Credit Management January and February 2026

CREDIT MANAGEMENT

CM

JANUARY & FEBRUARY 2026

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

Between

courses

Can the hospitality sector

withstand another year

of pressure?

INTERVIEW

Yusen Logistics’

Kirsty Dear MCICM

and game-changing

tools. PAGE 14

PAYMENTS

When trust breaks

down and the human

response.

PAGE 26

CONSUMER

Social influence:

a problem hiding in

plain sight.

PAGE 28

IONA YADALLEE

EDITOR

Editor’s column

DELAYED

INDULGENCE

BY the time this issue lands, most readers

will have moved beyond the reset of

the new year and into the practical

business of 2026. January often serves as

an opportunity to take stock, reassess

priorities and begin setting a realistic

course for the months ahead.

That perspective is well suited to this issue’s focus on the

hospitality sector. Few industries enter the year carrying as

much expectation, or exposure. While January has always

been a challenging trading period, it has arrived this year

against a combination of persistent cost pressures, fragile

consumer confidence and limited financial headroom,

leaving many operators vulnerable to relatively small shifts in

demand or cost, particularly where spending is increasingly

discretionary.

Recent developments offer early signals of where pressure is

emerging. The administration of Phantom Brewing Company

and the pre-pack restructuring of TGI Fridays UK differ in

scale and outcome, but both reflect familiar dynamics: costs

continuing to crystallise, reduced tolerance for prolonged

underperformance, and difficult decisions being taken after

periods of delay rather than avoided altogether. Rather

than sudden shocks, these cases point to stress becoming

more visible as flexibility narrows. While hospitality has

been particularly exposed in the opening weeks of the year,

restructuring activity in parts of the retail sector suggests

that pressure remains unevenly distributed but widely felt

across consumer-facing industries.

Hospitality has also returned to the political spotlight,

with renewed debate around business rates for pubs and

restaurants. For operators, rates are a fixed and often

inflexible cost, with the potential to influence site-level

viability. The direction and pace of any reform will therefore

be closely watched, not just by businesses themselves but

by those with exposure across hospitality supply chains.

This issue’s hospitality feature explores these themes in more

depth, following a CICM roundtable hosted by Menzies and

complemented by data-led analysis of the sector. Together,

the two parts combine practitioner perspectives with

evidence by Dun and Bradstreet on where financial stress

is becoming more concentrated, helping to illustrate the

differences between short-term pressure and more structural

challenge. The feature also reinforces a broader point: when

consumer-facing businesses fail, the consequences extend

well beyond the shopfront.

Elsewhere in the magazine, attention turns to wider issues

in the consumer landscape. Daniel Spenceley, Head of Policy

at the Credit Services Association considers the growing

problem of online financial misinformation, its potential

to cause consumer harm, and the need to turn the tables

on the bad actors who profit from the misinformation.

Taken together, these contributions reflect a common thread

running through the early weeks of the year. Uncertainty

remains a defining feature of the operating environment,

but it is increasingly accompanied by a focus on judgement,

interpretation and timely information rather than simple

rule-following.

February also marks one of the highlights of the CICM

calendar with the British Credit Awards, and I look forward

to joining many of you there. The Awards provide an

opportunity to recognise the professionalism and expertise

applied across the industry, often under challenging

conditions, and to reflect on the role that sound judgement

continues to play behind the scenes of the wider economy.

Brave | Curious | Resilient / www.cicm.com / January & February 2026 / PAGE 3

contents

Januaary & February 2026 issue

12 – DEBT RECOVERY

A crisis undermining UK business growth.

14 – INTERVIEW

Kirsty Dear MCICM, talks about earning a

CICMQ merit first time round, in just a few

short months.

18 – HOSPITALITY

A CICM Roundtable hosted in partnership

with Menzies and data-insights from

Dun & Bradstreet.

22 – INSOLVENCY

Autumn Budget implications for hospitality

and leisure.

26 – LATE PAYMENT

Late payment, moral dilemmas and the limits

of rational decision-making.

28 – MISINFORMATION

Why policymakers, platforms and industry

must act on online financial misinformation.

32 – COUNTRY FOCUS

Ireland, a colourful neighbour and good

business destination.

38 – ENFORCEMENT

A fair and effective enforcement sector that

delivers an important service for the country.

42 – STARTING STRONG

How to build career momentum when you’re

just starting out in a new leadership role.

44 – WORK, REST AND PAY

A new set of employment rights is coming into

force and could be easily misunderstood.

42

CAREERS

12

DEBT RECOVERY

44

18

HOSPITALITY & LEISURE

A CICM Roundtable hosted in

partnership with Menzies.

HR MATTERS


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

14

INTERVIEW

Advisory Council: Laurie Beagle FCICM

Laura Brown FCICM(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 FCICM

Hans Meijer FCICM / Amanda Phelan FCICM(Grad)

Allan Poole FCICM / Emma Reilly FCICM

Philip Roberts FCICM / Paula Swain FCICM

Jonathan Swan FCICM / Mark Taylor FCICM

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

32

COUNTRY FOCUS

Publisher

Chartered Institute of Credit Management

1 Accent Park, Bakewell Road, Orton Southgate,

Peterborough PE2 6XS

Telephone: 01780 722900

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

Editor: Iona Yadallee

Art Editor: Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Rob Howard, Milica Cosic and

Melanie York

Advertising

Paul Heitzman

Telephone: 01727 739 196

Email: paul@centuryone.uk

Printers

Stephens & George Print Group

2026 subscriptions

UK: £138 per annum

International: £171 per annum

Single copies: £15.00

ISSN 0265-2099

28

MISINFORMATION

Reproduction in whole or part is forbidden without specific permission.

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

of the Chartered Institute of Credit Management. The Editor reserves

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

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

Chartered Institute of Credit Management.

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


THE NEWS

CMNEWS

A round-up of news stories from the

world of consumer and commercial credit.

AI investment boom poses

risk to financial stability

ANDREW Bailey,

the Governor of

the Bank of England,

is of the view

that an asset price

correction – a

stock market crash

in other words - for tech firms that have

invested $5trn in artificial intelligence (AI)

could cause havoc in the credit markets.

The threat posed by a potential AI

bubble and overvalued stocks that is

widely being spoken about is likely being

made worse by the use of debt to finance

investment in the technology over the next

five years.

While it’s true that the tech giants

dominating the sector, the so-called

hyperscalers, are funding part of this

investment through their own cash flow,

the Bank of England estimates around

half will be financed through external

borrowing, much of it debt. That, it warns,

is a vulnerability hiding in plain sight.

And there are mounting concerns about

the role of artificial intelligence and the

investment required to get it to where

firms want it to be enmeshing the sector

ever more closely with the credit markets.

Bailey thinks that this could prove

dangerous if investor sentiment towards

AI changes and the sector is hit by a selloff

through the bursting of a bubble.

“On some measures, equity valuations

in the US are approaching levels not seen

since the dotcom bubble, and in the EU

and UK, not seen since the global financial

crisis,” He pointedly said that “the AI

sector is a particular hotspot.”

If market sentiment towards AI shifts

and valuations do fall sharply, the bank

worries that the sector’s growing ties with

the credit markets could amplify losses

and trigger wider instability. Given that

when America sneezes the world catches a

cold any sell-off in the US AI-heavy stock

market, where AI companies now account

for 44% of the S&P 500’s market value

and have driven 67% of its gains this year,

would inevitably spill over into the UK –

despite the FTSE 100’s relatively limited

exposure.

And evidence of this was seen recently

when Nvidia, the chipmaker at the centre

of the AI boom, became the first company

to hit a $5 trillion valuation; its shares

slipped back and others followed in suit.

The problem, as Bailey sees it, is that

“the share prices of many AI companies

are partly underpinned by high expected

future earnings growth over several years…

whether these earnings will be realised, or

even prove underestimates, is uncertain.”

Bailey offered his comments when

the Bank of England released its latest

assessment of the UK’s financial stability

in which it cut capital requirements on

banks for the first time since the 2008

crash, cautioned that gilt-related leveraged

borrowing by hedge funds had reached

almost £100bn, and warned that risks to

Britain’s financial stability had risen in

2025.

Even so, Bailey insisted the Bank’s

planned loosening of capital rules for

UK lenders remains the right step, citing

strong results from its latest stress tests

and the increased resilience of the banking

sector since 2008.

The message for business leaders

and investors is clear: the AI bubble

is increasingly being underwritten by

borrowed money. If high-growth earnings

forecasts do not materialise, the correction

could be sharp – and this time, the

shockwaves could travel through the credit

markets as well as the stock exchanges.


CREDIT MANAGEMENT

Revolut overtakes Barclays in

value after $75bn share sale

REVOLUT is now more valuable than

Barclays after a $75bn valuation following

a secondary share sale backed by Nvidia.

The deal — largely involving staff

selling portions of their holdings — marks

a dramatic jump from Revolut’s $45bn

valuation in 2024. It now exceeds the

market capitalisation of Barclays (£55.7bn

/ $73bn), as well as other UK banking

firms including Lloyds and NatWest.

The transaction attracted investors

including Coatue, Greenoaks, Dragoneer

and Fidelity, while Nvidia’s venture arm

has taken an equity stake.

This is Revolut’s fifth employee share

sale. Employees were permitted to sell

up to 20% of their holdings, with shares

priced at $1,381.06 each. No new capital

was raised, and Revolut has not disclosed

the value of shares sold.

Originally a low-cost currency card,

Revolut has grown into a financial

platform offering payments, crypto

THE FCA is to change the rules to allow

investment and pension firms to make

specific suggestions to consumers to help

them make better informed decisions

about what to do with their monies.

The need for the new regime is clear says

the FCA and expects it to assist at least

18m over the next decade.

According to the FCA’s data, around 7m

adults in the UK with £10,000 or more in

cash savings could be missing out on the

benefits of investing throughout their

lives. Fewer than one in 10 obtains regulated

financial advice and worryingly, nearly 1

in 5 investors turn to social media for help

making decisions. Only one in 5 of DC

pension holders aged 45 or over said they

have a good understanding of their pension

access options.

Termed ‘Targeted Support’, the programme

is designed to be “a flexible and

trading, share dealing, business accounts

and lending across Europe, the US and

Australia.

The company claims 65m customers and

generated £3.1bn in revenue and £1.1bn in

pre-tax profit last year.

Despite its growth, Revolut remains

stuck in the UK regulatory “mobilisation

phase” and so cannot yet launch full

UK banking services. Its application –

submitted three years ago – has faced

delays over historic accounting issues and

the complexity of its global structure.

Regulators granted a provisional licence

in July 2024, allowing Revolut to build

and test core banking systems. However,

final approval from the Bank of England’s

Prudential Regulation Authority has not

yet been granted.

Achieving UK bank status would

enable Revolut to compete head-on with

incumbents such as Barclays and NatWest

and expand globally.

Help with investments

and pensions decisions

futureproof framework underpinned by

the Consumer Duty.”

Investors will receive recommendations,

but they will not be based on a

full, in-depth individual assessment. As

a result, firms will need to make sure the

recommendations are suitable for the

individual and should only be offered

when it puts that person in a better position.

Beyond this change, the FCA is also

consulting on ways to further modernise

pension rules, including projections and

non-advised defined contribution transfers

to strengthen consumer protection as

part of wider government and regulatory

reforms.

The full detail is in Policy Statement,

PS25/22: Supporting consumers’ pensions

and investment decisions: proposals for

targeted support.

Mortgage lenders

and administrators

statistics

THE Bank of England has released data for

Q3 2025 on mortgage lending activities.

In overview, it found that the outstanding

value of all residential mortgage loans

increased by 0.9% from the previous quarter

to £1,733.7bn and was 2.9% higher than a

year earlier. The value of gross mortgage

advances increased by 36.9% from the

previous quarter to £80.4bn, the largest

increase in new advances since 2020 Q3,

and was 22.7% higher than a year earlier. And

the share of gross mortgage advances with

loan-to-value ratios exceeding 90% increased

by 0.3 percentage points from the previous

quarter to 7.4%, the highest share since

2008 Q2.

Crypto firms

to be regulated

UNDER new legislation coming into force

in 2027, cryptocurrencies, such as Bitcoin

will be regulated in a similar way to other

finance products and crypto firms will

have to meet a set of standards and rules

overseen by the FCA. At issue is the fact

that crypto has not been subject to the same

regulation as traditional finance products

giving consumers lesser levels of protection.

The Government said the new rules should

make the industry more transparent and

make it easier to detect suspicious activity,

impose sanctions or hold firms to account

over their activity.

FCA to streamline

complaints process

THE FCA has announced plans to

streamline the way firms report complaints

saying that “the improvements will improve

data quality and strengthen consumer

protection across the sector.” In essence,

five separate existing complaints returns

will be replaced by a single consolidated

return. This approach is expected to simplify

reporting for firms, reduce duplication, and

support more consistent and comparable

data collection A key strand of the new

process is a requirement for firms to

report complaints involving customers

in vulnerable circumstances. The first

reporting period under the new process will

run from 1 January to 30 June 2027.

CICM Branch AGMs

CICM Branch AGM season is upon us,

and all Committees are due to convene by 31

March 2026. Look out for more information

across CICM channels and by visiting

www.cicm.com/branches/CICM Branch


continues on page 8 >

NEWS

FCA steps up fight against

fraud with new firm checker

Invest in Women Taskforce hits £635m

THE Invest in Women Taskforce has

beaten its fundraising ambitions by

announcing that it has now garnered

£635m in commitments, more than double

its original £250m target set at launch in

2024.

The announcement notes that

Nationwide and the British Business Bank

will join Barclays and M&G as central

partners in the £130m first close of the

Women backing Women Fund of Funds,

subject to final terms and approvals.

The fund, managed by Bootstrap4F and

believed to be the largest female-led fund

of funds in the world, represents the first

initiative of its kind in the UK dedicated

to deploying capital directly into femalefounded

companies and gender-balanced

VC teams.

The Taskforce’s first Annual Report says

that more than £70m was deployed in 2025

across 15 founders and funds.

But despite this progress, female

founders continue to face funding

disparities. Research by Beauhurst and the

Taskforce shows that fully female-founded

businesses receive just 2% of UK equity

investment. At the current rate of change,

the Taskforce estimates it will take at least

a decade to reach funding parity between

TO protect individuals

from the impact of financial

crime, the FCA

has recently launched a

‘Firm Checker’.

By using the tool

and checking if a firm

is authorised and has the correct permissions

to provide services, consumers should

be able to reduce their chances of falling

victim to fraud.

The FCA reckons that around 800,000

people reported losing money to

investments or pensions‐related scams in

the 12 months to May 2024.

FCA research reckons that those who had

experienced any form of Authorised Push

Payment fraud or unauthorised consumer

investments or pensions-related fraud,

were most likely to have heard about it via

social media with 16% initially approached

via text message, WhatsApp or another

messaging service.

The problem is that the criminally

minded can make it difficult for consumers

to know if they are dealing with a genuine

firm. As a result, the FCA is advising

consumers that in addition to checking if a

financial services firm is authorised by the

FCA for the services being offered, they

should also confirm that the contact details

match those listed on the Firm Checker.

On a positive note, the FCA’s research

did find that consumers were taking some

precautions to protect against fraud. 72%

said they always or usually reject or ignore

unsolicited calls, emails or text messages

about investment or pension opportunities.

all-male teams and female or mixed teams.

The House of Commons Women and

Equalities Committee has also called for the

Government and industry to invest more

decisively in female entrepreneurship.

And Hannah Bernard, Barclays executive

and Taskforce co-chair, emphasised the

economic potential of backing women-led

businesses.

“Female-led businesses deliver 35%

higher returns than male-led businesses,”

she said. “This is not only the right thing to

do, it is a commercial imperative. We must

urgently rebalance investment committees

and capital deployment.”


The FCA reckons that around

800,000 people reported losing money

to investments or pensions‐related

scams in the 12 months to May 2024.

