Credit Magazine October 2025

CREDIT MANAGEMENT

CM

OCTOBER ISSUE 2025

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

The

vulnerability

trap

How is the industry

continuing to react to

changing financial realities?

INTERVIEW

With Advisory Council

member Laura Brown

MCICM(Grad).

PAGE 12

TRADE

What does the EU-

UK reset mean for

business and trade?

PAGE 16

PAYMENTS

Late payment is

more than a financial

nuisance.

PAGE 20

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IONA YADALLEE

EDITOR

Editor’s column

NOT ALWAYS

WHAT YOU

EXPECT

CREDIT teams are often described

as the backstop of a business

safeguarding cash flow, checking risk,

chasing payment. But the truth is,

they’re often the first to spot what’s

going wrong. And increasingly, that’s

not just about numbers.

Two features in this issue reflect that shift. On page

20, Ashley Smith PHD FCCA FCICM writes about

late payment, still one of the biggest threats to SME

stability and a persistent source of frustration for credit

professionals trying to do the right thing. He draws

upon his research thesis which explores the secondary

effects of late payment on SMEs and its wider impact

on society. And on page 24, Steve Kiely explores the

wider landscape of vulnerability, who’s affected, what’s

changing, and why it matters more than ever.

What connects them is this: vulnerability doesn’t always

appear as we expect it to. Nor does it always appear

where we expect it to. For some businesses, it’s masked

by polite emails, extended terms, or a quiet request

to ‘bear with us’. For others, it sits behind a customer

who’s always been reliable – until they aren’t. And with

media headlines once again pointing to slowing wage

growth and a cooling jobs market, this will inevitably

bring added strain on households, on cashflow, and on

the conversations credit teams are having every day. The

warning signs don’t always shout. Sometimes they whisper.

That’s why the conversations credit professionals are

having every day, about payment terms, working capital,

and risk, are more important than ever. They’re not just

about transactions. They’re about trust. And they often

play a role in keeping the supply chain functioning when

the economic signals are mixed and pressure points are

growing.

It’s also why the role of credit deserves recognition. As

this issue goes to print, entries for the CICM British

Credit Awards 2026 have closed, and the judges will be

reviewing what looks to be another outstanding year

of nominations. The shortlist will be announced in

November. Thank you to everyone who has taken the

time to enter these awards, and to all those who continue

to follow, support and celebrate best practice across the

credit profession.

Brave | Curious | Resilient / www.cicm.com / October 2025 / PAGE 3

contents

October 2025 issue

10 – Payback Time

What’s happened to Fraudulent Bounce

Back Loans?

12 – Building for the Future

An interview with Laura Brown MCICM, Saint-

Gobain, member of the Advisory Council.

16 – The UK-EU ‘reset’ and business

Recent negotiations between Britain and

Europe show a softening of relations.

20 – Why non-payment is a bother

Late payment is more than a financial

nuisance.

22 – Balancing act

Recent moves by powerful trading partners

reveal growing tension in commercial

relationships.

24 – The vulnerability trap

How is the industry continuing to react

to changing financial realities?

32 – Country Focus – Germany

A land of export opportunities.

37 – Navigating the Net Zero roadmap

Independently verified sustainability offers

huge rewards but can be complicated for

smaller businesses.

40 – Demystifying civil enforcement

Enforcement officers play a positive role in

society – they deserve better than bad press.

42 – Riding the return

How to ease back into work with flow, focus

and perspective.

37

UK STANDARDS

22

BALANCING ACT

44 – Assessing disability

When do employers need to make adjustments

for neurodivergent employees?

10

INSOLVENCY

Alexandra Davies form Menzies LLP.

What’s Happened to Fraudulent

Bounce Back Loans?


24

VULNERABILITY TRAP

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

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

42

CAREERS

32

COUNTRY FOCUS

Publisher

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Telephone: 01780 722900

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

Managing Editor: Iona Yadallee

Art Editor: Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Rob Howard, Milica Cosic and

Melanie York

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Email: paul@centuryone.uk

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Reproduction in whole or part is forbidden without specific permission.

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

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

Chartered Institute of Credit Management.

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


THE NEWS

CMNEWS

A round-up of news stories from the

world of consumer and commercial credit.

City deregulation could

lead to financial crisis

ANDREW Bailey, the

Governor of the Bank

of England, who recently

appeared before

the Treasury Select

Committee, has gone

on record as saying that the Chancellor’s

plans to limit banking regulations could

destabilise the UK’s financial system and

risk a future financial crisis.

Bailey does not think it is “a sensible”

time to unwind safeguards such as bank

ringfencing that were introduced after

the 2008 global crash to separate riskier

investment banking from retail operations.

His comments are in opposition to

Rachel Reeves’ Mansion House speech,

where she described the current regime as

constricting business.

The governor chairs the Financial

Stability Board and recognises that some

may believe “the financial crisis is now

in the past”. However, he still thinks that

“there remains a live threat to financial

stability” that requires safeguards.

The chancellor’s plan to review and

potentially dismantle the ringfencing

regime — a key part of post-2008 banking

reform — has not been universally

welcomed by financial experts and former

regulators including Sir John Vickers, who

designed the original framework. As he

told ITV News, “regulatory simplification

is fine so long as the basics - including

plenty of equity capital - are sound… banks

are sounder than they used to be, but in

my view not sound enough. And on most

reckonings, risk has gone up lately.”

While Reeves argues that deregulation

is essential to kickstart the UK’s stagnant

economy, naysayers think that the move

could expose the public to the same

systemic risks that triggered the last

banking crisis.

Notably, Bailey didn’t directly criticise

the chancellor but made it clear he would

not have used language that described

regulation as “a boot on the neck of

business.”

The causes of the concerns raised by

Bailey aren’t new in source and were first

mooted in part of Reeves’ Mansion House

speech in 2024 and again in Leeds the day

before her 2025 speech – hence the moniker

attached to them, the Leeds Reforms.

It should be said that many of the

planned reforms are thought to be sensible

with, for example, the Financial Conduct

Authority and the Bank of England’s

Prudential Regulation Authority being

given clear deadlines on how quickly

they must approve new firms and senior

managers, and allowing banks to alert

customers to the fact that money in their

cash accounts could be earning higher

returns in the stock market.

But another element of Reeves’ plans

might backfire – the suggestion that

regulators raise the balance sheet threshold

beyond which lenders must issue lossabsorbing

debt to protect depositors to

£40bn pounds from £25bn. The Guardian

thinks the idea odd “since the failure of U.S.

lender Silicon Valley Bank in 2023 arguably

demonstrated the dangers of not having

such a buffer.”

The Guardian did welcome the

recognition that the UK’s financial

sector is in competition for international

business. Nevertheless, it says that Reeves’

deregulatory drive could be dangerous and

“the surest way to protect economic growth

is to make sure systemic banks don’t get

into trouble. A robust and stable financial

system allows credit to keep flowing as the

rest of the economy waxes and wanes.”

Even so, behind all the reforms favoured

by the chancellor is a belief that the UK’s

book of rules and regulations has left too

much money sitting in places where it’s not

performing and consequently, benefiting

neither savers nor the competitiveness of

UK capital markets. Bailey’s warning is a

reminder that financial stability and longterm

risk management remain a delicate

balancing act


Buy now, pay later

affordability checks

THE Financial Conduct Authority (FCA)

has announced plans to regulate the £13bn

‘buy now, pay later’ (BNPL) sector with

proposals that could require affordability

checks on loans regardless of size.

Under rules that were detailed alongside

a formal consultation, BNPL lenders

would need to conduct creditworthiness

assessments on loans under £50 — a

measure the regulator says is necessary to

protect consumers from spiralling debt and

financial harm.

The problem is that, as the FCA has

identified, BNPL has morphed from a

niche product into a mainstream payment

method that is used by nearly 11m UK

adults in the 12 months to May 2024. Some

1.1m had BNPL debts of £500 or more, while

more than 5m owed at least £50. Worryingly,

more than half of all BNPL agreements

Financial inclusion

and digitised payments

UK Finance has recently published a blog

on financial inclusion, the forms it comes

in, and what has been happening in card

payments.

The body says that it supports

“innovation for fast, secure and convenient

card payments.” However, it notes that

recent developments have removed the

tactile features that made bank cards

and card machines accessible to visually

or sensory impaired customers so that

most bank cards are now entirely flat,

currently involve loans under £50. The likes

of Klarna, Clearpay and Laybuy are clearly

in the sights of the FCA whose deputy

chief executive, Sarah Pritchard, has said

“BNPL can offer flexibility, but our job is to

ensure consumers are properly protected.

People can benefit from BNPL while being

protected.”

In 2017 BNPL was worth £60m. But by

2024, it had grown to be worth more than

£13bn. While it’s helped retailers sell more,

many worry that its ease of access makes

it dangerous for younger or financially

vulnerable consumers, especially those

aged 25–34.

The new regime is due to take effect from

15 July 2026 and will require BNPL lenders

to become FCA-authorised.

The FCA’s consultation on the topic

closed on 26 September 2025.

NEWS

without embossed numbers. Similarly,

Android-based touchscreens on card

machines (that is, machines without a

tactile PIN pad) have reduced acquisition

costs and are popular with many merchants.

However, those with visual impairment

or dexterity issues find it hard or impossible

to input their PIN when required, often

causing distress to the customer, while

leading to lost sales for the merchant.

Interestingly, UK Finance recognises that

many of these machines have accessibility

modes, but questions how many shop

staff or visually impaired people know

about them or know how to operate them.

UK Finance held a Digital Innovation

Summit in June on what can be done to

help those who need assistance in making

card payments.

One solution is a set of standards. UK

Finance says that it is working with major

card issuers and the RNIB on an accessible

cards code of practice.

Another solution is education for shop

staff on accessibility modes for touchscreen

terminals.

The last solution proposed was to

ensure new technology for card payments

is inclusive by design – for example, a

terminal with built-in accessibility features

that doesn’t rely on sound and includes a

unique pin entry mechanism for tactile

feedback.

CREDIT MANAGEMENT

British Business

Bank returns to profit

THE British Business Bank has returned

to profit with a pre-tax gain of £144m after

two consecutive years of losses.

The return to profitability comes as the

bank’s investment portfolio increased by 19%

to £4.7bn. In the previous financial year to

March 2024, the bank had recorded a £131

million loss. The bank was set up in 2014 to

support small and medium-sized enterprises

(SMEs) and improve access to finance. And

over the past year, it has supported £6.8bn

in finance to smaller UK businesses of which

£1.2bn was directly deployed by the bank

and £2.6bn was lending underpinned by

guarantees.

Inheritance pays

HM Revenue & Customs has received £2.2bn

in inheritance tax (IHT) in the first three

months of the current tax year according

to new data – £100m more than the same

period last year. More families are being

drawn into IHT due to frozen thresholds,

rising property prices, and inflation. The

Government’s take from IHT has been

steadily climbing for two decades.As

property values and inflation continue to

rise, many families who would not consider

themselves wealthy are now being caught by

a tax once associated only with the very rich.

With changes to inheritance tax,

including the addition of pensions to an

estate, financial planners are encouraging

families to review their estate strategies.

FCA’s simplified

mortgage rules

THE FCA has announced a series of

measures via PS25/11- as part of a series of

reforms to mortgage rules to help individuals

navigate finance and benefit from choice in

the mortgage market. Under the changes,

borrowers will find it easier to reduce their

mortgage term, find it easier to remortgage

with a new lender, and be able to discuss

options with their mortgage provider and

get advice when they need it.

While the FCA expects many borrowers to

continue to benefit from regulated mortgage

advice, it also expects lenders to consider

what is appropriate to identify consumers

who need advice or other support.


NEWS

Metro Bank launches

new family offices bank

METRO Bank is to target ultra-highnet-worth

individuals with at least $30m

in investable assets and family offices

managing $100 million or more with a new

venture, Family Offices Bank (FOB).

The bank, to be domiciled in Jersey, wants

to sign up 2,000 of the world’s wealthiest

clients within five years, including more

than 500 family offices, and have a $10bn

balance sheet by 2030.

The investor document projects FOB

breaking even in 2028 and generating more

than $100m in annual profit thereafter.

Anthony Thomson, co-founder of Metro

Bank and Atom Bank, reckons that wealthy

clients are poorly served by private banks,

which focus on selling investment products

and can be slow to respond.

The bank will initially take term deposits

and offer unsecured loans and mortgages,

before expanding into more complex

Renters pay more than

mortgage holders

A report from Zoopla has detailed what

many have suspected for some time – that

renters in the UK have seen a sharper

increase in monthly housing costs than

homeowners with mortgages.

The average monthly rent has jumped by

£221 since 2022 to £1,283, compared with an

average £218 rise in mortgage repayments

to £1,154 over the same period. The figures

suggest that renters are now paying more

per month than the average mortgaged

homeowner, reversing a long-standing

norm in the housing market.

The about face has been driven by a

sharp post-pandemic rebound in demand

for rental properties, particularly during

2022 and 2023, while the stock of private

rental homes has remained broadly static.

High migration levels for work and study,

coupled with a strong labour market and

products. It is applying for a licence from

the Jersey Financial Services Commission,

expected in December, and plans a second

office in Singapore to tap Asia’s fastgrowing

population of ultra-wealthy

individuals.

There are other banks in the UK catering

for this sector, including Coutts, C Hoare

& Co, SG Kleinwort Hambros, and the

private banking arms of HSBC, Barclays

and Lloyds. FOB aims to differentiate itself

through a mix of relationship managers

and technology, including generative AI,

free from legacy systems.

Global wealth among ultra-high-networth

individuals is projected to rise from

$49tn in 2023 to $68tn by 2030, with the

number of such individuals increasing to

588,000. Family offices are also expanding

rapidly, with more than 9,000 now in

operation worldwide.

NEWS

wage growth, added further fuel to the

demand-side pressure.

And the problem is made worse as wouldbe

buyers find themselves trapped in the

rental sector, unable to save for deposits

or access mortgages amid relatively high

interest rates.

Zoopla understandably thinks that the

only real solution is to grow housing supply

by having it as a key Government target, so

that the stock of rental homes is expanded.

Much of the pressure on renters can be

traced back to landlords passing on higher

mortgage costs and costs through changes

to the tax system that have penalised

landlords. Looking to the future, Savills

predicts that rents will rise by nearly 20%

over the next five years, outpacing the 15%

rise in average incomes forecast for the

same period.

Credit union annual

statistics – 2024

THE Bank of England has published the

latest credit union annual statistics.

The data, published at the end of July

2025, showed that the total assets held by

UK credit unions grew by 2.58% in 2024,

reaching £4.89bn, up from £4.76bn in 2023.

Total income rose by 28.81% to £418.18m,

driven by increases in interest payments

from members and investment returns.

Total expenditure climbed 29.89% to

£326.34m, while post-tax profits rose 17.91%

to £74.83m.

Loans to members increased by 10.16%

year-on-year, totalling £2.58bn in 2024. And

net liabilities of loans in arrears increased by

20.86% to £191.71m in 2024, with 48.02% of

this total overdue by more than 12 months.

Self-employed to

face new HMRC fines

UNDER HMRC’s incoming Making Tax

Digital reforms, the self-employed and

landlords earning over £50,000 a year will

be fined if they miss new quarterly tax

deadlines.

