CM July and August 2025

CREDIT MANAGEMENT

CM

JULY & AUGUST 2025

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

Cyber-punked

Where can industry

professionals look for

help to combat cybercrime?

DISPUTES

Is it time to reform

the Financial

Ombudsman Service?

PAGE 30

INTERVIEW

Sepsis survivor

introduces CICM’s

Charity of the Year.

PAGE 13

FRAUD

CRAs are unwittingly

making Short Firm

Fraud worse

PAGE 21

SEAN FEAST FCICM

MANAGING EDITOR

Editor’s column

HELLO, I MUST

BE GOING

SO that’s it, dear reader. My last issue. Having

spent 17 years as your Managing Editor it’s

time for me to clock off, check out, and sign

off my final proof. (With one last musical

reference in the headline for those who have

commented on them over the years!)

I took over the magazine at a time when the Institute (as it was

then) was going through something of a radical transformation.

Philip King FCICM, our then Director General (even the title

gives you an idea of how far we have travelled!), was determined

to breathe new life into the organisation, and saw the magazine

as a way of making a statement of intent.

Knowing that I had started my career as a magazine editor

back in the 1980s, he asked if I wouldn’t mind looking after

your magazine on an interim basis until he decided what

to do with it proper. A year quickly became two, and when

it was clear that ‘interim’ was very loose in its meaning, we

began investing more time and energy into it with a mission

to turn it into the very best membership benefit it could be,

something not only to rival the existing industry titles, but

even become the leader. Since we are the only survivor, we

must have done something right.

When Philip retired and Sue Chapple FCICM, (as Chief

Executive) took up the challenge, she too proved to be nothing

but supportive in what we were trying to achieve and never

allowing us to settle for ‘good enough’. Between us we’ve always

pushed the boundaries, and I have been especially impressed

and grateful that we have been able to cover sometimes

controversial stories and subjects without one hand tied behind

our backs. The magazine is stronger and more credible for it.

Success, they say, has many parents, while failure is an orphan.

I can say without fear of contradiction that the successful

magazine you read today is down to a wide and enthusiastic

team of many who deserve credit. The editorial is the result

of a first-class army of contributors past and present, many

of whom like Adam Bernstein, Peter Walker, Andrea Kirkby,

Derek Scott, David Andrews and Gareth Edwards were there

at the beginning, and some even before that. Since then, other

well-known and well-respected writers have joined our ranks,

among them Heather Greig-Smith and Steve Kiely, as well as

our regular columnists from various industry bodies to add

further expertise and insight on the important issues of the day.

Production and editing have been down to our own team

within Gravity. Rob Howard, Mel York and Milica Cosic

have all also regularly put pen to paper when needed to cover

conferences and special events, ably led by my number two

and Deputy Editor, Iona Yadallee, who now takes over the

hot seat similarly – I would imagine – on an interim basis!

In terms of the magazine look and feel, Andrew Morris

took the reins from where his wife Jo left off, between them

transforming the design of the publication, increasing its

pagination and moving it to become perfect bound. Andrew

is always coming up with a little tweak here and there to make

the best even better, and some of our conversations regarding

front covers have been little short of comedy classics. It has

been an absolute privilege to work with him, and I know that

he will continue to put his heart and soul into the magazine

in the future, for he is as proud of it as I am.

So in some sense I am sorry to be leaving the party early, but

in another it’s always good to leave still wanting more. I am

retiring to write more books on military aviation, always slightly

resentful that neither Philip nor Sue took up my suggestion of

a regular feature on Bomber Command airfields across the UK!

I will, if I may, leave you with just a couple of my favourite

sayings of all time, apropos of absolutely nothing but just

because I can. In general, the people who matter don’t mind,

and the people who mind don’t matter. And when it comes

to the truth, believe nothing you hear and only half you see.

Listening out.

Brave | Curious | Resilient / www.cicm.com / July & August 2025 / PAGE 3

contents

July and August 2025 issue

13 – COULD IT BE SEPSIS?

The SEPSIS Trust is CICM’s Charity of the

Year.

16 – CYBER-PUNKED!

Where can industry professionals look

for help to combat cyber-crime.

21 – AN INCONVENIENT TRUTH

CRAs are unwittingly making the issue of Short

Firm Fraud worse.

24 – SLOW HORSES

Delays in digital asset regulation means

the UK risks getting left behind.

30 – FORMAL COMPLAINT

Is it time to reform the Financial Ombudsman

Service?

32 – COUNTRY FOCUS

Ukraine – a land of opportunity and risk.

38 – RECOVERIES ON THE RISE

Figures show High Court enforcement volumes

rise with increased commercial judgments.

40 – WEIGHING THE ODDS

Is a calculator or a consultant better to

measure your business carbon footprint?

42 – STRONG DELIVERY

10 tips and tricks for a successful

presentations.

44 – BULLY BEEF

Bullying at work is on the rise –

and is an HR minefield.

53 – PAYMENT

TRENDS

Signs of late payment

recovery across the

board.

38

ENFORCEMENT

24

SLOW HORSES

11

INSOLVENCY

Can AI spot a failing business

before the paperwork hits?


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 FCICM(Grad)

Natalie Bunyer FCICM / Glen Bullivant FCICM

Alan Church FCICM(Grad) / Larry Coltman FCICM

Peter Gent FCICM(Grad) / Tom Hope MCICM

Neil Jinks FCICM / Martin Kirby FCICM

Charles Mayhew FCICM / Joshua Mayhew MCICM

Hans Meijer FCICM / 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

32

COUNTRY FOCUS

16

CYBER-

PUNKED!

Where can industry

professionals look

for help to combat

cyber-crime?

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

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

tab labelled ‘Credit Management magazine.’

Credit Management is distributed to the entire

UK and international CICM membership, as well

as additional subscribers

Publisher

Chartered Institute of Credit Management

1 Accent Park, Bakewell Road, Orton Southgate,

Peterborough PE2 6XS

Telephone: 01780 722900

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

Managing Editor: Sean Feast FCICM

Deputy Editor: Iona Yadallee

Art Editor: Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Rob Howard, Milica Cosic and

Melanie York

Advertising

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


THE NEWS

CMNEWS

A round-up of news stories from the

world of consumer and commercial credit.

WRITTEN BY: SEAN FEAST FCICM

FRAUD CONTINUES TO

POSE A MAJOR THREAT

CRIMINALS stole

£1.17bn through unauthorised

and authorised

fraud in 2024, with

almost three quarters

(70%) of authorised

push payment (APP)

fraud cases starting online and 16% started

through telecommunications networks.

The latest figures show that banks

prevented £1.45bn of unauthorised

fraud (the equivalent to 67p in every £1

of attempted fraud) through advanced

security systems, and UK Finance says the

financial services sector remains at the

forefront of efforts to protect customers

and bring perpetrators to justice.

Ben Donaldson, Managing Director of

Economic Crime at UK Finance, says that

fraud is a ‘blight’ on the country: “Fraud

causes severe harm to individuals, society

and our economy as the stolen money goes

to serious organised crime groups, both

here and abroad,” he explains.

“The financial services industry works

tirelessly to protect customers and prevent

billions more being stolen by fraudsters,

but we know that criminals are always

looking for new ways to exploit victims.

“To deal with this threat, we need a

more proactive approach with the public

and private sectors working more closely

together and using data and intelligence

more effectively. We also need the

technology and telecommunication

sectors to step up and actually fight the

fraud originating on their platforms and

networks.”

In terms of the detail, there were 3.13m

confirmed cases of unauthorised fraud

reported in 2024 (up 14% compared to

2023) and losses totalled £722m in 2024

(up 2%).

One of the main reasons for the rise was

an increase in remote purchase fraud, which

had been falling in recent years. In this type

of fraud criminals use stolen card details

to buy something on the internet, over

the phone or through mail order. Overall,

remote purchase fraud case numbers

increased by 22% to nearly 2.6m, and losses

increased 11% to just under £400m.

By using similar tactics to APP fraud,

criminals use social engineering techniques

to try and get people to divulge one-time

passcodes (OTPs). Once in possession

of an OTP a criminal is often able to

authenticate fraudulent transactions or

to register compromised card details for

digital wallets.

Card ID theft saw cases and losses fall

back after a spike in 2023. Losses fell 26%

to £58.7m, with case volumes falling 23% to

just over 109,000. Contactless fraud losses

decreased by 1%; the first time a reduction

has been reported for this category since

2020. Remote banking losses also fell by 7%,

with cases dropping by 17%.

APP fraud losses dropped in 2024,

falling 2% to £450.7m. The total comprised

£365.7m of personal losses and £84.9m on

non-personal losses.

The number of APP fraud cases fell by

20% to under 186,000. This is the lowest

figure since 2020 and was said to be driven

by a range of factors, including investing

in technology that can help identify and

flag potentially fraudulent activity, to

educating and raising awareness among

consumers.

The biggest amount of APP losses came

from investment fraud, which occurs when

a criminal convinces their victim to move

their money to a fictitious fund or to pay

for a fake investment.

There was a notable increase in

international payments that were made

as part of APP fraud, with criminals

likely trying to get people to send money

outside of the UK. International payments

accounted for 11% of APP losses in 2024, up

from 6% in 2023.

Victims of unauthorised fraud cases are

legally protected against losses and UK

Finance research indicates that customers

are fully refunded in more than 98% of

unauthorised fraud cases.


CREDIT MANAGEMENT

Government reviews debt

enforcement regulation

THE Ministry of Justice is reviewing the

regulatory framework governing the use of

the Taking Control of Goods procedure by

certified enforcement agents (EAs), High

Court Enforcement Officers (HCEOs) and

the firms that employ them in England and

Wales.

The Enforcement Conduct Board (ECB)

was established in 2022 to ensure fair

treatment for those facing enforcement.

Whilst the vast majority of the private

enforcement sector (96%) has signed up

voluntarily to the ECB’s accreditation

scheme action, there are questions as to

whether statutory regulation is needed.

The consultation will consider what role

an independent regulator might have, the

Appetite for credit cards grows

THE appetite for UK credit cards has

continued to grow, according to a new

quarterly Affordability Barometer from

Equifax, with credit card originations

rising by 19% in 2024, compared to the

previous year

The Equifax UK Affordability Barometer,

which tracks consumer credit trends across

major lending categories including credit

cards, home loans, retail finance and more

also indicated that Brits have been taking

up credit cards with promotional offers,

with the proportion of new credit cards

subject to promotional terms hitting a

peak of 50% in March 2025.

The report also highlighted that

outstanding UK credit card debt now

stands in excess of £70bn, 4.3% above prepandemic

levels. Previously, the pandemic

responsibilities and power it should be

given and how it should work with other

regulatory bodies. It will also examine

how such statutory oversight can be

designed to support sustainable economic

growth, ensure proportionate regulatory

interventions and promote transparency

and accountability.

At the same time, the government also

plans to ensure increased protections

and fair treatment of those facing debt

enforcement action. Earlier and cheaper

settlement of debt will be encouraged to

reduce doorstepping, accumulation of

enforcement fees and the adverse impact

on vulnerable individuals’ mental health

and wellbeing.

NEWS

provided some consumers an opportunity

to pay down existing debts, including on

credit cards. The research indicated that

this trend has reversed.

Paul Heywood, Chief Data & Analytics

Officer at Equifax UK, says that lenders must

continue to monitor the potential impact

associated with increased household debt:

“We’re five years on from the pandemic and

its lockdowns, and for some consumers, the

social restrictions created a chance to clear

the slate on debts,” he explains.

“But with ongoing cost of living pressures,

overall debt has generally now surpassed

pre-pandemic levels. This trend also

outstrips wage growth over the same period

and shows UK consumers increasingly see

credit cards as a regular option to manage

their spending and wider finances.”

KC Movers on the move with eCapital

THE founder of a specialist machinery

installation and equipment relocation

engineering service is looking to continue

the strong growth trajectory of his

Doncaster based business, thanks to a

tailored

*

invoice finance cashflow solution

from eCapital.

Robert Peters launched KC Machine

Movers in 2021 with his business partner

Kevin Hill. The specialist machinery

installation and equipment relocation

service provider offers cutting edge

solutions for the end-to-end installation of

machinery. The company also has a team of

highly skilled mechanical and pipe fitters

NEWS

and electrical engineers who can carry

out installation, fitting and testing where

required.

Originally starting with three members

* of staff, in the four years since its inception,

the company has grown to a team of 40. It

provides a range of services across a diverse

client list working on complex projects,

including Formula 1 teams, industrial

plants, aerospace companies and defence

contractors across the UK and Europe.

It expects to achieve turnover of

£5million in the coming financial year.

Plans are also in hand to acquire its own

site to support future growth.

Community spirit

TRADE body, Responsible Finance reported

a 39% increase in CDFI lending to small

businesses during 2024. Small businesses

turned to community development financial

institutions (CDFIs) when traditional bank

financing for small businesses dropped by

£90bn compared to 2004 levels. Despite

growth, some smaller CDFIs, like Purple

Shoots, struggle with funding, underscoring

the need for more bank partnerships to

support local businesses.

Red Alert

MORE than 45,000 companies across

the UK were in ‘critical financial distress’

during the first quarter of 2025, a 13% rise

from the Q1 2024 findings. According to

Begbies Traynor’s latest ‘Red Flag Alert’,

organisations in ‘distress’ grew across

virtually all sectors, with nearly two-thirds

of the 22 sectors monitored experiencing

a double-digit percentage increase in the

number of companies in 'critical' financial

distress during the last 12 months.

Whoops Apocalypse

THE global economy is set for its worst year

since the 2008 financial crash, with growth

expected to decline to 2.3% due to trade

tensions stemming from President Trump’s

tariffs. The World Bank forecasts that over

two-thirds of countries will experience

restricted GDP potential, impacting

British firms' export opportunities. The US

economic outlook has notably worsened,

with growth projected to decelerate sharply

to 1.4%, down from a previous estimate

of 2.3%. The analysis indicates that 60%

of developing economies will also see a

slowdown, while the euro area's growth is

expected to be just 0.7%.

Shutting up shop

NATWEST is to close a further 55 bank

branches across the UK, claiming that its

customers are increasingly interacting

online. A spokesperson said that more than

80% of NatWest’s active current account

holders now use its digital services. The

closures are set to take place over the next

few months, with specific dates for some

branches still to be confirmed.


NEWS

FIS brings AI revolution

to CICM Members

FIS, a Fortune 500 global

leader in financial technology

across the full

money cycle, has partnered

with the CICM

to advance members’

knowledge and understanding

of AI-driven technologies, and

how they can help modernise credit management

and finance practices.

Globally recognised for its advanced

payment, banking, and investment

systems, FIS supports businesses of all sizes

in using technology for growth. Through

this new partnership, it aims to educate

CICM members on the evolving landscape

of automated finance.

For some time, FIS has been actively

engaged with CICM. It hosted an event

for the London Branch in December

at its London offices and is part of the

CICM Think Tank. Its first initiative

as a corporate partner was Follow the

leaders! an engaging 30-minute interview

between CICM CEO Sue Chapple and

FIS EVP Seamus Smith. They discussed

the future of credit management, the

impact of AI on AR automation, and

what makes a successful corporate

partnership.

Highlighting the new CICM and FIS

collaboration, they also explored how

technology and professional development

must align to tackle rising risk, regulatory

demands, and shifting skill requirements

– all while equipping credit teams for the

future.

Throughout the year, FIS will host a

series of webinars and events across the

UK, focusing on how AI technologies

can optimise financial operations. These

cutting-edge technologies provide tools

for receivables, payables, and revenue

optimisation that address the limitations

of traditional finance processes. With

real-time insights and enhanced visibility

into cash flows, they enable businesses to

drive revenue growth and build stronger

customer relationships.

Keith Cowart, Global Market Owner for

Automated Finance, says FIS is excited by

CICM’s vision: “CICM’s goal of enhancing

the credit industry, and supporting

members’ career development, through

rapidly changing markets is something we

are proud to contribute to through this

partnership. As members begin to embrace

automated finance, we hope to understand

more deeply their pain points and help

them resolve the issues they face.”

At the moment, Keith says the hottest

topic is AI.

“Predictive AI, for instance, can find

trends that detect risks and opportunities

for growth early,” he explains. “Generative

AI can craft emails from a conversation,

whilst agentic AI can write responses

without human input by interpreting the

intent of an incoming email. People

want and need to learn how to work

best with all the new types of AI

technology that’s emerging.

“But contrary to popular

belief,” Keith cautions, “it is not

just about the technology; it’s

also about upskilling people

and streamlining processes;

otherwise, the technology can

only do so much.”

FIS plans to discuss the advantages

of AI technologies throughout the year,

expanding beyond credit and collections

to include working capital, treasury

management, and even supply chain

financing. The events will be designed to

help members enhance their knowledge,

broaden their professional network, and

learn from one another by sharing best

practices.

Sue Chapple FCICM, CEO of the

CICM, is enthusiastic about the corporate

partnership. “We’re excited to collaborate

with FIS on events which explore the

use of cutting-edge technologies in

the credit management profession.

Their generous sharing of knowledge

and insight will support our aim of

upskilling and educating credit

professionals and ensuring our

members remain at the forefront

of change in the industry.”


CREDIT MANAGEMENT

FCA unveils new AI

‘testing ground’

THE Financial Conduct Authority (FCA)

has launched a ‘supercharged sandbox’ for

banks and City firms to experiment with

cutting edge AI, under the watchdog’s

supervision.