And 60% said that they always or usually

verify the authenticity of emails, messages

or calls before providing personal or

financial information. But both of these

two statistics indicate that more needs to

be done alongside personal responsibility.

Beyond this, authorities are working to

staunch the activity of those involved in

fraud and crime.

The FCA recently acted to have three

individuals arrested in the West Midlands

as part of an FCA investigation into

suspected unauthorised debt activities. It

has been alleged that their activities were

believed to have targeted the vulnerable

facing repossession proceedings.

With help from the National Crime

Agency, the FCA searched two residential

addresses, an office and a storage facility.

The individuals have been interviewed

under caution and released on conditional

bail. As enquiries are ongoing the FCA

will release further details in due course.

Elsewhere, the Insolvency Service has also

acted where necessary.

Recently it moved to wind up Basic

Prime Limited, company number 15183902,

after its investigations discovered concerns

that the company was involved in fraud.

The company, which claimed to be based in

Croydon, had no genuine business presence,

no contact details in operation, and a

director who failed to provide information

and documents when requested.

The company claimed to provide trade

finance guarantees and credit enhancement

services but was suspected of operating an

advance fee fraud scheme. The company

had never been registered as a financial

services provider with the FCA.

And the Home Office has a “new anticorruption

strategy 2025 that will drive

dirty money out of the UK, strengthening

national security and putting more money

into working people's pockets.”

Planned actions include expansion of the

Domestic Corruption Unit (DCU) based

in the City of London Police; enhanced

integrity checks of new recruits to Border

Force and Immigration Enforcement to

disclose previous convictions; and those

working in the police, prison service and

border to be exposed to “more robust

vetting.”

Monzo acquires UK broker

MONZO has made its first major

acquisition with a deal to buy a digital

mortgage broker as it bulks up its “all-inone”

superapp.

The acquisition of Habito, a fintech firm

which uses tech to accelerate the homebuying

process with free online advice, for

an undisclosed amount, comes after Monzo

reported 14m customers with 450,000

users tracking their mortgage through its

Homeownership feature.

Monzo has spent more time in the

mortgage market over the last year after

releasing research in 2025 that showed UK

homeowners have up to £5.3bn that they

would like to put towards over-payments

annually, but do not have the tools or

knowledge to do so.

A week after the takeover announcement,

Monzo revealed it had secured full banking

licences from both the Central Bank

of Ireland. – making it the first digital

lender regulated by the CBI – and the

Central European Bank. The approvals will

enable the bank to expand its operations

and provide services to millions of

people and businesses across Europe

markets.

CREDIT MANAGEMENT

British business bank

to transform small

business finance

THE British Business Bank has published a

five-year strategic plan designed to change

how smaller businesses access finance.

The plan comes in response to the

Government’s decision earlier this year to

increase the bank’s permanent financial

capacity to £25.6bn and give it greater

flexibility to support high-growth and

strategically important companies. The

bank said the updated mission reflects “a

drive to help businesses start, scale and stay”

in the UK. Under the strategy, the bank will

significantly expand its investment activity,

take on higher levels of portfolio risk and

direct more support to scale-ups, regional

clusters and science-based industries

identified in the Government’s Modern

Industrial Strategy.

UK Finance expects

less mortgage lending

UK Finance has published its Mortgage

Market Forecast for 2026, with its

expectations for property transactions,

lending, refinancing, and arrears and

possessions. In 2026 it expects to see

overall gross lending rise by 4% to £300bn,

10,000 fewer property transactions in 2026

compared to 2025, a 10% rise in external

remortgaging and 2% rise in product

transfers, 1.8m fixed rate mortgages due to

come to an end, and a further 5% fall in

arrears. It added: “The mortgage market

showed strength in 2025, particularly for

house purchases… affordability is now very

tight and this is likely to limit borrowing

options for potential buyers in 2026.”

Barclays, entrepreneur

and OnlyFans

BARCLAYS has been accused of closing the

bank account of a tech entrepreneur because

she earns part of her income through

the adult content platform OnlyFans.

Madelaine Thomas, who runs a start-up

called Image Angel while also generating

income through adult content platforms,

said the bank refused to open a business

account for her company and had shut down

an account linked to her work on OnlyFans

and similar websites. Last year, the Financial

Conduct Authority warned banks not to

block or shut down the accounts of adult

workers without valid reason, saying such

actions could cause “significant harm” to

the individuals affected.



NEWS

FCA fines Nationwide £44m

THE FCA has fined Nationwide Building

Society £44m for inadequate anti-financial

crime systems and controls between

October 2016 to July 2021.

During this period, the FCA says that

Nationwide had ineffective systems for

keeping up-to-date due diligence and

risk assessments for its personal current

account customers and for monitoring

their transactions.

Nationwide was also aware that some

were using personal accounts for business

activity, in breach of its terms. Nationwide

did not offer business current accounts

at this point, so did not have the right

processes in place to manage the financial

crime risks from business activity.

Consequently, Nationwide was unable

to effectively identify, assess, monitor or

manage the money laundering risks among

its personal current account customers.

The society also did not have an accurate

picture of its customers who presented a

higher risk of financial crime.

In one case highlighted by the FCA,

Nationwide didn’t identify a customer

using personal current accounts to receive

fraudulent Covid furlough payments. The

customer received 24 payments totalling

£27.3m over 13 months, with £26.01m of this

deposited over 8 days. HMRC recovered

£26.5m, but approximately £800,000

remains unrecovered.

Nationwide would have been fined

£62,969,297, but it agreed to resolve these

matters and so qualified for a 30% discount

under the FCA's processes. The total fine is

£44,078,500.

Nationwide was aware of weaknesses in

its systems and controls and a large-scale

financial crime transformation programme

began in July 2021.

Since 2021, the FCA has imposed 13

fines – totalling £300,767,526 – on banks

for anti-money laundering systems and

controls failings.

Insolvency Service

receives more funding

THE Government is to invest £25m over

the next five years to enable the Insolvency

Service to disqualify more rogue company

directors. The funding, announced in

the Budget, will pay for a new Abusive

Phoenixism Taskforce which will be

staffed by 50 people and will investigate

suspicious company insolvencies. The goal

is to deal with rogue directors who abuse the

insolvency regime by deliberately liquidating

or dissolving their companies to evade tax

and write off their debts; more directors

are expected to be disqualified. In 2024-

25, the Insolvency Service secured 77

criminal convictions, more than 1,000

director disqualifications, and wound up

41 companies in the public interest.

How misinformation

is harming consumers

A new report from the Credit Services

Association has called on the Government

and the Information Commissioner “to

turn the tables on online ‘finfluencers’

who provide false advice to unsuspecting

consumers, including those already facing

significant problem debt.” The report

found that one of the biggest issues facing

these consumers is searching online for

trustworthy help and understanding the

steps needed to resolve their situation.

Misinformation: Addressing and preventing

consumer harm recommends strengthening

existing Online Safety Act protections

against inaccurate and potentially

financially harmful online advice, and

calls for a unified, cross sector response

to support consumers in debt to get

accurate information and guidance online.

The report is explored in more detail on

(page 28).

Motor finance lenders face legal

battles over redress

IN relation to the mis-selling of motor

finance, Consumer Voice co-founder,

Alex Neill, has said “drivers have waited

long enough for justice and won’t accept

a redress scheme that papers over the

cracks. People were charged more than

they should have been, and many were

pushed into real financial difficulty. The

FCA must deliver a scheme that fairly

compensates consumers, not one that

leaves them out of pocket again.”

He thinks that lenders are worried

about the potential for a volume of

legal battles if motorists aren’t

compensated properly.

The FCA expects that affected

consumers will receive an average payout of

around £700 per agreement, though some

could receive more depending on their

loan and how long they were overcharged.

Lenders were thought to have been

granted a reprieve early in 2025 after the

Supreme Court sided with upheld the

appeals of two lenders in the landmark

car finance scandal.

But the second half of the year brought

different perspectives to the problem,

with the FCA forced to extend the

consultation on its redress scheme after

a number of banks hiked their provisions

and took aim at the regulator for a

“disproportionate” scheme. Similarly, the

All-Party Parliamentary Group on Fair

Banking criticised the FCA for a “£4.4bn

gap” in the proposed £11bn scheme.

Of concern to lenders is data from

Consumer Voice that found that

consumers are ready to go through the

courts if they are unhappy with the

final details of the redress scheme

which are expected to be released in early

2026.


SUE CHAPPLE FCICM

CHIEF EXECUTIVE

CEO’s column

A STEADY

START

A

new year always brings with it

a sense of reset. Not necessarily

optimism in its most exuberant

form, but an opportunity to pause,

reflect, and take stock of where we

are – and where we are heading.

If there is one topic that we can expect to continue

dominating business conversations this year, it is

technology. Artificial intelligence, automation and

data-led decision-making remain firmly in the spotlight.

Yet for all the attention they receive, the reality on the

ground is often more nuanced as understanding varies

widely and adoption is uneven. While many organisations

grapple with how new technologies fit into their existing

processes the transformative power is not quite the

overnight success that we may have been led to believe.

At the same time, the wider economic environment remains

challenging. Investment is slowing, capital is harder to

access, and confidence continues to feel fragile. And yet,

when we speak to businesses across sectors, there is a

noticeable undercurrent of resilience. Rather than waiting

for uncertainty to pass, businesses are simply operating

within it. They are adjusting expectations, tightening

controls and concentrating on what they can influence

directly. It may not be the same confidence of easier times,

but it is confidence nonetheless, one that is pragmatic and

focused on steady rather than rapid growth.

In conditions like these, fundamentals matter more than

ever. Never has it been more important for businesses to

truly know their customers, understand their customers’

customers, as well as having full visibility of their suppliers

and wider supply chains. Recent years have highlighted

just how vulnerable organisations can be when that

understanding is partial or siloed.

This is where good credit management, applied consistently

across the entire customer lifecycle, continues to prove its

value. It takes on renewed significance in an environment

where margins are tight, tolerance for error is low, and the

certainty of cashflow can make all the difference.

Equally important is ensuring that teams are fully equipped

to do their jobs well. Skills, judgement and confidence

cannot be automated away, no matter how advanced our

systems become. Investment in training, development and

professional standards is not a nice to have, it is a strategic

necessity. Well-supported credit professionals remain one

of the most effective safeguards any organisation can have,

particularly when conditions are uncertain and decisionmaking

is more finely balanced.

As we begin 2026, there is no shortage of complexity or

challenge. But there is also a quiet determination across our

profession. At the CICM, our focus remains on supporting

members with the tools, insight and community they need to

navigate the year ahead – whether that means strengthening

core practices, developing new skills, or sharing experience

with peers facing similar pressures.

A new year does not require bold predictions or grand

promises. Sometimes, a steady start, one grounded in best

practice, clear thinking and professional confidence, is

exactly what is needed.


DEBT RECOVERY

STRUCTURAL

WEAKNESS

A crisis undermining UK business growth.

BY MARC HICKSON

AFTER more than 20 years working

in commercial collections, here’s

a truth I’ve had to accept: late

payments aren't simply a cashflow

problem, they’re often a cultural

and structural problem.

Every week I talk to businesses who have done all the right

things: delivered goods or services; invoiced correctly and

maintained good client relationships. Yet months later,

they’re still waiting for payment. In some cases, I’ve seen

debts grow large enough to threaten jobs and long-term

business stability before we’ve become involved.

What used to be an occasional inconvenience is now

an unfortunately accepted norm. Across sectors such as

manufacturing, logistics, construction and professional

services, we’re seeing a pattern: larger buyers stretching

payment terms to 60, 90 or even 120 days, and smaller

firms absorbing the strain because they feel they have

no option. It’s a vicious cycle, and one that’s costing UK

businesses billions.

Businesses under new strains

Government figures estimate that more than £11 billion

is locked up in unpaid invoices at any one time. This has

a serious impact on businesses as their growth plans are

put on hold, suppliers go unpaid, and revenue flatlines.

To compound this further, the UKs current fiscal

situation is causing more headaches: high energy costs

and increasing wage pressures, not to mention interest

rates, are all proving to make payments and margins ever

more stress inducing. And as we all know, when the cost

of doing business rises, so does the temptation to hang

on to cash for that bit longer. What’s changed is that this

behaviour is now widespread and accepted as a normal

practice. Which makes it a harder pill to swallow after

you and your business has put everything in place to

make everything right.

Further to that, analysis from BDO last year showed a

worrying parallel phenomenon: the rise of so-called

‘zombie’ companies in the UK mid-market. Their tracker

finds that around 15.9% of mid-market firms are “at risk”

of being zombies (businesses that generate just enough

cash to survive and service debt, but not enough to invest,

grow or meet obligations sustainably).

This is a worrying fact for B2B suppliers: your customer

might be trading, but their cashflow may be weak and

their facility to settle your invoice questionable. All in all,

your risk is increasing.

Reform is coming

In the UK, the Government has recognised the depth of

the issue and plans to introduce what it calls the toughest

crackdown on late payments in a generation from

October 2025. Among the proposals:

• A legal cap on payment terms (initially 60 days, moving

towards 45)

• A 30-day deadline to raise invoice disputes or pay first

and argue later

• Mandatory statutory interest on overdue invoices at

base rate +8%

• New enforcement powers for the Small Business

Commissioner including fines and public naming of

repeat offenders

• Large companies required to publish paymentperformance

data, making late payment both a

financial and reputational issue.

These are important changes but for businesses already

experiencing stretched payment terms or unsettled

invoices, they cannot come soon enough. Even with these

reforms, the reality remains: some companies will still

not pay, whether due to genuine financial distress, poor

trading, or a strategic delay. That’s the operational reality

today, and where debt recovery firms can, and have,

helped businesses.

The real cost of delays

What many outside the recovery world don’t appreciate is

how much timing matters. The longer an unpaid invoice

remains unaddressed, the harder it becomes to collect.

After 90 days the recovery rate can decline steeply,

particularly when the debtor is already juggling creditors

or under pressure.


CREDIT MANAGEMENT

In our work, one of the biggest challenges is not

always the debtor’s unwillingness, it’s the creditor’s

delay in acting. Too many firms believe the debt will

be paid at some point – basically ‘sorting itself out’, or

they worry that escalation to a debt collection agency

might damage the customer relationship. The truth is,

for many businesses, the greater damage comes from

inaction, not from taking timely, professional steps to

recover what they’re owed.

Every unpaid invoice represents a value for the materials

bought, the wages paid and the services delivered. When

that value isn’t returned, it disrupts the supply chain

and weakens the trading environment.

Can the culture step up?

The UK’s new legislation will help but does it address

the aforementioned underlying culture norm where

late payments are treated as an extension of free credit?

A shift in mindset might come but it won't come

overnight, honestly, if ever. Prompt payments should

be the foundation of good business not deemed to be

goodwill.

In the commercial collections space, we see both sides:

businesses that have credit control capability get

paid because they communicate clearly, act promptly

and enforce their terms; and those that require the

outsourced expertise to get cash flowing as it should. It’s

rarely luck that differentiates them, it’s making sure the

resource is right, getting the process defined, and the

acceptance to treat this part of trading with the same

confident approach they would apply to production,

sales or delivery.

Looking ahead

I’m optimistic that more businesses will see they’re being

looked after, either through Government policy or the

right partners becoming an extension to credit teams

rather than just another supplier. But optimism must be

alongside realism. The UK environment remains tough,

change will take time… and some invoices from last year

may still be outstanding this year because, to be blunt,

some companies will not pay unless they have to and

businesses will continue to need experienced support to

recover what they’re owed.

The reality remains:

some companies will

still not pay, whether

due to genuine financial

distress, poor trading,

or a strategic delay.

That’s the operational

reality today, and where

debt recovery firms

can, and have, helped

businesses.

Author: Marc Hickson is Commercial Collections Director at

STA International.


INTERVIEW

RAISING THE STANDARD:

HOW ONE

FIRM ACHIEVED

CICMQ IN SIX

MONTHS

Kirsty Dear MCICM, Order to Cash Working Capital Manager,

Finance at Yusen Logistics UK talks about earning a CICMQ merit

first time round, in just a few short months.