The changes, from April 2026, replace the

traditional annual self-assessment return

with a digital reporting system requiring

updates every three months.

Failing to file a return on time results in

an immediate £100 fine. If the return is still

outstanding after three months, daily £10

penalties are added up to £900.If a return

is still overdue after six months, HMRC

will impose an additional charge of £300

or 5% of the outstanding tax – whichever is

greater. This same penalty is applied again

at the twelve-month point.

Deliberate non-compliance attracts even

harsher sanctions, while late payment of tax

also carries separate penalties.

Savers leave

the high street

ACCORDING to a report from KPMG,

high street banks have lost £100bn in

deposits over the past five years as UK savers

move to online banks, specialist lenders and

building societies that have offered more

competitive interest rates.

Given this, it’s no surprise that the high

street banks’ share of UK deposits has fallen

from 84% in 2019 to 80% in 2024.

KPMG’s report suggests that British banks

can no longer rely on customer inertia or

legacy advantages to maintain profitability.

As consumer trust erodes and savers become

more financially aware, digital-first and

customer-centric providers may well seize

even more market share.


Government’s new Small

Business Plan

THE Government says that it will tackle

late payments with “the most significant

legislative reforms in 25 years” – an issue

it says “costs the UK economy £11bn a year

and shuts down 38 businesses every day.”

Part of its plan is to put in place what it

reckons will be “the toughest late payments

laws in the G7.”

On top of that will be £4bn in finance

including 69,000 Start-Up Loans to “inspire

the next generation of entrepreneurs and

small business owners.” The loans will be

government-guaranteed to help lenders

with security when lending to smaller or

newer businesses.

According to the Government’s press

release on the subject, small and medium

sized firms employ 60% of the country’s

workforce and generate billions in turnover.

New legislation, when enacted, will

give more powers to the Small Business

Commissioner to levy fines on those that

“persistently choose to pay their suppliers

late.”

The commissioner will also be given

new powers to carry out spot checks and

enforce a 30-day invoice verification period

to speed up resolutions to disputes. The

planned legislation will also introduce

maximum payment terms of 60 days,

reducing to 45 days.

Further, audit committees, under the

proposals, will be legally required to

scrutinise payment practices at board

level. It’s hoped that this will place greater

pressure on large firms to publicly show

they’re treating small suppliers fairly with

the stick of mandatory interest charges.

NEWS

Young consumers

reshape payment disputes

THE 2025 Cardholder Dispute Index is

based on responses from more than 1,200

consumers in the US and UK. The 2025

index reveals a sharp generational divide in

dispute behaviour. Shoppers aged 18 to 44

are increasingly bypassing merchants and

heading straight to their bank or card issuer

to challenge transactions, often via mobile

apps. According to the report, 83% of this

age group now prefer to resolve disputes

directly through their bank, while more

than half initiate chargebacks without ever

contacting the seller.

Monica Eaton, CEO of Chargebacks911,

said the findings reflect a profound shift in

customer expectations, particularly among

younger consumers who have grown up

in an on-demand digital world. “Younger

shoppers are digital natives who want what

they want, when they want it,” she said.

“When it comes to disputing a transaction,

they aren’t waiting on hold or looking for

support emails. They’re tapping an app,

filing a dispute with their bank, getting

a refund, and moving on. And it works

nearly every time.”

The rise of mobile wallets and flexible

payment tools such as Buy Now, Pay Later

services is reinforcing this behaviour and

it’s presenting new challenges for retailers.

Merchants who fail to offer fast, digital

resolution options risk more than lost

revenue. They risk increased chargebacks,

declining customer trust, and long-term

damage to brand loyalty.

To remain competitive, merchants must

transition from reactive dispute handling

to proactive, frictionless customer support.

That means clear billing, real-time refunds,

transparent communication, and mobile

support channels that are available around

the clock.

CREDIT MANAGEMENT

Retail investors

and Crypto ETNs

UK-based retail investors will, from 8

October, be able to buy cryptocurrency

exchange-traded notes (crypto ETNs)

after new rules from the Financial Conduct

Authority (FCA) which come into play later

this year were announced.

Around 12% of British adults now own

some form of cryptocurrency, up from

around 4% in 2021.

But since January 2021, the FCA has banned

the sale of crypto products – including

crypto ETNs – to private individuals.

The Consumer Duty will apply to firms

offering these products to retail investors.

However, there won’t be coverage from the

Financial Services Compensation Scheme.

The FCA’s ban on retail access to

cryptoasset derivatives will remain in place.

Pensions

Commission revived

THE Government has brought back the

Pensions Commission to understand why

future pensioners are likely to be poorer

than those currently retired.

The Government believes the 2006

commission was “a huge success” and built

“a consensus for the roll-out of Automatic

Enrolment into pension saving that means

88% of eligible employees are now saving,

up from 55% in 2012.”

However, data suggests that retirees in

2050 are on course for £800 or 8% less private

pension income than those retiring today,

and around 40% or nearly 15m people are

under saving for retirement.

Also, 45% of adults save nothing at all

into a pension, with lower earners, the

self-employed and some ethnic minorities

particularly at risk.

The commission will report in 2027.

FCA changes payment

safeguarding rules

IN PS25/12, the FCA has announced changes

to safeguarding from 7 May 2026 that should

better protect consumers when they use

payment firms.

When safeguarding customer money, it

must be kept separate from the firm’s own

money so that it is available to be returned if

the firm fails. However, the FCA has found

that payment firms that became insolvent

between Q1 2018 and Q2 2023 had average

shortfalls of 65% of customers’ funds.

The FCA has also made changes to help

smaller firms by removing the requirement

for audits if a firm holds less than £100,000

in customer funds.


INSOLVENCY

PAYBACK TIME

What’s happened to Fraudulent Bounce Back Loans?

BY ALEXANDRA DAVIES

IT’S hard to believe that the Government’s

Bounce Back Loan Scheme (BBLS) launched

over five years ago. At the time, it was a

lifeline for many small businesses just trying

to survive lockdown. But, as we all suspected,

some directors saw it as a free cashpoint rather

than an emergency loan. Fast forward to today

– how much has been recovered, and what’s being done

about the fraudsters?

Where we are

with repayments

The British Business Bank’s repayment dashboard (to

March 2025) shows that £46.5 billion was borrowed

through the BBLS. The good news: almost 70% of loans

are either fully repaid or on track. The not-so-good news:

£1.88 billion has been flagged as “suspected fraud”, and

the Government has already paid out nearly £11 billion to

lenders under the guarantee. In other words, most people

are doing the right thing, but a significant minority has

left the taxpayer footing the bill.

If you like neat stats, the estimated fraud loss rate for

BBLS is 3.36% of the total value. That doesn’t sound huge

at first glance but remember, 3.36% of £46 billion is still an

eye-watering amount of money.

Directors in the Dock

So, what’s happening to directors who misused COVID

loans? The Insolvency Service has been busy. In 2024/25

alone, over 1,000 directors were disqualified, and 736 of

those bans were specifically for abusing COVID support

schemes. On average, those bans last around nine years,

meaning some directors are grounded until well into the

2030s.

Criminal cases are also starting to filter through. Since

2022, at least 47 convictions have been linked to fraudulent

Bounce Back Loans, with the Insolvency Service now

running dozens of prosecutions a year. Not

everyone ends up behind bars, but for those who

do, the ‘cheap loan’ suddenly gets very expensive.

Chasing the Money Back

Recovering cash is proving to be just as

complicated as catching fraudsters. By

spring 2025, almost 13,000 loan guarantees

(worth £451 million) had been stripped

from lenders because the banks hadn’t

followed the rules properly. That doesn’t get money back,

but it does reduce the taxpayer’s bill and pushes lenders

to chase debt more proactively. The Government has

also promised to take a tougher stance, including the

appointment of Tom Hayhoe as the COVID Counter-

Fraud Commissioner, to coordinate recovery efforts.

Fraud: The Bigger Picture

Fraud didn’t start or stop with COVID loans. According

to the Office for National Statistics, fraud and computer

misuse now make up a large slice of the UK’s 9.5 million

headline crime incidents each year. And alrmingly only

about one in seven fraud offences are reported to the

authorities. So, the cases you hear about may just be the

tip of the iceberg.

What It Means for

Credit Professionals

For those in credit management, there are a few lessons

here:

• Scrutiny is sharper than ever. If Bounce Back Loans

or other COVID funds were involved, lenders and the

Insolvency Service are more likely to probe director

behaviour.

• Paperwork still matters. Clear records of decisions and

cashflow are the best defence against accusations of

misuse in those grey-area cases.

• Recovery is a long game. Enforcement now relies on

compensation orders, asset recovery, and slow but steady

collections.

Five Years Later…

So, five years down the line, we’re left with a mixed

picture. The majority of loans are being repaid as

intended, but billions have been lost to fraud and default.

The Insolvency Service is disqualifying directors at record

levels, criminal prosecutions are catching up, and lenders

are being pushed to do more.

It’s not exactly a Hollywood-style fraud bust, but the

message is clear: if a business has treated your Bounce Back

Loan like free money, the knock on the door might still be

coming.

Author: Alexandra Davies is a senior manager in the business

recovery team at accountancy firm, Menzies LLP.


INTERVIEW

BUILDING FOR

THE FUTURE

An interview with Laura Brown MCICM(Grad),

Saint-Gobain member of the Advisory Council.

LAURA was elected to the CICM

Advisory Council this year as a young

female Trade Credit representative

for the construction industry. We

caught up with her in the caravan

she's been living in with her husband,

two kids and new dog while her

family completes their barn conversion.“I probably

should have waited until I wasn’t in the caravan to get

the dog,” she laughs. “But there it is!”

Q: Tell us a bit about your background.

I grew up in Loughborough, in a single-parent household

– just me, my sister and my mum, up until my early

teens when my mum met my stepdad and we moved to

a village near Market Bosworth. My mum was always

working, so I grew very close to my grandparents, who

were both Italian, so of course I’m a big foodie with a

love for pasta!

I didn't get much careers advice at school but being

raised in a single-parent household, it was really instilled

in me to have a strong work ethic. I always expected that

I’d go out and get a job and started out pot-washing and

waitressing to earn pocket money. Then, during school,

I completed work experience at a hair salon, where I

swept the floors and tidied up, which is where I became

interested in hairdressing.

BY MELANIE YORK

Q: What happened after school?

After finishing my GCSEs, we moved to America for

a year because of my stepdad’s job. There, I trained

and qualified as a licensed cosmetologist in North

Carolina. I enjoyed the people, getting to know them,

chatting about where they came from, their experiences,

and life lessons. After returning to the UK, I got a job in

a salon and completed my NVQ Level 2 in Hairdressing,

but a couple of years later I decided I didn’t want to

work weekends anymore. My friends would all go out

on a Friday night, and I had to work on Saturdays, so I

started looking for a Monday – Friday job and found an

admin role at a local transport company.

Q: How did you get into the world of credit?

Soon after I joined, the person responsible for credit

control left. I thought I would give it a try and volunteered

to do it. That was almost 15 years ago. Credit control

wasn’t the career I had planned when I left school, but

I absolutely fell in love with it and developed a genuine

passion for the work.


CREDIT MANAGEMENT

Q: What are you doing now?

Currently, I serve as the Finance Shared Services

Director at Saint-Gobain, leading a team of 90

professionals. We handle transactional finance

support for 27 brands in the UK and Ireland,

including British Gypsum, Weber, Glass and highperformance

products like Abrasives and Industrial

Ceramics. The remit includes credit control, accounts

payable, cash management & treasury services, and

general ledger management. Right now, I'm managing

the integration of a newly acquired Construction

Chemicals business into our Shared Service Centre.

Outside of the day job I sit on the Advisory Council

for the CICM. I am also a wife and mum of two boys

– my eldest is eight and my youngest is five.

Q: When did you first hear about CICM?

After working at the transport company, I moved

to a refrigeration business where my manager had

just completed her Level 3 CICM qualification.

I’d left school with only GCSEs and had trained in

hairdressing, so credit control was completely new to

me. While I loved the job, I also wanted to pursue

formal qualifications to complement my on-the-job

experience. I initially looked into general accountancy

qualifications like AAT, but then my manager told

me: “There’s a qualification that really aligns with

credit control – the CICM.”


continues on next page >

INTERVIEW

Completing my CICM

Level 3 helped me land

an interview at Saint-

Gobain, where I’ve now

worked for 10 years.

Q: How do you benefit from being a CICM

member?

The networking opportunities through CICM events

are invaluable – especially in the construction industry

which has its own unique challenges. You can share best

practices, discuss issues, and get a real-time view of the

market that often outpaces credit reference agencies.

Q: What are some of the biggest

changes you’ve seen in the industry?

Diversity has improved greatly. When I first started,

credit was very male dominated which was evident

at industry events. That’s changed over time, and

now we’re seeing a better gender balance across the

profession. It’s great to see that reflected in the CICM

Advisory Council too.

I’m passionate about representing trade credit and

being a voice for professionals in the industry. I’m a

people person so I love connecting, solving challenges,

and helping shape support through my role on the

Advisory Council.

Q: What encouraged you to take more CICM

courses?

I attended evening classes at South Leicestershire

College for my Level 3. My tutor, Mary Delahunty, was

fantastic. I still recall the little phrases she taught us for

speaking to customers. Things like how to challenge

people or how to correctly charge interest on late

payments under the Commercial Debts Act. These tools

really boosted my confidence.

Completing my CICM Level 3 helped me land an

interview at Saint-Gobain, where I’ve now worked for

10 years. They have also supported me as I went on to

complete my Level 5. I started here as a team leader

and progressed to become the Head of Credit Control.

When my manager moved to a Finance Director role for

one of the business units earlier this year, I put myself

forward for her position. Even though I didn’t have the

traditional accountancy qualifications, I got the job.

Q: How are you hoping to improve the industry?

Through the CICM Advisory Council, I’m committed

to inspiring young professionals and especially young

women to consider credit management as a career. I

want to demonstrate that you can achieve incredible

progression without a traditional accountancy path.

I pride myself in being accessible to members who want

to connect and share the challenges they are facing. I

want to highlight that growth is possible with the right

mindset and qualifications. I’m keen to use my role

to influence how CICM can support members more

effectively.

Q: What’s been the most challenging moment in

your career?

Juggling a career and motherhood is challenging –

the mum guilt is real. Fortunately, Saint-Gobain has

supported me with flexible working arrangements,

such as compressed hours and Wednesdays off to spend

time raising my children. I feel fortunate to work for a

company that has enabled me to grow my career whilst

starting a family at the same time.


CREDIT MANAGEMENT

Another challenge I’ve faced is imposter syndrome.

As I’ve progressed, there have been moments where

I questioned whether I belonged or knew enough. But

I’ve learnt to recognise those thoughts for what they are

and remind myself of everything I’ve achieved and the

value I bring to the room.

Q: Have you had any mentors or sponsors in

your career?

Yes, I’ve had a few. One of my previous managers really

believed in me – he encouraged me to push myself,

supported my progression and encouraged me to finish

my Level 5, which took six years with maternity breaks

in between.

I’ve also had a mentor in the commercial team who

helped me broaden my understanding of the wider

business operations. I’m a strong advocate for mentoring

– it’s a really valuable tool for personal and professional

development.

