Credit Management April 2026

CREDIT MANAGEMENT

CM

APRIL ISSUE 2026

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

Domino effect

Are rising costs forcing

businesses to narrow credit

insurance to only the risks

that could trigger sectorwide

collapse?

CONSUMER

Accessibility rules

raise the bar for

financial services.

PAGE 18

RECOVERY

Why SMEs

hesitate to chase

unpaid debts.

PAGE 24

INTERVIEW

In conversation with

Natalie Bunyer, CICM

Advisory Council.

PAGE 12

credit | risk | insights

Turn early warning

signs into early action

Let the latest credit risk

insights lead the way.

Search: Credit Accelerate

IONA YADALLEE

EDITOR

Editor’s column

A LONG

PAUSE

THIS year started with so much hope.

We were told that the economic tide

was finally going to turn. Inflation

was easing. Interest rates were going

to follow. And after several years

of rising costs and the discomfort

of uncertainty, 2026 was set to be a

new beginning. But, alas, events elsewhere in the world

have intervened and all that is on hold.

The escalating conflict in the Middle East is already

rippling through the global economy, pushing energy prices

higher and injecting fresh uncertainty into the outlook.

Much now depends on whether oil continues to move freely

in the coming weeks. If it does not, the consequences for

energy prices, and the cost of living, may be felt deeper.

It is an unwelcome reminder that unhinged global events

have a habit of ruining the best laid plans. Higher costs,

tighter margins and more cautious customers will see

plans reconsidered and investment decisions delayed.

We are already seeing some of those effects in the Bank

of England’s decision to hold interest rates.

While geopolitical events reshape the macroeconomic

picture, businesses are still dealing with the financial

conditions created over the past two years. Margins

remain tight, borrowing costs are still elevated and the

financial resilience of customers and suppliers continues

to be tested.

Several articles in this issue explore the underlying

pressures facing businesses and credit professionals.

Dr Ashley Smith examines the difficult choices suppliers

face when dealing with unpaid debts. While the law allows

interest and compensation to be claimed for late payment,

the cost and risk of litigation means that many smaller

businesses decide not to pursue it.

Elsewhere, coverage of the latest CICM Think Tank

explores how risks continue to develop within credit and

insurance markets, with insolvencies elevated in several

sectors and growing scrutiny of the rapidly expanding

private credit market. Regulation, too, continues to

evolve. The European Accessibility Act, introduced new

requirements designed to ensure financial services and

digital platforms are accessible to people with disabilities.

This issue also highlights the people behind the profession.

In our interview, Natalie Bunyer FCICM, a member of the

CICM’s Advisory Council, reflects on her journey through

the credit and collections industry and the continuing

effort to change perceptions of the sector.

As always we try to showcase the everyday realities facing

businesses and credit professionals. And so while we

all wait a little longer for the tide to turn, the past few

years have, at least, shown that businesses, and the credit

professionals who support them, are used to navigating

uncertain conditions.

Thank goodness it is spring.

Brave | Curious | Resilient / www.cicm.com / April 2026 / PAGE 3

contents

April 2026 issue

10 – CRAMMED DOWN?

What you need to know about restructuring

plans.

12 – FAMILY TIES

Melanie York speaks to Natalie Bunyer FCICM,

member of the CICM Advisory Council and

Sales Director at ARC Europe.

16 – CICM THINK TANK

Markel’s Sebastian Rice highlighted the

changing dynamics within the insurance

markets.

18 – ACCESSIBILITY REQUIREMENTS

How accessibility regulation is impacting the

financial services sector.

24 – LATE PAYMENTS

Late payment, litigation costs and

commercial risks that deter small

businesses pursuing unpaid debts.

28 – TIME TO PAY

Managing finances and tax liabilities.

30 – LEND YOUR VOICE

How to be an advocate for credit professionals.

32 – COUNTRY FOCUS

Ghana is an up-and-coming country

with much to offer.

38 – BEST PRACTICE

Fraudsters can and do target anyone,

especially people they see as vulnerable.

44 – TIMING IS EVERYTHING

From out-of-time discrimination claims to

redundancy thresholds, the EAT highlights

how timing and proposals shape employer

liability.

28

TIME TO PAY

53 – PAYMENT TRENDS

Signs of recovery in latest late payment

statistics.

10

INSOLVENCY

What you need to know about

restructuring plans.

– Bethan Evans, Menzies LLP.

24

LATE PAYMENTS


CICM GOVERNANCE

18

LEGISLATION

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

32

COUNTRY FOCUS

30

CAREERS

16

CICM THINK TANK

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

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

Email: andrew.morris@cicm.com

Editorial Team

Grant Bather, Rob Howard and Melanie York

Advertising

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ISSN 0265-2099

38

ENFORCEMENT

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.

Late payments remain

major cashflow strain

LATE payments continue

to pose a major

threat to the financial

health of small businesses,

with new research

suggesting that

millions of overdue

invoices are being chased across the UK at

any given time.

A survey of 1,000 sole traders and small

business owners commissioned by insurer

Hiscox found that late payments are now

considered the biggest cashflow challenge

facing small businesses. More than half

(58%) of respondents said delayed payments

were their most significant financial issue.

The problem becomes even more

pronounced as businesses grow. Among

firms employing between 10 and 49 staff,

63% identified late payments as their main

cashflow concern, compared with 46% of

sole traders. According to Department

for Business and Trade figures, there were

5.45 million small businesses in the UK in

2024, accounting for 99.2% of the country’s

business population. If the patterns

identified in the survey are representative

across the sector, the scale of unpaid

invoices could be significant.

Most respondents said they were

currently chasing between 10 and 20

overdue payments. When asked what

proportion of their invoices are typically

paid late, more than a third said that

around one in five payments arrive after

the agreed deadline. A further 24% said the

figure could be as high as 30%.

Across the UK’s small business base, this

could translate into tens of millions of

invoices requiring follow-up each year.

The research also provides insight into

the typical value of delayed payments. Some

44% of businesses with 10 to 49 employees

reported that each unpaid invoice was

typically worth between £201 and £1,000.

While individual amounts vary widely, the

cumulative impact can be substantial.

Based on the total number of small

businesses in the UK, and with 37% of

businesses with 10-49 employees estimating

that they’re owed between £1,001 and

£10,000 in late payments each year, Hiscox

says this could represent between £27.3bn

and £54.5bn tied up in delayed payments

annually.

The findings also suggest that the scale of

the problem increases with company size.

Sole traders were the most likely to end the

year with no outstanding payments, with

almost a quarter reporting they were not

owed money by clients. Firms employing

up to 49 staff, however, had the lowest

settlement rate at 3%.

For many business owners, chasing

payments is an unavoidable task. The

survey found that most small firms spend

up to two hours each month following up

overdue invoices.

Late payments can place significant

strain on businesses that rely on steady

cashflow to meet operational costs. Delays

in receiving funds may force firms to

rely on short-term borrowing, postpone

spending or reduce investment.

The findings highlight the continued

prevalence of delayed payments across

the UK’s small business sector, with many

firms reporting both persistent delays

and growing amounts tied up in unpaid

invoices.


SME lending rises * for second

consecutive year

BANK lending to UK small and mediumsized

businesses increased for a second

consecutive year in 2025, according to the

latest Business Finance Review from UK

Finance.

Gross business lending by high street

banks rose from £16.1bn in 2024 to £17.5bn

in 2025. In the final quarter of the year

alone, gross lending reached £4.6bn,

marking the eighth consecutive quarter of

year-on-year growth.

The increase in lending was driven

largely by demand from the smallest

businesses. Lending to firms with annual

turnover of up to £2m rose by more than

a quarter compared with the previous year,

supported by higher levels of new loan

approvals throughout 2025.

Lending to medium-sized businesses also

increased, although at a slower pace, rising

by around 4%.

The data suggests that borrowing

demand remained resilient despite ongoing

economic uncertainty. Lending activity

was evenly distributed across UK regions,

Collapse of MFS prompts scrutiny

THE collapse of London-based mortgage

lender Market Financial Solutions (MFS)

has left a range of investors and financial

institutions assessing their exposure

as administrators begin reviewing the

business.

The company, which specialised in

bridging and buy-to-let lending, entered

administration earlier this year following

concerns about its financial position and

lending arrangements.

Administrators from advisory firm

AlixPartners were appointed to Market

Financial Solutions Limited, a key entity

within the group, after a High Court

hearing in which the court said insolvency

practitioners should investigate a number

of issues relating to the lender’s operations.

Among the matters requiring examination

indicating broad access to finance for SMEs

across the country.

UK Finance said that 2025 also saw a

shift in borrowing patterns. Loan approvals

accounted for a larger share of new finance

compared with overdraft facilities,

reversing the trend seen in 2024.

At the same time, utilisation of existing

overdraft facilities remained below prepandemic

levels.

According to UK Finance, this suggests

that many SMEs continue to retain

financial headroom while managing

uncertain demand and pressure on margins.

David Raw, Managing Director of

Commercial Finance at UK Finance, said

the banking sector remained committed

to supporting small businesses: “SMEs are

a vitally important part of the UK economy

and the banking sector is proud to support

them,” he said. “It was good to see gross

lending increasing for another consecutive

year of growth in 2025, driven by stronger

demand from the smallest businesses and

support from high street lenders.”

are claims that some loans may have been

pledged against property assets more than

once and concerns about whether sufficient

collateral existed to support parts of the

loan portfolio.

Market Financial Solutions had built a

loan book reported to be worth around £2bn

and had attracted funding from a mix of

private investors and financial institutions.

Reports have suggested that institutions

linked to the business include Barclays,

Elliott Management, Jefferies, Wells Fargo,

Castlelake and Banco Santander. Private

investors are also understood to have

exposure to the lender.

The administration process is expected to

involve a detailed review of the company’s

lending structures and the assets linked to

its loan portfolio.


CREDIT MANAGEMENT

Tourism bookings

hit by conflict

TOURISM Companies are reporting a

slowdown in bookings for Mediterranean

destinations following escalating conflict

in the Middle East. Online travel company

On the Beach said bookings to destinations

including Turkey, Greece, Cyprus and Egypt

had slowed significantly, prompting it to

suspend profit forecasts. The company’s

shares fell 12% following the announcement.

The World Travel & Tourism Council

estimates that disruption linked to the

conflict is costing the sector around $600m

(£450m) per day in lost international visitor

spending as travellers delay or cancel trips.

The downturn highlights how geopolitical

tensions can rapidly affect consumer

confidence and travel demand.

CSA appoints new

board directors

THE Credit Services Association (CSA) has

appointed four board directors following

its latest annual general meeting. Tim Kirk

of PRA Group and Craig Hinchliffe of

Perch Group were re-elected to the board.

Samantha Reed, Risk and Compliance

Director at Intrum, and Daniela Ferrer

Francisco, Conduct and Risk Manager at

NCO Europe Ltd, were elected as new

directors. The AGM also confirmed the

reappointment of Desmond Hudson as the

CSA’s Independent Chair for a further term.

The CSA said its board represents firms

across the debt collection and debt purchase

sector and helps ensure the organisation

reflects issues affecting the industry.

R3 appoints Northern

Ireland chair

THE insolvency and restructuring trade

body R3 has appointed Scott Murray as

Chair of its Northern Ireland committee.

Murray, Managing Director at Keenan CF

and a licensed insolvency practitioner,

succeeds Ian Leonard of Interpath Advisory.

He will help lead R3’s programme of events

and represent the interests of restructuring

and insolvency professionals across the

region. R3 said insolvency-related activity

in Northern Ireland increased by 20.2% in

2025, reaching 297 cases. The organisation’s

Annual Business Health Report also

recorded a sharp decline in business startups,

which fell by more than a third during

the year.

continues on page 8 >

NEWS

Living standards set to

stagnate despite modest

income growth

LIVING standards in

the UK are set to remain

under significant

pressure over the

course of the current

parliament, according

to new modelling from

the Joseph Rowntree Foundation (JRF),

which suggests average household disposable

incomes will see only minimal growth.

The analysis projects that average annual

household disposable income will rise by

just £40 between April 2024 and April 2029

after adjusting for inflation and housing

costs.

According to the JRF, the projection

highlights the scale of the challenge facing

policymakers seeking to improve living

standards following several years of rising

costs and weak real earnings growth.

The modelling also indicates that

household incomes are expected to fall for

much of the remainder of the parliament.

From April 2026 to April 2029, average

incomes are forecast to decline by £580.

JRF said the figures differ from the

£1,000 increase over the parliament cited

by the Chancellor in the Government’s

Spring Forecast because the Foundation’s

modelling takes into account actual

housing costs, which it argues is a more

accurate reflection of whether families feel

any better off.

The projections are based on the latest

economic forecasts published by the Office

for Budget Responsibility (OBR). These

forecasts include key economic indicators

such as CPI inflation and average weekly

earnings. These are fed into the IPPR

Tax Benefit Model which uses the Family

Resources Survey to project household

incomes for each year up until the end of

the parliament.

The latest OBR forecasts do not take into

account the conflict in the Middle East

and its potential impact on the economy.

So, changes to the OBR forecasts and

to JRF’s living standards modelling are

therefore possible, with a sustained conflict

downgrading the projections for disposable

incomes.

JRF’s modelling reveals the scale of the

living standards challenge still facing

families and the Government, with an

increase of just 0.1% to incomes after housing

costs on average by the end of the current

parliament and incomes falling from April

2026 to the end of the parliament. This is

in part due to projected weak real earnings

growth and rising housing costs.

Chris Belfield, Chief Economist at

the Joseph Rowntree Foundation, said

the findings illustrated the scale of the

challenge facing households.

“The Government is right to focus

on families’ incomes and the sustained

pressure they’re under from the cost of

living through actions like removing the

two-child limit from Universal Credit

and reducing the cost of energy bills,”

he said.