BY MELANIE YORK

KIRSTY Dear’s first ambition

was to be a policewoman after

watching The Bill on TV,

which fleetingly captured her

imagination. But straight after

GCSEs, Kirsty started her

journey, driven more by handson

experience than classroom lectures — and over time,

led her into credit management, and an ambition: to

make a difference, learn, and help others thrive.

Both of Kirsty’s parents work at the same primary school

in Sheffield – her dad, Peter, as the buildings manager

and her mum, Marie, in the reception office. As a

teenager, she moved secondary schools twice to reduce

the long commute across Sheffield. Kirsty was naturally

shy: “It was difficult, because people had formed their

circle of friends,” but she learnt from the experience:

“Now I can talk to anyone,” she says: “I used to stand

and talk with this little old lady that would get on my

bus to school every day without fail, and we got a little

friendship going.” It’s a skill she relies on today.

On leaving school, she briefly worked for Baker's Oven,

but quickly swapped Saturday shifts for an office

junior role at a local solicitor’s and the opportunity of

a business administration NVQ. Her love of computers

then opened up her career path in credit control: “When

they saw I had Excel experience, they asked me to be an

assistant in the debt recovery department. That was the

start.”

Kirsty admits in the early years she ‘jumped jobs’ quite

a bit, working across different sectors from food to

asbestos. “If I looked at my CV, I’d probably say, ‘Why

have you jumped between so many jobs?’ she laughs.

“But I think it’s got me to where I am. Some roles were

affected by company-wide redundancies, but I also

craved different experiences.” Nine years ago, she joined

Yusen Logistics UK.

Those early years formed her management style: “I was

learning from all those previous managers. Some I’ve

literally looked up and said, ‘I want to be like that person’

Others taught me what not to be like, which sounds

awful, but it’s just experience,” she reflects. “It’s how

they’ve dealt with difficult situations, giving bad news to

people, because the conversations we have are not always

the nicest. I learnt how to sell the idea that we've got to

look at alternatives, without becoming a barrier.

Kirsty rose through the ranks at Yusen Logistics UK and

was promoted to Credit Manager during the pandemic:

“At the time I said if I can do this job, now, I can do any

job,” she jokes. More recently she became Order-to-Cash

Working Capital Manager, and she and her small team


CREDIT MANAGEMENT

“I can’t tell you how much

my confidence has grown

since doing CICMQ and

the CICM qualifications.

The things I’ve learned and

brought to the job are just

amazing. And the learning

never stops.”

manage a fast paced, multi-million pound ledger as

part of the company’s UK revenue stream. But a simple

LinkedIn post about the CICMQ caught Kirsty’s

attention.

Six months to merit

She could immediately see the potential: “I was

confident we had really good, strong processes and

procedures, but wanted clarity, reassurance, and to

identify where we needed to strengthen them,” recalls

Kirsty. “I sent the screenshot to my manager and said,

we’ve got to do this.” She received the approval, but

couldn’t start right away: “We were supposed to do

the CICMQ the year before, but workload, projects,

and commitments got in the way. So, in 2025 I said to

myself, right, this year we're going to do it.”

She was determined, and remarkably, just six months

later, her team achieved a merit at their first attempt.

Kirsty was driven. She started early on improvements:

“I’d seen the assessment questions and knew we could

even improve while doing the submission. Many were

only small things, but there were lots of them. Some

were bigger and needed a bit more thought behind

them.”

When the initial results came through, she saw another

opportunity: “I thought we can push this a little bit

further. With the results and their recommendations, if

I can stretch this a little bit, we can put some things in

place now before we get our final result.” That instinct

proved spot-on and earned them a merit.

“CICMQ gave us clarity and drive,” Kirsty explains,

but what she and her team didn't anticipate was how

it would increase their ability to have influence across

the entire business.

Game-changing tools

During the CICMQ, Kirsty and the team created Yusen

Logistics UK's credit roadmap: “It’s quite possibly my

favourite thing that we’ve brought in,” Kirsty says, “It’s

based on our strategies as a business, but tailored to our

team capabilities and what we can do to contribute.

When we initially created it, I shared it and gave

updates throughout the year to show where we're at. It

allowed the team to focus on particular things.”

The roadmap is more than a planning document,

though: “The biggest thing for me is that ultimately, at

Yusen Logistics UK’s year-end in March, the team sees

how they’ve contributed to business growth.”

This strategic alignment has been instrumental in

building relationships with people across the business,

with customers and other stakeholders, according to

Kirsty: “It’s literally gone from just managing a team and

collecting money, to being so much more influential

through the understanding and the visibility of the

part we play in growing Yusen Logistics UK.”

The knowledge also equips them to understand a

rapidly evolving logistics landscape, the impacts of

global supply chain disruption and complex geopolitical

factors: “We’ve got to understand the repercussions of

what’s happening in other countries,: explains Kirsty,

“How that impacts us, our customers and even as far as

our customers’ customers, to fully appreciate the risk

that we've got on the ledger.”

“Things like freight rates can dictate the credit limit

we offer. Trump’s tariffs – how does that impact our

customers?” Kirsty explains. “We have to consider

sanctioned goods, sanctioned countries, the shipping

lanes that goods are travelling to and from, and the



INTERVIEW


CREDIT MANAGEMENT

“We have to consider sanctioned goods,

sanctioned countries, the shipping lanes

that goods are travelling to and from, and

the hijackings, but also what’s happening at

the entity level. It’s always evolving. I find it

interesting, but I’m quite sad like that.”

hijackings, but also what’s happening at the entity

level. It’s always evolving. I find it interesting, but I’m

quite sad like that,” she laughs.

In response, the team has introduced more

conversations about customers’ credit insurance, and

Kirsty has become involved in the global key accounts

programme: “Being in those conversations when

finance director meets customers’ finance directors

helps inform our decisions about taking on commercial

risk and supporting our customers.”

This broader business perspective encourages the team

to find new ways to support the firm’s growth strategy.

Recently, Kirsty received more useful information

from credit reference agents: “I got some really

favourable credit reports, and sent a list of potential

customers to our sales team and said, go get them.” As

she puts it: “We’re all one team.”

New skills

Introducing the CICMQ skills matrix was also a

revelation: “It’s probably the biggest game changer for

the team because it's allowed them to do a bit of selfreflection

and identify where they want to improve,”

says Kirsty. “We’ve tweaked it a bit to use it as part

of their individual personal development reviews and

I’ve asked the team to complete the matrix to identify

where they want or need to develop.” The skills

aren't necessarily credit management specific: “It’s

transferable skills – general behaviours or skills that

they can use anywhere, even for life in general, which

can be tracked through the year.” says Kirsty.

Growing confidence

The impact on team morale and individual confidence

has been profound. “The CICMQ clarified how we

contribute to the business strategies and how they, as

individuals, can volunteer an idea, take it on, and be

responsible for it,” explains Kirsty. Each team member

is expected to add to next year's credit roadmap, Kirsty

says, “because now we’re planning for a distinction.”

For Kirsty herself, the CICMQ provided a springboard

to professional membership: “I’d not long since passed

Level 3 and was unsure about studying for Level 5

because my job is busy. When I noticed you could apply

for professional membership and use your experience

to get the MCICM accreditation, I thought I'd try that

route. The CICMQ gave me that.”

“I can’t tell you how much my confidence has grown

since doing CICMQ and the CICM qualifications.

The things I’ve learned and brought to the job are just

amazing. And the learning never stops.”

Her motto is there’s always something new to learn.

Even outside of work, she continues learning as a PC

gamer, plays Warhammer 40K (though admits her

husband is better at tournaments), creates intricate

diamond art pieces, and is learning to play bass guitar.

Her advice for those starting out? “Just do it. Reach

out to CICM because the community is close-knit

and supportive. Focus on building relationships,

developing a range of skills, and being open to

change – because that’s where the greatest rewards

are found.”


HOSPITALITY& LEISURE

UNDER STRAIN,

STILL STANDING

A CICM Roundtable hosted

in partnership with Menzies.

THE hospitality and leisure sector

continues to face a complex and

fast-shifting landscape. To better

understand the pressures faced

by operators, suppliers and credit

professionals, Menzies and the

Chartered Institute of Credit

Management hosted a joint roundtable at Menzies’

London office.

Chaired by Sue Chapple FCICM, Chief Executive

of the CICM, the session brought together industry

specialists, members of the Menzies Creditor Services

team, and its head of the hospitality and leisure sector.

Throughout the morning, they discussed how the

sector is evolving from both an insolvency perspective

and through the lens of recent success stories, and the

practical steps businesses can take to survive in today’s

challenging economic environment.

Trading realities

Throughout the discussion, a nuanced picture emerged.

Rising costs, fluctuating demand and fragile confidence

remain significant concerns, yet the industry’s

capacity to adapt continues to shine through. For

credit managers, the insights shared offered a valuable

window into current trading realities and the risks and

opportunities that lie ahead.

Much of the current uncertainty stems from the wider

economic narrative. Several participants expressed

frustration that recent government messaging had

dampened sentiment unnecessarily. While Christmas

bookings have generally held up, discretionary leisure

spending has softened and booking windows have

shortened, creating additional cashflow pressures for

operators, particularly regional hotels.

Pressure on suppliers

Suppliers reported their own set of challenges. Higher

labour costs, workforce shortages linked to Brexit, and

increasing National Insurance and national living wage

obligations continue to squeeze margins. Top-end hotels

are seeing fewer high-spending non-dom customers,

while mid-market brands face the impact of families

trading down or choosing lower-cost dining. As one

participant noted, headline statistics can be misleading:

and “the statistics can be skewed. Traditional hospitality

is not booming.”

Credit managers around the table highlighted a

widening divide between resilient national groups and

more vulnerable independents. Many suppliers have

tightened credit terms, relied more heavily on credit

insurance, or reduced exposure to businesses perceived

as higher risk. Others questioned whether credit

insurance alone is sufficient, stressing the importance

of direct assessment and long-standing customer

knowledge – core competencies at the heart of CICM’s

professional standards.

Fraud and insolvency

Fraud was also a recurring theme, with cases involving

falsified accounts, intercepted payments and unusual

order patterns becoming increasingly common.

Inevitably, the conversation turned towards insolvency.

Accommodation and food services now represent

around 14 percent of UK insolvencies, with the potential

for this to rise once businesses feel compelled to make

long-delayed decisions.

According to Giuseppe Parla, Director in the Menzies

Restructuring and Insolvency team, the current

numbers may not reflect the reality beneath the surface:

“There are not as many insolvencies happening as you

would expect because many directors are simply waiting

for the Budget. HMRC engagement has improved when

businesses approach them early, but internally they are

stretched, and cases move slowly as a result.”

He stressed that early action remains critical. By the

time a business enters formal insolvency, options are

more limited, making early dialogue essential for better

outcomes for creditors and operators alike.


CREDIT MANAGEMENT

Workforce challenges

People and skills formed another strong thread of

the discussion. Hospitality has always been a labourintensive

industry, but shifting expectations have

created new pressures. Younger workers often seek

hybrid arrangements that simply are not possible

in customer-facing roles, while over-fifty-fives are

returning to employment in different patterns. Roles

previously assumed to require little training now demand

structured onboarding, yet high turnover continues to

place strain on finance, HR and operational teams.

Culture and first impressions have taken on greater

importance in recruitment. Even small interactions

during the hiring process can sway candidates, who are

increasingly selective. As Richard Grime, from Classic

Lodges Limited, observed, technical skill is no longer

the sole priority: “It is the human skill to interact. That

is becoming the real priority.”

Implications for credit teams

For credit managers, the key takeaway is one of

balance. The sector faces real structural pressures:

rising costs, labour shortages, lingering debt burdens

and a noticeable divide between stronger and weaker

operators. Yet innovation, consumer appetite and the

adaptability of businesses across the industry continue

to provide reasons for confidence.

As the sector navigates the next phase of economic

uncertainty, the role of the credit profession has never

been more important. Understanding these nuances,

applying informed judgement and maintaining close

relationships with customers, will remain vital as credit

professionals play a central role in supporting viable

businesses and contributing to a sector that remains an

important part of the UK’s social and economic fabric.

Participants emphasised the need for clearer career

pathways and leadership to help younger employees

understand the long-term opportunities within

hospitality.

Pockets of optimism

Despite the challenges, the roundtable concluded on

an encouraging note. Experience-led leisure concepts

continue to grow, low and no-alcohol products are

expanding rapidly, and gyms and wellness facilities

are enjoying strong demand. Investors remain open to

backing innovative concepts, and banks are prepared

to support businesses that demonstrate resilience and

sound planning. Several attendees also pointed to a

renewed sense of purpose within the industry following

the pandemic, which highlighted the importance of

shared experiences and community spaces.

Brave Brave | Curious | | Resilient | / www.cicm.com / / January / & February & 2026 2026 / PAGE / PAGE 19 19

HOSPITALITY AND LEISURE

UK HOSPITALITY

IN FOCUS

Insolvency Risks and Payment Trends for 2026.

BY RAVI SIDHU MCICM

HOSPITALITY is one of the

UK’s most pervasive industries –

touching tourism, local services,

and consumer spending in every

region. Across accommodation,

food and beverage, and leisure,

there are more than 600,000

active businesses, with restaurants alone accounting for

over 288,000 entities and beverage-serving venues more

than 82,000 as of late 2025.

1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

Hospitality Sector – Proportion of Out of Business Unfavourable

This scale matters for credit managers: concentration in

SMEs, exposure to discretionary demand, and sensitivity

to input costs mean payment behaviour can shift quickly

when conditions change.

A historic risk

Over the last five years, hospitality’s insolvency rates have

consistently outpaced the broader UK market, with a clear

peak in 2022 as pandemic-era support unwound and energy

and labour costs rose. In 2022, the share of businesses

exiting favourably (orderly wind‐down) in hospitality

reached 13.8%, compared with 10.8% across UK industry,

underscoring the scale of churn and consolidation.

The more concerning signal for credit professionals

is the number of distressed exits. Across every year

observed, hospitality’s distressed share is notably higher

than the UK average (e.g., 0.61% vs 0.29% in 2019),

reflecting heavier debt burdens and thinner margins in

many operators.

• Restaurants & mobile food services recorded the

highest volumes of exits across the period – highlighting

persistent pressure from competition, input costs, and

shifts in consumer behaviour.

• Pubs & beverage serving activities showed elevated

unfavourable closures, especially during and after 2022,

aligning with structural challenges facing late‐night

venues.

• Hotels & short‐stay accommodation experienced a

pronounced spike in 2022 but stabilised thereafter,

consistent with demand normalisation and operational

adjustments post‐pandemic.

• Sports activities remained relatively resilient,

with the lowest insolvency risk across hospitality

segments and limited variance year‐to‐year.

0.00%

2019

1. Sports activities

Source: Dun & Bradstreet proprietary data.

2020 2021 2012 2023 2024

2. Hotels, holiday & other short stay accommodation

3. Restaurants, mobile and other food services 4. Pubs and beverage serving activities

Net effect: the risk gap between hospitality and the

broader UK economy widened post‐COVID, and while

volumes have normalised, structural vulnerabilities

remain concentrated in restaurants and beverage-led

venues.

Payment behaviour

Trade payment performance is often the earliest warning

signal of financial stress. For hospitality overall, the

percentage of balances 61+ days past due (DPD) peaked

at 18.2% in 2022, improved through 2023–2024, and

deteriorated again to 15.9% in 2025, still materially above

the UK‐wide average. In 2025, UK industry’s 61+ days

DPD was 11.5%, underscoring hospitality’s persistently

weaker payment discipline.

Subsector trends sharpen the risk picture even further:

• Hotels & other accommodation: post‐COVID

improvements reversed in 2025 (61+ DPD 13.8%),

suggesting pressures from rising wage floors, energy

volatility, and uneven occupancy outside peak seasons.