The networking

opportunities through

CICM events are

invaluable – especially

in the construction

industry which has its

own unique challenges.

Q: What’s coming up in the next 12 months?

Outside of work, I’m currently completing a self-build

barn conversion with my husband. We’re working on it

ourselves, so it’s a whole new skill set that I’m learning,

I’ve become pretty handy with a nail gun! We’re sharing

our progress on Instagram at #ourbigbarnbuild, if you

fancy following along. We hope to complete the barn

conversion and finally move in Spring next year!

It’s near Market Bosworth in Leicestershire — known

for the Battle of Bosworth and where King Richard III

met his fate. Our local chippy is brilliantly named “The

Batter of Bosworth” after it, she giggles.

Being in the countryside is great. I’ve always loved

walking, but now with our Sprocker Spaniel, Reggie

the dog, I’ve got a great reason to get outside and enjoy

nature. Whether it’s leading a team or learning to use

a nail gun, I’m always up for a challenge — and I think

that mindset has shaped both my career and my life.


TRADE

Recent negotiations between Britain and Europe show a

softening of relations, enabling more movement of people and

some goods and services across the continent.

BY JONATHAN RUSH

THE UK and the EU recently agreed

a ‘common understanding’ on

closer cooperation across a number

of key areas. Following a period

of difficult relations after Brexit,

the mere fact that both sides have

committed to closer cooperation

has obvious political significance. But what does the

deal mean for business? And could it open the door to

a closer relationship in future, particularly on trade and

economic matters?

What's been agreed?

From a business perspective, there are a number of key

commitments. For the food and drink sector, there’s a

commitment to work towards establishing a common

sanitary and phytosanitary area. This would remove the

need for much of the paperwork and controls currently

required for UK-EU agri-food trade.

On youth mobility, business travel and professional

qualifications, there’s a commitment to work towards

establishing a ‘youth experience scheme’ to allow young

people from EU nationals to work in the UK (and

vice versa); and the setting up of ‘dedicated dialogues’

on short term business visits and recognition of

professional qualifications.

In terms of emissions trading and electricity market

participation, there are commitments to work towards

establishing a link between the EU and UK carbon

markets and exploring the UK’s participation in the

EU's single market for electricity.

And for defence, there’s a commitment to ‘explore…

mutual involvement in respective defence initiatives’.

This could enable UK firms involved in the defence

sector to benefit from EU procurement initiatives (and

vice versa).

But as the deal is a joint political declaration, it is not

legally binding. However, it indicates that the EU and

the UK have (at least for now) concluded the initial

process of high-level ‘horse-trading’ about which

issues should be ‘on the table’ as regards any final,

binding agreements; and in some areas, agreement has

already been reached on some potentially difficult and

contentious issues – such as whether the UK should

align with EU law.

Given the difficult economic and security environment,

both the EU and the UK will also have strong political

incentives to demonstrate that they are delivering on

their commitments.

The timeline for all this remains very unclear as the joint

statement merely says that the parties will ‘proceed

swiftly on the undertakings set out in this document’.

Meaningful progress is likely to require at least 6-12

months (if not longer) with an implementation period;

businesses won’t see any benefits for a while.

But in the short term, the joint statement and the

recent trade deals with the US and India may well help

to boost business confidence in the UK.

Notably, the UK appears to have accepted that if it

wishes to participate in the EU electricity market, link

its emissions trading system to that of the EU and benefit

from a less burdensome sanitary and phytosanitary

(SPS) regime for agri-food products, then it will have

to align with relevant EU law in those areas. It appears,


CREDIT MANAGEMENT

For the food and

drink sector, there’s a

commitment to work

towards establishing a

common sanitary and

phytosanitary area.

The joint statement commits the EU and the UK to

work towards establishing a common SPS area, set

out in an SPS Agreement. It goes on to state that ‘[t]

his would result in the vast majority of movements of

animals, animal products, plants and plant products

between Great Britain and Northern Ireland being

undertaken without certificates or controls that are

currently required by the rules within the scope of

the SPS Agreement’. This will require the UK to align

with EU laws on agri-food products, including future

changes to those laws.

however, to have secured agreement that it has a right

to be consulted on changes to those laws before they are

made by the EU. However, there are no voting rights or

the ability to veto.

As for disputes, they would likely be dealt with by an

international panel of arbitrators, the same mechanism

used in the EU-UK Trade and Cooperation Agreement

(TCA). But if the dispute involved the interpretation

of EU law, then the Court of Justice of the European

Union would be the final arbiter on that point.

Agri-food products

Since the end of the Brexit transitional period on 31

December 2020, UK businesses exporting goods to the EU

have faced additional requirements – but those involved

in the agri-food sector have been particularly hard hit.

Typically, there is a need to include a health certificate

(which adds significantly to the expense, particularly

for small consignments). Agri-food products must

normally also enter via a Border Inspection Post (where

they may be physically inspected, potentially giving

rise to delays – and generally requiring more time to

be allowed for transportation, increasing costs and

reducing the shelf-life of products when they eventually

reach retailers).

An SPS Agreement will not restore largely frictionless

trade for agri-food products between the EU and the

UK – goods will still have to comply with other border

formalities such as declarations relating to customs

and safety and security. However, it will make life

significantly easier for both UK and EU businesses

looking to export agri-food products to each other's

markets.

It is also envisaged that the SPS Agreement will not

be time-limited – so whilst it will probably contain

provisions allowing it to be terminated in certain

circumstances, UK and EU agri-food businesses

should not face the additional uncertainty created by

an agreement that is scheduled to expire in, say, 5 or 7

years’ time (unless the parties agree to renew it). Finally,

it is expected that an SPS Agreement would also greatly

facilitate the movement of agri-food products between

Great Britain and Northern Ireland, thus easing the

pressure on the Windsor Framework.

Youth mobility

and business travel

The end of free movement rules following Brexit have

meant EU nationals now require visas in order to

work in the UK, including taking up an internship or

employment in the UK. Visa-free travel is still available

for holidays, business trips and specified permitted

activities.


TRADE

Whilst there is not yet an agreement in place, the

proposed 'youth experience scheme' would be aimed

at facilitating increased youth mobility on mutually

agreed terms. The proposals will not amount to a return

to free movement in the way that it currently functions

as between EU/EEA Member States as a visa will still

be required and the scope may well be narrow. There is

also likely to be a limit on the length of stay, numbers

allowed, and age range.

As for business travel, the post-Brexit position was

agreed in the TCA. However, the UK and the EU have

agreed to continue ‘dedicated dialogues’ and it is likely

that the EU would like changes made to the routes

available to EU service suppliers, who currently need to

apply for visas under the UK sponsorship regime.

All this is taking place against the background of the

UK Government's tightening up of current immigration

rules. In particular, the Government is keen to reduce

reliance on non-UK staff and push employers towards

recruiting more UK nationals, especially those not

currently in work. Some employers, however, may find

it difficult to fill vacancies by recruiting UK nationals

– in which case the youth experience scheme may offer

a valuable alternative recruitment path. That said, for

the reasons explained above, the probable limitations

on the scope of the youth experience scheme make it

unlikely that it could ever fully substitute for the loss of

other visa routes envisaged by the recent White Paper

on the subject.

Emissions, carbon and

the EU electricity market

After Brexit, the UK left the EU Emissions Trading

Systems (ETS) and set up its own ETS from 1 January

2021. Four years later, the EU and the UK have now

agreed to link their respective ETS. This is particularly

noteworthy given that the only other ETS linked to

the EU ETS, the Swiss system, went through a 12-year

process before full trading took place. By contrast, there

was minimal political will to achieve a UK-EU link until

last year – despite a commitment from both parties in

the TCA to give such linkage ‘serious consideration’.

The ETS linkage is helpful because if the UK

arrangement is implemented in the same way as the

Swiss arrangement, UK ETS participants will be able to

purchase emissions allowances in EU auctions, and all

may cover their emissions using allowances purchased

and transferred from the EU registry.

In view of the Swiss precedent, it may well be a

few more years before full linkage occurs. This is

significant because of the related announcement that

the linked ETS should permit each party to benefit

from an exemption from the other's carbon border

adjustment mechanism (CBAM). The EU's CBAM

is in its transitional phase, but the definitive phase

when declarants need to purchase certificates begins

on 1 January 2026. The financial burden under EU

CBAM is relatively minimal in the first few years but

ramps up quickly as CBAM phases in at the same time

as ETS free allocations phase out. The hope will be

that mutually beneficial arrangements can be put in

place before the expected rises in the carbon price in

the next decade. Unless the UK carbon price tracks

that of the EU, importers of products such as steel will

face higher costs when importing to the EU in the

short term.

The joint statement makes clear the EU's expectation

that the UK's climate ambition in terms of its cap and

carbon reduction pathway will be at least as ambitious

as the EU's. The two jurisdictions align in terms of their

2050 net zero commitment (legally binding in the UK

via the Climate Change Act, and in the EU Climate

Law), but the UK's nationally determined contribution

under the Paris Agreement is currently more ambitious

than that of the EU, which has not yet announced its

2035 target. The climate and environmental ambition

of the EU and UK may also need closer alignment in

view of the agreement to investigate the UK's renewed

participation in the EU's internal electricity market

(though details on this are sparse).

Unless the UK carbon price tracks that of

the EU, importers of products such as steel

will face higher costs when importing to

the EU in the short term.


CREDIT MANAGEMENT

What else might

develop in the future?

Both the EU and the UK appear to have shifted their ground

somewhat, as compared with positions taken up during the

Brexit negotiations.

For example, having insisted that the UK should not be

allowed to ‘cherry-pick’ participation in EU frameworks,

the EU has not shown itself averse to cherry picking in areas

where it had particular interests, such as youth mobility

and (possibly) agri-food products; what is proposed in both

these areas allows somewhat freer movement of people and

goods, but falls short of full free movement or full single

market participation (which the EU had previously insisted

was an ‘all or nothing’ proposition).

Similarly, the EU had also emphasised that it didn't want

to have a ‘Swiss-style’ relationship with the UK, based on

a complex patchwork of agreements. However, that seems

to be where we are heading, as the TCA was ‘broad but

shallow’ - and both parties now appear to have reached the

view that it needs to be supplemented by side arrangements

allowing for deeper cooperation in areas of mutual interest.

The UK, meanwhile, whilst continuing to insist that full

single market or customs union participation is off the

table, has nevertheless accepted the principle of alignment

with EU law in specific areas, accompanied by a degree of

oversight by the Court of Justice of the European Union

(albeit on a fairly limited basis). These are all significant

compromises of the position taken up by the UK at the

time of the TCA, where it sought to maximise the UK's

sovereignty and independence from the EU.

Whether we like it or

not, the consequences

of Brexit are going to

continue to be relevant

and a topic of ongoing

debate for many years to

come.

Finally, the joint statement shows that, as Switzerland

has found, the UK is likely to find itself having to revisit

aspects of its relationship with the EU on a regular basis.

The ‘reset’ therefore underlines how, whether we like it or

not, the consequences of Brexit are going to continue to

be relevant and a topic of ongoing debate for many years

to come.

Author: Jonathan Rush is a knowledge counsel in the Technology

& Commercial Transactions Department of Travers Smith.


LATE PAYMENT

WHY NON

PAYMENT IS

A BOTHER

Late payment is more than a financial nuisance; it destroys

trust between the supplier and buyers.

BY DR ASHLEY SMITH, FCCA FCICM

AROUND 2008, I had an

opportunity to hear Philip

King FCICM give an inspiring

talk on Trade Credit and Debt

Collection techniques. The talk

was all the more poignant to me

because I had just won a case

against a non-paying client, in which the judge awarded

100% of our costs plus interest. At settlement, this had

accumulated to 50% of the original debt. Regrettably,

though, the client filed for bankruptcy the day of

Philip’s talk. Philip’s sterling advice was to write about

my experience instead of getting angry. This led me to

undertake a Master’s and a Doctorate in an attempt to

learn more about the subject.

At the start of my doctorate, my Supervisor, Professor

Boden, asked one of the most profound questions I

have been asked. ‘Why does late payment bother you?

After all, you get paid eventually.’ How many of us

have considered this question, whether the debt is for

our own business, or whether we are assisting in the

collection or financing a client who has not been paid?

It is with this in mind that I offer some suggestions on

why SMEs, in particular, are bothered by contractual

power imbalances and why long and late payments

have been at the forefront of successive governments'

attempts to change the culture of late payments.

What is Trade Credit?

Let us start by reflecting on what Trade Credit is.

Dictionaries tell us that Trade Credit originates from the

Latin Creditum, which means ‘a loan, thing entrusted to

another’. In Middle French, credit meant belief or faith,

whilst in Italian, credito means belief and trust. Trust

is therefore core to the nature of credit. Trust is given

in the expectation of a positive outcome at its heart; a

belief or faith that a loan (or entrusted thing) will be

returned despite the giver of trust having no absolute

control over the way the other party acts. As such, trust

is grounded in confidence, an anticipatory emotion

that one’s judgment and estimation are correct.

A trustor (supplier) will try to enhance that confidence

by undertaking due diligence on the trustee (buyer), for

example, obtaining credit checks on the buyer. When a

buyer fails to perform and pay the debt on time, or at all,

the supplier will experience an involuntary emotional

effect, certainly at the SME level, when the debt may

impinge on the supplier’s personal/family finances.

A breach of trust leads to other emotions, both external

(such as anger at the breaker) and internal (for example,

regret that trust was granted). In extreme cases,

emotions can lead to increased stress and, in severe

cases, outbursts of violence. How emotions impact the

supplier will depend on a number of factors, such as the

work expended in the good or sale, the magnitude of

the debt and its impact on the supplier, the supplier’s

disposition and the buyer’s attitude to the late or nonpayment.

Obligation and punishment

Once the supplier has fulfilled their part of the

transaction, moral reasoning creates a dilemma

about whether the buyer feels obliged to fulfil their

obligation. ‘Obliged’ and ‘obligation’ are therefore not

strictly synonymous. There is, in reality, a ‘chance or

likelihood’ that the person with the obligation will

suffer punishment at the hands of others if they fail

in their part of the bargain’. The obligation to pay is

counterposed with the possibility of some penalty for

breaching trust, which some might view as a calculation

of the risks of non-compliance. I call this Liar’s Poker, a


CREDIT MANAGEMENT

I call this Liar’s Poker,

a game in which an

unscrupulous buyer

calculates the cost of

non-payment (interest,

penalties, litigation, and

the risk of losing the

supplier).

game in which an unscrupulous buyer calculates the cost

of non-payment (interest, penalties, litigation, and the

risk of losing the supplier) with the cost of delaying or

paying the supplier less than they have invoiced. In my

research, a QS/Arbitrator stated it wasn’t uncommon to

deduct the estimated cost of litigation for non-payment

in the final account to the supplier, irrespective of

whether this was legitimate - an approach which is ripe

within the construction sector.

Power games

Power is another important dynamic in the risk

assessment of the likely consequences of failing to act

honourably. In its purest form, power is the ability of

the buyer to exert their will over the supplier in a given

situation. For example, a powerful buyer may demand

unreasonable payment terms. It has been argued

that the application of power is a three-dimensional

concept consisting of practicality, moral dilemma, and

evaluation. Practicality involves the holder of power,

the buyer, determining what resistance the supplier may

bring into play to avoid the buyer doing as it desires. In

trade credit terms, this might be the buyer considering

whether to pay the supplier, and what consequences

might result from late or non-payment. For example,

will the supplier withdraw future supplies and, if so,

what is the buyer’s ability to obtain future supplies from

other parties?