“In an increasingly uncertain world,

having enough set aside to withstand any

potential shocks is even more important.

“But £40 growth over the course of five

years is not enough,” he said. “It should not

be too much to ask for families who have

been struggling for years to start to feel

better off.

“We will never have a stronger economy

if families don’t feel more secure and able

to take each and every opportunity to

improve their lives,” Belfield said.

He also said that addressing the living

standards challenge will require sustained

policy attention to bring down people’s

costs and to boost their incomes.

“We will never have a stronger economy if families

don’t feel more secure and able to take each and

every opportunity to improve their lives.”


CREDIT MANAGEMENT

Pension transfer system

“not fit for purpose”

A group of digital investment platforms

has warned that the UK’s pension transfer

system is “not fit for purpose” and risks

undermining efforts to modernise the

pensions market.

AJ Bell, Freetrade, Hargreaves Lansdown,

Interactive Investor, J.P. Morgan Personal

Investing, Moneybox, Monzo, PensionBee

and Vanguard commissioned a report to

assess the current state of the pension

transfer system.

The analysis argues that modernising the

operational infrastructure of the pensions

sector is essential to improving retirement

outcomes and unlocking wider economic

benefits from digital pension platforms.

According to the report, the direct-toconsumer

digital pension sector could

contribute £9.1bn to the UK economy

through higher productivity gains by 2055,

alongside £9bn in increased pensioner

incomes.

However, the firms said current transfer

processes remain slow and outdated. The

statutory transfer deadline of 180 days was

described as being “out of touch” with the

rest of modern financial services. They call

for the limit to be reduced to 30 working

days and argues that manual paperwork

should become the exception rather than

the norm.

The providers also raised concerns

that some legacy providers are using

administrative requirements or anti-scam

checks in ways that delay transfers.

Industry representatives warned that

once pensions dashboards are introduced,

which will give savers visibility of all their

pension pots in one place, the current

transfer system will lead to consumer

frustration.

Insolvencies rise

in February

CORPORATE insolvencies increased in

February as businesses faced continued cost

pressures, with warnings that worsening

geopolitical tensions risk adversely

impacting insolvency trends over the

coming months, reversing recent signs of

economic stability.

Figures from the Insolvency Service show

that corporate insolvencies in England and

Wales rose by 7% compared with January,

reaching 1,878 cases. However, this was 7%

lower than the same month in 2025.

The total included 1,473 creditors’

voluntary liquidations, 249 compulsory

liquidations, 146 administrations and 10

company voluntary arrangements.

The figures pre-date the current Middle

East conflict and R3, the UK’s insolvency

and restructuring trade body, warned that

rising energy and fuel prices could place

additional strain on businesses, especially

those with high energy usage or thin

margins, including hospitality such as

hotels and restaurants.

Tom Russell, R3 President, said the

situation risked undermining recent signs

of economic stability: “We’re already seeing

business owners becoming more cautious

about investment decisions, choosing to

wait and see rather than commit while

costs and demand remain uncertain. That

hesitation, combined with rising overheads,

means some businesses that were just about

coping may now find themselves under

renewed strain.”

Personal insolvencies also increased,

rising by 6% from January to February

to 11,609 and standing 18% higher than

February 2025.

Debt relief orders reached 4,210 in

February, the highest level since their

introduction in 2009. There were also

768 bankruptcies and 6,631 individual

voluntary arrangements.

Home insurance

claims reach record

HOME insurance claims reached a record

£6.1bn in 2025 despite a slight fall in

average premiums, according to data from

the Association of British Insurers (ABI).

The average cost of combined buildings

and contents cover fell to £379 in the

final quarter of 2025, down from £384

in the previous quarter. However, severe

weather continued to drive claims costs

higher. Insurers paid £1.2bn for weatherrelated

property damage during the year.

Storm damage claims totalled £244m, while

the average flood payout rose sharply to

around £30,000. Insurers said rising repair

and rebuilding costs remain a key factor

influencing premiums.

Revolut launches

UK bank

REVOLUT has launched its UK bank after

the Prudential Regulation Authority (PRA)

approved Revolut Bank UK Ltd to begin

operating as a fully authorised bank. The

move allows the fintech to offer deposit

accounts protected by the Financial Services

Compensation Scheme (FSCS) and expands

the range of products it can provide to

customers. Revolut said it will begin rolling

out current accounts gradually, starting with

new customers before migrating its existing

UK customer base. The company has around

13 million customers in the UK. The launch

follows a mobilisation period and forms part

of the firm’s wider expansion plans across

global markets.

Digital investments

LOW-COST digital investment platforms

are attracting a growing number of new

investors in the UK, according to research

from investment data firm Boring Money.

Assets held on DIY investment platforms

rose 19% over the past year to £772bn, with

13.4 million investment accounts now held

by UK investors. Newer platforms offering

commission-free trading, low fees and access

to a wider range of assets are increasingly

drawing new, younger investors with

commission free trading, no FX fees and

offerings of modern assets, such as crypto.

The shift comes as the Government seeks

to encourage greater retail investment in

the UK economy, amid concerns that large

amounts of household savings remain held

in cash rather than invested.


INSOLVENCY

CRAMMED

DOWN?

What you need to know about restructuring plans.

BY BETHAN EVANS

WE’VE all heard of

Company Voluntary

Arrangements (CVAs),

but what about a Part

26A Restructuring Plan?

These were introduced by

the Corporate Insolvency

and Governance Act 2020 in order to allow UK companies

to avoid insolvency by restructuring debt, with the purpose

of eliminating, reducing, preventing or mitigating the effect

of financial difficulties it has encountered, or is likely to

encounter, that are affecting or may affect its ability to

continue as a going concern.

Why should you care? Because these plans can compromise

the rights of the unsecured creditor. It's not just about

shareholders, directors, private equity and banks.

Practical Impact

For an unsecured creditor, the key commercial reality is

that your contractual right to be paid in full and on time

can be amended by a plan. This can happen, for example, by

writing off part of your debt, paying over a longer period, or

converting debt to equity.

If the plan is sanctioned by the court, it can bind all affected

creditors, including unsecured creditors who voted against

it or did not participate.

A particularly significant feature is ‘cross-class cram down’.

Even if your class of unsecured creditors votes against the

plan, the court may still sanction it if statutory conditions

are met. Most importantly is that dissenting creditors are

‘no worse off’ than they would be in the ‘relevant alternative’.

That is to say that if the alternative is administration or

liquidation, and the plan does not make your class worse

off than in administration or liquidation, the Court can

sanction it. It must be noted that at least one class with a

genuine economic interest has to approve the plan by the

required majority though.

Also, a creditor class can, in some circumstances, be

excluded from voting if the court is satisfied that none of

that class has a ‘genuine economic interest’ in the company

(in practice, where they are ‘out of the money’ in the relevant

alternative).

Protecting your position

• Engage early and interrogate the valuation. Most fights

turn on whether unsecured creditors are truly ‘no worse

off’ than in the relevant alternative, and whether value is

being allocated fairly across classes. This typically requires

valuation and insolvency outcome analysis.

• Check class composition. If you are placed in a class with

creditors whose rights/economic interests differ materially

from yours, that can affect voting power and outcomes.

This issue needs addressing early.

• Meet deadlines and vote (or submit a proxy). If you sit out,

you may still be bound if the plan is sanctioned.

• Coordinate with others. Unsecured creditors can increase

leverage by forming an ad hoc group, sharing the cost of

legal/valuation advice, and presenting coherent evidence.

(Whether this is cost-effective depends on claim size and

complexity.)

• Consider appearing at the sanction hearing. If opposing, be

ready to put forward evidence and articulated objections;

recent commentary notes the court may not ‘make the

case’ for dissentients who provide no evidence.

These plans can be complex and paperwork often baffling.

If you come across any restructuring scenario that you don’t

understand, do reach out to your trusted advisors for timely

help and guidance.

Author: Bethan Evans is a Restructuring &

Insolvency Partner and Licensed Insolvency

Practitioner at Menzies LLP.

Even if your class of unsecured

creditors votes against the plan, the

court may still sanction it if statutory

conditions are met.


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INTERVIEW

FAMILY TIES:

GROWING UP

IN THE CREDIT

INDUSTRY

Melanie York speaks to Natalie Bunyer FCICM, member

of the CICM Advisory Council and Sales Director at ARC

Europe, about her unusual entry into the institute and her

mission to change perceptions of debt collection.

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

One Wednesday, Dad said: “You have until Monday

morning to find a full-time job, or you’re coming to

work for me.” I thought he’d never make me do that –

but he did, thankfully.

When I was about 10 or 11, I would help out in the post

room, take telephone messages and scan return mail. The

deal was three weeks of work for a day at Chessington

Adventures. I thought I was getting the better end of the

bargain, not realising it would become my career.

At school I was a very strait-laced, hard-working student,

who went off to university. I absolutely hated it. I was

stalked, then mugged, and by the Christmas holidays, I’d

left. I got a pub job, some temp work, I was essentially

bumming around until dad had other ideas. It wasn’t

easy. Most staff had been with the firm for 20 years

and they weren’t thrilled about babysitting the boss’s

daughter. But Russ Barrett, then Head of Legal and a

CICM member, took me under his wing and taught me

to be a tracer, and my search for debtors continued for

ten years.

Q: What are some of the biggest changes

you’ve seen in the industry?

When I officially joined in 2002, the office was full of

people literally searching through the Yellow Pages and

telephone directories, hoping for the best. Then, the BT

Phone Disc arrived – the entire UK phonebook CD-

ROM database. We’d get fresh data once a year after the

Electoral Roll update in April, and we thought we were

so high-tech! A few years later GB Trace came, which

amazingly was updated every three months. Eventually

data houses developed their own systems through

Experian and Equifax.

I want to demonstrate that this is

a professional, regulated industry

that genuinely helps people

resolve their financial difficulties

with dignity and respect.”


CREDIT MANAGEMENT

“It sounded exciting, so I put myself

forward. I was quite surprised I got in

because I didn’t know many people, but did

some girl power canvassing on LinkedIn,

saying we need more women on the

Advisory Council, please vote for me and

that seemed to work.”

There were bigger changes to come. Dad stepped down

to become master of the Worshipful Company of

Horners, and I became the boss.

The business had been providing tertiary trace and

collection services to banks, but then came the financial

crash, which triggered the debt purchase market and

our client base shifted.

The debt collection industry was under scrutiny,

regulation around identity security was introduced

and to meet the new regulatory requirements, I had

to take a diploma in risk and compliance to secure a

license from the Financial Conduct Authority (FCA)

to operate.

Then in 2023 consumer duty was introduced. Within

three months, two very big clients closed, and I had to

wind the family business down. It was really hard – this

was where I’d earned my first Chessington trip, where

Russ had taught me to trace, where I’d grown from the

boss’s daughter into the boss myself. But I learned a lot

from closing a business properly.

Q: What are you doing now?

In January 2025 I joined ARC Europe as Sales Director.

It’s a debt collection agency working for regulated and

unregulated companies to clear outstanding debts

using modern collection practices – avoiding old doorstepping

methods which put firms’ and the industry’s

reputations at risk. ARC Europe regularly achieve an

NPS score of over 85% from customers, have a Google

review score of 4.4 – which is unheard of in debt

collection – and they won the 2025 Debt Collection

Agency Award.

Q: When did you first come across CICM?

After completing the diploma in risk and compliance,

before closing the family business, I did wonder what

was next. Whilst I have no regrets about leaving

university, I started looking around for further

qualifications and came across the CICM.

To my surprise, my certificates and experience meant

I could become a fellow, and Russ wrote a lovely

reference – so I took the easy way in, really. Within a

couple of months, Sue Chapple FCICM invited me for

a coffee and we had a wonderful afternoon together.

We really hit it off and she asked me to be a CICM

judge, and shortly after that asked if I’d like to apply

for the Advisory Council.

It sounded exciting, so I put myself forward. I was

quite surprised I got voted in because I didn’t know

many people, but I did some girl power canvassing on

LinkedIn, saying we need more women on the Advisory

Council, please vote for me – and that seemed to work.

Q: How do you benefit from being a CICM

member?

Going from not knowing much about the Institute

to being so involved has taught me many things. The

Advisory Council meets four times a year, and they’re

such a happy bunch who are so pleased to see each

other. Everyone’s working for that common purpose –

we all love credit.



INTERVIEW


CREDIT MANAGEMENT

“Are you mad?” Then you explain that

the CICM is much more far-reaching and

starting in credit control isn’t bad – it’s a foot

in the door which can give you an idea of

where to go in your career.

Previously, I’d only considered the debt side. But

at industry roundtables, I’m learning how retailers,

offices, and suppliers consider using different lines

of credit. Through judging applications across

different sectors, it’s opened my eyes to many service

offerings and taught me to be more sceptical about

business, payment terms, and invoicing. These

lessons are useful in my current role at ARC. Post-

COVID, everyone relaxed their payment terms with

suppliers. Now there’s a complete U-turn and you

really need to stay on top of creditors who aren’t

paying you.

Q: What challenges do you see ahead for

the industry?

I’m passionate about Buy Now Pay Later reforms

because I’ve seen what happens when credit access

suddenly disappears. From June, these companies will

have to do credit checks and credit recording for the

first time. Whilst I wholeheartedly agree this will help

stop people running up 10 loans in a month when they

can only afford two, it will also wipe out people who

don’t have a credit score but urgently need access to

credit.

August is traditionally dire for collections – parents

scrambling to buy school uniforms after an expensive

six weeks of summer holidays. If someone gets rejected

by a But Now Pay Later lender for their child’s school

uniform or food, where do they go next?