• Restaurants & other food services: structurally

high delinquency (61+ DPD 18.1% in 2025) with only

temporary relief in 2023–2024 – consistent with tight

margins and working capital strain.

• Pubs & beverage serving activities: severe delays remain

(61+ DPD 19.7% in 2025), though the trajectory has not

worsened materially since 2023, indicating a fragile but

stabilised footing.


CREDIT MANAGEMENT

• Sports activities: most resilient subsector (61+ DPD

8.9% in 2025, slightly better than 2020), showing

stronger cash generation and member/subscriptionbased

models that smooth inflows.

For finance and credit professionals, the implication

is clear: late payment patterns remain elevated in

hospitality, and the mix of stress has rotated back

towards accommodation and restaurants after

temporary improvements.

Ravi Sidhu, Subject Matter Expert, Credit Risk at Dun

& Bradstreet “It is vital that UK credit professionals can

interpret these trends within the context of the wider

industry, to distinguish which businesses are simply

dealing with short term cash flow issues – versus those

who may be in more serious distress and at a risk of

failure altogether.”

Looking at the year ahead

The operating environment suggests the need for

continued vigilance:

• Sticky inflation and energy price variability could

compress margins, especially for venue types with high

utility intensity.

• Labour costs, including national living wage uplifts

and employer contributions, will raise break‐even

thresholds for smaller operators.

• Consumer confidence remains a swing factor:

any demand softness disproportionately impacts

discretionary spend in restaurants, pubs, and hotels.

Against this backdrop, expect continued consolidation

and selective insolvencies, particularly where leverage is

high and cash conversion is weak. Payment performance

is likely to be volatile through H1 2026, with potential

pressure points in Q2–Q3 as seasonal demand normalises

and cost resets flow through. For credit teams, now

is the time to tighten exposure monitoring, re‐assess

terms with borrowers showing persistent 61+ and 91+

DPD elevations, and differentiate between transient

cash‐flow timing issues and structural distress.

“Growth in the UK economy

is likely to experience a year

of two halves in 2026. Up until

late spring / early summer,

households will continue to feel

concerned about the prospects

for their personal finances and

job opportunities, as inflation

will remain high and the number

of people unemployed will continue to rise. This trend will

be felt particularly hard by the hospitality sector, which

relies heavily upon a buoyant consumer and favourable

business conditions; two things we are unlikely to see

in the short-term (the latter will be especially testing

for many in the sector given a minimum wage hike in

April). This will force many to be in ‘just holding on

mode’ until the all-important summer months, after

which we expect businesses across the UK to restart

activity and hiring that will lift incomes as interest rates

fall.” – John Payne, Senior Economist at Dun & Bradstreet

How can trade payment

data help spot risks?

Trade payment intelligence transforms day‐to‐day credit

control into forward‐looking risk management:

• Early‐warning signals: Persistent drift from current

to 61+ and 91+ DPD highlights liquidity stress before

formal default indicators emerge. Hospitality shows

a clear pattern here—use it to prioritise collections,

adjust limits, or tighten terms proactively.

• Peer benchmarking: Compare an account’s payment

timeliness to segment‐level baselines (e.g., restaurants

vs accommodation) to spot outliers and emerging risks

quickly.

• Depth and collaboration: Through the Dun &

Bradstreet Global Trade Exchange Program, CICM

members can share and access near‐real‐time payment

experiences, enriching coverage and improving

decision speed and accuracy across the credit cycle.

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

1

Hospitality Sector breakdown - Percentage 61+ Days Past Due

1. Sports activities

Source: Dun & Bradstreet Global Trade Exchange Program.

2 3 4 5 6

“Payment behaviour has

become one of the most reliable

indicators of financial stress.

Recent analysis shows that

more than 90% of businesses

that fail exhibit a slowdown

in payments to suppliers six

months prior to collapse. Dun &

Bradstreet operates the world’s

largest Global Trade Payment Database, enabling

unparalleled insight into payment behaviour. Through

our partnership program, participants share payment

data and, in return, receive in-depth analysis of their

customers’ payment habits—at no cost. Understanding

how customers pay other suppliers provides actionable

intelligence, helping businesses prioritize collections

and focus efforts where they are most likely to succeed.”

– Howard Trenam, Senior Manager, Data Acquisition at Dun & Bradstreet.

By embedding trade payment insights into your credit

policies and monitoring routines, you can anticipate

stress, protect working capital, and support responsible

growth with the UK’s hospitality operators in 2026.

Author: Ravi Sidhu MCICM is a Subject Matter

Expert, Credit Risk at Dun & Bradstreet.

2. Hotels, holiday & other short stay accommodation

3. Restaurants, mobile and other food services 4. Pubs and beverage serving activities


INSOLVENCY

A TOUGHER

TAB TO PICK UP

How the Autumn Budget is reshaping margins,

demand and credit risk in hospitality and leisure.

BY GIUSEPPE PARLA

FOLLOWING our November 2025

roundtable with CICM members, we

have taken a closer look at the Hospitality

& Leisure sector in light of the Autumn

Budget. While the budget offered few

surprises, its implications for operators

and credit controllers are significant.

Fiscal Drag: The Hidden Tax Burden

Although headline tax rates remain unchanged, static

thresholds combined with rising salaries – driven by

increases in the National Minimum Wage and National

Insurance contributions – mean more individuals will fall

into higher tax brackets. This “fiscal drag” reduces disposable

income and could dampen consumer spending on leisure

activities.

Business Margins Under Pressure

Operating costs are set to rise further in 2026. The National

Minimum Wage will increase in April and business rates

will be reformed with a new multiplier system. Smaller

pubs, restaurants, and B&Bs with rateable values under

£500,000 may benefit from this change, while larger hotels

and branded chains could face higher costs.

VAT and Sector Levies

Hopes for any VAT relief were dashed. Instead, the

government extended the sugar tax to include milkshakes

and lattes, which is likely to prompt recipe reformulation

and price adjustments. Alcohol duty will rise in line with

RPI, although the draught beer duty cut continues to

support pubs. Interestingly, despite the growing

popularity of non-alcoholic drinks, no VAT

relief was introduced for that category.

Tourism Levy: A New

Compliance Challenge

While tourism levies are common across

much of Europe, the rest of Europe also

enjoys lower VAT rates on hospitality,

and so the introduction of the new

levies risks making UK hospitality

uncompetitive with other European

destinations.

This is compounded by the introduction of VAT on taxi

services which are likely to be passed onto travellers. Local

authorities will have the power to introduce a per-night

charge on accommodation. Hotels, hostels, and B&Bs will

need new compliance processes and pricing strategies to

manage customer sensitivity. While this adds administrative

burden, revenue may be reinvested locally to boost tourism

infrastructure.

However, it has been suggested that such levies may not all

be for the local authorities and some may go to the central

Government, who set the framework.

Practical Takeaways

for Credit Controllers

• Businesses may be looking to use capital investment now to

make the most of 40% First Year Allowance, so spending on

the business may take priority.

• Improving technology may be one of those capital

investments, but the aim will be to elevate the customer

experience, in the hope of increasing sales.

• Review credit limits and periods for the Hospitality &

Leisure sector. This is particularly important as pricing

models may begin to evolve due to increased costs.

• Prepare for tourist levy compliance and potential business

rates increases for larger venues. This cost may require sale

rates to increase to ensure margins are sustained.

• Consider credit insurance.

• If bad debt arises, seek legal or insolvency support urgently.

The coming year will bring significant cost pressures and

regulatory changes that cannot be ignored. While there

is still demand for premium and experiential hospitality,

consumer spending may be more cautious as fiscal drag and

rising prices take effect. Social experiences remain important

for well-being, and local venues will continue to play a

role in leisure habits, but growth will likely require careful

planning and innovation rather than relying on resilience

alone. Businesses that adapt quickly and manage margins

effectively will be best placed to navigate what looks set to

be a challenging environment.

Author: Giuseppe Parla is a Business

Recovery Director and Licensed Insolvency

Practitioner at Menzies LLP.


In Partnership with:

GOOD LUCK

TO OUR 2026

FINALISTS!

A HUGE THANK YOU TO OUR 2026 JUDGES

Look out for our next edition

to see this years winners!

#BCA2026

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

PALADIN

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

Novuna Business Cash Flow provides fast, flexible

cashflow finance solutions to SMEs and larger

corporates across a wide range of sectors in the

UK. With remote digital on-boarding, a flexible

approach to contracts, and fast payout we won

Innovation in the SME Finance Sector at the

2024 Business Moneyfacts Awards. Combining

innovative cash flow solutions with industry

leading technology, we retain one of the highest

customer satisfaction scores in the market.

T: +44 808 258 5934

E: marketing@novunabusinesscashflow.co.uk

W: www.novuna.co.uk/business-cash-flow/

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

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

Towerhall Solutions is a trusted partner for

financial services and housing associations,

specialising in ethical debtor collection, tracing and

asset recovery. We expertly manage tenant debtor

books, ensuring every interaction is compliant,

sensitive, and fair. Our focus is on constructive

engagement. We help organisations recover vital

funds while protecting vulnerable individuals and

maintaining your corporate reputation. We deliver

results through empathy, integrity, and strict

regulatory adherence.

T: +44 (0) 1342 718300

W: www.towerhallsolutions.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.

T: +44 (0) 1302 513 000

E: partners@keyivr.com

W: www.keyivr.com

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.

T: +44 (0) 1622 600 921

W: www.stainternational.com

For further information

and to discuss the

opportunities of entering

into a Corporate

Partnership with the

CICM, please visit:

www.cicm.com


LATE PAYMENT

WHEN TRUST

BREAKS DOWN

Late payment, moral dilemmas

and the limits of rational decision-making.

BY DR ASHLEY SMITH, FCCA FCICM

IN a previous article for Credit Management

(Why non-payment is a bother, October

2025), I explained how trade credit is

grounded in the supplier trusting the buyer

to pay. A breach of trust triggers unconscious

emotions within the supplier, which in turn

create biological and biographical responses.

Biological responses can manifest in stress, depression

and/or aggression, with biographical responses forming

the basis of the supplier’s reaction to similar situations

in the future. The supplier’s response to a breach of

trust in the form of late payment will therefore be

based on a trade-off between emotive, irrational and

rational considerations and, depending on the result,

will influence future decisions.

Conversely, the buyer, having received the goods or

services, is faced with a moral dilemma whether to

honour the contract. The buyer’s moral dilemma will

then consist of a question of payment versus risk of

retaliation if payment is not made. I liken the buyer’s

thought process to the game Liar’s Poker*. In the

game, the buyer can only win if the supplier plays the

game in a rational manner. If the supplier is irrational,

deciding that principle and revenge is more pleasurable

than payment, both parties may lose, having in effect

engaged in a game of prisoner’s dilemma.

Rules and regulations are created that encourage the

buyer to act honourably, thus underpinning trust.

Whilst rules and regulations (resolving rules) address the

buyer’s moral dilemma, further rules (operational rules)

are required for the operation of the regulatory system.

When more emphasis is placed on the operational rules

than on the rules addressing the moral dilemma, the

system ceases to run efficiently, potentially excluding a

valid claim. In the UK, it has long been recognised that

legal costs sometimes far exceed the value of the original

debt. Lord Woolf advises that a system that benefits

itself and those with a vested interest fails to command

public confidence; for example, where lawyers are

seen to profit from a supplier’s misfortune resulting

from late payment. The supplier may, in future, lack

confidence in the legal system’s ability or desire to act

in the supplier’s best interest.

Businesses could not function if every transaction were

subject to written contracts, for example, an urgent

amendment to an existing contract, or every dispute was

referred to lawyers. Applying a degree of trust can result

in reduced transaction costs for both parties. However,

when there are weak legal and enforcement systems,

actors will exploit them. This raises the question of why

experienced suppliers continue to resort to legal action

when trust is broken. Social scientist Dan Ariely states

that trust is irrational in the first instance, but then

so is revenge; yet it is the fear of revenge that enables

trust to exist. Using this explanation, where trust has

been breached (the buyer has not paid an invoice) and

revenge is brought into play (the supplier commences

litigation), if the buyer fears the outcome of revenge

(for example, having to pay the full debt plus litigation

costs and interest), then the buyer is more likely to want

a settlement.

In this instance, the buyer has three options: pay the

remaining debt in full; refuse to engage but face the

risk of greater sanctions of ignoring the courts; or

recommence communications, effectively playing Liar’s

Poker to minimise the final settlement cost.

Where one or both parties entrench themselves in a

defiant position without focusing on the common goal

of the original transaction, deadlock can occur, which

may result in additional costs being incurred. However,

a system in which the costs of collection exceed the

original debt only serves to encourage the buyer to apply

the rules of Liar’s Poker. In such a system, a rational

supplier may conclude that the costs of collection – in

financial and time commitment or the effect on health

through the increased stress of going to court – exceed

the sums outstanding, and they may simply decide to

write the debt off. That said, if litigation is pursued, the

buyer will hopefully learn that it is not in their interest


CREDIT MANAGEMENT

BALANCE OF

REASONING

RATIONAL

COST

BENEFIT

TWO PART

PHENOMENON

EMOTIVE

Based on experience

PRINCIPAL

INCONVENIENCE

1. Current experience

that will influence future

decision-making events

2. Current result in form

of payment or write off

Figure: Breach of Trust, emotional

versus rational decision-making

FINANCIAL RETURN

FROM DECISION

PAYOFF FROM

DECISION

to repeat the game and will, in future, pay on time

to avoid the costs of revenge. It is therefore inherent

that we, as credit professionals, should encourage our

clients to take the irrational option of revenge if we are

to ultimately act in our clients’ best long-term interest.

Asking our clients to incur high collection costs

and legal fees seems counterproductive to my initial

argument, yet this remains our only option given the

current regulatory regime in which we operate in.

But let us consider an alternative, one in which the

buyer is discouraged from paying late in the first

instance. The Government’s recent consultation paper

sought responses to its proposal to amend the Late

Payment of Commercial Debts Act so that punitive

interest and penalties are automatically paid by the

buyer when an invoice is paid beyond agreed terms.

The interest is reportable within the accounts and as

part of the Payment Performance Reports and certified

as correct by auditors and the board of directors. This

approach is designed to encourage boards to consider

the costs of late payment and how such costs can be

reduced, thus leading to improved payment efficiency

and invoices being paid on time.

Some fear that this may lead to an increase in disputed

invoices, but the Government proposes that there

are enhanced dispute resolution clauses included in

contracts backed by robust time periods for raising

and resolving a dispute. A further concern is that of

increased payment terms. The Government’s proposals

address these concerns by capping payment terms at 60

days, with future reductions to 45 days and eventually

down to 30 days (subject to further consultations).

While some have argued that reducing payment terms is

a bad thing, which I disagree with in general, it is true,

some small businesses benefit from longer payment

terms granted by larger businesses (for example, book

retailers, independent musical instrument suppliers),

and such businesses should be granted an exemption

to the proposed maximum payment terms. However,

I strongly believe that the majority of small businesses

will welcome the proposed changes, as should we in the

collections industry.

*For a more detailed explanation of Liar’s Poker and the formula

used by players within a debt collection scenario, see Smith, A.

(2022) An empirical study of the effects of regulatory systems on

the collection of late payment of commercial debts owed to micro

and small businesses in the UK. Thesis. University of Plymouth.

Where one or both parties entrench

themselves in a defiant position without

focusing on the common goal of the original

transaction, deadlock can occur, which may

result in additional costs being incurred.


MISINFORMATION

HARM HIDING

IN PLAIN SIGHT

Why policymakers, platforms and industry must act

on online financial misinformation.

BY DANIEL SPENCELEY

FINANCIAL misinformation has

evolved from a fringe issue into

a mainstream risk, influencing

decisions of people already struggling

with debt, rising living costs, and

economic uncertainty. Its impact

extends beyond financial services to

sectors like energy, local authorities, and government.