Social scientist Dan Ariely explains this phenomenon,

claiming that once a buyer obtains goods or services,

it is irrational for them to pay, and therefore it is

also irrational for a supplier to trust a buyer. Equally,

Ariely states that revenge is an irrational concept, as

the wronged party expends time and money pursuing

an errant payer, yet people still engage in this

behaviour because revenge is a pleasurable experience.

Despite this, suppliers continue to offer trade credit and

buyers continue to pay (eventually). This is because the

buyer, acting rationally, will undertake a cost-benefit

calculation of the risk of a penalty versus the reward of

non-payment. Accordingly, Ariely concludes that ‘trust

and revenge are two sides of the same coin, to have trust

we have to have revenge, and this is where rules and

regulations come into play to protect the buyer.

In conclusion, when an SME supplier is faced with a late

payment, they will experience an involuntary emotion.

If the buyer offered to settle, psychological research on

barriers to settlement predicts that litigants are more

likely to reject a settlement offer if they view the offeror

as morally blameworthy or disrespectful of their claim.

Author: Ashley Smith, FCCA FCICM is a PhD

researcher at Plymouth University. With over 25 years

of audit and commercial experience, he is currently

a Company Secretary for an international design

consultancy. His research thesis ‘Does Late Payment

Offer Sufficient Restitution to the Creditor? explores

the secondary effects of late payment on SMEs and its

wider impact on society. His work has informed the UK

and German governments.


COMMERCIAL

BALANCING

ACT

Recent moves by powerful trading partners reveal

growing tension in commercial relationships, and raise

questions about risk, fairness, and the limits of leverage.

BY IONA YADALLEE

IN today’s complex supply chains, power

rarely sits evenly. Large customers,

particularly in sectors like retail, hospitality

and FMCG, often hold significant influence

over the terms of trade. But recent highprofile

disputes have brought new scrutiny

to the way that power is exercised, and to

the risks that arise when commercial pressure outweighs

partnership.

In June 2025, The Ivy Collection, owner of several

leading UK restaurant brands, wrote to its suppliers

to say it would be applying a flat 2.5% deduction to all

incoming invoices. The letter described the move as a

necessary step to ensure the group ‘remained strong’ in

the face of rising costs.

But suppliers saw it differently: a unilateral discount

applied without consultation, and a sign that cost

pressures were being pushed unfairly down the chain.

The outcry was swift and widespread. Suppliers shared

their concerns publicly, calling the move unprecedented

and unacceptable. Days later, The Ivy’s owner, Richard

Caring, issued a public apology. He described the

letter as a mistake, saying it had been sent without

his authorisation, and confirmed the policy would be

withdrawn. Any commercial changes, he said, would be

pursued collaboratively and not imposed.

The episode was brief but telling. It offered a sharp

example of how rising operational costs, across national

insurance, wages, energy, food prices, and rent are

prompting some businesses to explore more assertive

approaches to cost control. But it also illustrated the

potential risks and harm that can be done to a business

reputation and to important supplier relationships.

When the Balance Tips

While The Ivy sought to extract value through discounts,

another well-known brand chose a different route. In

summer 2025, premium soft toy maker Jellycat notified

around 100 of its independent stockists that their supply

arrangements were being terminated with immediate

effect. The explanation, delivered via impersonal

letters, cited a strategic decision to ‘elevate the brand’

by focusing on a smaller group of retail partners.

The news came as a shock to many retailers, some of

whom had stocked Jellycat for over a decade and relied

on the brand for a meaningful share of their revenue.

With no opportunity to appeal, and no apparent

warning, the affected retailers were left questioning

their value in the supply chain.

Jellycat defended the decision as a long-term

commercial strategy. But the reaction highlighted

the same underlying issue: when the dominant player

makes a one-sided change, the financial and emotional

consequences can reverberate well beyond the balance

sheet.

Strategic leverage

In both cases, the businesses involved cited rising costs,

shifting consumer expectations, or brand management

as a rationale for their actions. These pressures are

familiar across sectors. For larger firms with bargaining

power, there may be a temptation to act unilaterally,

especially when margins are under threat.


CREDIT MANAGEMENT

But the commercial environment is also changing in

other ways. In an era of heightened transparency, supplier

activism, and digital visibility, there is greater scrutiny of

how businesses treat their partners. Moves once described

as routine procurement practice may now be viewed

through the lens of fairness, equity, and sustainability.

Seeing the signals

These developments raise important questions for those

involved in assessing business relationships, from finance

and credit teams to commercial leaders and risk managers.

How should unilateral actions by customers or clients be

interpreted? What might they signal about underlying

financial pressure, leadership priorities, or governance

culture?

The answers will differ by organisation. But in many

cases, behaviour is becoming just as important as data. A

customer’s payment performance, contractual flexibility,

and approach to negotiation can offer early insight into

how risk is shifting, and where vulnerabilities may emerge.

For some businesses, this may prompt closer alignment

between finance and commercial teams. Others may

explore ways to incorporate behavioural or ethical

indicators into risk models. Across the board, the ability

to anticipate and interpret shifts in trading dynamics is

becoming a strategic asset.

When the balance tips too far

Incidents like those involving The Ivy and Jellycat may not

be representative of all buyer-supplier relationships. But

they have sparked discussion and, in some sectors, a degree

of unease. They raise broader questions about where the

line sits between commercial discipline and commercial

dominance, and how that balance is maintained under

pressure.

As economic and political landscapes continue to evolve,

trading relationships may come under greater strain. In

this environment, attention to fairness, transparency, and

partnership may become more than a matter of ethics.

They may be critical factors in business resilience and

long-term value.


VULNERABILITY

THE

VULNERABILITY

TRAP

How is the industry continuing to react

to changing financial realities?

BY STEPHEN KIELY


CREDIT MANAGEMENT

VULNERABILITY is a word

that has long filled senior

professionals in credit and

collections firms with a mix of

determination and dread. After

all, the nature of their business

means that any customer

who falls into arrears could plausibly be described as

vulnerable. So, the industry has become well used to

walking a fine line and working hard for its most inneed

customers.

Customer vulnerability

The issue came to the fore again, at the start of the year,

when a group of lender trade bodies launched a set of

principles for sharing information between mortgage

intermediary firms and lenders.

John Marr, Principal of Devolved Government and

Social Housing at UK Finance explained how four

industry associations – his own, together with the

Association of Mortgage Intermediaries, the Building

Societies Association and the Intermediary Mortgage

Lenders Association – had understood that, in the

context of mortgage sales, where most are originated

via brokers, it is vitally important that customers’

vulnerability needs are identified, recorded and shared,

as appropriate, between brokers and lenders.

The principles aim to make this process easier, and so to

encourage more firms to share information.

He noted that this is an area where some organisations

remain cautious, and the associations intended to

“address concerns that disclosure might prejudice a

mortgage application or lending decision”. They wanted

to “ensure focus on improving outcomes for vulnerable

customers, so that they are no different from other

borrowers”.

Financial resilience

The need for such measures was only emphasised in

May, when the Financial Conduct Authority (FCA)

published its research showing that a quarter of people

in the UK have low financial resilience.

Adults are considered as having low financial resilience

if they have low levels of savings, which could get

them through a difficult spell, are heavily burdened by

existing credit commitments, or have missed paying

bills in at least three of the past six months. It found

that a fifth of adults have less than £1,000 to draw on in

an emergency.

They wanted to

“ensure focus on

improving outcomes

for vulnerable

customers, so that they

are no different from

other borrowers”.

Speaking as the figures were launched, Sarah Pritchard,

Executive Director of Consumers and Competition

at the FCA, said: “Our data shows that finances are

stretched for many – with some unable to save for a

rainy day. And we know that some do not have the

confidence to invest. But there are improvements –

more people with current accounts and less digital

exclusion. Our strategy will build on this to help people

better navigate their financial lives.”

Disability

The problems can be made even more difficult where

a customer has a disability. In June, campaign group

Project Nemo published its finding that a staggering

32% of adults with a learning disability do not have their

own bank account – with the vast majority (87%) forced

into potentially unsafe workarounds or left struggling

with a system that they say does not cater for their

needs.

More than six in 10 feel that banks do not always do

enough to meet their needs. Meanwhile, 72% require help

with everyday spending, 36% struggle with passwords or

logins, 34% find it difficult to talk to bank staff, and 33%

find security checks hard to complete.

Their report’s recommendations should

encourage lenders to reconsider their existing

systems:

• Banking features should use clear and simple language,

and visual explanations where possible, to aid

understanding.

• Individual customisation allows users to flex based on

their needs.

• Spending insights, settings and the ability to

intercept risky purchases provide reassurance for

both supporters and users and have the potential to

increase independence.


VULNERABILITY

• Accessible and specialist support must be available

to boost confidence and support longer term

independence goals.

• Priority features for products should include savings

pots, a “calm mode” to reduce the risk of customers

feeling overwhelmed, and wearable alternatives to

payment cards.

Kris Foster, Co-Founder of Project Nemo, did not hold

back: “Too often, people speak for us, about us or in

front of us, and it is never our voice. Now, it is up to

banks to take action. I want to see them break down the

existing barriers and ensure that others do not have to

fight the same battles for financial independence that

I did.”

Kathryn Townsend, Head of Customer Vulnerability

and Accessibility at Nationwide, which sponsored

the report, added: “Everyone deserves to manage their

money with confidence, dignity, and independence. I am

calling on all of us, in the wider banking sector, to not

only remove barriers, but design services specifically for

people with learning disabilities, to drive towards true

parity, as currently the level of support is inadequate.”

Risks of inaction

The risks of not taking appropriate action are certainly

profound. In October, last year, the FCA fined

Volkswagen Financial Services (UK) Limited £5,397,600

for failing to treat customers in financial difficulty

fairly. Volkswagen Finance agreed to pay over £21.5m

in redress to around 110,000 customers who may have

suffered harm because of its failings.

Between 1 January 2017 and 31 July 2023, Volkswagen

Finance was found to have failed to understand

customers’ individual circumstances or to provide

support tailored to their needs. This meant that, in

some cases, Volkswagen Finance took cars away from

vulnerable customers without considering other

options. The FCA concluded that this risked people

being put in a worse position, particularly if they relied

on their car to travel to work.

Volkswagen Finance’s failings were compounded by

poor templated and automated communications.

Therese Chambers, Joint Executive Director of

Enforcement and Market Oversight at the FCA, said:

“For many, a car is not a ‘nice to have’, but a necessity

for work or for family life. Volkswagen Finance made

tough personal situations worse by failing to consider

what those in difficulty might need.

“It is right that it compensates those who suffered. This

fine and redress should send clear signals to lenders

that they need to properly support those in financial

difficulty.”

Partnership

With a desire both to do the right thing for all customers

and to avoid such significant repercussions for failing

to live up to their responsibilities, the industry is

continuing to develop its systems to support vulnerable

customers.

Virgin Media O2 has announced a new partnership

with debt advisors, Money Wellness, to improve the

support available to customers experiencing financial

difficulties.

The partnership will enable Virgin Media O2’s agents

to better support customers showing early signs of

financial distress, for example through a Money MOT,

which they can access either by being transferred

directly to a Money Wellness advisor, arranging an

appointment at a more convenient time, or by receiving

a secure link to begin a support journey online.

Customers will have access to tailored advice and

support that extends beyond their mobile or broadband

contract – for example a comprehensive financial

health-check, support with maximising their income,

and budgeting. Alan Stott, Director of Customer

Contact at Virgin Media O2, says: “We know that many

families have been struggling with the rising cost of

living over recent years, and our agents can sometimes

find themselves speaking with customers struggling to

pay their bills.

“We are committed to helping, and supporting, all of

our customers, including reviewing payment options

and signposting customers to debt charities, but we

know this still places the onus on the customer to seek

help.

“Now, through this new partnership, our agents can

better identify and support customers, including by

offering a warm transfer direct to a Money Wellness

advisor who can provide more comprehensive support

that goes beyond just their mobile or broadband bill.”

Sebrina McCullough, Director of External Relations at

Money Wellness, adds: “By working directly with their

customer agents, we can make sure people get the right

help at the right time – whether that is with budgeting,

boosting income, or dealing with debts. We know that

reaching out early can make a huge difference – and this

partnership helps make that first step easier.”

Enhanced affordability

Only in August, Nationwide announced that home

owners who are looking for a new mortgage deal may

benefit from enhanced affordability, when applying

to remortgage. Nationwide will apply a different

affordability calculation when eligible applicants take

out a five or 10-year fixed rate product. All applications

will continue to be subject to a robust affordability

assessment.

This change provides higher affordability for eligible

customers who will have a track record of mortgage

payments and greater payment security through a rate

fixed for at least five years.


CREDIT MANAGEMENT

Henry Jordan, Nationwide’s Director of Home, says: “The

ability to borrow enough can be a barrier when people

look to remortgage, even when they can demonstrate a

clean payment history. We are pleased to be able to help

them by making this change.

“With our Helping Hand for first-time buyers as well as

the enhanced affordability for home movers, and now

for those looking to remortgage, we are demonstrating

that we remain committed to supporting all borrowers

across the mortgage market.”

Resilience

Meanwhile, peer-to-peer lender Match the Cash,

trading as Guarantor My Loan and Share My Loan, has

launched a new credit product following the adoption

of the MorganAsh Resilience System (MARS) to better

assess customer vulnerability.

The firm began a trial of MARS in mid-2024 and has

found that the additional information gathered has

enabled more accurate lending decisions and led to the

development of a new credit offering aimed at a specific

customer demographic.

Chris Markland, Compliance Manager at Guarantor

My Loan and Share My Loan, says: “Adopting MARS

has been a big win in several areas: for those people we

could not previously loan to, we are helping them with

their financial difficulties, while the extra information

we gain is giving us a strategic advantage over our

competitors by being more flexible with our standard

lending criteria.

“We have also used MARS data within our product

design framework, which has helped us to launch a

new loan product. “With the ongoing cost-of-living

challenges and impending changes to the benefit

system, the demand for credit is not diminishing.

Understanding personal circumstances is becoming

even more important to manage credit risk.”

Staying ahead

Ultimately, the regulator’s expectations are clear, and

there is also an unavoidable moral, as well as a strong

business case: credit and collections firms must take

responsibility for understanding, supporting, and

monitoring their vulnerable customers.

As always, in the industry, best practice advice is available

to help professionals stay ahead of their responsibilities.

Imran Ahmad, Senior Director of Regulatory Risk

Management at FTI Consulting, highlights specific

good practices that all firms might consider adopting:

• Proactive identification – firms should encourage

customers to disclose their needs early and should

maintain centralised records to ensure seamless

support across departments.

• AI-driven insights – advanced technology can be used

to detect early signs of vulnerability, helping firms

intervene before financial distress escalates.

• Clear and accessible communication – simplified

language, alternative communication channels,

and tailored support materials all help vulnerable

customers engage with financial services in a way that

is practical for them.

He also suggests five key principles for success:

• Prioritise training – equip your teams with the right

knowledge and tools to identify and assist vulnerable

customers.