The regulator claims that the sandbox

will enable firms to use Nvidia’s leading

AI products in an effort to ‘speed up

innovation’ and it is hoped the technology

will support economic growth and enable

more firms to make use of AI. One

suggested outcome is an AI tool to identify

and intercept authorised push payment

fraud. The programme is currently open to

applications, with plans to begin operations

in October 2025.

Jessica Rusu, FCA Chief Data,

Intelligence and Information Officer, says

the collaboration will help those that want

to test AI ideas but who lack the capabilities

to do so: “We’ll help firms harness AI to

benefit our markets and consumers, while

supporting economic growth,” she says.

Elsewhere, the FCA has streamlined its

Optimism for export

growth falls

ONLY 42% of UK firms anticipate export

growth, a significant fall from 85% recorded

before President Trump unveiled his tariff

policy on ‘Liberation Day.’

With Trump’s trade policies and tariffs

affecting nearly every country and causing

widespread uncertainty and disruption to

the global economy, many UK firms are

adjusting their forecasts and business plans.

Indeed, 38% of firms intend to pass any

increased costs onto their customers in

their pricing, with 20% of businesses taking

the decision to absorb the higher costs

that may result from supply chain pricing

changes.

The latest Global Trade Survey from

Allianz also suggested that 60% of exporters

are planning to diversify into new business

lines and increase capital expenditure in

strategic areas.

Maxime Darmet, Senior Economist for

the UK, US and France at Allianz Trade,

says that as one of the few countries to

have secured a trade deal with the US, the

UK finds itself in a pretty unique position:

“While the reduction in the US-trade

weighted tariff rate is a step forward, it

applies to select sectors and still leaves UK

exporters at a disadvantage compared to

pre-Trump administration levels,” he says.

consumer credit return as part of its efforts

to become what it describes as ‘a smarter

regulator’.

The changes will help streamline the

regulator’s data collection process so that

it collects only what is necessary for the

effective supervision of firms. It is hoped

the changes will enable firms to better

focus on high-value reporting that supports

better consumer and market outcomes.

The regulator has also announced plans

in collaboration with other global partners

to crackdown on financial influencers

(‘finfluencers’) who have given illegal advice

on social media.

Regulators across the UK, Australia,

Canada, Hong Kong, Italy and the United

Arab Emirates will target those who

promoted financial products and services

without explaining the risks or lacking the

relevant authorisation. To date, 50 websites

have been taken down, and 650 requests for

deletions from social media were issued.

NEWS

“With businesses still facing a lot of

uncertainty, they may understandably

be less optimistic, but they’re ready to

pivot and find new opportunities where

necessary. This balancing act will be crucial

in the coming months, as the UK seeks

to maintain, manage and build essential

trade relationships with the US, EU and,

increasingly, Asia.”

Making their

Markerstudy

MARKERSTUDY has confirmed plans

to launch lending products in both the

commercial and retail finance space. It is

investigating the possibility of moving into

consumer lending which Emma Rawlinson,

Markerstudy Distribution CEO, said was

previously it was a logical next step for the

insurer considering its customer base. The

newly created unit will be led by Cristian

Jackson, who brings 30 years of premium

finance experience to Markerstudy and he

aims to improve customer payment options

and credit accessibility in the general

insurance market.

Crypto Cracker

THE Insolvency Service has appointed its

first crypto intelligence specialist, dedicated

to help recover more money for the UK

economy from bankruptcy cases. Former

police investigator Andrew Small will help

track digital assets in criminal cases. He will

also be on hand to provide the agency with

detailed knowledge of the crypto market.

Since 2020, the number of insolvency cases

involving crypto as a recoverable asset has

risen by 420%, with 59 cases in 2024/25

compared to 14 in 2019/20. At the same

time, the estimated value of cryptoassets

identified in insolvency cases has risen by

364 times – from just over £1,400 in 2019/20

to more than £520,000 in 2024/25.

Leading the charge

ALMOST half (49%) of UK millennials

plan to invest in digital assets like

cryptocurrencies, significantly higher than

the 27% of Gen X and 8% of baby boomers

according to a new report by EY. Currently

12% of Brits invest in crypto, with an average

holding of £1,842. Concerns about market

conditions are prevalent, with 51% of

millennials worried about their investment

returns, compared to 28% of baby boomers.

Regulatory and tax policy changes are the

top concerns for 56% of investors, while the

role of AI in wealth management is growing,

with 56% expecting its use by financial

advisors.

Super ATMs

A new type of ‘super ATM’ is being tested,

allowing customers to deposit cash and

cheques, check balances, and change PINs,

regardless of their bank. This innovation

aims to support small businesses that

rely on cash transactions. Currently, 85

machines are available for customers of

major banks, including: Barclays, Bank of

Scotland, Danske Bank, Halifax, HSBC,

Lloyds, NatWest, Royal Bank of Scotland,

Santander, TSB, Ulster Bank, and Virgin

Money.

Brave | Curious | Resilient / www.cicm.com / July & August 2025 / PAGE 9 continues on next page >

NEWS

Challenging times ahead

for SMEs, as businesses

struggle with rising costs

THE next 18-24 months will be challenging

for SMEs, was the message from UK

Finance’s conference in May. Businesses

are struggling with rising costs, including

higher energy costs, minimum wage

increases and rises in National Insurance

and business rates. Some 70 % of SMEs

have reported a decline in revenues over

the past 12 months. Loan-to-value ratios

have risen, and cash balances have halved

since the pandemic. Late payments are also

a significant issue, with 80% of businesses

offering direct debit and avoiding trade

credit. One bright spot in the landscape

is the increase in commercial lending to

SMEs. Demand has risen with businesses

mostly seeking short-term working capital

rather than loans to support longer-term

growth. Lenders, meanwhile, including

mainstream banks, are more willing to

lend to higher-risk businesses, although

delinquency rates among SMEs are now at

their highest since the pandemic.

Employment

weakening

UK unemployment has reached a four-year

high of 4.6% in the first quarter of 2025.

Employers cut payrolled staff by 55,000

between March and April, according to

the Office for National Statistics, leaving

headcount 0.4% lower than April last

year. Early estimates for May suggest the

month-on-month fall could be double at

around 100,000 job losses, mainly from the

hospitality and retail sectors.

However, the ONS Workforce Survey

also showed the employment rate rose 0.1%

to 75.1%. The apparent contradiction in

unemployment figures can be explained

by people who were previously classified

as economically inactive and are now trying

to re-enter the job market.

Credit Information and

Debt Recovery Services for

the Construction Industry!

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and customer relationships

A team of credit experts that really understand credit

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Contact us to discuss how we can support you and

your business to minimise debt and maximise cash

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01527 503990 membership@top-service.co.uk www.top-service.co.uk


INSOLVENCY

THE EYES

HAVE IT?

Can AI spot a failing business before the paperwork hits?

BY ALEXANDRA DAVIES

ARTIFICIAL intelligence (AI)

is helping credit managers spot

signs of business distress long

before they appear on Companies

House. Bespoke, in-house tools

are emerging as the new secret

weapon for risk-savvy finance

teams. But beware, because over-relying on robots could

land you in hot water if you forget to add a human touch.

Forecasting the future

If you’ve ever wished for a crystal ball to tell you which

of your customers was about to go bust, then there is

good news: technology might be getting close. AI is

fast becoming the Sherlock Holmes of the credit world,

spotting clues in places the human eye just wouldn’t be

able to see.

Forget dusty ledgers and filed accounts. These days, it’s

all about real-time data, behavioural shifts, and patterns

that scream something’s up, even when everything looks

squeaky clean on paper.

Traditionally, credit checks have relied on historic data,

such as last year’s accounts, payment trends, or whether a

company had a director called Nigel who’d been bankrupt

three times already. All of which usually ends up dumped

into a spreadsheet for someone to squint at once a year.

But that’s not enough anymore. In today’s economy, things

can fall apart faster than a wet cardboard box in the rain.

AI is transformational, it can sift through oceans of

information in seconds spotting everything from supplier

payment timings to social media posts and red flags before

they become full-blown disasters.

Here’s the twist; it’s not always about what’s there.

Sometimes, it’s about what’s missing. If you notice a

usually chatty customer has gone radio silent, it could be

flag that something isn’t quite right.

Moral of the story? Ghosting is not just for being rude, it

might be a warning sign.

One tool at a time

Forward-thinking firms are now building their own inhouse

AI tools. Why? Because generic scoring models

can’t always tell the difference between a wobbly business

and one that’s just had a slow quarter.

These tailored systems look at sector-specific trends,

unique customer behaviours and internal data from

finance and sales. They are quick to adapt. If you see risks

shifting in retail, construction, or even tech, you don’t

have to wait for a third-party platform to catch up. You

should tweak your systems accordingly.

AI isn’t just good for flagging problems; it’s also a brilliant

time saver. Some credit teams now run daily automatic

check-ups on their key customers. The system crunches

the data, spits out alerts, and the credit team can swoop

in like financial superheroes. This is especially important

given the sharp rise in company insolvencies since the

start of 2025 and the domino effect this can have on even

the sturdiest of businesses.

Automation can track payment patterns, spot anomalies

in cash flow and escalate cases before they turn ugly. It’s

like having a super-vigilant colleague who never sleeps,

never complains, and knows more Excel functions than

you.

Feeding the machine

However, here’s where things can go sideways. AI is

clever, but it’s not infallible. AI models only know what

they’ve been fed. If your data is outdated, patchy, or just

plain unreliable (and let’s face it, sometimes it is), the

predictions could be way off.

Over-reliance on automated scoring is risky. You still need

human judgement especially when you have a customer

that doesn’t fit the typical mould or sometimes, more

importantly, when you get the gut feeling that something

is not quite right. AI is a great tool, but it won’t stand up

in court with you when things hit the fan.

Insolvency rates are up, risk profiles are shifting, and

the margin for error is slimmer than ever. But

there’s a silver lining. Teams that blend AI tools

with commercial instincts are better placed to

dodge the disasters and protect their cash flow.

So, can AI predict the next insolvency? Not quite

like a fortune teller, but it can give you a good

heads-up, and in today’s landscape, that’s

more than enough to stay one step ahead.

Author: Alexandra Davies is a senior

manager in the business recovery team at

accountancy firm, Menzies LLP.


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INTERVIEW

JUST ASK:

COULD IT BE

SEPSIS?

The UK Sepsis Trust is CICM’s Charity of the Year.

BY MELANIE YORK

AT the British Credit Awards

earlier this year, the CICM

introduced the UK Sepsis

Trust as its Charity of the

Year. In the audience was

Julie Fewkes MCICM(Grad),

a Graduate member of the

CICM, newly appointed Secretary of the relaunched

Yorkshire Ridings Branch and, remarkably, a Sepsis

survivor.

Julie is a cat lover, wife, mother of two, and a heavymetal-loving

grandma who enjoys visiting her

grandchildren and going to gigs with her husband

across the UK and Europe. The next stop is Paris

France, later this year, “because we couldn't get tickets

to see Iron Maiden in the UK.”

Julie has spent all of her professional career in credit

and risk, working across a range of different industries

and sectors from office furniture to bakeries. Since

2022 she has been Director of Credit & Risk for the

Right Fuelcard Company Ltd, part of the Paris-listed,

international payment service provider Edenred

Group, formerly known as Accor Services. When she

retires, she and her husband plan to become full-time

bikers touring across the continent, going to festivals

in style, or simply enjoying the open roads of Yorkshire,

home to the biking capital of the UK.

In 2016, Sepsis almost put the brakes on those dreams.

That year was a big zero birthday for Julie, (she wouldn’t

tell us which!) and her husband had planned several

surprise celebrations. In the run-up to her birthday, she

was due to have a minor surgical procedure at a wellknown,

reputable private hospital: “I went in during

the morning and was discharged by the consultant

in the afternoon,” she explains. When she got home,

she wasn't feeling quite right and took herself off to

bed. Although it was a lovely warm day in July, she lay

under a duvet, freezing cold: “I wasn’t too worried”, she

says, “because I'd just had a procedure.”

Then she started shivering and began to deteriorate

quickly: “I was physically shaking, and if I needed to get

out of bed, my husband had to help me,” she continues.

“By morning, I was so weak that my husband was

bringing cups of tea in a lightweight plastic cup with

a straw.”

Even then, Julie wasn’t overly worried: “Just bring

me a couple of paracetamol, I’ll be fine,” she told

her husband, but he wasn’t satisfied. He phoned the

hospital, bundled her in the car and wheeled her in

to see her consultant, only to be told to ‘go home,

give it some time, and it will be absolutely fine.’ It

wasn’t.

Back home, Julie began drifting in and out of

consciousness. Now, seriously concerned, her husband

called the hospital again. This time, he was told to

take her to the Accident and Emergency department

at York Hospital. She was transferred to a side room,

where she was seen by nurses who eventually told Julie

she could go home. This time, Julie refused, and her

husband insisted that a doctor see her before they left.

Only then was she admitted to a ward.

The next 24 hours remain hazy – with plenty of people

coming and going, a doctor saying something about

antibiotics, a lady consultant asking why Julie couldn’t

stand up, her husband explaining, ‘she’s just had this

awful procedure and something’s gone wrong,’ and a

lady in a white hazmat suit, carrying vials and taking

blood samples: “She was quite scary and dressed as

though I was the most dangerous thing in the world,”

says Julie.


continues on next page >

INTERVIEW

“At this point, they must have realised something

pretty serious was going on.” Eventually, came the

diagnosis: Sepsis.

Julie was put on intravenous antibiotics, and the

search began for a bed in intensive care. She developed

fluid on the lungs, pneumonia, and swelled up like

the Michelin man – her arms and legs puffed up:

“Everything was itchy and everything felt swollen. I

felt just awful,” she says.

Lying in bed, unable to hold a conversation and hardly

aware of her surroundings, Julie mostly remembers

her husband constantly sitting by her side. He was a

source of courage and the reason to keep going in the

darkest moments: “I felt it would be so easy to just let

go, but I couldn’t do that to him.”

He only left Julie’s side to drive a 200-mile round trip

to collect her parents, who couldn’t visit by themselves

– just when she was resigned to not seeing them again.

After 10 days, she began to feel better. With her special

birthday looming, Julie decided she wasn't going to

spend her birthday in the hospital and, although her

doctor advised her against it, she packed up, taking

her medication with her to be with her family. In her

pyjamas, she sat in an armchair and spent her birthday

surrounded by family.

Eventually, after two or three months, she returned

to work. Her scarred lungs still twinge occasionally,

but she is grateful: “I survived intact,” she says, “and

didn’t lose any limbs like some.” She attributes that to

her husband, who acted quickly, and refused to accept

no for an answer from Julie and the medical staff,

because he knew something wasn’t right.

x Julie Fewkes MCICM(Grad)

The one piece of advice she would give to anyone now

is if you start to feel unwell, listen to your instincts:

“After surgery, even minor surgery, whether you

expect to feel 100% afterwards or not, if you just know

something’s not right, don’t ignore it – listen to the

people around you who know you well. They have a

better sense than the medical staff of what normal

looks like for you.”

Because in Julie’s case, even the medical teams didn’t

immediately recognise it was Sepsis.

Sarah Hamilton-Farley, CEO of the Sepsis Trust,

says that stories like Julie’s are sadly not uncommon.

Tragically, every hour, five people die from SEPSIS. It

affects nearly a quarter of a million people and causes

48,000 deaths each year.

Sepsis is a life-threatening condition that arises when

the body’s response to an infection injures its own

tissues and organs. It occurs when the body’s immune

system – which normally helps to protect us and fight

infection – goes into overdrive. It can lead to shock,

multiple organ failure and even death, especially if

not recognised early and treated promptly.

Sepsis is indiscriminate: while it primarily affects

very young children and older adults, and is also

more common in people with underlying health

conditions, it can sometimes be triggered in those

who are otherwise fit and healthy. It always starts

with an infection, and can be caused by any infection,

including chest infections and UTIs. It is not known

why some people develop Sepsis in response to these

common infections whereas others don’t.

“We are enormously grateful to the CICM for

choosing us as its charity of the year and helping

us to raise awareness,” Sarah says. “Members raised

over £5,000 earlier in the year. In September we

host our Step Up to Sepsis fundraising challenge,

where corporate teams-of-five are sponsored to

walk as many steps as they can during the month.

The event is a fun, inclusive team-building exercise

which is easy to do. We hope more members will

get involved.


CREDIT MANAGEMENT

“Throughout the year we will be providing virtual or

in-person lunch and learn sessions, which give people

the opportunity to ask questions or share experiences,

because there is always someone’s daughter, or someone’s

dad who has been touched by Sepsis. Anyone interested

in any of our events or the work we do can find more

details on our website sepsistrust.org. We hope to see

more of you at future events in the CICM calendar.”

Sue Chapple FCICM, CEO of CICM is pleased to

be supporting the UK Sepsis Trust this year: “It is an

incredible charity doing vital work. Since being founded

in 2012, the Trust has worked tirelessly, educating the

general public and medical professionals about spotting

the early warning signs, and encouraging people to

simply ask ‘Could it be SEPSIS?’.

‘As a result, survival rates have increased to 80%, public

awareness has grown to 91%, and the SEPSIS 6 pathway,

developed to help medical professionals act quickly,

is now used in 96% of British hospitals and 37 other

countries worldwide. The Trust’s dedicated helpline

supports 80,000 people affected each year. We are proud

to support such a worthwhile cause and help spread the

word this year. I encourage you all to get involved.”