The Credit Services Association (CSA) recently

published “Misinformation: Addressing and Preventing

Consumer Harm”, which sets out a number of

interventions that would curb the impact of harmful

online advice and steer people towards legitimate and

effective routes to resolving their financial situation.

The CSA has called on ministers, regulators, and

industry to take action now to address the harms caused

by misinformation.

Understanding the challenge

At its core, the challenge is simple to describe yet

hard to tackle. A growing minority of consumers are

misled into adopting tactics that promise easy escape

from debt but, in reality, worsen their situation. The

tactics themselves often vary, ranging from sending a

particular sequence of letters, disengaging entirely, or

aggressively pursuing legal and regulatory routes. What

they tend to have in common is that they do little to

improve the consumer’s circumstances.

The CSA paper addresses both misinformation

(incorrect information shared innocently), and

disinformation (false information deliberately spread to

mislead). Regardless of intent, the harm to consumers

is the same. Tackling this requires:

• Cross-sector collaboration among industry,

Government, and consumer bodies to improve the

quality of information available to consumers, to better

share intelligence about emerging misinformation,

and to better educate the general public on the myths

of misinformation.

• Accountability for platforms hosting harmful content.

• Regulatory reform to address gaps open to exploitation

and misinformation.

Better-informed consumers

Consumers need access to clear, accurate information

from trusted sources, while also requiring these sources

to debunk common myths.

Misinformation can range from distorted interpretations

of legitimate regulation to outright conspiracy theories.

Once consumers adopt these narratives – often because

they reinforce what they want to believe – it becomes

difficult to re-engage them constructively. Having

consumer-trusted sources that can debunk some of

the most common myths is key in helping consumers

to understand that there is support available, that the

information they are relying on is not legitimate, and

that its most likely outcome is further harm.

Unfortunately, it is not as simple as telling the

consumer that what they have been told is wrong, even

if the customer views you as a trustworthy source. In

many cases, the misinformation is something they

want to hear, reinforcing a narrative that they do not

owe the debt or that there is a simple way out of their

circumstances. Most sectors, whether financial services,

energy, government, or something else, come with a

complex regulatory and statutory framework within

which the regulated population has to operate. That

complexity can make it easier for misinformation to

take hold, allowing for credible-sounding arguments to

be made, even though they have no merit.

All of which makes it incredibly challenging to produce

a simple and effective explainer for consumers. This is

why cross-sector collaboration is a must. For example,

financial services firms are doing extensive work on

consumer understanding of late, as they improve their

compliance with the Consumer Duty. The research and

testing being carried out by these firms could be crucial

in identifying the most effective ways to debunk myths.


CREDIT MANAGEMENT

Social media accelerates the spread of

misinformation. Research by Lowell and

Money Wellness found two-thirds of debt

advice on social platforms is misleading

and 98% unreliable however despite this,

harmful content often remains unchecked.


MISINFORMATION

At the same time, emerging misinformation may be

cropping up in other sectors or in conversations with

consumer bodies, so intelligence-sharing is key to being

able to swiftly provide accurate and clear information

to consumers.

Accountability

Social media accelerates the spread of misinformation.

Research by Lowell and Money Wellness found twothirds

of debt advice on social platforms is misleading

and 98% unreliable however despite this, harmful

content often remains unchecked.

The Financial Conduct Authority (FCA) has acted

against some “finfluencers” but admits its powers

are limited when it comes to removing content, and

most social media platforms show little appetite for

addressing consumer harm. The proposals in our paper

are proportionate and targeted at demonstrable harm;

focusing on content that advocates tactics known

to produce worse legal and financial outcomes for

consumers, or that relies on factual or legal assertions

that are plainly incorrect. Where platforms adopt

transparent criteria, independent oversight, and

right‐of‐appeal mechanisms, enforcement can be fair

and consistent.

Unfortunately, until platforms are held accountable,

misinformation will persist.

Closing regulatory gaps

UK regulatory systems are complex, no matter the sector.

Underpinning those regulatory systems is often a range

of legislation, which increases complexity further. The

majority of those laws and regulations will be critical in

ensuring sectors function effectively and firms behave

appropriately. But, in every sector, there are also some

rules and laws that were well-intentioned when they

were introduced but have perhaps been drafted poorly

or no longer serve their original purpose, and as a result,

they have unintended consequences for firms.

These kinds of laws and regulations often create

opportunities for misinformation strategies to thrive.

In our paper, we’ve highlighted a few of the gaps that

would benefit from reform. For example, the right of

access under data protection law is eminently sensible –

individuals should be able to know what information an

organisation holds about them and what they are doing

with it. But with few meaningful safeguards on how and

when an individual can exercise that right, and how an

organisation can respond, it has increasingly become a

tool to delay and frustrate organisations. With several

sources of misinformation telling individuals to pursue

claims or complaints about meritless allegations of

non-compliance, this has a knock-on effect for firms,

the courts and the Information Commissioner’s Office

(ICO), as they are forced to waste time and resource

on dealing with them, with the legislation leaving little

room for manoeuvre.

The Government should look at proportionate reform

that retains the right of access but affords the necessary

safeguards to prevent how it being misused currently.

Financial misinformation thrives in the gaps – between

laws and guidance; between platforms and regulators;

and between a consumer’s urgent need and the pages

they first find online. Closing those gaps is something

we must work on together. If stakeholders act on the

recommendations we have set out, we can reduce harm,

improve outcomes, and turn the tables on bad actors

who profit from misinformation.

Author: Daniel Spenceley is Head of Policy at the Credit

Services Association.

The full report can be found at csa-uk.com/financialmisinformation-report

Financial misinformation thrives in the

gaps – between laws and guidance; between

platforms and regulators; and between a

consumer’s urgent need and the pages they

first find online.


Mitigate risk, manage customers, improve cashflow, and generate new business

with accurate b2b data

Business Support

Toolkit

Customer Screening

Toolkit

Market Growth

Toolkit

Legal & Asset

Toolkit

Data Enhancement

Toolkit

Trade smarter with trusted insight into over 5 million UK companies, thousands

of director profiles, and 1.6 million non-registered businesses. Choose from three

flexible pricing plans or access one-off credit reports on a pay-as-you-go basis.

Basic

£79.95

Enhanced

£150

Premium

£399

Credit Report

£3.60

● Unlimited searches



● Company information

● Account monitoring for

up to 10 companies

● Account monitoring for

up to 50 companies

● API integration

● Unlimited report

downloads

● Credit score, limit, and

creditor days

● Unlimited report

● Unlimited account

● 30 report downloads

downloads

monitoring

● Director information

info@identeco.co.uk

01527 386 607

.co .uk

COUNTRY FOCUS

on Ireland

Destination

Ireland

A colourful neighbour and

good business destination.


CREDIT MANAGEMENT

IRELAND is no stranger to these pages

having last featured here in 2018. And

in those intervening years the country

has not done too badly, economically

speaking. But before we delve in, it’s

worth remembering what Ireland is

known for.

Visitors to the Emerald Isle will likely think

of Guinness, republicanism and the desire for

independence from Britain, as well as rolling hills

set against a verdant countryside.

Of course there’s more to Ireland. There’s a deep

literary culture and books from the likes of Oscar

Wilde, James Joyce and Samuel Beckett. Consider

too musical giants such as U2, Sinéad O’Connor,

and Van Morrison. Sport is central to the Irish

through rugby and racing. And there’s the Craic…

often found in the nearest pub.

A brief history

The island of Ireland is steeped in history.

Human activity reaches back to 6500 BC from

neolithic man through to the bronze and the iron

ages. From 300 to 450, the Irish raided Roman

Britain. Vikings then established settlements on the

island between 795 to 1000. The Normans landed in

1169 capturing Dublin in 1170.

The Irish Rebellion of 1641 sought more selfgovernance

and an end to anti-Catholic

discrimination. Lasting ten years, it escalated into

the Irish Confederate Wars, ultimately won by

English Parliamentarian forces.

The next 300 years saw anti-Catholic suffering –

bishops and priests banished from Ireland, Catholics

losing the vote, an Act of Union in 1799 uniting

Ireland and Britain, an 1829 campaign for Catholic

emancipation, anti-English agitation, and the Great

Famine between 1845 and 1847 which can be linked

to mass emigration between 1840 and 1860.

1907 saw the founding of Sinn Fein with Home

Rule as its central policy. Ulstermen resisted this

demand. While the first world war was raging,

1916 witnessed the Easter Uprising that aimed to

establish an independent Irish Republic. It was

crushed and the leaders executed – the Irish were

outraged. 1919 to 1921 saw a war of independence

with Britian and heavy losses on both sides. Come

1921, an Anglo-Irish Treaty established the Free

State, an independent dominion of the British

crown with full internal self-government rights.

A civil war was fought between 1922-3.



COUNTRY FOCUS

km2. The usual comparator – the UK, in 78th place,

has 244,376 km2.

The island has a temperate oceanic climate which is

mild and humid. It is warmer than other landmasses at

the same latitude thanks to the winds on the Atlantic

Ocean, ocean currents, and circulations. There is

abundant rainfall and a lack of temperature extremes.

Ireland is mostly flat and low-lying with a central

area known as the Midlands. However, it is ringed by

a number of low mountain ranges, the highest being

Carrauntoohil at 1,038m.

Population

2022 census data from the Central Statistics Office

(CSO) showed a population of 5.14m people, an 8%

increase on numbers for April 2016. Remarkably, the

CSO said that “this is the first time that a census

has recorded a population of more than five million

people since 1851.” Put into context, there were 6.52m

recorded in 1841, 5.11m in 1851 and a low of 2.81m in

1961.

In 1937 a new constitution abolished the Irish Free

State and Eire came into being, which in turn became

the Republic of Ireland in 1949.

We must recognise the troubles from 1968 to 1998. An

ethno-nationalist conflict in Northern Ireland, it was

eventually ‘solved’ with the Good Friday Agreement

(that granted devolution to the province whilst

creating a number of institutions between Northern

Ireland the Irish Republic, and the Irish Republic and

the UK); it was approved by voters across the whole of

the island.

Ireland joined Europe in 1973… and became the UK’s

only hard border with the European Union when

Brexit was fully imposed at the end of January 2020.

Overall, the republic has jurisdiction over five sixths

of the island of Ireland with the remainder forming

Northern Ireland, part of the UK; of the 32 counties on

the island, 26 are in the republic.

Geography

Just for the sake of completeness, let’s note that Ireland

is to the west of mainland UK and south of Northern

Ireland. Sitting on the north of the Atlantic, Ireland

is roughly 300 miles north to south and 171 miles east

to west.

With a total area of 70,273 km2 it’s ranked 118th,

above Georgia (that near Russia, not that in the US)

at 69,800 km2 and below Sierra Leone with 72,300

As for the population pyramid, CSO’s graph shows

a gently aging populace with a relatively wide base

which widens a little further to age 14, a gentle inward

curve to age 28 and another widening to age 42 after

which is 45-degree tapering to age 100 of which there

were 731 individuals. The graph is evenly balanced

between the sexes.

As to where most live, not unsurprisingly, Dublin

is the largest city with, in 2022, 592,713 souls. It is

followed by Cork (222,333), Limerick (102,287), Galway

(85,910) and Waterford (60,079). There are another 37

towns of note with the smallest being Wicklow with

12,957 inhabitants.

According to Statista, in 2024, the urban population of

the Republic was approximately 3.48m, while the rural

population was around 1.89m. Although the urban

population of Ireland is currently bigger than the rural

population, this was not the case in 1960 when there

were approximately 272,450 more people living rurally

compared to urban areas.

Economy

Data from the World Bank, at least since 1961, shows that

the republic has been on quite a rollercoaster growth

journey, with rates that the UK would die for. But

equally, it’s had some serious declines. In numbers, we

have sawtooth growth rates with 5% in 1961, 0.9% in 1966

and 8.2% in 1968 – it’s a similar pattern until 1995 when

growth rose to 9.6%, and a peak of 11% in 1997. The numbers

bubbled around 5.3% in 2007 before a precipitous drop

in 2009 of -5.1%. 2012 saw an improvement in growth of

only -0.4%. But 2015 saw a huge peak of 24.6% and a more

reasonable peak of 16.3% in 2021.


CREDIT MANAGEMENT

above 1%. With post-Covid normalcy, inflation fell but

to a higher rate – generally around the 2% mark.

Ireland has had a very

distinct and colourful –

yet troubled – past. But

we share a common

history as well as both

a hard and sea border.

Being neighbourly is not

just the right thing to do;

it’s also good for business.

2024 recorded just 1.2%. However, the EU is predicting

growth of 10.7% for 2025 with a more muted 0.2% in

2026 and 2.9% in 2027.

The point is that Ireland’s growth is not steady; it’s

very volatile. An explanation for this has been detailed

by Politico.eu and a comment from a former Ireland

Central Bank governor, Patrick Honohan.

He said: “Ireland is a prosperous country, but not

as prosperous as is often thought because of the

inappropriate use of misleading, albeit conventional,

statistics.” He is referring to Ireland’s GDP being

principally distorted by the presence of more than

1,500 multinationals, among them most of the world’s

top tech and pharma firms. Ireland is also the world’s

top hub for aviation leasing.

Some of these multinationals are so big that, when they

exploit Ireland’s low-tax environment with accounting

moves, the nation’s GDP figures can be pushed to

stratospheric levels.

As for inflation, Trading Economics shows the country

to be a low-rate environment (ignoring the post-Covid

rate that affected most of the world). If we look back at

the last ten years, pre-Covid, inflation rarely crept up

When looking at the size of the economy, it almost

flatlines from 1960 with a GDP of $2bn, but grew to

$4.4bn in 1970, $49.31bn in 1990, $270.08bn in 2007,

$227.27bn in 2012, $577.39bn in 2024.

Industrial sectors

Agriculture

The EU, in detailing Ireland, outlines that there are

135,000 farms in with an average farm size of 33.4

hectares, run by 127,000 farmers.

However, if we look at CSO data, it becomes apparent

that farm numbers are in decline - from 139,600 in 2013

to 133,200 in 2023 – the latter figure differing from that

of the EU even though both refer to 2023.

The CSO’s Farm Structure Survey 2023 found that

299,725 people worked on farms in Ireland in 2023,

including farm holders, family workers and regular

non-family workers.

CSO notes that Agricultural Entrepreneurial Income

grew by 73% to €3.5bn in 2024. The final estimate for

Ireland's agricultural output was €12.5bn.

Production consists of beef, pigs, sheep, poultry and

eggs, dairy (milk products) along with barley, wheat,

oats, sugar beet, potatoes and beans. The vast majority

of Ireland's land is permanent pasture, making grass

the most significant crop grown for livestock.

Aircraft leasing

According to Ibec, an Irish business and lobbying

organisation, “Ireland is the leading centre for

aircraft leasing globally and as a high growth sector of

international financial services representing $100bn of

assets.” The comment is undated.

However, CSO appears to take the same line when, in

August 2025, it published 2024 data for the sector. In

particular, it reported that total assets stood at €268bn

by the end of 2024, having grown 52% since 2014, and

that the sector registered a profit of €2.1bn in 2024. The

largest income source was the operational leasing of

aircraft, while the main expenditure was depreciation

and interest paid, and that 3,005 people employed in

the sector that year with total employment earnings

of €620m in 2024.

Alcoholic drinks

Ibec, in a 2023 report, Drinks Ireland Policy Priorities

2025-2030, details that around 10,000 are directly

employed in making drinks while the sector supports

another 170,000 hospitality jobs. On top of that are

some 6,000 employed in off-licences.

Brave | Curious | Resilient / www.cicm.com / January & February 2026 / PAGE 35 continues on page 38 >

COUNTRY FOCUS

Products include beer, cider, spirits, whiskey and

wine. The sector collectively buys in 300,000 tonnes

of grain, 50,000 tonnes of apples and 300m litres of

milk – annually.

As for revenue, the numbers are mixed in with data

for food and drink – according to Food Drink Ireland.