• Review your products and services – ensure they are

flexible and designed with diverse customer needs in

mind.

• Leverage data and technology – use AI, behavioural

analytics, and centralised data systems to enhance

customer support.

• Monitor and adapt – continuously assess whether

your initiatives are delivering fair outcomes – and be

prepared to make changes.

• Ensure senior leadership engagement – senior

leadership should be actively involved in monitoring

vulnerable customer outcomes, with a strong emphasis

on understanding both the benefits and risks of

appropriate treatment. Their engagement is critical

in driving effective strategies that prioritise fair

treatment and compliance while mitigating potential

pitfalls.

Conclusion

Vulnerability will always be a crucial issue for an

industry with such a pivotal role to play in today’s

society and economy. But, by maintaining a proper

focus, and seeking the best advice, credit and collections

professionals can continue to make the right decisions

for their vulnerable customers.

“It is right that it compensates those who

suffered. This fine and redress should

send clear signals to lenders that they

need to properly support those in financial

difficulty.”


Introducing our

CORPORATE PARTNERS

Hays Credit Management is a national specialist

division dedicated exclusively to the recruitment of

credit management and receivables professionals,

at all levels, in the public and private sectors. As

the CICM’s only Premium Corporate Partner, we

are best placed to help all clients’ and candidates’

recruitment needs as well providing guidance on

CV writing, career advice, salary bench-marking,

marketing of vacancies, advertising and campaign

led recruitment, competency-based interviewing,

career and recruitment trends.

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Shakespeare Martineau provides expert debt and

asset recovery services across various sectors,

including energy, manufacturing and Government.

Our team supports regulated and unregulated

debt, acting as an extension of internal collections

when needed. We prioritise keeping client costs

low while empathetically engaging with debtors.

Our 70+ experts offer cradle-to-grave B2B and B2C

collections, transparent fee plans, bespoke service,

flexible case management, and additional support

like training, advice, litigation and mediation.

T: 01789 416440

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

W: www.shma.co.uk

Esker’s Accounts Receivable (AR) solution removes

the all-too-common obstacles preventing today’s

businesses from collecting receivables in a

timely manner. From credit management to cash

allocation, Esker automates each step of the orderto-cash

cycle. Esker’s automated AR system helps

companies modernise without replacing their

core billing and collections processes. By simply

automating what should be automated, customers

get the post-sale experience they deserve and your

team gets the tools they need.

T: +44 (0)1332 548176

E: sam.townsend@esker.co.uk

W: www.esker.co.uk

The UK’s No1 Insolvency Score, available as a

platform to help businesses manage risk and

achieve growth. The only independently owned

UK credit referencing agency for businesses. We

have modernised the way companies consume

data, to power businesses decisions with the most

important data taken in real-time feeds, ensuring

our customers are always the first to know. Enabling

them to deliver best in class sales, credit risk

management and compliance.

T: +44 (0)330 460 9877

E: sales@redflagalert.com

W: www.redflagalert.com

Our Creditor Services team can advise on the best

way for you to protect your position when one of

your debtors enters, or is approaching, insolvency

proceedings. Our services include assisting with

retention of title claims, providing representation at

creditor meetings, forensic investigations, raising

finance, financial restructuring and removing the

administrative burden – this includes completing

and lodging claim forms, monitoring dividend

prospects and analysing all Insolvency Reports and

correspondence.

T: +44 (0)2073 875 868

E: creditorservices@menzies.co.uk

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

Dun & Bradstreet is a leading provider of

comprehensive global business data and

analytics. We help clients make smarter decisions

and drive resilience by bringing together millions

of data sources into a globally consistent view,

underpinned by our D-U-N-S number.

T: +44 (0)808 239 7001

E: hello@dnb.com

W: www.dnb.co.uk

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 cloudbased

omnichannel platform, Commpli.

T: +44 (0) 141 280 0275

E: sales@geniusssl.com

W: www.geniusssl.com

Transform your Accounts Receivable with

Corcentric’s Managed AR Solution. Our

commitment? Dramatically reduce your Days Sales

Outstanding (DSO) to just 15 days. By combining

expert AR management with strategic funding

solutions, we enhance cash flow and streamline

operations, freeing up resources and reducing costs.

Discover a new standard in AR efficiency—because

better cashflow starts with smarter

AR management.

T: 020 317 71713

E: ahassan@corcentric.com

W: corcentric.com

Automate your cash collections and reduce risk

with our class leading Credit Control software.

Integrating with any ERP/AR system and optionally

Creditsafe, it provides a full viwew of your ledger

whilst automating your chasing strategies and

removing manual tasks. All backed up by our

support service which has that rare human touch,

continually strengthening our customer relationships.

With an impressive ROI and 96%+ customer

retention year-on-year, our solution consistently

delivers measurable value and benefits.

T: 01235 856400

E: info@credica.co.uk

W: www.credica.co.uk


Each of our Corporate Partners is carefully selected for

their commitment to the profession, best practice in the

Credit Industry and the quality of services they provide.

We are delighted to showcase them here.

They're waiting to talk to you...

My DSO Manager is an intelligent SaaS AR

and credit management solution for SMEs to

international enterprises, helping AR analysts

manage risk, maximize cash collection and

streamline the credit-to-cash cycle, by a real-time

insight to KPIs.

Due to its inventive in-house IT teams and their

tight collaboration with support staff, many of

whom were credit managers at large firms, it can

quickly integrate any ERP data and customize as

needed.

T: +33 (0)458003676

E: contact@mydsomanager.com

W: www.mydsomanager.com

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.

T: 07759 122503

E: s.evans@courtenforcementservices.co.uk

W: www.courtenforcementservices.co.uk

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.

W: www.fisglobal.com.

TCN is an industry leader in call centre technology

with offices around the world including, the United

Kingdom, the United States, Romania, Canada,

India and Australia. TCN has met the global

communication needs of its diverse customers.

Utilising best-practice solutions and 24/7 technical

support, TCN empowers clients to drive consumer

interactions through omni-channel, inbound and

outbound communications. TCN’s call centre

platform is entirely web-based and available

on-demand with unlimited capacity.

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

E: spencer.taylor@tcn.com

W: www.tcn.com

Key IVR provide a suite of products to assist

companies across Europe with credit management.

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

payment when and how they choose. Key IVR also

provides a state-of-the-art outbound platform

delivering automated messages by voice and SMS.

In a credit management environment, these services

are used to cost-effectively contact debtors and

connect them back into a contact centre or

automated payment line.

Top Service Ltd. The only credit information and

debt recovery service provider specifically for the

UK construction industry. Our payment experiences

are the most up to date credit information available

and enable construction businesses to confidently

assess credit risk and make the best, most informed

credit decisions. Coupled with our range of effective

debt recovery solutions, quite simply our members

stay one step ahead and experience less debt and

more cash.

T: +44 1527 503990

E: membership@top-service.co.uk

W: www.top-service.co.uk

TOP SERVICE

MINIMISE DEBT

MAXIMISE C ASH

STA International is a leading credit management

provider, offering debt recovery, outsourced credit

control, address tracing, and legal debt recovery

services. We maximise cash flow and minimise

risk with tailored strategies for businesses of

all sizes. Acting as an extension of your team,

we ensure efficient, amicable collections and

compliant solutions for complex cases. Trust STA

International to safeguard your financial health and

strengthen client relationships.

For further information

and to discuss the

opportunities of entering

into a Corporate

Partnership with the

CICM, please contact:

luke.sculthorp@cicm.com

T: +44 (0) 1302 513 000

E: partners@keyivr.com

W: www.keyivr.com

T: +44 (0) 1622 600 921

W: www.stainternational.com


ENFORCEMENT

ONGOING

VIGILANCE

The impact of fraud on the enforcement profession and how individuals

and businesses can protect themselves and the wider public.

BY ALAN J. SMITH FCICM

FRAUD is a significant concern across

the economy, affecting the enforcement

and legal sectors, amongst many others.

We know that fraudsters have tried to

impersonate High Court Enforcement

Officers (HCEOs), Certificated

Enforcement Agents (CEAs), and

HMCTS County Court Bailiffs to solicit payments under

false pretences.

This criminal activity not only harms victims but also

damages the reputation of the courts and the legitimate

enforcement and legal sector businesses.

Impact on Enforcement

and Legal Businesses

Tackling fraud is a team effort. Fraud can have a life-changing

impact on those caught out by the scammers.

The impersonation of Enforcement Agents by fraudsters can

also have a hugely detrimental effect on genuine businesses.

These activities lead to a loss of trust in enforcement

processes, making it more challenging for certificated officers

to perform their duties.

Fraudsters often use sophisticated tactics, presenting

themselves convincingly by providing what appears to

be authentic documentation and using appropriate legal

terminology. This complexity makes it difficult for individuals

to distinguish between genuine enforcement actions and

fraudulent schemes, further eroding trust in the system.

Tactics now extend to setting up convincing websites copied

from existing enforcement businesses, legal practices, and

financial institutions (these can even include hi-tech online

payment portals), and producing highly sophisticated ID

cards to impersonate Enforcement Agents.

Combating Fraud

Raising awareness about enforcement fraud is crucial.

Public education initiatives help individuals recognise the

signs of fraud and understand the correct procedures for

enforcement actions.

Resources such as the HCEOA and CIVEA websites, the

Stop! Think Fraud campaign at: https://stopthinkfraud.

campaign.gov.uk/ and the Take Five To Stop Fraud

campaign at: https://www.takefive-stopfraud.org.uk provide

valuable information and support. Victims of fraud should

report the incident to the police and register it with

Action Fraud to ensure the crime is officially recorded

and investigated.

Professionals in the sector are also targeted for their personal

information to aid scammers in creating fake ID cards

and communication. Knowing the difference between

a genuine request and a suspicious one can help protect

your information and prevent fraudsters from using your

credentials.

Detecting and

Responding to Fraud

Individuals and businesses must be vigilant and informed

about enforcement processes to protect themselves from

fraud.

Professionals in the

sector are also targeted

for their personal

information to aid

scammers in creating

fake ID cards and

communication.


CREDIT MANAGEMENT

Scams run by criminal organisations are becoming more

sophisticated, but there are some things you can check

if you suspect fraud:

• If the person is claiming to be a HCEO you can check

whether they are listed on our members list, as well

as checking which enforcement firm they work for.

Double-check the business exists and contact them using

the details listed here to ensure the person is genuine.

• If the person is claiming to be an Enforcement Agent,

you can ask them for full details of their Enforcement

Agent certificate. You can use the Ministry of Justice’s

Register of Enforcement Agents to confirm these details.

• Consider whether their web address or email address

look genuine. Many scam sites do not end in ‘.com’,

‘.co.uk’ or ‘.org’

• Check their office address, a simple Google search

combining the company name and office address on

any correspondence you receive should bring up listings

for a registered office or Companies House details. If

you can’t find this, it could be a fraud.

If you receive a request for your credentials from someone

you don’t know or are not expecting contact from, you

should:

1. Avoid providing any personal or professional details,

including any copies of ID they may ask for

2. Report the incident to the company you work for

to make sure others are aware in case they are also

targeted. Your manager or compliance team may also be

able to help determine whether it is a genuine request

3. Raise a case with the police at your local station and

Action Fraud at https://www.actionfraud.police.uk/

Enforcement fraud poses significant challenges to both

victims and legitimate businesses. By maintaining rigorous

verification processes, raising public awareness, and

adhering to professional guidelines, the enforcement

and legal sectors can help mitigate the impact of fraud.

Protecting the integrity of enforcement processes is

essential to maintaining trust in the justice system.

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

Enforcement Officers Association (HCEOA).


COUNTRY FOCUS

on Germany

Putsch for more

business in Germany

A land of export opportunities.

THEY say that a week is a long time

in politics, so imagine what the

passage of five years can do to the

prospects of a country – in this case

Germany, a country last examined

by these pages in 2020.

Once primarily known for its involvement in two world

wars, beer, engineering, cars, and fairytale castles –

especially Neuschwanstein, Germany is now associated

with problems over immigration, the rise of the far

right, economic stagnation and recession. In fact, as the

IMF wrote in March 2024, “Germany’s real challenges

are ageing, underinvestment, and too much red tape.”

But, while a number of key issues exist, Germany still

ought to be on any exporter’s agenda. We’ll bypass the

history of Germany other than to say that it’s had two

(re)unifications – one completed by Bismarck in 1871,

when, through strategic diplomacy, military victories,

and calculated actions, he forged a powerful German

nation under Prussian leadership. And another when

the former East and West German states merged into

a new Germany in 1990, following the fall of the Berlin

Wall in 1989.

With post WW2 backing of the US, Germany’s economy

grew almost exponentially with an economic boom

where GNP rose by 80% and the investment rate rose by

120% between 1952 and 1960. Former chancellor Angela

Merkel led her Government, in 2015, into allowing large

numbers of refugees into Germany.

Demographics

Germany’s population inhabits an area of 377,915

km2, which places it in 63rd place ahead of the Republic

of Congo (342,000 km2), but behind Japan (377,915

km2). In comparison, the UK is in 78th place with

244,376 km2.

According to Statista, the population of Germany was

estimated to be 83.46 million in 2024, up from 79.75

million in 1990 (prior to that, the data requires the

addition of figures from the two former German states).


CREDIT MANAGEMENT

But the raw numbers aren’t describable as a simple

upward line but rather, look more like a bell curve

between 1990 to 2011 with a peak of 82.53m in 2003, a

low point of 80.33 in 2011 and sharpish rise (over 13-year

period) to the 2024 figure.

And the reason for the fall? A revised census count

required by the EU revealed that the population was 1.5

million smaller than previously estimated.

As to ethnicity of Germany, the CIA World Factbook

reckons that 85.4% identify as German, 1.8% Turkish,

1.4% Ukrainian, 1.1% Syrian, 1% Romanian, 1% Polish,

and 8.3% are from other/stateless/unspecified (2022

estimates.) And while German is the official tongue,

Danish, Frisian, Sorbian, and Romani are official

minority languages and Low German, Danish, North

Frisian, Sater Frisian, Lower Sorbian, Upper Sorbian,

and Romani are also recognised as regional languages.

On top of that are the languages spoken by those that

hail from outside of Germany.

In terms of age distribution, the US Census Bureau

International Database reckons that, in 2024, the

population of Germany is rapidly ageing. The data

suggests that those aged 0-14 years represent 13.8% of the

population (of 5.92m are male and 5.68m are female),

62.5% are aged 15-64 years (with 26.70m being male and

25.87m being female), while those aged 65 years and

over make up 23.7% of the population (with 8.94m being

male and 10.98m being female).

The population pyramid, therefore, looks akin to a

cruise liner – face on – with a narrow hull, wide bridge

and accommodation decks, and a narrowing set of top

decks.

Economy

Germany has been in a technical recession for two

years, and Deutsche Welle stated in May 2025 that “in

2024, more companies closed than in the previous major

financial and economic crisis in 2011. High electricity

prices have meant energy-intensive industries have been

hit especially hard. In addition, companies are having

to close due to a shortage of workers and specialists as

society is ageing. Germany's burgeoning bureaucracy is

another major factor hampering business.”

This said, a key problem for Germany was Russia's

invasion of Ukraine in 2022 and the halt to Russian gas

supplies. Where once German firms used cheap energy

and high engineering skills to manufacture products

that were in demand worldwide, now the country’s

manufacturers have been paying dearly for energy.