Merchant tagging already exists. Every time you buy

something on your debit card it is categorised – as

food or clothing and so on. This means lenders can

see when someone is trying to buy essential items. If

it’s essential goods, like school uniforms or groceries,

and they are rejected for Buy Now Pay Later, I am sure

retailers would want them to have another option. So

rather than only signposting when someone defaults,

Buy Now Pay Later lenders should be forced to offer

an alternative lending product or if the Government

sets up a social fund, refer them on. Those customers

need somewhere else with instant access, or we’ll see

more people returning to loan sharks.

The Government needs to talk to more people like

us who understand what works and what doesn’t, so

we can help develop really creative solutions for the

challenges ahead.

Q: How are you hoping to improve the

industry?

I’d very much like to open the door to more people in

this sector because it’s full of marvellous people who

want to pass their wisdom on. At my daughter’s careers

fair last year, when speaking to parents about being a

debt collector, their response was: “Are you mad?”

Then you explain that the CICM is much more farreaching

and starting in credit control isn’t bad – it’s

a foot in the door which can give you an idea of where

to go in your career. It’s not an obvious career choice,

but it really suits some people because all you need to

start is the ability to hold a conversation and use your

brain a bit – everything else can be taught. If we could

promote the sector as a main route for a young person

who maybe hasn’t completed college, that would be

amazing.

Q: What keeps you motivated in your

career?

This industry is full of lovely people working towards

changing public perception of debt collection

and credit management. Through my role on the

Advisory Council, I want to demonstrate that this is

a professional, regulated industry that genuinely helps

people resolve their financial difficulties with dignity

and respect.


CICM THINK TANK

REVIEWING

THE MARKET

At the recent CICM Think Tank, Sebastian Rice, Head of Business

Development Europe, Trade Credit at Markel, highlighted the

changing dynamics within the insurance markets and examined

the recent business failing of First Brands Group LLC and the

implications for the wider market.

BY GRANT BATHER

OVER the past decade, the insurance

markets have experienced seismic

movement. Brexit, COVID-19 and

continued political and economic

uncertainties have all contributed

to a fairly bumpy ride for insurers

over the past eight to nine years.

However, more recently, in the past 12-18 months,

insurers have started to return to lower levels of losses

within the trade credit class. This is despite an uptick in

company insolvencies across the UK, particularly within

the hospitality and construction sectors.

While insolvencies in the UK have risen, insurers now

have access to a wider range of information sources,

which provide the opportunity for earlier warning signs

for insurers and businesses alike.

For businesses that may feel they are on the ‘path

to insolvency’ or those that are experiencing some

headwinds that impact their ability to operate, this

access to data has also meant an opportunity for earlier

intervention, and access to support such as repayment

plans, HMRC Time to Pay solutions and more.

Cover exposure

Looking at the current landscape, there’s certainly

appetite for cover in certain commodities, and product

innovation continues at pace. However, it’s also true

that organisations are being far more selective about the

cover they purchase – rather than whole turnover, a

growing number of firms are examining cover for single

risks, meaning they may remain exposed to certain

risks that they’ve not considered, or have chosen to

deprioritise. With stretched budgets and increased

costs, there’s pressure from business owners and

leaders to reduce costs – and reducing insurance ticks

this box.

However, this approach also has the potential to

significantly impact businesses faced with issues they’re

not covered for. It is a balancing act for firms, but this

trend is likely to continue in the short- to medium-term.

Demand for named buyer policies is also growing. Much

like single risk cover, this type of policy doesn’t cover

everything, but does typically provide insurance against

the potential of a low-frequency high-impact event, such

as a sector-wide collapse, the sudden insolvency of a

major customer, or a significant failing within the cogs

of the supply chain, leading to a ‘domino effect’ failure.

Credit insurance

Across the credit insurance market, record levels of

cover are currently being written. Indeed, despite this

interest, across the globe credit insurance still remains

an underdeveloped product. Penetration in Europe is

currently around 20%, and this is the market with the

highest penetration. This figure is around 5% in USA,

3-4% across APAC, and just 1% in Latin America. This

represents an enormous opportunity for credit insurers

to build the market, which is currently valued at around

£10 billion.

Conversely, the private credit market has grown rapidly

with global assets under management totalling $16

trillion. The US is the frontrunner, with the UK second,

– accounting for $185 billion in business during Q1

2025 alone, according to the House of Lords Financial

Services Regulation Committee. However, with this

growth, there have been several high-profile incidents,

including the collapse of First Brands Group LLC, as

well as warnings from bankers such as Jamie Dimon,

CEO of JP Morgan Chase, and Lloyd Blankfein, former

CEO of Goldman Sachs, the latter who has suggested

that the global economy was heading towards another

crash, with a poignant metaphor: “I don’t feel the storm,

but the horses are starting to whinny in the corral.”


CREDIT MANAGEMENT

The sudden insolvency of a

major customer, or a significant

failing within the cogs of the

supply chain, leading to a

‘domino effect’ failure.

A growing trend?

First Brands Group was a US automotive aftermarket

parts supplier built through a rapid series of leveraged

acquisitions. The company, which is a key part of the

supply chain for several large-scale car manufacturers

filed for Chapter 11 bankruptcy protection in

September 2025.

The Ohio-based business, formed in 2013 by serial

entrepreneur Patrick James, had assembled a portfolio

of major brands, including FRAM, TRICO, Raybestos

and Autolite, funding much of its growth through

significant debt and complex receivables-based

financing. Throughout its lifespan the company had

been on an acquisition spree.

Conclusion

High-profile commentators, including Dimon and

Blankfein, believe that a credit event is on the horizon.

The changing geo-political landscape, and its impact

on local economies will undoubtedly lead to challenges

– and opportunities for insurers as they seek to support

clients. It’s also important that learnings from First

Brands are taken on board. For example, examining

leverage and companies access to traditional forms

of finance. The spotlight is clearly on the private

credit market and indeed, the Bank of England, which

introduced a stress test at the end of last year to

examine the risks associated with this broad ecosystem.

However, at the time of bankruptcy, court filings

pointed to liabilities estimated to be between $10

billion and $50 billion – far outweighing reported

assets – prompting the company to seek debtor-inpossession

funding while it works through asset sales

and a court-supervised restructuring process.

What has particularly caught the attention of the

credit and restructuring community is the alleged use

of opaque supply-chain finance and invoice factoring

arrangements, now under scrutiny from creditors and

investigators. Reports indicate that some receivables

may have been pledged to multiple lenders, amplifying

losses and raising wider concerns about transparency

in parts of the private credit market.


LEGISLATION

THE

ACCESSIBILITY

IMPERATIVE

How accessibility requirements are changing under

EU legislation – and why UK firms need to pay attention.

BY LOUISA CHAMBERS AND NATALIE LEWIS

THE UN Convention on the Rights

of Persons with Disabilities defines

persons with disabilities as ‘those

who have long-term physical,

mental, intellectual or sensory

impairments that, in interaction

with various barriers, may hinder

their full and effective participation in society on an

equal basis with others’.

According to the European Commission, “around 87m

people in the EU have some form of disability. Many

persons with disabilities in Europe do not have the same

chances in life as other people. Schools or workplaces,

infrastructures, products, services and information are

not all accessible to them. They may also be treated

badly or unfairly.”

As a result, Europe responded with the European

Accessibility Act (EAA), based on a directive adopted

by the European Union in April 2019, that aims to

harmonise accessibility requirements across member

states.

It is hoped that by eliminating country-specific rules,

the EAA will facilitate cross-border trade in accessible

products and services. Of course, businesses will also

benefit from a unified regulatory framework, enabling

access to a broader market and reducing compliance

costs. This should also promote greater availability

of accessible products and services for people with

disabilities and older adults.

Europe hopes that a larger, more competitive market

will drive innovation, lower prices, reduce trade barriers,

and create new job opportunities across the EU.

The Act

Originally proposed in 2011, the EAA was designed to

complement the EU’s 2016 Web Accessibility Directive

— that focuses on the public sector. The EAA also aligns

with the commitments under the UN Convention on

the Rights of Persons with Disabilities.

The Act applies to a broad range of products and services,

including personal devices like computers, smartphones,

e-books, and televisions, as well as public services such

as TV broadcasting, ATMs, ticketing machines, public

transportation, banking, and e-commerce platforms.

Since 28 June 2025, EU Member States began enforcing

the EAA – but its deadline which may have crept up on

some firms in the banking and financial services sector.

In terms of the world of finance, the EAA applies to

a broad range of financial services and associated

digital technologies, from payment terminals to online

banking platforms. This means banks, payment services

providers, e-money and other providers of financial

services to retail customers must review their customer

interfaces, products and related documentation to

ensure compliance.

Just because the Act is European in origin doesn’t

mean that businesses operating in the UK market can

afford to be complacent about accessibility. Indeed,

lobbying group The Purple Pound believes that 1 in

five UK consumers has a disability; that 73% of disabled

customers experience barriers on more than a quarter

of websites; and that, on average, the online spending

power of disabled people is estimated at over £16bn a

year. It’s thought that each month, high street retailers

lose £267m, entertainment establishments £163m, while

banks and building societies lose £935m. Businesses are


CREDIT MANAGEMENT

According to the

European Commission,

“around 87m people

in the EU have some

form of disability.

Many persons with

disabilities in Europe

do not have the same

chances in life as other

people.”

therefore losing out on billions per year by ignoring the

needs of disabled people.

The scope of the EAA

From a financial services perspective, the products and

services that are in scope of the EAA include:

Self-service terminals such as payment terminals, ATMs

and information screens.

Consumer banking services, including credit agreements

such as consumer loans and mortgages, payment services,

payment account-linked services, electronic money and

certain investment services.

E-commerce services where websites or apps are used to

sell products and services to EU consumers.

Member States have discretion to implement measures

in relation to the built environment used for consumer

banking services. But this is another story entirely.

Notably, the EAA imposes obligations on service providers,

as well as on manufacturers, importers and distributors of

ATMs and payment terminals. It’s worth pointing out that

it focuses on whether the consumer is in the EU, not on

where the firm is based. Also, “persons with disabilities”

is deliberately broadly defined. The Act says it covers

persons who have long-term physical, mental, intellectual

or sensory impairments that, in interaction with various

barriers, may hinder their full and effective participation

in society on an equal basis with others.

Consequently, the preamble to the EAA notes that it will

therefore benefit a wide range of people – including the

elderly for example.

The accessibility requirements

The EAA sets out minimum requirements, but Member

States can adopt additional ones. This means that it is

important for firms to familiarise themselves with national

implementing measures in the territories in which they

operate. The European Commission has a tracker of

national laws, which transpose the EAA requirements –

visit www.tinyurl.com/5n7hyxfy.



LEGISLATION

Some have just one, others have measures in the single

digits, but Hungary and Estonia have 25, while Germany

has 56.

There are general accessibility requirements, which

are prescribed in Annex 1 to the EAA separately for

products and services. These detail that:

Products and services – as well as support services

such as call centres or helpdesks – must be provided

with information about their use and interoperability

with assistive devices. The information must be

understandable, made available via more than one

sensory channel, and clearly presented.

Products – here, self-service terminals - must contain

features, elements and functions that allow people with

disabilities to use, understand and control the product.

For example, where the product uses speech, there

must be alternatives to speech input and, where the

product uses visual elements, it must provide for flexible

magnification, brightness and contrast.

There are then additional specific requirements for

certain products and services, so, again, only as examples,

providers of consumer banking services must ensure

that:

(i) their websites and any online applications are

perceivable, operable, understandable and robust so that

they are easily accessible in a consistent and adequate

manner

(ii) the language used does not exceed the "upper

intermediate" level of complexity set out in the Council

of Europe's Common European Framework of Reference

for Languages

(iii) identification methods, electronic signatures,

security and payment services are perceivable, operable,

understandable and robust.

As for manufacturers of ATMs or payment terminals,

they must ensure that their products:

(i) support text-to-speech technology

(ii) allow use of headsets and, where there's audio, the use

of hearing assistive devices

(iii) allow consumers to extend time limits and use more

than one sensory channel to notify consumers where

there is a time limit.

Are there any exemptions?

It will come as some relief that the EAA grants some

exclusions. Firstly, there’s a five-year transition period

until 28 June 2030 for products used prior to 28 June

2025 in the provision of a service unless they are replaced

within that period.

Next, existing self-service terminals may be used until

the end of their lifespan (maximum 20 years).

Microenterprises – that is, firms with fewer than ten

employees and turnover under €2m are exempt from

some requirements.

And there’s an exemption if the EAA places a

disproportionate burden on organisation. In essence, if

meeting the requirements would fundamentally alter the

product or service or place a disproportionate burden

on the provider, a narrowly drawn exemption may be

available — provided it is documented and notified to

competent authorities.

The consequences of non-compliance

Penalties on firms that fail to comply are determined

at the Member State level. However, these fines may

be significant and, in the most extreme cases, could

mean the withdrawal of non-compliant products

and services as well as personal liability for company

officers. Reputational risk and potential legal action

from consumers or consumer bodies are also factors to

consider.

Given that the UK

is outside of the EU

and not bringing in

mirroring legislation,

there is therefore

a divergence in the

strategic approach

taken in the UK – a

principles-based and

outcomes-driven

approach – versus the

EU’s more prescriptive

process.


CREDIT MANAGEMENT

Impact on businesses in the UK

While the UK is not enacting EAA-equivalent

legislation, accessibility remains a critical issue for firms

operating in the UK under the Equality Act 2010 and

the FCA’s Consumer Duty. This means UK-based firms

– not only those operating in the EU – should also focus

on accessible service design, reasonable adjustments for

disabled users, and ongoing monitoring of customer

outcomes.

The Equality Act aims to protect people with certain

protected characteristics from direct and indirect

discrimination, victimisation and harassment. Under

the Equality Act, firms are required to make reasonable

adjustments to ensure disabled individuals have equal

access to its services, including websites and mobile

apps; and also address any substantial disadvantage faced

by disabled users. Although 'services' are not defined,

they have been widely interpreted and include financial

services.