It states that the sector has a turnover of almost

€30bn and exports of over €16bn. Data on exports –

from bordbia.ie - is more readily available – 2023 saw

whiskey exports of around €1.1bn, €400m in liqueurs,

€375m in beer, and €50m in other alcohol.

Engineering

Data from Engineering Industries Ireland,

which represents over 150 industrial engineering

manufacturing and services companies details exports

of €8.8bn (3.6% of national exports) via 10,800 firms

that employ 50,751 people.

This said, Engineers Ireland published a report, in

April 2025, that warned that Ireland requires over

22,300 additional engineers over the next decade else

growth and infrastructure projects will be threatened.

Sector activity includes industrial automation,

precision engineering, agriculture machinery, material

handling, packaging, energy and environment,

process engineering, automotive, metal fabrication &

processing, renewables and engineering services.

Information technology

Ireland is a well-known host to firms such as Microsoft,

Apple, Google and others; IDA Ireland states that

16 of the top 20 global tech companies and the top

three enterprise software providers have a presence in

Ireland while more than 106,000 people are employed

in the industry.

The US Trade Department says that “Ireland’s $50bn

digital sector represents an integral part of Ireland’s

economy with Technology Ireland estimating that the

sector accounts for 13% of Ireland’s GDP.”

It’s interesting that thinkbusiness.ie, back in May

2025, said that “20 Irish tech companies rank among

EMEA’s fastest-growing technology businesses.” It

cited data from the Deloitte EMEA Technology Fast

500 list.

Pharmaceuticals

IDA Ireland says that Ireland “has long been a global

pharmaceutical powerhouse, hosting more than 90

pharmaceutical companies and employing around

50,000 people across the country.”

It notes that exports of medical and pharmaceutical

products surged to €99.9bn in 2024, accounting for

about 45% of total goods exports according CSO data

published in February 2025. Another site, Label-craft.

com suggests that the sector accounts for more than

80% of the country’s trade surplus.

All of the world's top 10 pharmaceutical companies

have established significant operations in Ireland –

and they’re drawn there because of the talent pool and

a low corporate tax rate of 12.5%.

Interestingly, Eimear O’Leary, director of

communications and advocacy at the Irish

Pharmaceutical and Healthcare Association (IPHA)

told Pharma News that Ireland’s pharma sector has

long punched above its weight and is now capitalising

on Britain’s Brexit decision.

Tourism

A big sector for Ireland, CSO data shows that some

6.3m visited with the most frequent reason (40.6%) for

travelling to Ireland being for a holiday. Collectively

they stayed a total of 51.1m nights - 8.2 nights each on

average – and spent an estimated €7.3bn.

Fáilte Ireland reckons that the tourism industries’

employee headcount was estimated to be around

226,700 in 2023.

The most valuable source of tourists is North America

(€2.2bn) followed by Europe (€2.14bn) and the UK

(€1.25bn).

To finish

Ireland has had a very distinct and colourful – yet

troubled – past. But we share a common history as

well as both a hard and sea border. Being neighbourly

is not just the right thing to do; it’s also good for

business.

Author: Adam Bernstein is a freelance finance writer for

CM magazine.


THE CICM ADVISORY COUNCIL

ELECTIONS

• Can you support CICM to capitalise on opportunities for growth and

development across the industry?

• Are you a true ambassador for your Professional Body and want to give

something back to the Institute and its members?

• Do you collaborate and share your knowledge, insight and experience to

help further the credit profession?

If you can answer ‘Yes’ to any of the above –

Register your interest in the CICM 2026 Elections by visiting

www.mi-nomination.com/cicm to find out more!

Nominations open 16 February 2026

If you have any questions about the process, or what it means to be a

CICM Advisory Council member, email elections@cicm.com

BRAVE CURIOUS RESILIENT

Credit Information and

Debt Recovery Services for

the Construction Industry!

Up to the minute trading experiences & payment data

specifically for the construction industry

Company & Director monitoring

Debt Recovery solutions to suit you, your business

and customer relationships

A team of credit experts that really understand credit

management in the construction industry

Contact us to discuss how we can support you and

your business to minimise debt and maximise cash

Supporting the

construction

industry for over

30 years

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


ENFORCEMENT

SHAPING

THE FUTURE

A fair and effective enforcement sector that delivers

an important service for the country.

BY ALAN J. SMITH

AS we move into 2026, the High

Court Enforcement Officers

Association (HCEOA) remains

firmly focused on representing

and supporting our members,

while ensuring the profession

continues to play a fair,

effective and trusted role within the justice system.

Many of the issues facing enforcement are not new,

but the pace of change across the civil justice landscape

means our work is more important than ever.

Reinforcing trust

High Court Enforcement Officers play a vital role in

the justice system. However, there is still more to do to

improve understanding of who we are and the standards

we work towards. The professionalism, training and

accountability of HCEOs are often not fully recognised.

This year, we will place greater emphasis on

communicating key facts that support this: HCEOs are

appointed by the Lord Chancellor, complete a rigorous

educational pathway, and are voluntarily accredited and

overseen by the Enforcement Conduct Board (ECB).

Reinforcing trust and confidence across the advice

sector, the judiciary and wider stakeholders will be

central to our work.

Working constructively

Engagement with the Ministry of Justice remains a key

priority. Enforcement is a complex and evolving area,

and we will continue to work closely with officials and

Ministers to help identify practical solutions to the

pressures facing the civil justice system.

We are awaiting the laying before parliament of the new

draft enforcement regulations being developed by the

Ministry of Justice.

These draft regulations will represent an important

step forward. The HCEOA has long called for greater

clarity, consistency, and accountability across the

sector, and we are pleased to see the Ministry of Justice’s

continued commitment to modernising the framework

in which we operate.

Properly funded

Alongside this new legislation, it is vital that government

recognises that the enforcement industry needs to be

able to increase fees over time to fund innovation and

investment in staff and systems.

Enforcement fees charged to debtors are rightly

regulated by law, but these have been frozen since

2014, despite significant inflationary pressures and a

government commitment to review them annually

which simply hasn’t happened.

The eventual implementation of the 5% fee increase

proposed back in 2023 is welcomed, but this needs to

be backed up with a regular mechanism for reviewing

enforcement fees and implementing changes to ensure

the sector is sustainably funded and can deliver a fair

and effective service.

Stronger relationships

Effective enforcement depends on strong, informed

relationships. We will continue to deepen our

engagement with representative bodies, advice

organisations, the judiciary and other stakeholders to

improve understanding of the realities of enforcement

work.

We are particularly keen to build on our engagement

with the judiciary, ensuring judges at all levels have

a clear understanding of High Court enforcement

processes and how they can support the efficient

operation of the wider court system.


CREDIT MANAGEMENT

Many of the issues facing

enforcement are not new, but

the pace of change across the

civil justice landscape means our

work is more important

than ever.’

Regulation and standards

The Enforcement Conduct Board continues to play a

vital role in raising standards across the sector. As an

Association, we support this important work, including

the development of new standards and its complaints

framework.

In late 2025, we signed a memorandum of understanding

to support the working relationship between the

two organisations and to ensure that complaints are

managed effectively across both bodies.

In 2026, we will remain actively engaged in ECB

consultations and discussions, ensuring the voice of

High Court enforcement officers is clearly heard and

that regulation remains robust, fair and workable in

practice.

The next generation

Attracting and supporting future High Court

Enforcement Officers is essential to the long-term

health of the profession. We will take a closer look at the

student journey to identify where additional support

may be needed, while maintaining the high standards

that define the role.

This will include exploring how mentoring, guidance

and more targeted communication can better meet the

needs of students and encourage successful progression

through qualifications.

A clear direction

The year ahead presents both challenges and

opportunities for enforcement. By focusing on trust,

collaboration, engagement and high standards, the

HCEOA will continue to support members and play a

constructive role in shaping the future of enforcement.

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

Officers Association.


POWER YOUR

CAREER IN

CREDIT AND

COLLECTIONS

Advance your career with

the professional standard

in Credit Management.

CICM Qualifications

CICM Qualifications are globally recognised,

Ofqual regulated and designed for professionals who want to stand out,

progress, and make a real impact.

Whether you’re starting out or stepping up, choose

from flexible study options to fit around work and life.

Our qualifications include:

Levels 2, 3 & 5 – Credit and Collections

Level 3 – Money and Debt Advice

Level 4 – Enforcement

Elevate your career with the benchmark in Credit Management.


UPGRADE

YOUR SKILLS.

BOOST YOUR

IMPACT.

Stay ahead. Work smarter.

Transform your knowledge

into real-world results.

CICM recognised Training

Build stronger skills,

create a greater impact

CICM Training delivers practical, career-focused

learning for Credit Management and Debt Collections

professionals. From essential skills to specialist

expertise, our courses give you the tools to succeed.

Online, in-person, for you, your team and bespoke.

Our qualifications include:

Credit Management essentials

Debt Collection strategies

Vulnerability and Money Advice skills

Enforcement and compliance

T: 01780 722900

E: creditacademy@cicm.com

W: cicm.com


CAREERS

STARTING

STRONG

How to build career momentum when you’re

just starting out in a new leadership role.

BY NATASCHA WHITEHEAD, FCICM

It’s about making

intentional moves that

establish credibility,

foster trust, and position

you for long-term

success. Start strong, stay

focused, and let this year

be the one where you

truly thrive as a leader.


CREDIT MANAGEMENT

STEPPING into a senior leadership

role is a major achievement but it’s

also a pivotal moment that can define

your career trajectory. The first few

months aren’t just about settling in;

they’re about creating momentum that

establishes your credibility, building

influence, and setting the tone for long-term success.

If you’ve recently transitioned into leadership, now is

the time to turn ambition into action.

Why momentum matters

Momentum is the critical force that converts strategic

intent into tangible outcomes. For individuals assuming

a new leadership position, it represents the ability to

transition from planning to execution with clarity

and purpose. Without this forward movement, even

highly capable leaders may find themselves struggling

to establish authority and earn the confidence of both

their teams and senior stakeholders. The beginning of

a new year provides an unparalleled opportunity to

focus on creating this momentum; it is a natural point

of renewal that allows leaders to reassess priorities,

articulate clear objectives, and demonstrate measurable

value early in their tenure.

Importantly, momentum does not require an exhaustive

approach or immediate transformation. Rather, it can

be achieved through deliberate, well-considered actions

that build progressively, laying a strong foundation for

sustained success. Here is how to begin that process

effectively.

Define your vision

Defining a clear vision and communicating it effectively

is one of the most important steps a leader can take in

the early stages of a new role. Leadership extends far

beyond managing day-to-day tasks; it is about inspiring

confidence and aligning your team around shared

objectives. Begin by considering what success should

look like for your team over the next six to 12 months

and how those outcomes contribute to the wider

business strategy.

Once this vision is established, ensure it is

communicated consistently and with clarity. Explain

the rationale behind your priorities so that every team

member understands not only what is expected of them

but also how their individual contributions fit into the

broader organisational goals. This level of transparency

fosters trust, creates a sense of purpose, and provides

the foundation for a high-performing team.

Building relationships

Before implementing significant changes, it is essential

to invest time in building strong relationships.

Momentum in leadership is not created through

sweeping reforms on day one; it is earned through

trust and understanding. Take the opportunity to learn

about your team’s individual strengths, challenges, and

aspirations, and approach these conversations with

genuine curiosity and active listening. By doing so, you

demonstrate respect for their expertise and create an

environment where collaboration can thrive.

When people feel valued and supported, they are far

more likely to engage with your vision and commit

to shared objectives. This relational foundation is not

a soft skill – it is a strategic necessity that enables

meaningful progress and ensures that future initiatives

are implemented with confidence and alignment.

Deliver early wins

Quick wins play a crucial role in establishing confidence

for both you and those who are observing your leadership.

In the early stages of your role, look for opportunities

to make an immediate and meaningful impact, whether

by streamlining a process, resolving a persistent issue,

or introducing a small but visible improvement that

lifts morale. These initial achievements serve as tangible

proof of your ability to deliver results and create

momentum. More importantly, they set a positive tone

for your leadership, building trust and paving the way

for larger, more strategic initiatives to follow.

Keep learning

Leadership is a journey, not a destination. The business

landscape is evolving rapidly, and staying ahead means

committing to continuous learning. Explore leadership

development programmes, attend webinars, and stay

up to date on industry topics.

Visibility matters too. Engage with peers across the

business, contribute to discussions, and share insights

that position you as a thought leader. Networking isn’t

just about future opportunities – it’s about gaining

perspectives that strengthen your leadership today.

Perfect timing

The start of the year is representative of fresh

opportunities. Our Career Hub is designed and available

to help senior professionals like you take the next step

in your career journey. It offers expert advice, tools, and

resources tailored for senior roles – reinforcing Hays’

commitment to being your career partner, not just a

recruiter.

Final thought

Building momentum in a new leadership role isn’t

about rushing – it’s about making intentional moves

that establish credibility, foster trust, and position you

for long-term success. Start strong, stay focused, and let

this year be the one where you truly thrive as a leader.

If you’re ready to accelerate your leadership journey,

explore the Career Hub and discover how we can

support your growth throughout 2026 by visiting www.

hays.co.uk/jobs/career-hub

Author: Natascha Whitehead, FCICM is Senior Business

Director, Credit Management at Hays.


HR MATTERS

WORK, REST

AND PAY

A new set of employment rights is coming into force and

could be easily misunderstood.

BY GARETH EDWARDS

APART from the necessity of pay,

one of the most valued parts

of any employee’s package is

holiday. However, the rules on

pay and holiday entitlement

are complex, and it’s easy for

an employer to make genuine

mistakes and for an employee to misunderstand their

rights.

The current legal position

The right to be paid annual leave is set out in the

Working Time Regulations 1998 (WTR). This

legislation implements the European Working Time

Directive into UK Law and it is still law despite the UK

leaving Europe.

Under the WTR, every ‘worker’ – and that means more

than just employees, it also covers someone who works

for an employer, but more casually - is entitled to 5.6

weeks' paid holiday each year (WTR regulations 13 and

13A). For a full-time, five day per week worker that

equates to 28 days.

This 5.6-week period is made up of four weeks of EUderived

leave and 1.6 weeks of additional UK leave.

Employers can choose to include bank holidays within

the 5.6 weeks, or to grant this as additional time on

top through the employment contract. Notably, leave

entitlement starts from the first day of employment.

There is no length of service someone must complete

before they qualify for paid annual entitlement.

Recent developments

At the start of April 2024, the Employment Rights

(Amendment, Revocation and Transitional Provision)

Regulations 2023 came into force and brought clarity

and reform to the law on holiday entitlement.

A week’s pay for holiday under these regulations now

include payments, including commission payments,

intrinsically linked to the performance of tasks which

a worker is obliged under their contract to carry out;

payments for professional or personal status relating to

length of service, seniority or professional qualifications;

and payments, such as overtime payments, which have

been regularly paid to a worker in the 52 weeks before

the calculation date.

And the rules allow accrual for irregular hours and part

year workers on a percentage basis.

For these workers, holiday entitlement is no longer

based on weeks of leave like other staff but now is based

on hours worked and holiday accrues automatically at

the end of each pay period, whether that’s weekly or

monthly.

The rate of pay is 12.07% of the actual hours worked

in that pay period. This figure equals 5.6 weeks of

leave spread over a full year of work. Employers can

either pay when leave is taken, or pay a 12.07% top-up

each pay period, termed ‘rolled-up holiday pay’. The

law now officially allows rolled-up pay, provided that

the holiday pay element is clearly shown and calculated

correctly.

Notably, leave entitlement starts from the first

day of employment. There is no length of service

someone must complete before they qualify for

paid annual entitlement.


CREDIT MANAGEMENT

This reform fixes problems caused by a 2022 Supreme

Court case, Harpur Trust v Brazel. In the case, Ms. Brazel,

a visiting music teacher at a school run by the Harpur

Trust, worked only during school terms and was paid

hourly. The Trust calculated her holiday pay using 12.07%

of hours worked, reflecting the proportion of statutory

holiday in a full year. Brazel argued she was entitled to

5.6 weeks of paid holiday based on her average weekly

earnings, without any pro-rata reduction.