And on top of that are President Trump’s tariffs

that are making the country’s firms less competitive

internationally.

Even so, the IMF, World Bank and UN put Germany’s

economy in third place behind the US and China. The

former forecasts GDP as being $4.74tn for 2025. That

number stood at $3.47tn in 2010, $3.42tn in 2015, and

$3.94tn in 2020. Inflation in June 2025 stood at 2%, a

level it has not deviated much from since March 2024.

Prior to that, along with much of the world, inflation

rose post-COVID to a peak of around 8.8% between

September 2022 and February 2023.

Business sectors

According to 2021 data from Statistisches Bundesamt,

more than 99% of German firms are part of the

Mittelstand – SMEs that are mostly family-owned. A

BBC report, albeit from 2017, says that “these companies

represent 48% of the global market leaders in their

segments, labelled hidden champions.”

Agriculture

Although not the largest part of the German economy, a

2022 document from the EU - Germany – CAP Strategic

Plan – notes that over 57% of the area is agricultural

land and 30% of the country is covered with forests.

Germany Trade and

Invest considers

the country to be “a

European industrial

production leader and

ranks amongst the

world’s best”.


COUNTRY FOCUS

The automotive sector

is a core part of the

German economy,

with brands such as

Volkswagen, BMW,

Mercedes-Benz, Audi,

and Porsche; premium

vehicles are a key

element of this sector.

Milk, cereals, as well as vegetables and horticultural

products are the most important sectors in terms of

production value. With a strong export bias, Germany

can produce 90% of its domestic needs.

That said, there are over 276,000 farms in Germany with

an average size of around 61 hectares. Around 40% of

farmers are 55 years or older, while 7% are under the

age of 35.

The Federal Ministry of Food and Agriculture, citing

data from 2020, notes that there are now fewer farms,

but each has grown in size. In 1970 there were 1.14m

farms with an average of 11.1 hectares. But by 2016,

there were 275,400 farms utilising 60.5 hectares each.

The ministry also reckoned that the sector employed

938,000 and earned revenue of €50bn.

Automotive

The automotive sector is a core part of the German

economy, with brands such as Volkswagen, BMW,

Mercedes-Benz, Audi, Iveco, Ford, Opel, and Porsche;

premium vehicles are a key element of this sector.

According to Germany Trade & Invest, in 2024 the

sector earned €536.1bn in revenue and made some

4.07m cars. However, while that figure is large and is

above that for 2022 (€506.10bn), it’s below that for 2023

(€564.30bn). This is largely due to a number of issues,

including a shift towards electric vehicles, increased

competition from Chinese manufacturers, slumping

demand, and rising costs. The potential for trade

wars and a lack of consumer confidence in the face of

economic pressures haven’t helped either. That said, the

sector employs 773,000, of which 158,000 work in R&D,

which sees €30.3bn spent annually.

Manufacturing, when done in Germany – much is done

overseas – is speckled around the country with most in

the south, some in the east and west, little in the centre

and none in the far north.

Chemicals

The Unicorn Group details that chemicals, as a sector

– as well as pharmaceuticals – have a long history in

Germany. Companies in the sector produce basic

inorganics, petrochemicals, polymers, agrochemicals,

specialties, cosmetics and pharmaceuticals, and invest

heavily in research and development.

Cefic reports that in 2023, the sector turned over

€225.5bn and was the third largest sector in Germany

after automotive and machinery and equipment.

However, sales were dented that year – and down 14% -

because of the post-Russian invasion energy crisis and

industrial issues at home; in essence, costs rose faster

than sales.

In 2023 around 2,100 companies organised in 40

Chemical Parks employed 479,542 people.

Cefic comments that the biggest issues facing the

sector – apart from sales volumes – are “sustainability,

climate change, protection of natural resources, and

circular economy.” Most of the firms in the sector are

concentrated in the west, with others in the south. The

north and east of Germany have proportionately much

less in the way of production facilities.

Information technology

Data from the US International Trade Department

reports that “Germany has one of the largest ICT

markets in the world and remains the single largest

software market in Europe with nearly 100,000 IT

companies employing approximately 1.189m people.” Of


CREDIT MANAGEMENT

the 100,000 firms, 85,293 were small businesses, 13,687

were medium-sized, and 410 were large enterprises.

In 2024, the German ICT market had a turnover of

€222.7bn, a figure that is projected to reach €232.8bn

in 2025. Of this, IT accounted for €149.7bn, while

telecommunications contributed €73bn.

Within IT, or rather, the digital economy, Germany

Trade & Invest lists subsectors as including advertising

(half of German firms use digital channels), safety and

security, creative technologies, financial technologies

(the market comprises of 950 plus firms), software,

gaming, blockchain (500 companies operate in this

sphere), artificial intelligence, and telecommunications

and connectivity (with 3708 companies and around

155,200 people).

Other strands to the sector “excel in aviation, space

exploration, drones, VTOL aircraft, electric flying, and

unmanned aerial vehicles. Innovations drive progress in

passenger planes, satellites, and efficient urban mobility

solutions.”

Machinery and equipment

Germany Trade and Invest considers the country to

be “a European industrial production leader and ranks

amongst the world’s best” and “in the top three leaders

in 24 out of 31 M&E sectors.” In size, it sits behind China

and the US (in that order).

It earned revenue of €263bn in 2023 and employed

around 955,000 people. Revenue was forecasted to rise

to €290bn by the end of 2025. Notably, nearly 90% of

firms in the sector can be classified as an SME. However,

while small, they still spend €10.3bn in R&D – and

they do this in close collaboration with mechanical

engineering universities and other institutes. German

manufacturers are planning to invest €10bn annually

into smart manufacturing technologies by 2025.

Subsectors – according to the Federal Statistical

Office (2024) include (in value order) machinery

tools, conveyor systems, drive/propulsion systems,

agricultural machinery, construction / building materials

machinery, pumps and compressors, refrigeration and

air technologies, fittings and mountings, and foodstuffs

and packaging machinery.

Tourism

A 2025 report from the World Travel & Tourism

Council reckons that Germany is on for a bumper year

with international tourist spending reaching €57bn

and domestic spending valued at €422.3bn in 2025. And

it’s all supported by some 6.5 million workers helping

to generate a total GDP contribution of €499bn. It’s

expected that by 2035 the sector will be worth €579bn

to Germany.

The report says that: “by placing tourism within the

Federal Ministry for Economic Affairs and Energy, the

government has encouraged both industry leaders and

policymakers to focus on sustainable growth for the

Travel & Tourism sector.”

Indeed, the Federal Ministry for the Environment,

Climate Action, Nature Conservation and Nuclear

Safety, has commented that: “sustainable tourism

in harmony with nature and landscapes and geared

towards sustainable management… offers excellent

opportunities to contribute to long-term regional

added value. Germany is by far the most popular holiday

destination for Germans, with approximately one third

of the population holidaying in their own country.”

Overall, Colliers Germany thinks that in 2023 there

were some 50.2m lodging establishments with 3.21m

beds.

Summary

This is merely a light touch on a country not too far from

these shores, which might be officially in recession, but

remains a perfect target for British exporters. Yes, there

are challenges to deal with, namely, the need to navigate

complex regulations – German and EU-related, adapt

to cultural differences, and deal with high labour costs,

employment law, and competition, but it’s a large

market to tap into.

Author: Adam Bernstein is a freelance finance writer

for Credit Magazine magazine.

Brave | Curious | Resilient / www.cicm.com /October 2025 / PAGE 35

Another benefit

for CICM Members

Download and view your digital

membership card via the Folio app today!

Download the app for your iOS or Android operating system

UK STANDARDS

NAVIGATING

THE NET ZERO

ROADMAP

Independently verified sustainability offers huge rewards

but can be complicated for smaller businesses.

BY DAVID JAMES

IN today's fast-paced business environment,

demonstrating a genuine commitment to

sustainability isn't just about good PR;

it’s a fundamental commercial necessity.

Customers, investors, regulators, and even

your own employees are demanding proof of

your green credentials. This is where thirdparty

audits for carbon and sustainability come in;

they're vital for credibility. But for many UK businesses,

this crucial step can quickly feel like an expensive,

confusing, and time-consuming minefield.

A powerful tool

So, why put yourself through it? An independent audit,

or 'assurance,' provides an external seal of approval on

your sustainability claims. It offers huge benefits. In

an age where accusations of ‘greenwashing’ are rife,

independent verification is your most powerful tool to

tell everyone – from your biggest clients to your newest

recruits – that your sustainability data is accurate,

reliable, and unbiased. It is invaluable to build trust.

Audits also reduce risk by uncovering errors or

inconsistencies in your data before they become public

embarrassments. This protects your reputation, avoids

potential fines, and shields you from legal headaches.

The rigorous process of an external audit pushes

businesses to sharpen their operations by refining their

internal data collection and management. The result

is better quality data, stronger internal controls, and

ultimately, a more effective sustainability strategy.

In a crowded market, a clear, credible green story

makes you stand out and can give you a competitive

edge. Imagine winning that tender or securing that

investment because your sustainability performance

is independently verified. Investors are increasingly

making decisions based on assured corporate and social

responsibility data (CSR). Banks also might offer better

loan terms, and consumers are more likely to choose

genuinely sustainable brands. Audits directly address

these growing demands.

The standard minefield

Despite the clear upsides of seeking third-party

assurance, the main problem for UK businesses is that

there’s no single, universally accepted auditor or a

uniform set of sustainability reporting standards.

Unlike financial reports, which primarily serve

investors, sustainability reports aim to satisfy a broader

range of stakeholders – including investors, customers,

employees, regulators, and the general public. What

an ethical consumer cares about differs from what a

financial institution needs to see. Between different

standards, materiality, i.e. what counts as important

information, differs widely. Some frameworks focus

on how sustainability issues impact your bottom line,

while others also demand that you report your impact

on society and the planet.

Some sectors have specific needs. A construction firm's

sustainability challenges are miles apart from those

of a tech startup. So, specific standards and audit

approaches emerge to handle these unique situations.

The situation is further complicated because

sustainability is a fast-evolving field. New scientific

findings, technologies, and global challenges (like

biodiversity loss) constantly change what we need

to measure and report. Standards bodies are always

adapting, making it a very dynamic environment.

Brave | Curious | Resilient / www.cicm.com / October 2025 / PAGE 37 continues on next page >

UK STANDARDS

There has been a flood of frameworks, rating bodies,

and private certifications. Today the market is full of

reporting frameworks (GRI, SASB, TCFD), carbon

standards (GHG Protocol, ISO 14064, PAS 2060),

independent rating/auditing bodies (EcoVadis,

CDP, S&P Global CSA), and, increasingly, private

certifications and labels within the UK. Each serves a

slightly different purpose or targets specific audiences:

Aligned standard

is being developed,

with the aim of

becoming the world’s

first international

standard specifically

for achieving Net Zero

greenhouse gas (GHG)

emissions.

• EcoVadis: Often required by large corporate clients

for supply chain sustainability ratings, focusing on

environmental, labour and human rights, ethics, and

sustainable procurement.

• Formal Verifiers (e.g., firms providing ISO 14064-3

assurance): Essential for auditable GHG claims.

• B-Corp: A holistic certification for for-profit

companies that meet high standards of verified social

and environmental performance, public transparency,

and legal accountability to balance profit and purpose.

• Private UK Labels: These often offer a simpler, more

accessible entry point for businesses, especially SMEs,

to commit to sustainability. They provide a recognised

badge or logo for marketing, often involving some

carbon footprint measurement and a commitment

to reduction. While good for engagement, their

verification is usually against their own standard, not

international auditing frameworks.

• Investor Demands: Investors often rely on ratings

from agencies like MSCI or S&P Global CSA, which

use publicly reported data and may do their own

evaluations.


CREDIT MANAGEMENT

While it introduces

another standard

initially, the longterm

goal is to provide

a unifying baseline

for Net Zero. This

signifies a maturing of

sustainability reporting,

pushing for verifiable

pathways aligned with

global climate goals.

This fragmentation means UK businesses often face the

dilemma that some clients insist on EcoVadis, while

some investors demand specific ISO-verified data.

Others choose B-Corp, and some opt for a simpler

pathway from private UK labels – so it’s full of potential

pitfalls, and it’s expensive.

A new Net Zero roadmap

To try and create a single Net Zero pathway the ISO

14060 Net Zero Aligned standard is being developed,

with the aim of becoming the world’s first international

standard specifically for achieving Net Zero greenhouse

gas (GHG) emissions. It builds on the existing ISO

14060 family of standards (like ISO 14064 for GHG

quantification) and the recently published ISO 14068-

1:2023 (Carbon Neutrality), which takes over from the

UK's PAS 2060 from January 2025.

The new ISO 14060 is designed to standardise Net

Zero by providing clear definitions, principles, and

actionable guidance for setting and delivering credible,

science-based Net Zero targets globally. It will prioritise

real cuts and, like the Science Based Targets initiative

(SBTi), will heavily emphasise significant emission

reductions across all scopes (1, 2, and 3) before any

residual emissions are removed. Companies using the

new standard should also find that it boosts their global

credibility. As an ISO standard, it carries significant

international weight, promising to make Net Zero

claims more robust and comparable worldwide.

While it introduces another standard initially, the longterm

goal is to provide a unifying baseline for Net Zero.

This signifies a maturing of sustainability reporting,

pushing for verifiable pathways aligned with global

climate goals.

A costly business

The existing fragmentation in standards and auditors

directly translates into significant cost and complexity

for UK businesses, especially SMEs. Audit fatigue is real

for many. You can find yourself undergoing multiple,

slightly different assessments, leading to repeated work

and drained resources.

Engaging various third-party auditors and consultants

for different standards or rating schemes adds a

financial burden. Your teams are stretched thin,

gathering and submitting data for multiple platforms,

pulling focus away from core business activities. The

sheer volume of options can be overwhelming, leading

to decision paralysis, delays, and missed opportunities

in your sustainability journey.

Charting a smarter course

While a single, universal auditor remains a distant dream,

there's a clear move towards more consistency. The

ISSB (International Sustainability Standards Board) is

working on a ‘‘global baseline’’ for financial disclosures

related to sustainability, aiming for consistency for

investors. Similarly, the European Sustainability

Reporting Standards (ESRS) are becoming legally

binding for many companies in Europe, often requiring

external assurance.

For your business, the key is a strategic approach

to third-party assurance. Instead of chasing every

standard, focus on those most relevant to your key

stakeholders (your biggest clients, your investors, your

target market) and your core business objectives.

Crucially, building a robust internal data management

system based on internationally recognised principles,

such as the GHG Protocol, is paramount. This can

serve as your ‘‘single source of truth,’’ making it far

easier to adapt to different reporting requirements and

streamline future audits.

Ultimately, while the path to verified sustainability

can be complex, the credibility, risk reduction, and

strategic advantages offered by independent thirdparty

audits remain an essential part of building a truly

sustainable and profitable business in the UK. Don't let

the labyrinth deter you; navigate it strategically.

Author: David James is Managing Partner at UK Analytics.


ENFORCEMENT

DEMYSTIFYING

CIVIL

ENFORCEMENT

Enforcement officers play a positive role in society

– they deserve better than bad press.