One way of demonstrating that the consumer banking

elements of websites and mobile apps are accessible

would be to comply with the Web Content Accessibility

Guidelines (WCAG). Although the WCAG are not

legally binding, they do offer best practice for improving

accessibility. The core principles of the WCAG are about

ensuring that web content is perceivable, operable,

understandable, and robust.

The FCA's 'Consumer Duty' sets the standard of care

that firms should provide to consumers. The Consumer

Duty requirements are generally expressed in high-level,

principles-based terms and are outcomes-driven rather

than being prescriptive. However, the FCA does have

certain expectations of what firms should be doing.

These include, for example, the provision of information

relating to products and/or services in an accessible

format; the monitoring and identification of instances

where customers with vulnerabilities or protected

characteristics consistently experience poorer outcomes;

and the taking of steps to address any issues that have

been identified to ensure products and services meet

consumers' needs.

Opportunities for innovation

Given that the UK is outside of the EU and not bringing

in mirroring legislation, there is therefore a divergence

in the strategic approach taken in the UK – a principlesbased

and outcomes-driven approach – versus the EU's

more prescriptive process.

In addition, from a philosophical perspective, the EAA

tends to focus on the limitations of existing technology.

But in the UK, there is a greater recognition (including

by regulators and supervisors) of the opportunity offered

by technological innovation, and that offers a chance for

businesses operating in the UK market to contribute to

innovative solutions to accessibility challenges.

What next?

Now that the EAA is in place and active, legacy systems,

complex user interfaces, multiple platforms, frequent

updates to maintain security all mean that ensuring

accessibility in the financial sector is a challenge, but it's

one that firms must embrace.

If accessibility has been in the ‘to do’ pile for too long,

there is no time to lose in taking implementation steps.

Firms will need to take action. They will need to

map affected products and services. This will involve

identifying the offerings in scope and assess current

compliance. This will include checking relevant national

laws.

They will need to document any exemptions that they

wish to rely upon. If the firm is relying on exclusions,

they will need to have robust documentation and

notification procedures in place.

There will need to be regular accessibility testing.

Periodic user testing can help identify where adaptations

are needed and demonstrate compliance with regulatory

expectations.

Firms need to carry out internal and ongoing training.

This is to ensure that staff are aware of accessibility

requirements and their practical application.

Finally, firms will need to draw up an accessibility

statement. The development and publishing of a clear

statement on the firm’s approach to EAA compliance

and accessibility, available in accessible formats, will

make clear the steps that have been taken.

Conclusion

The European Accessibility Act is a matter of fact –

it’s in place. However, there it is possible to conclude

on a positive note – that accessibility compliance is an

opportunity for firms to access a wider, more diverse

customer base, enhance their reputation and increase

customer loyalty and trust.

Firms that go beyond the minimum stand a reasonably

good chance doing proportionately better than those

that just pay lip service to the new requirements precisely

because more customers can access their services.

Authors: Louisa Chambers and Natalie Lewis

Louisa Chambers is Head of the Technology & Commercial

Transactions Department, and Natalie Lewis is Head of

Fintech, Market Infrastructure & Payments, at Travers Smith.


Introducing our

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Dun & Bradstreet is a leading provider of

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Genius provides solutions designed to enhance your

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Each of our Corporate Partners is carefully selected for

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We are delighted to showcase them here.

They're waiting to talk to you...

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LATE PAYMENTS

THE COST

OF RECOVERY

Late payment, litigation costs and commercial risks

that deter small businesses pursuing unpaid debts.

BY DR ASHLEY SMITH, FCCA FCICM


CREDIT MANAGEMENT

The Small Business Commissioner and

our industry have some excellent parties

offering no-win no-fee options that help

small businesses, but I feel more messaging

may be required to reach all SME’s.

OVER the past couple of months,

I’ve covered the thought processes

surrounding late payments, the

historical approach of successive

Governments to address the issue,

and the decision-making process

used by businesses to collect

unpaid debts. This month, I will outline and address the

reasons why businesses may choose not to pursue debts.

In an ideal world, parties entering into an agreement

will honour their own side of a deal, but not all do so.

Society uses peer pressure and regulatory systems in

the first instance to induce both parties to fulfil their

agreement and in the second, to force the parties to

comply. The Government has given businesses the tools

to collect payments by enacting various regulations,

including statutory default payment terms, the right to

claim penalties, interest, and direct access to courts on

small claims. Despite the right to charge interest existing

since 1998, 79% of small businesses do not take up their

rights.

When late payments occur, and the buyer does not give

assurance of payment, the supplier will need to consider

its actions for recovery. Formal processes incur additional

costs at the very point in time when the supplier may be

unable to afford additional expenditure due to a lack of

funds caused by the buyer’s non-payment.

Costs outweigh claims

The cost of litigation has also been under scrutiny, with

Lord Woolf and Lord Justice Jackson proposing various

changes to enhance the process. Woolf argued that the

introduction of the Civil Procedure Rules has increased

pre-litigation costs. Jackson subsequently reported that

generally claimants’ costs exceed those of the defendant,

and that ‘the average costs to damages ratio for litigated

cases in the fast track was 130% [and] non-litigated

cases in the fast track was 90% of damages.’ Jackson

concluded that ‘Access to justice is only practicable if

the costs of litigation are proportionate. If costs are

disproportionate, then even a well-resourced party may

hesitate before pursuing a valid claim or maintaining a

valid defence.’

To reduce this, Jackson proposed cost capping for

various stages of the litigation process so that parties

entering a dispute will be fully aware of the potential

risk of proceeding and losing. What was not considered

by Jackson is that at the first meeting with solicitors,

clients are usually advised that solicitors’ fees are charged

on an hourly basis and remain payable irrespective of

any costs awarded at the end of the trial. The warning by

solicitors usually continues with advice that, in the event

of winning a case, not all costs may be recoverable. This

conundrum is at odds with the concept that a supplier is

entitled to full payment plus restitution. Thus, a supplier

faced with an unresponsive buyer is confronted with

Hobson’s choice and the game of liar’s poker commences.

The supplier must choose between offering a discount or

funding litigation and an enforced discount in the form

of legal fees or do nothing in the hope the buyer will

eventually pay.

Furthermore, a party may simply drop a good claim or

capitulate to a weak claim, as the case may be. Larger,

or unscrupulous buyers, armed with this knowledge

may, therefore, choose to use it to force the supplier into

submission; a scenario I have proposed is like a game of

liar’s poker.



LATE PAYMENTS

The 2009 Civil Court Process (as published by Ministry of Defence in 2011)

If this is indeed the case, then regulatory systems have

failed suppliers and become part of the problem by

encouraging buyers to pay late.

The power imbalance

I posit that suppliers’ lack of willingness to seek

restitution arises from the cost of litigation (financial,

time and stress) and the fear of lost future income.

This leads small companies to reluctantly accept

longer payment terms. If my assumptions in relation

to legal costs acting as a deterrent to restitution are

correct, then the Government has failed to address a

number of key themes. For example, the Government

has not introduced regulatory processes to support

and encourage contract compliance or to address the

negative use of power by a buyer to gain an advantage

over a supplier.

The statement that a supplier does not enforce their

rights under late payment legislation because they

accept such delays as a cost of business may be no more

accurate than the statement that a supplier willingly

accepts a buyer’s terms and conditions of trade. If these

observations are correct, granting a right to a supplier

as the weaker party is pointless because of the power

imbalances between the two parties. It is often found

that suppliers do not take advantage of the rights

granted to them due to a lack of resources and/or fear

of losing future custom. Larger buyers are likely to be

knowledgeable of the laws surrounding late payment

and the supplier’s financial position gathered during

the onboarding process. Furthermore, internal legal

departments, written invoice approval and payment

procedures can delay or be used to withhold payment,

constituting potential abuse.

I will return to this idea in a future article in which

I'll explore the hypothesis that suppliers forced to play

liar’s poker must decide the best route to a solution

to mitigate their losses. A rational decision may result

in a combination of formal and/or informal processes

based on the cost of litigation versus the giving of

enforced discounts. However, as laid out in my January/

February article, suppliers do not always make rational

decisions and may prefer to incur additional costs to

prove a point.

This does, however, beg the question that if litigation

is not the answer, what is? My personal view is that

we should remove the incentive to pay late by focusing

both parties towards early settlement, a case I will

argue in more detail in the future. Furthermore, the

Small Business Commissioner and our industry have

some excellent parties offering no-win no-fee options

that help small businesses, but I feel more messaging

may be required to reach all SME’s.

Author: Ashley Smith, FCCA FCICM has over 25 years

of audit and commercial experience. His research thesis ‘Does

Late Payment Offer Sufficient Restitution to the Creditor?

explores the secondary effects of late payment on SMEs and

its wider impact on society.


THERE IS STILL TIME…

The Advisory Council influences the future direction of the Institute and has a

wide-ranging remit. Its members reflect the diverse range of skills and experience

amongst the Institute’s membership, allowing them to:

• Support CICM to capitalise on opportunities for growth and development

across the industry

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

something back to the Institute and its members

• Collaborate and share your knowledge, insight and experience to help

further the credit profession

There are up to 23 Advisory Council positions now open for nomination

representing our 11 regions and the trade, consumer, international and credit

services sectors.

Nominations close 13 April 2026

Please visit www.mi-nomination.com/cicm to step up and stand for

Nomination or email elections@cicm.com to find out more

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CICM THINK TANK

MANAGING TAX

IN A CASHFLOW

CRUNCH

Where Time to Pay (TTP) fits into the solution.

BY MIKE LEE

AS UK businesses continue to

grapple with high costs, uneven

demand and restricted

financing conditions, organisations

across the country are

having to find ways to manage

their finances and in particular

their tax liabilities. The day-to-day costs and pressures

of running a business will be the immediate priorities

for many business owners, but the tax obligations

must not be forgotten. That is where the HMRC Time

to Pay (TTP) facility can come into play.

Time to Pay

Time to Pay is a long-established but often

misunderstood part of the tax system. It typically

comes into focus only when something has already gone

wrong. In the current economic climate, that moment

is sadly arriving more frequently for otherwise viable

businesses.

At its simplest, TTP allows businesses that cannot

settle a tax liability on the due date to agree an

instalment plan with HMRC. The arrangement most

commonly applies to VAT, PAYE and Corporation

Tax, although each application is assessed individually.

The scheme, originally established in 2008, provides a

structured mechanism that reflects a basic economic

reality: cash-flow problems can be temporary, while

tax liabilities are permanent. TTP is intended to help

companies continue to trade and to better manage

their tax obligations. However, TTP should not be

seen as an overdraft, merely the opportunity to add

some cashflow flexibility. The expectation remains

that tax is paid in full and on time. Indeed, when used

correctly, TTP can help businesses remain solvent and

protect jobs.

Typically, repayment plans to HMRC extend to 12

months and will depend on the individual businesses

specific financial capabilities and commitments. There

are no set periods for repayment, with some lasting

up to five years (although this is not common). The

rationale from the HMRC is pragmatic. They would

rather recover tax over a sensible period than force a

business into insolvency and recover only a fraction of

what is owed.

Effective management

However, for TTP to be effective it needs to be

approached in a structured manner and at the

earliest possible opportunity. This cannot be stressed

highly enough. When used inappropriately, TTP has

the potential to add significant cost, stress and an

administrative burden to an already difficult situation.

For example, from our experience at PKF Littlejohn

Advisory, we have seen many businesses turn to

HMRC when it may be already too late, after payment

deadlines have been missed, correspondence ignored

and interest and penalties allowed to accumulate. By

then, trust has eroded, options are limited and the

overall liability has increased.

Some businesses have also sought to use TTP as a

substitute for addressing deeper issues. Where margins

are structurally weak, customers habitually pay late or

costs are out of control, spreading tax debt over several

months may simply postpone an inevitable reckoning.

The third pitfall many businesses fall into is

underestimating the costs involved in repayments.

Even where penalties are reduced, interest continues

to accrue and organisations must factor this into their

decision making.

What HMRC expects

While the TTP process is relatively straightforward,

it rewards preparation and realism. When assessing

claims, HMRC typically looks for three key elements.

Firstly, HMRC will look for evidence that the


CREDIT MANAGEMENT

Where margins are

structurally weak,

customers habitually

pay late or costs are out

of control, spreading

tax debt over several

months may simply

postpone an inevitable

reckoning.

financial difficulty is genuine and temporary. One-off

cash pressures such as delayed customer payments, the

loss of a contract or a short-term spike in costs are

generally seen as credible. Vague explanations without

specifics or repeat requests for leniency are not.

Secondly, the business must provide a realistic and

affordable repayment plan. Organisations must

demonstrate that planned financial instalments

can be delivered. Businesses should also expect to

demonstrate that tax payments are being prioritised

over discretionary spending and to explain what steps

are being taken to improve cashflow. HMRC are likely

to take a dim view of arrangements that collapse after

a few months.

Thirdly, the organisation must commit to improved

processes in an effort to ensure future compliance.

Filing returns on time and keeping up with current

liabilities significantly increases the likelihood of

HMRC agreeing to a TTP arrangement.

Economic instability

The wider economic context has made Time to Pay

increasingly relevant. Inflation has increased working

capital requirements, while higher interest rates have

pushed up the cost of short-term borrowing. For

many businesses, seeking structured breathing space

is a rational response rather than a sign of failure.

In macroeconomic terms, the benefits of TTP are

shared. The Exchequer ultimately collects its revenue,

companies remain trading, employees stay in work

and suppliers continue to be paid.

The message to businesses is clear: if a payment issue

is foreseeable, act early, gather accurate financial

information and seek professional advice. Fixing the

problem, rather than assigning blame, may be the

difference between recovery and collapse.

At PKF Littlejohn Advisory, our Tax Arrears Solutions

service has in the last few months helped businesses

with a combined indebtedness to HMRC of £17m and

with around 1,500 employees to agree a repayment

plan with HMRC. Our aim is to help businesses make

the right decision at the right time to enable them to

survive and prosper.