“WE ARE

ENORMOUSLY

GRATEFUL TO

THE CICM FOR

CHOOSING US

AS ITS CHARITY

OF THE YEAR

AND HELPING

US TO RAISE

AWARENESS.”


CYBER-CRIME

CYBER-

PUNKED!

Where can industry professionals look

for help to combat cyber-crime?

BY STEPHEN KIELY

IN April 2024, Marks & Spencer took

possibly the most radical action a retailer

can take in today’s technology-heavy

industry: it entirely stopped taking online

orders.

This profound step was necessary as the

result of a cyber-attack that disrupted the retailer’s

website and app.

At the time of writing, online ordering is being

resumed, six weeks after the cyber-attack. But the

damage has been significant – an estimated £300m in

lost profits, and untold brand-value destroyed.

No complacency

The credit and collections industry can only look

on with worry, knowing that it has grounds to be

complacent.

In 2023, the Financial Conduct Authority (FCA)

fined Equifax Ltd £11,164,400 for failing to manage

and monitor the security of UK consumer data it had

outsourced to its parent company based in the US.

In 2017, Equifax’s parent company, Equifax Inc, was

subject to one of the largest cyber-security breaches

in history. Cyber-hackers were able to access the

personal data of approximately 13.8m UK consumers

because Equifax outsourced data to Equifax Inc’s

servers in the US for processing.

Speaking as she announced the fine that had been

imposed, Therese Chambers, joint Executive Director

of Enforcement and Market oOversight at the FCA,

was firm in her judgement: “Financial firms hold data

on customers that is highly attractive to criminals.

They have a duty to keep it safe and Equifax failed

to do so. They compounded this failure by the ways

they mishandled their response to the data breach.

Regulated firms are on the hook, regardless of whether

they outsource or not.

“The risk of identity theft never stops. Cybercriminals

are sophisticated and innovative; it is

imperative that firms maintain the highest standards

in data protection.”

Break past defences

In May, NatWest explained that it is facing 100m

cyber-attacks (i.e attempting to breach its defences)

every month. Speaking to the Scottish Parliament’s

Criminal Justice Committee, Head of Cybersecurity,

Chris Ulliott, said that he is increasingly dealing with

fraudsters operating online, with gold scams and

romance fraud becoming particularly prominent:

“We analyse every single email coming into our

estate,” he said, “looking for malicious content. About

a third of the emails, millions a month, we actually

block because they are believed to be the start of an

attack against our staff.

“If I look outside our network at the attacks that

are probing our estate, we are averaging about 100m

attacks per month, just trying to break past the

defences we have in the organisation.’’

So, the industry is well aware of the very active threat.

A majority (58%) of key decision-makers in large UK

businesses surveyed by Cifas, this year, admitted

fraud and financial crime pose a serious threat to their

organisations – up from 49% in 2023. Promisingly,

77% of key decision-makers said their staff training

budgets had increased in the last year, suggesting more

organisations prioritised how to strengthen fraud

defences, workplace safety, and safeguard employee

welfare. Alarmingly, 40% of respondents said fraud

was not a concern.

Cifas Chief Executive, Mike Haley, commented: “It

is encouraging to know that many business leaders

understand the severity of fraud and understand

that they must invest in measures that protect their

organisations, workforces, and customers.


CREDIT MANAGEMENT

I would urge those decision-makers who believe

that fraud is not a threat to their business or staff

to think again. Any business can be targeted and

without effective counter-fraud controls in place, the

consequences can be significant.”

Growing divide

Analysts believe that industry is right to be

concerned, and that the larger, more technologically

sophisticated, players may be able to continue to

prosper, leaving those less fortunate behind.

Over the next two years, a growing divide is predicted

to emerge between organisations that can keep pace

with AI-enabled threats and those that fall behind

– exposing them to greater risk and intensifying the

overall threat to the UK’s digital infrastructure.

A recent report by Pat McFadden, the Chancellor of

the Duchy of Lancaster, outlined how AI will impact

cyber-threats from now to 2027, and how AI will

almost certainly continue to make elements of cyberintrusion

operations more effective and efficient.

He warns that by 2027, AI-enabled tools will

significantly enhance an actor’s ability to exploit

known vulnerabilities. Whilst the time between

disclosure and exploitation has already shrunk to

days, AI will almost certainly reduce this further,

posing a challenge for network defenders.

The report also suggests the growing incorporation of

AI models and systems across the UK’s technology base

– particularly within critical national infrastructure

and where there are insufficient cyber-security

controls – will almost certainly present increased

attack opportunities for criminals.

As AI technologies become more embedded in

business operations, organisations are being urged

to act decisively to strengthen cyber-resilience and

mitigate against AI-enabled cyber-threats.

Worldwide phenomenon

As befits online technology, this is a threat facing

lenders all around the world. Last year, cyber-security

firm Checkpoint found that Asia had seen a 16%

increase in cyber-attacks during the first quarter of

2024 alone. In addition, data from the World Economic

Forum showed that there was a global shortfall of

4m cyber-security workers worldwide, with Asia-

Pacific accounting for the bulk of this, lacking 2.5m

trained personnel across all sectors. Meanwhile, in

May this year, cyber-intelligence firm Hudson Rock

told Australian lenders that it had found dozens of

compromised staff credentials at both ANZ and

Commonwealth Bank, and fewer than five at NAB

and Westpac.



CYBER-CRIME

“There are around 100 compromised employees that

are related to those four banks," Hudson Rock analyst

Leonid Rozenberg said. "This is like an open gate: once

the hacker is inside, there is a lot more damage they

can do, including installing ransomware and stealing

massive troves of customer data.”

Grounds for hope

So, the threats are very real, but, as always, the

industry is doing what it can to adapt and fightback.

Back in 2024, Mark Francis, Director, Wholesale and

Unauthorised Business Investigations at the FCA,

spoke for many when he acknowledged that the

financial-services sector was leading the fight against

cyber-crime, and must continue to do so, but that

other partners and sectors have a vital role too.

He identified four areas where a collaborative effort

could have a decisive effect in preventing financial

crime, highlighting:

· Data and Technology – this is transforming fraud

and money-laundering detection, but cyber-fraud,

cyber-attacks and identity fraud are increasing

in scale, sophistication and effectiveness as the

use of AI grows. Firms should be bolder and

more collaborative in how they engage with new

technologies to keep up with emerging risks.

· Collaboration – Economic Crime Plan 2 recognises

improved information sharing and collaboration as

key factors in reducing financial crime. Criminals

will always move around to find and exploit the

weakest firms and sectors, so sharing data and

intelligence is a vital tool in staying one step ahead.

In particular, technology companies and socialmedia

platforms need to do more to clamp down on

organic content promoting scams.

·Awareness – despite several successful consumer

awareness campaigns, consumers are still seen as

the ‘weak link’ in the chain by fraudsters, with

Authorised Push Payment (APP) fraud continuing to

increase. Further collective work is needed to improve

consumer awareness as fraudsters use increasingly

sophisticated methods to deceive victims.

·Metrics – firms need robust metrics to measure the

effectiveness of their cyber-crime work, increasing

transparency and giving consumers and other

stakeholders greater confidence in the anti-fraud

efforts of the financial-services industry.

He concluded with a note of optimism: “Fighting

financial crime can seem like - and is - a daunting

mountain to climb, but we know that we are stronger

when working together, and that actually, we are

making a difference. Our message is clear: it is up to

all of us to take action to protect our consumers, our

firms and our markets. Together, we can shift the dial

decisively to reduce and prevent cyber-crime.”

“IF WE WANT

OUR FINANCIAL-

SERVICES

SECTOR TO BE

COMPETITIVE, IF

WE WANT OUR

ECONOMY TO GROW,

WE MUST PROTECT

AND MAINTAIN

THE UK’S STRONG

REPUTATION FOR

INTEGRITY.”

Help and advice

There is always useful advice available. The National

Cyber Security Centre (NCSC) makes 10 suggestions

for security professionals and technical staff in

medium to large organisations. It recommends

that lenders start by reviewing their approach to

risk management, along with another nine areas of

cyber-security, to ensure that technology, systems

and information in the organisation are protected

appropriately against the majority of cyber-attacks.

These suggestions are:

· Risk management – take a risk-based approach to

securing your data and systems.

· Engagement and training – collaboratively build

security that works for people in your organisation.

· Asset management – know what data and systems

you have and what business need they support.

· Architecture and configuration – design, build,

maintain and manage systems securely.

· Vulnerability management – keep your systems

protected throughout their lifecycle.


CREDIT MANAGEMENT

· Identity and access management – control who and

what can access your systems and data.

· Data security – protect data where it is vulnerable.

· Logging and monitoring – design your systems to be

able to detect and investigate incidents.

· Incident management – plan your response to cyberincidents

in advance.

· Supply-chain security – collaborate with your

suppliers and partners.

Meanwhile, analysts Reported Future emphasise that

the credit and collections industry must treat cybercrime

as multi-faceted. Its prevention requires best

practices and the use of various tools, such as threat

intelligence software, antivirus solutions, virtual

private networks (VPN) and security awareness

training, as a minimum.

Threat intelligence can help to identify, investigate

and prioritise cyber-threats, allowing firms to

understand their unique threat landscape and take

proactive actions to prevent and mitigate potential

attacks. Threat intelligence also helps identify and

mitigate the tactics used by cyber-criminals, such as

phishing, malware, and ransomware attacks.

VPNs add an extra layer of security to your internet

connection. By creating a secure and encrypted

connection between your device and the internet,

VPNs protect your data from being intercepted or

traced by cyber-criminals. They can protect against:

viruses, malware, DDoS attacks, spoofing attacks and

hackers.

Resilience

The NCSC – a part of GCHQ – has recently announced

two initiatives to help improve national cyberresilience.

The new Cyber Resilience Test Facilities

(CTRF) programme is developing a national network

of assured facilities which will allow technology

vendors to demonstrate the cyber-resilience of their

products in a consistent and structured way, enabling

independent audits and assessments by public and

private-sector organisations, including the UK

Government.

The CRTFs will aim to move away from traditional

compliance-based schemes, to enhance consumer

confidence in the cyber-resilience of products and

broaden the range of assured products.

The NCSC will also be launching a new scheme for

Cyber Adversary Simulation (CyAS) in early Summer.

Companies assured under the CyAS will deliver

services to test an organisation’s cyber resilience,

including their ability to prevent, detect and respond

to simulated cyber-attacks.

NCSC Director for National Resilience, Jonathon

Ellison, said: “These test facilities will allow consumers

to be more confident in the security of connected

products. And through testing their response to

simulated cyber-attacks, the UK’s most critical

infrastructure will be further empowered to defend

against evolving online threats.”

Conclusion

So, the threat is real and the fraudsters remain elusive,

and the credit and collections industry must stick

together, both for individual profitability, but also for

its overall reputation.

As Therese Chambers concludes: “If we want our

financial-services sector to be competitive, if we want

our economy to grow, we must protect and maintain

the UK’s strong reputation for integrity. High

standards of regulation and effective enforcement are

critical to that effort. Visibly holding wrong-doers to

account gives confidence to consumers, businesses

and investors that the UK is a place where high

standards are upheld.”

Author: Stephen Kiely is a freelance business writer.

Four key forms of cyber-crime

· Phishing scams – one of the most common types

of cyber-crime. These scams involve fake emails or

messages designed to trick victims into giving up

personal or corporate information. Cyber-criminals

use social engineering to trick users into revealing

confidential information such as login credentials

and credit-card numbers.

· Identity theft – this occurs when cybercriminals

gain access to personal information,

such as transactional data, to make unauthorised

transactions or enable other fraudulent activities.

· Ransomware attacks – a type of malicious

software that exploits computer networks to

encrypt a victim’s files and block access until a

ransom is paid. This type of cyber-crime can lead to

data breaches where victims pay the ransom to get

access back to their files or systems.

· DDOS attacks – short for Distributed Denial of

Service, these are severe cyber-attacks where a

multitude of compromised systems flood a single

target with excessive traffic, causing a service

outage for legitimate customers. These incidents

use vast networks of hijacked computers, known

as ‘botnets’, to launch overwhelming traffic assaults

that incapacitate websites and online services.


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FRAUDULENT

AN

INCONVENIENT

TRUTH

CRAs are unwittingly making the issue of Short Firm Fraud worse.

BY JAMES CAMPBELL

I

will begin on a positive note. Following

publication of my article ‘Short Shrift’

about short firm fraud (SFF), in the Jan/

Feb issue, I was contacted by Emma Reilly

FCIAM, the CEO of Top Service (the

respected construction industry credit

reference agency which, incidentally, is

not a member of the Business Information Providers

Association), who was interested in what I had

written. Emma was interested in learning more in

order to try and reduce the chances of Top Service

subscribers being caught out by this particular crime.

I duly met with Emma and we had a productive

discussion. She is keen to see what they can do with

their own data, and I believe she left with useful

information. I have promised to give her whatever

help that I can and that offer is open to any CRA that

might be interested.

Now for the negative stuff. After publication I

approached BIPA to see if it, or perhaps one of its

Members (the mainstream credit reference agencies),

intended to respond in CM Magazine to what I had

written. All I received was an email as follows:

BIPA and the member CRAs are in regular contact

with Companies House and participate in stakeholder

forums, regularly discussing fraud detection processes

and legislative changes. The recent passage of the

Economic Crime and Corporate Transparency Act

(ECCTA) will give Companies House further tools

to mitigate fraud. We look forward to working with

all stakeholders and are ready, willing and able to

continue to make our important contribution.

This is a reply worthy of a Government spokesperson

trying to deflect from a difficult matter it would

rather not have to answer questions on.

Hidden agenda

The CM Editor wrote further articles in April and May,

indicating that the absence of any sort of meaningful

response or engagement with the article suggested

that there might be something being hidden. I sent

a further two emails to the newly incumbent BIPA

Chair inviting him/her, or one of its Members, to

respond. I even suggested that, if further ignored, this

could become a Post Office Horizon moment for the

industry. I received a repeat of the earlier response.

I was effectively blanked. As an industry insider

advised CM, it was an opportunity missed by BIPA

and/or the CRAs.

I can’t say that I am surprised by the absence of a

meaningful response as it is never easy to go against

the truth. To become embroiled in a situation where

you have a recognised weakness (i.e the inability to

spot bogus accounts) risks having to admit the flaw

exists. It also opens up the danger of a darker matter

being dragged out into the daylight – something

that you would prefer is not highlighted or, more

importantly, brought to the attention of your paying

customers.

I had hoped, perhaps naively, that the relevant parties

might want to respond to my article so that their

subscribers could be better protected against the risk

of SFF, but it appears that this is not going to happen

any time soon. On that basis, let me explains and be

clear on the actual role that the CRAs are unwittingly

playing in the crime.

(Before I go on, I must apologise for the number of

times that the word ‘unwittingly’ will be appearing.

You will appreciate that no-one is remotely suggesting

that the CRAs are deliberately involved, but rather

their lack of action is contributing to the issue.)

Bogus accounts

Whilst we all know that the problem starts at

Companies House (CH), with the submission of bogus

accounts, the inconvenient truth is that the short firm

fraudsters are waging war on innocent suppliers and

that the CRAs are unwittingly suppling them with

their ammunition.



FRAUDULENT

WITH THE SUBMISSION OF

BOGUS ACCOUNTS, THE

INCONVENIENT TRUTH

IS THAT THE SHORT FIRM

FRAUDSTERS ARE WAGING

WAR ON INNOCENT

SUPPLIERS.


CREDIT MANAGEMENT

Short firm fraud is a growing problem and the CRA’s

are undeniably part of that problem. They are the

unwitting facilitators which, ironically, goes against

what they are meant to do which is to prevent their

subscribers from losing money through bad credit

decisions. They are not meant to make it is easier for

the crime to be committed.

The CRAs are not going to take kindly to such

statements and, if they don’t, I invite them to explain

to the CM readership how they are not providing

the fraudsters with what they need (glowing credit

limit recommendations without adequate caveats for

example) which are fundamental to committing the

crime. It would be nice to hear something, anything,

but I am not holding my breath.

You may be asking if this really is an everyday problem

and why should you care? Let me give you an easy

example.

Just prior to writing this article I came across a ‘short

firm fraud operation’ targeting the construction

industry (a timber merchant client asked me to check

an application for £10,000 credit it had received, and

it took me less than two minutes to spot that it was

SFF). The applicant company in question, formed in

March 2024, had filed a first set of accounts, to the

31st March 2025, on the 23rd April 2025 which is just

23 days after the accounts year end date. An almost

unbelievable time frame.

The financial information is totally implausible. I got

hold of two CRA reports to see what they said. Both

recommended £150,000 credit limits immediately

after the accounts arrived at CH. One showed that

it had straightaway received 44 enquiries (which

suggests that credit was actively been applied for) and

the other stated that whilst there was no additional

financial information (such as a Profit and Loss

Account) other than the Balance Sheet, its algorithm

had ‘constructed using balance sheet data which

should not be interpreted as being the actual figures’

that the turnover of the company was £4.2 million.

Silly old algorithm. Pity it couldn’t spot that the

accounts were patently bogus rather than ‘gilding the

lily’ for the fraudsters by giving enhanced credibility

to the situation.

This is a prime example of how weak, or rather nonexistent,

the CRA data checking processes are and

how the fraudsters are then able to commit the crime.

A turning wheel

So where is this now going? It is impossible to say.

The only immediate certainty is that the wheel will

keep turning in that fraudsters will keep shovelling

bogus accounts into CH, the CRA’s will, unwittingly,

keep giving massive credit ratings based on that

documentation and innocent suppliers, naively relying

on CRA reports because they haven’t been adequately

warned, will keep on getting ripped off.