BY RUSSEL HAMBLIN-BOON

IN recent months, the civil enforcement

industry has been subject to increased

scrutiny, leading to assertions that are often

misinformed or lack adequate technical

understanding. As Chief Executive of the

Civil Enforcement Association (CIVEA),

I feel compelled to address these claims,

many of which originate from individuals without

direct experience of civil enforcement.

Our sector has never shied away from scrutiny,

notably leading the establishment of the independent

Enforcement Conduct Board (ECB) to ensure

accountability within the industry. The ECB is

voluntarily funded through an industry levy.

Certificated enforcement agents, previously referred

to as bailiffs, recover over a billion pounds annually in

unpaid fines and taxes at no cost to the public purse.

Independent analysis estimates the civil enforcement

process saves up to £12 billion in unpaid council tax

alone, directly benefiting national and local public

services.

Despite these contributions, enforcement agents

frequently encounter violence and abuse, exacerbated

by rhetoric from interest groups urging local authorities

to “ban the bailiff.’’ Such diatribes paint agents as

bullies and thugs, without ever engaging or attempting

to understand the level of professionalism of most

enforcement agents.

A public voice comes with great responsibility,

and many commentators are scaremongering with

serious consequences. Recent industry analysis

indicates that there were, on average, 4 incidents of

abuse and assault each day in the space of six months

last year.

We were disappointed this spring when Luke

Charters MP used Citizens Advice data from 2023 to

tell Parliament that one in three enforcement visits

breached the MOJ Standards. This data has since been

discredited, and more qualified and robust research by

the Enforcement Conduct Board tells a very different

story. Independent analysis commissioned by the

Enforcement Conduct Board based on a review of

650 body-worn video recordings found that 94% of all

enforcement visits are compliant with the Government’s

National Standards. Of course, I agree that one noncompliant

visit is one too many, but there is a minority

of deviants in every industry. We have responded

proactively to address this.

Enforcement agents are in our towns and villages

working discreetly and sensitively every day. Vulnerable

people, overrepresented in the debtor community, are

often first identified by enforcement agents. Last year

alone, 351,000 cases of vulnerability were alerted to local

authorities following enforcement visits, for which the

council had no prior knowledge of the individuals’

circumstances. Our agents’ exposure to vulnerable

individuals is arguably greater than that of MPs, and

an indebted person’s journey to financial stability often

begins with an enforcement visit. Yet the demonisation

of the sector scares those same vulnerable people into

avoiding contact with the enforcement sector, often

exacerbating their situation and creating a divide

between agents and the people they so often help.

Given ongoing financial challenges facing local

authorities in England and Wales, the recovery of

unpaid debts is crucial to maintaining vital public

services, especially for vulnerable populations. The

work performed by enforcement agents, though

often overlooked by politicians and the public, is an

important factor in supporting these services.


CREDIT MANAGEMENT

“The enforcement sector

therefore plays an important role

in supporting economic growth,

funding public services and

underpinning the rule of law.”

Fortunately, the Ministry of Justice and the wider

Government demonstrate a better understanding of

our industry than our detractors. Ministers understand

the value of our work, and we are thankful that their

response to backbenchers seeking quick wins for

social media is measured and proportionate. We were

encouraged by the comments of a Justice Minister in

parliamentary debate, when she said: “The enforcement

sector therefore plays an important role in supporting

economic growth, funding public services and

underpinning the rule of law.”

It is vital that policymakers and public commentators

rely on empirical evidence and comprehensive data

when discussing enforcement practices, resisting the

headline chasing by ill-informed self-appointed experts.

I am happy to meet anyone who wishes to learn more

about the real side of enforcement and the contribution

our industry makes to society.

Author: Russell Hamblin-Boone is the Chief Executive

Officer of CIVEA (Civil Enforcement Association)

RUSSELL HAMBLIN-BOONE

Recovery of unpaid

debts is crucial to

maintaining vital public

services, especially for

vulnerable populations.


CAREERS

RIDING THE

RETURN

How to ease back into work with flow,

focus and perspective.

BY NATASCHA WHITEHEAD, FCICM


CREDIT MANAGEMENT

RETURNING to work after

a holiday, whether it’s a long

weekend or a two-week break,

often requires a shift in pace

and mindset, but this transition

doesn’t have to be jarring. With

the right strategies, you can

turn your return into an opportunity for renewed

focus, energy, and productivity. Whether you're easing

back into your inbox or preparing for a busy quarter,

these practical tips will help you readjust smoothly and

make the most of your fresh perspective.

Before you even leave

One of the best ways to ease back into work is to

prepare thoughtfully before your break. A week ahead

of time, start laying the groundwork for a stress-free

return. This goes beyond tying up loose ends, it’s about

creating clarity and continuity for both you and your

team.

Review upcoming deadlines and commitments, not

just before your time off but also for the week you

return. This helps you identify tasks to complete early

and those that can be delegated or postponed. Before

logging off, tidy your digital workspace, clear your

inbox, organise files, and set your out-of-office message

with helpful guidance. If possible, block out time in

your calendar for your first morning back to catch up

and plan without being pulled into meetings or urgent

tasks. By preparing with intention, you transform your

return from a reactive scramble into a calm, confident

re-entry.

Start with a positive mindset

A smooth return begins with the right mindset. Rather

than seeing the end of your holiday as a disruption,

view it as a strategic pause, an opportunity to reset and

return with renewed clarity and purpose. Time away

can offer valuable perspective, helping you reflect on

your goals and approach your role with fresh energy.

Embrace a growth mindset. See challenges not as

setbacks, but as opportunities to learn and improve.

Instead of focusing on what you may have missed, shift

your attention to what you can now contribute with a

refreshed outlook.

Reconnect with the value and purpose behind

your work. Whether it’s the impact you make, the

relationships you build, or the progress you’re driving,

reminding yourself of these elements can help you

transition from holiday mode to work mode with

greater motivation and intent.

Reconnect with your team

Re-engaging with colleagues is a vital part of easing

back into the workplace. A quick check-in with key

team members can help you get up to speed on any

developments or shifting priorities. Reviewing shared

documents or project trackers can also provide helpful

context. Where possible, ask for a concise summary of

updates to help you focus on what needs immediate

attention. Beyond the practical benefits, reconnecting

with your team helps re-establish your sense of

collaboration. These conversations can reignite your

motivation and remind you of the shared goals that

drive your work. They also offer a chance to re-align

with your manager or direct reports, ensuring clarity

on expectations and upcoming responsibilities.

Create a prioritised to-do list

One of the most effective ways to regain control after

a break is to start with a clear, prioritised to-do list.

Begin by tackling your inbox, delete or archive anything

irrelevant, flag urgent messages, and schedule time to

respond to those that need thoughtful attention. This

helps reduce overwhelm and highlights what truly

needs action.

Set realistic expectations for your first few days

back. Rather than trying to operate at full capacity

immediately, focus on steady progress. Identify two or

three key tasks to complete each day and celebrate small

wins to build momentum. This measured approach

helps you ease back into your routine with confidence.

Time away can

offer valuable

perspective, helping

you reflect on your

goals and approach

your role with fresh

energy.

Final thoughts

The return to work after a holiday doesn’t need to feel

like a hurdle, it can be a moment to recalibrate and

move forward with purpose. By approaching your first

few days back with intention, structure, and a clear

sense of priorities, you can ease into your routine while

setting yourself up for sustained success.

Whether it’s reconnecting with colleagues, reestablishing

your workflow, or simply regaining your

rhythm, small, thoughtful actions can make a big

difference. The key is not to rush, but to return with

clarity and a renewed commitment to your goals.

Author: Natascha Whitehead, FCICM is Senior Business

Director at Hays specialising in Credit Management.


HR MATTERS

ASSESSING

DISABILITY

When do employers need to make adjustments

for neurodivergent employees?

BY GARETH EDWARDS

UNDER the Equality Act 2010,

a person is considered disabled

if they have a physical or

mental impairment that has

a substantial and long-term

adverse effect on their ability

to carry out normal day-today

activities. 'Substantial' means more than minor or

trivial, and ‘long-term’ generally means the effect has

lasted or is likely to last at least 12 months.

In Stedman v Haven Leisure Ltd, the claimant applied

unsuccessfully for a role as an Animation Host. He had

diagnoses of Autism Spectrum Disorder (ASD) and

Attention Deficit Hyperactivity Disorder (ADHD)

and brought claims of disability discrimination. At

a preliminary hearing, the tribunal accepted that he

had a mental impairment but concluded he was not

disabled within the meaning of the Act. It found that

the impairments did not have a substantial adverse

effect on his ability to carry out normal day-to-day

activities. The claimant appealed.

The EAT allowed the appeal and remitted the case

to a new tribunal to reconsider whether the claimant

was disabled under the Equality Act.

The key issue was that the original tribunal had taken

the wrong approach. It had looked at the claimant’s

abilities as a whole, weighing his strengths (such as

academic success and public performance) against the

areas where he said he struggled (such as forming social

relationships or using crowded public transport). The

EAT confirmed that this was incorrect. The legal test

is met if the claimant’s condition has a substantial

adverse effect, that is, more than minor or trivial, on

even one normal day-to-day activity. Tribunals should

assess each activity on its own, not balance areas of

difficulty against areas of strength.

The EAT also highlighted that the right comparison is

between the claimant’s abilities with their condition

and how they would function without it, not against

the general population.

Finally, the EAT clarified that a formal diagnosis

of autism or ADHD is not just relevant to showing

that someone has a mental impairment. It can also be

strong evidence that the condition has a real impact

on day-to-day functioning and should be taken

seriously when assessing whether the definition of

disability is met.

This case illustrates how difficult it can be to challenge

whether a neurodivergent individual falls within the

statutory definition of disability.

Adjustments require a

realistic prospect of success

Under the Equality Act 2010, employers must make

reasonable adjustments where a provision, criterion

or practice, or the absence of an auxiliary aid, places

a disabled employee at a substantial disadvantage

compared to those who are not disabled. However,

that duty only applies where the proposed step

has a real prospect of reducing or removing the

disadvantage.

In Hindmarch v North-East Ambulance NHS Foundation

Trust, the claimant was a non-emergency ambulance

driver who suffered from anxiety, which was

significantly exacerbated by fears about catching

COVID-19. He refused to return to work unless issued

with an FFP3 mask, typically reserved for higher-risk

settings, rather than the FFP2 mask provided to staff

in his role.

The Trust declined his request, explaining that

national guidance did not support the use of

FFP3 masks for non-emergency roles and that such

masks would not offer complete protection. It also

took the view that, given the severity of the claimant’s

anxiety, the mask would not have alleviated his

concerns. The claimant remained on long-term

sickness absence and was eventually dismissed on

the grounds of ill health. He brought claims for

failure to make reasonable adjustments and unfair

dismissal.


CREDIT MANAGEMENT

The key issue was

that the original

tribunal had taken

the wrong approach.

It had looked at the

claimant’s abilities

as a whole, weighing

his strengths.

The Employment Appeal Tribunal upheld the

tribunal’s decision to dismiss both claims. It confirmed

that the duty to make reasonable adjustments does

not arise where there is no realistic chance that the

adjustment would address the disadvantage. In this

case, the tribunal had carefully considered whether the

provision of a FFP3 mask might enable the claimant to

return to work but concluded that it would not. The

claimant had not stated unequivocally that he would

be able to return if given the mask, and the medical

and factual evidence suggested that his anxiety was too

severe to be overcome by that adjustment alone.

The EAT rejected the argument that the tribunal had

applied the wrong legal test or conflated different

parts of the Equality Act. It also found that the

unfair dismissal claim had been properly considered

as a separate question. The tribunal had assessed the

employer’s efforts to support the claimant and found

that the dismissal, while regrettable, was fair and

proportionate.

This case highlights that the duty to make reasonable

adjustments only arises where the proposed adjustment

has a realistic prospect of mitigating the disadvantage.

Employers are not required to make adjustments that

would be ineffective in practice.

Author: Gareth Edwards is a partner

in the employment team at VWV.


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Credit Management

Insights, a decade of change

Join us for our webinar exploring the last ten years in the credit

management industry

On Thursday 23rd October, we launch our research covering the market in 2015, where we

are today, and what the next 5 years may hold. Nearly 400 credit leaders completed this years’

survey offering insight into trends, challenges, and opportunities for the role to develop.

We will be joined by credit leaders to discuss the results and what they mean for the profession.

Here’s a sneak peak of our findings across the page.

Register for your place here

Discover new opportunities by visiting our website or contacting Natascha

Whitehead, Credit Management UK Lead at Hays on 07770 786433.

Hear the voice of credit as we explore a one-ofa-kind

report. This isn’t just data, it’s a pulse check

from your peers, revealing how far we’ve come since

2015 and where the next five years could take us.

Join the conversation, understand the trends, and

discover what’s next for the credit profession.

59%

felt the economic environment

would be the biggest challenge

facing credit managers in 2015

63%

found recruiting the right talent

to be the top hurdle facing credit

management in 2025

56%

felt the economic environment

would be the biggest challenge

facing credit managers in 2015

54%

found recruiting the right talent

to be the top hurdle facing credit

management in 2025

hays.co.uk/credit-control-jobs

© Copyright Hays plc 2025. All rights are reserved.

International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

EXPORT FINANCING

SUPPORTS 70,000 JOBS

NEW * SOUTH AFRICAN

PARTNERSHIP

*

UK firms could have more

opportunities to expand, invest, and

export to South Africa after the launch

of a new infrastructure partnership by

the UK Government.

The aim is to offer official support

for commercial opportunities in

areas including architectural design,

engineering, and professional and

business services to speed up ‘a

pipeline of projects which British firms

are well-placed to win tenders for.’

The UK Government says that

this new model, Government-to-

Government Infrastructure Partnership,

has ‘previously delivered strong growth

and jobs in countries such as Peru, with

companies such as Arup and Turner

& Townsend building a track-record

of international delivery and bringing

economic growth to the UK.’

UK Export Finance (UKEF), according

to its latest accounts, says that it has

provided £14.5bn in loans, guarantees

and insurance over the last year and

supported 70,000 jobs in various

industrial sectors such as clean energy

industries, advanced manufacturing, life

sciences and automotive.

Established in 1919, it exists ‘to

ensure that no viable UK export fails for

lack of finance or insurance from the

private market, while operating at no net

cost to the taxpayer.’

In overview, ‘UKEF says that it has

provided the highest level of support in

its 106-year history in 2024-25 to help

New era of global trade

ATRADIUS thinks that businesses are now

facing ‘increasing supply chain risk as

geopolitical tensions, tariffs and economic

incentives create a new geography of

trade.’ But it adds that ‘forward-thinking

organisations can benefit too.’

The firm notes that ‘a calm of sorts has

descended on the trade war between the

US and China after a deal was struck in

London … but a conflict by proxy may now

be about to begin.’ Fundamentally, while

direct confrontation between the world’s

two largest economies has eased, for the

time being at least, the US is turning its

attention to China’s neighbours.

667 UK firms break into international

markets and grow as exporters.’

Businesses helped by UKEF include

Yorkshire-based Angloco and Ayrshire’s

Emergency One, which won contracts

to supply 62 fire engines to Iraq after

UKEF provided a loan to its Ministry of

Finance; and Northern Ireland-based

pressure washer manufacturer Maxflow,

that entered new markets after it

gained access to capital with help of

a guarantee provided through UKEF’s

General Export Facility.