The Supreme Court agreed with her, ruling that

part-year employees are entitled to the full 5.6

weeks of statutory holiday under the Working

Time Regulations 1998, and that the 12.07% method

was unlawful. The decision confirmed that permanent

part-year workers cannot have their holiday entitlement

reduced according to the number of weeks they actually

work. With this change, the Government wanted to

make the system fairer and simpler.

Calculating holiday pay

Holiday pay must reflect the pay the worker would have

received had they been at work. Consequently, fixedhours

workers receive their normal weekly pay while

variable-hours or variable-pay workers should have

holiday pay based on the average pay over the previous 52

weeks, excluding unpaid weeks (WTR regulation 16A).

The 2024 amendments confirm that 'normal

remuneration' includes regular overtime, commission;

and regular bonuses linked to performance. This means

that employers cannot simply pay holiday 'uplift' in each

payslip instead of allowing time off.

However, as noted earlier, there are exceptions for

holiday uplift to be paid for irregular and part year

workers.

How leave is calculated

There are two ways to calculate holiday entitlement –

accrual and pro-rata. Full-time workers accrue five days

holiday per week. This equals 5.6 (weeks) x five (days),

giving a total month. Part time workers are given leave

pro-rata. For example, a three-day-a-week worker gets

three days x 5.6 (weeks) which equals 16.8 days of leave

annually.

In contrast, irregular or zero hours workers accrue

leave at 12.07% of hours worked (equivalent to 5.6 weeks

/ 46.4 weeks – the number of weeks worked by a fulltime

worker in a year). Leave normally accrues evenly

through the leave year.

Carry over

As a rule, holiday must be taken in the same year.

However, carry-over is permitted where the employer

agrees and where the worker was unable to take leave

because of sickness, maternity or other statutory leave.

Payment in lieu

When an individual leaves employment, and there is

unused statutory leave, the worker must be paid for it

(WTR regulation 14); employers cannot require staff

to forfeit accrued statutory leave at the end of their

employment.

It is also important to note that an employer cannot

simply pay staff for unused statutory holiday, instead of

allowing them to take it during employment. This is only

lawful when the employment is ending. Paying “in lieu”

of leave during the employment relationship breaches

the WTR, because workers must have the opportunity

for rest.



HR MATTERS

In practice, this means that it is important for employers

to be able to track leave balances accurately, even for

part time or locum staff.

Managing holiday requests

While workers have a clear right to take their 5.6 weeks

of paid annual leave, employers can regulate when leave

is taken.

Notice rules

Under the WTR, an employee can’t just demand to take

leave, but instead, must give the employer notice. In

essence, an employee must give notice at least twice the

length of the leave requested, for example, two weeks’

notice for one week’s leave, as per WTR regulation 15(4)

(a).

However, an employer can refuse or require leave to be

taken at certain times by giving counter-notice equal to

the length of the leave requested. And employers can

also impose their own notice procedures by policy or

contract, provided they do not prevent workers from

taking their statutory entitlement.

Reasonable refusals

It is lawful for an employer to reasonably refuse leave

if, for example, too many other employees are on leave

at the same time; business cover would be inadequate;

or it falls within a designated ‘blackout’ or ‘restricted’

period - December in retail being a good example.

However, refusals must be consistent and not

discriminatory. Employers should also allow the

employee to take the leave at another reasonable time.

ACAS, the Government’s conciliation service, has a

guidance page – Asking for and taking holiday - that

provides further helpful guidance on when an employer

can refuse or cancel holiday.

Policy

It is useful for an employer to have a written holiday

policy that sets out how and when leave can be

requested; any notice requirements; how overlapping

requests are prioritised; any blackout or peak-time

restrictions; and how public holidays are treated.

Clearly good communication and fair application are

key to avoiding disputes.

Sandwich leave

Sandwich leave – which is not a legal term – refers

to the practice of employees booking short periods of

leave before and after weekends or bank holidays to

maximise time off. An example would be taking leave

Friday and Tuesday around a bank holiday, enabling the

employee to gain five consecutive days off for the price

of two.

From an operational standpoint, this can leave an

employer short of cover, especially around public

holidays. While it might irritate employees, employers

can manage the timing of leave through fair, transparent

rules. They could, for example, codify advance notice

requirements that demand more notice for leave

adjacent to public holidays, say, one month's notice

for bridging days. They could put in place rotation or

fairness rules by operating a rota, so staff take turns

having popular periods off.

Alternatively, an employer could encourage early

bookings and set deadlines to spread leave more evenly

through the year.

Summary

It is important to ensure that holiday pay policies

and procedures are clear, consistent and up to date

with legal developments. The effective management of

holiday entitlement will ensure operational stability

and staff welfare.

This area of law is complex and often leads to disputes.

Taking time to understand the principles will pay

dividends in the long run.

Author: Gareth Edwards is a partner and Head of

Employment & Litigation at VWV.


BRANCH NEWS

CYBER CRIME

Lessons in phishing and fraud in the East of England.

CICM EAST OF ENGLAND BRANCH

FOLLOWING his two previous

insightful presentations, Matthew

Eccles of City of London Police’s

Cyber Griffin team was welcomed

back by CICM East of England

Branch committee member Steve

Walsh of RSM Creditor Solutions to

host a Lunch & Learn on Cyber Crime.

Matt talked through a two-year long case study based

on real events (with names changed and redactions)

which started with a post on X warning that a senior

executive had been phished. Matt invited everyone

to consider what they would do in this situation, and

whether their immediate reaction might be to respond

to the X post, contact their IT department, or even call

the police,

The company involved used open-source intelligence

and Google source to find that the organisation posting

on X were reliable security researchers, so the police

were notified, who obtained the considerable detailed

information held.

Using a sandbox the team looked at websites, and

several were identified as phishing. The email address

being used showed in the browser as "dangerous", and a

supposed SharePoint link was false.

With control of an executive’s email account, the

fraudsters sent a number of payment diversion fraud

emails to staff asking them to pay fake invoices, hoping

that they would be paid without question – and

sometimes they were. Replies to the executive who had

been phished were diverted to their RSS folder rather

than the executive’s inbox.

Reviewing the metadata the team coordinated with

the Microsoft Digital Claims Unit who gave significant

information about how the bulk phishing emails

were being sent. The identities of both fraudsters

were established by going through their ICQ chats

after obtaining access to their iCloud accounts via a

subpoena to Apple.

After answering many questions, Matt closed by

inviting all to contact his team for further information

or advice, and offered some key takeaways:

• check an incoming email address carefully, looking for

anomalies e.g. full stops or additional letters

• look for a ‘dangerous’ warning in the browser heading

• check any link by hovering over it for a few seconds to

reveal the true originator's email

• use official contact routes

• agree an ‘I will never’ list with colleagues

• check your RSS folder regularly

• always Stop, Think Fraud.

Author: Richard Brown FCICM, CICM East Of England

Branch Vice Chairman, Secretary & Treasurer.

The identities of both fraudsters were

established by going through their ICQ chats

after obtaining access to their iCloud accounts

via a subpoena to Apple.


Credit Management

Insights, a decade of change

Connect with our experts to see how credit management

has evolved and and what’s shaping the future

Discover insights from Credit Management experts on their careers, qualifications,

personal characteristics, and the skills they believe are important for leaders to have.

A Decade of Change uses Hays’ propriety research spanning 2015 to 2025. In the report

we scientifically analyse each moment that matters in a credit professionals’ career to

support you throughout your journey.

Connect with an expert today

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 2026. All rights are reserved.


International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

UKEF helps firm expand

its global footprint

A Northamptonshire manufacturer of

sustainable warehouse storage and

packaging solutions is expanding its

global footprint after securing £1.6m

in Government-backed finance. In

winning new export opportunities across

Europe, the US, Asia, the Middle East,

Australia and New Zealand, the Pallite

Group, based in Wellingborough, needed

additional working capital to keep up.

The company secured a corporate facility

from KBC Bank, supported by UK Export

Finance’s (UKEF) General Export Facility.

In overview, the new funding allowed

Pallite to refinance existing loans, scale

production, and invest in upgraded ERP

and IT systems to support operations

on four continents. The business

has already recruited two permanent

manufacturing staff, bringing its

Wellingborough workforce to 40, and

expects further UK job creation over the

next year. Pallite produces lightweight,

fully recyclable warehouse racking,

packaging and logistics products made

from honeycomb-structured paperboard.

The material – consisting of more than

85% recycled fibre, bonded with PVA glue

– is said to be durable enough to replace

traditional wooden and plastic systems

while reducing environmental impact.

The company’s innovations have

gained international recognition,

including the UK Warehousing

Association’s Environment Award in

2022, the King’s Award for Enterprise in

Innovation in 2023, and France’s 2025

Prix Stratégies Logistique de l’Innovation

Durable.

UK aero announce major aircraft

deals at the Dubai Airshow

THE Government has proudly announced

that engineers and manufacturing

workers across the UK “will benefit

from a flurry of major new aircraft deals

announced at the Dubai Airshow, which

are worth billions of pounds to the UK

economy and will secure thousands of

British jobs.”

Airlines including Etihad, Emirates

and FlyDubai have ordered or signed

Memorandums of Understanding for

Airbus aircraft with wings designed in

Bristol and manufactured in North Wales.

The 34 aircraft are wide-bodied and

will be fitted with Rolls-Royce engines

manufactured in Derby.

It’s worth noting that Airbus employs

around 12,000 across the UK and

Rolls-Royce employs 22,000.

If the numbers in the press release

have been tallied correctly, some 232

aircraft have been or will be ordered.

The UK Government noted in the

release that bilateral trade between the

UK and the UAE reached £24.8bn in

the 12 months to June 2025 and more

than 14,000 British companies exported

goods to the UAE in 2024

UK * TO JOIN ANOTHER

TRADE * AGREEMENT?

THE Government recently ran a shortlived

Call for Evidence that sought

opinions from businesses, trade

bodies, and stakeholders on whether

the UK should look to join the Pan-Euro

Mediterranean (PEM) Convention.

Published in the summer of 2025, ‘A

Trade Strategy’ commits to exploring

accession as part of the Government’s

broader efforts to secure greater

access to global markets for

businesses.

Complex rules of origin are often

cited by businesses as a barrier to

trade, and the Government thinks

that PEM reduces this by establishing

common rules of origin among its

25 members and supporting the

integration of supply chains across

Europe.

The Government hopes that by

putting exporters on equal footing with

PEM members, there could be some

mutual benefits to both UK business

and businesses across the region. It’s

also thought that those manufacturing

in Britain but sourcing materials

elsewhere - such as automotive,

fashion, and advanced manufacturing –

could benefit.

While the Call for Evidence has now

closed, readers may want to bookmark

the page – https://tinyurl.com/ycxcr7cf -

and await the Government’s response.

The Government

hopes that by

putting exporters

on equal footing

with PEM

members, there

could be some

mutual benefits to

both UK business

and businesses

across the region.


CREDIT MANAGEMENT

MAKE UK sign deal with Canadian manufacturer

MAKE UK has signed a major trade and

partnership agreement with Canadian

Manufacturers & Exporters, “strengthening

industrial ties between the two nations and

paving the way for deeper collaboration” in

areas such as rare earth minerals, artificial

intelligence, nuclear technology and

defence.

The deal follows a joint statement by

the prime ministers of the UK and Canada

in June and formalises the stated aim of

expanding bilateral trade, investment and

technological exchange.

Under the partnership, the two

organisations will increase cooperation

between UK and Canadian manufacturing

companies, sharing information on

science, technology and innovation while

promoting trade missions, investment

opportunities and commercial exchanges.

Defence and security will be a particular

focus.

Canada is currently the UK’s 16th largest

trading partner and the 13th largest export

destination for British goods, with annual

trade between the countries worth £6.5bn.

Britain’s smaller export

firms being ‘left behind’

THE British Chambers of Commerce

(BCC) has recently issued a warning that

Britain’s smallest exporters are being

“left behind” as larger firms benefit from

new trade agreements including those

with India, the United States and the

European Union.

Not unsurprisingly, it wants urgent

Government action to help smaller

businesses expand overseas.

According to the BCC’s latest Quarterly

Trade Confidence Report, only 16%

of micro exporters – those with fewer

than ten employees – reported growth

in international sales during the third

quarter of this year. In contrast, 42% of

larger exporters saw exports rise over

the same period.

The findings were based on a survey of

4,600 UK businesses conducted between

August 18 and September 15.

William Bain, head of trade policy at the

BCC, said the widening gap underlines

UK exports to US at lowest level

ACCORDING to ONS data, exports from

the UK to the US have fallen to their lowest

level in more than three years following

the imposition of new tariffs by the Trump

administration.

Figures from the ONS showed that

the value of UK exports to the US fell by

£500m in September, an 11.4% drop

month on month, taking trade back to

levels last seen in January 2022.

The ONS said exports have “remained

relatively low since the introduction

of tariffs in April”, when the Trump

administration imposed a 10% minimum

tariff on most UK goods. Although this is

lower than the tariff rate applied to many

other countries, it represents a significant

the need for targeted intervention.

“The growing disparity between the

experience of the UK’s largest and

smallest exporters is deeply concerning,”

he said. “It underlines our call for urgent

government action, in partnership with

business, to help smaller firms reap the

benefits of trade.”

Specifically, the BCC says that the

Government must go further if the UK is

to strengthen its export base; it needs

dedicated support for small and micro

firms.

Smaller companies face unique

barriers, including higher compliance

costs, limited access to export finance,

and a lack of localised expertise in

customs and regulation. The BCC wants

an extension of export credit guarantees,

simplified digital trade paperwork, and

improved access to on-the-ground

support through the UK’s embassies and

trade offices.

step back from the tariff-free access

British exporters previously enjoyed.

A trade agreement struck between

President Trump and Prime Minister Keir

Starmer earlier this year, which removed

US tariffs on the UK aerospace sector

and lowered duties on car imports

from 25% to 10%, didn’t counter falling

demand.

The ONS detailed serious falls across

the chemicals sector (down by £300m)

and machinery and transport equipment

(down by £100m).

Overall, total goods exports fell by

£1.7bn, or 5.5%, in September, with

declines recorded in both EU and non-EU

markets.

LUXURY BRANDS DIVIDED

THE Wall Street Journal has reported

that “the wealth gap in the US is

becoming so wide that even luxury

brands are being divided into haves and

have-nots.”

While demand is booming for Cartier

and Van Cleef & Arpels in the US, global

sales of Tiffany’s most expensive

jewellery hit a record in the third quarter.

Overall, jewellery is the best-performing

category in the US luxury market,

outstripping sales of handbags and

clothing.

Some initially attributed this to

a desire to get ahead of tariffs on

imported goods, but analysts are now

asking whether this trend relates to

something deeper.

By way of example, the paper

highlights that the S&P 500 was up 11%

in 2025, creating an additional $5.43trn

of stock wealth. Households earning

more than $250,000 comprise 9% of

all US households but own 68% of the

stockmarket. Elsewhere, business- and

first-class seats are doing well, as is the

very top of the art market.

However, the average Joe is “feeling

squeezed”, with costs for goods and

services up 25% since 2020.

What does all of this mean for UK

exporters? Cater for the super-rich

and hope that your products stay in

demand. However, this tip comes with

a very big health warning – it’s widely

being predicted that there’s an AI

bubble out there that could burst. If

that happens then even the super-rich

could suffer leading to collateral damage

elsewhere.


ARE YOU REALLY COVERED BY

YOUR CREDIT INSURANCE?

OUR NEW GAP ANALYSIS TOOL

CAN HELP YOU FIND OUT.

Our Gap Analysis report is receiving

excellent feedback f rom other

policyholders and is designed to provide a

comprehensive policy cover health check

for your business.