Author: Mike Lee isDirector at PKF Littlejohn Advisory


CAREERS

LEND

YOUR VOICE

How to be an advocate for credit professionals.

BY NATASCHA WHITEHEAD FCICM

CREDIT professionals sit at the heart

of every successful organisation. They

balance commercial relationships,

safeguard cashflow, and help

businesses thrive responsibly. Yet

despite the essential nature of their

work, many credit professionals

still operate behind the scenes. Advocacy – raising the

profile of the profession, developing others, and sharing

expertise – is becoming increasingly important in

shaping both the future of credit management and the

next generation entering the field.

As the profession evolves, so too does the opportunity

to step forward, champion best practice, and build

a stronger, more connected credit community. From

reverse mentoring to supporting newcomers, advocacy

is no longer something ‘extra’ – it’s part of what keeps

the profession relevant, innovative, and future ready.

Why advocacy matters

Advocacy elevates not only individual credit professionals

but the entire credit management discipline. By

openly sharing knowledge, insights, success stories, and

even challenges, we help the wider business community

better understand the essential role credit teams play

– managing risk, strengthening customer relationships,

supporting sales, and safeguarding financial stability.

As technology continues to reshape the world of work,

with AI, automation, and digital payment systems becoming

the norm, credit professionals are uniquely

placed to guide organisations through this transition.

Advocacy ensures that our expertise is represented at

the right tables, strengthening recognition both internally

and externally. It also fuels professional development,

builds confidence, and helps attract fresh talent

into the industry.

Importantly, advocacy isn’t reserved for senior leaders

or formal thought leadership roles. It can start at any

level, with anyone, through simple everyday actions that

foster connection, visibility, and trust. From sharing

ideas in team meetings to supporting colleagues, each

act contributes to raising the profile and impact of the

profession.

Reverse mentoring

One of the most powerful, and surprisingly underused,

forms of advocacy is reverse mentoring.

Traditionally, mentoring involves experienced

professionals guiding those earlier in their careers. But

reverse mentoring flips the dynamic. Junior or earlycareer

team members offer insights into digital trends,

generational perspectives, new ways of working, or

fresh approaches to long standing processes.

For credit teams, this can be transformative. Earlycareer

professionals are often quick adopters of new

technology and bring energy, curiosity, and fresh

thinking.

“With the evolution of data and digital accounting

platforms over the past few years, a new breed of credit

controller has arisen, the one that is a data specialist

collector,” says Sukh Jutley MCICM (Grad), Head of

Credit at Bunzl. “We have embraced this and developed

a programme where our new ‘data savvy’ employees,

cross train and mentor our experienced members on

these new ways of collection.”

When they share that knowledge with senior leaders,

they not only influence positive change, but they also

become visible advocates for innovation within the

organisation.

Reverse mentoring doesn’t just support the senior

colleague being mentored; it also delivers powerful

benefits for the mentor. It builds confidence, sharpens

communication skills, and fosters a genuine sense of

belonging. When early career professionals see their

ideas influencing team strategy, shaping new ways of

working, or driving process improvements, it boosts

engagement and reinforces their value within the

organisation.

It’s a powerful reminder that advocacy isn’t a top down

activity reserved for leaders. It can grow from the

bottom up too, through fresh perspectives, proactive

knowledge sharing, and the confidence to contribute

meaningfully, regardless of seniority.


CREDIT MANAGEMENT

Creating opportunities

Advocacy is often rooted in something simple: the

desire to give back. Many credit professionals look back

on the early days of their careers and remember the

individuals who offered encouragement, shared their

expertise, or provided reassurance when it mattered

most. Becoming an advocate is an opportunity to pay

that support forward and strengthen the profession for

those who follow.

One of the most effective ways to give back is by sharing

your experience internally. Whether through lunch

and learn sessions, cross departmental training, or

contributing to internal communications, opening up

about the realities of credit management helps broaden

organisational understanding. It also encourages closer

collaboration with teams that rely on strong, informed

credit practices to succeed.

Supporting newcomers is another powerful act of

advocacy. Welcoming new employees, apprentices,

or interns and taking the time to answer questions,

involve them in team discussions, or talk through real

world scenarios builds confidence early on. These small

moments create a strong sense of inclusion and help

new professionals feel part of the credit community

from day one.

Engaging with professional bodies such as the CICM is

equally valuable. Writing articles, participating in panel

discussions or webinars, and attending local branch

events all contribute to elevating the profession on a

wider scale. CICM relies on active members who are

willing to share insights, challenge ideas, and champion

best practice.

Another meaningful way to give back is by advocating

for training and professional development. Encouraging

colleagues to pursue CICM qualifications or engage

with ongoing learning not only enhances their career

prospects but also reinforces the standards and

credibility of the industry. When teams invest in

continuous development, the entire profession benefits.

Ultimately, each of these actions helps build a stronger,

more connected credit management community. And it

all begins with the simple intention to give back.

Building a culture

True advocacy becomes most powerful when it’s part of

a team culture rather than a single initiative. Leaders

can nurture this by creating safe, inclusive spaces where

people feel confident to share ideas, ask questions,

and experiment with new approaches. Equally, team

members at every level can contribute by showing up as

active participant – offering suggestions, collaborating

openly, and taking pride in the profession they represent.

Credit management is a dynamic and relationship

driven field, and championing it, whether through

mentoring, sharing expertise, or engaging with the

wider professional community, helps build stronger

teams, deeper networks, and a more visible, respected

profession overall.

Profession worth

Credit professionals are problem solvers,

communicators, negotiators, and financial guardians.

They work at the intersection of trust and commercial

success, balancing the needs of customers with the

financial health of their organisations. By stepping into

an advocacy role, regardless of job title, you help ensure

the profession continues to evolve, innovate, and gain

the visibility and recognition it deserves.

Every voice makes a difference. Every story contributes

to the bigger picture. And every act of giving back,

however small, helps strengthen the profession and

smooths the path for those who will follow.

Author: Natascha Whitehead FCICM is Director at Hays.


COUNTRY FOCUS

on Ghana

A new

economic

freedom

From political independence

to expanding trade ambition,

Ghana’s stable democracy,

youthful population and

resource wealth are reshaping

its role in West Africa and

creating fresh considerations

for exporters.


CREDIT MANAGEMENT

There’s no two ways about it; Ghana is an upand-coming

country with much to offer via a

stable democracy that has a growing economy.

In a world of despots and instability, this alone

should make Ghana a destination.

GHANA is not a country that many

think about. It’s not notable for war.

It’s not top of the Olympic medal

table (it has just five – in total –

since 1952). And it only relatively

recently joined the space race with

the launch of GhanaSat-1 in 2017.

However, Ghana has much going for it which ought

to make the country a destination for any wouldbe

exporter. Notably it became the first sub-Saharan

nation to break free from its colonial shackles with

independence from Britain in 1957. Rich in rainforests,

grasslands and coastal wetlands it has only one natural

lake – Lake Bosumtwe formed in a meteorite crater;

Lake Volta, one of the world’s largest artificial lakes at

8502 km2 is key to its hydroelectric power; and Ghana

possesses the tallest waterfall in Africa, the Wli Waterfall

at 80m high.

Ghana is also known for fantasy coffins that celebrate

the deceased’s passions; music – Dizzee Rascal, Sway,

Tinchy Stryder, and Stormzy are British artists with

Ghanaian heritage; and some wonderful sayings – “If

a naked man promises you a cloth, listen to his name”

meaning ‘exercise caution and do not risk everything on

an unverified or risky venture’.

History

A vibrant nation, Ghana has a long history. ‘Ghana’

means ‘Warrior King’ in Soninke which is still spoken by

around 2m people.

The Empire of Ghana formed in 300 when different

tribes of Soninke united under a king, Dinga Cisse. The

empire was located northwest of present-day Ghana, in

what is now Mauritania, Senegal and Mali. However, it

was gradually driven towards the coast by attacks from

tribal groups in northern Africa who sought to propagate

Islam. By 1100, the empire was eventually incorporated

into the Mali Empire. In 1471, Portuguese traders landed

in Ghana and noticed gold. Trade in the metal along with

ivory and timber between Ghana, the Portuguese, Dutch,

British, and various neighbouring states saw Ghana grow

rich and powerful. In the 1500s, the focus shifted to slave

trading and with the arrival of Dutch, English, Danish

and Swedish during the 1600s, the trade became highly

organised.

The British built railways and a complicated transport

infrastructure which formed the basis for the transport

infrastructure in modern-day Ghana.

By 1945, demands for more autonomy arose in the wake

of the end of the Second World War and the beginnings

of the decolonisation process across the world. By 1956,

British Togoland, the nearby Ashanti tribal protectorate,

and the Fante tribal protectorate were merged with the

Gold Coast to create one colony.

In 1957, the Gold Coast became independent under

President Kwame Nkrumah. Nkrumah, a Pan-African

nationalist saw Ghana’s independence as crucial for all

Africa; more than 30 African countries followed suit and

declared independence over the next decade.

On independence, the country was renamed Ghana

and its flag incorporates the Pan-African colours of

red, yellow, green and black to represent political unity

between all those who live in Africa, and features the

black star as a symbol of Ghana’s new freedom.

Post independence, Ghana’s governments were plagued

by corruption, coups and military rule. A one-party

state, until 1981, Jerry Rawlings, led a coup and then

won an election. A polarising figure, he twice seized

power but returned the country to democratic control

and introduced free-market reforms. In 1992 a new

constitution was adopted which allowed for the

formation of multiple political parties and a democratic

system of government. The country is now seen as a

shining example of economic recovery and political

reform.


COUNTRY FOCUS

Population

According to the Ghana Statistical Service, using data

from the Ghana 2021 Population and Housing Census,

the population stood then 30.8m. In contrast, it was

6.7m in 1960, 12.2m in 1984 and 18.9m in 2000. Notably,

the United Nations Population Fund reckoned that in

2025 the population stood at 35.1m. At its present rate

of growth, the UN expects the population to double

in 38 years.

As for age structure, the UN estimates that 35% are

aged 14 or under, 61% to be 15-64, and just 4% are 65

years of age or older. The population pyramid from

PopulationPyramid.net tallies with the UN’s data. It

indicates a structure not akin to an isosceles triangle

with the sexes very evenly balanced.

It’s worth considering that the population, while

increasing in urbanisation, is not urbanised. The

2021 census found that 50.9% were urbanised in 2010,

a figure that rose to 56.7% in 2021 - with almost half

47.8% of the increase in Greater Accra and Ashanti

regions. The regions themselves have different levels

of urbanisation – with the highest being in Greater

Accra (91.7%) and lowest in Upper East (25.4%).

Geography

Ghana is located on the Gulf of Guinea in west Africa,

only five degrees north of the Equator. The Greenwich

Meridian also passes through Ghana; it’s easy to see

why some describe it as being at the centre of the

world.

Ghana borders Côte d'Ivoire (Ivory Coast) to the west,

Burkina Faso to the north, and Togo to the east.

Its 537 km coastline consists of mostly a low, sandy

shore backed by plains and scrub which is intersected

by several rivers and streams. Formerly, it was a tropical

rainforest crossed by heavily forested hills and many

streams and rivers. However, most of the rainforest

was felled in the twentieth century, leaving scattered

remnants, mainly in the southwest, some of which are

now protected. North of the remaining rainforest, the

land is covered by savanna and grassy plains.

As the Royal Geographical Society previously outlined,

“the climate is tropical. The eastern coastal belt is

warm and comparatively dry; the southwest corner,

hot and humid; and the north, hot and dry. Lake Volta,

a huge artificial lake, extends through large portions of

eastern Ghana.” Measuring 238,537 km2, its landmass

is not far off that of the UK’s 244,376km2. Ghana is

ranked 80th in the world (above Romania but below

Uganda). The UK is, in comparison, 78th.

Transport infrastructure

At this point it makes sense to consider Ghana’s

transport infrastructure. A 2024 document from the

Oxford Business Group detailed that roads act as

the primary conduit for both freight and passengers

within Ghana, accounting for 96% of total internal

traffic. Consequently, Ghana has seen substantial

growth in its road infrastructure in recent years, with

further investment and projects expected.

The Ghana Highway Authority says that 13,367 km

of trunk roads make about 33% of Ghana’s total road

network of 40,186 km. Ghana has no flag carrier but

instead, a number of local airlines operating domestic

and regional routes. Africa World Airlines and Passion

Air offer domestic commercial passenger flights,

while AngloGold Ashanti-owned carrier Gianair runs

executive charter and cargo services. Air Ghana also

provides cargo-only services.

In terms of airport infrastructure, Accra’s Kotoka

International Airport is the country’s main

international gateway. Other airports across the

country are undergoing modernisation and upgrade

works. Tamale International Airport is the country’s

second airport to be given international status. The

country’s colonial-era railway network totals some

1,300 km, around 13% of which was operational as of

August 2022. The Ghana Railway Master Plan seeks a

total of 3,800 km of track to be built between 2020

and 2035.


CREDIT MANAGEMENT

2013. Changemaker GVI.co.uk, reports that in 2022

Ghana has “got it right” through good governance,

reform and maintaining a stable democracy along with

press and speech freedoms.

Dabafinance.com places Ghana 8th, below the top five

economies in Africa – in the next set of five “emerging

powerhouses”. It said: “Ghana has built a reputation

as one of West Africa’s more stable democracies with

a diversified economy…recent fiscal challenges have

tested this stability, but the country’s institutions

remain relatively strong.”

Industrial sectors

Agriculture & Agro-Processing

A 2022 publication from GIPC stated that agriculture

in Ghana is a key part of the economy and the

Government – in 2021 – reported that it added around

21% to GDP and employed 33% of the population. The

country grows cassava, yams, plantains, maize, oil

palm, oranges, pineapples, groundnuts and coconuts as

well as cocoa (it’s the world second largest producer).