Overall, UKEF says that it’s financing

in the year ‘backed the contribution of

up to £5.4bn (GDP) to the economy.’

Fresh US tariffs have targeted several

Asian economies with rates of between

20% and 40%. This is likely an attempt

to stop China sidestepping US levies by

rerouting goods through its Southeast

Asian neighbours.

All of this offers opportunities for

businesses with a nuanced understanding

of regional advantages, tariff regimes and

evolving trade policies. But, as President

Trump’s tariff announcements show, new

problems are appearing everywhere,

leaving firms to manage geopolitical

exposure, compliance complexity and

credit risk.

PIGGING OUT IN MEXICO

TWELVE UK businesses from across

England and Northern Ireland have been

granted permission to export British

pork products to Mexico.

The businesses will also be able to

export offal and edible by-products,

bringing British pig farmers a return on

parts that are less popular in the UK but

which Mexican consumers like.

With consumption in Mexico’s pork

market growing by 5.4% annually

between 2019 and 2024, industry

estimates expect the deal to bring in

£19m over the first five years.

Brave | Curious Brave | Curious | Resilient | Resilient / / www.cicm.com / January / October & February 2025 / PAGE 202550

/ PAGE 50

Debt collection around the world

COFACE understands that collecting

debts domestically is already a tedious

job and that collecting debts abroad

can quickly turn into an obstacle course.

It’s commented that ‘different business

cultures, specific negotiation levers,

lengthy and complex procedures, and local

legal specificities’ bring many challenges.

In Africa, Coface recommends prelitigation

and legal proceedings while

negotiating a waiver of late payment

interest in exchange for payment of the

debt. In North America, the advice is to use

legal proceedings carefully and generally

only for larger debts, find an amicable

solution, and not ignore email, as that’s

how negotiations are largely conducted;

Trump ends de minimis tariff

PRESIDENT Donald Trump has ended the

long-standing de minimis tariff exemption

for low-value imports into the United

States, a move that is likely to significantly

increase costs for UK exporters and global

e-commerce sellers.

From 29 August 2025, all goods entering

the US valued under $800 will be subject to

full duties, based on the country of origin

and product category. The exemption

previously allowed duty-free import of lowvalue

packages.

According to US Customs and Border

Protection, over the past decade, the

number of low-value parcels entering

the US has surged by more than 600%.

Shipments rose from 139m in 2015 to

over 1.36bn in 2024 – all as a result of

e-commerce platforms such as Temu and

physical visits to obtain replies from

debtors are useful too.

Elsewhere, in Latin America, creditors

should seek out personal contact details

as business channels are rarely answered.

In Asia-Pacific, because the law can take

so long, regular reminders are essential,

as is a willingness to write off debts, as

negotiated payment schedules are rarely

adhered to. And in Central Europe, a

simple reminder is sufficient, as reputation

and respect for financial commitments

are fundamental to the regional business

culture.

And in Western Europe, creditors are

advised to just use the legal system as it’s

quick and easy.

Wellness firm gets UKEF funding

SUPERIOR Wellness, a manufacturer of

hot tubs and swim spas, has secured a

£2.3m facility backed by UK Export Finance

(UKEF) and NatWest Bank to help its

export growth across the USA, Canada,

Europe, and the Middle East.

Having secured UKEF’s backing,

Superior Wellness created 15 new

jobs at its Chesterfield headquarters,

bringing its total UK workforce to 75.

It also now employs five new staff

members at its facility in South

Carolina, bringing its global headcount to

over 140.

The Chesterfield-based company

designs and supplies a wide range of hot

tub and wellness brands. The UKEF-backed

General Export Facility (GEF) will enable

the firm to ‘invest further in infrastructure,

scale distribution, and support working

capital, all while maintaining cashflow

security.’

Shein, which rely on low-cost, high-volume

delivery models.

While the order took effect this summer,

it will be made permanent on 1 July 2027

as part of the One Big Beautiful Bill Act.

The move has caused concern among

UK exporters, particularly SMEs and

e-commerce retailers, who rely on the de

minimis route to ship low-cost goods into

the lucrative US consumer market.

Marco Forgione, Director General

of the Chartered Institute of Export &

International Trade, called the move

‘deeply unsettling’ for British businesses.

‘Thousands of UK firms now face

immediate new costs when trading into the

US. This removes one of the few simple,

low-friction routes into the American

market,’ he warned.

CREDIT MANAGEMENT

NEW COMMISSIONER

OF TRADE FOR EUROPE

THE Government has announced the

appointment of Ceri Morgan as His

Majesty’s Trade Commissioner for

Europe, succeeding Chris Barton from

1 September.

Morgan previously led the

Department for Environment, Food and

Rural Affairs (Defra) on international

trade, international food security, and

headed the Government’s overseas

agri-food attaché network to tackle

market access barriers for UK exports.

The Trade Commissioner has

responsibility for all Department for

Business and Trade work in Europe,

including improving market access for

UK companies in Europe, attracting

inward investment from European

companies into the UK, encouraging

UK exports to Europe, influencing

multilateral trade policy with Europe,

and completing on the commitments

made in the UK’s Trade Strategy.

UK STEEL FIRMS REGAIN

ACCESS TO EU MARKET

FROM 1 August UK steel producers

regained tariff-free access to the EU

market for key steel products through

a restored quota – ‘a direct win from

the Prime Minister’s EU deal signed

back in May.’ Steelmakers will, says

the Government, be able to export

more Category 17 steel products, used

for large building projects, to the EU

tariff-free.

The UK’s steel sector supports around

40,000 jobs across 1,145 firms, with a

further 61,000 jobs in related industries

that supply materials and services to

steel producers. The restored quota

should ease the administrative and

financial burdens that have affected steel

exporters.

The country-specific quota allows the

UK to export a certain amount of steel to

the EU without an extra tariff. The UK can

now export up to 27,000 tonnes of steel

to the EU each quarter.

Brave | Curious Brave | Curious | Resilient | Resilient / / www.cicm.com / January / October & February 2025 / PAGE 202551

/ PAGE 51

View our digital version online at www.cicm.com

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

labelled ‘Credit Management magazine’

Just another great reason to be a member

Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers

Brave | Curious | Resilient

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

EXCLUSIVE PAYMENT TRENDS

TICKING

ALONG NICELY

Steady late payment progress across the UK and Ireland.

BY ROB HOWARD

DESPITE one or two causes for

concern, the latest late payment

performance statistics are mostly

positive, with a number of regions

and sectors across the UK and

Ireland making steady progress

in reducing late payments. The

average Days Beyond Terms (DBT) across UK regions

reduced by 0.6 days, while the average sector figure

saw no change. Average DBT across Irish counties and

sectors dropped by 1.0 and 1.2 days respectively. Across

the four provinces of Ireland, average DBT increased by

1.4 days.

Sector Spotlight

While the average DBT sector figure saw no change,

more than half (12) of the 22 UK sectors made

reductions to DBT. Of those making strides in the

right direction, the Business from Home sector made

the biggest improvement, with a cut of 5.5 days taking

its overall DBT to 5.2 days. Elsewhere, the Health and

Social (-3.7 days), Professional and Scientific (-3.6 days),

International Bodies (-3.6 days) and Entertainment (-2.4

days) sectors all made steady progress. Of the 10 sectors

going backwards, the IT and Comms sector, which was

previously the best performing sector, saw the biggest

rise, with a sharp increase of 7.9 days taking its overall

DBT to 12.2 days.

The picture in Ireland is similarly positive, again with

more than half (12) of the 20 sectors improving their

late payment performance. Focusing on the positives, a

number of sectors made significant cuts to DBT. None

more so than the Water and Waste sector, which moves

off the bottom of the standings following a reduction

of 11.9 days to its DBT, taking its overall figure to 18.4

days. The Real Estate and Business Admin and Support

sectors also made real progress, cutting DBT by 9.2 days

and 6.5 days respectively. Although only six sectors saw

increases to DBT, a couple of these rises are steep. The

IT and Comms sector took the biggest hit, with its

DBT increasing by 10.8 days to 16.1 days overall, now

among the bottom five worst performing Irish sectors.

The Public Administration sector is now the worst

performing sector, with an increase of 10.3 days taking

its overall DBT to 18.5 days.

Regional Spotlight

The UK regional standings make for positive reading,

with eight of the 11 regions making improvements

to DBT, although the vast majority of these were

steady rather than seismic. London made the biggest

improvement, cutting its DBT by 2.6 days, taking its

overall tally to 6.7 days. The South West maintains

its position as the best performing UK region, with a

further reduction of 1.0 day taking its overall DBT to

6.5 days. East Anglia, one of the two regions that saw

increases to DBT, is now the worst performing region, a

rise of 0.2 days taking its overall tally to 12.0 days.

Average DBT across

Irish counties and

sectors dropped

by 1.0 and 1.2 days

respectively.

In Ireland, the outlook is similarly positive, with 15

of the 26 counties making improvements. As with

the sector standings, there are a number of standout

performers, both good and bad. Of those moving

in the right direction, Monaghan made the biggest

improvement, and shoots to joint-top of the standings,

with a cut of 22.1 days taking its overall DBT to zero

days. Elsewhere, Waterford (-12.9 days), Sligo (-12.4

days), Wexford (-8.8 days) and Leitrim (-7.0 days) are

all moving forward. There are, however, a few causes for

concern. Westmeath (+11.5 days), Longford (+11.4 days)

and Laois (+9.2 days) were among the counties that saw

steep rises to DBT. Cavan saw the biggest rise, and is

now the worst performing sector, with a jump of 14.2

days taking its overall DBT to 23.1 days.

Across the four Irish provinces, Connacht is now at

the top of the standings, with a reduction of 1.4 days

taking its overall DBT to 9.6 days. Ulster is the worst

performing Irish province with an overall DBT of 17.7

days following an increase of 6.2 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) Aug 25 Changes from Jul 25

South West 6.5 -1.0

London 6.7 -2.6

West Midlands 7.3 -1.6

South East 7.8 -0.6

Wales 8.0 0

Bottom Five Poorest Payers

Region (UK) Aug 25 Changes from Jul 25

East Anglia 12.0 0.2

Northern Ireland 10.8 -1.2

North West 9.7 -0.2

Yorkshire and Humberside 9.0 -1.1

East Midlands 8.8 -0.3

Getting worse

IT and Comms 7.9

Water & Waste 3.7

Mining and Quarrying 3.2

Manufacturing 2.6

Other Service 2

Public Administration 1.8

Construction 0.6

Business Admin & Support 0.5

Education 0.5

Top Five Prompter Payers

Sector (UK) Aug 25 Changes from Jul 25

Entertainment 4.7 -2.4

Business from Home 5.2 -5.5

Hospitality 5.6 -0.2

Real Estate 5.9 -0.7

Agriculture, Forestry and Fishing 6.4 0.1

Bottom Five Poorest Payers

Sector (UK) Aug 25 Changes from Jul 25

Water & Waste 12.4 3.7

IT and Comms 12.2 7.9

Financial and Insurance 11.2 -0.2

Manufacturing 11.0 2.6

Professional and Scientific 9.9 -3.6

Getting better

Business from Home -5.5

Health & Social -3.7

Professional and Scientific -3.6

International Bodies -3.6

Entertainment -2.4

Energy Supply -1.6

Transportation and Storage -0.8

Wholesale and retail trade; repair of

motor vehicles and motorcycles -0.7

Real Estate -0.7

Dormant -0.2

SCOTLAND

0.8 DBT

Financial and Insurance -0.2

Hospitality -0.2

NORTHERN

IRELAND

-1.2 DBT

SOUTH

WEST

-1.0 DBT

WALES

0 DBT

NORTH

WEST

-0.2 DBT

WEST

MIDLANDS

-1.6 DBT

YORKSHIRE &

HUMBERSIDE

-1.1 DBT

EAST

MIDLANDS

-0.3 DBT

LONDON

-2.6 DBT

SOUTH

EAST

-0.6 DBT

EAST

ANGLIA

0.2 DBT

Region

Getting Better – Getting Worse

-2.6

-1.6

-1.2

-1.1

-1.0

-0.6

-0.3

-0.2

0.8

0.2

0.0

London

West Midlands

Northern Ireland

Yorkshire and Humberside

South West

South East

East Midlands

North West

Scotland

East Anglia

Wales


EXCLUSIVE PAYMENT TRENDS

CONNAUGHT

-1.4 DBT

SLIGO

-12.4 DBT

LEITRIM

-7.0 DBT

MONAGHAN

-22.1 DBT

ULSTER

6.2 DBT

CAVAN

14.2 DBT

Getting worse

IT and Comms 10.8

Public Administration 10.3

Education 2.4

LEINSTER

-1.3 DBT

LAOIS

9.2 DBT

WESTMEATH

11.5 DBT

LOUTH

-0.7 DBT

Construction 0.7

Agriculture, Forestry and Fishing 0.3

Hospitality 0.2

MUNSTER

2.1 DBT

WATERFORD

-12.9 DBT

Getting better

Water & Waste -11.9

Top Five Prompter Payers – Ireland

Region Aug 25 Changes from Jul 25

LEITRIM 0.0 -7.0

MONAGHAN 0.0 -22.1

SLIGO 1.3 -12.4

WATERFORD 3.6 -12.9

OFFALY 6.1 -5.3

Bottom Five Poorest Payers – Ireland


CAVAN 23.1 14.2

LONGFORD 20.2 11.4

LOUTH 18.7 -0.7

LAOIS 17.3 9.2

WESTMEATH 16.4 11.5

Top Four Prompter Payers – Irish Provinces


CONNACHT 9.6 -1.4

MUNSTER 10.8 2.1

LEINSTER 11.4 -1.3

ULSTER 17.7 6.2

Real Estate -9.2

Business Admin & Support -6.5

Mining and Quarrying -4.4

Health & Social -3.8

Manufacturing -3.1

Professional and Scientific -2.9

Wholesale and retail trade; repair of

motor vehicles and motorcycles -2.8

Financial and Insurance -1.9

Entertainment -1

Other Service -0.3

Transportation and Storage -0.1

Top Five Prompter Payers – Ireland

Sector Aug 25 Changes from Jul 25

International Bodies 0.0 0.0

Entertainment 3.4 -1

Mining and Quarrying 3.4 -4.4

Health & Social 6.3 -3.8

Professional and Scientific 6.4 -2.9

Bottom Five Poorest Payers – Ireland

Nothing changed

Energy Supply 0

International Bodies 0

Sector Aug 25 Changes from Jul 25

Public Administration 18.5 10.3

Water & Waste 18.4 -11.9

IT and Comms 16.1 10.8

Hospitality 12.3 0.2

Business Admin & Support 12.2 -6.5


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 30 years of experience and over £78 million

collected a 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.

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


Ethical and efficient debt recovery solutions to help

organisations improve cash-flow, increase productivity

and reduce overheads

Commercial

Debt Recovery

Consumer

Debt Recovery

International

Debt Recovery

Litigation

Support

Trace

Services

UK Credit & Collections Award (UKCCC)

Winner

British Credit Awards

Finalist (2024 & 2025)

Credit & Collections Industry Awards

Finalist (2025)

Recognised for Excellence


01527 386 610

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