ARE THE CRAs

COMFORTABLE

WITH THE PART

THAT THEY ARE

UNWITTINGLY

PLAYING TO

HELP THE

FRAUDSTERS RIP

OFF INNOCENT

SUPPLIERS?

Aside from Emma at Top Service, another industry

insider contacted me to say ‘please carry on, we know

you are right about this and something needs to be

done but people are scared of speaking up for fear of

being blacklisted by the CRAs’. I have no such fears

and being persona non grata with BIPA, or the CRAs,

is of no concern. If just one innocent supplier can

be saved from falling victim to SFF it will have been

worth the effort, but my motivation is to save as many

as possible and to achieve that it is going to take the

CRAs to address their unwitting role in the issue.

Are the CRAs comfortable with the part that they

are unwittingly (that word again) playing to help the

fraudsters rip off innocent suppliers? Do they sleep

easily knowing that reliance on their reports might

cause catastrophic financial damage to innocent

suppliers? It will be interesting to see if they are willing

to answer these questions and what, if anything, they

are going to do to better protect they subscribers.

Every packet of cigarettes quite rightly carries a

potential health warning. Shouldn’t every CRA report

carry a something similar? A tongue in cheek suggestion

but, being serious, it ought to be that every time you

look at a CRA report you are clearly reminded that it

might be based on bogus documentation. A difficult

thought to stomach for the CRAs but one that the

subscribers surely deserve.

Author: James Campbell is CEO of Prodebt Ltd.


FINANCE

SLOW

HORSES

Delays in digital asset regulation means

the UK risks getting left behind.

BY NATALIE LEWIS

HM Treasury is expected to

publish legislation bringing

stablecoins into the UK's regulatory

perimeter imminently

following growing concern

that the UK may be falling

behind in this vital market.

Businesses (and their investors) interested in issuing,

holding or otherwise using stablecoins should ready

themselves for an urgent petitioning exercise should

the legislation proceed along the direction of travel

outlined to date by policymakers and regulators.

Change must be correctly introduced. There are

substantive policy points that can be drawn from

previous publications by the Financial Conduct

Authority (FCA) and the Bank of England that, if

implemented as set out in current proposals, would

leave the UK digital assets sector at a competitive

disadvantage.

Multiple concerns

There are four concerns in relation to making the

legislation workable; the critical point is that several

of these issues need legislative handling. In some

cases, this is because they require amendments to

underlying legislation to give regulators the necessary

powers, and in others, it is essential that HM Treasury

make an active policy choice to prevent the industry

being subject to excessive burdens.

In overview, the areas of concern are:

• The nature, use and regulatory treatment of backing

assets, including the critical need to avoid a cliff

edge between FCA and Bank of England regulation

of stablecoins;

• Prudential requirements for stablecoin firms;

• Treatment of stablecoins issued outside the UK; and

• Liability for custodians of stablecoins and trading

platforms.

Once the draft statutory instrument (SI) is laid before

Parliament there will be a very limited window to

influence its content – there is no time to lose for

firms to collaborate productively with HM Treasury

and regulators to get this right.

Current status

Stablecoins – digital assets backed by real world

assets so as to maintain their value (usually against

a specific ‘fiat’ currency) – come with a powerful set

of use cases. They are increasingly mainstream, with

over $200bn in circulation, and major institutions

such as Bank of America, Fidelity and PayPal either

planning to or having launched a stablecoin offering.

Back in October 2023, HM Treasury – under then-

Prime Minister Rishi Sunak and then-Chancellor

Jeremy Hunt – set out its policy to bring stablecoins

(and subsequently other digital assets) into the scope

of financial services regulation.

After a significant and frustrating delay (caused,

in part, by the UK general election and change in

Government), in November 2024, Tulip Siddiq (the

former Economic Secretary to the Treasury – the City

Minister) confirmed that the Starmer administration

would continue with that policy. That welcome news

was followed almost immediately by the publication

of the FCA’s Crypto Roadmap (although the length

and ordering of that roadmap were not universally

popular).

The Crypto Roadmap signposted a consultation paper

on stablecoins for Q1/Q2 2025. The execution of the

entire Roadmap depends on HM Treasury amending

the Regulated Activities Order (RAO) to extend

the regulatory perimeter to cover digital assets. For

stablecoins, the Financial Services and Markets Act

2023 granted HM Treasury the power to make rules

covering ‘digital settlement assets’, which essentially

equate to stablecoins.

Sadly, five months later, the only sign of progress was

a written answer from Emma Reynolds, the new City

Minister (on 5 February), to the effect that legislation

regulating cryptoassets would be published ‘as early as

possible this year’, and that this would include creating

a new regulated activity of issuing stablecoins.


CREDIT MANAGEMENT

WE CANNOT

RISK THE UK

BEING RENDERED

IRRELEVANT TO

SUCH A DYNAMIC,

FORWARD-

LOOKING AND

INNOVATIVE

INDUSTRY.



FINANCE

Fintechs move quickly, and other jurisdictions have

either already built regulatory frameworks (the EU,

Singapore, UAE for example), or are actively working

on doing so (most notably the US). While the sector

is forcefully pressing HM Treasury to deliver the

draft SI, focus has shifted to include concerns about

influencing some of the policy substance.

There are policy solutions that will help the sector

flourish, with knock-on benefits for the economy.

Issues to resolve

There are certain issues to resolve with the FCA

regime for backing assets (which is currently expressed

to permit remuneration for the issuer). It is accepted

that the FCA’s DP23/4 concentrated on fiat-backed

stablecoins, but to encourage the full breadth of the

industry, now is the time to consider stablecoins

backed by other assets, such as commodities like gold.

Two legal issues emerge immediately:

• The FCA’s power to make backing assets subject to

the ‘statutory trust’ in the Client Assets Sourcebook

(CASS) is limited only to ‘money’ (this is section

137B of the Financial Services and Markets Act 2000

(FSMA)). The draft SI needs to widen the FCA’s

power to include tangible backing assets for asset

backed stablecoins.

• On a connected point, tangible commodities do not

necessarily need to be subject to a trust. Bailment is

an entirely sensible commercial alternative and may

even be preferable to issuers in some circumstances

(e.g. where the commodities are physically located

in a civil law jurisdiction). It also delivers the

same level of protection to coin-holders, as they

would technically be the legal owners of the bailed

tangible assets. The rules on backing assets must

not be limited solely to the statutory trust where

an alternative exists and this should be clear in the

draft SI.

On the broader topic, the importance of backing assets

to stablecoin issuers has been thrown into sharp relief

by Circle's announcement of its intention to float in

New York. Its filings reveal that its 2024 gross revenue

of approximately $1.676bn consists of two elements:

reserve income, earned on the cash and highly liquid

assets used as backing assets, of $1.661bn, and 'other

income' (which includes transaction and other fees)

of nearly $15.2m – reserve income representing 99.1%

of those revenues.

The current proposed regulatory structure would

see the FCA regulating non-systemic stablecoins,

but issuers of systemic stablecoins would fall into

Bank of England supervision. The Bank's Discussion

Paper on this dates back to November 2023, with a

reminder of the proposals in a further Discussion

Paper from July 2024. The thinking may have moved

on in private, but at present, the proposals represent

a powerful disincentive to scale to systemic status as

they create a dramatic cliff edge for issuers' business

models – backing assets would have to switch from

high quality liquid assets in the FCA regime to only

Bank of England reserves (even assuming the issuer

meets the stringent requirements to obtain an account

with the Bank of England). Critically, these reserves

must be unremunerated – in other words, applying

that cliff edge to Circle's figures would remove 99.1%

of the revenue at a stroke.

Prudential requirements

The FCA's DP23/4 on stablecoins (itself now more

than 18 months old) stated expressly that the

prudential proposals were inspired by the Investment

Firms Prudential Regime. This led the FCA to

design a complex and quite onerous regime that, for

example, requires the calculation of what the FCA

calls ‘K-factors’ when assessing capital requirements.

How K-factors operate in practice is less important

here than the argument that this was entirely the

wrong regime with which the FCA should have

started.

As the FCA itself noted, the prudential regime sits

alongside the requirements for backing assets. A

prudential regime is essential to mitigate the risks

associated with firms failing, the protection from that

for coin-holders are the backing assets.


CREDIT MANAGEMENT

This means that there is a much more logical regime

– one which the FCA already oversees – on which to

base the prudential requirements: that for electronic

money institutions (EMIs), found in the Electronic

Money Regulations 2011 (EMRs). Safeguarding

requirements for e-money is a very obvious parallel.

From the perspective of ‘same risk, same regulatory

outcome’, the prudential regime should be based on

the EMRs. That would reduce the compliance burden

and help different forms of digital money innovations

compete from an equal starting point. Tellingly, for

stablecoins backed by single fiat currencies, the EU's

Markets in Crypto-Assets Regulation (MiCA), has

adopted this approach. It would be internationally

uncompetitive to be stricter than the EU in this area.

Stablecoins outside the UK

There is a real risk that the UK could become an

isolated ‘island’ of liquidity if steps are not taken to

ensure that overseas stablecoins can circulate freely.

This would hamper adoption and innovation and

could disadvantage businesses wishing to accept

stablecoin payments.

Importantly, there is an obvious solution: extending

the overseas person exclusion (OPE) in Article 72

of the RAO to cover stablecoin firms. As the OPE

is statutory, this would need to be done through

legislation.

There are three arguments in favour of this approach.

First, the risk with which HM Treasury claims to be

concerned is overseas firms ‘dealing directly’ with UK

retail consumers. This is already managed through

the structure of the OPE itself, which requires that

a relevant transaction is either entered into ‘with

or through’ an authorised or exempt firm, or as a

result of a ‘legitimate approach’. This is an existing,

proportionate and workable regime.

Second, HM Treasury itself previously recognised the

need to avoid fragmentation of liquidity, and the risk

of the UK market being isolated from global liquidity.

This is especially pertinent given that accelerating

cross-border payments is a global priority for the G20

and one of the major use cases already being adopted

for stablecoins.

Third, it is preferable to any mooted mutual

recognition or equivalence regime. Bearing in mind

the UK's failure to obtain equivalence from the EU

for its financial services sector post-Brexit, this may

not be realistic – and given current geopolitical

instability and the Trump administration's aggressive

approach to any international negotiations (plus its

commitment to making the US the ‘crypto capital of

the world’), creating the necessary global alignment

for recognition seems exceptionally difficult for the

foreseeable future, especially bearing in mind the

localisation approach taken in MiCA, which is itself

hardly conducive to globalising the stablecoin market.

Custodian liability

Away from stablecoin issuance itself, the market will

depend on the smooth functioning of custodians and

cryptoasset trading platforms (CATPs, businesses

facilitating the trading and exchange of stablecoins).

In both cases, the proposed policy on the exposure

of these firms to liability in certain circumstances is

misguided.

For custodians, HM Treasury's policy objective

appears somewhat confused. In its October 2023

paper, Future Financial Services Regulatory Regime

for Cryptoassets, it espouses an intention to

create ‘a proportionate approach’ to liability, while

nevertheless continuing to progress with a regime,

seemingly inspired by that for depositaries under the

Alternative Investment Fund Managers Directive,

under which custodians could be at risk of near-strict

liability for hacks, for example. This is not appropriate

for this sector. Instead, the policy should be based on

that for custody of shares and other securities, where

the parties may allocate the liability by contract.

This is not a theoretical point; the proposed approach

will undoubtedly lead to higher costs and possibly

reduced choice in the custodian market, with the

knock-on impact of making UK custodians less

competitive with overseas peers.

With regard to CATPs, it is the FCA's proposals in

DP24/4 on admissions and disclosures, and market

abuse, that have a clear gap.

The DP outlines a range of quasi-regulatory functions

that CATPs on which stablecoins are admitted to

trading will have to carry out, of which the prime

example is the requirement to reject a stablecoin

(or other digital asset) from admission in certain

circumstances. If CATPs are to be expected to carry

out these gatekeeper/police-style roles, it naturally

follows that they will need a statutory immunity from

liability in damages, equivalent to that for recognised

bodies in section 291 of FSMA. As with custodian

liability, failure to do so will discourage entrants to

the market, narrow choice, and raise costs, all having

detrimental effects on the health of the industry in the

UK. These functions look to be very similar in nature

to the ‘regulatory functions’ discharged by recognised

bodies under FSMA.

Summary

The length of time HM Treasury has taken to get

to the current position is very unfortunate and has

arguably left the UK at risk of losing even secondmover

advantage. However, getting the design of

the regime right is essential. We cannot risk the UK

being rendered irrelevant to such a dynamic, forwardlooking

and innovative industry.

Author: Natalie Lewis, Partner and Head of Fintech,

Market Infrastructure and Payments at Travers Smith LLP.


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OPINION

FORMAL

COMPLAINT

Is it time to reform the Financial Ombudsman Service?

BY DANIEL SPENCELEY

THE role of the Financial

Ombudsman Service (FOS) has

grown considerably since it was

first introduced and, as it reaches

its quarter-century milestone,

calls for reform have grown

louder and louder. A service that

was only ever intended to resolve individual disputes

‘quickly and with minimum formality’ has become

a behemoth of an organisation, now costing the

industry (according to its own figures) almost £278

million per year.

Reasonable questions are being asked about the

value for money delivered by the FOS, with its

2025/26 annual operational expenditure 14 times the

size of its original budget. The dispute resolution

environment has changed in the FOS’ lifetime, but

the organisation has been slow to respond to that

change. Annual average FOS case numbers in the last

decade are double what they were in the preceding

decade, driven largely by a growing compensation

culture and a body of professional representatives

raising increasing numbers of speculative and poorly

evidenced complaints. Introducing a case fee for

professional representatives has been a positive step

but it has taken years to reach this point, years of firms

raising concerns about the FOS’ free-to-consumer

service being exploited for financial gain.

In the last 12 months, reform has started to look

like a realistic prospect, as the Government seeks to

remove unreasonable barriers to growth, innovation

and competition, and has identified parts of the UK’s

regulatory infrastructure as impediments.

Beyond remit

The FOS is a prime candidate for intervention, having

moved far beyond its original remit in a way that now

poses a significant challenge to the financial services

sector. The problem is not just the cost of funding

the body; it is the uncertainty that comes from its

quasi-regulatory role; it is the inconsistency and

unpredictability in its decision-making; and it is the

knock-on effect this has on those looking to invest in

the sector.

There are numerous changes that could be made to

bring about sensible reform and return the FOS to

its originally-intended remit of quick and effective

dispute resolution, many of which have been called

for on multiple occasions throughout the FOS’

existence. The CSA has been part of those calls across

the decades and would welcome genuine change to

address the various problems that have accumulated

around the FOS over time.

But the FOS has resisted demands for change for

almost 25 years, so perhaps, instead of sensible

tinkering, the time has come for something a little

more radical. The most common charges against

the FOS are that it now occupies a quasi-regulatory

role, effectively creating new regulation without

consultation with stakeholders or the regulator; that

it has become a major financial burden to firms; that

it is inconsistent; and that there is no legitimate route

for appealing a decision.

Many of these issues could be alleviated by subsuming

the FOS into the Financial Conduct Authority (FCA).

Efficiencies would drive cost-savings; cooperation

and consultation with the regulator and stakeholders

would be obligatory within the FCA structure

and subject to the FCA’s statutory objectives; the

stewardship of regulatory interpretation would be

more clearly the responsibility of the FCA; and appeals

could potentially be heard via the Upper Tribunal, as

appeals against FCA decisions currently are. And the

FOS could continue to exist as an operational entity

within the FCA, fulfilling the dispute resolution role

it was always expected to.

As part of its growth agenda, the Government

has been clear that attracting investment into the

UK is critical. Regulatory uncertainty presents a

major barrier to investment appetite and the quasiregulatory

role that the FOS has come to occupy in


CREDIT MANAGEMENT

The pre-financial crisis years (i.e before 2008) saw

FOS complaint volumes sitting around 120,000-

125,000 per year; after the crisis, volumes rose

significantly, peaking with the PPI issue with over

half a million complaints in both 2012/2013 and

2013/2014.

In subsequent years, the volumes did drop from

that PPI peak, although they have consistently been

higher than the pre-crisis period, and have been,

on average, double what they were prior to the PPI

issue. Figures show a relatively steady decline from

that peak period in recent years, particularly since a

final deadline was put in place for PPI complaints –

but with motor finance commission disclosure now

emerging as the latest ‘new PPI’, numbers are likely

to rise again.

Complaint volumes are not the only thing that has

grown during this period. The cost of funding the

FOS has grown considerably. What started out in

2001 as an organisation with an annual budget of

£20m per year and an expected annual caseload

of 30,000 cases is now an organisation with annual

expenditure of just shy of £280m and a predicted

caseload of around 270,000 cases.

For context, this is equivalent to the annual revenue

budget of five typical district councils in England.

An expanded remit, increased case complexity

and increasing volumes driven by professional

representatives all go some way to explaining the

rise. But it is not unreasonable to question the value

for money delivered when an eight-fold increase

in complaint volumes is accompanied by a 14-fold

increase in the annual budget.

recent years has made financial services regulation

increasingly unpredictable. In order for the sector to

function effectively, all parties need to have a clear idea

of what compliance looks like and what is expected of

them; without this, chaos and confusion can reign, and

competition and innovation evaporate.