The sector is dominated by small-scale, traditional,

and rain-dependent farmers.

The food processing industry plays a major role in

Ghana’s economy, but it’s mostly done on a medium

scale. Aquaculture is important and home production

contributes 80% of domestic needs.

Exports of the country’s key foreign currency earners

– hydrocarbons, agricultural produce, minerals and

precious metals – are primarily via ports.

The Port of Tema, Ghana’s largest port, covers 3.9m

sq.m and together with the Port of Takoradi handles

around 85% of Ghana’s trade. And there’s also Lake

Volta which acts as a key transport waterway in

the country’s east and transports 88,000 tonnes of

cargo between the country’s northeast and southeast

annually as well as passengers.

Economy

Ghana’s GDP barely moved the needle between 1960

($1.22bn) and 1999 ($7.72bn) according to the World

Bank. However, a grenade was thrown into the room

as the rise in the new millennium was exponential with

GDP rising to $26.05bn in 2009, $62.85bn in 2013, and

$82.31bn in 2024.

A 2016 Brookings Institution document details that the

drivers of growth were oil – after the commencement

of commercial production in 2011 following its

discovery in 2007, and the export of goods and services

(gold, cocoa and oil). It said that these commodities

accounted for an estimated 80% of total exports in

Mineral Processing

Ghana is endowed with substantial mineral resources

and has a well-established mining sector, which

has grown considerably in recent years to represent

an important pillar of the Ghanaian economy. The

Ghana Chamber of Mines, in 2023, noted that Ghana

has diverse mineral resources, with gold, diamonds,

manganese, and bauxite being the most commercially

significant. In 2023, gold contributed 96.9% to the

country’s total mineral revenue with manganese,

bauxite, and diamonds accounting for 2.4%, 0.6%, and

0.1% respectively. Mining in Motion noted that in 2024,

gold alone added $11.6bn to the economy. The Israeli

embassy in Ghana reported that in 2022 the sector

employs over 30,000 people in the large-scale mining

industry whilst over 1.2m people are engaged in the

small-scale gold, diamonds, sand winning and quarry

industries.

Petroleum

Ghana is an emerging oil and gas producer with

enormous potential. The first significant deepwater

discovery for Ghana’s Oil and Gas sector was in 2007.

A consortium of companies is exploiting the resource

so that, as the Annual Report by the Public Interest

and Accountability Committee commented in 2025,

“Ghana's petroleum revenue surged to $1.35bn in 2024,


COUNTRY FOCUS

The food processing

industry plays

a major role in

Ghana’s economy,

but it’s mostly

done on a medium

scale. Aquaculture

is important and

home production

contributes 80% of

domestic needs.

representing a 27.8% increase from the $1.06bn earned in 2023.”

As for workers, not many are employed - Ghana Business News

reported that, in 2023, just 3,759 Ghanaians were employed in

the upstream petroleum sector out of a workforce of 4,147.

Overall, Ghana, says the Ghana Upsteam Petroleum Chamber,

has about one-fifth of West Africa’s total potential oil revenue.

Textiles & Garments

Textile manufacturing in Ghana is an industry consisting of

ginneries and textile mills producing batik, wax cloth, fancy

printed cloth and Kente cloth. Firms have located in Ghana

to serve local and regional markets with printed African

patterned fabrics. The industry has shown signs of significant

growth in recent years. However, the Government, in 2025,

detailed a new policy aimed at growing the sector to $2bn

by 2033 that develops more than 150,000 new jobs (up from

a few thousand), and revitalises cotton farming across 50,000

hectares of land – all to counter the increasing influx of cheap

textile imports that have eroded domestic manufacturing.

That said, a government website noted that “Ghana’s fashion

industry hit $2.42bn, contributes 3% to GDP in 2025.”

Tourism

Statista reckons that in 2024, some 370,000 – 2.5% of

the workforce were directly employed in Ghana’s

tourism sector, with 443,000 employed indirectly. Imani

Africa, said that “tourism is one of the important pillars

in Ghana’s economy.” It highlighted the impact of

COVID on the sector. However, it recovered and by 2024,

Ghana recorded its highest annual tourism receipts of $4.8bn

from 1.2m international arrivals. The Government has a plan

to further boost the sector. The sector is challenged by the

high costs of travel, infrastructure, exchange rates, poor global

visibility and poor government policy.

Summary

There’s no two ways about it; Ghana is an up-and-coming

country with much to offer via a stable democracy that has a

growing economy. In a world of despots and instability, this

alone should make Ghana a destination.


From Base Camp to the Summit –

YOUR CICM CAREER PATH

IN CREDIT AND COLLECTIONS

TO THE TOP!

Advanced Level

Qualifications

• Level 5 Credit and

Collections - MCICM(Grad)

• Level 4 Diploma High

Court Enforcement

THE NEXT LEVEL

Intermediate Level

Qualifications

• Level 3 Credit and

Collections - ACICM(Dip)

• Level 3 Diploma Money

and Debt Advice -

ACICM(Dip)

• Level 3 Award Advanced

Enforcement

STARTING OFF

BECOME A STUDYING

MEMBER

Entry Level

Qualifications

• L2 Credit and Collections

• L2 Taking Control of Goods

Fellowship

FCICM (Grad)

FCICM

INDUSTRY

RESOURCES

National and

Regional Events

Member

Support

Credit Management

magazine

Webinars, Blogs

and Podcasts

MCICM

5 years relevant management

experience in the credit and

collections arena

ACICM

3 years relevant work

experience in the credit and

collections arena

Affiliate

This level of membership is

open to all who are working

or interested in credit

management/collections

industry. Affiliate membership

gives you immediate access to

CICM resources to help you in

your role and career.

Qualification path

Experience path


ENFORCEMENT

PREVENTING

FRAUD THROUGH

BEST PRACTICE

Fraudsters can and do target anyone, especially people they

see as vulnerable, to obtain personal and banking information.

BY ALAN J. SMITH

IN the enforcement world, the most common

scams involve fraudsters contacting

individuals or businesses pretending to be a

High Court Enforcement Officer (HCEO),

Certificated Enforcement Agent (CEA) or

HMCTS County Court bailiff, claiming

to pursue a County Court or High Court

judgment debt.

This usually happens by phone, text or email, but it’s

not unheard of for some of the more brash fraudsters

to make a visit to a home or premises.

Typically, they demand an immediate transfer of funds

to their bank account or ask for your banking details

to arrange payment.

These scams are becoming more sophisticated and

convincing, particularly when the fraudster already has

your name and address.

How to detect fraud

While it is an impossible task for us to wipe out fraud

completely, knowing what to expect from a High

Court Enforcement Officer or an Enforcement Agent

and remaining vigilant when contacted is the best way

to protect yourself and others.

HCEOs abide by strict government regulations and

the HCEOA’s Code of Best Practice, which sets out the

levels of professionalism and responsibility that the

Association expects from HCEOs and their appointed

Enforcement Agents.

The Code of Best Practice explains how an Enforcement

Agent acting on behalf of the HCEO or indeed the

HCEO, is expected to behave. In particular, HCEOs

and their agents must:

• Produce relevant identification on request

• Act within the law

• Respect confidentiality

• Not exaggerate the powers they have

• Be professional, calm and appropriately dressed

• Be firm but fair

• Not discriminate.

Supporting debtors

The HCEOA also gives out advice to debtors and the

general public on how they should respond if they

receive a call from someone claiming to be a HCEO

and feel it is suspicious, covering the points below:

• If you owe a debt, you would have received contact

from the creditor (or their collections team), as well

as the County and/or High Court before a HCEO will

contact you.

• If you are unaware of the debt in question, you can

ask the HCEO for copies of the judgment and Writ of

Control, which they should be able to produce easily.

They should clearly be able to quote the court action

number, the date of judgment and the court that sealed

the writ.

• HCEOs will always carry identification, and they

must show it to you if you ask for it. This should show

their name and the enforcement business they work

for. You can use the ‘find a member’ section of the

HCEOA’s website to verify the HCEO in question and

find details of the business they work for and contact

them directly at https://www.hceoa.org.uk/choosing-ahceo/find-a-member.

• Enforcement Agents will always carry identification,

and they must show it to you if you ask for it. This

should show their name, and they should be able to


CREDIT MANAGEMENT

The Code of Best

Practice explains

how an Enforcement

Agent acting on

behalf of the HCEO or

indeed the HCEO, is

expected to behave.

identify which High Court Enforcement Business they

are acting for. You can use the Government website to

confirm that they are a Certificated Enforcement Agent

by searching the register at https://certificatedbailiffs.

justice.gov.uk/

• If you receive a visit from a HCEO or enforcement

agent, you should have received seven clear days’ notice

(not including Sundays or Bank Holidays) that they

intend to visit your property and take control of your

goods. If someone claiming to be a HCEO visits you

without this notice, then they are going against the

Taking Control of Goods Regulations 2013, and the visit

is likely not genuine.

• HCEOs may try to call you if they have your contact

details to discuss payment, however they will never ask

for your bank details over the phone. Most enforcement

businesses have invested considerably into customer

service tools such as online payment portals which you

can access using their respective websites.

Fraudsters can be well informed and very convincing. If

you think someone has contacted you pretending to be

an Enforcement Agent you should report this to your

local Police Station, and/or the National Fraud and

Cyber Crime Reporting Centre on their website, or by

calling 0300 123 2040.

It’s an ongoing battle, and one we’re committed to

playing our part in fighting alongside the police and

fraud prevention experts.

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


BRANCH NEWS

CREDIT

AT THE

FOREFRONT

When payment policy, corporate transparency

and credit analytics converge.

CICM YORKSHIRE RIDINGS BRANCH

ON 22 January 2026, the CICM

Yorkshire Ridings Branch

convened at Leeds University

Business School for its Annual

General Meeting and Conference.

Set within one of the UK’s leading

business schools, the event

brought together senior credit professionals, regulators

and academics for a programme that reflected the

increasing strategic influence of the profession.

Chaired with clarity and composure by Ian Torkington,

the conference balanced policy insight with practical

relevance. It was not simply a branch update. It was a

clear demonstration of how credit management now

operates at the centre of economic resilience.

A high profile keynote

The day opened with a keynote address from Emma

Jones CBE, Small Business Commissioner. Her message

was unequivocal. Fair payment is not an administrative

issue, it is fundamental to economic confidence, SME

survival and supply chain stability.

Under her leadership, the reformed Fair Payment

Code has significantly raised expectations of corporate

behaviour. Jacqueline Moore, Policy and Implementation

Lead at the Office of the Small Business Commissioner,

provided a detailed overview of the Code’s structure

and impact.

Launched in December 2024 to replace the Prompt

Payment Code, the new framework requires

organisations to evidence compliance before receiving

an award and introduces a mandatory two-year

reassessment cycle. As of 19 January 2026, there had

been 2,345 Expressions of Interest, 610 Applications and

488 Awards granted.

Crucially, many businesses entering the process

identified gaps in their own payment practices. The

Code is not merely recognising good behaviour, it is

driving operational reform. For credit professionals,

the shift from pledge to proof is both significant and

welcome.

Corporate transparancy

The regulatory landscape was further explored by

Emma Davis, Registrar of Companies for Scotland

at Companies House, who delivered an update on

implementation of the Economic Crime and Corporate

Transparency Act 2023.

The Act represents the most substantial reform

of UK company law in 180 years. It redefines the

role of Companies House from passive recipient of

information to active gatekeeper of company formation

and custodian of reliable corporate data.

New powers include mandatory identity verification

for directors and Persons with Significant Control,

stronger querying and enforcement capabilities,

enhanced data sharing and tighter controls over

registered information.

The scale of implementation is already visible. Since

March 2024, Companies House has defaulted 140,000

company addresses, removed over 20,000 documents

from the register and introduced identity verification

as a core safeguard. The direction of travel is clear.

Greater transparency, firmer enforcement and more

reliable data.

For credit managers, the strengthening of the UK

corporate register has direct implications. Reliable

corporate information underpins risk assessment,

lending decisions and trade credit confidence.


CREDIT MANAGEMENT

Credit risk analytics

The academic dimension of the conference was delivered

by Professor Nick Wilson of Leeds University Business

School, Director of the Credit Management Research

Centre.

Drawing on a dataset spanning more than 60 million

company year observations, Professor Wilson provided

a population level perspective on insolvency risk,

governance quality and financing structures. The

findings were both rigorous and relevant.

• Risk scores strongly predict default and fraud

outcomes.

• Missing risk scores represent a material red flag.

• Loan extensions are closely correlated with future

distress.

• Stronger governance and experienced boards reduce

insolvency probability.

The alignment between practitioner experience and

advanced modelling was evident. Credit management

judgement is increasingly supported by sophisticated

analytics, reinforcing the profession’s strategic role

within organisations.

The session also highlighted regional disparities in equity

finance, with London attracting a disproportionately

high share of investment relative to its business base. In

that context, trade credit continues to play a vital role

in supporting SME liquidity and regional growth.

A new chapter

Alongside the conference programme, the Branch AGM

reflected strong engagement and renewed momentum.

A clear focus remains on delivering subject relevant

content and attracting operational credit professionals

into active branch participation.

A key milestone was Luke Sculthorp FCICM formally

stepping up as Chair of the Yorkshire Ridings Branch.

With Ian Torkington continuing to provide valued

leadership and experience, the transition represents

continuity and ambition.

A higher level

Three themes defined the day. Regulatory accountability

in payment behaviour. Corporate transparency reform.

Data driven insolvency forecasting. Together, they

illustrate a profession operating at a higher level of

economic influence. Credit management is no longer

confined to transactional oversight. It shapes liquidity

chains, supports SME sustainability and contributes

directly to economic resilience.