That’s why we want to share it with you.

WHAT THE REPORT OFFERS

Many businesses think they’re fully protected by their credit

insurance policy - until a claim fails. Our Gap Analysis gives you

peace of mind by ensuring your cover really matches your exposure.

THE BENEFITS YOU WILL GAIN

Save Time - No more wading through ledgers or insurance

schedules. We do the heavy lifting so you can focus on running

your business.

Avoid Expensive Mistakes – Identify gaps where you’re

unknowingly uninsured, so you don’t get caught short when you

need cover most.

Save Money – Spot unused or unnecessary cover and stop paying

for protection you don’t need.

Be Conf ident You’re Fully Covered – Make sure every customer

and credit limit are correctly insured, so you can trade with

conf idence.

www.comparecreditinsurance.co.uk


EXCLUSIVE PAYMENT TRENDS

SOLID

FOUNDATIONS

Late payment data points to a broadly encouraging start

to the year, with Ireland leading the way.

BY ROB HOWARD

ACROSS the late payment

performance landscape, 2026

is off to a very steady and solid

start, with Ireland leading the

way and UK sectors showing

resilience, even as regional

results lag. The average Days

Beyond Terms (DBT) increased by 0.9 days across UK

regions, but reduced by 0.1 days across UK sectors.

Average DBT across Irish counties and sectors dropped

by 2.4 and 1.8 days respectively. Across the four

provinces of Ireland, average DBT increased by 0.2 days.

Sector Spotlight

Despite the average DBT figure across UK sectors only

just coming down (by 0.1 days), the bigger picture is

more positive than that – with more than half (13) of the

22 sectors making cuts to their DBT. The biggest mover

is the Energy Supply sector, which is now the third

best performing UK sector after chopping its DBT in

half (from 8.0 days to 4.0 days overall). The Business

Admin and Support sector also moves into the top five

promptest payers, with a reduction of 3.6 days taking

its overall tally to 4.4 days. By cutting its DBT by 1.0

day, The Entertainment sector has overtaken Education

as the top performing UK sector with an overall DBT

of 3.3 days. Of the seven sectors moving in the wrong

direction (the remaining two sectors saw no change

to their DBT), the Real Estate sector took the biggest

hit. An increase of 4.8 days takes its overall DBT to 8.0

and means it is now among the worst five performing

sectors in the UK.

In Ireland, the sector outlook is full of positives, with

more than three quarters (16) of the 20 sectors making

strides forward. And while Real Estate is going one

way in the UK, it’s moving in the opposite direction in

Ireland, cutting its DBT by 7.2 days to take its overall

figure to 0.4 days and putting it among the top five

performing Irish sectors. The IT and Comms (-6.3 days)

and Entertainment (-5.9 days) also made strong headway

up the rankings, while the Public Administration (-4.5

days), Mining and Quarrying (-4.2 days) and Education

(-3.2 days) all move into the top five promptest payers

alongside Real Estate and International Bodies (still

with an overall DBT of zero days). At the other end of

the spectrum, the only sectors letting the proverbial side

down are the Professional and Scientific and Financial

and Insurance sectors. The Professional and Scientific

took a fairly significant hit, with a rise of 9.4 days taking

its overall DBT to 18.6 days and making it the worst

performing Irish sector.

Regional Spotlight

The UK regional rankings aren’t particularly pretty,

with eight of the 11 regions seeing increases to their

DBT. The only saving grace, however, is the majority

of these increases are relatively minor. The South East,

for instance, saw the biggest rise, with an increase of

2.5 days taking its overall DBT to 6.9 days. Elsewhere,

increases for the West Midlands (+2.1 days), East Anglia

(+1.7 days), North West (+1.6 days), East Midlands (+1.5

days) and Wales (+1.4 days) mean they all slide down

the standings and now make up the bottom five poorest

paying UK regions.

As with the sector statistics, performance across Irish

counties is strong, with 20 of the 26 Irish counties moving

in the right direction and making cuts to DBT. Without

question, Limerick and Waterford are the standout

performers, moving from the bottom of the standings

to the top. Limerick reduced its DBT by a massive

19.6 days to take its overall tally to 1.3 days, while a

significant reduction of 14.9 days means Waterford now

has an overall DBT of zero days, tied in top spot with

Leitrim. Laois (-7.6 days), Galway (-5.9 days), Meath

(-4.0 days) and Dublin (-3.9 days) all made progress

too. Of the five counties going backwards, Roscommon

took the biggest nosedive, with a significant rise of

12.7 days taking its overall DBT to 26.3 days, meaning

it is now the worst performing Irish county by some

distance.

Three of the four provinces of Ireland improved their

DBT, with Ulster (-0.3 days) remaining on top with

an overall DBT of 2.4 days, although Leinster (3.3 days

overall) and Munster (3.7 days overall) aren’t too far

behind. Connacht continues to be cast adrift, with a

further increase of 5.8 days taking its overall DBT to

14.3 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Getting worse

Top Five Prompter Payers

Region (UK) Dec 25 Changes from Nov 25

Scotland 5.6 -0.4

London 5.7 0.2

Northern Ireland 5.7 -0.7

South East 6.6 1.3

Yorkshire and Humberside 6.8 -0.8

Bottom Five Poorest Payers

Region (UK) Dec 25 Changes from Nov 25

North West 9.1 1.6

East Anglia 8.6 1.7

West Midlands 7.8 2.1

East Midlands 7.7 1.5

Wales 7.7 1.4

Real Estate 4.8

International Bodies 2.1

Dormant 2

Construction 1.2

Professional and Scientific 1

Wholesale and retail trade; repair of

motor vehicles and motorcycles 0.5

Hospitality 0.3

Getting better

Energy Supply -4

Top Five Prompter Payers

Sector (UK) Dec 25 Changes from Nov 25

Entertainment 3.3 -1

Education 3.7 -0.4

Energy Supply 4.0 -4

International Bodies 4.2 2.1

Business Admin & Support 4.4 -3.6

Bottom Five Poorest Payers

Sector (UK) Dec 25 Changes from Nov 25

Water & Waste 10.3 -1.7

Dormant 8.8 2

Real Estate 8.0 4.8

Professional and Scientific 7.9 1

Transportation and Storage 7.5 -0.6

Business Admin & Support -3.6

Water & Waste -1.7

Entertainment -1

Mining and Quarrying -0.8

Health & Social -0.7

Transportation and Storage -0.5

Financial and Insurance -0.4

Education -0.4

Manufacturing -0.4

Business from Home -0.3

Agriculture, Forestry and Fishing -0.2

Other Service -0.1

SCOTLAND

-0.4 DBT

Nothing changed

IT and Comms 0

NORTHERN

IRELAND

-0.7 DBT

SOUTH

WEST

2.5 DBT

WALES

1.4 DBT

NORTH

WEST

1.6 DBT

WEST

MIDLANDS

2.1 DBT

YORKSHIRE &

HUMBERSIDE

-0.8 DBT

EAST

MIDLANDS

1.5 DBT

LONDON

0.2 DBT

SOUTH

EAST

1.3 DBT

EAST

ANGLIA

1.7 DBT

Public Administration 0

Region

Getting Better – Getting Worse

-0.8

-0.7

-0.4

2.5

2.1

1.7

1.6

1.5

1.4

1.3

0.2

Yorkshire and Humberside

Northern Ireland

Scotland

South West

West Midlands

East Anglia

North West

East Midlands

Wales

South East

London


EXCLUSIVE PAYMENT TRENDS

CONNAUGHT

5.8 DBT

LEITRIM

0 DBT

MONAGHAN

3.6 DBT

ULSTER

-0.3 DBT

Getting worse

Professional and Scientific 9.4

Financial and Insurance 4.6

LOUTH

-2.7 DBT

KERRY

2.9 DBT

LEINSTER

-2.3 DBT

WESTMEATH

xx DBT

MUNSTER

-2.2 DBT

Getting better

WATERFORD

-14.9 DBT

Real Estate -7.2

IT and Comms -6.3

Top Five Prompter Payers – Ireland

Region Dec 25 Changes from Nov 25

LEITRIM 0.0 0.0

WATERFORD 0.0 -14.9

TIPPERARY 0.4 -2.6

MEATH 1.2 -4

LIMERICK 1.3 -19.6

Bottom Five Poorest Payers – Ireland


ROSCOMMON 26.3 12.7

LOUTH 10.4 -2.7

KERRY 5.6 2.9

MONAGHAN 4.8 3.6

CORK 3.8 -3.2

Entertainment -5.9

Public Administration -4.5

Mining and Quarrying -4.2

Education -3.2

Hospitality -3

Construction -3

Health & Social -2.7

Agriculture, Forestry and Fishing -2.3

Business Admin & Support -2.3

Water & Waste -1.7

Top Four Prompter Payers – Irish Provinces


ULSTER 2.4 -0.3

LEINSTER 3.3 -2.3

Transportation and Storage -1.6

Manufacturing -1.4

MUNSTER 3.7 -2.2

CONNACHT 14.3 5.8 Nothing changed

Top Five Prompter Payers – Ireland

Sector Dec 25 Changes from Nov 25

International Bodies 0.0 0.0

Mining and Quarrying 0.0 -4.2

Education 0.3 -3.2

Real Estate 0.4 -7.2

Public Administration 0.6 -4.5

Energy Supply 0

International Bodies 0

Bottom Five Poorest Payers – Ireland

Sector Dec 25 Changes from Nov 25

Professional and Scientific 18.6 9.4

Financial and Insurance 11.4 4.6

Energy Supply 10.3 0

Business Admin & Support 7.6 -2.3

Wholesale and retail trade; 5.0 -1.4


CreditWho?

CICM Directory of Services

COLLECTIONS

Guildways

T: +44 3333 409000

E: info@guildways.com

W: www.guildways.com

Guildways is a UK & International debt collection specialist with over

25 years experience. Guildways prides itself on operating to the

highest ethical standards and professional service levels. We are

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

• A complete No collection, No Fee commission based service

• 10% plus VAT commission for UK debts

• Commission from 22% plus VAT for International debts

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

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

collections and minimise costs

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

no fee, trace and collect service.

For more information, visit: www.guildways.com

MIL Collections Ltd.

Palace Building, Quay Street, Truro,TR1 2HE

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

W: www.milai.co.uk

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

50 staff work tirelessly to ensure our clients expectations are not

just met but exceeded.

We offer clients an experienced, dedicated and regulated

collection service. From small sundry invoices through to

complex property cases and overseas jurisdictions we can

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

manner.

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

to the collections world with a platform dedicated to ensure

customers are treated fairly and clients work is managed

effectively.

COLLECTIONS

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

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

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 is one of the UK’s leading B2B credit

report agencies, offering global online company score reports

and vital business and financial information. We aggregate

the highest-quality data from top global providers across 240

countries/territories, available instantly. Complimentary services

include Dual Reports, Business Credit Monitoring, CRM

integration, and a DNA portfolio management tool.

Our recent CICM British Credit Awards win for “Technology

Development” in 2025 highlights our commitment to innovation

and excellence. CoCredo is recognised for its innovative and

customer-focused approach. This is evident in our client retention

rate, which exceeds 90%.

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.

CREDIT DATA AND ANALYTICS

TOP SERVICE

MINIMISE DEBT

Top Service Ltd

Top Service Ltd, 2&3 Regents Court, Far Moor Lane

Redditch, Worcestershire. B98 0SD

T: 01527 503990

E: membership@top-service.co.uk

W: www.top-service.co.uk

MAXIMISE C ASH

The only credit information and debt recovery service provider

specifically for the UK construction industry. Our payment

experiences are the most up to date credit information available

and enable construction businesses to confidently assess credit

risk & make the best, most informed credit decisions. Coupled

with our range of effective debt recovery solutions, quite simply

our members stay one step ahead & experience less debt &

more cash.

CREDIT MANAGEMENT SOFTWARE SOFT-

Credica Ltd

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk

Our highly configurable and extremely cost effective Collections

and Query Management System has been designed with 3

goals in mind:

•To improve your cashflow • To reduce your cost to collect

• To provide meaningful analysis of your business

Evolving over 15 years and driven by the input of 1000s of

Credit Professionals across the UK and Europe, our system is

successfully providing significant and measurable benefits for

our diverse portfolio of clients. We would love to hear from you

if you feel you would benefit from our ‘no nonsense’ and human

approach to computer software.

Novuna Business Cash Flow

E: marketing@novunabusinesscashflow.co.uk

W: www.novuna.co.uk/business-cash-flow/

T: 0808 258 5934

Novuna Business Cash Flow provides fast, flexible cash flow

finance solutions to SMEs and larger corporates across a wide

range of sectors in the UK. With remote digital on-boarding,

a flexible approach to contracts, and fast payout we won

Innovation in the SME Finance Sector at the 2024 Business

Moneyfacts Awards. Combining innovative cash flow solutions

with industry leading technology, we retain one of the highest

customer satisfaction scores in the market.

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.


FOR ADVERTISING INFORMATION OPTIONS

AND PRICING CONTACT

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



DEBT & ASSET RECOVERY SERVICE

ESKER

Sam Townsend Head of Marketing

Northern Europe Esker Ltd.

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

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

Twitter: @EskerNEurope blog.esker.co.uk

Esker’s Accounts Receivable (AR) solution removes the

all-too-common obstacles preventing today’s businesses

from collecting receivables in a timely manner. From credit

management to cash allocation, Esker automates each step of

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

companies modernise without replacing their core billing and

collections processes. By simply automating what should

be automated, customers get the post-sale experience they

deserve and your team gets the tools they need.

Genius Software Solutions

T: +44 (0) 141 280 0275

E: sales@geniusssl.com

W: www.geniusssl.com

Genius provides solutions designed to enhance your customer

engagement with compliance in full focus; our team have decades

of operational experience in the Debt & BPO space.

As a global outreach partner our technology drives compliance

and operational efficiency to help your business thrive.

• Streamline Collections, Payments & Asset Recovery, whether this

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

• Enhance customer engagement with our cloud-based

omnichannel platform, Commpli.

We've helped businesses worldwide enhance efficiency, optimise

workflows, and respond to the dynamic needs of a changing

marketplace.

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.

Towerhall Solutions

E: Rob@towerhallsolutions.com

W: www.towerhallsolutions.com

T: 01342 718300

Towerhall Solutions is a trusted solution provider specialising

in debtor collection, tracing and asset recovery for the financial

services sector and housing associations sectors among

others. We understand that managing tenant debtor books and

consumer finance requires a delicate balance between effective

recovery and social responsibility.

Our approach is strictly compliant and deeply sensitive to the

circumstances of debtors. We prioritise treating customers

fairly, ensuring that every interaction adheres to the highest

regulatory standards while protecting your organisation's

reputation. By engaging with debtors constructively and

using the latest technology, we resolve arrears and recover

assets without resorting to aggressive tactics that damage

relationships.

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.

FINANCIAL PR

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.


CreditWho?


FOR ADVERTISING INFORMATION

OPTIONS AND PRICING CONTACT

paul.heitzman@cplone.co.uk

INSOLVENCY

PAYMENT SOLUTIONS

RECRUITMENT

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

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.

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.

RECRUITMENT

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Hays Credit Management is working in partnership with the

CICM and specialise in placing experts into credit control jobs

and credit management jobs. Hays understands the demands

of this challenging environment and the skills required to thrive

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

and contract based opportunities to find your ideal role. Our

candidate registration process is unrivalled, including faceto-face

screening interviews and a credit control skills test

developed exclusively for Hays by the CICM. We offer CICM

members a priority service and can provide advice across a wide

spectrum of job search and recruitment issues.

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


www tcmgroup.com

Probably the best debt collection network worldwide

Money knows no borders—neither do we


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 & 2026)

Credit & Collections Industry Awards

Finalist (2025)

Recognised for Excellence

01527 386 610

controlaccount.com

Credit Management January and February 2026

Transform your PDFs into Flipbooks and boost your revenue!

Delete template?

Save as template ?