Whether the Government opts for reform via tweaking

the existing infrastructure or via a total overhaul

of the FOS, it is imperative for the stability of the

industry that reform takes place. The time for reform

has come and this opportunity must not be wasted. If

the Government is serious about growth, it needs to

ensure the financial services sector has an appropriate,

functional and reliable regulatory regime.

Credit Management approached the Financial

Ombudsman Service for a response. A spokesperson

said: “We are an independent service set up to

resolve financial services disputes with minimal

formality as an alternative to the courts. We

provide a quick and high-quality resolution service

to hundreds of thousands of consumers, small

businesses and financial firms.

“Financial services have evolved significantly since

we were set up 25 years ago. New financial products,

the digitisation of services and an increase in fraud

and scams mean that we now see high levels of

demand and an increasing number of complex cases.

We are undertaking an ambitious programme of

change to reduce costs and improve the timeliness

of our service while keeping quality high.

“We agree that now marks a timely opportunity to

review the dispute resolution system as whole. That

is why we are working closely with the Financial

Conduct Authority and HM Treasury to ensure the

system - including the vital role our service plays

within it - is fit for the future.”

Author: Daniel Spenceley is Head of Policy at the Credit

Services Association.


*

COUNTRY FOCUS

on Ukraine

East of Eden

Ukraine – a land of opportunity and risk


CREDIT MANAGEMENT

UKRAINE has been in the news for

more than three years following the

Russian invasion of its territory.

For most, it’s been associated with

destruction, occupation, and being

in the front-line of what appears to

be a new East-West confrontation.

However, Ukraine is much more than a war-torn country.

It’s a country steeped in history that is known for several

UNESCO World Heritage Sites including Saint-Sophia

Cathedral in Kyiv, the creation of the Easter Egg (though

probably not Chicken Kiev), and Chernobyl – the infamous

nuclear reactor that failed, polluting much of Europe.

Ukraine is clearly in a state of flux and will be until its

political problems are sorted out. However, as we will

see, a combination of its economy and the UK’s support

for Ukraine should put British exporters in a favourable

position.

Dominating history

Mankind in the region can be traced back to 32,000 BC.

More recently, around the Middle Ages, it saw Slavic

expansion and became – from the 9th century - a centre of

East Slavic culture within the Kievan Rus state. Kievan Rus

grew to dominate a large part of Europe in the 10th and

11th centuries, but lost influence as regional powers took

over. Over the next six centuries the area was fought over

and ruled by external powers such as the Grand Duchy of

Lithuania, the Kingdom of Poland, the Polish–Lithuanian

Commonwealth, the Austrian Empire, the Ottoman

Empire, and the Russians.

Cossacks emerged in central Ukraine in the 17th century

but were eventually absorbed by the Russian Empire in

the late 19th century. Ukrainian nationalism developed

and, after the Russian Revolution in 1917, a Ukrainian

People's Republic was established. However, the Bolsheviks

consolidated control over much of the former empire

and soon replaced the republic with the Ukrainian Soviet

Socialist Republic – a constituent part of the Soviet Union

- in 1922.

During World War II, Ukraine was occupied by Germany

and witnessed many major battles and atrocities, with

some seven million killed. Fast forward another 50 years

and following the collapse of the Soviet Union in 1991,

Ukraine gained independence and declared itself neutral.

Geographic location

Ukraine is located in Eastern Europe. In the south is the

Black Sea. To the east is Moldova, Romania, Hungary, and

Slovakia. To the north is Poland and Belarus. And to the

north and east is Russia. While the country isn’t technically

landlocked, marine traffic has to travel via the Bosphorus.

Its land border is 6,993 km long while its coastline measures

3,783 km. Not unsurprisingly, the longest border is with

Russia.



COUNTRY FOCUS

In terms of landmass, depending on how Europe

is defined - Ukraine is either the largest country

with 603,549 km2 or second largest after Russia

(3.9m km2) not counting its Asia lands. If we

look globally, Ukraine is placed 45th with Russia

in first place (17.09m km2 based on its European

and Asian territory), followed by Canada (9.98m

km2) and China (9.59m km2). The UK is in 78th

place (with 244,376 km2).

As for terrain, much of the country is typified by

fertile steppes – grassland plains – and plateaus

that are intersected by rivers that flow into

the Black Sea and the Sea of Azov. There are

the Carpathian Mountains in the west that are

shared with Poland and Romania.

Given its position, Ukraine has continental

temperatures. According to the World Bank’s

Climate Change Knowledge Portal, average mean

temperatures range from -5.9C in January to

21.42C in August. Of course, there are extremes

beyond these averages.

Changing demographics

The population of Ukraine, according to the UN,

was 37.9m in 2024. However, with the military

situation in the region, in 2023 Reuters reported

that the population may have dropped to 28m as

migrants moved overseas for safety – a sharp drop

from the pre-war population of 42m (says BPB.

de). Interestingly, BPB.de notes that 3.2m left for

Russia, 370,000 to the US, 354,000 to Kazakhstan,

and 290,000 to Germany (with plenty more

elsewhere).

However, if we consider data from Worldometer,

citing figures from the UN, we see a similar drop.

Looking back in time there were 47.2m in 1970,

52m in 1990, a peak of 52.3m in 1993, 46.4m in

2010, and 38.9m in 2025. Politico reckons that

by 2030, Ukraine’s population won’t stand much

above 30-or-so million. Regardless, the point of a

declining population is made.

The population pyramid is relatively well balanced

until age 45 but then skews markedly towards

more females over males. In overview, the base is

narrow, expands to form a full bowl shape which

tops out at age 23. It then doubly expands to form a

lopsided diamond with a flattened top (at age

50) and bottom, which then grows again into an

amorphous blob which ends up with no males

above age 95 and a reasonable number of females

at 100 or more years. But it’s the bias towards

females from 45 that is most noticeable. Where

this becomes more interesting is that men aged 18

to 60 cannot, in general, leave Ukraine.

As to ethnicity, the most recent data seems to be

that from the CIA World Factbook which notes

that in 2001 the country was 77.8% Ukrainian, 17.3%

Russian, 0.6% Belarusian, 0.5% Moldovan, 0.5%

Crimean Tatar, 0.4% Bulgarian, 0.3% Hungarian,

0.3% Romanian, and 0.3% Polish. Other makes

up 2%. Similarly, in terms of languages spoken,

Ukrainian is the official tongue and is (was)

spoken by 67.5%, Russian (regionally) by 29.6%,

and other (includes Crimean Tatar, Moldovan/

Romanian, and Hungarian) by 2.9%. It also needs

to be said that 68% have some knowledge of at

least one foreign language, and 51% have some

knowledge of English (kiis.com.ua).

Considering the Russian occupation, it’s fair to

ask where the population lives. In 2022, the State

Statistics Service of Ukraine recorded that 41.1m

were on land that includes that now occupied

by Russia. The UN thinks that, in the same year,

those living in Ukrainian controlled territory

numbered just 36.7m.

As for settlements, there are 463 granted city

status by the parliament. However, ‘city’ in

Ukraine appears to be a nebulous descriptor since


CREDIT MANAGEMENT

it includes Kyiv with 2.95m (2022 data), Kharkiv

(1.42m), Odesa (1.01m) and Dnipro (968,502) … and

Chernobyl (1054) and Pripyat – the Chernobyl

workers city – (0).

In essence, there are 43 cities with 100,000 or more

residents, 42 with 50,000 to 100,000 inhabitants,

261 with 10,000 to 50,000, and 117 others.

War economy

Ukraine’s economy is that of a country at war.

However, news site Rubryka has commented

that even though the full-scale war Russia started

against Ukraine two years ago dealt a significant

blow to the Ukrainian economy in 2022… the

country remained resilient and experienced real

economic growth of 5% in 2023.

Naturally, there’s a fuller picture to be told; the

economy fell 28.8% in 2022. GDP peaked in 2021

at $199.77bn, up from $91.03bn in 2015. It was last

reported as $181.17bn in 2024.

However, the overall picture from the World Bank

is that of instability. There were troughs of -22.9%

in 1994, -15.1% in 2009 and -10.1% in 2014; and peaks

of 8.8% in 2001, 11.8% in 2004, 8.2% in 2007, 5.4% in

2011, and 3.4% in 2021.

As for inflation since 1993, a quick look at data

from Macrotrends indicates that there’s no

inflation barring a peak in 1993. However, on closer

inspection, that peak was 4,734.91%. Zooming in

to look at just the last 20 years and we see quite

high rates that peak in 2008 of 25.23% and 48.70%

in 2015. Outside of those years, the rate bubbles

around 13-15%.

Broad sectors

Agriculture

According to farm-europe.eu, agriculture in 2022

utilised 41.3m hectares, including 32.7m hectares

of arable land. This, it says, makes Ukraine the

largest agricultural country on the European

continent. Back in 2021, agriculture accounted for

10.9% of GDP and almost 14.7% of employment. As

for produce, Ukraine’s farmers grow sugar, cereals,

sunflower, and rapeseed.

In more detail, large concerns cultivate 93% of the

sugar beet on average farms of 23,700 hectares.

And with fertile soils, up to 1.5 times less fertiliser

is used compared to farms in the EU.

Cereal production is less large scale with 51% of

production on farms of less than 1,000 hectares

and ‘just’ 22% carried out by companies with more

than 3,000 hectares. If Ukraine were to join the

European Union, the country would account for

20% of European cereals production, with 49% of

maize production and 15% of wheat production.

THERE’S NO

GETTING AWAY

FROM THE FACT

THAT UKRAINE

IS UNDER THE

COSH GIVEN THE

ACTIVITY OF ITS

NEIGHBOUR.

Sunflower is smaller scale with 58% of production

on farms of less than 1,000 hectares and companies

with more than 3,000 hectares accounting for only

17% of production. In 2023, Ukrainian production

alone was greater than the entire EU’s output.

Rapeseed is very much small scale with farms

of less than 1,000 hectares accounting for 73% of

production. That said, oil production is dominated

by five companies which, in 2021, accounted for

92% of output. It’s output is close to one third that

of the EU’s rapeseed and 4% of oil.

Metals and minerals

Rubryka has noted that pre-war Ukraine held

(in 2021) 9th place in the World Steel ranking,

exporting 15.2m tons of steel, employed one

in 13 Ukrainians and contributed 12% to GDP.

However, Russian invasions in 2014 and 2022

curbed the sector. Metinvest, for example, lost

two factories, Ilyich Iron and Steel Works and

Azovstal, in Mariupol, which used to produce 40%

of Ukrainian steel.

Rubryka reported that by 2024 the situation has

stabilised and production had increased. The GMK

Center noted that Ukrainian companies produced

91,000 tons of steel structures in 2024, up 15.2% on

the year, and 2025 should see 102,000 tons made.

However, in 2019-2021, the comparative figure was

around 154,000 tons.

Brave | Curious | Resilient / www.cicm.com /July & August 2025 / PAGE 35


COUNTRY FOCUS

Cefic.org offers more current data – to 2023; national

security means more current data is not available.

However, it records that turnover was then €5.2bn

from 5,694 companies that employed 126,000 people.

The drop has been explained by AG Chemi Group

which notes that ‘...much of this production has been

caught up in the fighting in the eastern part of the

country, where several chemical plants are located. But

all chemical companies in Ukraine are feeling the effects

of the war, with a lack of access to raw materials, low

worker morale, and disrupted logistics all significantly

reducing industrial chemical output.’

And it’s a point taken up by the BBC when it covered

the May 2025 US/Ukraine minerals deal. It said

that Ukraine possesses 5% of the world's ‘critical raw

materials’ including 19m tonnes of proven reserves of

graphite, 7% of Europe's supplies of titanium, as well

as beryllium and uranium, copper, lead, zinc, silver,

nickel, cobalt and manganese significant deposits of

rare earth metals. There is also coal, iron and gas.

Information Technology

This sector has been earmarked for growth and as

codeua.com has commented that Ukraine’s tech

industry is the country’s largest service exporter. In 2022,

the tech sector was the only one to show growth, rather

than decline, despite the full-scale invasion. It added

that the sector has more than 300,000 specialists and

over 2,000 technology companies and contributes 4.9%

of GDP and by 2023 contributed $6.7bn to Ukraine’s

economy. The site reckons that every year, between

10,000 and 30,000 new specialists enter the market.

It's worth highlighting that Ukraine has seen the

introduction of the digital state via Government app –

Diia – that is designed to make 100% of public services

available online and cut down on bureaucracy and

corruption. The app has over 21.7m users and provides

access to 14 digital documents and 21 services.

N-ix.com reckons that ICT is the largest service export

industry, accounting for over 40% of Ukraine’s service

exports and that more than 100 Fortune 500 companies

collaborate with Ukrainian IT firms.

Chemicals

Rubryka considers the chemicals sector to be

important to Ukraine through fertilisers, synthetic

fibres, pharmaceuticals, plastics, and various chemical

products. The sector had over 6,896 chemical,

petrochemical, and pharmaceutical companies that

employ over 150,000 people. In 2021, the chemical

sector earned about €11.8n and accounted for 5.9% of

GDP.

However, as Rubryka says, some companies in the safer

Ukrainian regions, especially those close to the EU

borders, resumed operations and continued making

profits in 2023 and 2024.

Defence

It should be no surprise that this sector has grown

markedly. In March 2025, the Atlantic Council wrote

that ‘…the overall capacity of Ukraine’s defence industry

is expected to reach a new high of $35bn, up from just

$1bn at the onset of Russia's full-scale invasion.’

Ukraine’s biggest industry success has been the

development of domestic drone manufacturing. In 2022

the country boasted only a handful of drone producers;

it now has over 200 businesses producing millions of

drones annually, with output expected to treble in 2025.

Similarly, the Stockholm International Peace Research

Institute wrote in February 2025 that post USSR,

Ukraine’s inherited production base was particularly

strong in manufacturing missiles, transport aircraft,

tanks, surface ships, and both marine and aero engines.

In 2014, pre-Crimea invasion, Ukraine spent £62m. By

2021 this had increased to $836m.

Now, Ukraine is engaging with Western partners

through special programmes to finance its domestic

arms production; the objective is worth $10bn.

Summary

There’s no getting away from the fact that Ukraine

is under the cosh given the activity of its neighbour.

Ukraine is a wartime economy but it’s one that is

supported internationally. And as Declassified UK has

noted, British aid is being used to open up Ukraine’s

wrecked economy to foreign investors and enhance

trade with the UK.

Author: Adam Bernstein is a freelance finance writer for

CM magazine.


#UKCMC25

TH

13 NOVEMBER 2025

Risk to Resilience: Powering the Credit Journey

The clock is ticking: This is the event every Credit Management

professional must attend to stay ahead in the game.

Our Keynote Speakers:

ALEX WOOD

Keynote Speaker &

Fraud Expert

TIM LODGE

Keynote Speaker

www.o2clab.com

JAMIE RADFORD

Finance Disrupter & Founder of

Accounts Payable Association

IET Birmingham: Austin Court,

80 Cambridge Street,

Birmingham, B1 2NP

“A new breed of credit management organisation”

ENFORCEMENT

RECOVERIES

ON THE RISE

Figures show High Court enforcement volumes

rise with increased commercial judgments.

BY ALAN J. SMITH

THIS month, we’ve seen the publication

of two new datasets that show how the

volume of High Court enforcement

activity is continuing to increase, with

growth in activity mainly driven by

a growth in commercial judgments

against a backdrop of a slight decline

in consumer judgments.

The Association has published its own annual figures –

based on data returns our members supply annually to the

Ministry of Justice – and The Registry Trust has published

its latest set of quarterly figures.

Increased recoveries reflect

the vital role of enforcement

A comparison of the Association data from 2023 and 2024

shows a 5% increase in new writs received, illustrating how

important High Court enforcement continues to be as an

essential service for businesses and individuals to help them

recover unpaid debts.

Alongside that 5% increase in new writs received, it’s worth

highlighting that the number of writs where payment was

obtained in full increased by 7.5% and the total sum of

money collected increased by almost 10%.

The total amount collected increased by £10.5 million, rising

from £111.2 million in 2023 to £121.7 million in 2024. The

pattern is one of improved recovery rates and more cases

being enforced using High Court enforcement.

Collectively, over the last three years, HCEOA members have

received 443,231 writs, successfully collecting approximately

£340 million in outstanding judgment debt on behalf of

businesses and individuals.

These figures reflect not only the operational capacity of

enforcement agents but also the critical role they play in

securing financial justice for creditors nationwide. Without

this effective enforcement, companies and individuals would

struggle to recover owed money and could potentially

become the debtors of tomorrow.

Every year, our members are required to provide the Ministry

of Justice with details of the writs they have enforced,

detailing the number of successful and unsuccessful cases.

This includes data on part-paid and fully paid cases, the

total amount collected, and the total debt instructed for

collection.

The Association receives an annual summary extract of

this data from the Ministry of Justice, offering a highlevel

view of our members’ performance. This consistent

reporting provides transparency and helps track enforcement

effectiveness across the country.

Rising commercial pressures

and evolving enforcement

needs

The latest data from the Registry Trust for Q1 2025 paints

a mixed picture. While overall judgment volumes remain

high, the figures reflect shifting patterns in debt recovery,

influenced by persistent economic pressures and sectoral

changes.

In Q1 2025, a total of 282,417 new judgments were registered

– an increase of 4% from the previous quarter and 0.9%

compared to Q1 2024. While overall volumes remain high, the

number of consumer judgments fell to 231,243, representing

a 2.4% decline from the previous quarter and a 4.4% decrease

compared to Q1 2024.