The Yorkshire Ridings Conference demonstrated that

the profession is informed by policy, strengthened

by analytics and positioned firmly within the wider

economic conversation.

Author: CICM Yorkshire Ridings branch committee.


HR MATTERS

TIMING IS

EVERYTHING

From out-of-time discrimination claims to redundancy thresholds,

the EAT highlights how timing and proposals shape employer liability.

BY GARETH EDWARDS

THE Employment Appeals Tribunal

EAT in Rashad v The Chief Constable

of Cleveland Police confirmed the

wide discretion tribunals have when

deciding whether to extend time,

including how delay affects evidence

and reputational considerations.

In this case, the claimant, a police officer, brought

a wide-ranging discrimination claim, including a

complaint of victimisation arising from a failed

promotion application.

The victimisation allegation related to the involvement of

a senior officer on a promotion panel who had previously

been named in earlier discrimination proceedings

brought by the claimant, which was subsequently

withdrawn. The claimant raised a grievance shortly after

the interview, but tribunal proceedings were issued after

the usual time limit had expired. The tribunal refused

to extend time for this complaint, concluding that the

delay caused prejudice to the respondent and that it

would not be just and equitable to allow the claim to

proceed.

The claimant appealed, arguing that the tribunal had

wrongly assumed the quality of witness evidence had

deteriorated and had taken into account an irrelevant

factor by considering potential reputational damage to

the senior officer, a non-party witness.

The EAT dismissed the appeal and upheld the tribunal’s

decision. It confirmed that tribunals have a broad

discretion to consider the effect of delay on evidence,

particularly where claims depend on recollection and

motivation. A tribunal does not need specific proof that

witnesses’ memories have worsened; it is permissible to

conclude that evidence is less reliable simply because

time has passed.

The EAT also rejected the argument that early awareness

of the issue through an internal grievance removed any

prejudice caused by late proceedings. The correct focus is

to consider the forensic disadvantage to the respondent,

not what might have happened had the claim been

brought sooner.

On reputational issues, the EAT accepted that while

unusual, potential reputational impact on individuals

accused of discrimination is not an automatically

irrelevant consideration. In this case, damage to the

reputation of a senior police officer could also affect the

reputation of the police force itself, and the tribunal was

entitled to take that into account as part of the overall

assessment of prejudice.

Overall, the EAT emphasised that decisions on

extending time involve a wide discretion, and appellate

courts will be slow to interfere where the tribunal has

weighed the relevant factors and explained its reasoning

The decision reinforces that extensions of time are not a

given, and tribunals can consider forensic disadvantage

when using its broad discretion to extend time.

Furthermore, even where grievances are raised promptly

and investigated at the time, delay can still disadvantage

respondents, particularly where evidence depends on

witness recollection.

Tribunals are entitled to consider the wider impact of

stale allegations, including reputational implications,

when deciding whether it is fair to allow late claims to

proceed.

The tribunal refused to extend time for this

complaint, concluding that the delay caused

prejudice to the respondent and that it would not

be just and equitable to allow the claim to proceed.


CREDIT MANAGEMENT

Collective consultation thresholds

IN Micro Focus v Mildenhall, the Employment Appeals

Tribunal (EAT) clarified when collective consultation

duties are triggered, focusing on proposals rather than

hindsight.

The claimant was dismissed for redundancy as part

of a wider cost-saving reorganisation within a large

international IT group. He brought claims for unfair

dismissal and for a protective award, arguing that

the employer had failed to comply with its collective

consultation obligations.

The Employment Tribunal found in the claimant’s

favour as the employer had been proposing to make

20 or more redundancies within a 90-day period, that

collective consultation obligations had therefore arisen,

and that no consultation had taken place. It made a

maximum protective award. The tribunal also found the

claimant’s dismissal unfair, largely because the employer

had not properly considered the redundancy pool and

because consultation with the claimant was inadequate.

The employer appealed to the EAT which allowed the

appeal in part. On collective consultation, the EAT held

that the tribunal had missed two key aspects.

First, it had wrongly relied on European case law to

justify “looking backwards and forwards” to aggregate

redundancies when deciding whether the duty to

consult was triggered. The correct question is whether,

looking forward at the relevant time, the employer

was proposing to make the threshold number of

redundancies.

Secondly, the tribunal had erred by treating the

respondent as a “de facto” employer of all UK staff

within the group. Collective consultation obligations

apply only in relation to employees who have a contract

of employment with the employer in question.

The collective consultation findings were remitted to

the same tribunal. If, on remission, the duty is found to

have arisen, the tribunal will also reconsider the length

of the protective award in light of its fresh findings.

However, the EAT rejected the employer’s appeal on

unfair dismissal.

This decision is a useful reminder that collective

consultation obligations depend on what an employer is

proposing at the time, not on a retrospective headcount

of redundancies. Employers should be clear, and able

to evidence, when proposals crystallise and how many

employees they cover.

It also underscores the importance of respecting legal

boundaries within group structures, ensuring the

correct employing entity is identified for consultation

duties.

Author: Gareth Edwards is a partner and Head

of Employment & Litigation at VWV.


BRANCH NEWS

WHO OWNS THE

GOODS NOW?

How retention of title can help businesses reclaim goods

and protect their position in insolvency.

CICM SHEFFIELD & DISTRICT BRANCH

WHO owns the goods?

And how can they

be reclaimed? These

were the main questions

addressed during

the Sheffield

and District branch’s

event on the 11 February held at the Sheffield office

of recently rebranded BTG, formally Begbies Traynor

Group.

Following members and guests networking over

refreshments, Branch Chair, Richard House, welcomed

everyone and opened the meeting before handing

over for the feature presentation to Isobel Callaghan,

BTG’s in house Solicitor who specialises in contentious

investigations and litigation matters.

Retention of Title (ROT) can be important recovery

tools and understanding how to navigate this and how

best to futureproof were the key points highlighted

throughout the night. For some credit professionals

and businesses who need to navigate this potential

problematic area, positive strategies of how, if used

correctly, ROT clauses greatly assist the recovery of

goods supplied to customers who are looking, or have

already entered, into an insolvency process.

Isobel’s presentation gave a real insight into how best

to protect your business and some potential common

pitfalls faced when trying to take back control of

goods supplied. Everyone who attended appreciated

the detailed presentation and left with additional

knowledge and understanding of how to potentially

minimise future lost revenue.

Following the departure of guests, Richard formally

opened the Annual General Meeting and dealt with

those formalities.

Many thanks to Isobel Callaghan of BTG, to BTG for

hosting the evening in its Sheffield office and to all

attending members and guests for making the evening

a great success.

Author: Richard House CICM, Sheffield and District

Branch Chair.

A Retention of Title clause correctly drafted and

incorporated into contracts of sale, usually by being

placed correctly within terms and conditions of

sale, could benefit potential loss making scenarios.

Protecting this position was highlighted in Isobel’s

discussion, giving a high-level overview of areas to be

considered.

ROT is not suitable for all types of goods and Isobel

explored some of these and how identification can be

problematic and further looked at where the goods

supplied had changed form. ROT can be a simple

clause or an all-monies clause for goods supplied

allowing greater leverage when dealing with insolvency

practitioners. Even the addition of company branding

and batch numbers on goods supplied could aid

identification and further recovery potential.



CREDIT MANAGEMENT

A career

built on trust

The power of long-term candidate partnerships

Imagine having a recruitment partner who truly understands your career, your strengths,

and the type of workplace where you can thrive. This is the story of a lasting partnership

between a dedicated credit professional and Hays, a relationship that has grown over

nearly two decades and is shaped by trust, consistency, and unwavering support.

The challenge

Following a redundancy early in her career, the

candidate needed stability and a recruiter who

understood her sector expertise. She specialised

in FMCG and retail credit control – an area where

consistency, accuracy, and strong relationships

are vital. Her goal wasn’t rapid progression but

reliable, meaningful work where her skills could

make a difference.

The Hays approach

Hays invested in building a genuine, ongoing

relationship. Consultants stayed in regular touch,

understanding when she was ready for new

opportunities, when she needed stability,

and when she wanted a break. Each search

was tailored to her strengths, motivations,

and changing personal circumstances.

A track record of successful placements

From her first placement in 2007, the candidate

built a portfolio of roles across well-known FMCG

and retail organisations. She completed a maternity

contract, then several multi-year assignments

where her reliability, work ethic, and adaptability

made her indispensable. Even after periods of

semi-retirement, she was successfully placed again

because Hays understood the value she brought.

Transferable skills in action

When an opportunity arose outside her usual

sector, Hays recognised that her strengths –

including consistency, client management,

and strong process knowledge – were highly

transferable. She quickly adapted to the new

industry, proving that sector change is possible

when guided by recruitment consultants who

recognise capability beyond a CV.

The impact

Today, she continues to work on a contract where she is highly valued. Her story

demonstrates the power of sustained relationships, especially in credit control

where commitment and continuity matter. For clients, it highlights how experienced

professionals can deliver long-term stability. For candidates, it proves that partnering

with a specialist recruitment company can open doors, even in retirement.

hays.co.uk/credit-control-jobs

© Copyright Hays plc 2026. All rights are reserved. CM-01320

Discover new

opportunities today

International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

CLAY PIGEON SHOOTING

FIRM IS BANG ON TARGET

PROMATIC International, a manufacturer

of clay pigeon shooting equipment, has

secured a £1m trade credit facility from

HSBC UK to support its exports. The

financing was guaranteed by UK Export

Finance (UKEF).

Based in Hooton on the Wirral

since 1996, Promatic moved from

mechanical traps to wireless release

systems that are used in major sporting

events, including the World Cup of

the International Sports Shooting

Federation and the World Shooting Para

Sport Championships.

As the firm’s orders grew, so did

pressure on working capital. To relieve

the problem, and source additional

working capital, the company’s bank –

HSBC UK – worked with UKEF to arrange

a £1m finance package backed by

UK’s export push to India

A recent report from the Business and

Trade Committee commented that

reductions to trade support roles within

the Government could undermine

the effectiveness of the UK–India

Comprehensive Economic and Trade

Agreement – despite it being the largest

bilateral trade deal struck by the UK

since Brexit.

While analysis by the committee

estimates that initial tariff savings

for UK exporters to India could total

around £400m a year, possibly rising

UKEF’s General Export Facility.

This funding enabled Promatic to

purchase materials in larger quantities,

allowing the business to fulfil orders

to 41 countries across Europe, Latin

America, the Middle East, Asia, and

Africa. There are now 58 staff at

Promatic’s headquarters and a network

of Wirral-based suppliers who provide

steel processing, coating and packaging

services.

The company has installed

competition standard layouts at highprofile

ranges in Dubai, Greece, and the

USA, including the venue for the Los

Angeles 2028 Olympic & Paralympic

Games. The company also sponsors

Team GB athletes – including an Olympic

gold medallist.

to as much as £3.2bn annually within a

decade as export volumes increase, the

committee worried that these savings

may not materialise if businesses

are left without adequate support to

navigate India’s complex administrative

system and extensive non-tariff

barriers.

Concerns have been heightened by

plans to cut almost 40% of the UK trade

staff who would otherwise be tasked

with helping businesses expand exports

to India.

FROM * CRAWLEY

TO * COTE D’IVOIRE

RAINBO Supplies & Services is aiming

to further grow its portfolio of African

clients with backing by UKEF and

London Forfaiting Company (LFC).

The company, based in Crawley,

is to supply heavy-duty vehicles and

services to Côte d’Ivoire. The contract

will support other UK suppliers and also

means the provision of 20 trailers by a

UK manufacturer that are designed for

construction, mining and agriculture.

The contract, worth £4m, is with

EKDMC, a Cote d’Ivoire firm specialising

in transportation and logistics.

In essence, EKDMC is purchasing

goods and services from Rainbo,

enabled by a loan guarantee issued by

UKEF to London Forfaiting Company

(LFC).

The new contract is Rainbo’s second

with UKEF and LFC in less than six

months, following a successful deal with

a Ugandan construction firm.

Rainbo’s expanding portfolio of

exports clients is at the heart of the

company’s growth plans. The firm is

looking to recruit in 2026.

STUDY REVEALS MAJOR

IMPACT OF EXPORT CREDIT

UK Export Finance (UKEF) has

highlighted a new study from Oxford

Economics which considers the impact

of government-backed exports on

the UK economy. Overall, the study

reckoned that £23bn was added to the

UK economy through exports backed by

UKEF over the last five years, supporting

on average 66,000 full-time equivalent

jobs each year across key industrial

sectors.

The study states that UKEF’s

customers support an estimated

115,000 UK businesses across the

country.

Advanced manufacturing received

the highest level of direct support,

accounting for 23% of UKEF’s

customer base over the past five

years. Professional and Business

Services was the third largest sector

supported, representing 17% of

customers over the same period, after

advanced manufacturing and other

manufacturing.


CREDIT MANAGEMENT

Taking UK education global

THE Government has a plan for national

renewal with education being a key part

of the process via “a new International

Education Strategy to export the country’s

world-class education and skills offer

worldwide.”

The strategy has the ambition of

growing the value of education exports to

£40bn a year by 2030. It is already worth

£32bn to the UK economy annually – more

than the automotive or food and drink

industries.

The Government has detailed that

education’s current exports include

UK schools, colleges and universities

delivering education overseas,

Truth on Trump tariffs?

THE Wall Street Journal has cited a survey

from the Kiel Institute for the World

Economy which debunked President

Trump’s claim that foreigners have been

footing the bill for tariffs – a tool that’s

been deployed aggressively over the past

year for revenue-raising and foreign policy

purposes.

The research suggests that the impact

of tariffs is likely to show up over time in

the form of higher US consumer prices.

However, none of this should be regarded

as a positive for exporters to the US as

imports there have contracted.

But what is interesting is that Kiel’s

research found the same as the Budget

Lab at Yale and economists at Harvard

international students studying in the UK,

and UK qualifications, training and digital

learning sold abroad.

