely with the EU. Also,

it is said that requests to remove tariffs

on goods that are critical to US domestic

manufacturing, including cars, would be

rejected. Time will tell.

UKEF help for engineering and design

UK Export Finance (UKEF), the UK’s export

credit agency, has introduced a new

guarantee product to help British firms

secure international contracts providing

engineering, design and technical services.

The Early Project Services Guarantee

(EPSG) seeks to help overseas buyers

who choose to use British services firms

to scope and design their projects in the

planning phase; it helps them access

private finance by assuring lenders that

they will receive payment, making the UK

offer more attractive.

Once the project contract is complete,

there is potential for the guaranteed loan

to be refinanced alongside financing the

wider construction project.

Elsewhere, UKEF and Female Founder

Finance have joined up to help more

women-owned businesses access

export finance support to help grow their

business and compete on the international

stage. Having launched in June 2023,

Female Founder Finance has handled over

£115m worth of funding.

For the latest

exchange rates visit

www.currenciesdirect.com

or call 020 7874 9400

Currency Exchange Rates

This data was taken on 20th

January and refers to the month

previous to/leading up

to 19th January 2025.

The partnership between UKEF and

Female Founder Finance aims to make

the process of finding finance simpler

when referring eligible businesses into

one another’s financing programmes, to

reduce the chance of missed opportunities

for women owners. So where Female

Founder Finance introduces clients to

UKEF’s short-term products for small

exporters, including capital guarantees,

bond support guarantees and export

insurance policies, UKEF will also refer

female clients to Female Founder Finance

where appropriate.

According to the Alison Rose Review of

Female Entrepreneurship, only six percent

of UK women run their own businesses,

compared to around 15 percent of women

in Canada, almost 11 percent of women

in the USA, and over nine percent of

women in Australia and the Netherlands.

The report also estimates £250bn could

be added to the UK economy if women

matched men in receiving business

investment.

UK-INDIA TRADE TALKS

TO RE-LAUNCH IN 2025

THE Government has said that free

trade talks between India and the UK

will be relaunched later this year. It’s

hoped that a post-Brexit deal could

unlock valuable markets for British

cars, Scottish whisky, and financial

services – all as India charts a course

to become the third largest economy in

the world by 2050.

The problem for the UK is that it

has been stuck in more than a dozen

rounds of negotiations since 2022,

with issues over relaxing visa rules and

lowering fees for Indian students and

professionals going to the UK.

UK exports to India are worth

£16.6bn and the trading relationship

with India was worth £42bn in the 12

months before June 2024.

THE UK ACCEDES

TO CPTPP

DECEMBER 2024 saw UK traders

become able to trade under new rules

with the many of the members of

the Comprehensive and Progressive

Agreement for Trans-Pacific

Partnership (CPTPP) that include

Japan, Singapore, Chile, New Zealand,

Vietnam, Peru, Malaysia, Australia and

Brunei.

These nations have ratified the UK’s

accession to CPTPP. However, Canada

and Mexico have not yet ratified the

UK’s accession to CPTPP, therefore UK

firms will not yet be able to trade under

CPTPP rules until they do so.

The UK Government has a page

dedicated to CPTPP with tools and

advice on rules of origin, duties and

tariffs and how to export.

READY TO DISPATCH

A new Federation of Small Businesses

(FSB) report, Ready to Dispatch,

published in December, shows

that a majority of small exporters

are unaware of the full package of

Government export support on offer to

them. This is despite more than a third

of small businesses actively pursuing

international opportunities. The report

sets out FSB’s recommendations and

wants to see a commitment to policies

that work for small businesses to trade

internationally.

In more detail, the report calls for

– among other things – an Exports

Council to plan strategically, with

more focus on SME export growth,

a widening of the base of firms that

can access support, more help for

businesses in each of the nations of

the UK, and more in-country attachés.


www.debtregister.com

MAXIMISE YOUR

CASH COLLECTIONS.

Developed in collaboration with FTSE 100 and Fortune 500 companies,

our proven SaaS platform supports some of the world’s largest

organisations, including Johnson Controls, Sunbelt Rentals and

Thermo Fisher Scientific, simplifying overdue debts, delivering millions

in cost savings, and driving cash flow - all with no upfront costs, no

outsourcing, and the ability to go live in as little as one hour.

No Upfront Cost • No Outsourcing • Go Live in Under 1 hour

.

MEMBERSHIP AND ACHIEVEMENTS

Do you know someone

who would benefit from

CICM membership?

Or have you considered applying to upgrade your membership? See our website

www.cicm.com/membership-types for more information, or call us on 01780 722903

NEW AND UPGRADED MEMBERS

FCICM

Cheryl O’Brien

Manpreet Marnie Kaur

Vinod Kerai

Mohammed Alawi

Carmela Bebida

MCICM

Darren Brock

AWARDING BODY

Congratulations to the following, who successfully achieved Diplomas

Level 3 Diploma in Credit & Collections (ACICM(Dip))

Hassana Bapulah

Charlie Clark

Marius Craioveanu

Zoltan Devald

Cheryl Fenwick

Natalia Hawryszuk

Rita Horvath-Benke

Coralene Humphries

Christerbel Ikuewan

Michael Mccarry

Emma Moore

Harry Payne

Nazia Saleem

Shamir Salemohamed

Gagandeep Sidhu

Luke Smith

Silvana Spada

Richard Stubbs

Amy Tilbury

Suzanne Waters

Rachel Williams

Level 3 Diploma in Credit & Collections

Nicoleta Moraru Daniel Shepherd Georgina Griffin

Dawn Cattrell

Petya Burgess

Level 3 Diploma in Money & Debt Advice ACICM(Dip)

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


CreditWho?

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 SOFT-

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.



CreditWho?


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.

Key IVR

T: +44 (0) 1302 513 000 Opt 3 E: partners@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.

RECRUITMENT

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Hays Credit Management is working in partnership with the

CICM and specialise in placing experts into credit control jobs

and credit management jobs. Hays understands the demands

of this challenging environment and the skills required to thrive

within it. Whatever your needs, we have temporary, permanent

and contract based opportunities to find your ideal role. Our

candidate registration process is unrivalled, including faceto-face

screening interviews and a credit control skills test

developed exclusively for Hays by the CICM. We offer CICM

members a priority service and can provide advice across a wide

spectrum of job search and recruitment issues.

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.

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.

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.

CreditWho?


For advertising information

options and pricing contact

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


Ethical and efficient debt recovery solutions to help

organisations improve cash-flow, increase productivity

and reduce overheads

Debt

Recovery

Customer

Care

Receivables

Management

Business Support

Services

IT and Application

Services

Software

Solutions


01527 386 610

controlaccount.com

EXPERIENCED

DEDICATED

AGENTS

ETHICAL

CUSTOMER

SERVICE

EFFICIENT

COLLECTIONS

CASH FLOW

CURE

DEBT

PURCHASE

Copyright 2024 - Created by MIL Collections Ltd using AI

Giving your cash

flow a helping

hand...

TRACING &

GLOBAL

COLLECTIONS

GET IN TOUCH:

01872 713 580

sales@milcollections.co.uk

Revolutionary Utility, Commercial

& Consumer Debt Services

CM January and February 2025

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