Meanwhile, commercial judgments continue to rise sharply.

Across 2024, 173,025 new commercial judgments were

recorded – a 35.5% increase year-on-year. In Q1 alone,

51,174 were registered, representing a striking 46.4% rise

from the previous quarter and 34.6% from Q1 2024. This

urge reflects growing financial stress within the business

sector.

These diverging trends suggest that businesses are

increasingly turning to the courts to resolve unpaid debts.

The increase in commercial enforcement activity reinforces

the growing reliance on High Court enforcement as a

practical solution.


CREDIT MANAGEMENT

With the cost-of-living crisis and economic uncertainty,

these figures suggest a continued rise in commercial

enforcement activity, even as consumer debt actions

soften. This shift highlights the importance of a responsive

and balanced enforcement framework that can adapt to

changing creditor and debtor needs.

In this climate, the need to ensure fair and effective

enforcement is essential. It is a vital tool for recovering

debts, supporting economic growth and upholding the

rule of law.

As we look further into 2025, the enforcement profession

remains cautiously optimistic. Promoting a supportive

and adaptable enforcement environment is important

for tackling the issues at hand. Ensuring that both

creditors and debtors have their needs met is essential

for creating a fair and effective system that can navigate

these challenging times.

Author: Alan J. Smith is Chair of the High Court

Enforcement Officers Association (HCEOA).

THE INCREASE

IN COMMERCIAL

ENFORCEMENT

ACTIVITY

REINFORCES THE

GROWING RELIANCE

ON HIGH COURT

ENFORCEMENT

AS A PRACTICAL

SOLUTION.


ENVIRONMENT

WEIGHING

THE ODDS

Is a calculator or a consultant better to measure

your business carbon footprint?

BY DAVID JAMES

SO, you want to write a carbon

reduction plan. Or maybe you want

to be carbon neutral. Perhaps you’re

just curious. For whatever reason,

you’ve decided to calculate the carbon

footprint of your business. What’s the

best way of going about it? Should

you use a carbon calculator or a consultant?

Carbon Calculators

Carbon calculators come in a wide variety of options.

They differ in the emission sources they cover, how

much organisational complexity they can handle, and

how often and from where they need data. If you go

this route, you’ll be doing the work yourself, so you

need to choose carefully to make sure the tool suits

your needs and is easy to use.

There are benefits. Some calculators automate parts

of your data collection. Some have dashboards that

present your data in attractive, easy-to-read ways.

They’re typically low cost, depending on the size

of your organisation. And they allow you to make a

quick start—you can sign up and begin entering data

straight away.

But there are downsides too. The wide variety of

tools makes it hard to know which one is right for

you. There’s often little guidance. There are up to 18

different emissions categories in the Greenhouse Gas

Protocol, and which ones apply to you depends on

your goals, organisational structure, and activities.

Most calculators won’t help you work this out.

Each tool also tends to follow a fixed way of working

– some require monthly data, others annual. Some

connect to your accounting software, but not all

emission sources show up there. Most calculators only

cover a limited range of emissions.

More importantly, calculating your footprint is only

a small part of the process. You also need to decide

what to include or not include, set reduction targets,

create action plans, choose the right offsetting

method, disclose your progress, and monitor it. Some

calculators may support parts of this wider process,

but many don’t.


CREDIT MANAGEMENT

A CARBON

MANAGEMENT

SERVICE CAN HELP

YOU PUBLISH

YOUR CARBON

FOOTPRINT AND

REDUCTION PLANS

IN A FACTUAL,

TRANSPARENT

WAY.

Carbon Consultants

Consultants, on the other hand, typically offer a

bespoke service. They tailor their process to your goals

and organisation, providing full flexibility – though

often at a higher cost.

They can get you started in the right way, guiding you

through the complexities of the calculation. They help

you decide which emission sources to include and

the best way to calculate them to match your goals.

Consultants can also help you define those goals –

aligning them with best practice and stakeholder

needs – and support you in becoming carbon neutral

or developing a net zero roadmap. They can adapt the

process over time as your organisation evolves and as

legislation or scientific understanding changes.

A good consultant helps you drive the entire process –

target setting, action planning, disclosure, monitoring

– and can also help you find practical solutions to

carbon reduction challenges.

However, consultants tend to be more expensive. And

it’s hard to compare costs without getting detailed

quotes from multiple firms. Also, many sustainability

consultants are generalists whereas carbon calculation

is a specialist subject, so make sure your consultant has

specific expertise in this area.

Carbon management

Service

An alternative you may not have considered is a carbon

management service, such as Auditel. This offers many

of the benefits of both calculators and consultants, at

a more affordable price. It uses a standardised process

that’s still flexible enough to meet most needs.

Because these services focus specifically on carbon,

they can speed up the process and reduce costs. They

can guide you through the calculation, adapt to your

needs, drive the carbon reduction process in line with

best practice, and help you find workable solutions.

They also keep you accountable by reviewing progress

regularly and helping you take remedial action if

needed.

A carbon management service can help you publish

your carbon footprint and reduction plans in a factual,

transparent way – crucial for avoiding accusations of

greenwashing. It can also provide a document that

demonstrates your commitment to employees and

customers alike.

Know Your Goals

Before deciding on the best approach, the most

important thing is to understand your goals. Knowing

why you want to calculate your carbon footprint is key

to choosing the right solution.

Do you just want to know your footprint, or do you

want to create a credible carbon reduction plan? Do

you want to achieve certification or disclose your

footprint publicly? What is your budget, and are

you prepared to allocate some of it toward carbon

reduction? Do you want guidance on how to do the

calculation properly, or support in developing a

reduction plan or net zero roadmap? Do you want to

be held accountable for achieving your goals?

Making a clear list of your objectives will help you

evaluate whether a particular carbon calculator,

consultant, or management service is best placed to

meet your business’s needs.

Author: David James is the Managing Partner of UK

Analytics. This article is adapted from a presentation to the

CICM Think Tank.


CAREERS

STRONG

DELIVERY

10 tips and tricks for a successful presentations.

BY NATASCHA WHITEHEAD FCICM

I’M no stranger to delivering

presentations; in fact, it’s become a

commonplace part of my role that I

thoroughly enjoy, but once upon a time

just the thought of presenting in front

of a room of people terrified me. I know

from experience that many people

share this anxiety and will hopefully find value in

hearing the tips and tricks that help me to deliver

presentations confidently time and time again.

1. Feel the fear

and do it anyway

The first time you deliver a presentation will be

incredibly daunting but trust me when I say it gets

easier. The best approach you can take is to accept

that this is a stressful experience and to embrace

the inevitable nerves. Pushing yourself out of your

comfort zone and trying new things that initially

feel scary allows you to develop your sense of

resilience and self-belief and will make you a more

well-rounded person in the long run.

2. Watch and learn

A great way to master the art of delivering an effective

presentation is to watch other people present. The

more you observe different presentations, the more

guidance and knowledge you can take with you

into your own presentation game. Think about the

kinds of factors that keep you engaged and consider

how you can adopt these. If you find a person’s

presentation especially inspiring, reach out to them

to ask for any advice they might be able to share to

support your future self.

3. Discover your own style

Everyone has their own presentation style so it’s

important to establish what works best for you. For

instance, I quickly discovered that reading presenter

notes did not work for me. Instead, I now include

the basic information on my slide deck and then I

talk through it naturally and elaborate on the key

points, rather than follow a script.

4. Time is of the essence

Nothing is worse than having to rush through

your final few slides while someone at the back of

the room is waving at you to wrap it up. Equally,

finishing your presentation early and then having

a chunk of time to fill with ad lib chat will only

contribute to your anxiety, hence the importance of

knowing your timings. Use the time you have wisely

and mould your presentation around this; splitting

your content into multiple sections can be helpful

to navigate seamlessly through the time you have.

5. Preparation and

practice are key

Some of the most important steps to nailing a

presentation are to be well prepared and to have

practiced enough beforehand. Do your research so

you're clear on whatever topic it is you are presenting

on and know your content inside out. Consider any

resources you’ll use to support your presentation

– accompanying slides on PowerPoint is the most

typical way to display information but think about

how this complements your presentation and how

you can do things a bit differently.

6. Channel calm

and confident energy

When you feel your confidence wavering, remember

that you are an expert which is why you were asked

to present in the first place! Your expertise and

passion will no doubt shine through as you present.

Focus on slowing down your breath right before

presenting – it’s a tried and tested way to relive

stress and get into a positive frame of mind.


CREDIT MANAGEMENT

7. Connect with

your audience

To make sure you presentation is relevant and well

received, know your audience. What might they be

most interested in hearing about and in what format?

It’s your job to energise the room and keep the

audience with you through your tone of voice, body

language and by moving your eye contact around the

room to engage as many people as possible.

8. Question time

Set the ground rules in terms of when to invite

audience interaction. Clarify whether you’d prefer to

take questions as you move through the presentation

or via a Q&A at the end. If you are asked a question

that you can’t answer, be honest; if you wing it, you

risk losing credibility. If you know someone in the

audience that might be best placed to answer, deflect

the question to them, as engaging other people often

leads to some really lively and productive debate.

9. Don’t take

things personally

If you notice someone in the audience who seems

distracted or disengaged, don’t be thrown off track.

Ultimately you are never going to please everyone,

especially in a very large group. Many people feel

that it’s acceptable to listen and check emails at the

same time so if you notice the odd person scrolling

on their phone as you present, it’s not necessarily a

direct insult to you or your content!

10. Feedback for the win

Last but by no means least, ask your audience for

feedback – both good and bad – as this will help

you to develop your presenting style, technique

and confidence. Whether it’s your first rodeo or

you’ve been taking the floor for years, there’s always

improvements to be made and sometimes little

tweaks make a big difference.

IF YOU FIND

A PERSON’S

PRESENTATION

ESPECIALLY

INSPIRING, REACH

OUT TO THEM

TO ASK FOR ANY

ADVICE THEY

MIGHT BE ABLE

TO SHARE TO

SUPPORT YOUR

FUTURE SELF.

Author: Natascha Whitehead is Senior Business Director

at Hays specialising in Credit Management.


HR MATTERS

BULLY BEEF

Bullying at work is on the rise – and is an HR minefield.

BY GARETH EDWARDS

WORKPLACE bullying

is a serious issue and

allegations can have

serious consequences

for employers and

employees alike. The

problem is widespread

according to various surveys, and employers that choose

to ignore the matter may find themselves appearing

before an Employment Tribunal.

The legal position

The term bullying is often used interchangeably with

harassment. However, the Equality Act 2010 gives

harassment a very specific meaning, and it is important

that employers are aware of the difference.

The Act defines harassment as unwanted conduct

related to a relevant protected characteristic, which

has the purpose or effect of violating an individual’s

dignity or creating an intimidating, hostile, degrading,

humiliating or offensive environment for that

individual.

Bullying is not specifically defined in UK law, but ACAS

– the Government’s employment advisory service –

says that bullying may be characterised as: Offensive,

intimidating, malicious or insulting behaviour, an abuse

or misuse of power through means that undermine,

humiliate, denigrate or injure the recipient.

Harassment related to a protected characteristic under

the Act (relating to someone's age, disability, gender

reassignment, sex, pregnancy and maternity, race,

religion or belief, marriage or civil partnership, or sexual

orientation) is unlawful. Harassment which is entirely

unrelated to a protected characteristic isn't covered by

the Act but is still something that an employer will be

concerned about and will want to take action to stop,

particularly in light of the duty of care that it owes to

its employees.

Individuals are protected from harassment throughout

their working relationship, for instance, when applying

for a job, during their employment, and in some

circumstances after the working relationship has ended

(say, in connection with the provision of a reference).


CREDIT MANAGEMENT

Employer consequences

Employers can be liable for harassment between

individual employees. They can also be liable for

harassment which employees have faced from a third

party where it occurs in a work context or at a workrelated

event.

Employers can be liable for the actions of those

working for them if they harass others, and the

consequences of this are costly both in terms of

expense and reputation. In the context of a workplace

discrimination claim, Employment Tribunals can

make uncapped compensation orders (including the

payment of compensation for injury to feelings);

they can also make recommendations to employers

to counter the adverse effect on the claimant – an

unreasonable failure by the employer to comply with

this can result in increased compensation.

Another point of concern for employers is that since

February 2017 Employment Tribunal decisions in

England, Wales and Scotland have been published

on gov.uk and are freely available to view. Dealing

with a harassment claim can therefore damage an

organisation's reputation.

Dealing with complaints

If a complaint is made employers should ensure

it is dealt with promptly. It may be that, initially,

issues can be resolved internally and informally.

However, it is important that employers have formal

procedures in place to enable an appropriate person

to take disciplinary steps where needed. The policy

should cover all types of grievances and disciplinary

issues, including bullying and harassment. It is also

important to provide workers with alternative points

of contact in case the named contact is the alleged

harasser.

Employers can use an independent third party to

help resolve workplace conflict; this might take the

form of mediation in those cases where an impartial

individual can facilitate parties to reach an agreed

outcome. Mediation won't always be appropriate,

particularly where the parties are unwilling to

engage, or the harassment is very serious.

But should the informal option fail, or the situation

is considered too serious for the informal route,

then the employer will need to trigger its formal

procedure.

This should include an investigation which must be

commenced in good time after the complaint is raised.

It must provide all parties with timescales as to when

the process will complete. It is also very important

that the investigation is impartial; this means

employers should consider any conflict of interest

that the investigating officer might have before

assigning investigation roles. Investigators should

ensure they take evidence from witnesses, listen to

MEDIATION

WON'T ALWAYS

BE APPROPRIATE,

PARTICULARLY

WHERE THE

PARTIES ARE

UNWILLING TO

ENGAGE, OR THE

HARASSMENT IS

VERY SERIOUS.

both the alleged harasser and the complainant’s

version of events, and always ensure confidentiality.

It is key that employers make a record of complaints

and investigations. These should be sufficiently

detailed and include the names of the people

involved, dates, the nature and frequency of incidents,

action taken, follow-up and monitoring

information. These records should be made as soon

as possible following the receipt of the complaint.

If a complaint is upheld, it might be appropriate to

relocate or transfer one of the individuals involved.

At the same time, it is sensible to seek legal advice

if employers wish to put in place a confidentiality or

non-disclosure agreement where alleged harassment

or discrimination has taken place. With issues

around how they are used – particularly in light

of high-profile sex discrimination and harassment

complaints – advice really is essential.

Bullying prevention

Employers should have a clear and thorough policy

that states their commitment to promoting dignity

and respect at work. Employers should be aware

that their responsibilities also extend to workrelated

activities, such as work parties or external

events, remembering that they could be liable for

what happens at these occasions unless they took

reasonable steps to prevent trouble arising.



HR MATTERS

Following the rise of hybrid working, the line between

work and home has become increasingly blurred. Employers

should therefore be aware of the risks of ‘cyber bullying’

where harmful communications are sent electronically. For

instance, following a work event a picture uploaded to an

external website of a colleague could amount to bullying for

which the employer could be vicariously liable.

Promoting a positive culture at work based on personal

respect and dignity helps to prevent inappropriate behaviour

within the workplace. Here employers should be clear

that there is zero tolerance for any type of inappropriate,

aggressive, or intimidating behaviour. During the induction

process employees should be told about the organisation's

expectations. Employees should undergo onboarding training

on the relevant policies and be provided with information

concerning their rights and personal responsibilities.

Internal workplace training should continue throughout

employment.

While putting in place an appropriate policy is a key step,

it is important that the policy is tailored to the employer’s

organisation and reflects its culture. Policies should be

agreed with trade union or employee representatives and

communicated to everyone. The policy should also be

available to view at all times.

As to its contents, in overview, it should stress that each

employee is responsible for their behaviour while giving

practical examples of what constitutes harassment and

bullying to set expectations. The policy should clarify that

harassment and bullying will not be tolerated and make clear

that allegations of harassment and bullying may be dealt

with under the disciplinary policy and could potentially

amount to gross misconduct.

The policy should clarify the legal implications of bullying

and harassment – which might include consequences for the

individual. It should also describe how, if someone is feeling

bullied or harassed, they can get help and make a complaint,

whether formally and/or informally and what the relevant

process is.

At the same time, it should explain that victimisation of those

individuals who make complaints will not be tolerated and

could result in disciplinary action against the perpetrator.

Finally, the policy needs to clarify the accountability of all

managers and require managers to implement the policy and

ensure that it is understood by all employees and workers.

In summary

Workplace bullying and harassment can have significant

consequences – both for employees and their employer who

may find itself defending a claim that it did not do enough

to stop the bullying behaviour from taking place.

Author: Gareth Edwards is a partner in the employment

team at VWV.

Statistics

According to material published by the Anti-Bullying

Alliance for Anti-Bullying Week 2024, 23% of employees

have experienced bullying in the workplace and such

experiences can seriously impact a person’s mental, physical,

and emotional health, leading to feelings of isolation and low

self-esteem.

The organisation also cited a survey from the Workplace

Bullying Institute that found that for 25% of respondents the

best solution to stop being bullied was to quit their jobs.

Bullying can prove expensive for employers. A 2017

Government report found that mental health problems in the

UK workforce cost employers almost £33-42bn per annum.

In 2015, the TUC reported that nearly a third of people (29%)

had been bullied at work, that women (34%) were more likely

to be victims of bullying than men (23%), and that the highest

prevalence of workplace bullying was among 40 to 59-yearolds

where 34% of people are affected . It’s unlikely that ten

years later the figures will have changed much.