The new strategy “urges UK providers to

take advantage of the UK’s unique position

and meet rising global demand for highquality

education.”

The strategy’s approach removes

targets on international student numbers

in the UK and, while continuing to

welcome international students, “shifts

the focus towards growing education

exports overseas by backing UK providers

to expand internationally, building

partnerships abroad and delivering UK

education in new markets.”

Business School – that only a small fraction

of the tariff costs was being borne by

foreign producers.

By analysing $4tn of shipments between

January 2024 and November 2025, Kiel

researchers found that foreign exporters

absorbed only about 4% of the burden of

last year’s US tariff increases by lowering

their prices, while American consumers

and importers absorbed 96%.

So, instead of acting as a tax on foreign

producers, the tariffs have become a

consumption tax on Americans.

The net effect will likely be higher

inflation in the US, lower exports to the US,

and exporters looking for markets other

than the US. No shock there.

International trade tariff disputes

SME’s, according to Paragon Bank, say

that international trade tariff disputes are

their single biggest challenge.

Research from the bank, based on a

survey of 1,000 SMEs, found that 21%

placed tariffs ahead of labour shortages,

inflation and domestic regulatory

pressures.

Not unsurprisingly, the problem is

more acute in sectors most exposed

to international trade – transportation

and storage for example where more

than a third (36%) of SMEs said tariffs

represented their primary challenge.

In manufacturing one in four

businesses said the same. Worryingly,

a quarter said profit margins had been

directly hit, while 23% noted reduced

access to export markets or weaker

demand from overseas customers.

Of course, the problem may become

more acute in light of the US Supreme

Court’s February striking down of Trump’s

use of legislation to impose tariffs; the

president immediately responded by

using different rules to impose a global

10% rate which was then increased to

15%.

TRADE APPOINTMENTS

THE Government has announced the

appointment of five new UK Trade

Envoys with another three existing

envoys being given broader roles.

Trade envoys are appointed to “drive

UK economic growth through exports

and investment.” As the Government

has outlined, “they are tasked with

identifying trade and investment

opportunities for businesses and

championing the UK as a destination

of choice for investment in their

respective markets, working closely

with the Department for Business and

Trade. The unpaid roles help deepen

bilateral trade relationships, lead trade

missions, welcome inward delegations,

and address market access challenges

to ensure British firms can thrive.”

Daniel Zeichner MP is envoy to

Türkiye, Catherine West MP goes

to Pakistan, Chris Murray MP is for

France, Feryal Clark MP is the envoy to

Germany, and Catherine McKinnell MP

heads for Italy.

Of the existing envoys, Calvin Bailey

MP adds the Republic of South Africa

and Mauritius to his portfolio, Florence

Eshalomi MP takes on Ghana, and

Yasmin Qureshi MP heads to Algeria.

FALLING DEMAND FOR

SCOTCH DISTILLERS

ACCORDING to the Scotch Whisky

Association, Scotland is home to more

than 150 whisky distilleries, alongside

more than 90 others producing gin and

a smaller number making vodka, rum

and liqueurs.

It seems that a number of Scottish

spirits producers are showing signs

of financial strain as weakening

export demand, rising costs and trade

barriers squeeze margins across the

sector.

UK SANCTIONS REGIME

THE Government has updated a page

on its website, Starter guide to UK

sanctions, which outlines everything

that an exporter might want to know

about sanctions – and importantly,

how not to breach them. It details –

among things - who must comply,

how sanctions work, types of sanction

regime, conducting due diligence, how

to screen against the Sanctions List,

and dealing with circumvention.


MEMBERSHIP AND ACHIEVEMENTS

Do you know someone

who would benefit from

CICM membership?

Or have you considered applying to upgrade your membership?

See our website www.cicm.com/membership-types for more

information, or call us on 01780 722903

NEW AND UPGRADED MEMBERS

FCICM

Chris Butterworth – Fellow

David Scott – Fellow

Jonathan Dermott – Fellow

Tom Hope – Fellow

Zoe Topkin – Fellow

Steve Mayos – Fellow

Alan Crouch – Fellow

Puneet Verma – Fellow

Fiona Smither – Fellow

MCICM

Jennifer Stothard – Member

Aalia Satti – Member

Lisa Moyo – Member

Andrew Masson – Member

Claudia Crossland - Member

Ciannon Waters – Member

John Bourke – Member

Moayad Barri - Member

Megan Evans - Member

Caroline Jackson – Member

ACICM

Manpreet Chandok – Associate

Michael Eccleston – Associate

Adrianne Taylor – Associate

Katie Mandrell – Associate

Rachel Busby – Associate

Rachel Norris – Associate


EXCLUSIVE PAYMENT TRENDS

BOUNCING

BACK

Signs of recovery in latest late payment statistics.

BY ROB HOWARD

THE March edition of Payment

Trends made for dismal reading,

with late payments on the up right

across the board, and very little

to be cheerful about. Thankfully

though, the latest statistics are more

encouraging and show some green

shoots of recovery as we head into Spring. The average

Days Beyond Terms (DBT) figures are all moving in the

right direction, reducing by 1.8 and 1.7 days respectively

across UK regions and sectors. Across Irish counties and

sectors, the average figures dropped by 1.3 and 0.5 days

respectively. Average DBT across the four provinces of

Ireland reduced by 4.6 days.

Sector spotlight

The UK sector standings are positive – with 18 of the

22 sectors making cuts to their DBT. Even if a number

of these are only minor improvements, they are

improvements, nonetheless. The International Bodies

sector saw the biggest uplift and takes its place as the

UK’s top performing sector, with a reduction

of 6.9 days taking its overall DBT to 4.6 days.

It’s closely followed by the Entertainment

sector, now with an overall DBT of 5.3

days following a reduction of 1.2

days. The Financial and Insurance

and Public Administration sectors

also made solid strides up the

standings, cutting DBT by 5.4 and

4.5 days respectively. Among the

four sectors moving in the wrong

direction is the Water and Waste

sector, which remains the UK’s

worst performing sector with an

increase of 0.5 days taking its overall

tally to 16.4 days.

In Ireland, the sector statistics are more of an

even split, with 10 sectors improving, three seeing

no change to DBT and seven going backwards.

Of those making progress, the Professional and

Scientific sector, last month’s worst performing

sector, took the biggest leap forward, with a cut of

12.4 days taking its overall DBT to 6.5 days. The

Education (-8.6 days) and Agriculture, Forestry

and Fishing (-7.8 days) sectors have both moved

into the top five performing Irish sectors,

now with an overall DBT of 1.3 and 3.8 days respectively.

At the other end of the scale, the bottom five performing

sectors all saw rises in DBT. An increase of 2.8 days

means the Business Admin & Support sector is now the

worst performing Irish sector with an overall DBT of

19.6 days. The Public Administration (+10.8 days) and

Water and Waste (+10.3 days) sectors took the biggest

hits and are not too far behind, now with overall DBT’s

of 15.9 and 16.4 days respectively.

Regional spotlight

It was almost a clean sweep across UK regions, with 10

of the 11 regions moving in the right direction. The only

region going backwards is the West Midlands, with a

minor increase of 0.5 days taking its overall DBT to 14.1

days. Looking at the positives, the South East made the

biggest improvement and is now the best performing

UK region, with a reduction of 4.4 days taking its

overall DBT to 9.2 days overall. Scotland isn’t too far

behind, now with an overall DBT of 9.8 days following

a cut of 2.9 days, and Northern Ireland also made solid

progress, reducing its DBT by 3.4 days.

Across Irish counties, the data favours

positives, with 16 of the 26 Irish counties

making improvements to their DBT.

That does, however, mean 10 counties

are going backwards, and some are

moving at pace. Westmeath saw the

biggest rise, with a significant hit of

14.7 days taking its overall DBT to

24.7 days, meaning it is now the worst

performing Irish county. Elsewhere,

Wexford (+7.2 days), Offaly (+6.4

days), Wicklow (+4.8 days) and Louth

(+4.3 days) all saw increases. On a more

positive note, a number of counties made big

strides forward with significant reductions to DBT,

including Roscommon (-17.7 days), Limerick (-12.0

days), Monaghan (-11.6), Donegal (-9.1 days) and county

Leitrim (-8.3 days). Sligo is now the best performing

county with an overall DBT of 2.1 days.

Leinster (+0.4 days) was the only Irish province to see an

increase to DBT, while Munster (-3.2 days), Connacht

(-7.5 days) and Ulster (-7.9 days) – now crowned the

best performing province with an overall DBT of 6.5

days – all made positive progress.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) Feb 26 Changes from Jan 26

South East 9.2 -4.4

Scotland 9.8 -2.9

South West 10.1 -1.3

East Midlands 11.0 -0.9

London 11.5 -1.6

Bottom Five Poorest Payers

Region (UK) Feb 26 Changes from Jan 26

East Anglia 15.6 -0.9

West Midlands 14.1 0.5

North West 12.2 -0.8

Yorkshire and Humberside 12.1 -1.2

Wales 12.0 -2.8

Top Five Prompter Payers

Sector (UK) Feb 26 Changes from Jan 26

International Bodies 4.6 -6.9

Entertainment 5.3 -1.2

Energy Supply 6.6 -3.2

Agriculture, Forestry and Fishing 7.2 -0.4

Education 7.2 -0.1

Bottom Five Poorest Payers

Sector (UK) Feb 26 Changes from Jan 26

Water & Waste 16.4 0.5

Manufacturing 14.0 -0.7

Transportation and Storage 12.9 -0.5

Professional and Scientific 12.4 -0.3

Dormant 11.6 -1.3

Getting worse

Hospitality 1.4

Mining and Quarrying 0.8

Water & Waste 0.5

Health & Social 0.1

Getting better

International Bodies -6.9

Financial and Insurance -5.4

Public Administration -4.5

Energy Supply -3.2

Construction -2.9

IT and Comms -2.8

Real Estate -2.8

Business Admin & Support -2.6

Wholesale and retail trade; repair of

motor vehicles and motorcycles -1.8

Other Service -1.4

Dormant -1.3

Entertainment -1.2

Manufacturing -0.7

Business from Home -0.6

SCOTLAND

-2.9 DBT

Transportation and Storage -0.5

NORTHERN

IRELAND

-3.4 DBT

SOUTH

WEST

-1.3 DBT

WALES

-2.8 DBT

NORTH

WEST

-0.8 DBT

WEST

MIDLANDS

0.5 DBT

YORKSHIRE &

HUMBERSIDE

-1.2 DBT

EAST

MIDLANDS

-0.9 DBT

LONDON

-1.6 DBT

SOUTH

EAST

-4.4 DBT

EAST

ANGLIA

-0.9 DBT

*

Region

Getting Better – Getting Worse

South East

Northern Ireland

Scotland

Wales

London

South West

Yorkshire and Humberside

East Anglia

East Midlands

North West

West Midlands


EXCLUSIVE PAYMENT TRENDS

CONNAUGHT

-7.5 DBT

SLIGO

-0.9 DBT

ULSTER

-7.9 DBT

Getting worse

Public Administration 10.8

Water & Waste 10.3

LEITRIM

-8.3 DBT

Mining and Quarrying 7.5

LIMERICK

-12 DBT

LEINSTER

0.4 DBT

WESTMEATH

14.7 DBT

LOUTH

4.3 DBT

WICKLOW

4.8 DBT

IT and Comms 5

Business Admin & Support 2.8

Financial and Insurance 0.6

MUNSTER

-3.2 DBT

TIPPERARY

1.4 DBT

WEXFORD

7.2 DBT

Construction 0.3

CORK

0.7 DBT

Top Five Prompter Payers – Ireland

Region Feb 26 Changes from Jan 26

Sligo 2.1 -0.9

Donegal 3.3 -9.1

Leitrim 3.7 -8.3

Tipperary 4.0 1.4

Limerick 4.2 -12

Bottom Five Poorest Payers – Ireland


Westmeath 24.7 14.7

Louth 18.8 4.3

Wexford 13.5 7.2

Wicklow 12.1 4.8

Cork 11.9 0.7

Top Four Prompter Payers – Irish Provinces


Ulster 6.5 -7.9

Connacht 7.3 -7.5

Munster 8.1 -3.2

Leinster 10.8 0.4

Getting better

Professional and Scientific -12.4

Education -8.6

Agriculture, Forestry and Fishing -7.8

Wholesale and retail trade; repair of

motor vehicles and motorcycles -4.1

Entertainment -3.1

Other Service -2.8

Transportation and Storage -2.5

Hospitality -2.3

Real Estate -2.2

Manufacturing -1.1

Top Five Prompter Payers – Ireland

Sector Feb 26 Changes from Jan 26

International Bodies 0.0 0.0

Education 1.3 -8.6

Entertainment 2.4 -3.1

Agriculture, Forestry and Fishing 3.8 -7.8

Financial and Insurance 4.1 0.6

Bottom Five Poorest Payers – Ireland

Sector Feb 26 Changes from Jan 26

Business Admin & Support 19.6 2.8

Water & Waste 16.4 10.3

Public Administration 15.9 10.8

Mining and Quarrying 12.8 7.5

Construction 12.0 0.3

Nothing changed

Energy Supply 0

Health & Social 0

International Bodies 0


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

theresag@warnersgroup.co.uk 01778 392046 (ext 2246)



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


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


01778 392046 (ext 2246)


View our digital version online at www.cicm.com

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

labelled ‘Credit Management magazine’

Just another great reason to be a member

Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers

Brave | Curious | Resilient

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


C O M M E R C I A L D E B T R E C O V E R Y

F O R C R E D I T P R O F E S S I O N A L S

No collection, no commission

Typical 15% commission

Supporting

clients and

customers

following the

liquidation of

Scott & Mears

FCA authorised & regulated

redwoodcollections.com

020 8080 2888

Credit Management April 2026

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