Perhaps more alarming is that employees do not feel

comfortable talking to senior managers or their HR teams

about the bullying they experience. In a report from the

Chartered Institute of Personnel and Development , over

25% of employees felt their employers “turn a blind eye”

to workplace bullying. Another study based in the UK,

published on thiis.co.uk, highlighted the issue of employers

not taking the matter seriously, 22% of people surveyed said

that despite reporting the bullying to the HR team, it was not

dealt with and only 11% of people said the situation improved

after reporting the bullying.

THE POLICY

SHOULD COVER

ALL TYPES OF

GRIEVANCES AND

DISCIPLINARY

ISSUES.


BRANCH NEWS

Circuit Training

CICM Sheffield & District Branch

THE Sheffield and District Branch

held an informative and interactive

evening at the English Institute of

Sport in Sheffield, one of the country’s

leading indoor sports and training

facilities, on the 4 June. Thankfully no

heavy weights or lycra was involved!

With plenty of sandwiches, crisps and muffins eaten whilst

networking, members and guests were ready to take to the

blocks for the starting pistol to fire... and were off.

To help develop further understanding within the credit

sector, attendees heard how insuring invoices and funding

against them can assist businesses. They were split between

two rooms for each presentation to take place.

Steve Hamstead from Attis was straight into the lead

discussing why companies purchase credit insurance and

how this gives a level of comfort to businesses when trading

with customers new and old. Steve also discussed how

credit insurance is utilised in conjunction with invoice

funding and can be used as a sales enabler to mitigate and

transfer potential risk.

Plenty of questions were asked during the workshop style

presentation – from how an assessment of any claim is

made to the potential turnaround time for settlement to

be agreed and paid. The benefits to further understand

this sector in greater detail and the sharing of experiences

of the attendees was apparent to all. During the midcircuit

room switch, Nick Salmons from Praetura showed

his resilience by closing the gap heading straight into the

second session.

Nick opened with an overview as to the benefits for assetbased

lending and how it can be used across several areas

within a business to aid growth and assist cashflow. A

main point highlighted within the discussion was how

lending can also improve credit risk management through

better monitoring processes, in turn allowing additional

flexibility and understanding for ongoing customer

communication.

Lots of questions were asked pertinent to Nick’s view on

how funding and credit insurance can both positively

work together allowing credit managers and decision

makers more freedom within the business.

Coming to the end of the credit training circuit it was clear

that Steve and Nick were both on top form and deserved

a shared spot on the winners’ podium, as evidenced by

the positive feedback received. All guests thanked our

presenters for their time and the information and insights

generously shared.

Author: Richard House MCICM, Chair of CICM Sheffield and

District Branch.

Trade Tarrifs

CICM EAST OF ENGLAND BRANCH

IN the first of two webinars on the subject of Trade

Tariffs, Andy Moylan FCICM, delivered Trade Tariffs:

What do they mean to you as a Credit Manager and to

your business?

Andy held delegates engrossed as he painted a

devastating picture, crammed with facts and figures,

about today’s evolving political and economic landscape.

He explored the real reasons behind Trump's tariffs, the

USA's huge sovereign debt, and Trump's Gulf States visits,

the massive rise in China's manufacturing sector driven

by AI and technology, the challenges faced by a weak

Europe, and the need to grow the almost non-existent

manufacturing base in the UK – whilst protecting vital

sectors such as the steel industry.

What is really behind the USA tariffs – Is it smoke

& mirrors? was the topic for the second Trade Tariffs

webinars, which was held in June.

Author: Richard Brown FCICM, CEO of EFCIS and CICM

East of England Vice Chairman, Secretary and Treasurer.


Looking for

your next

career move?

Senior Credit Controller

Birmingham, £30k - £33k

A large and growing professional services business in

Birmingham city centre is currently recruiting for an experienced

and ambitious Senior Credit Controller. You will be responsible

for maximising the collection of debt and ensure remedial

solutions are provided to ensure overdue debt and collections

are achieved in line with targets. Previous experience within

a similar role and the ability to understand, interpret and

communicate complex accounts and financial reports

is required. Ref: 4694564

Contact Henry Brook on 0333 010 7517

or email henry.brook@hays.com

Credit Controller

Crawley, £30k - £35k

A leading company is expanding its credit team, offering a

hybrid role focused on cash allocation, debt management,

reconciliations, and financial reporting. Candidates need strong

credit control experience, Excel proficiency, and stakeholder

relationship skills. Benefits include private healthcare, a discount

scheme, a 6% pension contribution, and 28 days holiday plus

bank holidays. Ref: 4692614

Contact Kitty Ford on 0333 010 633

or email kitty.ford@hays.com

Project Billing Accountant

Epsom, £35k

The key purpose of the role is to help with the finance

transformation and centralise billing in the UK sector. You will

be preparing sales invoices with supporting documentation

and analysis, which needs to be prepared precisely as per client

specifications. The role will also be answering queries pertaining

to sales invoices/credit notes from internal and external business

partners. This role is a good opportunity for the right person to

progress and make a positive impact in a changing business and

system environment. Ref: 4693809

Contact Mark Ordona on 07565 800574

or email mark.ordona@hays.com

Credit Controller

Weybridge, £35k

A skilled credit professional is required to join a leading global

business on a permanent basis. Reporting to the Credit

Manager, you will be managing your own ledger of accounts and

will be responsible for reducing aged debt and minimising credit

risk to the business. Your duties will include chasing payments,

resolving queries, and accurately maintaining customer

accounts. Hybrid working available. Ref: 4693901

Contact Natascha Whitehead on 0777 078 6433

or email natascha.whitehead@hays.com

This is just a small selection of the many opportunities we have available for credit professionals. To find out

more, visit our website or contact Natascha Whitehead, Credit Management UK Lead at Hays on 07770 786433.

hays.co.uk/credit-control-jobs


Senior Credit Specialist

London, £40k - £50k

An experienced credit professional is required to join an

entrepreneurial, global tech firm based in central London.

Joining this growing business in a newly created role, you will

oversee invoice financing, debt recovery, and aged debtor

management, ensuring cash flow optimisation and financial

accuracy. Initially a hands-on, sole charge position, it is

anticipated that this role will continue to evolve as the

business grows, therefore, career development and

progression are highly likely. Ref: 4686606

Contact Mithiran Elangco on 0203 465 0020

or email mithiran.elangco@hays.com

Credit Control Team Leader

Cheadle, £40k - £50k

This new company is a vibrant, successful niche business,

where its people are the heart of the organisation. You will

be responsible for managing a stable team of three Credit

Controllers, steering the ship and navigating through

day-to-day operations. In this varied role, you will report to the

Finance Manager and gain autonomy to oversee operations.

Previous leadership experience is essential. Ref: 4693495

Discover new

opportunities today

Contact Joanna Taylor-Coburn on 0161 926 8605

or email joanna.taylor-coburn@hays.com

© Copyright Hays plc 2025. All rights are reserved. CM-00949


International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

UK heralds ‘landmark’

deals with India and US

THE UK Government began what

appears to be a lucky streak in terms of

agreeing ‘landmark’ trade deals – with

India.

In overview, Indian tariffs on UK goods

will be cut with reductions on 90% of

tariff lines – 85% of these becoming fully

tariff-free within a decade.

Whisky and gin tariffs will be halved

from 150% to 75% before reducing

to 40% by year 10 of the deal, and

automotive tariffs drop from over 100%

to 10% under a quota.

Other goods with reduced tariffs

include cosmetics, aerospace, lamb,

medical devices, salmon, electrical

machinery, soft drinks, chocolate and

biscuits. The deal should help UK

advanced manufacturing sectors from

aerospace and automotive, electrical

circuits and conductors, and high-end

optical products. It will also benefit

those in the clean energy industry.

The quid pro quo is that consumers

in the UK should see lower prices on

clothes, footwear, and some food

products from Indian exporters arriving

in the UK.

The Government reckons that the

deal should increase bilateral trade by

£25.5bn, UK GDP by £4.8bn and wages

by £2.2bn each year in the long run.

After the Liberation Day tariffs placed

on the UK by President Trump in April

came what the Government hailed as

another landmark economic deal with

United States that it says will save

thousands of jobs for British car makers

and steel industry.

From reports, it appears that the UK

stole a march on the world by securing

the first trade deal with the US. Under

the terms of the deal, US tariffs on the

automotive sector were immediately

slashed from 27.5%, with steel and

aluminium reduced to zero.

The cut for automotive needs to be

qualified though as it only applies to

the first 100,000 vehicles made in the

UK and sent to the US. But since that

applies to what was exported to the US

in 2024, it’s a moot point.

And as for food exports, the

Government has said that in a win

for both nations, ‘we have agreed

new reciprocal market access on beef

– with UK farmers given a quota for

13,000 metric tonnes. There will be no

weakening of UK food standards on

imports’.

Certainly, manufacturers such as

Aston Martin and Jaguar Land Rover will

be pleased. The former was said, when

the hike in tariffs was first announced,

to be carefully monitoring the evolving

US tariff situation and was limiting

exports while relying on stock held by

US dealers. And the latter commented

that it was taking some short-term

actions, including a shipment pause

as it develops its mid to longer-term

plans.

BCC: * UK MUST COMMIT

TO * FREE TRADE

THE president of the British Chambers

of Commerce, Martha Lane Fox, gave a

speech at the Mansion House that urged

the Government to commit to free trade

and to pursue an improved EU deal.

She also asked the Government

to prioritise the BCC’s top six

recommendations on improving Brexit.

Lane-Fox said that in an era where

traditional globalisation is faltering,

the UK stands at a critical crossroads,

and how we resopond is becoming

increasingly urgent. Beyond wanting

‘concrete results’ from the EU-UK

Summit, the BCC wants bureaucracy

tamed. Lane-Fox gave an example that

a British chocolate producer told the

BCC they can ship to the US in two days,

yet they can wait up to two weeks for

deliveries to France.

She commented that the US and the

EU aren’t the only shows in town; as well

as India, Canada is open to negotiations

once more and the Indo-Pacific offers

a gateway to what she described as a

whole new world of opportunity.

In summary, Lane-Fox was targeting

the government’s Trade Strategy which

she said should be true to our values on

fair and open trade and commit to lower

tariffs with key trading partners where

we can.

UK RESETS RELATIONSHIP

WITH EUROPE

COMPLETING a hat-trick of new trade

deals, the UK Government has concluded

a ‘reset’ with the EU that many thought

was about time.

The deal, at the time of writing, needs

to be fully finalised, but includes new

fishing quotas for EU and UK trawlers,

the reduction in checks on UK food

exports along with the right to sell raw

burgers and sausages in the EU, a

formalised EU-UK defence pact, British

travellers being able to use EU e-gates

at passport control, and the linking of

carbon markets that will help British Steel

avoid EU tariffs.

However, those in the UK fishing sector

are unhappy with EU fisherman having

access to UK waters for 12 years. And

there’s criticism that the UK will have

to align with EU standards… all without

being able to influence EU regulations.

Brexit is back in the news, but does

anyone care?


The King’s Awards for Enterprise

THE Department for Business and Trade

has published details of 197 recipients

of The King’s Awards for Enterprise,

celebrating the achievements of leading

businesses from across the UK and

Channel Islands and recognising their vital

role in growing our economy to improve

lives.

Overall, 116 businesses have been

recognised for international trade,

46 for innovation, 27 for sustainable

development and 10 for promoting

opportunity through social mobility. Of the

197 winning businesses, 176 are SMEs,

and of those, 27 are micro-businesses with

10 employees or less.

Winners include Sonardyne

International, a Hampshire based firm,

working in offshore energy, maritime

defence and ocean science markets; Delta

Fire, described as a globally recognised

designer, manufacturer, and supplier of

specialist front-line firefighting products;

and Level Peaks which supplies defence

and security equipment to the UK

Government and governments abroad.

Made in Britain applications rise

HIGH LOW TREND

MANUFACTURING Management has

reported that trade organisation, Made

in Britain, has seen a 20% surge in

membership applications following the

imposition of President Trump’s tariffs

on imported goods, as interest in ‘buying

British’ is growing among businesses

and consumers alike both in the UK and

elsewhere.

John Pearce, CEO of Made in Britain,

said that since the tariffs, more businesses

are focused on British manufacturing

representation and promotion, so he

has seen a real upswing in applications.

There’s a clear correlation, he believes,

with the introduction of America’s

sweeping trade tariffs, with businesses

eager to celebrate and showcase their

British-made products.

Made in Britain currently has more

than 2,100 members. It seeks to help

companies promote their products,

strengthen brand visibility, and build

consumer trust through use of its globally

recognised registered trademark.

Record high invoice rejections

BUSINESSES around the world are

delaying payments and rejecting invoices

at levels not seen before, according to data

from Basware, an invoice processing firm.

It found that 2.9m invoices were rejected

globally in the first quarter of 2025 — up

2m over the same period last year. The

total rejection rate was 7% of all invoices,

up from just 1.9% a year prior.

Basware thinks that the rise in

GBP/EUR 1.19515 1.1718 Down

GBP/USD 1.36214 1.3341 Up

GBP/CHF 1.11998 1.0937 Down

GBP/AUD 2.10178 2.06783 Down

GBP/CAD 1.86722 1.83212 Down

GBP/JPY 196.835 192.013 Up

rejections can be tied to President Trump’s

imposition of new tariffs which disrupted

trade relationships and led many

businesses to renegotiate contracts, defer

payments, and reassess supplier terms.

Despite this, overall transaction volumes

rose 5%, as companies attempted to

stockpile goods ahead of expected tariffs.

US imports grew by 41%, led by metals

and pharmaceuticals.

For the latest

exchange rates visit

www.currenciesdirect.com

or call 020 7874 9400

Currency Exchange Rates

16th May to 17th June 2025. This

data was taken on 18th June and

refers to the month previous to/

leading up to 17th June.

CREDIT MANAGEMENT

CHICKEN OR BEEF?

ACCORDING to The Atlantic, for

decades, the fried-chicken sandwich

was an also-ran compared with

hamburgers, and then it was a meme,

and now it is America’s favourite thing

to do with meat and bread.

Apparently, between 2019 and

2024, fried-chicken sandwich

consumption grew 19% at US

restaurants, while burger consumption

fell 3%. Over that same timespan some

2,800 chicken fast-food spots opened

in the US, while around 1,200 burger

restaurants closed.

Of course, the big names have led

the charge: Chick-fil-A, and McDonald’s

with its McCrispy in 2021 - selling

around $1bn of product a year. It

appears that Michelin-starred chefs

have not ignored the chicken sandwich

either.

The bottom line is that firms wanting

new food markets need to look more

at the trends than the stereotype. In

some cases, change happens because

of cost, in others it’s down to health

perceptions over food, but change may

also be related to where and how food

is consumed.

CONCERNS IN AUSTRALIA

TRADE insurer Atradius recently

commented that businesses in

Australia are having to adapt their

financial planning strategies in

response to higher payment default

risks.

Atradius reckons that they are facing

liquidity challenges due to rising B2B

late payments and defaults amid an

unpredictable economic and trading

environment. Atradius also believes

that many businesses across various

industries relaxed their B2B trade

credit policies, offering more credit

and payment flexibility to customers

in order to remain competitive and

sustain revenue.

According to its Payment Practices

Barometer Australia – 2025, only

37% of business invoices are paid

on time, 52% are overdue and 11%

of invoices by value end up as a bad

debt. Consequently, Atradius says

that this has led to a significant cash

flow imbalance, prompting increased

reliance on external financing which

provides short-term relief but creates

additional pressure on liquidity.


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

Michael Anstead – FCICM

Paul Rogan – FCICM

James Goddard – FCICM

Arvind Kumar – FCICM

Daniel Hegarty – FCICM

Janice King – FCICM

Nick Hayes – FCICM

Caroline Reynolds – FCICM

Bernadette Stephens – FCICM

MCICM

Fred Jan – MCICM

Wendy Hall – MCICM

Janice Hosten – MCICM

Mark Clowes – MCICM

Jason Pratt – MCICM

Fiona Smither – MCICM

Jimena Olindi – MCICM

ACICM

Anne-Marie Maxwell – ACICM Aalia Satti – ACICM Sze Wai Tam – ACICM

AWARDING BODY

Congratulations to the following, who successfully achieved Diplomas

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

Marketa Schatzova Kornelia Molnar Neethu Prasad

Level 3 Diploma in Money & Debt Advice

Charlotte Murray

Lisa Thornhill

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

Simon Burton

Sean Kelly

Level 5 Diploma in Credit & Collections Management

Jamie-Louise Flower


EXCLUSIVE PAYMENT TRENDS

ON THE MEND

Signs of late payment recovery across the board.

BY ROB HOWARD

THE June issue of Payment Trends

was littered with increases to late

payments right across the board.

The latest data, however, is a bit of

a mixed bag, but at least there are

some signs of recovery. The average

Days Beyond Terms (DBT) across

UK regions and sectors reduced by 0.2 and 0.9 days

respectively. Average DBT across Irish counties saw no

change, while the average across Irish sectors dropped

by 1.9 days. Across the four provinces of Ireland, the

average DBT reduced by 1.0 day.

SECTOR SPOTLIGHT

The 22 UK sectors can be split perfectly in half, with

11 improving and 11 moving in the wrong direction,

although it is worth noting that the majority of

increases to DBT are not significant. For instance, a

rise of 1.9 days for the Transportation and Storage

sector, was the biggest increase across all UK sectors.

Focusing on the positives, the International Bodies

sector continues to go from strength to strength,

maintaining its place as the best performing UK sector,

with a further reduction of 5.7 days taking its overall

DBT to zero days. Elsewhere, the Energy Supply (-4.7

days), Financial and Insurance (-4.5 days) and IT and

Comms (-4.4 days) sectors all made solid gains in

reducing their DBT.

The outlook in Ireland is similarly split, with nine

sectors improving, one seeing no change and 10 sectors

seeing increases to DBT. Unlike the UK, however,

a number of the rises are not so minor. The IT and

Comms sector saw the biggest jump, with an increase

of 9.1 days taking its overall tally to 14.1 days. The

Financial and Insurance (+6.2 days), Mining and

Quarrying (+4.7 days) and Transportation and Storage

(+4.1 days) also saw rises to DBT. On the plus side,

there were also some major improvements. None more

so than the Water & Waste sector, which has been cast

adrift at the bottom of the standings for some time,

and although it remains the worst performing Irish

sector, a massive reduction of 38.4 days means it has

closed the gap, now with an overall DBT of 34.4 days.

The Agriculture, Forestry and Fishing sector was the

other stand-out performer, cutting its DBT by 11.0

days.

REGIONAL SPOTLIGHT

Sticking with the story of two halves, five UK regions

are on the up, five are going backwards, with one seeing

no change to DBT, but movements on both sides were

fairly minimal. The West Midlands saw the biggest

improvement, with a reduction of 1.7 days taking its

overall DBT to 8.3 days and putting it amongst the top

five prompter payers. Northern Ireland, meanwhile,

saw the biggest increase, with a jump of 1.9 days taking

its overall DBT to 12.3 days, making it the second worst

performing UK region.

Across the counties of Ireland, although the average

DBT figure saw no change, there were more counties

going backwards (15) than making improvements (11)

to DBT. Cavan saw the biggest rise, with an increase

of 11.1 taking its overall DBT to 33.8 days, making it

the worst performing Irish county. Wexford (+9.8

days), Cork (+9.4 days) and Leitrim (+8.8 days) also

saw steep rises to DBT. On the up, however, is Carlow

which moves off the bottom of the standings following

a reduction of 14.7 days to its DBT, taking its overall

figure to 20.5 days. Westmeath (-11.0 days), Monaghan

(-10.6 days) and Galway (-9.9 days) also made positive

strides forward.

Across the four Irish provinces, only Munster saw an

increase to its DBT, and moves from best performing to

worst performing province with an increase of 4.2 days

taking its overall figure to 12.1 days. A reduction of 3.5

days means that Connacht is now the top performing

province with an overall DBT of 8.4 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) 25 May Changes from 25 Apr

South West 6.0 -0.8

Scotland 8.1 0.3

South East 8.3 0.1

West Midlands 8.3 -1.7

London 8.4 -0.9

Bottom Five Poorest Payers

Region (UK) 25 May Changes from 25 Apr

East Anglia 12.7 0

Northern Ireland 12.3 1.9

North West 10.9 0.4

Yorkshire and Humberside 9.4 -0.5

East Midlands 8.9 0.4

Getting worse

Transportation and Storage 1.9

Professional and Scientific 1.1

Dormant 0.8

Manufacturing 0.8

Public Administration 0.7

Agriculture, Forestry and Fishing 0.5

Education 0.5

Water & Waste 0.2

Business from Home 0.1

Health & Social 0.1

Top Five Prompter Payers

Sector (UK) 25 May Changes from 25 Apr

International Bodies 0.0 -5.7

Business from Home 5.1 0.1

Entertainment 5.4 -0.9

Education 5.7 0.5

Energy Supply 5.9 -4.7

Bottom Five Poorest Payers

Sector (UK) 25 May Changes from 25 Apr

Water & Waste 13.2 0.2

Manufacturing 11.9 0.8

Transportation and Storage 11.4 1.9

Business Admin & Support 10.4 -1.1

Dormant 10.3 0.8

Wholesale and retail trade; repair of

motor vehicles and motorcycles 0.1

Getting better

International Bodies -5.7

Energy Supply -4.7

Financial and Insurance -4.5

IT and Comms -4.4

Other Service -1.8

Business Admin & Support -1.1

Hospitality -1

Entertainment -0.9

SCOTLAND

0.3 DBT

Mining and Quarrying -0.7

Construction -0.5

NORTHERN

IRELAND

1.9 DBT

SOUTH

WEST

-0.8 DBT

WALES

-0.8 DBT

NORTH

WEST

0.4 DBT

YORKSHIRE

& HUMBER-

SIDE

-0.5 DBT

WEST EAST

MIDLANDS MIDLANDS

-1.7 DBT 0.4 DBT

LONDON

-0.9 DBT

SOUTH

EAST

0.3 DBT

EAST

ANGLIA

0.0 DBT

Real Estate -0.4

Region

Getting Better – Getting Worse

-1.7

-0.9

-0.8

-0.8

-0.5

0.0

1.9

0.4

0.4

0.3

0.1

West Midlands

London

South West

Wales

Yorkshire and Humberside

East Anglia

Northern Ireland

East Midlands

North West

Scotland

South East


EXCLUSIVE PAYMENT TRENDS

CONNAUGHT

-3.5 DBT

MONAGHAN

-10.6 DBT

ULSTER

-4.3 DBT

CAVAN

11.1 DBT

Getting worse

Water & Waste -38.4

Agriculture, Forestry and Fishing -11

Real Estate -5.2

Public Administration -3.6

MUNSTER

4.2 DBT

CORK

9.4 DBT

LIMERICK

-5.9 DBT

CARLOW

-14.7 DBT

WATER-

FORD

0.1 DBT

WEST-

MEATH

-11 DBT

WEXFORD

9.8 DBT

DUBLIN

-4.8 DBT

Energy Supply -3

Education -2.4

Business Admin & Support -2.1

Hospitality -0.5

Health & Social -0.3

Top Five Prompter Payers – Ireland

Region May 25 Changes from Apr 25

Monaghan 0.0 -10.6

Westmeath 3.6 -11

Limerick 5.9 -5.9

Galway 7.4 -9.9

Dublin 7.7 -4.8

Bottom Five Poorest Payers – Ireland


Cavan 33.8 11.1

Carlow 20.5 -14.7

Wexford 20.1 9.8

Waterford 18.3 0.1

Cork 16.0 9.4

Top Four Prompter Payers – Irish Provinces


Connacht 8.4 -3.5

Ulster 10.4 -4.3

Leinster 10.5 -0.6

Munster 12.1 4.2

Getting better

IT and Comms 9.1

Financial and Insurance 6.2

Mining and Quarrying 4.7

Transportation and Storage 4.1

Construction 3.5

Entertainment 2.4

Other Service 2.4

Wholesale and retail trade; repair

of motor vehicles and motorcycles 1.0

Manufacturing 0.8

Professional and Scientific 0.7

Top Five Prompter Payers – Ireland

Sector May 25 Changes from Apr 25

International Bodies 0 0

Public Administration 4.5 -3.6

Entertainment 4.6 2.4

Real Estate 5.8 -5.2

Health & Social 6.2 -0.3

Nothing changed

International Bodies 0

Bottom Five Poorest Payers – Ireland

Sector May 25 Changes from Apr 25

Water & Waste 34.4 -38.4

Transportation and Storage 16.4 4.1

IT and Comms 14.1 9.1

Construction 13.0 3.5

Financial and Insurance 12.5 6.2


CreditWho?

CICM Directory of Services

COLLECTIONS

COLLECTIONS

CREDIT DATA AND ANALYTICS

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.

Thornbury Collection Services Ltd

T: 01443 224407

E: Info@thornburycollections.co.uk

W: www.thornburycollections.co.uk

We are a CICM Award winning company, founded in 2002

Our head office is located in Cardiff, helping clients throughout

the UK and internationally, specialising in commercial B2B debt.

Working with clients of all sizes, from one-man bands to

multinational companies, offering a full turn key service with end

to end support, the perfect piece of the credit jigsaw. Offering

terms and conditions, reviewing, enhancing and drafting credit

processes. Credit control support packages , awareness and

training sessions, recovering debts and dispute resolution.

Facilitation of court work, enforcement and the collect out of full

debtor books.Small enough to care Big enough to win.

COLLECTIONS LEGAL

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, winner of the CICM British Credit

Awards 'Technology Development Award 2025', has been

a leading Credit Report Agency in the UK, providing online

company credit checks and business credit score information

to businesses and suppliers in the UK, Ireland and globally. Our

services include competitively priced data aggregation from top

UK, Ireland, and overseas providers. Our business credit report

service provides financial data and credit scores from companies

in 240 countries/territories. Additionally, we offer CRM integration,

Dual Reports, Business Credit Monitoring, and other essential

business credit report checking services. We have consistently

been finalists or winners in numerous Small Business and

Credit Awards. Our clients love how we actively engage in their

customer journey, delivering over 90% customer retention rate.

We consistently offer value for money, excellent customer service,

and ongoing product innovation.

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.

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

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.

Dun & Bradstreet

T: 0808 239 7001

E: hello@dnb.com

W: www.dnb.co.uk

At Dun & Bradstreet, we have a standardised risk approach to

help make confident, timely, and accurate lending and credit

decisions. We help businesses access up-to-date and timely

data on hundreds of millions of global businesses. And we

don’t limit how often you’re able to run checks on businesses in

your portfolio. So, you can be sure you always have the latest

information on the companies you choose to do business with

– whether micro businesses run by a single person right up to

large, international enterprises.

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.


FOR ADVERTISING INFORMATION OPTIONS

AND PRICING CONTACT

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

CREDIT MANAGEMENT SOFTWARE SOFT-

CREDIT MANAGEMENT SOFTWARE SOFT-

DEBT & ASSET RECOVERY SERVICE

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: 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.

ESKER

Sam Townsend Head of Marketing

Northern Europe Esker Ltd.

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

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

Twitter: @EskerNEurope blog.esker.co.uk

Esker’s Accounts Receivable (AR) solution removes the

all-too-common obstacles preventing today’s businesses

from collecting receivables in a timely manner. From credit

management to cash allocation, Esker automates each step of

the order-to-cash cycle. Esker’s automated AR system helps

companies modernise without replacing their core billing and

collections processes. By simply automating what should

be automated, customers get the post-sale experience they

deserve and your team gets the tools they need.

Genius Software Solutions

T: +44 (0) 141 280 0275

E: sales@geniusssl.com

W: www.geniusssl.com

Genius provides solutions designed to enhance your customer

engagement with compliance in full focus; our team have decades

of operational experience in the Debt & BPO space.

As a global outreach partner our technology drives compliance

and operational efficiency to help your business thrive.

• Streamline Collections, Payments & Asset Recovery, whether this

be in-house or within a BPO setting with our Adept platform.

• Enhance customer engagement with our cloud-based

omnichannel platform, Commpli.

We've helped businesses worldwide enhance efficiency, optimise

workflows, and respond to the dynamic needs of a changing

marketplace.

My DSO Manager

22, Chemin du Vieux Chêne,

Bâtiment D, Meylan, FRANCE

T: +33 (0)458003676

E: contact@mydsomanager.com

W: www.mydsomanager.com

My DSO Manager is an all-in-one intelligent SaaS accounts

receivable and credit management system that provides

real-time insight and scalability from SMEs to international multientity

companies. It helps AR analysts, accounting or finance

managers, and any client-facing employee, manage risk and

maximize cash collection.

It can swiftly integrate any kind of data from any ERP and

implement any customization due to its creative, competent IT

teams that are headquartered inside the firm and collaborate

closely with support employees, many of whom were formerly

credit managers at big corporations.

The feature-rich functions, automated reminders, alerts, and

numerous services connected to the solution, such as EDM/

CRMs/insurance/e-payment/BI platforms etc., along with

a reasonable pricing system, have simplified the credit-tocash

cycle by monitoring daily KPIs like DSO, aging balance,

overdues/past-dues, customer behavior, and cash forecast.

My DSO Manager's worldwide clientele are its real

ambassadors, who assist the company in expanding on an

ongoing basis.

TCN

T: +44 (0) 800-088-5089

E : spencer.taylor@tcn.com

W: www.tcn.com

TCN is a leading provider of cloud-based call centre technology

for enterprises, contact centres, BPOs, and collection

agencies worldwide. Founded in 1999, TCN combines a deep

understanding of the needs of call centre users with a highly

affordable delivery model, ensuring immediate access to robust

call centre technology, such as SMS, email, predictive dialler,

IVR, call recording, and business analytics required to optimise

operations while adhering to callers’ requests.

Its “always-on” cloud-based delivery model provides customers

with immediate access to the latest version of the TCN solution,

as well as the ability to quickly and easily scale and adjust to

evolving business needs. TCN serves various Fortune 500

companies and enterprises in multiple industries, including

newspaper, collection, education, healthcare, automotive,

political, customer service, and marketing. For more information,

visit www.tcn.com or follow on Twitter @tcn.

DEBT & ASSET RECOVERY SERVICE

STA International

T: 01622 600 921

E: sales@staonline.com

W: www.stainternational.com

STA International is a trusted leader in credit management,

providing expert solutions in global debt recovery, outsourced

credit control, address tracing, and legal debt recovery. For

over 30 years, we’ve helped businesses of all sizes maximise

cash flow, minimise risk, and recover outstanding debts

efficiently.

We act as extension of your credit control team, using

technology, knowledge, and an effective ethical approach

to your debt recovery. Our bespoke processes ensure that

collections are dealt with professionally and amicably, helping to

protect your reputation and relationships while achieving results

that improve your cash flow.

Our activities on individual cases and overall performance stats

can be accessed 24/7 on our market-leading client reporting

platform, Your Debts Online. At STA International, we don’t

just recover debt; we support businesses to create healthy

financial positions while fostering better long-term customer

relationships.

Shakespeare Martineau

E: jayne.gardner@shma.co.uk,

W: www.shma.co.uk

T 01789 416440

Shakespeare Martineau provides expert debt and asset

recovery services across various sectors, including energy,

manufacturing and Government. Our team supports regulated

and unregulated debt, acting as an extension of internal

collections when needed. We prioritise keeping client costs low

while empathetically engaging with debtors. Our 70+ experts

offer cradle-to-grave B2B and B2C collections, transparent

fee plans, bespoke service, flexible case management, and

additional support like training, advice, litigation and mediation.

ENFORCEMENT

Court Enforcement Services

Samuel Evans – Director of Business Development

T: 07759 122503

E : s.evans@courtenforcementservices.co.uk

W: www.courtenforcementservices.co.uk

Court Enforcement Services are the CICM Enforcement Business

of the Year. Recognised for our professional, client-focused,

and approachable service, our expert team has enforced over

100,000 Writs, recovering over £105m for clients and claimants

since the end of the pandemic. Our commitment to excellence

is reflected in our client satisfaction survey, where 100% of

respondents confirmed we meet or exceed expectations as a

High Court enforcement supplier, with many highlighting our

superior collection performance over industry competitors. We

work closely with legal professionals, businesses, and individuals

to provide ethical, effective, and fully compliant enforcement

solutions. Combining experience with innovation, we ensure the

best possible outcomes while upholding the highest standards of

professionalism, integrity, and service excellence.

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.


CreditWho?


FOR ADVERTISING INFORMATION

OPTIONS AND PRICING CONTACT

paul.heitzman@cplone.co.uk

FINANCIAL PR

PAYMENT SOLUTIONS

RECRUITMENT

Gravity Global

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

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

W: www.gravityglobal.com

Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the

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

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

best-known brands working on often challenging briefs. As

the partner agency for the Credit Services Association (CSA)

for the past 22 years, and the Chartered Institute of Credit

Management since 2006, it understands the key issues

affecting the credit industry and what works and what doesn’t in

supporting its clients in the media and beyond.

INSOLVENCY

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.

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.

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

E: creditorservices@menzies.co.uk

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

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

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

is approaching, insolvency proceedings. Our services include

assisting with retention of title claims, providing representation

at creditor meetings, forensic investigations, raising finance,

financial restructuring and removing the administrative burden

– this includes completing and lodging claim forms, monitoring

dividend prospects and analysing all Insolvency Reports and

correspondence.

For more information on how the Menzies LLP Creditor

Services team can assist, please contact Giuseppe Parla,

Licensed Insolvency Practitioner, at:

E: gparla@menzies.co.uk / tel:+44 3309 129828

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.

FIS

W: www.fisglobal.com.

FIS is a financial technology company providing solutions to

financial institutions, businesses and developers. We unlock

financial technology that underpins the world’s financial system.

Our people are dedicated to advancing the way the world pays,

banks and invests, by helping our clients confidently run, grow

and protect their businesses. Our expertise comes from decades

of experience helping financial institutions and businesses adapt

to meet the needs of their customers by harnessing the power that

comes when reliability meets innovation in financial technology.

Headquartered in Jacksonville, Florida, FIS is a member of the

Fortune 500® and the Standard & Poor’s 500® Index. To learn

more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn

and X (@FISglobal).

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.

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.

CreditWho?


For advertising information

options and pricing contact

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



EXPERIENCED

DEDICATED

AGENTS

ETHICAL

CUSTOMER

SERVICE

EFFICIENT

COLLECTIONS

CASH FLOW

CURE

DEBT

PURCHASE

TRACING &

GLOBAL

COLLECTIONS

Copyright 2024 - Created by MIL Collections Ltd using AI

GET IN TOUCH:

01872 713 580

sales@milcollections.co.uk

Revolutionary Utility, Commercial

& Consumer Debt Services


CM July and August 2025

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